Financial Performance - The company's operating revenue for the first half of 2024 was ¥834,071,695.56, a decrease of 0.39% compared to ¥837,333,619.82 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥131,657,204.34, down 34.10% from ¥199,793,680.75 in the previous year[16]. - The net cash flow from operating activities decreased by 48.65% to ¥176,231,632.26, compared to ¥343,197,497.81 in the same period last year[16]. - The basic earnings per share for the first half of 2024 was ¥0.1805, a decline of 34.10% from ¥0.2739 in the previous year[18]. - The total assets at the end of the reporting period were ¥5,563,927,623.28, a decrease of 1.60% from ¥5,654,288,820.01 at the end of the previous year[17]. - The net assets attributable to shareholders at the end of the reporting period were ¥4,461,002,593.90, down 0.57% from ¥4,486,489,092.52 at the end of the previous year[17]. - The weighted average return on equity decreased to 2.94%, down 1.84 percentage points from 4.78% in the previous year[18]. - The decrease in net profit was primarily due to a reduction in the number of effective ticket purchases and the impact of continuous heavy rainfall in late June[19]. Audit and Compliance - The financial report for the first half of 2024 has not been audited[3]. - All board members attended the board meeting, ensuring the report's authenticity and completeness[3]. - The management has committed to the accuracy and completeness of the financial report[3]. - There are no violations of decision-making procedures regarding external guarantees[8]. - The company has not faced any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not reported any changes in its registered address or significant changes in its operations during the reporting period[14]. - The company has not reported any significant changes in accounting policies or estimates that would impact its financial reporting[101]. - The company has maintained its continuous operation basis, with no identified issues affecting its operational capability for the next 12 months[100]. Shareholder and Capital Structure - The company reported no profit distribution or capital reserve transfer to increase share capital during the reporting period[4]. - The company has not disclosed any significant changes in shareholder structure during the reporting period[6]. - The total number of ordinary shareholders as of the end of the reporting period is 52,347[67]. - The company completed the election of the ninth board of directors and supervisory board on May 31, 2024, with new appointments including Mr. Zhang Dehui as chairman and Mr. Sun Jun as president[45]. - No dividends or stock bonuses were distributed during the reporting period, with a payout of 0 per 10 shares[46]. Tourism and Market Dynamics - In the first half of 2024, domestic tourism trips reached 2.725 billion, a year-on-year increase of 14.3%[22]. - Total domestic tourism spending in the first half of 2024 was CNY 2.73 trillion, reflecting a year-on-year growth of 19.0%[22]. - The company operates several scenic areas, including Huangshan, Huashan Miku Scenic Area, and Taiping Lake, enhancing its tourism service offerings[23]. - The company has over ten hotels, including the first international high-end hotel in Huangshan, contributing to its accommodation and dining services[23]. - The company’s travel agency, Huangshan China Travel Agency, is a leading 5A level travel agency in Anhui Province, recognized as a national standard demonstration enterprise[24]. - The company is actively developing smart tourism solutions, integrating local tourism resources and modern information technology[24]. - The company has established a strong brand presence, with Huangshan recognized as a 5A level scenic area and multiple awards for service quality[25]. - The company benefits from a strategic location in Huangshan, which is well-connected to major cities in the Yangtze River Delta region, enhancing tourist accessibility[25]. Financial Position and Cash Flow - The company has a robust financial position with ample free cash flow, allowing for effective capital operations and resource integration[25]. - The company’s cash and cash equivalents decreased by 45.83% to ¥1,065,529,283.30, accounting for 19.15% of total assets[31]. - The company’s financial assets at fair value decreased by ¥5,038,370.11, with a total of ¥513,598,939.32 at the end of the period[35]. - The company’s cash flow from operating activities was impacted by increased payments to employees, which rose to CNY 158,390,522.29, up from CNY 142,694,406.25 in the previous year[85]. - The company reported a net cash outflow from financing activities of CNY 153,872,685.00, compared to a net outflow of CNY 4,677,749.00 in the same period last year[87]. Investment and Development - The company plans to invest approximately ¥150 million in the upgrade and renovation of Huangshan International Hotel[34]. - The company initiated the construction of a new retail community around the Huangshan Scenic Area, focusing on cultural and creative products[27]. - The company completed over 70% of the exterior renovation of Beihai Hotel during the reporting period[34]. - The company has committed to a total investment of 100 million RMB in the Nanjing Saifu Equity Investment Fund, completing the capital contributions in two phases[39]. - The company completed the acquisition of 3,000,000 shares of Xie Yuda, increasing its ownership to 4.41% after an investment of 12.6 million RMB on February 10, 2023[37]. Environmental Responsibility and Social Impact - The company is committed to environmental responsibility, implementing measures such as upgrading sewage treatment facilities and promoting waste classification in tourist areas[51]. - The company is actively pursuing carbon reduction strategies, including transitioning to electric energy sources and promoting the use of clean energy equipment[52]. - The company has initiated a "near-zero carbon scenic area" project, focusing on energy conservation and emission reduction[52]. - The company has engaged in rural revitalization efforts, continuing to consolidate achievements in poverty alleviation[53]. - The company has conducted nearly 50 visits to assist 25 households in rural revitalization efforts, helping to sell over 340 boxes of loquats and generating total sales of more than 50,000 yuan[54]. Risk Management - The company has detailed potential risks in the report, urging investors to pay attention to investment risks[10]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The company is facing market risks due to increasing competition in the tourism industry, prompting a strategy to innovate tourism products and improve service quality[42]. - The company is actively monitoring industry dynamics and market demands to mitigate potential risks associated with economic fluctuations and regulatory changes[41]. Related Party Transactions - The company engaged in daily related transactions with associated parties, with a total amount of 404.49 million yuan for the first half of 2024[57]. - The company projected a total of 532.50 million yuan in related transactions for 2024, with 270.00 million yuan from Huangshan Management Committee and 262.00 million yuan from Huangshan Tourism Group[57]. Accounting and Financial Reporting - The company adheres to the Chinese accounting standards, ensuring that its financial reports accurately reflect its financial status and performance[102]. - The company recognizes expected credit losses for financial assets measured at amortized cost and for debt investments measured at fair value through other comprehensive income[119]. - The company applies the effective interest method for subsequent measurement of financial assets measured at amortized cost[116]. - The company recognizes revenue when control of the goods is transferred to the customer, which is when the customer can direct the use of the goods and obtain almost all economic benefits[158]. - The company assesses impairment for contract costs when their carrying amount exceeds the expected recoverable amount[161].

