Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199.SH) with a target price of 36.41 CNY per share, based on a 20x PE valuation for 2024 [3][4]. Core Insights - Jiuhua Tourism reported a revenue of 395 million CNY for 1H24, a year-on-year increase of 3.92%, and a net profit attributable to shareholders of 114 million CNY, up 2.65% year-on-year. Compared to 1H19, revenue grew by 36.08% and net profit by 41.82%. In Q2 2024, revenue reached 215 million CNY, a 14.17% increase year-on-year, with net profit growing by 25.7% [1][2]. - The company has successfully reduced its expense ratio, with a decrease of 0.24 percentage points to 15.45% in 1H24 compared to the previous year, and a 0.8 percentage point reduction compared to 1H19. The management expense ratio decreased by 0.32 percentage points to 11.8% year-on-year [1]. - The breakdown of revenue by business segment shows: - Hotel: 120 million CNY, up 2.72%, with a gross margin of 18.31% - Passenger transport: 90 million CNY, up 28.1%, with a gross margin of 57.77% - Cable car: 150 million CNY, down 6.1%, with a gross margin of 87.8% - Travel agency: 140 million CNY, up 17.9%, with a gross margin of 1.97% [1]. Financial Summary - The financial projections for Jiuhua Tourism indicate expected net profits of 200 million CNY, 220 million CNY, and 240 million CNY for 2024, 2025, and 2026 respectively, representing growth rates of 15.4%, 10.7%, and 9.1% [2][6]. - The company’s revenue is projected to grow from 798 million CNY in 2024 to 945 million CNY by 2026, with growth rates of 10.3%, 9.4%, and 8.3% for the respective years [2][7].

Summary of the Conference Call for Jiuhua Tourism Company Overview - **Company**: Jiuhua Tourism - **Industry**: Tourism and Hospitality Key Points and Arguments Recovery and Performance - The tourism business has largely recovered from last year's revenue decline, achieving daily incremental growth, with expectations to meet annual performance targets due to a positive trend in Q2 [2][3][21] - Significant impact from the opening of the Chihuang High-Speed Railway, with major tourist sources coming from the Yangtze River Delta region, and an increase in the proportion of medium to long-distance visitors [2][22] - Passenger transport revenue increased by approximately 30%, with total passenger numbers around 1.8 million, reflecting a growth of about 28% in revenue [23] Business Segments - **Cable Car Segment**: Although the number of visitors decreased, overall operations remain stable, with net profit for the cable car segment around 95 million [10][36] - **Hotel Segment**: Hotel occupancy rates declined by about 3 percentage points compared to last year, but strategies are in place to recover performance [26][30] - **Travel Agency Business**: Experienced rapid growth due to diversified income sources, achieving a 9% increase in revenue [6][30] Strategic Initiatives - Plans to purchase dozens of buses to meet increased demand during the summer, with an estimated budget of 15 million yuan for the first batch of 30 buses [8][34] - Future renovations planned for certain hotels to enhance guest experience and increase revenue [6][30] - Emphasis on managing accounts receivable effectively to ensure cash flow remains stable [11][38] Market Conditions and Challenges - Despite a challenging consumer environment, Jiuhua Tourism has shown resilience, with increasing visitor numbers attributed to improved brand recognition and efficient transportation organization [5][29] - The company is monitoring the impact of consumer sentiment and potential declines in spending, particularly in hotel pricing and dining standards [30][31] Future Outlook - Anticipation of double-digit growth in Q3, supported by stable weather conditions and the high-speed railway's impact [9][18] - Consideration of increasing dividend payouts to enhance shareholder returns, despite challenges in implementing stock incentive plans [9][21] Additional Insights - The company is exploring the potential of joint ventures and partnerships to further enhance its tourism offerings [11] - The opening of a vegetarian restaurant in Hefei is planned for around the National Day holiday, expected to have minimal short-term cost impact but could enhance brand visibility in the long term [7][31] Important but Overlooked Content - The impact of weather on revenue, with an estimated loss of about 20 million yuan due to adverse weather conditions in the first half of the year [28] - The need for ongoing adjustments to strategies in response to changing consumer behaviors and market conditions [30][31] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Jiuhua Tourism's recovery trajectory, operational performance across various segments, and future growth strategies.

