九华旅游股东会之法律意见书 上海天衍禾律师事务所 关于安徽九华山旅游发展股份有限公司 2025年第一次临时股东会 之 法律意见书 地址：中国上海市普陀区云岭东路89号长风国际大厦2006 电话：（021）-52830657 传真：（021）-52895562 九华旅游股东会之法律意见书 上海天衍禾律师事务所 关于安徽九华山旅游发展股份有限公司 2025年第一次临时股东会之法律意见书 天律意2025第01268号 致：安徽九华山旅游发展股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则（2025年修订）》 （以下简称"《股东会规则》"）等有关法律、法规和规范性文件以及《安徽九华山 旅游发展股份有限公司章程》（以下简称《公司章程》）的有关规定，上海天衍禾律 师事务所（以下简称"本所"）接受安徽九华山旅游发展股份有限公司（以下简称"九 华旅游"或"公司"）的委托，指派汪大联律师、姜利律师（以下简称"本所律师"） 出席见证于2025年6月5日召开的九华旅游2025年第一次临时股东会（以下简称"本次 会议"），并出具本法律意见 ...

证券代码：603199 证券简称：九华旅游 公告编号：临 2025-032 安徽九华山旅游发展股份有限公司 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。 (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 | 114 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 54,765,663 | | 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 | | | 份总数的比例（%） | 49.4810 | (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，由董事长高政权先生主持，采用现场会议记名 式投票表决方式结合网络投票方式举行。会议的召集、召开及表决方式符合《公 司法》等相关法律、法规、规章和《公司章程》的相关规定。 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 6 月 5 日 (二)股 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2025-031 安徽九华山旅游发展股份有限公司 关于公司2025年度向特定对象发行A股股票事项获得 池州市国资委批复的公告 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。 "一、原则上同意你公司董事会提出的向不超过 35 名特定投资者（含安徽 九华山文旅康养集团有限公司）发行不超过本次发行前公司总股本的 30%，不超 过 33,204,000 股（含本数），发行价格不低于定价基准日前 20 个交易日公司 A 股股票交易均价的 80%，且不低于本次发行前公司最近一期经审计的归属于普通 股股东的每股净资产，募集资金金额不超过 50,000 万元（含本数），用于九华 山狮子峰景区客运索道项目、九华山聚龙大酒店改造项目、九华山中心大酒店北 楼客房升级改造项目、交通设备提升项目的方案。 二、请你公司严格按照《公司法》《证券法》《上市公司证券发行注册管理 办法》《上市公司国有股权监督管理办法》等法律法规和中国证监会、上交所等 有关规定执行。" 公司本次向特定对象发行股票事项尚需公司 ...

Investment Rating - The report gives a "Buy" rating for Jiuhua Tourism (603199) with a target price based on the last closing price of 37.29 [1][8]. Core Views - Jiuhua Tourism has announced a private placement plan to raise up to 500 million yuan, aimed at enhancing the core competitiveness of its scenic area through projects such as the Lion Peak cableway, hotel renovations, and transportation upgrades [4][5]. - The major shareholder, Wenlv Group, will participate significantly in the private placement, increasing its shareholding from 29.93% to 30.40% [4]. - The funds raised will be used to address uneven tourist distribution in the Jiuhua Mountain scenic area, improve the overall visitor experience, and enhance the scenic area's capacity [5][6]. Financial Projections - Jiuhua Tourism is expected to achieve net profits of 212 million yuan, 236 million yuan, and 263 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.86%, 11.62%, and 11.37% [6][9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.91 yuan, 2.14 yuan, and 2.38 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19.5X, 17.5X, and 15.7X [6][9]. Business Strategy - The company aims to optimize its business layout to enhance competitiveness in the tourism market, which includes improving the quality of hotel accommodations and transportation networks to meet diverse visitor needs [5][6]. - The Lion Peak cableway project is a key initiative that will improve accessibility and promote balanced development across the scenic area [5]. - Renovations of key hotels are expected to enhance service quality and increase profitability in the tourism accommodation sector [6].

