证券代码：603199 股票简称：九华旅游 公告编号：临 2025-022 安徽九华山旅游发展股份有限公司 关于 2025 年度向特定对象发行 A 股股票摊薄即期 回报、采取填补措施和相关主体承诺的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 关于安徽九华山旅游发展股份有限公司（以下简称"公司"或"九华旅游"） 2025 年度向特定对象发行 A 股股票（以下简称"本次向特定对象发行"或"本 次发行"）摊薄即期回报测算，是以分析主要财务指标在本次向特定对象发行前 后的变动为目的，是基于特定假设前提的测算，不代表公司对未来经营情况及趋 势的判断，也不构成公司的盈利预测或承诺，敬请广大投资者注意投资风险。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展 的若干意见》（国发[2014]17 号）和中国证监会《关于首发及再融资、重大资 产重组摊薄即期回报有关事项的指导意见》（证监会公告[2015]31 号）等 ...

九华旅游（603199）公告，公司制定未来三年(2025-2027年)股东分红回报规划。公司应保持利润分配政 策的连续性与稳定性，每年以现金方式分配的利润不少于当年实现的可分配利润的20%。公司董事会应 当综合考虑所处行业特点、发展阶段、自身经营模式、盈利水平以及是否有重大资金支出安排等因素， 区分下列情形，并按照《公司章程》规定的程序，提出差异化的利润分配政策和现金分红政策：1公司 发展阶段属成熟期且无重大资金支出安排的，进行利润分配时，现金分红在本次利润分配中所占比例最 低应达到80%；2公司发展阶段属成熟期且有重大资金支出安排的，进行利润分配时，现金分红在本次 利润分配中所占比例最低应达到40%；3公司发展阶段属成长期且有重大资金支出安排的，进行利润分 配时，现金分红在本次利润分配中所占比例最低应达到20%。 ...

Group 1 - The company plans to issue A-shares to specific investors, including its controlling shareholder, Wenlv Group, with a maximum of 35 investors [1] - Wenlv Group intends to subscribe for at least 32% of the total shares issued in cash, with the subscription price set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing benchmark [1] - The total number of shares to be issued will not exceed 30% of the total share capital before the issuance, amounting to a maximum of 33.204 million shares [1] Group 2 - The raised funds will be allocated to several projects, including the passenger cableway project at Lion Peak Scenic Area, the renovation of Julong Hotel, the upgrade of guest rooms in the North Building of the Central Grand Hotel, and the enhancement of transportation equipment [1]

Core Viewpoint - Anhui High-tech Industry Investment Co., Ltd. plans to transfer 16.2673 million shares of Jiuhua Tourism (603199) to Anhui Investment Group Co., Ltd. without compensation, representing 14.70% of Jiuhua Tourism's total share capital [1] Group 1 - After the completion of this equity change, Anhui High-tech will no longer hold shares in Jiuhua Tourism, while Anhui Investment Group will hold 16.2673 million shares, also accounting for 14.70% of the total share capital [1] - This equity change is classified as a transfer of state-owned shares without compensation, which does not trigger a mandatory tender offer and will not result in a change of the controlling shareholder or actual controller of the company [1]

? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 05 月 14 日（星期三）至 05 月 20 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jhgf@jiuhuashan.cc 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公 司计划于 2025 年 05 月 21 日（星期三）09:00-10:00 举行 2025 年 第一季度业绩说明会，就投资者关心的问题进行交流。 证券代码：603199 证券简称：九华旅游 公告编号：临 2025-019 安徽九华山旅游发展股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： ? 会议召开时间：2025 年 05 月 21 日（星期三）09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： h ...

