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]

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 ...