证券研究报告 公司研究 刘嘉仁，社零&美护首席分析师。曾供职于第一金证券、凯基证券、兴业证券。2016 年 加入兴业证券社会服务团队，2019 年担任社会服务首席分析师，2020 年接管商贸零售 团队，2021 年任现代服务业研究中心总经理。2022 年加入信达证券，任研究开发中心 副总经理。2021 年获新财富批零与社服第 2 名、水晶球社服第 1 名/零售第 1 名、新浪 财经金麒麟最佳分析师医美第 1 名/零售第 2 名/社服第 3 名、上证报最佳分析师批零社 服第 3 名，2022 年获新浪财经金麒麟最佳分析师医美第 2 名/社服第 2 名/零售第 2 名、 医美行业白金分析师。 涂佳妮，社服&零售分析师。新加坡南洋理工大学金融硕士，中国科学技术大学工学学 士，曾任兴业证券社服&零售行业分析师，2022 年 11 月加入信达新消费团队，主要覆 盖免税、眼视光、隐形正畸、宠物、零售等行业。 李汶静，伊利诺伊大学香槟分校理学硕士，西南财经大学经济学学士，2022 年 11 月加 入信达新消费团队。主要覆盖化妆品、医美。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 免 ...

➢ 九华旅游发布 2023 年年报。聚焦 23 年全年表现：从营收/利润表现来看， 2023 年公司营业收入 7.34 亿元/同比+117.94%，较 19 年同期+34.70%；归母 净利润1.75亿元/同比扭亏为盈，较19年同期+49.26%；对应ROE为13.12%/19 年同期为 10.17%。从各项费用率表现来看，2023 年公司销售费用率 5.36%/同 比-1.85pcts，较 19 年同期+0.08pcts；管理费用率 13.00%/同比-8.07pcts，较 19 年同期-1.17pcts；财务费用率-0.26%/23 年同期为-0.23%，19 年同期为0.12%。从毛利率/净利率表现来看，2023 年公司毛利率 49.62%/同比 +23.18pcts，较 19 年同期+1.49pcts；净利率 24.14%/同比+28.26pcts，较 19 年同期+2.35pcts。聚焦 24Q1 表现，24Q1 收入 1.80 亿元/同比-6.13%，较 19 年同期+34.69%；归母净利润 0.52 亿元/同比-15.80%，较 19 年同期+34.40%。 我们认为，从 23 年公司业绩表现 ...

23 年业绩再创新高，24 年供给侧改善加速 请务必阅读正文之后的重要声明部分 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------|-------|-------|------------------------------|--------------------------------------------------|------------|---------|---------|---------| | 盈利预测表 \n[ 资产负债表 Table_Finance 2] \n会计年度 2023 2024E 2025E 2026E | | | 单位: | 百万元 | 利润表 单位: \n会计年度 2023 2024E 2025E 2026E | | | | 百万元 | | 货币资金 | 179 | 320 | 590 | 796 | 营业收入 72 ...

RSM 容诚 审计报告 安徽九华山旅游发展股份有限公司 容诚审字|2024|230Z0193 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mgf.gw.cn）"进行查 "我" 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-5 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 - 5 | | 6 | 母公司资产负债表 | 6 | | 7 | 母公司利润表 | 7 | | 8 | 母公司现金流量表 | 8 | | 9 | 母公司所有者权益变动表 | 9 - 10 | | 10 | 财务报表附注 | 11 - 104 | 外经贸士度 15日 / 092-096 审计报告 容诚审字[2024]230Z0193 号 安徽九华山旅游发展股份有限公司全体股东: 一、审计意见 我们审计了安徽九华山旅游发展股份有限公司(以下简称九华旅游)财务报 表,包括 2023年1 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-005 安徽九华山旅游发展股份有限公司 第八届董事会第十五次会议决议公告 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。 安徽九华山旅游发展股份有限公司(以下简称"公司")第八届董事会第十五 次会议通知于 2024 年 4 月 8 日以专人派送或电子邮件的方式发出。会议于 2024 年 4 月 18 日以现场结合通讯表决方式召开。本次会议应出席董事 8 人，实际出 席董事 8 人，公司监事、高级管理人员列席了会议。会议的召开程序符合《中华 人民共和国公司法》《公司章程》的有关规定。会议由董事长高政权先生召集主 持，经与会董事签署表决，一致通过并形成如下决议： 一、审议通过了《2023 年度总经理工作报告》 表决结果：8 票同意，0 票反对，0 票弃权。 二、审议通过了《2023 年度董事会工作报告》 表决结果：8 票同意，0 票反对，0 票弃权。 本议案尚需提交 2023 年年度股东大会审议。 【详细内容见上海证券交易所网站（http://www.sse.com ...

