国元证券股份有限公司 关于 安徽九华山旅游发展股份有限公司 详式权益变动报告书 之 2024 年第三季度持续督导意见 暨持续督导总结报告 财务顾问 【主承 LOGO】 安徽省合肥市梅山路 18 号 二〇二四年十一月 财务顾问声明 2023 年 7 月 10 日，安徽九华山文旅康养集团有限公司（以下简称"文旅集 团"或"信息披露义务人"）与安徽省高新技术产业投资有限公司（以下简称" 省高新投"）签署了《关于<表决权委托协议>之解除协议》（以下简称"《解除 协议》"）。根据《解除协议》，文旅集团解除委托省高新投行使的安徽九华山 旅游发展股份有限公司（以下简称"九华旅游"或"上市公司"）13,425,466 股 股份所对应的表决权。本次表决权委托解除后，文旅集团在上市公司拥有的可支 配表决权股份占上市公司总股本的 32.63%。此外，《解除协议》约定协议应在经 双方法定代表人签字并加盖公章后成立，自有权国资主管部门（或单位）批准（ 或备案），并由协议双方共同书面确认后生效。2023 年 10 月 18 日，文旅集团 与省高新投分别签署了《关于确认<关于表决权委托协议之解除协议>生效的函》 ，确认《解除协议》正式生效 ...

Financial Performance - In Q3 2024, the company achieved operating revenue of 174 million CNY, a decrease of 4.15% year-on-year [2] - The net profit attributable to shareholders was 39.29 million CNY, down 2.85% year-on-year [2] - From January to September 2024, the company reported operating revenue of 569 million CNY, an increase of 1.31% year-on-year [2] - The net profit attributable to shareholders for the same period was 154 million CNY, up 1.18% year-on-year [2] Project Updates - The construction of the Lion Peak Scenic Area cableway project is progressing, with a total construction period of approximately 24 months [2] - The project has received necessary approvals from environmental and planning authorities [2] Business Structure and Future Plans - The company’s subsidiary, Jiuhua Mountain Dayuan Cultural Park, currently has no plans to transfer assets to the listed company [3] - The controlling shareholder has rebranded to better align with the development of a world-class leisure and wellness tourism destination [3] - The company aims to enhance its business operations by focusing on tourism resource integration, industry transformation, and brand development [4] Visitor Trends - The proportion of individual visitors has increased to over 80%, while group visitors have declined [4] - The company operates multiple travel agencies and has a strong competitive advantage in local tourism services [4] Marketing Strategies - The company is enhancing its marketing efforts during the off-peak season by leveraging local culture and winter tourism resources [5] - Strategies include improving online platforms, optimizing brand exposure, and utilizing new media for marketing [5] Transportation Developments - The S358 Qingyang to Hongshi road reconstruction is underway, which will improve access to Jiuhua Mountain [5] - This development is expected to facilitate increased tourist traffic to the area [5]

Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Accumulate" (maintained) [1] Core Views - The report indicates that the overall performance of Jiuhua Tourism is stable despite weather disruptions affecting visitor numbers. The company has slightly adjusted its full-year performance expectations but maintains an "Accumulate" rating. The revenue for Q3 2024 is reported at 569 million yuan, showing a year-on-year increase of 1.31%, with a net profit attributable to the parent company of 154 million yuan, also reflecting a year-on-year increase of 1.18% [1][2] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2022A: 332 - 2023A: 724 - 2024E: 738 - 2025E: 804 - 2026E: 873 - Year-on-year growth rates: - 2022A: -22% - 2023A: 118% - 2024E: 2% - 2025E: 9% - 2026E: 9% [1] Profitability Metrics - Net profit (in million yuan): - 2022A: -14 - 2023A: 175 - 2024E: 185 - 2025E: 212 - 2026E: 233 - Year-on-year growth rates: - 2022A: -123% - 2023A: 1,375% - 2024E: 6% - 2025E: 14% - 2026E: 10% [1] Earnings Per Share (EPS) - EPS (in yuan): - 2022A: -0.12 - 2023A: 1.58 - 2024E: 1.68 - 2025E: 1.92 - 2026E: 2.11 [1] Cash Flow and Valuation - Cash flow per share (in yuan): - 2022A: 0.44 - 2023A: 2.89 - 2024E: 1.95 - 2025E: 2.71 - 2026E: 2.98 - P/E ratios: - 2022A: -278.2 - 2023A: 21.8 - 2024E: 20.5 - 2025E: 17.9 - 2026E: 16.3 [1][2] Visitor Data - The number of visitors in Q3 2024 was reported at 2.51 million, with monthly visitor numbers showing stability despite lower absolute values compared to previous years. The report notes that the company is progressing well with new projects, including the Lion Peak cableway [1]

