Core Insights - The tourism and scenic area sector experienced a rise of 2.16% on August 18, with Tibet Tourism leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Sector Performance - Tibet Tourism (600749) saw a closing price of 29.44, with a significant increase of 10.01% and a trading volume of 325,000 shares, amounting to a transaction value of 943 million yuan [1] - Caesar Travel (000796) also rose by 10.00% to a closing price of 5.28, with a trading volume of 1,111,300 shares, resulting in a transaction value of 575 million yuan [1] - Other notable performers included Huangshan Tourism (600054) with a 3.53% increase, closing at 12.31, and Dalian Shengya (600593) with a 3.13% increase, closing at 32.26 [1] Capital Flow - The tourism and scenic area sector saw a net inflow of 354 million yuan from main funds, while retail funds experienced a net outflow of 73.84 million yuan [2] - Major stocks like Tibet Tourism and Caesar Travel attracted significant main fund inflows of 204 million yuan and 202 million yuan, respectively [3] - Conversely, retail investors showed a net outflow from several stocks, including a notable outflow from Caesar Travel of 86.52 million yuan [3]

Core Viewpoint - Jiuhua Tourism is raising funds through a private placement to expand its scenic area and develop multiple business lines in a coordinated manner [1] Fundraising and Project Details - The company plans to raise no more than 500 million yuan for projects including the construction of the Lion Peak cable car, renovation of the Julong Hotel, upgrading of guest rooms at the Central Hotel, and improvements to transportation facilities [1] - The Lion Peak cable car project will require an investment of 326 million yuan, with expected annual revenue and profit of 111 million yuan and 37 million yuan respectively after completion [1] Strategic Development and Business Expansion - The project upgrades aim to enhance the Jiuhua Mountain tourism system, addressing the development bottleneck of "hot in the middle, cold in the north and south," and meet the demand for expanded tourism [1] - The company is actively developing brands such as "Jiuhua Health Vegetarian" and "New Huizhou Cuisine," while also expanding into agricultural products, cultural and creative products, and tourism products [1] - The goal is to create a comprehensive tourism complex in the Chizhou region, leveraging brand development and multi-industry collaboration to establish a second growth curve [1] Industry Outlook - With the backing of Jiuhua Mountain's advantageous resources, the company has formed a complete tourism industry chain through its four main businesses [1] - The company is also advancing scenic area upgrades and multi-business collaborative layouts, positioning itself to benefit from the high demand in tourism consumption [1] - The initial coverage has assigned a "Buy" investment rating to the company [1]

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Investment Rating - The report assigns a "Buy" investment rating for Jiuhua Tourism (603199.SH) [2][7] Core Views - The company is expected to benefit from the ongoing recovery in tourism and cultural consumption in China, with a strategic focus on expanding its business through various initiatives [6][7] - The company plans to raise up to 500 million yuan through a private placement to fund projects aimed at enhancing its tourism offerings, including the construction of a new cable car and hotel upgrades [5][6] Summary by Sections Investment Highlights - Jiuhua Tourism aims to raise up to 500 million yuan for projects including the construction of the Lion Peak cable car, hotel renovations, and transportation upgrades, which are expected to enhance the visitor experience and increase revenue [5] - In the first half of 2025, the company reported a 12% increase in visitor numbers and a 15% increase in revenue, reaching 5.65 million visitors and 7.65 billion yuan in revenue [6] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 2.01 yuan, 2.27 yuan, and 2.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 [7][9] - Revenue is expected to grow from 76.4 billion yuan in 2024 to 102.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [9][10] Business Strategy - The company is leveraging its resources from the Jiuhua Mountain area to create a comprehensive tourism ecosystem, including health food and local cuisine brands, aiming to establish a tourism complex in the Chizhou region [6][7]

Core Viewpoint - Anhui Jiuhua Mountain Tourism Development Co., Ltd. is in the process of responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific issuance of A-shares, indicating ongoing regulatory scrutiny and the need for compliance with disclosure requirements [1][2]. Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange on July 7, 2025, regarding its application for a specific issuance of A-shares [1]. - The company, along with relevant intermediaries, has conducted a thorough review of the inquiry and has provided explanations and responses, as well as supplementary and revised application documents [1]. - The company has disclosed the updated response to the inquiry on the Shanghai Stock Exchange's website on July 24, 2025 [1]. Group 2 - The company has made further revisions to its responses based on additional feedback from the Shanghai Stock Exchange, with updated documents also disclosed on the same day [2]. - The issuance of A-shares is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating a multi-step regulatory process [2]. - The timeline and certainty of obtaining approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission remain uncertain [2].