Group 1 - The acquisition involves Anhui Jiuhua Mountain Tourism Development Co., Ltd. (Jiuhua Tourism) by Anhui Jiuhua Mountain Cultural Tourism and Health Group Co., Ltd. (Cultural Tourism Group), which aims to increase its stake to over 30% [1][2] - The acquisition requires approval from higher-level state-owned asset management departments, Jiuhua Tourism's shareholders' meeting, Shanghai Stock Exchange, and the China Securities Regulatory Commission [2][20] - Cultural Tourism Group has committed to not transferring the acquired shares for 36 months post-acquisition, which allows it to avoid mandatory tender offer obligations [2][20] Group 2 - Cultural Tourism Group's main business includes cultural tourism resource development, tourism operations, scenic area management, cultural activity services, and elderly care services [14] - The financial data for Cultural Tourism Group over the last three years shows total assets increasing from 424,018.61 million RMB to 576,090.11 million RMB, with net profit fluctuating significantly [14] - The acquisition is expected to enhance Jiuhua Tourism's financial strength and support its business expansion and project investments [20] Group 3 - The acquisition will not change the control of Jiuhua Tourism, as Cultural Tourism Group will hold 30.40% of the shares post-acquisition, maintaining its status as the controlling shareholder [21][22] - The acquisition price will be based on the average trading price of Jiuhua Tourism's shares over the 20 trading days prior to the pricing date, ensuring it does not fall below the net asset value per share [22][25] - The acquisition agreement includes provisions for adjustments in case of stock dividends or capital increases, ensuring fair pricing for the shares acquired [22][25]

安徽九华山旅游发展股份有限公司 收购报告书摘要 | 上市公司名称 | 安徽九华山旅游发展股份有限公司 | | --- | --- | | 股票上市地点 | 上海证券交易所 | | 股票简称 | 九华旅游 | | 股票代码 | 603199 | | 收购人名称 | 安徽九华山文旅康养集团有限公司 | | 住所/通讯地址 | 安徽省池州市翠柏中路 218 号 | 签署日期：二〇二五年五月 收购人声明 一、本报告书摘要系收购人根据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司证券发行注册管理办法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》 及其他相关法律、法规、部门规章及规范性文件的有关规定编写。 二、依据上述法律法规的规定，本报告书摘要已全面披露收购人安徽九华山 文旅康养集团有限公司（以下简称"文旅集团"）在安徽九华山旅游发展股份有 限公司（以下简称"九华旅游"）拥有权益的股份情况。截至本报告书摘要签署 日，除本报告书摘要披露的持股信息外，收购人没有通过任何其他方式在九华旅 游拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准， ...

Core Viewpoint - JiuHua Tourism plans to raise up to 500 million yuan through a private placement to fund various projects, despite having substantial cash reserves and low debt levels, which has sparked market debate about the necessity of the fundraising [1][2]. Group 1: Financial Position - As of the end of 2024, JiuHua Tourism reported broad monetary funds of 205 million yuan and 252 million yuan in financial products within other current assets [1]. - By the end of Q1 2025, the company had monetary funds of 233 million yuan and interest-bearing liabilities of only 350,000 yuan, maintaining an asset-liability ratio of approximately 14% [1]. - The company has a history of utilizing idle funds for financial management and recently announced plans to use up to 450 million yuan of its own idle funds for cash management [1]. Group 2: Fundraising Purpose - The 500 million yuan raised will be allocated to projects including the Lion Peak cable car, hotel renovations, and transportation equipment upgrades at JiuHua Mountain [2]. - The current visitor distribution at JiuHua Mountain is uneven, with most tourists concentrated in the central area, while the northern and southern scenic spots lack adequate transportation facilities [2]. - The Lion Peak cable car aims to provide a quicker transportation option for visitors, reduce physical exertion before reaching major attractions, and enhance the overall visitor experience by connecting various scenic areas [2].

