Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - In the first half of 2025, the company achieved operating revenue of 246 million yuan, a year-on-year decrease of 6.49%, while the net profit attributable to the parent company was 54.73 million yuan, an increase of 4.12% year-on-year [5][6] - The company is expected to remain one of the best-governed and most logically growing companies in the scenic area sector, with future projects focusing on incremental improvements and the launch of a significant animal kingdom project in Liyang [5][10] - The company is projected to achieve net profits attributable to the parent company of 132 million, 150 million, and 171 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27X, 23X, and 21X [5][10] Financial Performance - In Q2 2025, the company reported operating revenue of 141 million yuan, down 9.82% year-on-year, and a net profit of 40.89 million yuan, a decrease of 1.76% year-on-year [5][6] - The company’s gross profit margin improved by 1.37 percentage points to 53.55% in the first half of 2025, indicating operational resilience [10] - The overall expense ratio decreased by 0.16 percentage points to 19.52%, contributing to a net profit margin increase of 1.84 percentage points to 25.42% [10] Strategic Development - The company is effectively advancing both existing project upgrades and new project developments, with significant upgrades to core products and facilities in the existing projects [10] - The company has initiated a light asset operation model, which is expected to become a new profit growth point in the future [10] - The strategic focus for the next two years includes enhancing the functionality of the Liyang base and expanding into new regions with local state-owned enterprise support [10]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to improve its net profit and profitability through product structure optimization and effective cost control [1][2]. Financial Performance - In 1H25, the company achieved revenue of 250 million yuan, a year-on-year decrease of 6.5%, while net profit attributable to shareholders was 55 million yuan, an increase of 4.1% year-on-year [1]. - For Q2, the company reported revenue of 140 million yuan, down 9.8% year-on-year, and net profit attributable to shareholders of 41 million yuan, a decrease of 1.8% year-on-year [1]. - The company's gross profit margin improved to 53.5%, up 1.4 percentage points year-on-year, driven by product structure optimization and high-value projects [2]. Business Segment Analysis - The scenic area business generated revenue of 140 million yuan in 1H25, down 9.9% year-on-year, primarily due to industry-wide pressure on visitor numbers, but the gross margin for this segment improved to 64.1%, up 2.3 percentage points year-on-year [1][2]. - The hotel business reported revenue of 70 million yuan in 1H25, a decrease of 5.7% year-on-year, with a gross margin of 24.2%, down 6.3 percentage points year-on-year, significantly impacted by reduced visitor numbers and declining industry average daily rates (ADR) [1][2]. Cost Control and Profitability - The company's sales and management expenses accounted for 6.5% and 14.2% of revenue, respectively, with sales expense ratio decreasing by 0.3 percentage points year-on-year and management expense ratio decreasing by 1.2 percentage points year-on-year in Q2 [2]. - The net profit margin attributable to shareholders was 22.2%, an increase of 2.3 percentage points year-on-year, indicating significant improvement in profitability driven by enhanced gross margin and effective cost control [2]. Investment Outlook - The company is positioned as a one-stop tourism development model with ample project operation experience and a well-progressed diversified product structure development, leading to continuous improvement in profitability [2]. - Projected net profits for 2025-2027 are estimated at 110 million yuan, 130 million yuan, and 140 million yuan, corresponding to price-to-earnings ratios of 31x, 27x, and 25x, respectively, with a "recommended" rating [2].

证券代码：603136 证券简称：天目湖 公告编号：2025-038 江苏天目湖旅游股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 2025 年 8 月 25 日，公司根据实际情况赎回上述产品，收回本金 1,000.00 万 元，并获得收益 1.15 万元，与预期收益不存在差异。上述产品本金及收益均已归 还至募集资金账户。 本次赎回产品的基本情况如下： 金额：万元 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 江苏天目湖旅游股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日， 召开了第六届董事会第十一次会议、第六届监事会第九次会议，审议通过《关于 使用闲置募集资金进行现金管理的议案》，同意在确保募集资金投资项目正常进 行和保证募集资金安全的前提下，使用本金总金额不超过 21,000.00 万元闲置募 集资金进行现金管理，使用期限不超过 12 个月，在上述额度及决议有效期内，可 以循环滚动使用。闲置募集资金现金管理到期后归还至募集资金专户。 公司于 2025 年 5 月 15 日、2025 ...

