Financial Performance - Total revenue for Q3 2025 was CNY 139,503,249.95, a decrease of 1.23% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 28,526,760.48, down 13.19% year-on-year[4] - The total profit for the period was CNY 42,184,378.07, reflecting a decline of 14.75% compared to the previous year[4] - Basic earnings per share were CNY 0.11, down 15.38% year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 385.82 million, a decrease of 4.5% compared to CNY 404.65 million in the same period of 2024[20] - Net profit for the first three quarters of 2025 was CNY 95.15 million, down from CNY 100.66 million in 2024, reflecting a decline of about 5.00%[21] - The company's operating profit for the first three quarters of 2025 was CNY 123.93 million, compared to CNY 132.99 million in 2024, indicating a decrease of approximately 6.00%[21] - The total comprehensive income for the first three quarters of 2025 was CNY 95.53 million, compared to CNY 102.53 million in 2024, indicating a decrease of about 6.80%[22] Cash Flow and Assets - Operating cash flow net amount was CNY 64,365,183.45, a decrease of 5.70% from the same period last year[4] - Cash and cash equivalents decreased to CNY 395.92 million as of September 30, 2025, down from CNY 644.21 million at the end of 2024, representing a decline of 38.5%[15] - Cash flow from operating activities for the first three quarters of 2025 was CNY 116.86 million, down from CNY 124.42 million in 2024, a decline of about 6.00%[26] - Cash and cash equivalents at the end of the third quarter of 2025 were CNY 378.28 million, down from CNY 608.20 million at the end of the same period in 2024, a decrease of approximately 37.80%[27] - Total assets at the end of the reporting period were CNY 1,692,495,553.76, a decrease of 5.00% from the end of the previous year[5] - Total assets as of September 30, 2025, amounted to CNY 1.69 billion, a decrease of 5.0% from CNY 1.78 billion at the end of 2024[16] - The company's non-current assets totaled CNY 1.04 billion, a decrease of 4.4% from CNY 1.09 billion at the end of 2024[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,368[10] - The largest shareholder, Liyang City Urban Construction Development Group Co., Ltd., holds 26.86% of the shares[10] - Shareholder equity attributable to shareholders was CNY 1,358,703,001.43, an increase of 1.45% compared to the previous year[5] - The company reported a total equity of CNY 1.50 billion, an increase of 1.9% from CNY 1.47 billion at the end of 2024[17] Liabilities and Investments - Total liabilities decreased to CNY 197.28 million, down 37.2% from CNY 314.22 million at the end of 2024[17] - Short-term borrowings decreased significantly to CNY 35 million from CNY 115 million, a reduction of 69.6%[16] - The company reported a net cash outflow from investing activities of CNY 217.22 million in 2025, compared to a net outflow of CNY 57.08 million in 2024, indicating a significant increase in investment expenditures[27] - The company plans to terminate the investment in the Animal Kingdom project, with a pending payment of CNY 2.87 million due from the Animal Kingdom company[12] Inventory and Receivables - Accounts receivable increased to CNY 32.40 million, up 36.2% from CNY 23.79 million at the end of 2024[15] - The company’s inventory increased to CNY 7.39 million, up 16.0% from CNY 6.37 million at the end of 2024[15] Operating Costs - Total operating costs for the first three quarters of 2025 were CNY 265.24 million, a decrease from CNY 275.14 million in the same period of 2024, representing a reduction of approximately 3.25%[21] - The company recorded other comprehensive income after tax of CNY 383.56 million in 2025, down from CNY 1.87 million in 2024, a decline of approximately 79.60%[22] - The company's sales revenue from goods and services received in cash for the first three quarters of 2025 was CNY 428.55 million, down from CNY 449.47 million in 2024, a decline of approximately 4.65%[26]

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于江苏天目湖旅游股份有限公司 2025年第一次临时股东会的法律意见书 康达股会字【2025】第 0446 号 致：江苏天目湖旅游股份有限公司 北京市康达律师事务所（以下简称"本所"）接受江苏天目湖旅游股份有限公司（以 下简称"公司"、"天目湖"）的委托，指派律师参加公司 2025 年第一次临时股东会。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东 会规则》（以下简称"《规则》"）及《江苏 ...

Core Insights - Tianmu Lake (603136.SH) reported a revenue of 386 million yuan for the first three quarters of 2025, representing a year-on-year decline of 4.65% [1] - The company's net profit attributable to shareholders was 83.25 million yuan, down 2.54% year-on-year [1] - The non-recurring net profit was 80.93 million yuan, reflecting a decrease of 2.58% compared to the previous year [1] - Basic earnings per share stood at 0.31 yuan [1]

证券代码：603136 证券简称：天目湖 公告编号：2025-047 江苏天目湖旅游股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 10 月 29 日(星期三)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 22 日(星期三)至 10 月 28 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 yw@tmhtour.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏天目湖旅游股份有限公司（以下简称"公司"）将于 2025 年 10 月 27 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营 ...

