Financial Performance - The company achieved a net profit of ¥186,008,458.84 for the fiscal year 2024, with cumulative undistributed profits amounting to ¥975,857,268.79[6]. - The proposed profit distribution plan includes a cash dividend of ¥6.80 per 10 shares, totaling ¥75,262,400, which represents 40.46% of the net profit attributable to shareholders[6]. - The net profit attributable to shareholders of the listed company was CNY 186.01 million, an increase of 6.50% compared to the previous year[20]. - The basic earnings per share for 2024 was CNY 1.68, reflecting a growth of 6.33% from CNY 1.58 in 2023[21]. - The company achieved operating revenue of CNY 764.44 million, representing a year-on-year growth of 5.64%[20]. - The total revenue for Anhui Jiuhua Mountain Tourism Development Co., Ltd. in 2024 reached 830.54 million RMB[87]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY, representing a year-over-year growth of 15%[88]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 1.32 billion CNY[88]. - The company expects to achieve an operating revenue of 840 million CNY and a net profit of 205 million CNY for the fiscal year 2025[69]. Audit and Compliance - The company received a standard unqualified audit report from Rongcheng Accounting Firm, affirming the accuracy of the financial statements[5]. - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the report[4]. - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management[3]. - The internal control audit report issued by the accounting firm confirmed the effectiveness of the company's internal controls with a standard unqualified opinion[123]. - The company has not faced any penalties from securities regulatory agencies in the past three years[98]. Risk Management - The company has outlined potential risks in the management discussion and analysis section, advising investors to be cautious[9]. - The company acknowledges potential risks from major pandemics and natural disasters that could adversely affect operational performance[74]. - The company recognizes the risk of limited scenic area capacity due to increasing visitor numbers, especially during peak seasons[75]. - The company emphasizes safety management for its special equipment, such as cable cars, to prevent operational and reputational risks[76]. Market Presence and Strategy - The company operates multiple subsidiaries, including hotels and travel agencies, enhancing its market presence in the tourism sector[13]. - The company aims to integrate into the Yangtze River Delta cultural and tourism development process, focusing on high-quality development[27]. - The company plans to leverage the opportunity of building a high-quality tourism province in Anhui to enhance its market position[27]. - The company has developed a comprehensive tourism industry chain covering "food, accommodation, transportation, travel, shopping, and entertainment," establishing a dominant position in the tourism market of Jiuhua Mountain and Chizhou City[37]. - The company is focusing on expanding its market presence through new projects and partnerships in the tourism sector[147]. Operational Efficiency and Development - The company has successfully launched the digital upgrade and smart parking project, enhancing data management and operational efficiency, which contributes to cost reduction and improved visitor experience[30]. - The company has implemented a comprehensive internal control and compliance management system to enhance risk prevention and operational efficiency[34]. - The company is committed to developing new strategies to enhance its tourism offerings and expand its market presence[27]. - The company is investing in new technology development, with a budget allocation of 72.84 million RMB for R&D initiatives[87]. - The company plans to enhance customer experience through digital transformation, with an investment of 64.60 million RMB in technology upgrades[87]. Governance and Management - The company maintains a robust governance structure, ensuring compliance with relevant laws and regulations while promoting transparency in information disclosure[79]. - The actual controller, Chizhou State-owned Assets Supervision and Administration Commission, ensures independence in assets, finance, personnel, business, and institutions from Jiuhua Tourism[81]. - The company has established a compensation and assessment committee to determine the remuneration of directors and senior management based on performance and market value[96]. - The company has a complete governance structure, ensuring independent decision-making processes[82]. - The company has established specialized committees under the board, including the audit committee, nomination committee, remuneration and assessment committee, and strategic committee[102]. Employee and Community Engagement - The company has a structured training program in place, focusing on management, technical, and frontline service personnel, to enhance overall management capabilities and service levels[112]. - The company actively participates in charitable activities, encouraging employees to engage in community service and environmental initiatives[130]. - The company focuses on enhancing employee well-being and has established a talent development mechanism[129]. Future Outlook - The company has set a future outlook with a revenue target of 1.5 billion CNY for the next fiscal year, reflecting an ambitious growth plan of 25%[90]. - New product development includes the launch of a premium tour package, expected to contribute an additional 100 million CNY in revenue[90]. - The company plans to pursue strategic acquisitions to enhance its service offerings, targeting a budget of 200 million CNY for potential mergers[88]. - The management highlighted a focus on sustainable tourism practices, which is expected to attract environmentally conscious travelers and boost brand reputation[90].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is well-positioned with a solid foundation backed by four major Buddhist mountains, leading to strong profitability in its core business, which is less affected by consumer spending [4] - The company is expected to benefit significantly from the "Great Huangshan Strategy" promoted by Anhui Province, which will bring major changes in investment, new product development, and resource integration [4] - The company has high operational efficiency and a well-structured governance system, outperforming its peers [4] Financial Summary - The total revenue for 2023 is projected at 724 million, with a year-on-year growth of 117.9%. Revenue is expected to grow to 756 million in 2024, 814 million in 2025, and 872 million in 2026 [5] - The net profit attributable to the parent company for 2023 is estimated at 175 million, with a staggering year-on-year growth of 1,374.9%. This is expected to rise to 186 million in 2024, 211 million in 2025, and 236 million in 2026 [5] - The earnings per share (EPS) for 2023 is projected at 1.58, increasing to 1.68 in 2024, 1.90 in 2025, and 2.13 in 2026 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 20.9 in 2023 to 15.5 in 2026, indicating a more attractive valuation over time [5] Business Growth Drivers - The company is experiencing strong customer flow growth, outperforming the industry average, with a solid customer base due to its status as one of the four major Buddhist mountains [4] - The opening of a new parking lot is expected to drive rapid growth in passenger transport services, with passenger revenue projected to grow by 28% in the first half of 2024 [4] - The company plans to enhance its cable car services and expand its business through new projects, including a new cable car expected to be operational by 2027 [4]

