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 tourism industry in China is undergoing a critical transformation, with listed companies accelerating capital operations to optimize resources and innovate business development [1][3] - Anhui Jiuhua Mountain Tourism Development Co., Ltd. plans to raise up to 500 million yuan for various projects, including the upgrade of the Jiuhua Mountain Scenic Area's transportation and hotel facilities [1] - Yunnan Tourism Co., Ltd. intends to raise up to 191 million yuan for the construction of the Chuzhou Overseas Chinese Town Cultural Tourism Equipment Industrial Park and other infrastructure projects [1][3] Group 2 - Changbai Mountain plans to raise up to 236 million yuan for the investment in the second phase of the Changbai Mountain Volcano Hot Spring Resort and transportation equipment enhancement projects [2] - The fundraising efforts of tourism companies are focused on high-end development and consumer demand, with projects aimed at enhancing product quality and core competitiveness [3] - The implementation of the Jiuhua Mountain Scenic Area's new cable car project is expected to increase visitor capacity and improve service experience, contributing to a 19.6% year-on-year increase in tourist numbers in the first quarter [3]

Group 1 - Weiling Co., Ltd. announced that its subsidiary Tianjin Changling Mining Partnership acquired 74.3% of Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan, focusing on non-ferrous and black metal mining and smelting [1] - Zhongnong Lihua plans to acquire at least 50% of Taizhou Agricultural Materials Co., Ltd., which will become a subsidiary upon completion of the acquisition [1] - Chaohongji is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be finalized [1][2] Group 2 - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new production base in Suizhou High-tech Industrial Development Zone [3] - Shangwei New Materials announced that its major shareholder Jin Feng Investment Holdings intends to reduce its stake by up to 3%, equating to 12.1 million shares [4] - Yihe Jiaye has changed its name to Beijing Ruimaite Medical Technology Co., Ltd., effective from May 21 [5][6] Group 3 - Huaxi Energy reported that its controlling shareholder has been detained and is under investigation, with no longer holding any positions in the company [7][8] - Aofei Entertainment plans to invest 10 million yuan in a partnership for equity investment in Shenzhen Xuanyuan Technology Co., Ltd. [9] - Hangzhou Electric plans to reduce its shares by up to 1.93%, equating to 13.36 million shares [10] Group 4 - Jiuhua Tourism intends to raise up to 500 million yuan through a private placement for various projects, including hotel renovations and transportation upgrades [11] - Dingxin Communications elected Liu Min as the new chairman following the resignation of Wang Jianhua [12] - Jiewate plans to acquire 40.89% of Nanjing Tianyi Hexin Electronics for 319 million yuan [13] Group 5 - Darui Electronics intends to acquire 80% of Dongguan Weisi Technology Co., Ltd. through cash purchase and capital increase [14] - Tianzhihang's shareholders plan to reduce their stakes by up to 3%, with each shareholder intending to sell 679,000 shares [15][16] - ST Shilong will lift its risk warning and change its stock name to Shilong Industrial, with trading limits adjusted from 5% to 10% [17] Group 6 - Ningde Times announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 35.33 billion HKD [19][20] - Mingyang Electric's shareholders plan to reduce their stakes by up to 3.01%, totaling 941,000 shares [21] - Bohai Leasing intends to transfer 100% of Global Sea Containers Ltd. for 1.75 billion USD, focusing on optimizing its debt structure [21]

Group 1 - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to meet the financing needs of the real economy and support key areas such as technological innovation and consumption [2] - The Ministry of Finance reports that from January to April, the national general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [3] - In April, tax revenue increased by 1.9% year-on-year, marking the first month of positive growth this year, while the total tax revenue from January to April was 65,556 billion yuan, down 2.1% year-on-year [4] Group 2 - The Ministry of Finance announces that the securities transaction stamp duty for January to April was 53.5 billion yuan, a year-on-year increase of 57.8% [5] - The National Energy Administration reports that the total electricity consumption in April was 7,721 billion kilowatt-hours, a year-on-year increase of 4.7% [6] - The National Development and Reform Commission states that most policies aimed at stabilizing employment and the economy are expected to be implemented by the end of June [8] Group 3 - The National Development and Reform Commission highlights the need to address "involution" competition that distorts market mechanisms and disrupts fair competition [9] - The China Automobile Industry Association reports that the top ten car manufacturers sold 2.502 million vehicles from January to April, accounting for 68.7% of total car sales [10] - A joint document from the Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology outlines goals for IPv6 deployment by 2025, including reaching 850 million active users [11] Group 4 - Various companies are making significant moves, such as Zhaoyi Innovation planning to issue H-shares and list on the Hong Kong Stock Exchange, and several companies announcing share repurchase plans [13] - The Ministry of Finance reports that the total assets and loan growth rates of state-owned banks have slightly declined compared to 2024, but remain relatively high [14] - Zhongtai Securities discusses the logic behind the recent rise in bank stocks, indicating a strong rationale for continued investment in this sector [15]

