Core Viewpoint - The supplementary legal opinion outlines the legal framework and verification process for Anhui Jiuhua Mountain Tourism Development Co., Ltd.'s stock issuance, emphasizing the compliance with relevant laws and the progress of fundraising projects [1][2][6]. Group 1: Fundraising and Project Details - The total amount to be raised from the stock issuance is not more than 500 million yuan, which will be allocated to various projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project and hotel renovations [2][4]. - The Jiuhua Mountain Lion Peak Scenic Area cable car project has completed all planning, design, and approval procedures, with land auction processes underway [5][6]. Group 2: Project Necessity and Financial Justification - The necessity of the fundraising projects is supported by visitor trends, hotel occupancy rates, and transportation capacity assessments, indicating a reasonable expectation for increased capacity [3][4]. - The financial projections for the fundraising projects include key indicators such as average revenue per customer and profit margins, which have been compared with existing company data and industry peers [4][6]. Group 3: Lock-up Period and Compliance - The lock-up period for shares held by the controlling shareholder, Wenlv Group, is set for 36 months post-issuance, aligning with the regulations of the "Measures for the Administration of Acquisitions of Listed Companies" [7][8]. - The lock-up commitments made by Wenlv Group ensure compliance with relevant regulations, indicating a stable shareholder structure post-issuance [8]. Group 4: Internal Transport Rights and Competition - The internal transport rights for Jiuhua Mountain Scenic Area are expected to be renewed without significant uncertainty, as the management policies have not changed [9][10]. - The company has demonstrated competitive advantages in internal transport operations, including infrastructure and operational experience, which are expected to facilitate the renewal of transport rights [10][11]. Group 5: Industry Competition and Related Transactions - There is no significant adverse impact from competition with the controlling shareholder or its subsidiaries, as their operations are distinctly different from the company's tourism services [12][13]. - The fundraising projects are closely aligned with the company's existing business, and there are no anticipated new competitive or related transactions that would adversely affect operations [14].

之 补充法律意见书（一）（修订稿） 上海天衍禾律师事务所 补充法律意见书（一）（修订稿） 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 年度向特定对象发行 A 股股票 地址：上海市普陀区云岭东路 89 号长风国际大厦 2006 室 电话：（021）52830657 传真：（021）52895562 7-3-1 上海天衍禾律师事务所 补充法律意见书（一）（修订稿） 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 年度向特定对象发行股票之 补充法律意见书（一）（修订稿） 天律意 2025 第 02024 号 致：安徽九华山旅游发展股份有限公司 根据《公司法》《证券法》《注册管理办法》以及中国证监会、司法部《证 券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》等有关法 律、法规、规章及规范性文件的规定，九华旅游与本所签订了《聘请专项法律顾 问合同》，委托本所律师汪大联律师、姜利律师（以下简称"本所律师"）以特 聘专项法律顾问的身份，参加九华旅游本次发行工作。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，出具本补充法律意见书。 本所已就本次发行 ...

"【sm| 容 诚 关于安徽九华山旅游发展股份有限 公司向特定对象发行股票申请文件 的审核问询函的回复 7-2-1 上海证券交易所: 贵所于 2025年 7月 7 日出具的《关于安徽九华山旅游发展股份有限公司向 特定对象发行股票申请文件的审核问询函》(上证上审(再融资)〔2025〕200 号〉已收悉,容诚会计师事务所(特殊普通合伙)(以下简称"申报会计师") 对审核问询函所列问题进行了逐项落实、核查,现回复如下,请予以审核。 除特别说明外,本回复中的简称与《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 股股票募集说明书》(以下简称"《募集说明书》") 中的简称具有相同含义。本回复中所列出的数据可能因四舍五入原因而与根据 回复中所列示的相关单项数据计算得出的结果略有不同。 本回复中的字体代表如下含义: | 黑体(加粗) | 审核问询函所列问题 | | --- | --- | | 宋体 | 对审核问询函所列问题的回复 | | 楷体(加粗) | 涉及对募集说明书等申请文件的修改内容 | 7-2-2 容诚专字|2025]230Z1878 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | ...