Group 1: Financial Management and Cost Control - The company aims to enhance refined management levels and strengthen comprehensive budget management to control costs effectively [3] - Continuous improvement in financial management and exploration of quality investment opportunities are key strategies for increasing efficiency [3] - The company plans to maintain strategic focus on its core tourism business to improve operational quality and risk resistance [4] Group 2: Market Expansion Strategies - The company will consolidate new media promotion and develop innovative tourism products to adapt to market trends and visitor demands [3] - Accelerating promotion and cooperation in mid-to-long distance markets is part of the strategy to broaden the company's outreach [3] - The company is committed to integrating into the cultural and tourism development process of the Yangtze River Delta region [4] Group 3: Investor Relations and Communication - The company emphasizes enhancing the quality and transparency of information disclosure to improve investor communication [4] - Plans for shareholder incentive programs will be disclosed in accordance with relevant regulations if they arise [4] - The company is focused on increasing investor returns through dividends and maintaining high-quality development to enhance investment value [4]

证券代码：603199 证券简称：九华旅游 公告编号：临 2024-030 安徽九华山旅游发展股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 205 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 56,508,807 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 51.0560 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由董事长高政权先生主持，采用现场会议记名 式投票表决方式结合网络投票方式举行。会议的召集、召开及表决方式符合《公 (一) 股东大会召开的时间：2024 年 11 月 19 日 (二) 股东大会召开的地点：安徽省池州市青阳县五溪新区安徽九华山旅游发 展股份有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的 ...

关于安徽九华山旅游发展股份有限公司 2024年第二次临时股东大会 之 九华旅游股东大会之法律意见书 上海天衍禾律师事务所 法律意见书 地址：中国上海市普陀区云岭东路89号长风国际大厦2006 电话：（021）-52830657 传 真 ：（ 021 ） -52895562 九华旅游股东大会之法律意见书 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 2024年第二次临时股东大会之法律意见书 天律意2024第02773号 致：安徽九华山旅游发展股份有限公司 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》"）、《上市公司股东大会规则（2022年修订）》（以 下简称"《股东大会规则》"）等有关法律、法规和规范性文件以及《安徽九华山 旅游发展股份有限公司章程》（以下简称《公司章程》）的有关规定，上海天衍禾律 师事务所（以下简称"本所"）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"或"公司"）的委托，指派汪大联律师、姜利律师（以下简称"本所 律师"）出席见证于2024年11月19日召开的九华旅游2024年第二次临时股东大会 （以下简称"本 ...

关于召开 2024 年第三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。 安徽九华山旅游发展股份有限公司 重要内容提示： 投资者可于 2024 年 11 月 15 日(星期五) 至 11 月 21 日(星期四) 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。 证券代码：603199 证券简称：九华旅游 公告编号：临 2024-029 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 22 日 上午 10:00-11:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长：高政权先生 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 ...

国元证券股份有限公司 关于 安徽九华山旅游发展股份有限公司 详式权益变动报告书 之 2024 年第三季度持续督导意见 暨持续督导总结报告 财务顾问 【主承 LOGO】 安徽省合肥市梅山路 18 号 二〇二四年十一月 财务顾问声明 2023 年 7 月 10 日，安徽九华山文旅康养集团有限公司（以下简称"文旅集 团"或"信息披露义务人"）与安徽省高新技术产业投资有限公司（以下简称" 省高新投"）签署了《关于<表决权委托协议>之解除协议》（以下简称"《解除 协议》"）。根据《解除协议》，文旅集团解除委托省高新投行使的安徽九华山 旅游发展股份有限公司（以下简称"九华旅游"或"上市公司"）13,425,466 股 股份所对应的表决权。本次表决权委托解除后，文旅集团在上市公司拥有的可支 配表决权股份占上市公司总股本的 32.63%。此外，《解除协议》约定协议应在经 双方法定代表人签字并加盖公章后成立，自有权国资主管部门（或单位）批准（ 或备案），并由协议双方共同书面确认后生效。2023 年 10 月 18 日，文旅集团 与省高新投分别签署了《关于确认<关于表决权委托协议之解除协议>生效的函》 ，确认《解除协议》正式生效 ...

