Group 1 - The company reported a revenue of 483 million yuan for the first half of 2025, representing a year-on-year increase of 22.26% [1] - The net profit attributable to shareholders of the listed company was 142 million yuan, showing a year-on-year growth of 23.96% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 138 million yuan, which is a year-on-year increase of 26.63% [1] - The basic earnings per share were 1.2802 yuan [1]

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms, including the company, its affiliates, and key operating entities, to ensure accurate report interpretation - Culture & Tourism Group is the company's main initiator and controlling shareholder, with Chizhou SASAC as the ultimate controlling party[13](index=13&type=chunk) - The company owns multiple hotels (e.g., Dongya Hotel, Julong Hotel, Dajiuhua Hotel), travel agencies (e.g., China Travel Service Branch, International Travel Service Branch), and wholly-owned subsidiaries like Passenger Transport Company, Pingtian Tourism, and Jiuyuan Catering[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its name, abbreviation, and legal representative - The company's Chinese name is Anhui Jiuhuashan Tourism Development Co., Ltd., abbreviated as Jiuhua Tourism[14](index=14&type=chunk) - The company's legal representative is Gao Zhengquan[14](index=14&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Zhang Xianjin, and the Securities Affairs Representative is Yu Changhai[15](index=15&type=chunk) - The company's contact address is Wuxi New District, Qingyang County, Chizhou City, Anhui Province[15](index=15&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's registered and office addresses, website, and email, noting no historical changes - The company's registered address is Jiuhua Street, Jiuhuashan Scenic Area, Chizhou City, Anhui Province, and its office address is Wuxi New District, Qingyang County, Chizhou City, Anhui Province[16](index=16&type=chunk) - The company's website is www.jiuhuashan.cc, and its email is jhgf@jiuhuashan.cc[16](index=16&type=chunk) [IV. Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspaper, website, and custody location for information disclosure - The company's information disclosure newspaper is "Shanghai Securities News," and the website is www.sse.com.cn[17](index=17&type=chunk) - The semi-annual report is available at the company's Board Secretary Office[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic company stock information, including stock type, listing exchange, abbreviation, and code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Jiuhua Tourism and stock code 603199[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses H1 2025 key accounting data and financial indicators, showing significant growth in revenue and net profit, and a **92.02%** increase in operating cash flow Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) Amount (CNY) | Prior Period Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 482,968,437.31 | 395,044,203.92 | 22.26 | | Total Profit | 189,395,552.78 | 152,381,028.10 | 24.29 | | Net Profit Attributable to Shareholders of Listed Company | 141,690,004.16 | 114,299,492.65 | 23.96 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 138,141,356.32 | 109,088,153.34 | 26.63 | | Net Cash Flow from Operating Activities | 146,689,821.28 | 76,394,302.13 | 92.02 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,581,262,989.76 | 1,514,746,854.07 | 4.39 | | Total Assets (Period-end) | 1,867,818,417.24 | 1,856,987,965.24 | 0.58 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.2802 | 1.0327 | 23.97 | | Diluted Earnings Per Share (CNY/share) | 1.2802 | 1.0327 | 23.97 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 1.2481 | 0.9856 | 26.63 | | Weighted Average Return on Net Assets (%) | 9.08 | 7.75 | Increased by 1.33 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 8.85 | 7.40 | Increased by 1.45 percentage points | - Net cash flow from operating activities increased by **92.02%** YoY, primarily due to increased cash received from sales of goods and provision of services in the current period[22](index=22&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses for H1 2025, totaling **CNY 3,548,647.84**, primarily including gains/losses from entrusted investments, government subsidies, and other non-operating income/expenses Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -86,608.43 | | Government Subsidies Included in Current Period's Gains and Losses | 719,965.98 | | Gains and Losses from Entrusted Investment or Asset Management | 3,689,910.55 | | Other Non-operating Income and Expenses | 248,857.40 | | Other Gains and Losses Items Meeting the Definition of Non-recurring Gains and Losses | 159,404.96 | | Less: Income Tax Impact | -1,182,882.62 | | Total | 3,548,647.84 | Section III Management Discussion and Analysis [I. Industry and Principal Business Overview During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%9