Financial Performance - The company's operating revenue for 2023 reached CNY 1,929.44 million, representing a 141.21% increase compared to CNY 799.90 million in 2022[22]. - The net profit attributable to shareholders for 2023 was CNY 422.91 million, a significant recovery from a loss of CNY 130.41 million in 2022[22]. - The basic earnings per share for 2023 was CNY 0.58, compared to a loss of CNY 0.18 per share in 2022[23]. - The weighted average return on equity increased to 9.88% in 2023, up by 12.99 percentage points from -3.11% in 2022[23]. - The net cash flow from operating activities for 2023 was CNY 722.89 million, a substantial increase from CNY 21.34 million in 2022, marking a 3,288.15% growth[22]. - Total assets at the end of 2023 amounted to CNY 5,654.28 million, an 8.52% increase from CNY 5,210.52 million in 2022[22]. - The company's net assets attributable to shareholders increased to CNY 4,486.48 million, a 9.82% rise from CNY 4,085.15 million in 2022[22]. Dividend Distribution - The company plans to distribute a cash dividend of 2.09 CNY per 10 shares, totaling approximately 152.44 million CNY (including tax) based on a total share capital of 729,379,440 shares as of December 31, 2023, resulting in a cash dividend payout ratio of 36.05%[5]. - The company does not plan to implement a capital reserve transfer to increase share capital in the current profit distribution proposal[5]. - The cash dividends for B shares will be distributed in USD, with the exchange rate based on the central parity rate published by the People's Bank of China on the first working day after the annual general meeting[5]. - The company has a cash dividend policy that allows for mid-term profit distribution under certain conditions, aiming for a minimum of 30% of the average distributable profit over three years[138]. - The company will continue to develop a scientific and stable dividend policy to actively reward investors in the future[139]. Strategic Initiatives and Market Expansion - The company plans to continue expanding its market presence and developing new products and technologies to enhance growth prospects[22]. - The company is focused on strategic initiatives, including potential mergers and acquisitions, to strengthen its market position[22]. - The company is optimizing its strategic layout by enhancing its offerings in the Huangshan area, including the operation of new hotels and the introduction of various experiential products[35]. - The company is actively pursuing international brand promotion through participation in global events and leveraging social media platforms[38]. - The company is focusing on market expansion by launching targeted tourism products and enhancing cooperation with major clients, while deepening its presence in key domestic markets such as the Yangtze River Delta and Pearl River Delta[94]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm Rongcheng[8]. - The company’s board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report content[8]. - The company has established a comprehensive internal control system, enhancing risk prevention capabilities and operational standards[105]. - The company has made significant efforts to ensure compliance with legal and regulatory requirements, maintaining a governance structure that aligns with relevant laws and regulations[105]. - The company actively engages with investors through various communication channels, including performance briefings and investor surveys, to maintain transparency and good relations[103]. Environmental and Social Responsibility - The company invested approximately 71.02 million yuan in environmental protection during the reporting period[150]. - The company has achieved full coverage of waste classification facilities in the Huangshan scenic area, promoting a closed-loop system for waste management[154]. - The company has committed to reducing carbon emissions by promoting the use of clean energy and implementing waste reduction measures[155]. - The company has invested a total of 130,000 yuan in poverty alleviation and rural revitalization projects, benefiting local communities[160]. - The company has actively participated in social welfare activities, including organizing blood donation drives and community service events[159]. Visitor Statistics and Tourism Market - The number of visitors to the Huangshan scenic area reached 4.5746 million, an increase of 3.1777 million visitors compared to the previous year, reflecting a growth rate of 227.48%[34]. - The company transported 9.5061 million visitors via cable cars, an increase of 641.66 thousand visitors, representing a growth rate of 207.69%[34]. - In 2023, domestic tourism saw 4.891 billion trips, an increase of 2.361 billion trips year-on-year, representing a growth of 93.3%[43]. - Domestic tourist spending reached 4.91 trillion yuan, up by 2.87 trillion yuan compared to the previous year, marking a 140.3% increase[43]. Digital Transformation and Technology - The company is advancing its digital transformation with the development of a smart tourism service platform and various digital service enhancements[36]. - The company has successfully implemented a "pay after visit" digital service model and introduced a mini-program for scenic area navigation[39]. - The company is focusing on enhancing service quality to match 5A scenic area standards, including the introduction of new cultural products and dining options[39]. - The company is leveraging advanced technology to create digital tourism experiences and immersive interactive projects to enrich visitor experiences[94]. Human Resources and Employee Management - The company employed a total of 3,905 staff, with 298 in the parent company and 3,607 in major subsidiaries[133]. - The compensation policy is performance-oriented, linking pay to performance assessment results to enhance employee motivation[135]. - The company has implemented a training program focusing on various employee levels, including new hires and management[136]. - The company has a strong leadership team with several senior vice presidents holding substantial shares, indicating their commitment to the company's success[109]. Financial Management and Investments - The company has invested CNY 433 million in bank wealth management products from its own funds[177]. - The company approved the use of up to RMB 250 million of idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity[178]. - The company reported a project completion delay for the North Sea Hotel renovation, now expected to be completed by December 2024 due to various factors including the pandemic[184]. - The company has not made any changes or terminations to the fundraising projects during the reporting period[185].

