Core Viewpoint - The temple economy, driven by famous temples like Shaolin Temple and Emei Mountain, has become a significant segment of the cultural tourism industry, with annual revenues reaching billions, and is projected to exceed 100 billion yuan by 2025-2026 [1][2][8] Revenue Sources - The primary revenue sources for these temples include ticket sales and incense offerings, with additional income from cultural tourism, dining, and creative products [1][6][8] - Ticket prices vary widely, with examples such as Jiuhua Mountain ticket at 160 yuan and Shaolin Temple ticket at 80 yuan, often bundled with other services [2][6] Visitor Statistics - Major temples attract millions of visitors annually, with Lingyin Temple receiving 12 million visitors in 2023 and Emei Mountain achieving a record 620,000 visitors in a single year [2][6][7] - Emei Mountain reported a significant increase in ticket revenue, reaching 4.91 billion yuan in 2023, a 248.38% increase year-on-year [6] Financial Performance - Emei Mountain A (000888.SZ) reported a revenue of 1.013 billion yuan for 2024, with a net profit of 235 million yuan, reflecting a growth of 3.08% [2] - Jiuhua Tourism (603199.SH) projected a revenue of 764 million yuan for 2024, with a net profit of 186 million yuan, marking a 5.64% increase [3] Cultural and Creative Products - The temple economy also includes a growing market for cultural and creative products, with online and offline sales channels contributing significantly to revenue [7][8] - Popular products include Lingyin Temple bracelets and Emei Mountain souvenirs, with some items priced significantly higher than average market rates [7][8] Emotional and Cultural Value - The popularity of temple visits is attributed to emotional value and cultural experiences, providing a therapeutic outlet for visitors [9] - Temples are seen as cultural heritage sites, attracting younger generations with innovative products and experiences [9] Industry Trends - The temple economy is evolving with new business models, including night tourism and sports tourism, aimed at enhancing visitor engagement [6][9] - There is a growing concern regarding the commercialization of temples, emphasizing the need for regulation to maintain cultural integrity [9]

Core Insights - The temple economy, represented by famous temples like Shaolin Temple and Emei Mountain, has become a significant part of the cultural tourism industry, generating substantial revenue through various channels such as ticket sales, incense offerings, cultural products, and dining services [1][3] - The market size of the temple economy is expected to exceed 100 billion yuan by 2025-2026, indicating its growing importance in the cultural tourism sector [1] Revenue Sources - Major temples in China, including Shaolin Temple, Jiuhua Mountain, Emei Mountain, Lingyin Temple, Yonghe Palace, and Ling Shan Buddha, generate annual revenues ranging from hundreds of millions to over ten billion yuan, primarily from ticket sales and incense offerings [3] - Ticket prices for these temples vary, with examples such as Jiuhua Mountain's ticket at 160 yuan and Shaolin Temple's ticket at 80 yuan, often bundled with additional services [3] - Emei Mountain reported an annual 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% [3] Visitor Statistics - Lingyin Temple received 12 million visitors in 2023, generating ticket revenue of 360 million yuan, with projections of 11 million visitors and approximately 330 million yuan in ticket revenue for 2024 [4] - Jiuhua Tourism reported an estimated revenue of 764 million yuan for 2024, with a net profit of 186 million yuan, showcasing a year-on-year growth of 5.64% [4] Cultural and Culinary Integration - The temple economy's core revenue includes not only ticket sales and incense but also related tourism services, cultural performances, and dining options, such as vegetarian meals that can cost around 100 yuan per person [6] - Emei Mountain has actively promoted cultural tourism integration, resulting in a 114.61% increase in visitor numbers in 2023, reaching 5.96 million [6] Digital and Creative Economy - The temple economy has diversified into digital and creative products, with significant sales through online platforms, including popular items like Lingyin Temple's hand-strung bracelets and Emei Mountain souvenirs [7][8] - The revenue breakdown indicates that ticket sales account for over 30%, incense offerings over 20%, and creative products around 18% of total income [8] Emotional and Cultural Value - The popularity of the temple economy is attributed to its emotional value and cultural experiences, providing a therapeutic outlet for visitors, especially younger generations facing stress [9] - The industry faces challenges regarding commercialization and maintaining the integrity of cultural heritage, necessitating a balanced approach to development [9]