Core Insights - The tourism and scenic area sector experienced a rise of 2.16% on August 18, with Tibet Tourism leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Sector Performance - Tibet Tourism (600749) saw a closing price of 29.44, with a significant increase of 10.01% and a trading volume of 325,000 shares, amounting to a transaction value of 943 million yuan [1] - Caesar Travel (000796) also rose by 10.00% to a closing price of 5.28, with a trading volume of 1,111,300 shares, resulting in a transaction value of 575 million yuan [1] - Other notable performers included Huangshan Tourism (600054) with a 3.53% increase, closing at 12.31, and Dalian Shengya (600593) with a 3.13% increase, closing at 32.26 [1] Capital Flow - The tourism and scenic area sector saw a net inflow of 354 million yuan from main funds, while retail funds experienced a net outflow of 73.84 million yuan [2] - Major stocks like Tibet Tourism and Caesar Travel attracted significant main fund inflows of 204 million yuan and 202 million yuan, respectively [3] - Conversely, retail investors showed a net outflow from several stocks, including a notable outflow from Caesar Travel of 86.52 million yuan [3]

Core Viewpoint - Jiuhua Tourism is raising funds through a private placement to expand its scenic area and develop multiple business lines in a coordinated manner [1] Fundraising and Project Details - The company plans to raise no more than 500 million yuan for projects including the construction of the Lion Peak cable car, renovation of the Julong Hotel, upgrading of guest rooms at the Central Hotel, and improvements to transportation facilities [1] - The Lion Peak cable car project will require an investment of 326 million yuan, with expected annual revenue and profit of 111 million yuan and 37 million yuan respectively after completion [1] Strategic Development and Business Expansion - The project upgrades aim to enhance the Jiuhua Mountain tourism system, addressing the development bottleneck of "hot in the middle, cold in the north and south," and meet the demand for expanded tourism [1] - The company is actively developing brands such as "Jiuhua Health Vegetarian" and "New Huizhou Cuisine," while also expanding into agricultural products, cultural and creative products, and tourism products [1] - The goal is to create a comprehensive tourism complex in the Chizhou region, leveraging brand development and multi-industry collaboration to establish a second growth curve [1] Industry Outlook - With the backing of Jiuhua Mountain's advantageous resources, the company has formed a complete tourism industry chain through its four main businesses [1] - The company is also advancing scenic area upgrades and multi-business collaborative layouts, positioning itself to benefit from the high demand in tourism consumption [1] - The initial coverage has assigned a "Buy" investment rating to the company [1]

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Investment Rating - The report assigns a "Buy" investment rating for Jiuhua Tourism (603199.SH) [2][7] Core Views - The company is expected to benefit from the ongoing recovery in tourism and cultural consumption in China, with a strategic focus on expanding its business through various initiatives [6][7] - The company plans to raise up to 500 million yuan through a private placement to fund projects aimed at enhancing its tourism offerings, including the construction of a new cable car and hotel upgrades [5][6] Summary by Sections Investment Highlights - Jiuhua Tourism aims to raise up to 500 million yuan for projects including the construction of the Lion Peak cable car, hotel renovations, and transportation upgrades, which are expected to enhance the visitor experience and increase revenue [5] - In the first half of 2025, the company reported a 12% increase in visitor numbers and a 15% increase in revenue, reaching 5.65 million visitors and 7.65 billion yuan in revenue [6] Financial Forecast - The company is projected to achieve earnings per share (EPS) of 2.01 yuan, 2.27 yuan, and 2.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 18, 16, and 14 [7][9] - Revenue is expected to grow from 76.4 billion yuan in 2024 to 102.8 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.5% [9][10] Business Strategy - The company is leveraging its resources from the Jiuhua Mountain area to create a comprehensive tourism ecosystem, including health food and local cuisine brands, aiming to establish a tourism complex in the Chizhou region [6][7]

Core Viewpoint - Anhui Jiuhua Mountain Tourism Development Co., Ltd. is in the process of responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific issuance of A-shares, indicating ongoing regulatory scrutiny and the need for compliance with disclosure requirements [1][2]. Group 1 - The company received an inquiry letter from the Shanghai Stock Exchange on July 7, 2025, regarding its application for a specific issuance of A-shares [1]. - The company, along with relevant intermediaries, has conducted a thorough review of the inquiry and has provided explanations and responses, as well as supplementary and revised application documents [1]. - The company has disclosed the updated response to the inquiry on the Shanghai Stock Exchange's website on July 24, 2025 [1]. Group 2 - The company has made further revisions to its responses based on additional feedback from the Shanghai Stock Exchange, with updated documents also disclosed on the same day [2]. - The issuance of A-shares is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating a multi-step regulatory process [2]. - The timeline and certainty of obtaining approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission remain uncertain [2].

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].

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