Financial Performance - The company's operating revenue for Q3 2023 was CNY 597,188,500, representing a 54.60% increase compared to CNY 386,277,900 in the same period last year[5] - The net profit attributable to shareholders for Q3 2023 was CNY 208,078,100, an increase of 86.49% from CNY 111,157,600 in the previous year[5] - The basic earnings per share for Q3 2023 was CNY 0.2853, reflecting an 86.59% increase compared to CNY 0.1524 in the same period last year[6] - The net profit attributable to shareholders increased by 86.49%, driven by the same factors as the operating revenue[11] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 94.45%, reflecting the strong recovery in visitor numbers[11] - Basic and diluted earnings per share both increased by 86.59% in the reporting period, attributed to the rise in operating revenue and profit[11] - The weighted average return on equity increased by 2.03 percentage points in Q3 2023, supported by the growth in operating revenue and profit[11] - Year-to-date operating revenue increased by 138.93%, with visitor numbers up by 221.36% compared to the previous year[11] - Total operating revenue for the first three quarters of 2023 reached ¥1,434,522,165.69, a significant increase from ¥600,382,320.25 in the same period of 2022, representing a growth of approximately 138.8%[21] - The net profit for Q3 2023 was ¥442,914,498.18, a significant recovery from a net loss of ¥56,688,281.53 in the same period last year, representing a turnaround of over 800%[23] - Operating profit for Q3 2023 reached ¥554,025,481.92, compared to an operating loss of ¥48,495,933.66 in Q3 2022, indicating a strong operational performance improvement[23] - Total revenue from sales and services in Q3 2023 was ¥1,466,510,507.01, up from ¥601,779,303.79 in Q3 2022, marking an increase of approximately 143%[27] Assets and Liabilities - The total assets at the end of Q3 2023 amounted to CNY 5,677,414,575.26, which is an 8.95% increase from CNY 5,208,350,313.78 at the end of the previous year[6] - Total liabilities increased to ¥997,721,229.56 in Q3 2023 from ¥918,588,726.40 in Q3 2022, marking an increase of around 8.7%[19] - The company's total current assets reached ¥2,553,172,436.90 in Q3 2023, compared to ¥2,034,496,223.13 in Q3 2022, showing an increase of approximately 25.5%[20] - The total non-current assets decreased slightly to ¥3,124,242,138.36 in Q3 2023 from ¥3,176,767,229.45 in Q3 2022, indicating a decline of about 1.6%[20] - The company's short-term borrowings decreased to ¥4,500,000.00 in Q3 2023 from ¥6,000,000.00 in Q3 2022, a reduction of approximately 25%[19] - The company's total liabilities decreased, contributing to improved financial stability, although specific figures were not disclosed in the report[23] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 666,864,979, a significant increase compared to CNY 85,766,040 in the same period last year[6] - The net cash flow from operating activities for the year-to-date period was 677.54 million RMB, primarily due to increased cash receipts from sales of goods and services[11] - The cash flow from operating activities for the first nine months of 2023 was ¥666,864,979.25, a substantial increase from ¥85,766,049.77 in the same period last year[28] - The net cash flow from investing activities was -¥909,703,545.77 for Q3 2023, slightly worse than -¥841,888,466.00 in Q3 2022, indicating ongoing investment efforts[28] - The company received cash inflows from investment activities totaling ¥867,981,606.35 in Q3 2023, compared to ¥737,965,060.20 in Q3 2022, reflecting increased investment activity[28] Government Support and Accounting Changes - The company continues to receive government subsidies closely related to its normal business operations, amounting to CNY 1,084,354.92 for the current period[9] - The company has implemented new accounting standards affecting the reporting of deferred tax assets and liabilities, which may impact future financial statements[7] Market and Operational Strategy - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[6] - In Q3 2023, the company's operating revenue increased by 54.60% due to a recovery in the tourism market, with the number of visitors rising by 88.25% compared to the same period last year[11] - The company received a total of 3.5335 million visitors year-to-date, representing a 221.36% increase compared to the same period last year[15] - In Q3 2023, the company held a board meeting to approve the renewal of two agreements with the Huangshan Management Committee, enhancing operational collaboration[15]

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥837,333,619.82, representing a 291.09% increase compared to the same period last year [20]. - The net profit attributable to shareholders was ¥199,793,680.75, a significant recovery from a loss of ¥171,355,961.28 in the previous year [20]. - Basic earnings per share for the first half of 2023 were ¥0.2739, compared to a loss of ¥0.2349 in the same period last year [21]. - The weighted average return on equity increased to 4.78%, up 8.89 percentage points from the previous year [21]. - The net cash flow from operating activities was ¥343,197,497.81, a recovery from a negative cash flow of ¥123,051,633.99 in the previous year [20]. - Operating costs rose to ¥396,242,526.45, reflecting a 47.37% increase from ¥268,875,191.37, primarily due to a 527.00% increase in visitor numbers as the domestic economy and tourism market recovered [47][48]. - The hotel business generated revenue of ¥198,174,058.75, up 349.19% year-on-year, with a gross margin of 34.50% [51]. - The cable car and gondola business reported revenue of ¥305,021,702.23, an increase of 541.91%, with a gross margin of 87.58% [51]. Visitor Statistics - The number of visitors to the company's attractions increased by 527.00% year-on-year, contributing to the rise in operating revenue [22]. - The company received a total of 2.0916 million visitors at Huangshan Scenic Area, an increase of 1.758 million visitors or 527.00% compared to the same period last year [36]. - In the first half of 2023, domestic tourism reached 2.384 billion trips, an increase of 629 million trips year-on-year, representing a growth of 