安徽九华山旅游发展股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 05 月 14 日（星期三）至 05 月 20 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jhgf@jiuhuashan.cc 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日发布公司 2025 年第一季度报告，为便于广大投资 者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公 司计划于 2025 年 05 月 21 日（星期三）09:00-10:00 举行 2025 年 第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 证券代码：603199 证券简称：九华旅游 公告编号：临 2025-019 （三）会议召开方式：上 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [3]. Core Insights - The industry fundamentals are expected to remain under pressure in 2024, with most sectors and companies still significantly affected by macroeconomic factors. However, a number of companies are emerging that are successfully navigating the challenges of consumer downgrade by upgrading from categories to quality and then to brand [1][2]. - The report highlights that companies with strong brand attributes are likely to continue outperforming as the market transitions from price-performance to quality-price comparisons [2]. Summary by Sections 1. Duty-Free Sector - The duty-free sales in Hainan are gradually stabilizing, with the implementation of the Hainan closure policy expected to benefit the duty-free sector. The market is seeing improvements in channel and supply chain capabilities, leading to a stable outlook for profitability [2][49]. - Key companies to watch include China Duty Free Group and Wangfujing [2]. 2. Tourism and Gaming - The tourism sector shows strong resilience in demand, becoming a crucial driver for domestic consumption. The recovery in inbound and outbound travel is significant, with a focus on new consumption scenarios and the silver-haired tourism market [2][3]. - Recommended companies include Jiuhua Tourism, Lingnan Holdings, and Sands China [2]. 3. Hotel Industry - The hotel sector is experiencing weak business travel demand, leading to pressure on RevPAR. However, leisure demand remains resilient, and leading companies are enhancing profitability through brand matrix validation and supply chain optimization [3][72]. - Companies to focus on include Huazhu Group, Atour, and Jinjiang Hotels [3]. 4. Restaurant Sector - Leading restaurant companies are demonstrating strong supply chain negotiation and profitability advantages. The overall supply in the restaurant industry is optimizing, with a competitive trend in price-performance [3][7]. - Notable companies include Mixue Ice City, KFC, and Haidilao [3][7]. 5. Cosmetics and Medical Aesthetics - The cosmetics sector is seeing a shift in focus towards profitability, with companies restructuring their product and channel strategies. High-growth companies are expected to achieve both revenue and profit increases [7][23]. - Key players include Juzhibio, Shumei, and Marubi [7][23]. 6. General Retail - The retail sector is undergoing digital upgrades and operational adjustments, with a focus on essential demand and cash flow stability. Companies like Yonghui Supermarket and Multi-Point Intelligence are recommended [8][30]. - The report also highlights the ongoing challenges in the jewelry sector due to rising gold prices [8][30]. 7. Overall Market Performance - The consumer services sector is expected to face challenges, with a projected performance of -8.70% in 2024. However, the beauty and personal care sector is anticipated to recover with a growth of +8.15% in 2025 [11][19].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]

Core Insights - The report highlights that tourism volume is increasing while prices remain stable, with a focus on policy support and advancements in AI applications within the sector [3][9] - The domestic travel market saw 314 million trips during the May Day holiday, a year-on-year increase of 6.4%, with total spending reaching 180.27 billion yuan, up 8.0% [9][21] - The report suggests that the tourism trend will continue to improve due to consumer experience demands and favorable industry policies, recommending investments in leading companies benefiting from these trends [3][42] Market Review - In April, the consumer services sector outperformed the benchmark by 1.42 percentage points, with strong performances from tourism and education stocks [4][6] - The May Day holiday saw significant gains in the education sector and travel-related stocks, with notable performances from companies involved in AI-enhanced education [4][6] Sub-industry Analysis - **Inbound and Outbound Travel**: Inbound travel saw a 28.7% increase in visitor numbers during the May Day holiday, with significant growth in travelers from Hong Kong, Macau, and Taiwan [16][21] - **Hotel Industry**: The hotel sector experienced a 11.5% increase in revenue per available room (RevPAR) during the holiday, with occupancy rates and average daily rates also rising [24][22] - **Scenic Areas**: Major scenic spots reported strong visitor numbers, with some locations seeing over 50% growth compared to the previous year, aided by favorable weather and local government initiatives [25][28] - **Dining Sector**: Key monitored dining enterprises reported an 8.7% increase in sales during the holiday, reflecting a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, although the average transaction value remained stable [35][41] Investment Recommendations - The report recommends focusing on leading companies that are expected to benefit from policy support and improving consumer sentiment, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others [3][42]

Core Viewpoint - The company reported steady growth in revenue and net profit for 2024, driven by increased passenger traffic and operational improvements in its core business segments [1][2][4] Financial Performance - In 2024, the company achieved revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.50% year-on-year [1] - The fourth quarter of 2024 saw revenue of 195 million yuan, a significant year-on-year increase of 20.65%, and a net profit of 32 million yuan, up 41.79% year-on-year [1][2] - The overall gross margin for 2024 was 50.21%, an increase of 0.59 percentage points year-on-year, while the net profit margin was 24.33%, up 0.19 percentage points year-on-year [1][2] Business Segments - The company's cable car business generated revenue of 293 million yuan, a slight decrease of 0.56% year-on-year, while the hotel business achieved revenue of 237 million yuan, up 1.05% year-on-year [2] - The passenger transport business saw a significant revenue increase of 31.24% year-on-year, reaching 159 million yuan, primarily due to the operational launch of the Jiuhua Mountain Transportation Hub [2] - The travel agency segment reported revenue of 62 million yuan, down 7.53% year-on-year [2] Market and Strategic Developments - The company leverages its unique Buddhist cultural resources and tourism attributes to create a comprehensive service system combining cable cars, hotels, passenger transport, and travel agencies [3] - The company is enhancing its service capacity and internal transportation connections to support future growth, with expectations of increased tourist traffic in 2025 [3] - The company is advancing its "regional tourism complex" strategy, optimizing transportation efficiency during peak periods and expanding its culinary offerings with new vegetarian brands [3][4] Policy and Operational Efficiency - The company is benefiting from supportive policies aimed at revitalizing the tourism sector, with initiatives from the Ministry of Commerce and other departments to enhance service quality and consumer experience [4] - Investments in digital systems and membership programs are expected to improve operational efficiency and customer engagement [4] - The company is actively participating in tourism promotion activities to broaden its business channels and enhance the attractiveness of its scenic areas [4]