Market Overview - The Shanghai Composite Index closed at 3628.53 points, above the six-month moving average, with an increase of 0.52% [1] - The total trading volume of A-shares reached 1,102.239 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 58 A-shares have surpassed the six-month moving average today [1] - Stocks with significant deviation rates include: - Fenglong Co., Ltd. (5.52%) - Rongke Technology (4.53%) - Keyuan Wisdom (3.66%) [1] Detailed Stock Performance - The following stocks showed notable performance: - Fenglong Co., Ltd. (10.03% increase, turnover rate 7.67%, latest price 17.34 yuan) - Rongke Technology (5.47% increase, turnover rate 6.14%, latest price 18.91 yuan) - Keyuan Wisdom (4.36% increase, turnover rate 8.52%, latest price 25.60 yuan) [1] - Other stocks with positive performance include: - Zhaoyi Innovation (4.47% increase) - Yuntian Lifa (5.06% increase) [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that just crossed the six-month line include: - Chahua Co., Ltd. - Tangshan Port - China Gold [1]

Core Viewpoint - Jiuhua Tourism is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance, detailing the necessity and rationality of the fundraising projects and their impact on future operations [1] Group 1: Fundraising Projects - The total amount to be raised through 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, hotel renovation projects, and transportation equipment upgrades [1][2] - The fundraising projects are closely aligned with the company's main business, aimed at expanding business scale and enhancing service quality [2] Group 2: Project Necessity and Implementation - The Lion Peak Scenic Area cable car project will increase the number of cable cars operated by the company to four, helping to optimize visitor distribution and alleviate pressure on the central scenic area [2] - The project has completed all planning, design, and approval processes, with land acquisition progressing smoothly, indicating no major uncertainties in project implementation [3] Group 3: Investment and Financial Projections - The investment calculations for the projects are reasonable, with detailed breakdowns of costs and comparisons to existing projects and industry standards [3] - The expected average ticket price for the cable car is 160 yuan per person, with an anticipated 224,000 visitors in the first year, growing annually by 15% [4] - The projects are expected to significantly increase the company's asset scale, with depreciation and amortization impacts being manageable relative to overall revenue and profit [4] Group 4: Financing and Long-term Development - The financing scale is deemed reasonable based on the company's cash reserves and future capital expenditure plans, addressing existing funding gaps [5] - The stock issuance will provide long-term stable equity financing, enhancing the company's capital strength and risk resilience, supporting the implementation of mid-term development plans [6] - The fundraising projects are strategic moves to capitalize on market trends, improve infrastructure, and strengthen the company's competitive position for sustainable development [6]

Core Points - The company held its fourth meeting of the ninth board of directors on July 23, 2025, with all seven directors present, complying with relevant regulations [1][2] - The board approved a proposal to initiate the acquisition of 100% equity in Shitai Egrets Bay Tourism Development Co., Ltd. to enhance market competitiveness and integrate tourism resources [1] - The board also approved a proposal to initiate the acquisition of a partial stake in Anhui Shitai Tourism Development Co., Ltd. to optimize the company's industry layout and accelerate the construction of a regional tourism complex [2]