63.9% [28]. - Domestic tourism revenue totaled 2.30 trillion yuan, an increase of 1.12 trillion yuan compared to the previous year, marking a growth of 95.9% [28]. Strategic Initiatives - The company plans to continue expanding its market presence in the tourism sector, leveraging the recovery of the domestic economy [27]. - The company is focused on enhancing its service offerings and improving customer experience to capitalize on the growing tourism market [27]. - The company is advancing smart tourism initiatives, integrating modern information technology with tourism resources to enhance visitor experiences and operational efficiency [32]. - The company launched a series of promotional activities, including free ticket policies for specific youth groups and cultural tourism vouchers to stimulate market consumption [37]. - The company expanded its market reach by signing a service contract to manage the Wangmangling Scenic Area and actively developing new scenic area projects [42]. Financial Position - Total assets at the end of the reporting period were ¥5,398,574,645.56, reflecting a 3.59% increase from the end of the previous year [20]. - The company has a solid financial position with ample free cash flow and good financing channels, allowing for strategic resource integration and sustainable growth [35]. - The total liabilities reached CNY 933,500,947.21, slightly up from CNY 918,588,726.40, marking an increase of approximately 1.00% [107]. - The company's equity attributable to shareholders rose to CNY 4,271,975,133.79 from CNY 4,085,913,434.30, representing an increase of about 4.56% [107]. Environmental Initiatives - The company is committed to environmental protection, implementing upgrades to sewage treatment facilities to ensure stable compliance with discharge standards [79]. - The company has initiated comprehensive waste classification efforts in scenic areas, aiming for full coverage and promoting waste reduction practices [80]. - The company has banned the procurement of certain plastic products and is promoting the use of environmentally friendly alternatives [80]. - The company invested in clean energy equipment such as electromagnetic stoves and air source heat pumps to reduce carbon emissions and promote energy conservation [81]. Risk Management - The report includes a detailed description of potential risks faced by the company, which investors should pay attention to [7]. - The company has identified risks related to project investment due to uncertainties in the economic environment and market changes, and will enhance its project investment management system to mitigate these risks [68]. - The company acknowledges market risks due to increasing competition in the tourism industry and plans to accelerate the transition from project reserves to operational implementation [69]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 51,450 [96]. - The largest shareholder, Huangshan Tourism Group Co., Ltd., holds 296,595,750 shares, representing 40.66% of the total shares [98]. - There were no changes in the total number of shares or the share capital structure during the reporting period [95]. - There were no stock options granted to directors, supervisors, or senior management during the reporting period [101]. Subsidiaries and Acquisitions - The company has a total of 44 subsidiaries, with ownership stakes ranging from 51% to 100% [140][141]. - New subsidiaries added during the reporting period include Huangshan Yunyin Rural Tourism Investment Development Co., Ltd. and Huangshan Yunshang New Media Co., Ltd. [142]. - The company completed the acquisition of a 9% stake in Taiping Lake Cultural Tourism for RMB 31.68 million [89]. Accounting Policies - The financial statements are prepared based on the going concern principle, with no identified issues affecting the company's ability to continue operations [144]. - The company's accounting policies comply with the requirements of the enterprise accounting standards, ensuring a true and complete reflection of financial status [146]. - The accounting period for the company runs from January 1 to December 31 each year [147].

Financial Performance - The company's operating revenue for Q1 2023 was CNY 337,916,364.49, representing a 161.26% increase compared to CNY 129,339,308.77 in the same period last year[5]. - The net profit attributable to shareholders of the listed company was CNY 64,575,642.65, a significant recovery from a loss of CNY 83,699,654.11 in the previous year[5]. - Operating profit for Q1 2023 was ¥82,609,849.07, compared to a loss of ¥85,648,654.66 in Q1 2022, indicating a turnaround in profitability[23]. - Net profit for Q1 2023 amounted to ¥70,683,435.00, recovering from a net loss of ¥86,500,361.47 in the same period last year[23]. - The total comprehensive income attributable to the parent company for Q1 2023 was ¥66,190,242.65, compared to a loss of ¥86,507,547.25 in Q1 2022[24]. - Basic and diluted earnings per share both improved to CNY 0.0885, compared to a loss of CNY -0.1148 in the previous year[6]. - Basic and diluted earnings per share for Q1 2023 were ¥0.0885, an improvement from a loss of ¥0.1142 per share in Q1 2022[24]. Cash Flow - The net cash flow from operating activities was CNY 131,411,598.17, a turnaround from a negative cash flow of CNY -69,813,685.04 in the same period last year[6]. - Cash inflow from operating activities for Q1 2023 was ¥431,273,596.43, significantly up from ¥152,916,708.38 in Q1 2022, representing an increase of approximately 182%[25]. - Cash inflow from investment activities for Q1 2023 was ¥620,251,994.26, compared to ¥34,698,246.11 in Q1 2022, marking a substantial increase[26]. - The company experienced a net decrease in cash and cash equivalents of ¥439,033,257.05 in Q1 2023, an improvement from a decrease of ¥1,129,329,266.19 in Q1 2022[26]. Visitor Statistics - The number of visitors to the mountain increased by 312.13% year-on-year, which significantly contributed to the rise in both revenue and profit[9]. - The total number of visitors to Huangshan Scenic Area reached 845,100, an increase of 312.13% compared to 205,100 in the same period last year[14]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,240,273,810.65, a