Investment Rating - The report maintains a "Recommended" rating for Jiuhua Tourism (603199.SH) with a target price of 34.80 CNY [3]. Core Views - Jiuhua Tourism's revenue for the first three quarters of 2024 reached 569 million CNY, a year-on-year increase of 1.31%, while the net profit attributable to shareholders was 154 million CNY, up 1.18% year-on-year [1]. - The third quarter of 2024 saw a revenue decline of 4.15% year-on-year to 174 million CNY, and a net profit decrease of 2.84% year-on-year to 39 million CNY, attributed to adverse weather conditions affecting tourist traffic [1]. - The company is focusing on the Lion Peak cable car project, expected to commence in December 2024 and be operational by November 2026, with a total investment of 326 million CNY [1]. - The "Ring Jiuhua Mountain Area" tourism development plan is progressing, aiming to enhance the tourism matrix centered around Jiuhua Mountain, with a total investment of 20.4 billion CNY and a target of over 15 million visitors by 2028 [1]. Financial Summary - For 2024, the projected revenue is 724 million CNY, with a growth rate of 117.9%, and the net profit is expected to be 175 million CNY, reflecting a growth rate of 1374.9% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.58 CNY, with a price-to-earnings (PE) ratio of 22 [2]. - The report forecasts net profits of 177 million CNY in 2025 and 219 million CNY in 2026, with corresponding PE ratios of 22 and 18 [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.89 yuan, down 5% from the previous target of 45.11 yuan [4] Core Views - The company's performance in 2024Q3 was slightly below expectations due to the impact of extreme weather, particularly typhoons, which pressured tourist traffic [3] - Revenue for 2024Q1-3 was 569 million yuan, up 1.31% YoY, with gross profit of 295 million yuan, up 2.77% YoY [3] - Net profit attributable to the parent company for 2024Q1-3 was 154 million yuan, up 1.19% YoY [3] - Single Q3 revenue was 174 million yuan, down 4.15% YoY, with gross profit of 81 million yuan, down 2.72% YoY [3] - The company's Lion Peak project is progressing as planned, with construction expected to start in December 2024 and completion in November 2026, which is expected to boost profits through additional cable car and hotel business [3] Financial Performance - The company's 2024Q3 gross margin was 46.33%, up 0.68% YoY [3] - Operating expenses for 2024Q3 increased by 0.85% YoY, with tax and surcharges, sales, management, and financial expense ratios rising by 0.63%, -0.19%, 0.34%, and 0.08% respectively [3] - Net profit margin for 2024Q3 was 22.59%, up 0.3% YoY [3] Industry and Market Context - The company's 52-week stock price range is between 24.67 yuan and 39.32 yuan, with a total market capitalization of 3.868 billion yuan [5] - The company's stock has shown a 36% increase over the past 12 months, outperforming the index by 27% [8] - The company's financial forecasts for 2024-2026 show expected revenue growth of 3.4%, 9.7%, and 7.9% respectively, with net profit growth of 4.0%, 12.6%, and 11.9% [9] Future Outlook - The report highlights the potential for improved traffic due to transportation infrastructure enhancements, such as the newly opened Chihuang High-Speed Rail, which could support future growth in passenger business [3] - The company's parking lot expansion is expected to increase passenger capacity, providing further support for growth in the transportation business [3]

