Core Viewpoint - The Tianmu Lake Animal Kingdom project in Liyang, Jiangsu Province, has been abruptly halted by local government due to various issues, marking a significant setback for Tianmu Lake Tourism Co., Ltd. [1][3] Group 1: Project Termination - The Liyang Municipal Committee has decided to terminate the implementation of the Animal Kingdom project and conduct a comprehensive investigation into related matters [3]. - Tianmu Lake confirmed the termination of its capital increase to the Animal Kingdom Company and announced a temporary shareholders' meeting to vote on this decision [1][3]. - The project was initially launched with a registered capital of 100 million yuan, with Tianmu Lake holding a 19.98% stake [3][4]. Group 2: Financial Performance - In the first half of 2025, Tianmu Lake reported approximately 246 million yuan in revenue, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was about 54.73 million yuan, an increase of 4.12% [7]. - The company raised 300 million yuan through convertible bonds in 2019, but only 27.95 million yuan of the funds have been utilized for the planned projects, leading to an extension of the investment deadline to December 31, 2027 [8][9]. Group 3: Project Challenges - The Animal Kingdom project faced delays due to funding and environmental pressures, ultimately leading to its suspension [5][6]. - The project is located within a significant protection area, which restricts new constructions that may pollute the environment, complicating its development [6]. - Despite plans to optimize the construction scheme and attract social capital, the project did not resume as anticipated [6].

证券代码：603136 证券简称：天目湖 公告编号：2025-045 江苏天目湖旅游股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 24 日 14 点 30 分 召开地点：江苏省溧阳市遇·天目湖酒店二楼多功能厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 24 日 至2025 年 10 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年10月24日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 东会召开当日的交易时间段，即 9:15- ...

Market Overview - The tourism and scenic spots sector experienced a decline of 0.9% on September 30, with Sanxia Tourism leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable stock performances include: - Caesar Travel (000796) closed at 6.34, up 1.77% with a trading volume of 947,200 shares and a turnover of 599 million yuan [1] - Lingnan Holdings (000524) closed at 13.82, up 0.58% with a trading volume of 156,800 shares and a turnover of 216 million yuan [1] - Sanxia Tourism (002627) closed at 6.01, down 3.22% with a trading volume of 321,300 shares and a turnover of 195 million yuan [2] Capital Flow - The tourism and scenic spots sector saw a net outflow of 429 million yuan from main funds, while retail investors contributed a net inflow of 372 million yuan [2] - The capital flow for individual stocks indicates: - Caesar Travel had a net inflow of 31.77 million yuan from main funds, but a net outflow of 30.82 million yuan from retail investors [3] - Sanxia Tourism experienced a net outflow of 46.20 million yuan from main funds [3]

Group 1 - The company emphasizes its commitment to a professional development strategy focused on consolidating its base, deepening its presence in the Yangtze River Delta, and targeting urban clusters [1] - The company prioritizes enhancing visitor experience and maintaining a one-stop tourism model [1] - The strategic layout and key work plans for the Tianmu Lake tourism resort will be actively promoted or adjusted based on policy conditions, market environment, and actual circumstances [1]

Core Viewpoint - The company has approved the use of idle raised funds for cash management, ensuring the safety of the funds while allowing for potential returns through structured deposits [1][2]. Group 1: Fund Management Decisions - On January 10, 2025, the company approved the use of up to 210 million yuan of idle raised funds for cash management, with a usage period not exceeding 12 months [1]. - On May 15 and May 20, 2025, the company further approved the use of an additional 90 million yuan, bringing the total available for cash management to 300 million yuan [2]. Group 2: Redemption of Cash Management Products - On September 1, 2025, the company subscribed to a structured deposit of 10 million yuan with Industrial Bank, which was redeemed on September 25, 2025, returning the principal and earning 0.95 million yuan [3]. - The principal and earnings from the redeemed product were returned to the raised funds account [3]. Group 3: Recent Fund Management Activity - The company has been actively managing idle raised funds over the past twelve months, with specific details on amounts and activities to be disclosed in future reports [4].

证券代码：603136 证券简称：天目湖 公告编号：2025-044 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 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 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 ...

