Investment Rating - The report assigns a "Buy" rating for Jiuhua Tourism (603199) [1] Core Views - Jiuhua Tourism is leveraging its unique Buddhist mountain resources to develop a regional cultural tourism complex, with a projected revenue of 764.44 million yuan in 2024, reflecting a year-on-year growth of 5.64% [1][12] - The company is expected to benefit from the ongoing recovery in domestic tourism, with a significant increase in young visitors to temple tourism, which is becoming a new trend in emotional consumption [2][40] - The company plans to enhance its capacity through new projects and improved transportation, which will likely drive customer growth and revenue [3][56] Summary by Sections Company Overview - Jiuhua Tourism, established in December 2000, is located in the Jiuhua Mountain scenic area of Anhui Province and operates in various sectors including transportation, hotels, and travel agencies [12][17] - The company aims to build a regional tourism complex, with a projected revenue of 764.44 million yuan in 2024, where hotel, cable car, transportation, and travel agency businesses contribute 31%, 38%, 21%, and 8% respectively [20][12] Tourism Market Trends - The domestic tourism market is experiencing high growth, with a 20.6% increase in travel volume and a 15.2% increase in total spending in the first half of 2025 [40][41] - Young visitors, particularly those born in the 1990s and 2000s, are increasingly engaging in temple tourism, which is becoming a popular form of emotional consumption [48][49] Company Highlights - Jiuhua Mountain is one of China's four major Buddhist mountains, providing a stable flow of visitors due to its unique cultural and natural resources [56][58] - The company is investing in new projects, including a 326 million yuan cable car project and various hotel renovations, which are expected to enhance its service capacity and profitability [37][38] - Improvements in external transportation, such as the opening of the Pihuang high-speed railway, are anticipated to boost visitor numbers [56][58] Financial Analysis - The company forecasts a net profit of 217.09 million yuan for 2025, with a corresponding P/E ratio of 18 times [1][11] - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 267.37 million yuan by 2027 [1][11]

证券日报网讯 8月6日晚间，九华旅游发布公告称，公司原股东安徽省高新技术产业投资有限公司（简 称"省高新投"）与安徽省投资集团控股有限公司（简称"省投集团"）于2025年5月20日签订了《无偿划 转协议》，省高新投向省投集团无偿划转所持有的九华旅游16，267，338股股份，占九华旅游总股本的 比例为14.70%。2025年8月6日，公司收到省高新投发来的中国证券登记结算有限责任公司出具的《证 券过户登记确认书》，上述国有股权无偿划转已完成过户登记手续。上述股权过户登记完成后，省投集 团直接持有公司16，267，338股股份，占九华旅游总股本的比例为14.70%，省高新投不再持有公司股 份。 （文章来源：证券日报） ...

证券代码：603199 股票简称：九华旅游 公告编号：临2025-036 《安徽九华山旅游发展股份有限公司简式权益变动报告书》（安徽省高新技术产 业投资有限公司）、 安徽九华山旅游发展股份有限公司 关于国有股权无偿划转完成过户登记的公告 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、本次国有股权无偿划转情况概述 安徽九华山旅游发展股份有限公司（以下简称"九华旅游" "公司"）原股东 安徽省高新技术产业投资有限公司（以下简称"省高新投"）与安徽省投资集团 控股有限公司（以下简称"省投集团"）于 2025 年 5 月 20 日签订了《无偿划转 协议》，省高新投向省投集团无偿划转所持有的九华旅游 16,267,338 股股份， 占九华旅游总股本的比例为 14.70%。 【详细内容见上海证券交易所网站（http://www.sse.com.cn/）及《上海证 券报》于 2025 年 5 月 21 日刊登的《安徽九华山旅游发展股份有限公司关于持股 （公告编号：临 2025-030）、 特此公告。 安徽九华山旅游发展股份有限公司董事 ...

证券代码：603199 股票简称：九华旅游 公告编号：临2025-036 安徽九华山旅游发展股份有限公司 关于国有股权无偿划转完成过户登记的公告 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。 2025 年 8 月 6 日，公司收到省高新投发来的中国证券登记结算有限责任公 司出具的《证券过户登记确认书》，上述国有股权无偿划转已完成过户登记手续。 上述股权过户登记完成后，省投集团直接持有公司 16,267,338 股股份，占 九华旅游总股本的比例为 14.70%，省高新投不再持有公司股份。 本次权益变动属于国有股权无偿划转，不触及要约收购，不会导致公司控股 股东和实际控制人发生变化，不会对公司日常生产经营产生重大影响。 特此公告。 安徽九华山旅游发展股份有限公司董事会 2025年8月7日 一、本次国有股权无偿划转情况概述 安徽九华山旅游发展股份有限公司（以下简称"九华旅游""公司"）原股东 安徽省高新技术产业投资有限公司（以下简称"省高新投"）与安徽省投资集团 控股有限公司（以下简称"省投集团"）于 2025 年 5 月 20 ...

Core Viewpoint - The company has completed a transfer of shares from the original shareholder, Provincial High-tech Investment, to Provincial Investment Group, resulting in a change in ownership structure [1] Group 1 - Provincial High-tech Investment transferred 16.2673 million shares of Jiuhua Tourism to Provincial Investment Group without compensation, representing 14.70% of the total share capital [1] - The share transfer agreement was signed on May 20, 2025, and the registration of the share transfer was completed on August 6, 2025 [1] - After the transfer, Provincial Investment Group directly holds 16.2673 million shares, equivalent to 14.70% of Jiuhua Tourism's total share capital, while Provincial High-tech Investment no longer holds any shares in the company [1]

证券之星消息，8月5日旅游及景区板块较上一交易日上涨0.99%，西藏旅游领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600749 | 四藏旅游 | 26.53 | 4.53% | 61.80万 | 15.58亿 | | 000558 | 天府文旅 | 7.32 | 4.13% | 310.63万 | 22.05亿 | | 000796 | 凯撒旋业 | 5.44 | 2.26% | 170.69万 | 9.21亿 | | 660509 | 长自山 | 37.80 | 1.45% | 4.96万 | 1.86亿 | | 002707 | 众信旅游 | 7.63 | 0.93% | 17.71万 | 1.34亿 | | 002159 | 三特索道 | 15.46 | 0.91% | 3.35万 | 5149.45万 | | 000610 | 西安旅游 | 12. ...

