Group 1 - The tourism and hotel sector is experiencing a rise, with Jiuhua Tourism (603199) hitting the daily limit up, and other companies like Tianmu Lake (603136), Junting Hotel (301073), Huangshan Tourism (600054), Changbai Mountain (603099), and Tongqinglou (605108) also seeing gains [1] - There is a notable influx of dark pool capital into these stocks, indicating potential investor interest and market activity [1]

Summary of the Conference Call on Jiuhua Tourism Company Overview - **Company**: Jiuhua Tourism - **Industry**: Tourism and Hospitality Key Points and Arguments 1. **Performance and Growth**: Jiuhua Tourism has shown stable and solid growth in its performance for 2025 and 2026, with positive financial data reported [1] 2. **Significance of Jiuhua Mountain**: Jiuhua Mountain is a major scenic area in China, with a high ranking in national tourist attractions based on visitor numbers [2] 3. **Core Business Segments**: The company operates four main business segments: - Cable car and lift services - Passenger transport services - Hotel operations - Travel agency services The most critical segments are the hotel and cable car services, with the company being the sole operator of three cable cars in the area [3][4] 4. **Passenger Transport Business**: This segment has a gross margin of 50%, with significant demand during peak times when private vehicles are restricted from accessing the mountain [4] 5. **Hotel Operations**: Jiuhua Tourism manages key hotels in Jiuhua Mountain, including the Giant Dragon Hotel and East Asia Hotel, focusing on mid to high-end accommodations [5] 6. **Revenue Growth**: The passenger transport business has seen a year-on-year revenue growth of 30%, attributed to the addition of new transport centers and increased traffic management measures [6] 7. **High Gross Margin**: The cable car business maintains a high gross margin of 86%, indicating strong profitability [7] 8. **Cultural Significance**: Jiuhua Tourism is noted for its unique cultural attributes compared to other tourism companies, making it a distinctive investment opportunity [7] 9. **Post-Pandemic Supply Side Acceleration**: The company has accelerated its supply-side initiatives post-pandemic, including the opening of new hotels and a new transport center [8] 10. **Future Projects**: Upcoming projects include a new cable car and hotel in the Shiziguan area, expected to enhance future revenue and performance [9] 11. **Customer Demographics**: The primary customer base consists of self-driving tourists from densely populated and economically developed regions in central and eastern China [9] 12. **2025 Revenue Forecast**: The company anticipates achieving approximately 2.15 billion in revenue by 2025, with a strong growth trajectory expected [10] 13. **Seasonal Challenges**: The first quarter of 2024 faced challenges due to snowfall, impacting operations, but the overall outlook remains stable [10] Additional Important Information - **Market Position**: Jiuhua Tourism is positioned as a unique asset in the tourism sector, with a focus on cultural and scenic value [7] - **Investor Engagement**: The conference encouraged investor interaction for further details and insights into the company's operations and future plans [12]

证券代码：603199 股票简称：九华旅游 公告编号：临2025-015 安徽九华山旅游发展股份有限公司 关于聘任公司董事会秘书的公告 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（以下简称"公司"）于2025年4月8日召 开第九届董事会第一次会议，审议通过《关于聘任公司董事会秘书的议案》，同 意聘任张先进先生为公司董事会秘书，任期自董事会决议通过之日起至第九届董 事会期满为止。 张先进先生已取得上海证券交易所董事会秘书任职资格证书，具备履行董事 会秘书职责所必须的财务、管理等专业知识和所需的工作经验，其任职资格符合 《公司法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监 管指引第1号——规范运作》及《公司章程》的有关规定，不存在不适合担任董 事会秘书的情形。张先进先生的任职资格已通过上海证券交易所审核。 特此公告。 传真：0566-5578801 电子邮件：jhgf@jiuhuashan.cc 附件：张先进先生简历及联系方式 安徽九华山旅游发展股份有限公司董事会 2025年4 ...

证券代码：603199 证券简称：九华旅游 公告编号：临 2025-013 安徽九华山旅游发展股份有限公司 2024 年年度股东大会决议公告 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 | 77 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 55,002,329 | | 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 | 49.6949 | | 例（%） | | (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 (一) 股东大会召开的时间：2025 年 4 月 8 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优先股股东及其持有股份情况： 式投票表决方式结合网络投票方式举行。会议 ...

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年年度股东大会 之 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 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 2024年年度股东大会之法律意见书 天律意2025第00683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》"）、《上市公司股东会规则（2025年修订）》 （以下简称"《股东会规则》"）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2025年4月8日召开的九华旅游2024年年度股东大会（以下简称"本次会 议"），并出具本法律意见书。 在 ...

安徽九华山旅游发展股份有限公司(以下简称"公司")于 2025 年 4 月 8 日 召开 2024 年年度股东大会，选举产生了第九届董事会成员，与公司职工代表大 会选举的职工代表董事共同组成第九届董事会。为保证董事会顺利运行，公司第 九届董事会第一次会议通知于 2025 年 4 月 8 日以通讯或现场方式送达全体董事， 全体董事一致同意豁免本次会议通知时限要求。公司第九届董事会第一次会议于 2025 年 4 月 8 日在公司会议室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。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。本次会议由全体董事共同推举公司董事高政权先生召 集主持，经与会董事签署表决，一致通过并形成如下决议： 证券代码：603199 股票简称：九华旅游 公告编号：临2025-014 安徽九华山旅游发展股份有限公司 第九届董事会第一次会议决议公告 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。 一、审议通过了《关于选举第九届董事会董事长的议案》 会议选举高政权先生 ...