证券代码：603199 证券简称：九华旅游 公告编号：临 2024-023 安徽九华山旅游发展股份有限公司 关于召开 2024 年半年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。 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 7 日 下午 14:00-15:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 重要内容提示： 投资者可于 2024 年 7 月 31 日(星期三) 至 8 月 6 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 2024 年 7 月 30 日发布公司 2024 年半年度报告，为便于广大投资者 更全 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 395,044,203.92, representing a 3.92% increase compared to CNY 380,159,525.36 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2024 was CNY 114,299,492.65, up 2.65% from CNY 111,350,881.45 in the previous year[18]. - Basic earnings per share for the first half of 2024 were CNY 1.0327, a 2.64% increase from CNY 1.0061 in the same period last year[19]. - The company reported a net profit excluding non-recurring gains and losses of CNY 109,088,153.34, which is a 2.03% increase from CNY 106,913,646.52 in the same period last year[18]. - The total comprehensive income for the first half of 2024 was CNY 80,143,385.04, compared to CNY 89,699,644.82 in the same period of 2023, indicating a decrease of approximately 18.3%[93]. Cash Flow and Financial Position - The net cash flow from operating activities decreased by 53.83%, amounting to CNY 76,394,302.13, primarily due to increased tax payments during the period[19]. - The company's cash and cash equivalents decreased by 35.42% to CNY 115,276,356.82 from CNY 178,503,403.36 in the previous period[38]. - The cash flow from investment activities improved by 65.61%, with a net cash outflow of CNY -45,586,072.00 compared to CNY -132,566,976.34 in the previous period[38]. - The company reported a significant increase in employee compensation payments, totaling CNY 140,796,853.06, up from CNY 114,308,609.76 in the previous year[96]. - The total liabilities decreased to CNY 300,937,263.36 from CNY 393,385,281.61, a reduction of approximately 23.5%[83]. Assets and Liabilities - The total assets as of the end of the reporting period were CNY 1,745,164,302.64, a decrease of 3.66% from CNY 1,811,514,930.55 at the end of the previous year[18]. - The net assets attributable to shareholders increased to CNY 1,444,227,039.28, reflecting a 1.84% growth from CNY 1,418,129,648.94 at the end of the previous year[18]. - The company's accounts receivable increased significantly by 774.45% to CNY 23,367,770.11 from CNY 2,672,294.76 in the previous period[38]. - The company's lease liabilities increased by 357.82% to CNY 15,202,365.05 from CNY 3,320,590.26 in the previous period due to new leasing operations[39]. - Total current assets decreased to CNY 391,751,933.19 from CNY 436,379,723.40[81]. Tourism and Market Position - In the first half of 2024, domestic tourism saw 1.419 billion trips, an increase of 203 million trips year-on-year, representing a growth of 16.7%[24]. - Domestic tourism spending reached 1.52 trillion, up 220 billion from the previous year, marking a 17.0% increase[24]. - The company operates seven hotels in the core scenic area, dominating the mid-to-high-end market[26]. - The company has a strong presence in the travel agency sector with six subsidiaries, focusing on meetings, group, and customized travel products[27]. - The company benefits from its geographical location in the economically developed Yangtze River Delta region, which is a major source of tourists[28]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company confirmed that there are no ongoing related party transactions with the controlling shareholder[58]. - The company has committed to maintaining operational independence from the local government[58]. - The company has established independent financial departments and accounting systems to ensure financial autonomy[60]. - The company has maintained compliance with environmental regulations, with no incidents of pollution reported[55]. Strategic Initiatives and Developments - The company is accelerating the development of a new dining brand based on traditional vegetarian cuisine, with plans for multiple restaurant openings[33]. - The company has successfully initiated a digital upgrade project, integrating various platforms to enhance digital operational capabilities[33]. - The company is expanding its marketing efforts through new media channels, including short videos and live streaming, to increase brand exposure[34]. - The company is actively pursuing project reserves aligned with its strategic development plan[35]. - The company has completed the construction of the Jiuhua Mountain traffic conversion center, which can accommodate 5,207 vehicles and handle over 5,000 visitors per hour during peak times[35]. Shareholder Information - The company has 12,983 ordinary shareholders as of the end of the reporting period[73]. - The total number of shares held by Anhui Jiuhua Mountain Cultural Tourism Group Co., Ltd. is 33,121,016, accounting for 29.93% of the total shares[74]. - Anhui Provincial High-tech Industry Investment Co., Ltd. holds 16,267,338 shares, representing 14.70% of the total shares[74]. - The company has not made any changes to its share capital structure during the reporting period[72]. - The company reported a profit distribution of RMB 87,437,200.00 to the owners, impacting the retained earnings negatively[104]. Risk Management - The company faces risks from major pandemics and natural disasters, which could adversely affect its operational performance, especially during peak tourist seasons[46]. - The company emphasizes risk management and compliance, implementing measures to enhance operational safety and customer satisfaction[36]. - The company has not faced any penalties or corrective actions related to legal violations during the reporting period[63]. - There were no significant lawsuits or arbitration matters reported during the period[63]. - The company has a clear governance structure to ensure independent decision-making and operations[59]. Accounting and Financial Reporting - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[112]. - The accounting period for the company runs from January 1 to December 31 each year[113]. - The company recognizes goodwill if the acquisition cost exceeds the fair value of identifiable assets and liabilities in a business combination[118]. - The company will consolidate financial statements based on control, including subsidiaries and structured entities[121]. - The company recognizes impairment losses based on expected credit losses for various financial instruments, including contract assets and financial guarantees[151].