Core Viewpoint - Anhui Jiuhua Mountain Tourism Development Co., Ltd. is seeking to raise up to 500 million yuan through a private placement of shares to fund various projects, including the construction of a cable car at the Lion Peak scenic area and renovations of hotels [1][2]. Group 1: Fundraising and Project Details - The total amount to be raised from the private placement is capped at 500 million yuan, which will be allocated to projects such as the Lion Peak cable car, Jiuhua Mountain Julong Hotel renovation, and upgrades to the North Building of Jiuhua Mountain Center Hotel [1][2]. - The cable car project requires land acquisition through bidding procedures, indicating a potential delay in project initiation [1][2]. Group 2: Project Justification and Financial Analysis - The company must clarify how the new projects align with its existing business and whether they comply with regulations regarding investment in core operations [2]. - A detailed analysis of visitor trends at Jiuhua Mountain and Lion Peak, hotel occupancy rates, and transportation capacity is required to justify the necessity and rationality of the new projects [2]. - The company is expected to provide a breakdown of investment costs, including unit project costs and equipment prices, compared to existing projects and industry peers [2]. - Key performance indicators such as average ticket price, visitor numbers, gross margin, and net margin must be forecasted and compared with current company performance and industry benchmarks [2]. Group 3: Financial Health and Risk Assessment - The company needs to assess the impact of new asset depreciation on future operating performance and provide a comprehensive risk assessment [2]. - An evaluation of the company's cash flow, financial assets, and debt ratios is necessary to justify the scale of the fundraising [2].

Company Overview - Anhui Jiuhuashan Tourism Development Co., Ltd. is planning to issue A-shares to specific investors, including its controlling shareholder, Wenlv Group, with a maximum issuance of 33,204,000 shares, not exceeding 30% of the total share capital before the issuance [2][3] - The company has a registered capital of 110.68 million yuan and was established on December 27, 2000, with its shares listed on the Shanghai Stock Exchange since March 26, 2015 [7][8] Financial Information - As of March 31, 2025, Wenlv Group holds 29.93% of the company's shares, making it the controlling shareholder, while the actual controller is the State-owned Assets Supervision and Administration Commission of Chizhou City [8] - Wenlv Group reported total assets of approximately 573.99 million yuan and net profit of about 7.84 million yuan for the first quarter of 2025 [8] Business Operations - The company primarily operates in the tourism service industry, including hotel services, cable car operations, passenger transport, and travel agency services [9][10] - The company relies heavily on the tourism resources of Jiuhua Mountain, and any adverse events affecting the area could negatively impact its business [5] Risk Factors - The company faces risks related to the renewal of its passenger transport exclusive rights, which are crucial for its operations within the Jiuhua Mountain scenic area [3] - Ongoing hotel renovation projects may lead to temporary declines in hotel revenue and profits during the construction period [4] - Regulatory changes regarding ticket pricing and service fees could adversely affect the company's financial performance [4] Industry Characteristics - The tourism industry in China is regulated by various government bodies, with the Ministry of Culture and Tourism overseeing national policies and local tourism bureaus managing regional operations [9][10] - The industry is characterized by a combination of government regulation and self-discipline, with a focus on sustainable development and the protection of natural resources [9][10]

证券代码：603199 证券简称：九华旅游 安徽九华山旅游发展股份有限公司 （住所：安徽省池州市九华山风景名胜区九华街） 2025 年度向特定对象发行 A 股股票 募集说明书 （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） 二〇二五年七月 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 声 明 本公司及全体董事、高级管理人员承诺本募集说明书内容真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证本募集说明书中财务会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或 意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质 性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策 ...

之 补充法律意见书（一） 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 上海天衍禾律师事务所 补充法律意见书（一） 上海天衍禾律师事务所 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 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） 天律意 2025 第 01827 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。 本所已就本次发行出具了《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 ...

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 2025 年度向特定对象发行 A 股股票 之 发行保荐书 （安徽省合肥市滨湖新区紫云路 1018 号） 保荐机构（主承销商） 二〇二五年七月 3-1-1 声 明 华安证券股份有限公司（以下简称"华安证券""保荐机构"或"本保荐机 构"）接受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"）的委托，担任其向特定对象发行 A 股股票（以下简称"本次发行"） 的保荐机构。 保荐机构及保荐代表人已根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司证券 发行注册管理办法》（以下简称《注册管理办法》）、《上海证券交易所股票上 市规则》（以下简称《上市规则》）等有关法律、法规，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具证券发行保荐书，并保证所出 具文件真实、准确、完整。 如无特殊说明，本发行保荐书中的简称或名词释义与《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》一致。 3-1-2 | 声 | 明 | 2 | | ...