slight increase of 0.56% from CNY 5,208,350,313.78 at the end of the previous year[6]. - Total liabilities decreased to ¥880,947,439.08 in Q1 2023 from ¥918,588,726.40 in Q1 2022, reflecting a reduction of approximately 4.5%[20]. - The total equity attributable to shareholders increased to ¥4,152,143,041.64 in Q1 2023 from ¥4,085,913,434.30 in Q1 2022, showing a growth of approximately 1.6%[20]. Investments and Acquisitions - The company completed the acquisition of a 9% stake in Huangshan Taihu Lake Cultural Tourism Co., Ltd. for RMB 31.68 million, finalized on April 27, 2023[14]. - The renovation project for Pinghu Holiday Hotel had its investment amount adjusted from approximately RMB 35 million to about RMB 50 million[16]. Other Financial Information - Non-recurring gains and losses totaled CNY 4,280,078.43, with significant contributions from government subsidies and investment income[9]. - The company did not conduct an audit for the Q1 financial report, indicating that the figures are unaudited[4]. - The company has not identified any related party relationships among its top shareholders[13].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥214,104,335.16, a decrease of 53.53% compared to ¥460,752,596.42 in the same period last year [20]. - The net profit attributable to shareholders was -¥172,198,575.00, representing a decline of 599.11% from ¥34,500,986.16 in the previous year [20]. - The net cash flow from operating activities was -¥123,051,633.99, a decrease of 344.04% compared to ¥50,422,330.11 in the same period last year [20]. - The basic earnings per share for the first half of 2022 was -¥0.2361, down 599.15% from ¥0.0473 in the previous year [21]. - The weighted average return on net assets was -4.13%, a decrease of 4.94 percentage points from 0.81% in the same period last year [21]. - The company reported a comprehensive loss of CNY 186,467,077.22 for the first half of 2022, compared to a comprehensive income of CNY 27,738,435.74 in the same period of 2021 [116]. - The company reported a net profit of -101,438,391.36 RMB for the first half of 2022, compared to a net profit of 48,922,758.53 RMB in the same period of 2021, indicating a significant decline [119]. - The total operating revenue for the first half of 2022 was CNY 214,104,335.16, a decrease of 53.6% compared to CNY 460,752,596.42 in the same period of 2021 [114]. Visitor Statistics - The number of visitors entering the mountains decreased by 65.99% due to the impact of the COVID-19 pandemic, which significantly affected revenue [21]. - In the first half of 2022, the company received 333,600 visitors at Huangshan Scenic Area, a decrease of 647,300 visitors or 65.99% compared to the same period last year [37]. - The tourism industry remains a strategic pillar of the national economy, with ongoing opportunities for growth despite sensitivity to external factors [27]. Risk Management - The company has detailed potential risks in the report, urging investors to pay attention to investment risks [7]. - The report emphasizes the importance of risk awareness for investors in light of forward-looking statements [6]. - The company faces risks from the tourism industry due to economic downturns and natural disasters, impacting market demand [65]. - The company plans to accelerate the implementation of its "Mountain Water Village Cave" and "Tourism+" strategies to mitigate risks and enhance competitiveness [66]. Strategic Initiatives - The company is focused on future development strategies, although specific numerical forecasts are not provided in the report [6]. - The company launched ten major revitalization measures to enhance market vitality and promote cultural tourism consumption [38]. - The company is advancing smart tourism initiatives, integrating local tourism resources and launching a one-stop service platform for visitors [32]. - The company is focusing on digital transformation by linking blockchain technology to enhance customer experience and improve operational efficiency [40]. Financial Position - The total assets at the end of the reporting period were ¥5,065,353,435.30, a decrease of 1.65% from ¥5,150,077,687.08 at the end of the previous year [20]. - The net assets attributable to shareholders decreased by 5.92% to ¥4,040,908,558.96 from ¥4,295,170,053.73 at the end of the previous year [20]. - The company's cash and cash equivalents decreased by 55.70% to ¥812,275,809.72, down from ¥1,833,581,895.95 in the previous year [52]. - Long-term borrowings increased significantly to ¥144,607,038.55, a rise of 5,409.72% compared to ¥2,624,580.00 in the previous year [53]. Corporate Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report, with no false records or misleading statements [8]. - The semi-annual report has not been audited [8]. - The financial statements were approved by the board of directors on August 26, 2022, indicating a structured governance process [143]. Subsidiaries and Acquisitions - The company has a total of 47 subsidiaries, with ownership stakes ranging from 46.75% to 100% [145][146]. - The company transferred 100% equity of Huishang Guli Cultural Development Group Co., Ltd. to its wholly-owned subsidiary, which was completed on March 7, 2022 [57]. - The company acquired 40.85% of Huangshan Liubai Monkey Kwei Tea Co., Ltd. for 55.1475 million RMB, completed on January 26, 2022 [57]. - The company purchased 51.01% of Huangshan Yunji Real Estate Co., Ltd. for 181.36 million RMB, completed on June 9, 2022 [58]. Community Engagement - The company actively participated in poverty alleviation and rural revitalization efforts, helping 26 households and 61 individuals [81]. - The collective economy of the assisted village generated over 100,000 yuan in revenue through targeted assistance measures [82]. - The company conducted offline consumption assistance, purchasing over 50,000 jin of fruits and vegetables to support local farmers [81]. Environmental Initiatives - The company implemented environmental protection measures, including upgrading sewage treatment facilities and promoting waste classification in scenic areas [78]. - The company invested in clean energy equipment to reduce carbon emissions and promote energy-saving initiatives [80].