安徽九华山旅游发展股份有限公司 证券代码：603199 股票简称：九华旅游 公告编号：临2025-037 根据上交所进一步审核意见，公司会同有关中介机构对部分回复内容进行了 补充与修订，具体内容详见公司于同日上交所网站（www.sse.com.cn）披露的《关 于安徽九华山旅游发展股份有限公司向特定对象发行 A 股股票申请文件审核问 询函的回复（修订稿）》等文件。 关于向特定对象发行A股股票申请文件审核问询函的 回复更新的提示性公告 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")于 2025 年 7 月 7 日 收到上海证券交易所（以下简称"上交所"）出具的《关于安徽九华山旅游发展 股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资） 〔2025〕200 号）（以下简称"《审核问询函》"）。上交所审核机构对公司向 特定对象发行股票申请文件进行了审核，并形成了问询问题。 公司会同有关中介机构对《审核问询函》所列问题进行了认真研究和逐项落 实，并形成说明和回复 ...

安徽九华山旅游发展股份有限公司 与 华安证券股份有限公司 关于 安徽九华山旅游发展股份有限公司 向特定对象发行 A 股股票申请文件 审核问询函的回复（修订稿） 保荐机构（主承销商） （住所：安徽省合肥市滨湖新区紫云路 1018 号） 二〇二五年八月 上海证券交易所： 根据贵所于 2025 年 7 月 7 日出具的《关于安徽九华山旅游发展股份有限公 司向特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕 200 号）（以下简称"审核问询函"）的要求，安徽九华山旅游发展股份有限 公司（以下简称"九华旅游""发行人"或"公司"）与华安证券股份有限公 司（以下简称"保荐机构"）、上海天衍禾律师事务所（以下简称"发行人律 师"）和容诚会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等 相关各方，本着勤勉尽责、诚实守信的原则，就审核问询函所提问题逐项进行 认真讨论、核查与落实，并逐项进行了回复说明。除特别说明外，本回复中的 简称与《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 募集说明书》（以下简称"《募集说明书》"）中的简称具有相同含义。本回 复中所列出的数据可能因 ...

Investment Rating - The industry is rated as "Market Perform" [31] Core Insights - The consumer service industry index experienced a decline of 2.17% from July 25 to August 7, 2025, underperforming the CSI 300 index by approximately 1.35 percentage points, primarily due to adverse weather conditions affecting travel data and declining performance in some companies' semi-annual reports [7][8] - In the first half of 2025, the total number of domestic trips reached 3.285 billion, a year-on-year increase of 20.6%, with total spending of 3.15 trillion yuan, up 15.2% [22] - Recent heavy rainfall has led to the temporary closure of several tourist attractions, impacting the tourism and hotel sectors [23] - Positive policy signals have emerged, including subsidies for childbirth and reductions in childcare fees, indicating potential future support for consumption and fertility [31] Summary by Sections Market Review - The consumer service index has shown a decline, with significant underperformance compared to the CSI 300 index [7] - The tourism and hotel sectors have been particularly affected by recent heavy rainfall, while the education sector has seen an uptick due to supportive policies [8] Industry News - The South Korean government will implement a temporary visa exemption for Chinese group tourists starting September 29, 2025, which has led to a surge in travel searches [20] - The introduction of a new membership system by Taobao integrates various services, enhancing travel-related benefits for users [21] Company Announcements - Action Education proposed a mid-year dividend distribution of 10 yuan per 10 shares [24] - Huangshan Tourism plans to invest in a new subsidiary and participate in a land bidding process [25] - China Duty Free Group reported a decline in revenue and net profit for the first half of 2025, but maintained a strong market position in Hainan [29] Weekly Outlook - The report suggests focusing on companies that may benefit from the current market conditions, including China Duty Free Group, Jinjiang Hotels, and others in the cyclical sectors [31][32]

