安徽天禾律师事务所 法律意见书 专项法律意见书 地址：合肥市庐阳区濉溪路 278 号财富广场 B 座东区 16 层 电话：（0551）62642792 传真：（0551）62620450 安徽天禾律师事务所 关于 安徽九华山文旅康养集团有限公司 认购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 股股票之 免于发出要约事宜的 安徽天禾律师事务所 法律意见书 安徽天禾律师事务所 关于安徽九华山文旅康养集团有限公司认购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 股股票之免于发出要约事宜的 专项法律意见书 天律意 2025 第 01218 号 致：安徽九华山文旅康养集团有限公司 安徽天禾律师事务所（以下简称"本所"）为在中华人民共和国注册并经安 徽省司法局批准执业的律师事务所，具备从事法律业务的资格。本所根据《中华 人民共和国证券法》《中华人民共和国公司法》《上市公司收购管理办法》等法 律、行政法规、规章和规范性文件的有关规定，就安徽九华山文旅康养集团有限 公司认购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 涉及的免于发出要约事宜出具本法律意见书 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

证券研究报告 2025年06月18日 旅游及景区 九华旅游(603199) 深度报告：一体化文旅平台夯实基本 盘，稀缺资产驱动长期成长 评级：增持(首次覆盖) 芦冠宇(证券分析师) S0350521110002 lugy@ghzq.com.cn 最近一年走势 -16% -8% 1% 9% 18% 27% 2024/06/18 九华旅游 沪深300 | 市场数据 | 2025/06/17 | | --- | --- | | 当前价格（元） | 35.98 | | 52周价格区间（元） | 27.92-42.30 | | 总市值（百万） | 3,982.27 | | 流通市值（百万） | 3,982.27 | | 总股本（万股） | 11,068.00 | | 流通股本（万股） | 11,068.00 | | 日均成交额（百万） | 87.25 | | 近一月换手（%） | 2.67 | 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 九华旅游 | -2.7% | 3.4% | 11.7% | | 沪深300 | -0.5% | -3.2% ...

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 ...

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 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 ...

Market Overview - The A-share market experienced an overall increase on May 29, with the Shanghai Composite Index closing at 3363.45 points, up 0.7%, the Shenzhen Component Index at 10127.2 points, up 1.24%, and the ChiNext Index at 2012.55 points, up 1.37%. The North Star 50 Index rose by 2.73%. Total trading volume reached 12136.01 billion yuan, an increase of 1795.28 billion yuan compared to the previous trading day [1]. Capital Flow - The net inflow of main funds in the A-share market was 74.33 billion yuan, with an opening net outflow of 19.58 billion yuan and a closing net inflow of 23.89 billion yuan [2]. - The net inflow for the CSI 300 was 12.91 billion yuan, while the ChiNext saw a net inflow of 42.65 billion yuan, and the STAR Market experienced a net outflow of 17.3 billion yuan [4]. Sector Performance - Among the 23 sectors, the computer industry led with a net inflow of 191.73 billion yuan, followed by the electronics sector with 124.39 billion yuan, and the pharmaceutical and biological sector with 112.04 billion yuan. The non-bank financial sector saw a net inflow of 47.51 billion yuan, while the communication sector had 34.87 billion yuan [6][7]. - The sectors with the largest net outflows included food and beverage with -21.56 billion yuan, basic chemicals with -12.02 billion yuan, and banking with -8.89 billion yuan [7]. Individual Stock Activity - The stock with the highest net inflow was Shanzhi Gaoke, with 7.11 billion yuan [8]. - Institutional investors showed significant interest in several stocks, with Wangzi New Materials receiving a net buy of 41.11 million yuan, and Sifang Precision receiving 36.17 million yuan [11][12]. Institutional Focus - Recent institutional ratings highlighted several stocks, including Huichuan Technology with a target price of 73.00 yuan, indicating an upside potential of 8.83%, and Longying Precision with a target price of 24.70 yuan, suggesting a 19.73% upside [14].

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， ...