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。 证券代码：603199 股票简称：九华旅游 公告编号：临2024-022 安徽九华山旅游发展股份有限公司 第八届监事会第十三次会议决议公告 安徽九华山旅游发展股份有限公司(以下简称"公司")第八届监事会第十三 次会议通知于 2024 年 7 月 19 日以专人派送或电子邮件的方式发出。会议于 2024 年 7 月 29 日以通讯表决方式召开。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《2024 年半年度报告》及《2024 年半年度报告摘要》 表决结果：6 票同意，0 票反对，0 票弃权。 根据法律法规和《公司章程》的规定，监事会对《2024 年半年度报告》及 摘要进行审核，审核意见如下：公司 2024 年半年度报告及摘要的编制和审议程 序符合法律法规、《公司章程》和公司内部管理制度的各项规定；半年度报告的 内容 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-021 安徽九华山旅游发展股份有限公司 第八届董事会第十八次会议决议公告 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")第八届董事会第十八 次会议通知于 2024 年 7 月 19 日以专人派送或电子邮件的方式发出。会议于 2024 年 7 月 29 日以通讯表决方式召开。本次会议应出席董事 11 人，实际出席董事 11 人。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《2024 年半年度报告》及《2024 年半年度报告摘要》 本议案已经公司董事会审计委员会审议通过，同意提交公司董事会审议。 表决结果：11 票同意，0 票反对，0 票弃权。 【详细内容见上海证券交易所网站（http://www.sse.com.cn/）】 特此公告。 安徽九华山旅游发展股份有限公司董事会 2024年7月30日 ...

安徽九华山旅游发展股份有限公司(以下简称"公司")第八届董事会第十七 次会议通知于 2024 年 7 月 1 日以专人派送或电子邮件的方式发出。会议于 2024 年 7 月 5 日以现场结合通讯表决方式召开。本次会议应出席董事 11 人，实际出 席董事 10 人，董事严艳女士因工作原因未能出席，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： 证券代码：603199 股票简称：九华旅游 公告编号：临2024-020 安徽九华山旅游发展股份有限公司 第八届董事会第十七次会议决议公告 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。 董事会对上述事项进行了逐项表决，表决结果均为：10 票同意，0 票反对， 0 票弃权。 特此公告。 安徽九华山旅游发展股份有限公司董事会 2024年7月6日 一、审议通过了《关于补选第八届董事会专门委员会委员的议案》 根据《公司章程》《董事会审计委员会工作细则》《董事会薪 ...

九华旅游股东大会之法律意见书 关于安徽九华山旅游发展股份有限公司 2024年第一次临时股东大会 之 法律意见书 地址：中国上海市云岭东路 89 号长风国际大厦 2006 上海天衍禾律师事务所 电话：（021）-52830657 传真：（021）-52895562 九华旅游股东大会之法律意见书 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 2024年第一次临时股东大会之法律意见书 在出具本法律意见书之前，本所律师声明如下： 本法律意见书仅供公司为本次会议之目的使用，不得用作任何其他目的。 本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对九华旅游的 行为以及本次会议的召集和召开程序、出席会议人员的资格和召集人资格、本次会议 的议案、会议的表决程序和结果等有关事宜进行了充分的核查验证，保证本法律意见 书不存在虚假记载、误导性陈述及重大遗漏。 本所律师同意将本法律意见书作为公司本次会议的必备文件公告，在中国证监会 指定的信息披露网站上披露，并依法对本法律意见承担责任。 基于以上声明，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，根据九华旅游提供的本次会议的有关材料，对因出具本法 ...

证券代码：603199 证券简称：九华旅游 公告编号：临 2024-019 安徽九华山旅游发展股份有限公司 2024 年第一次临时股东大会决议公告 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。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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。 (一) 股东大会召开的时间：2024 年 7 月 5 日 (二) 股东大会召开的地点：安徽省池州市青阳县五溪新区安徽九华山旅游发 展股份有限公司会议室 (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： 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：关于补选第八届董事会独立董事的议案 审议结果：通过 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 | 1、出席会议的股东和代理人人数 | 6 | | --- | -- ...

安徽九华山旅游发展股份有限公司 第八届董事会提名委员会关于补选第八届董事会 独立董事候选人的审查意见 上述独立董事候选人具有丰富的专业知识，熟悉相关法律、行政法规、规章 及其他规范性文件，已经取得独立董事资格证书，具备履行独立董事职责的任职 条件、专业背景及工作经验，我们同意提名张琛先生为第八届董事会独立董事候 选人，并同意提交公司第八届董事会第十六次会议审议。 根据《公司法》《上市公司独立董事管理办法》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》及《公司章程》《董事会提名委员会工作细则》 的有关规定，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 事会提名委员会对补选第八届董事会独立董事候选人张琛先生的任职资格进行 了审查并发表审查意见如下： 安徽九华山旅游发展股份有限公司第八届董事会提名委员会 2024 年 6 月 14 日 经审查公司第八届董事会独立董事候选人张琛先生的个人履历等相关材料， 上述独立董事候选人未持有公司股份，不存在《公司法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关规定不得担任公司董事的情形；不存在中 ...