Group 1 - The company, Anhui Jiuhuashan Tourism Development Co., Ltd., plans to issue A-shares to specific investors, including its controlling shareholder, Wenlv Group, with a maximum of 35 investors involved [2][17][18] - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to a maximum of 33,204,000 shares [2][19][21] - The funds raised from this issuance are expected to be no more than 500 million yuan, which will be allocated to various projects including the construction of a cable car at the Lion Peak scenic area and renovations of hotels [5][22][24] Group 2 - The issuance aims to enhance the company's capacity to receive tourists and improve service quality, aligning with national strategies to promote cultural and tourism integration as a pillar industry [11][15][16] - The tourism market is experiencing a recovery, with significant growth in domestic travel and spending, indicating a favorable environment for the company's expansion plans [12][13] - The company is positioned to benefit from improved transportation links, such as the opening of the Pihuang high-speed railway and the expansion of Jiuhuashan Airport, which will enhance its attractiveness to tourists [13][15] Group 3 - The company will utilize the raised funds for specific projects, including the Lion Peak cable car, hotel renovations, and transportation equipment upgrades, to enhance the overall tourist experience [5][22][24] - The Wenlv Group, as a major shareholder, will not participate in the pricing process of the share issuance but will accept the results of other investors' bids [5][20] - The shares acquired by Wenlv Group will be subject to a 36-month lock-up period, while other investors will face a 6-month lock-up period post-issuance [6][22]

Core Viewpoint - The report outlines the transfer of 16.2673 million shares (14.70% of total shares) of Anhui Jiuhua Mountain Tourism Development Co., Ltd. from Anhui Province High-tech Industry Investment Co., Ltd. to Anhui Investment Group Co., Ltd. as part of a resource optimization strategy [1][4]. Group 1: Share Transfer Details - The share transfer is a non-compensatory transfer approved by Anhui Investment Group, with no change in the actual controller of the company, which remains under the supervision of the Chizhou Municipal Government State-owned Assets Supervision and Administration Commission [4][5]. - The transfer will result in Anhui Province High-tech Industry Investment Co., Ltd. no longer holding any shares in Anhui Jiuhua Mountain Tourism Development Co., Ltd. [5][9]. Group 2: Regulatory Compliance - The report complies with the relevant laws and regulations, including the Company Law, Securities Law, and the Measures for the Administration of the Acquisition of Listed Companies [1][2]. - The transfer has been approved by the necessary authorities, and the report confirms that there are no undisclosed material facts or misleading statements [6][7]. Group 3: Future Plans - There are currently no plans for further share acquisition or disposal by the information disclosure obligor within the next 12 months [5][9]. - The report indicates that there have been no stock transactions involving Anhui Jiuhua Mountain Tourism Development Co., Ltd. by the information disclosure obligor in the past six months [6][9].

Core Points - The announcement details a transfer of 16,267,338 shares of Jiuhua Tourism, representing 14.70% of the total share capital, from Anhui High-tech Industry Investment Co., Ltd. to Anhui Investment Group Holding Co., Ltd. [1][2] - This transfer is classified as a state-owned share transfer without compensation, which will not trigger a tender offer and will not change the controlling shareholder or actual controller of the company [1][2] - The transfer has completed internal approval processes but still requires registration with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, indicating some uncertainty regarding final implementation [1][2] Summary of the Shareholders - Before the transfer, Anhui High-tech Industry Investment Co., Ltd. held 16,267,338 shares (14.70%), while Anhui Investment Group Holding Co., Ltd. held no shares [2] - After the transfer, Anhui High-tech Industry Investment Co., Ltd. will hold 0 shares, and Anhui Investment Group Holding Co., Ltd. will hold 16,267,338 shares (14.70%) [2] Basic Information of the Parties Involved - **Anhui High-tech Industry Investment Co., Ltd.**: Located in Hefei, with a registered capital of 1 billion yuan, primarily engaged in high-tech industry investment and related businesses [3][4] - **Anhui Investment Group Holding Co., Ltd.**: Also based in Hefei, with a registered capital of 6 billion yuan, focusing on capital operation and management of provincial construction funds [4][5] Agreement Details - The agreement specifies that the transfer of shares will occur after necessary approvals and registration are completed, with both parties agreeing to cooperate in the process [4][5] - Any disputes arising from the agreement will first be attempted to be resolved through negotiation, failing which legal action may be taken [5] Subsequent Matters - The transfer will not affect the company's daily operations or lead to changes in the controlling shareholder or actual controller [2][5] - Both parties are required to prepare simplified reports on the equity changes and disclose them in accordance with regulatory requirements [5]