Investment Rating - The report maintains a "Buy" rating for Jiuhua Tourism (603199) [4][6] Core Views - The company's third-quarter performance is under short-term pressure, but the opening of high-speed rail is expected to boost visitor traffic [4][5] - For the first three quarters of 2024, Jiuhua Tourism achieved operating revenue of 569 million yuan, a year-on-year increase of 1.31%, and a net profit attributable to shareholders of 154 million yuan, up 1.18% year-on-year [4][6] - The third quarter saw a decline in operating revenue to 174 million yuan, down 4.15% year-on-year, and a net profit of 39.29 million yuan, down 2.85% year-on-year [4][6] Financial Summary - The company reported a gross profit margin of 46.3% in the third quarter, an increase of 0.7 percentage points year-on-year [4] - The number of visitors to Jiuhua Mountain Scenic Area reached 7.988 million in the first three quarters, a year-on-year increase of 14.2%, with 2.512 million visitors in the third quarter, up 23.7% year-on-year [5] - The scenic area generated tourism revenue of 4.27 billion yuan in the third quarter, a year-on-year increase of 44%, with an average spending per visitor of 1,699 yuan, up 16.3% [5] - The company has ongoing projects, including the Jiuhua Mountain Traffic Conversion Center, which can accommodate 5,207 vehicles and handle over 5,000 visitors per hour during peak times [5][6] Growth Drivers - The opening of the high-speed rail and the expansion of Jiuhua Mountain Airport are expected to enhance the network effect and increase visitor traffic [6] - The operation of Wenzong Ancient Village, which began in 2023, aims to improve leisure and vacation reception capabilities [6] - The company is also advancing the construction of the Lion Peak cable car project, which is expected to enhance visitor conversion rates [6] Profit Forecast - The report slightly lowers the profit forecast for 2024-2026, expecting net profits of 184 million, 206 million, and 228 million yuan respectively [6][8] - The current stock price corresponds to a price-to-earnings ratio of 22, 20, and 18 times for the years 2024, 2025, and 2026 respectively [6][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 569 million yuan for the first three quarters of 2024, representing a year-on-year growth of 1.31%, and a net profit attributable to shareholders of 154 million yuan, up 1.18% year-on-year. The decline in performance during the third quarter was primarily due to weather disturbances, although the National Day holiday saw a recovery in visitor numbers [2][3] - The company is making significant progress on the Lion Peak project, which is expected to enhance the reception capacity of the scenic area. The transportation conversion center has been completed and is operational, providing 5,207 parking spaces and accommodating over 5,000 visitors per hour during peak times [3] - The company anticipates revenues of 773 million yuan, 852 million yuan, and 947 million yuan for 2024, 2025, and 2026 respectively, with net profits of 182 million yuan, 202 million yuan, and 225 million yuan for the same years. The corresponding price-to-earnings ratios are projected to be 22.5, 20.2, and 18.1 times [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 569 million yuan, a 1.31% increase year-on-year, and a net profit of 154 million yuan, reflecting a 1.18% growth year-on-year [2] - The expected revenue growth rates for the upcoming years are 6.83% for 2024, 10.23% for 2025, and 11.12% for 2026 [5] - The projected net profit growth rates are 3.93% for 2024, 11.01% for 2025, and 11.81% for 2026 [5] - The company's earnings per share (EPS) are forecasted to be 1.64 yuan in 2024, 1.82 yuan in 2025, and 2.04 yuan in 2026 [5]

证券代码：603199 股票简称：九华旅游 公告编号：临2024-027 安徽九华山旅游发展股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所由原华普天健会计师事务所（特殊普通合伙）更名而来， 初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内 最早获准从事证券服务业务的会计师事务所之一，长期从事证券服务业务。注册 地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首 席合伙人肖厚发。 截至 2023 年 12 月 31 日，容诚会计师事务所共有合伙人 179 人，共有注册 会计师 1395 人，其中 745 人签署过证券服务业务审计报告。 容诚会计师事务所经审计的 2023 年度收入总额为 287,224.60 万元，其中审 计业务收入 27 ...

证券代码：603199 证券简称：九华旅游 公告编号：临 2024-028 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 11 月 19 日 14 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 安徽九华山旅游发展股份有限公司 关于召开 2024 年第二次临时股东大会的通知 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 19 日 至 2024 年 11 月 19 日 采用上海证券交易所网络投票系统， ...

证券代码：603199 股票简称：九华旅游 公告编号：临2024-025 安徽九华山旅游发展股份有限公司 第八届董事会第十九次会议决议公告 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")第八届董事会第十九 次会议通知于2024年10月23日以专人派送或电子邮件的方式发出。会议于2024 年 10 月 28 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： 关联董事高政权先生、徐震先生和汪晓东先生回避表决。 表决结果：8 票同意，0 票反对，0 票弃权。 三、审议通过了《关于续聘会计师事务所的议案》 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。 会议同意续聘容诚会计师事务所（特殊普通合伙）为公司 2024 年度财务报 告及内部控制审计机构，聘期一年。 一、审议通过了《2024 年第三季度 ...