关于安徽九华山旅游发展股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目录 ，您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事务所出身 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://a 我告编码:京240WF803 1、 专项审计报告 2、 附表 委托单位：安徽九华山旅游发展股份有限公司 审计单位：容诚会计师事务所（特殊普通合伙） 联系电话：0551-62652879 RSM 容诚 非经营性资金占用及其他关联资金 往来情况专项说明 安徽九华山旅游发展股份有限公司 容诚专字[2024]230Z0359 号 容诚会计师事务所 (特殊普通合伙) 中国·北京 关于安徽九华山旅游发展股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2024]230Z0359 号 安徽九华山旅游发展股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了安徽九华山旅游发展股 份有限公司(以下简称九华旅游)2023年12月 31 日的合并及母公司资产负债表, 2023 年度的合并及母公司利润表、合并及母公司现金流量表和合并及 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-006 安徽九华山旅游发展股份有限公司 第八届监事会第十二次会议决议公告 本公司监事会及全体监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")第八届监事会第十二 次会议通知于 2024 年 4 月 8 日以专人派送或电子邮件的方式发出。会议于 2024 年 4 月 18 日在公司会议室以现场表决方式召开。本次会议应出席监事 6 人，实 际出席监事 6 人。会议的召开程序符合《中华人民共和国公司法》《公司章程》 等有关规定。会议由监事会主席李晓颖女士召集并主持，经与会监事签署表决， 审议并通过如下议案： 一、审议通过了《2023 年度监事会工作报告》 表决结果：6 票同意，0 票反对，0 票弃权。 本议案尚需提交 2023 年年度股东大会审议。 【详细内容见上海证券交易所网站（http://www.sse.com.cn/）】 二、审议通过了《2023 年度财务决算报告》 表决结果：6 票同意，0 票反对，0 票弃权。 2023 年度公 ...

Management and Governance - The company appointed a new chairman of the supervisory board and several new deputy general managers in February 2023 due to work adjustments[2]. - The company has maintained a standard unqualified opinion in its internal control audit report[19]. - The company actively engages in investor relations, ensuring timely information disclosure and protecting investor rights[23]. - The company has not faced any penalties from securities regulatory agencies in the past three years[3]. - The actual controller of the company changed from Anhui Provincial State-owned Assets Supervision and Administration Commission to Chizhou Municipal State-owned Assets Supervision and Administration Commission[63]. Employee and Training - The company has a total of 1,784 employees, with 16 holding master's degrees or above, 355 with bachelor's degrees, 496 with associate degrees, and 917 with below secondary education[11]. - The company emphasizes employee training, establishing a multi-level training mechanism to enhance overall management capabilities and service levels[13]. - The company has established a talent cultivation mechanism in collaboration with well-known domestic institutions to enhance employee quality and vitality[24]. Financial Performance - Total operating revenue for 2023 reached RMB 723,636,990.16, a significant increase from RMB 332,035,509.62 in 2022, representing a growth of approximately 117.5%[92]. - Total operating costs for 2023 were RMB 504,246,466.08, compared to RMB 347,137,818.44 in 2022, indicating an increase of about 45.2%[92]. - The comprehensive income for 2023 amounted to RMB 174,658,420.66, a recovery from a loss of RMB 13,699,375.21 in the previous year[94]. - Basic and diluted earnings per share for 2023 were both RMB 1.58, a turnaround from a loss of RMB 0.12 per share in 2022[94]. - The net profit for the period was CNY 145,014,758.11, compared to a net loss of CNY 15,503,340.52 in the previous period, indicating a significant recovery[96]. - The total profit amounted to CNY 192,839,050.22, contrasting with a total loss of CNY 16,346,136.88 from the prior year[96]. Assets and Liabilities - Total assets as of the end of 2023 were RMB 1,502,891,310.14, up from RMB 1,306,796,579.43 in 2022, reflecting an increase of approximately 15%[85]. - Non-current assets totaled RMB 1,051,936,372.24 in 2023, compared to RMB 880,233,616.51 in 2022, marking a growth of about 19.5%[85]. - Current liabilities increased to RMB 