Financial Performance - In Q3 2024, the company achieved operating revenue of 174 million CNY, a decrease of 4.15% year-on-year [2] - The net profit attributable to shareholders was 39.29 million CNY, down 2.85% year-on-year [2] - From January to September 2024, the company reported operating revenue of 569 million CNY, an increase of 1.31% year-on-year [2] - The net profit attributable to shareholders for the same period was 154 million CNY, up 1.18% year-on-year [2] Project Updates - The construction of the Lion Peak Scenic Area cableway project is progressing, with a total construction period of approximately 24 months [2] - The project has received necessary approvals from environmental and planning authorities [2] Business Structure and Future Plans - The company’s subsidiary, Jiuhua Mountain Dayuan Cultural Park, currently has no plans to transfer assets to the listed company [3] - The controlling shareholder has rebranded to better align with the development of a world-class leisure and wellness tourism destination [3] - The company aims to enhance its business operations by focusing on tourism resource integration, industry transformation, and brand development [4] Visitor Trends - The proportion of individual visitors has increased to over 80%, while group visitors have declined [4] - The company operates multiple travel agencies and has a strong competitive advantage in local tourism services [4] Marketing Strategies - The company is enhancing its marketing efforts during the off-peak season by leveraging local culture and winter tourism resources [5] - Strategies include improving online platforms, optimizing brand exposure, and utilizing new media for marketing [5] Transportation Developments - The S358 Qingyang to Hongshi road reconstruction is underway, which will improve access to Jiuhua Mountain [5] - This development is expected to facilitate increased tourist traffic to the area [5]

Investment Rating - The investment rating for Jiuhua Tourism (603199.SH) is "Accumulate" (maintained) [1] Core Views - The report indicates that the overall performance of Jiuhua Tourism is stable despite weather disruptions affecting visitor numbers. The company has slightly adjusted its full-year performance expectations but maintains an "Accumulate" rating. The revenue for Q3 2024 is reported at 569 million yuan, showing a year-on-year increase of 1.31%, with a net profit attributable to the parent company of 154 million yuan, also reflecting a year-on-year increase of 1.18% [1][2] Summary by Relevant Sections Financial Performance - Revenue (in million yuan): - 2022A: 332 - 2023A: 724 - 2024E: 738 - 2025E: 804 - 2026E: 873 - Year-on-year growth rates: - 2022A: -22% - 2023A: 118% - 2024E: 2% - 2025E: 9% - 2026E: 9% [1] Profitability Metrics - Net profit (in million yuan): - 2022A: -14 - 2023A: 175 - 2024E: 185 - 2025E: 212 - 2026E: 233 - Year-on-year growth rates: - 2022A: -123% - 2023A: 1,375% - 2024E: 6% - 2025E: 14% - 2026E: 10% [1] Earnings Per Share (EPS) - EPS (in yuan): - 2022A: -0.12 - 2023A: 1.58 - 2024E: 1.68 - 2025E: 1.92 - 2026E: 2.11 [1] Cash Flow and Valuation - Cash flow per share (in yuan): - 2022A: 0.44 - 2023A: 2.89 - 2024E: 1.95 - 2025E: 2.71 - 2026E: 2.98 - P/E ratios: - 2022A: -278.2 - 2023A: 21.8 - 2024E: 20.5 - 2025E: 17.9 - 2026E: 16.3 [1][2] Visitor Data - The number of visitors in Q3 2024 was reported at 2.51 million, with monthly visitor numbers showing stability despite lower absolute values compared to previous years. The report notes that the company is progressing well with new projects, including the Lion Peak cableway [1]

Investment Rating - The report maintains a "Recommended" rating for Jiuhua Tourism (603199.SH) with a target price of 34.80 CNY [3]. Core Views - Jiuhua Tourism's revenue for the first three quarters of 2024 reached 569 million CNY, a year-on-year increase of 1.31%, while the net profit attributable to shareholders was 154 million CNY, up 1.18% year-on-year [1]. - The third quarter of 2024 saw a revenue decline of 4.15% year-on-year to 174 million CNY, and a net profit decrease of 2.84% year-on-year to 39 million CNY, attributed to adverse weather conditions affecting tourist traffic [1]. - The company is focusing on the Lion Peak cable car project, expected to commence in December 2024 and be operational by November 2026, with a total investment of 326 million CNY [1]. - The "Ring Jiuhua Mountain Area" tourism development plan is progressing, aiming to enhance the tourism matrix centered around Jiuhua Mountain, with a total investment of 20.4 billion CNY and a target of over 15 million visitors by 2028 [1]. Financial Summary - For 2024, the projected revenue is 724 million CNY, with a growth rate of 117.9%, and the net profit is expected to be 175 million CNY, reflecting a growth rate of 1374.9% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.58 CNY, with a price-to-earnings (PE) ratio of 22 [2]. - The report forecasts net profits of 177 million CNY in 2025 and 219 million CNY in 2026, with corresponding PE ratios of 22 and 18 [2].