Financial Performance - The company's operating revenue for Q1 2022 was ¥129,339,308.77, representing a decrease of 12.07% compared to the same period last year[5] - The net profit attributable to shareholders of the listed company was -¥83,699,654.11, indicating a significant loss[5] - The basic and diluted earnings per share were both -¥0.1148, indicating a loss per share[5] - Operating profit for Q1 2022 was -¥85,648,654.66, compared to -¥30,579,354.72 in Q1 2021, indicating a significant decline in profitability[22] - Net profit for Q1 2022 was -¥86,943,855.63, worsening from -¥32,564,970.19 in the same period last year[23] - The weighted average return on net assets was -1.97%, a decrease of 1.22 percentage points compared to the previous year[5] - The company reported an investment loss of ¥2,943,887.44 in Q1 2022, compared to a gain of ¥615,990.98 in the same period last year[22] - Other comprehensive income after tax for Q1 2022 was -¥3,229,200.00, compared to -¥8,694,000.00 in Q1 2021[23] Cash Flow - The net cash flow from operating activities was -¥69,813,685.04, reflecting a decline in cash inflow[5] - In Q1 2022, the cash inflow from operating activities totaled ¥152,916,708.38, a decrease of 15% compared to ¥179,806,377.22 in Q1 2021[25] - The cash outflow from operating activities increased to ¥222,730,393.42 in Q1 2022, up from ¥200,362,518.83 in Q1 2021, resulting in a net cash flow from operating activities of -¥69,813,685.04[25] - The total cash and cash equivalents at the end of Q1 2022 stood at ¥704,252,629.76, an increase from ¥584,549,849.87 at the end of Q1 2021[26] - The company reported a significant increase in cash outflow for purchasing goods and services, which rose to ¥63,226,764.05 in Q1 2022 from ¥51,666,582.00 in Q1 2021[25] - The cash received from other operating activities decreased to ¥22,257,613.83 in Q1 2022, down from ¥31,621,282.86 in Q1 2021[25] - The company experienced a decline in cash received from sales of goods and services, which fell to ¥130,659,094.55 in Q1 2022 from ¥148,185,094.36 in Q1 2021[25] - The cash outflow from investment activities was ¥1,087,177,737.59 in Q1 2022, compared to ¥1,360,376,819.66 in Q1 2021, leading to a net cash flow from investment activities of -¥1,052,479,491.48[26] - The cash flow from financing activities resulted in a net outflow of -¥7,036,089.67 in Q1 2022, compared to -¥13,081,121.54 in Q1 2021[26] Assets and Liabilities - The total assets at the end of Q1 2022 were ¥4,982,265,570.70, down 3.26% from the end of the previous year[6] - The total number of common shareholders at the end of the reporting period was 49,048[12] - The largest shareholder, Huangshan Tourism Group Co., Ltd., holds 296,595,750 shares, accounting for 40.66% of total shares[12] - The company's total equity decreased to ¥4,423,131,619.57 from ¥4,513,681,571.00 year-over-year[19] - Total liabilities decreased to ¥559,133,951.13 from ¥636,396,116.08 in the previous year[19] Visitor Statistics - The number of visitors to the mountain decreased by 34.88% year-on-year, significantly impacting revenue and profit[9] - The total number of visitors to Huangshan Scenic Area was 205,100, a year-on-year decrease of 34.88%[14] Investments and Projects - The company plans to invest approximately RMB 35.14 million in the renovation projects for Pinghu Holiday Hotel and Tangquan Grand Hotel[15][16] - The company acquired a 40.85% stake in Huangshan Liubaili Tea Industry Co., Ltd. for RMB 55.15 million[15] - The company has approved the use of up to RMB 2 billion of idle raised funds for cash management[16] - The company has also approved the use of up to RMB 900 million of idle self-owned funds for cash management[16] Government Support - The company received government subsidies amounting to ¥1,177,668.91, which are closely related to its normal operations[8] Non-Recurring Gains and Losses - The total non-recurring gains and losses amounted to ¥3,457,107.20 after tax adjustments[9]

Visitor Statistics - In Q1 2021, the number of visitors to Huangshan increased to 314,900, a year-on-year increase of 182.29%[6] - The total revenue for the current period reached ¥147,090,427.22, a 110.76% increase compared to ¥69,792,009.71 in the same period last year, primarily due to a 182.29% increase in visitor numbers to the Huangshan scenic area[14] Financial Performance - Operating revenue for Q1 2021 reached RMB 147,090,427.22, representing a 110.76% increase compared to RMB 69,792,009.71 in the same period last year[6] - The net profit attributable to shareholders was a loss of RMB 31,909,189.56, an improvement from a loss of RMB 77,241,228.73 in the previous year[6] - The weighted average return on equity increased by 1.04 percentage points to -0.75% from -1.79% year-on-year[6] - The company anticipates a turnaround in its half-year performance for 2021, expecting to return to profitability compared to the loss in the same period last year, as the domestic COVID-19 situation has improved[15] - The company reported a total comprehensive loss of CNY -30,872,948.60 for Q1 2021, compared to CNY -45,371,041.75 in Q1 2020, indicating a 32.2% improvement[30] Cash Flow and Liquidity - The net cash flow from operating activities improved to -RMB 20,556,141.61 from -RMB 128,502,598.39 year-on-year[6] - Cash inflow from sales of goods and services was 72,622,212.79 RMB, significantly higher than 33,743,043.52 RMB in the same period last year[34] - Total cash inflow from operating activities was 179,806,377.22 RMB, while cash outflow was 200,362,518.83 RMB, resulting in a net cash outflow of 20,556,141.61 RMB[32] - The company reported a total cash and cash equivalents balance of 584,549,849.87 RMB at the end of Q1 2021, down from 1,972,691,242.26 RMB at the beginning of the period[33] Assets and Liabilities - The total assets at the end of the reporting period were RMB 5,054,790,401.00, a 3.29% increase from RMB 4,893,855,661.57 at the end of the previous year[6] - Total liabilities increased to CNY 597,660,577.12 in Q1 2021 from CNY 506,590,171.61 in Q4 2020, representing a rise of about 17.5%[24] - The company's total equity as of March 31, 2021, was CNY 4,171,266,487.52, slightly down from CNY 4,202,139,436.12 at the end of 2020, indicating a decrease of approximately 0.73%[24] - Total current liabilities were CNY 441,357,657.30, slightly down from CNY 446,859,459.72 in Q4 2020, indicating a decrease of about 1.1%[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 54,037[10] - Huangshan Tourism Group Co., Ltd. held 40.66% of the shares, making it the largest shareholder[11] Investment and Subsidiaries - The company established a wholly-owned subsidiary, Huangshan Yundian Investment Management Co., Ltd., with an investment of ¥500 million, which has completed business registration[14] - The company invested 1,360,000,000.00 RMB in Q1 2021, compared to 704,000,000.00 RMB in Q1 2020, indicating a substantial increase in investment activities[35] Financial Standards and Adjustments - The company adopted the new leasing standards effective January 1, 2021, impacting the recognition of right-of-use assets and lease liabilities[40] - The company reported a lease liability adjustment of approximately $97.02 million due to the implementation of the new leasing standard[43] - The implementation of the new leasing standard has impacted the financial statements without retrospective adjustments for prior years[44]

