Core Viewpoint - Anhui Jiuhua Mountain Tourism Development Co., Ltd. (Jiuhua Tourism, 603119.SH) reported a strong financial performance for the first half of 2025, indicating significant growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first half of 2025 was approximately 493 million RMB, representing a year-on-year increase of 22.26% [1] - The net profit attributable to shareholders was around 142 million RMB, showing a year-on-year growth of 23.96% [1] - The net profit after deducting non-recurring items was about 138 million RMB, reflecting a year-on-year increase of 26.63% [1]

Core Insights - Jiuhua Tourism reported a revenue of 483 million yuan for the first half of 2025, representing a year-on-year growth of 22.26% [2] - The net profit attributable to shareholders of the listed company was 142 million yuan, showing a year-on-year increase of 23.96% [2] Financial Performance - Revenue: 483 million yuan, up 22.26% year-on-year [2] - Net Profit: 142 million yuan, up 23.96% year-on-year [2]

Core Viewpoint - Jiuhua Tourism reported significant growth in both revenue and net profit for the first half of 2025, indicating a strong performance in the tourism sector [1] Financial Performance - The company achieved an operating revenue of 482,968,437.31 yuan in 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 141,690,004.16 yuan, reflecting a year-on-year growth of 23.96% [1]

Core Viewpoint - JiuHua Tourism reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential in the tourism industry [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 483 million yuan, representing a year-on-year increase of 22.26% [2] - The net profit attributable to shareholders was around 142 million yuan, showing a year-on-year increase of 23.96% [2] - Basic earnings per share reached 1.2802 yuan, which is an increase of 23.97% compared to the previous year [2]

2024年1至12月份，九华旅游的营业收入构成为：旅游服务业占比98.25%，其他业务占比1.75%。 （文章来源：每日经济新闻） 九华旅游（SH 603199，收盘价：36.41元）8月20日晚间发布公告称，公司第九届第五次董事会会议于 2025年8月20日以通讯表决方式召开。会议审议了《2025年半年度报告》等文件。 ...

Core Viewpoint - Jiuhua Tourism (603199) has responded to the Shanghai Stock Exchange's inquiry regarding its planned private placement, highlighting uncertainties related to the core fundraising project, the Jiuhua Mountain Lion Peak Scenic Area cable car project, and the long payback periods for two hotel renovation projects [1][2]. Fundraising and Project Details - The company plans to raise 500 million yuan for the Jiuhua Mountain Lion Peak Scenic Area cable car project, Jiuhua Mountain Julong Hotel renovation project, Jiuhua Mountain Center Hotel North Building room upgrade project, and transportation equipment enhancement project [1]. - The core project, the Jiuhua Mountain Lion Peak Scenic Area cable car project, has a planned investment of 326 million yuan and will construct a 2,150-meter-long cable car [1][2]. - The land for the cable car project is currently in the bidding process, with the bidding period set from August 25 to September 4, 2025, which introduces uncertainty regarding the overall construction timeline [1]. Revenue and Profitability Projections - Upon completion, the cable car project is expected to make the Lion Peak Scenic Area the second core scenic area of Jiuhua Mountain, alleviating pressure on the existing central scenic area [2]. - The first-year revenue for the cable car project is projected to be 35.84 million yuan, increasing to 221 million yuan by the fifteenth year, with a gross margin improving from -26.51% in the first year to 71.69% [2]. - The average annual revenue for the project is estimated at 111 million yuan, with a post-tax net profit of 37 million yuan [2]. Hotel Renovation Projects - The Jiuhua Mountain Julong Hotel renovation project and the Jiuhua Mountain Center Hotel North Building room upgrade project will not increase the number of rooms but will enhance room prices [2]. - Post-renovation, the average room price for the Julong Hotel is expected to rise from 788 yuan in 2024 to 1,100 yuan, generating an additional annual income of 18.49 million yuan with a gross margin of 42.91% [2]. - The average room price for the Center Hotel is projected to increase from 275 yuan to 515 yuan, contributing an additional annual income of 5.66 million yuan with a gross margin of 22.24% [2]. Depreciation and Financial Impact - The two renovation projects will require investments of 131 million yuan and 52 million yuan, respectively, with estimated annual post-tax profits of 7.35 million yuan and 2.24 million yuan, indicating a long payback period [3]. - The regulatory body has requested the company to clarify the impact of new asset depreciation on future operating performance, noting that depreciation will peak at 39.62 million yuan, representing 5.18% of projected revenue and 16.03% of projected profit for 2024 [3].

Group 1 - The core viewpoint of the article is that Jiuhua Tourism (603199.SH) has shown significant growth in its financial performance for the first half of 2025, with a notable increase in both revenue and net profit [1] - The company's operating revenue reached 483 million yuan, representing a year-on-year growth of 22.26% [1] - The net profit attributable to shareholders of the listed company was 142 million yuan, reflecting a year-on-year increase 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 growth of 26.63% [1] - The basic earnings per share stood at 1.2802 yuan [1]

安徽九华山旅游发展股份有限公司(以下简称"公司")第九届董事会第五次 会议通知于 2025 年 8 月 10 日以专人派送或电子邮件的方式发出。会议于 2025 年 8 月 20 日以通讯表决方式召开，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。 会议由董事长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： 一、审议通过了《2025 年半年度报告》及《2025 年半年度报告摘要》 本议案已经公司董事会审计委员会审议通过，同意提交公司董事会审议。 表决结果：7 票同意，0 票反对，0 票弃权。 特此公告。 安徽九华山旅游发展股份有限公司董事会 2025年8月21日 证券代码：603199 股票简称：九华旅游 公告编号：临2025-038 安徽九华山旅游发展股份有限公司 第九届董事会第五次会议决议公告 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。 ...

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