证券之星消息，8月4日旅游及景区板块较上一交易日下跌0.47%，西藏旅游领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000796 | 凯撒旋业 | 5.32 | 2.50% | 147.56万 | 7.80亿 | | 660E09 | 长自山 | 37.26 | 2.22% | 4.05万 | 1.49亿 | | 000430 | ST张家界 | 7.28 | 1.39% | 6.59万 | 4799.19万 | | 603136 | 天目湖 | 12.59 | 1.12% | ﺍﻟﻤ 8.56万 | 1.07亿 | | 600593 | 大连圣亚 | 31.25 | 0.97% | 4.59万 | 1.43亿 | | 600576 | 祥源文旅 | 7.65 | 0.79% | 8.59万 | 6537.19万 | | 002159 | 三特索道 | 1 ...

证券之星消息，8月1日旅游及景区板块较上一交易日下跌0.24%，西域旅游领跌。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。旅游及景区板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000558 | 天府文旅 | 7.37 | 10.00% | 327.07万 | 23.01亿 | | 000430 | ST张家界 | 7.18 | 1.27% | 3.37万 | 2404.46万 | | 600706 | 曲江文旅 | 10.51 | 1.25% | 9.13万 | 9480.64万 | | 000888 | 峨眉山Ａ | 14.25 | 0.35% | 16.94万 | 2.39亿 | | 600749 | 西藏旅游 | 28.20 | 0.00% | 67.81万 | 17.80亿 | | 000978 | 桂林旅游 | 6.46 | -0.15% | 7.79万 | 5036.22万 | | 600054 | 黄 ...

Group 1 - The core viewpoint of the article highlights the positive performance of Jiuhua Tourism, with a stock price increase and significant revenue growth in recent quarters [1][2] - Jiuhua Tourism operates in the tourism and hotel sector, providing services such as hotels, cable cars, passenger transport, and travel agency services [1] - In 2024, Jiuhua Tourism achieved an operating revenue of 764 million yuan, representing a year-on-year growth of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% [1] Group 2 - In the first quarter of 2025, the company reported a revenue of 235 million yuan, showing a substantial year-on-year increase of 30.13% [1] - The temple economy has been rapidly developing, with the market size expected to exceed 100 billion yuan between 2025 and 2026, benefiting Jiuhua Tourism [1] - The Jiuhua Mountain scenic area saw a significant increase in visitor numbers in 2024, which contributed to a 31.24% year-on-year increase in the company's passenger transport revenue [1] - Revenue from the cable car business reached 293 million yuan, becoming one of the important sources of income for Jiuhua Tourism [1]

Core Viewpoint - The temple economy has become a high-profit sector within the cultural tourism industry, with market size expected to exceed 100 billion yuan by 2025-2026, driven by ticket sales, incense offerings, and various related services [1][2]. Group 1: Revenue Sources and Visitor Statistics - Major temples such as Shaolin Temple, Jiuhua Mountain, Emei Mountain, Lingyin Temple, Yonghe Palace, and Ling Shan Buddha generate significant revenue primarily from ticket sales and incense offerings, with annual visitor numbers reaching hundreds of millions [2]. - Emei Mountain A (000888.SZ) reported a revenue of 1.013 billion yuan in 2024, with a net profit of 235 million yuan, reflecting a year-on-year growth of 3.08% [2]. - Lingyin Temple received 12 million visitors in 2023, generating ticket revenue of 360 million yuan, with projections of 11 million visitors and 330 million yuan in revenue for 2024 [3]. Group 2: Business Segments and Growth - Jiuhua Tourism (603199.SH) reported a revenue of approximately 764 million yuan in 2024, with a year-on-year growth of 5.64%, and a net profit of 186 million yuan, growing by 6.5% [4]. - The revenue breakdown for Jiuhua Tourism includes hotel services (237 million yuan), cable car services (293 million yuan), and passenger transport (159 million yuan), with the latter showing a significant growth of 31.24% [4]. Group 3: Cultural and Culinary Integration - The temple economy's core income is derived from ticket sales and incense offerings, supplemented by tourism routes, transportation, cultural performances, and vegetarian dining options, which contribute significantly to revenue [6]. - Emei Mountain has implemented various promotional activities and policies to boost tourism, achieving a record 6.2 million visitors in 2024, with ticket revenue reaching 491 million yuan, a year-on-year increase of 248.38% [6]. Group 4: Digital and Creative Economy - The temple economy has diversified into digital and creative products, with significant sales through online platforms. For instance, Lingyin Temple's products have generated over 2 billion yuan in annual output value through local tourism clusters [8]. - The revenue composition of the temple economy includes over 30% from ticket sales, over 20% from incense offerings, and around 18% from creative products, indicating a shift towards a more diversified income model [8]. Group 5: Cultural Experience and Emotional Value - The popularity of temple tourism is attributed to emotional value and cultural experiences, providing a therapeutic outlet for visitors, especially younger generations facing stress [10]. - The industry faces challenges regarding commercialization and maintaining the integrity of cultural sites, emphasizing the need for regulation and responsible management to ensure sustainable development [10].