Core Viewpoint - Tianmu Lake (603136) reported a decline in total revenue for the first half of 2025, while net profit showed a slight increase, indicating mixed financial performance amid challenging market conditions [1] Financial Performance - Total revenue for the first half of 2025 was 246 million yuan, a decrease of 6.49% year-on-year [1] - Net profit attributable to shareholders reached 54.73 million yuan, an increase of 4.12% year-on-year [1] - In Q2 2025, total revenue was 141 million yuan, down 9.82% year-on-year, while net profit was 40.89 million yuan, a decrease of 1.76% year-on-year [1] - Gross margin improved to 53.55%, up 2.62% year-on-year, and net margin increased to 25.42%, up 7.81% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 48.09 million yuan, accounting for 19.52% of revenue, a slight decrease of 0.79% year-on-year [1] - Cash flow per share was 0.19 yuan, down 6.54% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 22.49% to 483 million yuan [2] - Accounts receivable fell by 25.97% to 23.80 million yuan [2] - Interest-bearing debt decreased by 34.30% to 152 million yuan [2] - Net asset value per share increased by 3.49% to 4.93 yuan [1] Investment and Financing Activities - Net cash flow from investing activities decreased significantly by 230.49% due to increased purchases of financial products [4] - Net cash flow from financing activities also decreased by 173.94% as borrowing amounts reduced [5] Other Financial Metrics - The company's return on invested capital (ROIC) was 7.02%, indicating average capital returns [9] - The historical median ROIC since the company went public is 10.8%, with the worst year being 2022 at 1.37% [9] - The company maintains a healthy cash asset position, indicating good solvency [10] Market Expectations - Analysts expect the company's performance in 2025 to reach 134 million yuan, with an average earnings per share of 0.5 yuan [11] Fund Holdings - The largest fund holding Tianmu Lake shares is the Huaxia Fuyuan Pension 2045 Mixed Fund, which holds 210,000 shares and has shown a 17.13% increase over the past year [12]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，天目湖发布公告称，2025年半年度公司实现营业收入246，314，050.39 元，同比下降6.49%；归属于上市公司股东的净利润为54，727，300.95元，同比增长4.12%。 ...

Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. reported a decline in revenue for the first half of 2025, while net profit showed a positive growth trend [1] Financial Performance - The company's operating revenue for the first half of the year was approximately 246 million yuan, representing a year-on-year decrease of 6.49% [1] - The net profit attributable to shareholders was about 54.73 million yuan, reflecting a year-on-year increase of 4.12% [1] - The net profit after deducting non-recurring gains and losses was approximately 52.93 million yuan, with a year-on-year growth of 4.22% [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 一、董事会会议召开情况 江苏天目湖旅游股份有限公司（以下简称"公司"）第六届董事会第十四次 会议于 2025 年 8 月 22 日在公司行政楼一楼会议室以现场结合通讯表决的方式召 开，会议通知于 2025 年 8 月 12 日书面发出。 证券代码：603136 证券简称：天目湖 公告编号：2025-035 江苏天目湖旅游股份有限公司 关于第六届董事会第十四次会议决议的公告 本次会议由董事长李淑香女士主持。公司应参会董事共 9 名，实际到会董事 和国公司法》和《公司章程》有关规定。 二、董事会会议审议情况 （一）审议通过《关于<2025 年半年度报告及其摘要>的议案》。 表决结果：同意 9 票；弃权 0 票；反对 0 票。 本议案已经董事会审计委员会审议通过，并同意提交董事会审议。《江苏天 目湖旅游股份有限公司 2025 年半年度报告》及其摘要详见上海证券交易所网站 （www.sse.com.cn）。 （二）审议通过《关于<2025 年半年度募集资金存放与实际使用情况的专项 ...

