九华旅游（603199）公告，公司拟向特定对象发行A股股票，发行对象包括控股股东文旅集团在内的不 超过35名特定投资者。文旅集团拟以现金方式认购股份总数不低于本次发行总股数的32%，认购价格不 低于定价基准日前20个交易日公司A股股票交易均价的80%。本次发行股票数量不超过发行前总股本的 30%，即不超过3320.4万股。募集资金将用于九华山狮子峰景区客运索道项目、聚龙大酒店改造项目、 中心大酒店北楼客房升级改造项目及交通设备提升项目。 ...

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%。 ...

? 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 ...

事件：公司发布2024年年报，2024年公司实现营业收入7.64亿元同比+5.64%：归母净利润1.86亿元，同 比+6.50%：扣非后归母净利润1.76亿元，同比+5.94%。毛利率50.21%，同比+0.59pct；净利率 24.33%， 同比+0.19pct 政策支持旅游提振，叠加数智能力提升运营效率。2025年4月，商务部等9部门联合印发《服务消费提质 惠民行动2025年工作方案》，提出48条具体任务举措，既涵盖了餐饮、住宿、文化娱乐旅游休闲等主要 行业领域，从供给端到消费端全方位支持文旅行业恢复与升级。公司加快会员系统建设、智慧停车场及 数字化营运系统建设，提升用户体验和后台管理效率。针对省内、江浙沪周边以及中远程客源地市场， 深化目的地旅行商业务合作，积极参加全域旅游推介活动，全力拓宽业务渠道。政策红利的释放利好旅 游企业业绩和市值提振，公司积极策划宣传活动提升景区吸引力，公司有望乘政策东风，打造新的业绩 增长曲线。 投资建议：公司基本面稳健，主业协同优势突出，叠加"等庙游"热度延续、政策扶持、交通改善及项目 升级等多重利好，公司成长动能持续释放。预计2025年业绩延续增长，估值有望修复，建议关注 ...

Investment Rating - The investment rating for Jiuhuashan Tourism is "Outperform" with a target price of RMB 48.50, indicating a positive outlook for the stock [4][11]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of RMB 235 million, representing a year-on-year increase of 30.1%, and net profit attributable to shareholders of RMB 69 million, up 31.8% year-on-year [11][12]. - The company aims to enhance its capacity and aims for a revenue target of RMB 840 million and a profit of RMB 205 million by 2025, focusing on building a regional tourism complex and leveraging strategic opportunities in the Yangtze River Delta [12][13]. Financial Summary - Revenue projections for Jiuhuashan Tourism are as follows: - 2023: RMB 724 million - 2024: RMB 764 million (+5.6%) - 2025: RMB 831 million (+8.7%) - 2026: RMB 892 million (+7.3%) - 2027: RMB 943 million (+5.8%) [3][6] - Net profit attributable to shareholders is projected to grow significantly: - 2023: RMB 175 million - 2024: RMB 186 million (+6.5%) - 2025: RMB 215 million (+15.3%) - 2026: RMB 240 million (+12.0%) - 2027: RMB 263 million (+9.6%) [3][6]. Business Performance - The company reported divergent business performance in 2024: - Hotel revenue: RMB 237 million (+1.1%), gross profit margin (GPM) 14.1% (-2.4ppts) - Cable car revenue: RMB 293 million (-0.6%), GPM 86.0% (+0.02ppts) - Passenger transport revenue: RMB 159 million (+31.2%), GPM 52.4% (+3.8ppts) - Travel agency revenue: RMB 62 million (-7.5%), GPM 13.0% (+3.6ppts) [12][13]. Strategic Initiatives - The company is focusing on enhancing its brand and digital capabilities, leveraging its Buddhist cultural resources to promote new brands like "New Anhui Cuisine" and developing digital platforms for improved customer experience [12][13].

