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： 证券代码：603199 证券简称：九华旅游 公告编号：临 2025-039 安徽九华山旅游发展股份有限公司 关于召开 2025 年半年度业绩说明会的公告 ? 会议召开时间：2025 年 9 月 11 日（星期四）9:00-10:00 ? 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 9 月 4 日（星期四）至 9 月 10 日（星期三） 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 jhgf@jiuhuashan.cc 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。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计 划于 2025 年 9 月 11 日（星期四）9:00-10:00 举行 2025 年半年度 业绩说明会，就投 ...

Group 1 - The company, Jiuhua Tourism (603199), announced that it will hold a half-year performance briefing on September 11, 2025, from 9:00 to 10:00 AM [1]

证券代码：603199 证券简称：九华旅游 公告编号：临 2025-039 安徽九华山旅游发展股份有限公司 关于召开 2025 年半年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法律责任。 重要内容提示： 投资者可于 2025 年 9 月 4 日（星期四）至 9 月 10 日（星期三） 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 jhgf@jiuhuashan.cc 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。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日发布公司 2025 年半年度报告，为便于广大投资者 更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计 划于 2025 年 9 月 11 日（星期四）9:00-10:00 举行 2025 年半年度 业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交 ...

Group 1: Key Insights from Reports - The report highlights the strong performance of the A-share market, with technology stocks continuing to rise and the Shanghai Composite Index surpassing 3800 points [4] - The report indicates that the coal consumption is seasonally increasing, with the basic frequency index rising to 127.3 points, reflecting a year-on-year increase of 5.5 points [4][5] - The report discusses the significant growth in the traditional business of Daoshi Technology, with a net profit of 230 million yuan in H1 2025, representing a year-on-year increase of 108% [6][8] Group 2: Company-Specific Analysis - Jiuhua Tourism is leveraging its natural resources and optimizing operations to achieve steady growth, with projected revenues of 890 million, 1.02 billion, and 1.22 billion yuan from 2025 to 2027 [8] - Leap Motor has achieved profitability in the first half of the year, with a target of 1 million units sold next year, projecting revenues of 65.3 billion, 114.4 billion, and 152.9 billion yuan from 2025 to 2027 [9] - New Australia Co. reported stable performance with a slight increase in net profit, projecting net profits of 441 million, 498 million, and 567 million yuan from 2025 to 2027 [11] Group 3: Industry Trends - The report notes that the copper and cobalt sectors are experiencing significant growth, with the company expecting revenues of 230.1 billion, 248.5 billion, and 268.4 billion yuan from 2025 to 2027 [12][15] - The report emphasizes the potential of the solid-state battery materials market, with the company forming a comprehensive product matrix to accelerate development [7][8] - The waste-to-energy sector is projected to maintain stable profits, with expected net profits of 3.25 billion, 3.8 billion, and 4.23 billion yuan from 2025 to 2027 [18]

Group 1 - The core viewpoint of the news is that Jiuhua Tourism (603199) has shown positive financial performance with significant revenue and profit growth in the latest half-year report [1] - As of August 25, 2025, Jiuhua Tourism's stock price closed at 37.4 yuan, reflecting a slight increase of 0.13% [1] - The company reported total operating revenue of 483 million yuan, a year-on-year increase of 22.26%, and a net profit attributable to shareholders of 142 million yuan, up 23.96% year-on-year [1] Group 2 - Jiuhua Tourism's financial ratios indicate a strong liquidity position, with a current ratio of 2.618 and a quick ratio of 2.594, alongside a low debt-to-asset ratio of 15.34% [1] - The company has made investments in 6 enterprises and participated in 194 bidding projects, showcasing its active engagement in business development [2] - Jiuhua Tourism holds 85 trademark registrations and 1 patent, along with 75 administrative licenses, indicating a robust intellectual property portfolio [2]

证券之星消息，8月22日旅游及景区板块较上一交易日上涨0.64%，西域旅游领涨。当日上证指数报收 于3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。旅游及景区板块个股涨跌见下表： 从资金流向上来看，当日旅游及景区板块主力资金净流出1.92亿元，游资资金净流出4643.61万元，散户 资金净流入2.38亿元。旅游及景区板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300859 | 西域旅游 | 45.08 | 8.52% | 27.11万 | 12.01亿 | | 6602099 | 长白山 | 42.10 | 2.33% | 12.53万 | 5.23 Z | | 000610 | 西安旅游 | 13.75 | 1.40% | 31.60万 | 4.31亿 | | 661809 | 九华旅游 | 37.35 | 1 ...

Core Viewpoint - Jiuhua Tourism (603199) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 483 million yuan, a year-on-year increase of 22.26% [1]. - Net profit attributable to shareholders was 142 million yuan, up 23.96% year-on-year [1]. - In Q2 2025, total revenue was 248 million yuan, reflecting a 15.65% increase year-on-year, while net profit was 73.03 million yuan, up 17.38% [1]. - Gross margin improved to 54.6%, an increase of 0.79% year-on-year, and net margin rose to 29.34%, up 1.4% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 69.73 million yuan, accounting for 14.44% of revenue, a decrease of 6.57% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased to 1.28 yuan, a rise of 23.97% year-on-year [1]. - Operating cash flow per share reached 1.33 yuan, up 92.02% year-on-year [1]. - The company's net assets per share were 14.29 yuan, reflecting a 9.49% increase year-on-year [1]. Changes in Financial Items - Accounts receivable increased by 26.69% to 29.61 million yuan, attributed to sales not yet collected within the credit period [2]. - Cash and cash equivalents surged by 123.98% to 258 million yuan [1]. - The company saw a significant increase in interest-bearing liabilities, which rose by 341.37% to 477,200 yuan [1]. Investment Insights - The company's return on invested capital (ROIC) was reported at 12.53%, indicating strong capital returns [4]. - Analysts expect the company's performance for 2025 to reach 217 million yuan, with an average EPS forecast of 1.96 yuan [4]. Fund Holdings - The largest fund holding Jiuhua Tourism is Penghua Quality Governance LOF, with 1.14 million shares, marking a new entry into the top ten holdings [5]. - Other funds have also increased their positions, indicating growing interest in Jiuhua Tourism [5].