证券代码：603199 股票简称：九华旅游 编号：临2025-012 目前，公司生产经营平稳有序，符合规划预期。未来，公司将坚定规划引 领，继续加大旅游新业态产品开发创新力度，不断提升企业核心竞争力，防范 化解重大风险，坚持以投资者为本，树立回报股东意识，实现企业高质量发展， 切实增强投资者的获得感。 关于公司近期经营情况的公告 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、准确性和完整性依法承担法律责任。 安徽九华山旅游发展股份有限公司（以下简称"公司"）作为一家国有控 股旅游上市公司，坚持以满足客户需求为导向、以投资者为本的发展理念，不 断增强投资者信心，维护股东权益，促进公司长远健康可持续发展。现将有关 情况公告如下： 旅游业是事关国计民生的重要行业，既是战略性支柱产业、民生产业，也 是幸福产业。当前，国内旅游经济形势发展良好，旅游经济步入从快速复苏新 阶段到繁荣发展的新周期。今年以来，九华山旅游经济加快发展，公司锚定"打 造区域旅游综合体，建设国内一流旅游产业集团"发展目标，抢抓安徽省加快 建设高品质旅游强省机遇，全力融入长三角一体化进程，坚定不 ...

Core Viewpoint - The company, Jiuhua Mountain Tourism Development Co., Ltd., reported a revenue of 764 million yuan for 2024, marking a year-on-year increase of 5.64%, and a net profit of 186 million yuan, up 6.50% year-on-year, indicating a positive growth trajectory in the tourism sector amidst favorable policy support [1]. Group 1: Company Strategies - The company is advancing its restaurant brand output strategy by developing standardized and specialized products under the "New Huizhou Cuisine" and "Jiuhua Healthy Vegetarian" brands, aiming to enhance brand recognition through effective marketing [2]. - The company is accelerating the integration of agriculture and tourism by leveraging local natural landscapes, agricultural resources, and cultural elements to create regionally distinctive products, including agricultural goods and handicrafts, while expanding online and offline sales channels [2]. - The company is focusing on digital upgrades by enhancing data analysis through smart ticketing, green cloud systems, and smart parking systems to better understand consumer habits and needs, thereby achieving precise resource integration and marketing [2]. Group 2: Market Trends - The China Tourism Research Institute's report indicates that domestic tourism consumption is rapidly increasing, with per capita spending reaching a historical high in 2024, driven by demand upgrades that promote high-quality tourism supply [2]. - The "one old, one young" demographic is highlighted as a key focus in domestic tourism, with significant potential in senior tourism, wellness travel, educational trips, and family tourism products [2]. - The company is actively responding to the silver tourism market by aligning with provincial policies aimed at comprehensive service and planning, utilizing its core resources to develop engaging and participatory tourism experiences [3].

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。 证券代码：603199 股票简称：九华旅游 编号：临2025-011 安徽九华山旅游发展股份有限公司 关于选举第九届董事会职工代表董事的公告 鉴于安徽九华山旅游发展股份有限公司（以下简称"公司"）第八届董事 会任期将届满，为保证董事会的正常运作，根据《中华人民共和国公司法》及 《公司章程》等相关法律、法规及规范性文件的规定，公司工会委员会于 2025 年 3 月 21 日组织召开职工代表大会，会议选举俞昌海先生（简历见附件）为公 司第九届董事会职工代表董事，将与公司 2024 年年度股东大会选举产生的董事 共同组成公司第九届董事会，任期与公司第九届董事会其他董事一致。 特此公告。 安徽九华山旅游发展股份有限公司董事会 2025 年 3 月 22 日 附件：职工代表董事个人简历 俞昌海先生，1971 年 9 月出生，中国国籍，无永久境外居留权，硕士研究 生学历。历任安徽九华山旅游发展股份有限公司索道分公司财务部经理、东崖 宾馆财务部经理，公司财务部高级主管、董秘办高级主管、董秘办主 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance for the year 2024 met expectations, with total revenue of 764 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 186 million yuan, up 6.5% year-on-year [5] - The passenger transport business showed significant growth, with revenue increasing by 31.24% to 159 million yuan, while the hotel business remained stable [5] - The company plans to distribute a cash dividend of 0.68 yuan per share, which accounts for 40.46% of the net profit attributable to shareholders for the year [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 856 million yuan, with a year-on-year growth rate of 12.0% [4] - Net profit attributable to shareholders is projected to be 211 million yuan in 2025, reflecting a year-on-year increase of 13.7% [4] - The company’s gross profit margin is expected to improve to 51.1% in 2025, up from 50.2% in 2024 [4] Business Segment Performance - The hotel business revenue increased by 1.05% to 237 million yuan, while the revenue from the cable car business decreased by 0.56% to 293 million yuan [5] - The travel agency business saw a decline in revenue by 7.53% to 62 million yuan, but its gross margin improved [5] - The establishment of a transportation conversion center has alleviated congestion during peak seasons and increased the penetration rate of the passenger transport business [5] Strategic Insights - The company is expected to benefit from the ongoing development strategy of the Huangshan area and the expansion logic of the Lion Peak project [5] - The company is enhancing its restaurant brand and has successfully registered its vegetarian cooking skills as an intangible cultural heritage [5] - The Lion Peak cable car project has received approval and is entering the construction phase, which is anticipated to improve conversion rates through the introduction of supporting wellness and leisure projects [5]