Financial Performance - In 2020, the company's operating revenue was CNY 740,843,191.93, a decrease of 53.89% compared to CNY 1,606,740,374.50 in 2019[21]. - The company reported a loss for the year 2020 due to the impact of the COVID-19 pandemic, leading to no cash dividend distribution or capital reserve transfer to share capital[6]. - The net profit attributable to shareholders of the listed company for 2020 was -46,372,731.00 RMB, a decrease of 113.63% compared to the previous year[22]. - The operating cash flow net amount was -1,035,807.49 RMB, reflecting a decrease of 100.24% year-on-year[22]. - Basic earnings per share for 2020 was -0.06 RMB, down 113.04% from 0.46 RMB in 2019[23]. - The total assets at the end of 2020 were 4,893,855,661.57 RMB, a decrease of 1.49% compared to 4,967,778,433.03 RMB in 2019[22]. - The company experienced a 56.8% year-on-year decline in visitor numbers due to the impact of the COVID-19 pandemic, leading to a significant drop in revenue[23]. - The weighted average return on equity decreased by 9.29 percentage points to -1.05% in 2020 from 8.24% in 2019[23]. - The total revenue for the fourth quarter of 2020 was 286,568,297.40 RMB, showing a recovery compared to earlier quarters[26]. - The net profit attributable to shareholders was -46.3727 million yuan, a decrease of 386 million yuan or 113.63% compared to 2019[39]. - Operating revenue for the period was 740.84 million yuan, down 53.89% from 1.607 billion yuan in the previous year[51]. Risk Management - The company has described potential risks in its annual report, which investors should pay attention to[8]. - The company has a comprehensive risk statement included in the annual report[8]. - The company has not violated decision-making procedures for external guarantees[8]. - The company has not reported any significant changes in its stockholder structure[10]. - The company has maintained a consistent governance structure with all board members present at the board meeting[9]. Community Engagement - The company launched various initiatives to support the community, including donations to Wuhan and providing affordable meals for local residents[40]. - The company reported a total of RMB 97 million in consumption poverty alleviation through purchasing local agricultural products[110]. - The company has helped 13 registered impoverished individuals achieve poverty alleviation through various initiatives[112]. - The company has allocated RMB 10 million for an industry development poverty alleviation project[113]. - The company provided RMB 50,000 worth of advertising space to promote local agricultural products[110]. - The company has established a poverty alleviation leadership group to oversee its initiatives[109]. - The company has committed to continue its poverty alleviation efforts in alignment with local government policies[114]. Strategic Initiatives - The company has been actively involved in setting industry standards for scenic area management, enhancing its operational capabilities[31]. - The company is focused on smart tourism development, including the operation of an official tourism platform and online sales of tourism products[33]. - The company is advancing project construction, including the upgrade of the Paiyun Hotel and the development of new tourist facilities[43]. - The company is actively pursuing its "14th Five-Year" development plan to align with new industry trends and enhance its competitive position[44]. - The company aims to build world-class cultural tourism scenic spots and resorts, focusing on the integration of tourism and culture[74]. - The company plans to expand the Huangshan scenic area and enhance cultural tourism offerings, leveraging its location advantages and market reforms[75]. - The company is committed to enhancing its brand and marketing strategies to strengthen the Huangshan tourism brand[75]. Governance and Compliance - The company has a standard unqualified audit report issued by Rongcheng Accounting Firm[5]. - The company has not reported any significant litigation or arbitration matters during the reporting period[95]. - The company continues to engage the same accounting firm for auditing services, maintaining a long-term relationship[94]. - The company has a diverse board with members holding various positions since April 2018, indicating stability in leadership[129]. - The company has maintained a steady executive team with no significant changes in leadership roles during the reporting period[129]. - The company has a structured approach to executive compensation, aligning interests with shareholder value[129]. - The company’s governance structure complies with the requirements of the China Securities Regulatory Commission[141]. Financial Management - The company has a strong capital position as the only state-controlled listed company in Huangshan, allowing for effective resource integration and regional economic development[37]. - The company has completed strategic resource integration around its core scenic areas, enhancing its competitive advantage in the tourism market[35]. - The company approved a daily related party transaction amounting to a maximum of 39.62 million RMB for 2020, with actual transactions totaling approximately 25.01 million RMB[96]. - The company has invested a total of RMB 941 million in wealth management products using its own funds, with no overdue amounts[101]. - The company has also invested RMB 280 million of raised funds in wealth management products, with no overdue amounts[101]. - The company plans to use up to RMB 3 billion of idle raised funds and up to RMB 10 billion of idle self-owned funds for cash management within one year[106]. Market Trends and Future Outlook - The tourism market in China is expected to reach 10 trillion RMB in consumption during the 14th Five-Year Plan period, driven by mass tourism[73]. - The company plans to expand its market presence by targeting post-pandemic consumer needs in wellness and personalized travel, launching new products like the Huashan Leisure Tourism Resort[77]. - The company is focused on enhancing its organizational structure and governance, including the establishment of various committees to improve decision-making processes[79]. - The company is focused on expanding its market presence and enhancing service offerings through new investments and partnerships[195]. - The company plans to continue expanding its market presence and developing new products to enhance growth prospects[190]. Operational Efficiency - The company is focusing on digital transformation and financial management improvements to enhance operational efficiency[45]. - The company implemented a series of market revitalization measures, including launching ticket exemptions for medical staff and promoting themed activities[42]. - The company is investing 50 million in technology upgrades to improve customer experience and operational capabilities[130]. - The company has undergone significant reforms in organizational structure, compensation, assessment, incentive, and internal control systems[142]. - The company has assessed its ability to continue as a going concern and found no issues affecting its sustainability[197].