263,757,972.71 in 2023 from RMB 212,138,074.87 in 2022, representing an increase of approximately 24.3%[85]. - The company reported a significant increase in long-term equity investments, rising to RMB 99,888,945.65 in 2023 from RMB 82,543,091.36 in 2022, an increase of about 20.9%[85]. Cash Flow and Dividends - The company reported a cash flow from investment activities of CNY -233,218,080.14, a decline from CNY -4,870,692.33 in the previous year[98]. - The cash and cash equivalents at the end of the period increased to CNY 172,503,403.36, up from CNY 85,920,987.42 at the beginning of the year[98]. - The company distributed dividends amounting to CNY 18,815,600.00 during the year[103]. - The total cash outflow from financing activities was CNY 230,000.00, compared to CNY 19,045,600.00 in the previous year[98]. Revenue Sources - The total revenue for Anhui Jiuhua Mountain Tourism Development Co., Ltd. in 2023 is projected to be 242.49 million RMB, with actual transactions amounting to 330.34 million RMB from tourism services[42]. - The company reported a significant increase in ticket sales services, generating 392.98 million RMB from ticket sales, which is a 19.96% increase compared to the previous period[42]. - The company has engaged in various related transactions, including water supply services amounting to 59.77 million RMB and tourism services generating 284.03 million RMB[42]. Compliance and Audit - The company has a clear cash dividend policy that complies with its articles of association and shareholder resolutions, ensuring the protection of minority shareholders' rights[16]. - The company reported no significant litigation or arbitration matters during the reporting period[40]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits for shareholders[17]. - The company’s financial statements have been audited, confirming the accuracy of its reported financial data[69]. Accounting Policies - Financial statements are prepared based on actual transactions and in accordance with accounting standards[110]. - The company follows the accounting policies and estimates as per the relevant regulations[111]. - The company recognizes impairment losses on financial assets based on expected credit loss models[132]. - The company distinguishes between financial liabilities and equity instruments based on contractual obligations[135]. - The company recognizes expected credit losses based on the weighted average of credit losses for financial instruments, reflecting the risk of default[139]. Inventory and Asset Management - The company adopts a perpetual inventory system and conducts inventory counts at least once a year, with gains and losses recognized in the current year's profit and loss[171]. - The company determines the net realizable value of inventory based on reliable evidence and considers factors such as the purpose of holding inventory[173].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 180,273,226.88, representing a decrease of 6.13% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 52,081,464.68, down 15.80% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 49,020,349.39, a decrease of 17.94% compared to the previous year[4]. - Basic and diluted earnings per share were both CNY 0.47, down 15.80% from the same period last year[4]. - The company's net profit for Q1 2024 was CNY 52,081,464.68, a decrease of 15.5% compared to CNY 61,854,357.96 in Q1 2023[34]. - Operating profit for Q1 2024 was CNY 69,779,627.73, down from CNY 82,871,101.19 in the same period last year, reflecting a decline of 15.8%[33]. - The basic earnings per share for Q1 