Group 1 - The tourism concept stocks in the A-share market experienced a collective decline, with notable drops in stocks such as Guilin Tourism down over 9% and Xi'an Tourism down over 8% [1] - Other companies also faced significant declines, including Caesar Travel down over 6%, Overseas Chinese Town A down over 6%, and several others down over 5% [1] - The overall market sentiment for tourism stocks appears negative, reflecting broader challenges in the sector [1] Group 2 - Specific stock performance data shows Guilin Tourism at a decline of 9.31% with a market capitalization of 3.193 billion, while Xi'an Tourism fell by 8.27% with a market cap of 3.206 billion [2] - Caesar Travel reported a decline of 6.75% with a market cap of 9.976 billion, and Overseas Chinese Town A decreased by 6.30% with a market cap of 20.3 billion [2] - Other notable declines include Nanjing Commercial Travel down 5.73% and Lingnan Holdings down 5.49%, indicating a widespread downturn across various tourism-related companies [2]

Group 1 - The stock price of Tianmu Lake dropped by 5.04% to 13.00 CNY per share, with a trading volume of 182 million CNY and a turnover rate of 5.11%, resulting in a total market capitalization of 3.512 billion CNY [1] - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017. The company focuses on the development and management of tourism scenic areas [1] - The main revenue composition of the company includes: hotels 29.74%, landscape gardens 27.58%, Nanshan Bamboo Sea 25.10%, hot springs 7.89%, others 6.70%, travel agency 1.61%, and water world 1.39% [1] Group 2 - The top circulating shareholder of Tianmu Lake includes a fund from the Fortune Fund, specifically the Fortune CSI Tourism Theme ETF (159766), which entered the top ten circulating shareholders in the second quarter with 1.7449 million shares, accounting for 0.65% of circulating shares [2] - The Fortune CSI Tourism Theme ETF (159766) was established on July 15, 2021, with a latest scale of 2.955 billion CNY. Year-to-date return is 7.55%, ranking 3656 out of 4222 in its category; the one-year return is 29.76%, ranking 3249 out of 3813; and since inception, it has a loss of 24.21% [2] Group 3 - The fund manager of the Fortune CSI Tourism Theme ETF (159766) is Cao Ludi, who has been in the position for 5 years and 127 days. The total asset scale of the fund is 13.739 billion CNY, with the best fund return during the tenure being 109.23% and the worst being -44.98% [3]

Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. is set to hold a half-year performance briefing on September 30, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in a Q&A session [2][3][9] Group 1: Meeting Details - The investor briefing will take place on September 30, 2025, from 16:00 to 17:00 [7][8] - The meeting will be conducted via the Shanghai Stock Exchange Roadshow Center in an interactive text format [3][8] - Participants will include the company's Chairman, independent directors, board secretary, and financial director [4] Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [5][7] - Questions can be submitted from September 23 to September 29, 2025, via the Roadshow Center or the company's email [2][5] - The company will address commonly asked questions during the briefing [3][5]

Core Viewpoint - The Tianmu Lake Animal Kingdom cultural tourism complex project in Jiangsu, which was a key provincial project with an investment plan of 3.55 billion yuan and covering an area of 1,800 acres, has been abruptly terminated after one year of construction, with a comprehensive investigation announced by the authorities [1][6][19]. Group 1: Project Overview - The Tianmu Lake Animal Kingdom project was launched on August 15, 2024, with a planned investment of 3.55 billion yuan, aimed at creating a comprehensive tourism destination combining animal observation, entertainment, interaction, and leisure [6][8]. - The project was included in several key project lists, such as Jiangsu Province's key cultural and tourism industry projects and major industrial construction project databases in Changzhou [8]. Group 2: Company Involvement - Tianmu Lake Co., Ltd. (603136.SH) announced in August 2024 its intention to increase investment in the project by nearly 180 million yuan, but this has not been fulfilled to date [3][9]. - The major state-owned shareholder of the project significantly reduced its stake from over 80% to approximately 18% ten months prior to the project's termination [3][12]. Group 3: Reasons for Termination - Reports indicate that the project faced dual pressures from funding and environmental compliance issues, including missing environmental impact assessment procedures [18][21]. - The local government confirmed the project's suspension and initiated efforts to attract social capital, but did not disclose whether the suspension was related to environmental assessments [19][21]. Group 4: Market Reaction - Following the announcement of the project's termination, Tianmu Lake's stock experienced fluctuations, initially dropping before closing nearly 3% higher [15].