Core Viewpoint - Jiangsu Tianmuhu Tourism Co., Ltd. announced the termination of its investment in the Tianmuhu Animal Kingdom tourism project, which will not significantly impact its existing business and financial status [1] Group 1 - The company decided to terminate its investment of 179.82 million yuan in the Tianmuhu Animal Kingdom tourism project, which was approved on August 8, 2024 [1] - The total investment made by the company in the project remains at 19.98 million yuan [1] - The termination of the investment has been approved by the sixth board of directors and is pending shareholder approval [1] Group 2 - The company will negotiate the handling of prior investments and subsequent contractual matters [1] - The company will fulfill its information disclosure obligations and remind investors to pay attention to risks [1]

Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds remaining idle in cash management [3][5][6]. Group 1: Fund Utilization - The company raised 300 million RMB through a bond issuance in 2019, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [5]. - As of June 30, 2025, only 1.02% of the planned 229.7 million RMB for the Nanshan Xiaozhai Phase II Project has been invested, amounting to 2.3452 million RMB, while 42.68% of the 60 million RMB for the Yushui Hot Spring project has been utilized, totaling 25.6082 million RMB [5][6]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting execution [6]. - The company claims that the projects are still being pursued, with ongoing feasibility assessments and design work for the Nanshan Xiaozhai Phase II Project [6]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, despite being announced over a year ago [7]. - The Animal Kingdom project has reportedly faced construction halts, with machinery found inactive on-site, raising concerns about the project's progress [7][9]. Group 4: Shareholding and Disclosure Issues - The major shareholder of the Animal Kingdom project has changed, with a new entity holding 77.0052% of the shares, which is not a state-owned enterprise, contradicting the company's claims about following state-owned capital arrangements [8]. - The company has been criticized for not providing complete and accurate disclosures regarding its shareholding in the Animal Kingdom project, particularly in its 2025 semi-annual report [8].

Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds still sitting idle in financial management [2][3]. Group 1: Fund Utilization - The company raised 300 million RMB through a convertible bond issuance approved by the China Securities Regulatory Commission, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [3]. - As of June 30, 2025, only 234.52 thousand RMB (1.02%) has been invested in the Nanshan Xiaozhai Phase II Project, while 25.6 million RMB (42.68%) has been invested in the Yushui Hot Spring (Phase I) Renovation Project [3]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting project execution [4]. - The company is actively optimizing the Nanshan Xiaozhai Phase II Project and has partially commenced the renovation of the Yushui Hot Spring, but the progress has been slower than planned [4]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmuhu Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, and rumors of project suspension have emerged [5]. - The Animal Kingdom project, with a total investment of 3.55 billion RMB, has reportedly halted construction, with machinery on-site inactive [5]. Group 4: Shareholding Changes - The major shareholder of the Animal Kingdom project has changed, with the new largest shareholder being a cooperative rather than a state-owned entity, which raises questions about the company's previous claims regarding its shareholding percentage [6]. - The company has not disclosed its exact shareholding percentage in the Animal Kingdom project in its latest reports, which may violate information disclosure requirements [6]. Group 5: Environmental Concerns - Some reports suggest that the suspension of the Animal Kingdom project may be related to planning and environmental issues, particularly due to its location within a natural ecological protection area [7].

Core Viewpoint - Tianmu Lake's stock price has shown fluctuations, with a year-to-date increase of 19.84%, while recent trading activity indicates a net outflow of funds [1][2]. Group 1: Stock Performance - Tianmu Lake's stock price decreased by 2.07% on September 9, closing at 13.26 CNY per share, with a total market capitalization of 3.582 billion CNY [1]. - Year-to-date, Tianmu Lake's stock has increased by 19.84%, with a 0.76% rise over the last five trading days, 4.49% over the last 20 days, and 10.04% over the last 60 days [2]. Group 2: Trading Activity - As of September 9, the main funds experienced a net outflow of 905.03 thousand CNY, with large orders showing a buy of 1,122.49 thousand CNY and a sell of 1,926.59 thousand CNY [1]. - The last appearance on the "Dragon and Tiger List" was on June 26, with a net buy of -4,883.43 thousand CNY, where total buying amounted to 7,160.02 thousand CNY, accounting for 17.35% of total trading volume [2]. Group 3: Company Overview - Jiangsu Tianmu Lake Tourism Co., Ltd. was established on September 15, 1992, and listed on September 27, 2017, focusing on the development and management of tourism scenic spots [2]. - The company's main revenue sources include hotels (29.74%), mountain and water parks (27.58%), Nanshan Bamboo Sea (25.10%), hot springs (7.89%), and others [2]. Group 4: Financial Performance - For the first half of 2025, Tianmu Lake reported operating revenue of 246 million CNY, a year-on-year decrease of 6.49%, while net profit attributable to shareholders was 54.73 million CNY, an increase of 4.12% [2]. - Since its A-share listing, Tianmu Lake has distributed a total of 375 million CNY in dividends, with 163 million CNY distributed over the past three years [3]. Group 5: 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 seventh largest circulating shareholder is the Fortune CSI Tourism Theme ETF, holding 1.7449 million shares as a new shareholder [3].

证券代码：603136 证券简称：天目湖 公告编号：2025-040 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 ...

Group 1 - The 2025 National Day and Mid-Autumn Festival holiday will have a total of 8 consecutive days off, which is expected to boost travel demand [1] - The Chinese government announced a temporary visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, leading to a significant increase in flight searches from Moscow [1] - South Korea will implement a temporary visa-free policy for Chinese group tourists starting September 29, 2025, lasting until June 2026, further enhancing travel opportunities [1] Group 2 - International flight bookings for popular cities have rebounded to over 50% of pre-pandemic levels during this summer, indicating a strong recovery in outbound tourism [2] - Japan and South Korea have emerged as popular destinations, with booking volumes increasing nearly tenfold compared to the beginning of the year, and flight prices dropping by approximately 40% [2] - Visa applications on the Fliggy platform surged over 13 times year-on-year in July, with Japan's visa applications surpassing 2019 levels [2] Group 3 - Various cities in China, including Guangdong, Hangzhou, and Chengdu, are set to issue cultural and tourism consumption vouchers in September to stimulate local tourism [3] - Guangdong will distribute 20 million yuan worth of vouchers starting September 12, while Chengdu will launch its second round of tourism accommodation vouchers from September 21 to October 28 [3] - Other regions, such as Huangshan and Yulin, are also implementing similar voucher programs to encourage spending in the tourism sector [3] Group 4 - The National Development and Reform Commission has proposed measures to cultivate new consumption scenarios in cultural tourism, aiming to create influential themed tourism routes [4] - Following this announcement, stocks related to tourism, such as Tibet Tourism and Dalian Shengya, experienced significant price increases [5] Group 5 - Related concept stocks include travel agencies like Zhongxin Tourism and China Youth Travel Service, scenic spots like Songcheng Performance and Huangshan Tourism, and hotel chains such as Jinjiang Hotels and Huazhu Group [8]

证券代码：603136 证券简称：天目湖 公告编号：2025-039 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进行和保证募 集资金安全的前 ...

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].