2024 was CNY 0.4706, down from CNY 0.5589 in Q1 2023, reflecting a decline of 15.8%[34]. - Total revenue for Q1 2024 was $180.27 million, a decrease of 6.4% compared to $192.04 million in Q1 2023[54]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -17,054,658.83, reflecting a significant decline of 126.95%[4]. - Cash flow from operating activities showed a net outflow of CNY 17,054,658.83 in Q1 2024, compared to a net inflow of CNY 63,288,969.40 in Q1 2023[36]. - Cash and cash equivalents at the end of Q1 2024 were CNY 78,332,982.71, down from CNY 101,077,984.96 at the end of 2023, a decrease of 22.5%[37]. - Total current assets decreased to CNY 387,322,816.27 as of March 31, 2024, down from CNY 436,379,723.40 at the end of 2023, representing a decline of 11.3%[32]. - Total assets at the end of the reporting period were CNY 1,750,186,936.01, a decrease of 3.39% from the end of the previous year[20]. - Total assets decreased from 1,811,514,930.55 to 1,750,186,936.01, a decline of approximately 3.38%[39]. Shareholder Information - The top ten shareholders include Anhui Jiuhua Mountain Cultural Tourism Group Co., Ltd. with 33,121,016 shares, representing a significant portion of the company's equity[25]. - The largest shareholder, Anhui Jiuhua Mountain Cultural Tourism Group Co., Ltd., holds 29.93% of the shares, maintaining a significant influence[50]. - The number of ordinary shareholders at the end of the reporting period was 11,640, indicating a stable shareholder base[50]. - The company has no reported related party transactions among its top shareholders, suggesting a clear governance structure[49]. Expenses and Liabilities - Total operating costs increased to $113.28 million, up 2.3% from $110.50 million in the same period last year[54]. - Tax expenses rose significantly to $3.61 million, compared to only $620,868.16 in Q1 2023[54]. - Sales expenses decreased slightly to $7.50 million, down from $7.88 million year-over-year[54]. - Management expenses were reduced to $20.64 million, a decrease from $21.50 million in the previous year[54]. - Total liabilities decreased to CNY 249,911,758.57 in Q1 2024 from CNY 302,282,806.49 in Q1 2023, showing a reduction of 17.3%[36]. - Non-current liabilities decreased from 393,385,281.61 to 280,252,936.38, a reduction of about 28.8%[40]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[32]. - The company is focused on expanding its market presence, although specific strategies were not detailed in the report[46]. - There were no significant mergers or acquisitions reported during the quarter, indicating a period of consolidation[44]. Other Income and Investments - The company reported cash inflow from investment activities of CNY 173,287,861.59 in Q1 2024, compared to CNY 254,380,834.63 in Q1 2023, indicating a decrease of 31.8%[36]. - Other income increased to $1.97 million, compared to $652,846.02 in Q1 2023[54]. - Investment income rose to $1.16 million, up from $928,124.14 in the same quarter last year[54]. - Credit impairment losses increased to $337,258.26, compared to $247,753.20 in Q1 2023[54].

九华山狮子峰景区客运索道项目 可行性研究报告 北京起重运输机械设计研究院有限公司 二〇二四年三月 1 一、项目概况 1.项目名称：九华山狮子峰景区客运索道项目 2.建设地点：九华山风景区九华乡柯村村 3.项目实施单位：安徽九华山旅游发展股份有限公司 4.项目建设主要内容：索道上、下站房，12 座支架，游 客服务中心，管理与配套设施（含索道公用的配套设施）及 高山游览步道等。 5.项目投资：总投资估算为 3.2607 亿元 二、项目建设内容 1.项目规划总用地面积 17690.00 平方米：其中，索道 下站及其附属设施用地面积 15326.00 平方米，主要建设游 客服务中心、停车场、站房、机房、配电室、车库及其他附 属设施；索道上站用地面积 1426.02 平方米，主要建设站房 及附属设施；索道线路支架约 12 座，单个支架平均占地约 为 50—80 平方米，支架总占地面积约为 938 平方米。索道 单向运输能力 1600 人/小时。 2.项目总建筑面积 6228 平方米：其中，索道下站房 2200 平方米，游客服务中心及停车场 1100 平方米，管理与配套 设施（含索道公用的配套设施）1550 平方米，索道 ...