Investment Rating - The investment rating for Jiuhua Tourism is "Buy" [1] Core Views - The company achieved significant growth in Q1 2025, with revenue and net profit increasing by 30.13% and 31.83% year-on-year, respectively [2][3] - The strong performance is attributed to favorable weather conditions and a robust recovery in the domestic tourism market, with a 5.9% increase in domestic travel during the Spring Festival [3] - Government policies aimed at boosting tourism consumption are expected to support steady and rapid growth in the company's performance throughout the year [4] - The company anticipates a revenue of 840 million yuan and a net profit of 205 million yuan for 2025, reflecting a 10.2% increase in profit compared to 2024 [4] - The company is well-positioned to benefit from ongoing trends in temple tourism and infrastructure improvements, such as the opening of the Pool-Huang High-speed Railway [5] Financial Summary - For 2025, the company is projected to achieve revenues of 841 million yuan and a net profit of 209 million yuan, with an EPS of 1.89 yuan [6][7] - The financial forecasts for 2026 and 2027 are 924 million yuan and 1,008 million yuan in revenue, and net profits of 232 million yuan and 261 million yuan, respectively [9][11] - The company's gross margin is expected to remain stable around 49.9% to 51.2% over the forecast period [9] - The price-to-earnings ratio is projected to decrease from 20.18 in 2025 to 16.20 in 2027, indicating potential value appreciation [11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported significant growth in Q1 2025, with revenue reaching 235 million yuan, a year-on-year increase of 30.13%, and net profit attributable to shareholders of 69 million yuan, up 31.83% year-on-year [1] - The increase in visitor numbers and revenue is attributed to improved weather conditions and an earlier Spring Festival, leading to a longer peak season [1] - The company maintains strong cost control, with a stable gross margin of 54.6% and a net profit margin of 29.3%, reflecting a year-on-year increase of 0.4 percentage points [2] - The company is actively pursuing project developments and marketing strategies to capitalize on the growing tourism sector in Anhui Province [3] - The company is expected to achieve revenue of 845 million yuan and net profit of 223 million yuan in 2025, with projected growth rates of 10.5% and 20.1% respectively [5][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 235 million yuan, a 30.13% increase year-on-year, and a net profit of 69 million yuan, up 31.83% year-on-year [1] - The gross margin slightly decreased by 0.1 percentage points to 54.6%, while the net profit margin increased by 0.4 percentage points to 29.3% [2] Project Development and Marketing - The company is advancing several projects, including the construction of a cable car at Lion Peak and upgrades to existing facilities, while also seeking new investment opportunities [3] - Marketing efforts include enhancing media presence and collaborating with major online travel agencies to boost brand visibility and attract visitors [3] Future Projections - The company forecasts revenues of 850 million yuan in 2025, 930 million yuan in 2026, and 1.04 billion yuan in 2027, with net profits expected to reach 223 million yuan, 263 million yuan, and 304 million yuan respectively [5][4]

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")第九届董事会第二次 会议通知于 2025 年 4 月 17 日以专人派送或电子邮件的方式发出。会议于 2025 年 4 月 22 日以现场结合通讯表决方式召开，本次会议应出席董事 7 人，实际出 席董事 7 人，高级管理人员列席会议，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： 一、审议通过了《2025 年第一季度报告》 证券代码：603199 股票简称：九华旅游 公告编号：临2025-017 安徽九华山旅游发展股份有限公司 第九届董事会第二次会议决议公告 安徽九华山旅游发展股份有限公司董事会 2025年4月23日 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：7 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。 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 234,596,391.46, representing a 30.13% increase compared to CNY 180,273,226.88 in the same period last year[3]. - Net profit attributable to shareholders was CNY 68,658,636.67, up 31.83% from CNY 52,081,464.68 year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 66,882,154.71, reflecting a 36.44% increase from CNY 49,020,349.39 in the previous year[3]. - Basic earnings per share increased to CNY 0.62, a rise of 31.81% compared to CNY 0.47 in the same quarter last year[3]. - Total operating revenue for Q1 2025 reached ¥234.60 million, a 30.1% increase from ¥180.27 million in Q1 2024[16]. - Net profit attributable to shareholders for Q1 2025 was ¥68.66 million, representing a 31.9% increase compared to ¥52.08 million in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.6203, compared to ¥0.4706 in Q1 2024[17]. Cash Flow and Assets - The net cash flow from operating activities was CNY 26,869,028.39, a significant improvement from a negative cash flow of CNY 17,054,658.83 in the previous year[3]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥233.14 million, up from ¥78.33 million at the end of Q1 2024[20]. - The company's total current assets increased to ¥637,432,524.48 from ¥477,875,774.53 as of December 31, 2024, representing a growth of approximately 33.4%[11]. - The company's total liabilities decreased to ¥262,961,043.59 from ¥342,241,111.17, a reduction of approximately 23.2%[13]. - The cash and cash equivalents rose to ¥233,144,020.40 from ¥205,070,048.90, marking an increase of approximately 13.7%[11]. - Investment activities generated a net cash inflow of ¥1.56 million in Q1 2025, contrasting with a net outflow of ¥76.62 million in Q1 2024[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,357[7]. - The largest shareholder, Anhui Jiuhua Mountain Cultural Tourism Health Group Co., Ltd., holds 29.93% of the shares, totaling 33,121,016 shares[7]. - The company has not indicated any significant changes in shareholder relationships or actions among the top shareholders[8]. Equity and Return Metrics - Shareholder equity attributable to shareholders increased by 4.52% to CNY 1,583,150,041.87 from CNY 1,514,746,854.07 at the end of the previous year[4]. - The company reported a weighted average return on equity of 4.43%, an increase of 0.82 percentage points from 3.61% in the previous year[3]. - The total equity attributable to shareholders increased to ¥1,583,150,041.87 from ¥1,514,746,854.07, reflecting a growth of about 4.5%[13]. Operational Costs and Expenses - Total operating costs for Q1 2025 were ¥143.82 million, up 27.0% from ¥113.28 million in Q1 2024[16]. - The company incurred sales expenses of ¥9.00 million in Q1 2025, an increase from ¥7.50 million in Q1 2024[16]. Inventory and Receivables - The accounts receivable rose significantly to ¥25,426,646.57 from ¥3,734,864.88, indicating an increase of about 581.5%[11]. - The company's inventory decreased slightly to ¥6,496,914.72 from ¥6,843,272.34, a decline of about 5.1%[11]. - The company reported a significant increase in other receivables to ¥2,932,478.65 from ¥2,039,607.73, an increase of about 43.9%[11]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18].