证券代码：603199 股票简称：九华旅游 公告编号：临2025-043 安徽九华山旅游发展股份有限公司 特此公告。 安徽九华山旅游发展股份有限公司董事会 2025年9月18日 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 9 月 10 日召开第九届董事会第六次会议，审议通过了《关于终止 2025 年度向特定对象 发行 A 股股票事项的议案》，公司决定终止 2025 年度向特定对象发行 A 股股票事 项，并向上海证券交易所申请撤回相关申请文件。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 9 月 11 日刊登的《安 徽九华山旅游发展股份有限公司关于终止 2025 年度向特定对象发行 A 股股票事 项的公告》（公告编号：临 2025-042）。 2025年9月12日，公司和保荐人华安证券股份有限公司向上海证券交易所提 交了《安徽九华山旅游发展股份有限公司关于撤回2025年度向特定对象发行A股 股 ...

Group 1 - The company announced the termination of its plan to issue A-shares to specific investors by September 10, 2025 [1] - The company has applied to the Shanghai Stock Exchange to withdraw the related application documents [1] - On September 16, the company received a decision from the Shanghai Stock Exchange to terminate the review of its A-share issuance [1]

Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

Core Viewpoint - Jiuhua Tourism (603199) has terminated its non-public stock issuance project due to changes in market conditions and company development plans [1] Group 1: Project Termination - On September 16, the review status of Jiuhua Tourism's non-public stock issuance project was changed to "terminated" [1] - The company and its sponsor, Huazheng Securities (600909), submitted an application to withdraw the stock issuance application and the sponsorship work on September 12 [1] - The company’s board of directors approved the termination of the A-share issuance to specific targets during a meeting on September 10 [1] Group 2: Reasons for Termination - The decision to terminate the stock issuance was made after comprehensive consideration of current market environment changes and the company's development plans [1] - The company emphasized that the decision was reached after thorough communication and careful deliberation among relevant parties [1]

Core Viewpoint - JiuHua Tourism's stock price has shown a year-to-date increase of 17.87%, with recent trading activity indicating a slight decline of 2.01% on September 17, 2023, amidst fluctuating capital flows [1][2]. Financial Performance - For the first half of 2025, JiuHua Tourism reported a revenue of 483 million yuan, representing a year-on-year growth of 22.26%, and a net profit attributable to shareholders of 142 million yuan, up 23.96% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 301 million yuan, with 163 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 9.95% to 13,600, while the average number of circulating shares per person decreased by 9.05% to 8,146 shares [2]. - Notable changes in institutional holdings include an increase in shares held by Penghua Quality Governance Mixed Fund and new entries from Huaxia Return Mixed Fund and Penghua Industry Selection Mixed Fund [3]. Business Overview - JiuHua Tourism, established on December 27, 2000, and listed on March 26, 2015, operates in various sectors including hotel services, cable car operations, tourism transportation, and travel agency services [1]. - The company's revenue composition is as follows: travel agency services (39.88%), cable car operations (38.41%), hotel services (27.62%), and transportation services (24.31%) [1].

Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

Core Viewpoint - The company has decided to terminate its plan for a private placement of A-shares due to changes in the market environment and its development strategy, ensuring that this decision will not affect its normal operations or harm the interests of shareholders, especially minority shareholders [2][3]. Group 1: Termination of Private Placement - The company announced the termination of its private placement plan after careful consideration of market conditions and development plans [2]. - The decision was made following thorough communication and prudent discussions among relevant parties [2]. - The company will apply to the Shanghai Stock Exchange to withdraw the related application documents, pending approval [3]. Group 2: Previous Fundraising Plans - In July 2025, the company disclosed a plan to raise up to 500 million yuan through a private placement, with funds intended for various projects including the construction of a cable car at the Lion Peak Scenic Area and renovations of hotels [3][5]. - The total investment for the planned projects was approximately 577.27 million yuan, with 500 million yuan allocated for fundraising [5]. - The fundraising was to involve no more than 35 specific investors, including the company's controlling shareholder, who committed to subscribe for at least 32% of the shares issued [5]. Group 3: Financial Performance - In the first half of 2025, the company reported total revenue of 483 million yuan, a year-on-year increase of 22.26% [8]. - The net profit attributable to shareholders was 142 million yuan, reflecting a year-on-year growth of 23.96% [8]. - The net profit excluding non-recurring items was 138 million yuan, showing a year-on-year increase of 26.63% [8].

Core Viewpoint - Jiuhua Tourism (603199.SH) has announced the termination of its plan to issue A-shares to specific investors for the year 2025, citing changes in the market environment and company development plans as the primary reasons for this decision [1]. Summary by Relevant Sections Termination of A-Share Issuance - The company held its sixth meeting of the ninth board on September 10, 2025, where it approved the proposal to terminate the issuance of A-shares to specific investors and will apply to withdraw the related application documents from the Shanghai Stock Exchange [1]. - The decision was made after thorough communication and careful consideration of various factors, including the current market environment and the company's development strategy [1]. Impact on Operations - Jiuhua Tourism stated that the termination of the A-share issuance will not affect its normal production and operations, nor will it harm the interests of the company and all shareholders, especially minority shareholders [1]. Previous Fundraising Plans - The previously disclosed fundraising plan aimed to raise up to 500 million yuan (50,000.00 million) for projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project, hotel renovation projects, and transportation equipment upgrades [2][3]. - The total investment for the projects was estimated at 577.27 million yuan, with 500 million yuan allocated for specific uses after deducting issuance costs [3]. Shareholder Information - The controlling shareholder, Anhui Jiuhua Mountain Cultural Tourism Health Group Co., Ltd. (Cultural Tourism Group), held 29.93% of the company's shares and intended to subscribe for at least 32% of the shares issued in the planned offering [4].

Group 1 - The company, Jiuhua Tourism (603199.SH), has decided to terminate the issuance of A-shares to specific targets for the year 2025 and has applied to withdraw the related application documents from the Shanghai Stock Exchange [1] - The decision was made after comprehensive consideration of the current market environment changes and the company's development plans, following thorough communication and prudent evaluation among relevant parties [1] - This matter will not affect the company's normal production and operations, and there is no harm to the company and all shareholders, especially minority shareholders [1]