Financial Performance - Operating revenue for the first nine months dropped by 63.33% to CNY 454,274,894.53 compared to the same period last year[7]. - Net profit attributable to shareholders was a loss of CNY 47,935,936.75, a decline of 114.27% year-on-year[7]. - The company’s basic earnings per share for the period was -0.0657 CNY, a decrease of 114.34% compared to the previous year[7]. - Total revenue for Q3 2020 was CNY 454,274,894.53, a decrease of 63.33% compared to CNY 1,238,941,195.42 in the same period last year, primarily due to a 64.14% decline in visitor numbers caused by the COVID-19 pandemic[13]. - Total operating revenue for Q3 2020 was approximately ¥254.18 million, a decrease from ¥510.50 million in Q3 2019, representing a decline of about 50%[27]. - Net profit for Q3 2020 was approximately ¥42.70 million, compared to a net profit of ¥177.84 million in Q3 2019, reflecting a decrease of about 76%[28]. - The company reported a total profit of approximately ¥54.38 million for Q3 2020, compared to ¥235.94 million in Q3 2019, a decline of about 77%[28]. - The total comprehensive income for Q3 2020 was approximately -¥152.70 million, compared to -¥11.57 million in Q3 2019, indicating a significant increase in losses[28]. Cash Flow - Cash flow from operating activities showed a negative net amount of CNY 75,719,489.31, a decrease of 120.18% compared to the previous year[7]. - The company reported a net cash outflow from operating activities of CNY -75,719,489.31, a decline of 120.18% compared to CNY 375,139,020.66 in the previous year, mainly due to decreased cash received from sales[14]. - The company’s cash flow from operating activities showed a net outflow of CNY 58,218,653.57 for the first three quarters of 2020, compared to a net inflow of CNY 373,903,964.40 in 2019[34]. - Total cash inflow from operating activities was CNY 350,797,737.73, a decrease of 70.3% from CNY 1,182,990,860.69 in the previous year[34]. - Cash inflow from investment activities totaled CNY 819,137,644.33, compared to CNY 1,062,673,727.69 in the same period last year, reflecting a decrease of 22.9%[33]. - Cash outflow from investment activities was CNY 1,493,497,001.44, down from CNY 2,127,594,750.63 in 2019, resulting in a net cash flow from investment activities of -CNY 674,359,357.11[33]. Assets and Liabilities - Total assets decreased by 3.83% to CNY 4,777,519,090.06 compared to the end of the previous year[7]. - Current assets totaled CNY 2,079,555,061.75, down from CNY 2,210,386,720.24 in 2019, indicating a decrease of about 5.93%[20]. - Total liabilities decreased to CNY 291,208,743.38 from CNY 444,611,728.69, a decline of approximately 34.6%[21]. - The company's equity attributable to shareholders was CNY 4,328,372,835.45, slightly down from CNY 4,359,078,733.18, a decrease of about 0.7%[21]. - Long-term receivables increased by 93.52% to CNY 258,276,790.55, primarily due to loans made to an associated enterprise[12]. - The company reported a significant reduction in accounts receivable by 46.97% to CNY 21,838,735.49 due to decreased business volume from the COVID-19 pandemic[12]. - The company’s fixed assets decreased to CNY 1,457,725,406.33 from CNY 1,506,707,470.73, a decline of approximately 3.2%[20]. - The company’s goodwill increased to CNY 20,619,526.55 from CNY 7,495,748.36, reflecting a growth of approximately 175.0%[20]. Government Support and Future Plans - The company received government subsidies amounting to CNY 9,257,653.12 for the year-to-date, which are closely related to its normal business operations[8]. - The company expects a significant decline in cumulative net profit for the year compared to the previous year due to the ongoing impact of the COVID-19 pandemic[16]. - The company plans to strengthen marketing efforts and control costs to mitigate the adverse effects of the pandemic on its operations[16]. - The company is actively pursuing the comprehensive upgrade of the Huashan Miku Scenic Area and other projects, with expected completion by the end of the year[14]. - The company has adjusted the investment amount for the Huashan Miku Scenic Area upgrade project from CNY 383.1 million to CNY 350 million and has allocated CNY 168.5 million for the new Huahai Art Realm project[15]. Shareholder Information - The number of shareholders totaled 59,671, with the largest shareholder holding 40.66% of the shares[10].