Investment Rating - The report maintains an "Accumulate" rating for Jiuhua Tourism (603199.SH) [3][5] Core Views - The investment logic continues to be validated, with annual revenue and profit reaching historical highs [4][5] - The company has shown resilience against weather disruptions, with an upward trend in performance expected to continue in the second half of the year [5] - The company has achieved double-digit growth for three consecutive quarters, indicating an acceleration in its fundamentals [5] Financial Performance Summary - For the first half of 2025, Jiuhua Tourism reported revenue of 483 million yuan, a year-on-year increase of 22.3%, and a net profit attributable to shareholders of 142 million yuan, up 24.0% year-on-year [5] - The company’s revenue and profit for Q2 2025 reached 248 million yuan and 73 million yuan, respectively, both marking historical highs for the second quarter [5] - Revenue projections for 2025, 2026, and 2027 are adjusted to 226 million yuan, 259 million yuan, and 289 million yuan, respectively, with corresponding P/E ratios of 17.9, 15.5, and 13.9 [5][7] Business Segment Performance - All business lines have shown strong growth, with hotel revenue at 133 million yuan (up 12.9% YoY), passenger transport revenue at 117 million yuan (up 29.8% YoY), cable car revenue at 185 million yuan (up 21.5% YoY), and travel agency revenue at 193 million yuan (up 34.0% YoY) [5] Future Outlook - The report emphasizes the company's advantageous location, strong tourism experience, and spiritual consumption attributes, which are expected to contribute to future revenue and profit growth [5] - Upcoming projects, including the construction of the Lion Peak cableway and the upgrade of the Baici Palace cable car, are anticipated to provide additional revenue streams [5]

Core Viewpoint - Jiuhua Tourism (603199) is experiencing significant growth driven by increased visitor traffic and improved transportation, with a "Buy" rating maintained by Dongwu Securities [1][2]. Financial Performance - In Q2 2025, Jiuhua Tourism achieved revenue of 248 million yuan, a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 73 million yuan, up 17.4% year-on-year [1]. - The company's net profit excluding non-recurring items was 71 million yuan, reflecting an 18.6% year-on-year growth [1]. - The number of visitors to Jiuhua Mountain in the first half of 2025 reached approximately 5.65 million, representing an 11.81% increase year-on-year [1]. Business Segments Growth - Revenue from hotel operations reached 133 million yuan, a year-on-year increase of 12.93% [1]. - Revenue from the cable car business was 185 million yuan, up 21.49% year-on-year [1]. - Passenger transport revenue increased to 117 million yuan, reflecting a 29.78% year-on-year growth [1]. - Revenue from travel agency services was 193 million yuan, marking a 34.02% increase year-on-year [1]. Future Outlook - The company benefits from the cultural and natural resources of Jiuhua Mountain, with external transportation improvements expected to sustain visitor growth [2]. - New projects, including the Lion Peak cable car and hotel expansions, are anticipated to contribute to revenue growth [2]. - Profit forecasts for 2025-2027 project net profits of 217 million, 243 million, and 267 million yuan, respectively, with corresponding P/E ratios of 19, 17, and 15 [2]. Analyst Ratings - Over the past 90 days, seven institutions have rated Jiuhua Tourism, with six "Buy" ratings and one "Hold" rating [4]. - The average target price from institutions in the last 90 days is 46.51 yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 248 million yuan in Q2 2025, representing a year-on-year increase of 15.65%, and a net profit of 73 million yuan, up 17.4% year-on-year [7] - Strong growth in visitor numbers, with approximately 5.65 million visitors to Jiuhua Mountain in the first half of 2025, an increase of 11.81% year-on-year, driving revenue growth across all business lines [7] - Improvements in transportation and new projects are expected to release long-term flexibility, with increased flight frequencies at Jiuhua Mountain Airport and the gradual addition of high-speed rail lines in Chizhou [7] - The company is backed by the unique resources of Jiuhua Mountain, which has a rigid demand, and the ongoing state-owned enterprise reforms are expected to enhance operational efficiency [7] - The company maintains its profit forecast, with expected net profits of 217 million, 243 million, and 267 million yuan for 2025-2027, corresponding to P/E ratios of 19, 17, and 15 times [7] Financial Summary - Total revenue forecast for 2023A is 723.64 million yuan, with a year-on-year growth of 117.94% [1] - The forecasted net profit for 2023A is 174.66 million yuan, with a year-on-year increase of 1,374.94% [1] - The latest diluted EPS for 2025E is projected to be 1.96 yuan per share [1] - The company’s total assets are expected to reach 1,990 million yuan by 2025E [8] - The operating profit is forecasted to be 288 million yuan in 2025E, with a net profit margin of 25.56% [8]