Core Points - Tianmu Lake's stock price increased by 2.06% on October 20, reaching 11.37 CNY per share, with a total market capitalization of 3.071 billion CNY [1] - The company has seen a year-to-date stock price increase of 2.76%, but has experienced declines of 0.96% over the last five trading days, 14.12% over the last twenty days, and 11.45% over the last sixty days [1] - For the first half of 2025, Tianmu Lake reported a revenue of 246 million CNY, a year-on-year decrease of 6.49%, while net profit attributable to shareholders increased by 4.12% to 54.73 million CNY [2] Company Overview - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company primarily engages in the development, management, and operation of tourist attractions [1] - The revenue composition of Tianmu Lake includes 55.19% from scenic area operations, 33.78% from travel agency services, 28.65% from hotel operations, 9.35% from other services, 7.68% from hot spring services, and 0.12% from water park operations [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 58.86% to 27,000, with an average of 10,004 circulating shares per person, a decrease of 37.05% [2] - The company has distributed a total of 375 million CNY in dividends since its A-share listing, with 163 million CNY distributed over the past three years [3] - Among the top ten circulating shareholders, the Fortune China Securities Tourism Theme ETF is the seventh largest shareholder, holding 1.7449 million shares as a new entrant [3]

江苏天目湖旅游股份有限公司 2025 年第一次临时股东会会议材料 二〇二五年十月 | 议案一：关于终止对参股公司增资等相关事宜的议案 7 | | --- | 江苏天目湖旅游股份有限公司 2025 年第一次临时股东会须知 一、会议按照法律、法规、有关规定和公司章程的规定进行，参会股东及股东代表依法 享有发言权、质询权、表决权等权利，请认真履行法定义务，不得侵犯其他股东的合法权益， 不得扰乱大会的正常秩序。 二、股权登记日收市后在中国证券登记结算有限责任公司上海分公司登记在册的公司股 东有权出席股东会，并可以书面形式委托代理人出席会议和参加表决。该代理人不必是公司 股东。 股东可以亲自出席股东会，也可以委托代理人代为出席和表决。公司将依据股东名册对 股东资格的合法性进行验证，并登记股东姓名或名称及其所持有表决权的股份数量。 个人股东亲自出席会议的，应出示本人身份证等有效证件或证明；委托代理人出席会议 的，代理人应出示本人有效身份证件、委托人身份证复印件、委托人出具的书面授权委托书。 法人股东应由法定代表人或者法定代表人委托的代理人出席会议。法定代表人出席会议 的，应出示本人身份证、能证明其具有法定代表人资格的有效 ...

Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been terminated due to various challenges, marking a significant setback for Tianmu Lake Tourism Co., Ltd. and highlighting broader issues in the company's investment strategy [3][4]. Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its investment in the Animal Kingdom project and announced plans to hold a shareholder meeting to vote on related matters [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported revenues of approximately 246 million, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million, an increase of 4.12% [6]. - Despite a slight improvement in profitability, the company has paused new project investments and construction plans [6]. Group 3: Investment Challenges - Tianmu Lake raised approximately 300 million through convertible bonds in 2019, but only 27.95 million has been utilized for the planned projects, indicating a utilization rate of less than 10% [6][7]. - The company has redirected idle funds into financial investments due to delays in project execution, particularly for the Nanshan Xiaozhai Phase II project and the Yushui Hot Spring renovation [7]. Group 4: Regulatory and Environmental Issues - The Animal Kingdom project faced regulatory challenges as it was located within a significant protection area, leading to complications in obtaining necessary permits [5]. - The project was also impacted by environmental concerns, which contributed to its suspension [4][5].

Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. plans to utilize idle raised funds for cash management, with a total amount not exceeding 30 million yuan, ensuring the safety of raised funds and the normal progress of investment projects [1][2][8]. Group 1: Cash Management Overview - The company approved the use of idle raised funds for cash management in meetings held on January 10, May 15, and May 20, 2025, allowing for a total of 30 million yuan to be used within a 12-month period [1][2][7]. - The cash management products are structured deposits with a principal amount of 3.8 million yuan, purchased from Industrial Bank Co., Ltd., with a floating return and a term of 28 days [3][5][6]. Group 2: Financial Impact - As of June 30, 2025, the company's debt-to-asset ratio was 16.79%, and the cash management amount of 3.8 million yuan accounted for 7.87% of the total cash [11]. - The cash management is expected to enhance the efficiency of idle funds without affecting the construction of investment projects or changing the purpose of raised funds, aligning with the interests of the company and its shareholders [11]. Group 3: Fund Source and Usage - The funds for cash management originate from idle raised funds, which were raised through a public offering of convertible bonds totaling 300 million yuan, netting 289.73 million yuan after expenses [4]. - The company has established a three-party supervision agreement for the management of raised funds, ensuring compliance with regulations [4].

证券代码：603136 证券简称：天目湖 公告编号：2025-046 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到期赎回 并继续进行现金管理的公告 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。 重要内容提示： 履行的审议程序：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 年 5 月 20 日，分别召开了第六届董事会审 计委员会第九次会议和第六届董事会第十三次会议，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 ...

Core Viewpoint - The company has not participated in the Haier Robotaxi project in Liyang, indicating a cautious approach towards new technology implementations in tourism [1] Company Summary - The company maintains an open and attentive attitude towards new technologies and models that enhance visitor experience and enrich the tourism ecosystem [1] - The company is actively researching the application possibilities of various innovative scenarios [1]