Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company has experienced a revenue decline of 4.65% year-on-year for the first three quarters of 2025, with a revenue of 386 million yuan and a net profit of 83 million yuan, reflecting a decrease of 2.54% [1]. - The termination of the Animal Kingdom project is expected to have a negative impact on future performance, but the company is focusing on optimizing existing projects and advancing new ones [3][2]. - Revenue for Q3 2025 was 140 million yuan, down 1.23% year-on-year, but the decline was less severe compared to Q2 2025, which saw a 9.82% drop [1]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 522 million yuan, 574 million yuan, and 619 million yuan, respectively, with corresponding net profits of 102 million yuan, 125 million yuan, and 140 million yuan [4]. - The gross profit margin for Q3 2025 was 54.0%, remaining stable year-on-year, while the net profit margin decreased by 2.8 percentage points to 20.4% due to increased sales expenses [1]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38 yuan, with a price-to-earnings (P/E) ratio of 30.4 times [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is a leading one-stop tourism enterprise in China, with state-owned capital expected to empower its development. The forecast for total operating revenue from 2025 to 2027 is 5.25 billion, 5.73 billion, and 6.27 billion yuan, with year-on-year growth rates of -2%, 9%, and 9.5% respectively. The net profit attributable to shareholders is projected to be 1.05 billion, 1.18 billion, and 1.34 billion yuan, with year-on-year growth rates of 0.5%, 12.1%, and 13.3% respectively. The current stock price corresponds to valuations of 30x, 26x, and 23x for 2025-2027 [7] Financial Performance Summary - For Q3 2025, the company achieved revenue of 140 million yuan, a year-on-year decrease of 1.23%, and a net profit attributable to shareholders of 29 million yuan, down 13.19% year-on-year. For the first three quarters of 2025, the company reported total revenue of 386 million yuan, a decrease of 4.65% year-on-year, and a net profit of 83 million yuan, down 2.54% year-on-year [7] - The gross margin for Q3 2025 was 54.02%, a slight decrease of 0.04 percentage points year-on-year, indicating stability. However, the increase in sales expenses significantly impacted the net profit margin, which was 20.45%, down 2.82 percentage points year-on-year. For the first three quarters of 2025, the gross margin was 53.72%, an increase of 0.88 percentage points year-on-year, while the net profit margin was 21.58%, up 0.47 percentage points year-on-year [7] Revenue and Profit Forecast - The company's revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 630 million, 536 million, 525 million, 573 million, and 627 million yuan respectively, with growth rates of 70.9%, -14.9%, -2.0%, 9.0%, and 9.5% [6] - The net profit attributable to shareholders is forecasted to be 147 million, 105 million, 105 million, 118 million, and 134 million yuan for the same years, with growth rates of 623.9%, -28.8%, 0.5%, 12.1%, and 13.3% [6] Valuation Metrics - The earnings per share (EPS) for the forecasted years are 0.54, 0.39, 0.39, 0.44, and 0.49 yuan, with corresponding price-to-earnings (PE) ratios of 34.0, 29.0, 29.5, 26.3, and 23.2 [6] - The return on equity (ROE) is projected to be 11.0%, 7.8%, 7.6%, 8.3%, and 9.0% for the years 2023A to 2027E [6]

Core Insights - The tourism and scenic spots sector increased by 0.57% on October 27, with Dalian Shengya leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Dalian Shengya (600593) closed at 49.80, up 6.68% with a trading volume of 172,100 shares and a transaction value of 843 million [1] - Other notable performers include: - Tibet Tourism (600749) at 18.58, up 1.75% [1] - Peijiang Co. (002033) at 8.72, up 1.40% [1] - Lingnan Holdings (000524) at 13.81, up 0.95% [1] - Caesar's Rotating Industry (000796) at 6.14, up 0.82% [1] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 77.52 million from institutional investors, while retail investors saw a net inflow of 187 million [2] - Key individual stock capital flows include: - Dalian Shengya with a net inflow of 65.19 million from institutional investors [3] - Caesar's Rotating Industry with a net inflow of 35.32 million from institutional investors [3] - Jiuhua Tourism (661809) with a net inflow of 8.69 million from institutional investors [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][19] Core Views - The company experienced a slight decline in revenue and a significant drop in net profit in Q3 2025, with revenue at 140 million yuan, down 1.23% year-on-year, and net profit at 29 million yuan, down 13.19% year-on-year [1][8] - The termination of the Animal Kingdom project has been confirmed, with the company focusing on other reserve projects for future growth [2][13] - Despite short-term operational pressures due to external consumption environment changes, the company is actively managing fixed costs and enhancing marketing efforts [3][16] Financial Performance Summary - For Q3 2025, the company reported revenue of 140 million yuan, a year-on-year decrease of 1.23%, and a net profit of 29 million yuan, down 13.19% [1][8] - Cumulative revenue for the first three quarters was 386 million yuan, a decline of 4.65% year-on-year, while net profit was 83 million yuan, down 2.54% [1][8] - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 103 million, 116 million, and 132 million yuan respectively [3][16] Project Updates - The Animal Kingdom project has been officially terminated, and the company is now tracking other reserve projects such as the Nanshan Xiaozhai Phase II and upgrades to the Yushui Hot Spring facilities [2][13] - The company is focusing on resource integration and development in the leisure vacation destination sector, which is seen as a foundation for medium to long-term growth [2][13] Market Strategy - The company is leveraging regional marketing strategies, particularly in the Yangtze River Delta, to drive traffic and sales, with a notable increase in sales expenses during the peak summer season [1][8] - Despite a stable gross margin, the company faced increased marketing costs, which rose by 93% year-on-year during the summer peak [1][8]

Core Insights - Jiangsu Tianmuhu Tourism Co., Ltd. reported its Q3 2025 financial results, indicating a decline in both revenue and net profit compared to the previous year [1] Financial Performance - The company's operating revenue for Q3 was approximately 140 million yuan, representing a year-on-year decrease of 1.23% [1] - The net profit attributable to shareholders was about 28.53 million yuan, reflecting a year-on-year decline of 13.19% [1] - The net profit after deducting non-recurring items was around 28 million yuan, which is a decrease of 13.29% year-on-year [1]

Core Insights - Tianmu Lake (603136.SH) reported a decline in revenue and net profit for Q3 2025 compared to the same period last year [1] Financial Performance - The company's operating revenue for July to September 2025 was RMB 140 million, representing a year-on-year decrease of 1.23% [1] - The net profit attributable to shareholders of the listed company was RMB 28.53 million, down 13.19% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 28 million, reflecting a year-on-year decrease of 13.29% [1] - Basic earnings per share stood at RMB 0.11 [1]

证券代码：603136 证券简称：天目湖 公告编号：2025-048 江苏天目湖旅游股份有限公司 2025年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 24 日 (二)股东会召开的地点：江苏省溧阳市遇·天目湖酒店二楼多功能厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 275 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 63,859,396 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 35.83 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，由公司董事长李淑香女士主持。本次会议以现 场投票及网络投票相结合的方式进行表决，会议的召集、召开和表决方式符合《公 司法》及 ...

Core Viewpoint - Tianmuhu (603136.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a revenue of 386 million yuan, representing a year-on-year decrease of 4.65% [1] - The net profit attributable to shareholders was 83.25 million yuan, down 2.54% year-on-year [1] - The net profit after deducting non-recurring items was 80.93 million yuan, reflecting a decline of 2.58% year-on-year [1] - Basic earnings per share stood at 0.31 yuan [1]

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 ...