Core Viewpoint - The company has decided to extend the implementation period for its fundraising investment projects due to external factors and market conditions affecting the original timeline for project completion [1][2][6]. Fundraising Basic Information - The company issued 3,000,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 300 million, which was fully received by March 5, 2020 [1]. - The funds are allocated for projects including the "Yushui Hot Spring (Phase I) Renovation Project" [1]. Progress of Fundraising Investment Projects - As of June 30, 2025, the cumulative investment in the Yushui Hot Spring (Phase I) Renovation Project is RMB 27.95 million, with no percentage of completion reported [1]. - The current balance of the fundraising funds in various bank accounts totals approximately RMB 56.11 million [1]. Reasons for Extension of Project Implementation Period - The company aims to enhance customer experience and expand its product offerings, leading to a strategic decision to slow down the construction of the Nanshan Xiaozhai Phase II project due to challenges in the tourism industry [2][3]. - The Yushui Hot Spring (Phase I) Renovation Project has been partially initiated, but the company has decided to delay further renovations to avoid impacting current operations [3]. Measures to Ensure Timely Completion Post-Extension - The company plans to optimize project schedules, allocate resources effectively, and enhance supervision and management of the fundraising projects to ensure compliance and timely completion [4]. Re-evaluation of Fundraising Investment Projects - The Nanshan Xiaozhai Phase II project is designed to enhance the tourism offerings in the region, including a cultural square and themed hotel, which aligns with the company's strategic development plans [4][5]. Impact of Extension on Fundraising Investment Projects - The extension of the project implementation period is a prudent decision based on the current progress and does not constitute a substantive change in the project’s nature or direction [6]. Internal Decision-Making Process - The company's board of directors has approved the proposal to extend the implementation period for the fundraising investment projects [6]. Sponsor Institution's Review Opinion - The sponsor institution, CITIC Construction Investment Securities, has conducted a thorough review and found no objections to the company's decision to extend the project implementation period, confirming that it does not adversely affect shareholder interests [6].

Core Viewpoint - Jiangsu Tianmu Lake Tourism Co., Ltd. reported a decrease in revenue and profit for the first half of 2025, while net profit attributable to shareholders increased, indicating resilience in profitability despite challenging market conditions [2][5]. Company Overview and Financial Indicators - The company achieved operating revenue of CNY 246.31 million, a decrease of 6.49% compared to the same period last year [2]. - Total profit amounted to CNY 81.75 million, down 2.04% year-on-year [2]. - Net profit attributable to shareholders was CNY 54.73 million, reflecting a 4.12% increase from the previous year [2]. - The company's net assets stood at CNY 1.33 billion, a slight decrease of 0.62% from the end of the previous year [2]. - Total assets decreased by 1.28% to CNY 1.76 billion [2]. Industry and Main Business Analysis - The cultural tourism industry demonstrated strong resilience and structural upgrades amid a complex macroeconomic environment, with domestic and outbound tourism markets showing positive trends [3][4]. - There is a growing demand for quality and diversified tourism experiences, with a shift towards deep experiences and personalized services [3][4]. - County-level tourism is emerging as a new growth engine, with significant revenue growth in third and fourth-tier cities [3][4]. - Different age groups exhibit distinct travel preferences, with younger generations favoring personalized and immersive travel experiences [3][4]. Main Business Operations - The company aims to be a "one-stop cultural tourism model practitioner" and has developed various tourism projects, including three national AAAAA-level scenic spots and a theme park [5][6]. - Key attractions include Tianmu Lake Scenic Area, Nanshan Bamboo Sea, and Yushui Hot Spring, each offering unique experiences and continuous upgrades to enhance visitor engagement [5][6]. - The company has diversified its offerings to include themed hotels, cultural experiences, and wellness tourism, catering to various market segments [5][6]. Management Discussion and Analysis - The company has focused on optimizing product structure and enhancing high-value service offerings to mitigate revenue pressures [9][10]. - Digital transformation initiatives have been implemented to improve operational efficiency and customer service [10][11]. - The company is actively pursuing new project developments and upgrades to existing facilities to enhance competitiveness and visitor experience [11][12]. Competitive Advantages - The company has established a robust one-stop tourism model that emphasizes product diversity and service integration [12][13]. - Strong operational capabilities in planning, construction, and management of tourism projects contribute to sustained profitability [13][14]. - The company benefits from a stable management team with extensive industry experience, enhancing its ability to adapt to market changes [15][16].

| 孟广才 | 境内自然人 | 19.60 | 52,937,615 | | 0 | 无 | | 0 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 陈东海 | 境内自然人 | 3.73 | 10,087,991 | | 0 | 无 | | 0 | | | 陶平 | 境内自然人 | 3.42 | 9,251,000 | | 0 | 无 | | 0 | | | 史耀锋 | 境内自然人 | 3.20 | 8,631,879 | | 0 | 无 | | 0 | | | 杨惠琴 | 境内自然人 | 1.18 | 3,187,865 | | 0 | 无 | | 0 | | | 中国银行股份有限公司－富 | | | | | | | | | | | 国中证旅游主题交易型开放 | | 其他 | 0.65 | 1,744,852 | | 0 | 无 | | 0 | | 式指数证券投资基金 | | | | | | | | | | | 程威 | 境内自然人 | 0.62 | 1,676,900 | | 0 | 无 | | 0 | | | 中欧基 ...