Core Viewpoint - The supplementary legal opinion outlines the legal framework and verification process for Anhui Jiuhua Mountain Tourism Development Co., Ltd.'s stock issuance, emphasizing the compliance with relevant laws and the progress of fundraising projects [1][2][6]. Group 1: Fundraising and Project Details - The total amount to be raised from the stock issuance is not more than 500 million yuan, which will be allocated to various projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project and hotel renovations [2][4]. - The Jiuhua Mountain Lion Peak Scenic Area cable car project has completed all planning, design, and approval procedures, with land auction processes underway [5][6]. Group 2: Project Necessity and Financial Justification - The necessity of the fundraising projects is supported by visitor trends, hotel occupancy rates, and transportation capacity assessments, indicating a reasonable expectation for increased capacity [3][4]. - The financial projections for the fundraising projects include key indicators such as average revenue per customer and profit margins, which have been compared with existing company data and industry peers [4][6]. Group 3: Lock-up Period and Compliance - The lock-up period for shares held by the controlling shareholder, Wenlv Group, is set for 36 months post-issuance, aligning with the regulations of the "Measures for the Administration of Acquisitions of Listed Companies" [7][8]. - The lock-up commitments made by Wenlv Group ensure compliance with relevant regulations, indicating a stable shareholder structure post-issuance [8]. Group 4: Internal Transport Rights and Competition - The internal transport rights for Jiuhua Mountain Scenic Area are expected to be renewed without significant uncertainty, as the management policies have not changed [9][10]. - The company has demonstrated competitive advantages in internal transport operations, including infrastructure and operational experience, which are expected to facilitate the renewal of transport rights [10][11]. Group 5: Industry Competition and Related Transactions - There is no significant adverse impact from competition with the controlling shareholder or its subsidiaries, as their operations are distinctly different from the company's tourism services [12][13]. - The fundraising projects are closely aligned with the company's existing business, and there are no anticipated new competitive or related transactions that would adversely affect operations [14].

之 补充法律意见书（一）（修订稿） 上海天衍禾律师事务所 补充法律意见书（一）（修订稿） 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 年度向特定对象发行 A 股股票 地址：上海市普陀区云岭东路 89 号长风国际大厦 2006 室 电话：（021）52830657 传真：（021）52895562 7-3-1 上海天衍禾律师事务所 补充法律意见书（一）（修订稿） 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 年度向特定对象发行股票之 补充法律意见书（一）（修订稿） 天律意 2025 第 02024 号 致：安徽九华山旅游发展股份有限公司 根据《公司法》《证券法》《注册管理办法》以及中国证监会、司法部《证 券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》等有关法 律、法规、规章及规范性文件的规定，九华旅游与本所签订了《聘请专项法律顾 问合同》，委托本所律师汪大联律师、姜利律师（以下简称"本所律师"）以特 聘专项法律顾问的身份，参加九华旅游本次发行工作。本所律师按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，出具本补充法律意见书。 本所已就本次发行 ...

"【sm| 容 诚 关于安徽九华山旅游发展股份有限 公司向特定对象发行股票申请文件 的审核问询函的回复 7-2-1 上海证券交易所: 贵所于 2025年 7月 7 日出具的《关于安徽九华山旅游发展股份有限公司向 特定对象发行股票申请文件的审核问询函》(上证上审(再融资)〔2025〕200 号〉已收悉,容诚会计师事务所(特殊普通合伙)(以下简称"申报会计师") 对审核问询函所列问题进行了逐项落实、核查,现回复如下,请予以审核。 除特别说明外,本回复中的简称与《安徽九华山旅游发展股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》(以下简称"《募集说明书》") 中的简称具有相同含义。本回复中所列出的数据可能因四舍五入原因而与根据 回复中所列示的相关单项数据计算得出的结果略有不同。 本回复中的字体代表如下含义: | 黑体(加粗) | 审核问询函所列问题 | | --- | --- | | 宋体 | 对审核问询函所列问题的回复 | | 楷体(加粗) | 涉及对募集说明书等申请文件的修改内容 | 7-2-2 容诚专字|2025]230Z1878 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | ...

安徽九华山旅游发展股份有限公司 证券代码：603199 股票简称：九华旅游 公告编号：临2025-037 根据上交所进一步审核意见，公司会同有关中介机构对部分回复内容进行了 补充与修订，具体内容详见公司于同日上交所网站（www.sse.com.cn）披露的《关 于安徽九华山旅游发展股份有限公司向特定对象发行 A 股股票申请文件审核问 询函的回复（修订稿）》等文件。 关于向特定对象发行A股股票申请文件审核问询函的 回复更新的提示性公告 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。 安徽九华山旅游发展股份有限公司(以下简称"公司")于 2025 年 7 月 7 日 收到上海证券交易所（以下简称"上交所"）出具的《关于安徽九华山旅游发展 股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资） 〔2025〕200 号）（以下简称"《审核问询函》"）。上交所审核机构对公司向 特定对象发行股票申请文件进行了审核，并形成了问询问题。 公司会同有关中介机构对《审核问询函》所列问题进行了认真研究和逐项落 实，并形成说明和回复 ...

安徽九华山旅游发展股份有限公司 与 华安证券股份有限公司 关于 安徽九华山旅游发展股份有限公司 向特定对象发行 A 股股票申请文件 审核问询函的回复（修订稿） 保荐机构（主承销商） （住所：安徽省合肥市滨湖新区紫云路 1018 号） 二〇二五年八月 上海证券交易所： 根据贵所于 2025 年 7 月 7 日出具的《关于安徽九华山旅游发展股份有限公 司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕 200 号）（以下简称"审核问询函"）的要求，安徽九华山旅游发展股份有限 公司（以下简称"九华旅游""发行人"或"公司"）与华安证券股份有限公 司（以下简称"保荐机构"）、上海天衍禾律师事务所（以下简称"发行人律 师"）和容诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等 相关各方，本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行 认真讨论、核查与落实，并逐项进行了回复说明。除特别说明外，本回复中的 简称与《安徽九华山旅游发展股份有限公司 2025 年度向特定对象发行 A 股股票 募集说明书》（以下简称"《募集说明书》"）中的简称具有相同含义。本回 复中所列出的数据可能因 ...