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, providing insights into supply-demand rebalancing: the long depression in the late 19th century in Europe and America, the 1929 Great Depression, and Japan's capacity reduction in the 1970s and 1990s [1][11] - Key conclusions include that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if uncontrolled, and government intervention is more effective than non-intervention in addressing capacity imbalances [1][11] - Effective supply-demand rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying solely on supply or demand policies [1][11] Fixed Income - The report discusses the micro-guided convertible bond, which has a total issuance scale of 1.17 billion yuan, with net proceeds used for the construction of an intelligent factory for semiconductor thin film deposition equipment [2][12] - The expected listing price range for the convertible bond is between 128.84 and 143.03 yuan, with a predicted subscription rate of 0.0036% [2][12] - The company, Micro-Guided Nano, has shown steady revenue growth with a compound annual growth rate of 71.44% from 2020 to 2024, achieving 2.7 billion yuan in revenue in 2024, a year-on-year increase of 60.74% [2][12] Industry Analysis - The report on Chuanfeng Power highlights the company's leading position in the all-terrain vehicle and motorcycle markets, with three major business segments experiencing rapid growth [3][14] - The investment recommendation maintains a "buy" rating for Chuanfeng Power, anticipating higher valuations due to its significant market position and growth potential across its business segments [3][14] - Jiuhua Tourism is positioned to leverage its unique cultural and natural resources, with projected net profits of 220 million, 240 million, and 270 million yuan from 2025 to 2027, corresponding to price-earnings ratios of 18, 16, and 15 times [4][14] Company-Specific Insights - Crystal Technology has secured a significant contract for drug discovery, with potential payments exceeding 5.89 billion USD, indicating strong future growth prospects [5][16] - The company is expected to achieve revenues of 552 million, 924 million, and 1.503 billion yuan from 2025 to 2027, with a forecasted return to profitability by 2027 [5][16] - Zhongchong Co., a leader in the pet food industry, reported a 42.6% year-on-year increase in net profit for the first half of 2025, driven by strong growth in its proprietary brands [17][18]

Group 1 - The core viewpoint of the report is that Jiuhua Tourism (603199.SH) is rated as a "buy" due to its strategic positioning in the Jiuhua Mountain core scenic area and the development of a regional tourism complex [2] - The report highlights the sustained tourism demand and the trend of younger visitors to temples, indicating a shift in the demographic profile of tourists [2] - The company benefits from scarce resources, improved transportation, and the potential for new projects to enhance flexibility and growth opportunities [2]

Group 1 - The core point of the announcement is the completion of the transfer of state-owned shares from Anhui Provincial High-tech Industry Investment Co., Ltd. to Anhui Investment Group Holding Co., Ltd. [1] - The transfer involved 16,267,338 shares, representing 14.70% of the total share capital of Jiuhua Tourism [1][2] - The share transfer was formalized on August 6, 2025, with the completion of the registration process [2] Group 2 - Following the transfer, Anhui Investment Group now directly holds 16,267,338 shares, while Anhui Provincial High-tech no longer holds any shares in the company [2] - This equity change is classified as a state-owned share transfer without compensation, which does not trigger a mandatory tender offer and will not alter the controlling shareholder or actual controller of the company [2]

Group 1 - The stock price of Jiuhua Tourism closed at 35.67 yuan on August 6, 2025, down by 0.08 yuan, a decrease of 0.22% from the previous trading day [1] - The company has a total market capitalization of 3.948 billion yuan and a price-to-earnings ratio of 14.38 times [1] - Jiuhua Tourism's main business includes tourism services, hotel operations, and tourist transportation, making it an important tourism service enterprise in Anhui Province [1] Group 2 - In the first quarter of 2025, the company achieved an operating revenue of 235 million yuan and a net profit attributable to shareholders of 68.66 million yuan [1] - On August 6, the company announced the completion of the transfer of 16.27 million shares from the original shareholder, Anhui High-tech Industry Investment Co., Ltd., to Anhui Investment Group Co., Ltd., which accounts for 14.70% of the total share capital [1] - The share transfer will not result in changes to the company's controlling shareholder or actual controller [1] Group 3 - On August 6, the net outflow of main funds was 3.5599 million yuan, with a cumulative net outflow of 3.0422 million yuan over the past five days [1]