Group 1: Financial Support and Economic Policies - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to meet the financing needs of the real economy and maintain reasonable growth in financial totals [2] - The meeting highlighted the need to support key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [2] - The National Development and Reform Commission plans to implement most employment and economic stabilization policies by the end of June [8] Group 2: Fiscal Revenue and Taxation - From January to April, the national general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [3] - In April, tax revenue increased by 1.9% year-on-year, marking the first month of positive growth this year [4] - The securities transaction stamp duty for January to April was 53.5 billion yuan, a year-on-year increase of 57.8% [5] Group 3: Energy Consumption - In April, the total electricity consumption reached 7,721 billion kilowatt-hours, a year-on-year increase of 4.7% [6] - From January to April, total electricity consumption was 31,566 billion kilowatt-hours, with a year-on-year growth of 3.1% [6] Group 4: Automotive Industry - In the first four months, the top ten car manufacturers sold 2.502 million vehicles, accounting for 68.7% of total car sales [11] - Among these manufacturers, BYD, Geely, SAIC-GM-Wuling, and FAW saw varying degrees of sales growth compared to the same period last year [11] Group 5: IPv6 Deployment - The Central Cyberspace Affairs Commission, National Development and Reform Commission, and Ministry of Industry and Information Technology aim to establish a leading global IPv6 technology and application system by the end of 2025 [12] - The target includes reaching 850 million active IPv6 users and 1.1 billion IoT IPv6 connections [12]

Group 1 - Zhaoyi Innovation plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders and market conditions [3] - ST Zhongdi has decided to abandon the commercial opportunity for the Jiageng Ke Yi City land project, with the controlling shareholder planning to develop the project instead [4] - Xichang Electric Power expects a reduction of approximately 5.4 million yuan in net profit for 2025 due to adjustments in the time-of-use electricity pricing mechanism [5] Group 2 - Sanfu New Materials intends to invest 620 million yuan in a project for high-safety dry electrode battery key materials and high-frequency electronic information composite materials [6] - Weifu High-Tech's subsidiary plans to establish a joint venture with Baolong Technology to expand the active suspension motor hydraulic pump business [7] - Yulong Co., Ltd. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [8] Group 3 - Chen'an Technology's shareholder is transferring 6.27% of the company's shares to Hefei Guotou, aiming to introduce strategic investors [9] - Huamao Technology is planning to acquire a 100% stake in Fuchuang Youyue, with stock trading suspended for up to 10 trading days [11] - Baolong Technology's subsidiary will collaborate with Weifu High-Tech's subsidiary to develop core components for the active suspension system [12] Group 4 - Zhongnong Lihua intends to acquire at least 50% of Taizhou Agricultural Supplies, enhancing its product and service range [13] - Weiling Co., Ltd.'s subsidiary has successfully acquired 74.3% of Jiayu Mining for 220 million yuan, focusing on expanding into the non-ferrous metal resource sector [14][15] - Hengshi Technology's subsidiary has been approved for public transfer of shares on the New Third Board [16] Group 5 - Xiang Teng New Materials plans to acquire an additional 12.5% stake in its subsidiary Shanghai Shangda for 25.3 million yuan [17] - ST Texin has extended its employee stock ownership plan by 12 months, reflecting confidence in the company's long-term development [18] - Baili Electric has issued a risk warning regarding its stock price increase, indicating no significant changes in fundamentals [19] Group 6 - Hu Silicon Industry plans to acquire minority stakes in three semiconductor companies for approximately 7.04 billion yuan [20][21] - Demais plans to change its controlling shareholder, leading to a temporary suspension of stock trading [22] - FAW Fuwei has received a notice from a well-known new energy brand for a project expected to generate 1.06 billion yuan in total sales over its lifecycle [23] Group 7 - Hangyang Co. plans to establish a subsidiary for a large modular cryogenic equipment manufacturing project with an estimated investment of 557 million yuan [24] - Jiewate intends to acquire 40.89% of Tianyi Hexin for 319 million yuan, enhancing its product line in the signal chain category [25] - Dingxin Communications has elected a new chairman following the resignation of the previous chairman [26][27] Group 8 - Aofei Entertainment plans to invest 10 million yuan in a partnership to indirectly invest in AI robotics company Xuan Yuan Technology [28] - Huaxi Energy's controlling shareholder has been detained, but the company states that operations remain normal [29] - Yihe Jiaye will change its stock name to "Ruimaite" starting May 21 [30] Group 9 - Zhongjin Environment will change its name to "Southern Pump Industry" effective May 21 [31] - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new chemical materials and fertilizers industrial park [32] - Buchang Pharmaceutical's subsidiary has signed a research agreement for MF59 adjuvant with a pharmaceutical company [33] Group 10 - Hongjing Technology has signed a service contract worth 597 million yuan for a smart computing project [34] - Zhuojin Co. has won a bid for a soil remediation project worth 67.68 million yuan [35] - Xinjiang Jiaojian has been awarded a contract for a highway project valued at 451 million yuan [36] Group 11 - China National Materials Energy's subsidiary has signed a contract for an EPC project in Uzbekistan worth approximately 1.252 billion yuan [37] - Ruixin Microelectronics' shareholder plans to reduce its stake by up to 2% [38] - Shanghai Yizhong's shareholder also plans to reduce its stake by up to 2% [39] Group 12 - Sanyou Medical's controlling shareholder plans to reduce its stake by up to 1.44% [40] - Hangdian Co.'s controlling shareholder plans to reduce its stake by up to 1.93% [41] - Shangwei New Materials' shareholder plans to reduce its stake by up to 3% [42] Group 13 - Mingchen Health plans to repurchase shares worth between 30 million and 50 million yuan [43] - Jiuhua Tourism plans to raise up to 500 million yuan through a private placement for various projects [44] - Yuegui Co. plans to raise up to 900 million yuan for several projects [46]

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]