Group 1: Tourism Industry - The overall performance of the tourism industry is stable but shows signs of divergence, with growth expected to continue slowing down [1][2] - Domestic travel is experiencing stable growth in visitor numbers, but consumer spending power remains insufficient; cross-border travel is benefiting from visa-free policies and improved capacity [2] - The upcoming long holiday during the Spring Festival in 2026 and the gradual implementation of spring and autumn holidays are expected to boost travel enthusiasm [2] Group 2: Hotel Industry - The hotel industry continues to face pressure, with supply-side expansion leading to increased market competition [3] - Demand remains unfulfilled, and corporate cost control measures are in place, resulting in an average market sentiment [3] - Profit growth for hotel companies is primarily driven by cost reduction and quality improvement, with a recovery in industry sentiment needed for further profit release [3] Group 3: Restaurant Industry - The restaurant market is experiencing a slowdown in growth due to various factors affecting consumer spending [4] - Competition is shifting from price wars to more rational approaches, with average spending per customer stabilizing [4] - Companies need to focus on improving their operational efficiency to navigate the current market conditions [4] Group 4: Duty-Free Industry - The duty-free sector is showing marginal improvements in industry sentiment, with sales growth turning positive in September 2025 [5] - The upcoming closure of Hainan Island is expected to enhance the advantages of duty-free operators, benefiting from free trade port policies [5] - The expansion of visa-free policies and the recovery of international flight capacity are driving growth in international customer traffic [5] Group 5: Human Resources Industry - The human resources industry is maintaining growth, driven by flexible employment and outsourcing [6] - Despite a lack of confidence in the recruitment market, key companies are performing well in outsourcing and flexible employment sectors [6] - Future revenue growth will depend on the operational efficiency of companies [6] Group 6: Exhibition Industry - The exhibition sector is experiencing performance divergence, with domestic exhibitions benefiting from an improving business environment [7] - Companies should focus on stable growth in internal business and actively engage in emerging industries [7] - International exhibitions face challenges due to geopolitical instability, requiring careful monitoring [7]

Group 1 - The report maintains a "stronger than market" rating for the social service sector, highlighting the recovery of service consumption as a new engine for expanding domestic demand, supported by continuous policy benefits [2][3][17] - The report emphasizes the importance of optimizing the holiday system to stimulate travel demand, with the upcoming long Spring Festival holiday expected to enhance travel willingness and extend travel distances [37][38] Group 2 - In the tourism sector, domestic travel continues to grow, with 888 million domestic trips taken during the National Day and Mid-Autumn Festival holidays, reflecting a 1.6% year-on-year increase, although per capita spending remains under pressure [23][27] - The cross-border travel market is heating up due to visa-free policies and improved flight capacity, with 1.78 billion inbound and outbound travelers recorded in Q3 2025, a 12.9% year-on-year increase [27][29] - The report suggests focusing on companies with clear long-term growth logic and project reserves, such as Changbai Mountain, Huangshan Tourism, and Lijiang Co., while also highlighting the potential of travel agencies like Lingnan Holdings and Zhongxin Tourism [40] Group 3 - The hotel industry is currently under pressure, with demand yet to be fully released, and companies are focusing on cost control and efficiency improvements to sustain profit growth [5][14] - The restaurant sector is experiencing a slowdown in market growth, with competition becoming more rational, leading to a stabilization in average spending per customer [5][17] - The duty-free industry shows signs of marginal recovery, with sales in Hainan's offshore duty-free market turning positive year-on-year, benefiting from the upcoming closure of Hainan Island and the advantages of duty-free licenses [5][19] Group 4 - The human resources service industry continues to grow, driven by flexible employment and outsourcing, although overall recruitment confidence remains low [5][23] - The exhibition industry is expected to benefit from a warming business environment, while international exhibitions need to be monitored due to geopolitical changes [5][23]

Core Viewpoint - Several tourism and hospitality companies are increasingly focusing on shareholder engagement through various promotional activities, aiming to enhance brand loyalty and market presence while potentially boosting stock prices [2][4][5]. Group 1: Shareholder Engagement Activities - Emei Mountain Tourism Co., Ltd. announced that shareholders holding over 500 shares can enter the Emei Mountain scenic area for free, with the offer valid from December 1, 2025, to January 31, 2026, excluding national holidays [2]. - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. launched a shareholder reward program, which led to a significant stock price increase on the announcement day, demonstrating the potential short-term impact of such initiatives on stock performance [4][5]. - Other companies, including Huangshan Tourism and Emei Mountain A, experienced similar stock price increases on the days their shareholder reward programs were initiated [5]. Group 2: Marketing and Brand Strategy - The activities are seen as marketing strategies that not only aim to stimulate stock prices but also enhance brand visibility and shareholder engagement [5][6]. - The initiatives are designed to transform shareholders into "experiential shareholders," reducing barriers for younger investors and fostering long-term loyalty among smaller shareholders [5][6]. - Xiangyuan Cultural Tourism emphasizes the importance of creating a dual-value loop between shareholders and consumers, indicating a shift from competition based on scale to a focus on user value [6][12]. Group 3: Future Directions and Innovations - Xiangyuan Cultural Tourism plans to implement a comprehensive rights system for shareholders, integrating various consumer experiences such as tickets, accommodation, and dining into a unified rewards program [12]. - The company aims to enhance customer experiences through innovative offerings, including immersive night tours and personalized travel packages, to deepen emotional connections with users [12]. - The strategy reflects a broader trend in the tourism industry, where companies are leveraging shareholder engagement as a means to drive customer loyalty and market growth [12].

Core Viewpoint - The company has decided to abolish the supervisory board and amend its articles of association to enhance corporate governance and operational efficiency, aligning with the latest legal regulations and the company's actual situation [1][2][27]. Group 1: Supervisory Board Cancellation - The supervisory board will be canceled, and its functions will be transferred to the audit committee of the board of directors, in compliance with relevant laws and regulations [2][27]. - The decision to cancel the supervisory board was unanimously approved by the supervisory board and the board of directors, with all votes in favor [2][6]. - The supervisory board will continue to fulfill its supervisory duties until the shareholders' meeting approves the cancellation [2][27]. Group 2: Amendments to Articles of Association - The company will revise certain provisions of its articles of association to improve governance and operational standards, including increasing the board of directors from 9 to 11 members, with 4 independent directors and 7 non-independent directors [29]. - The term "shareholders' meeting" will be changed to "shareholders' assembly" throughout the articles of association [29]. - The articles will no longer mention the supervisory board, and related terms will be removed [29]. Group 3: Governance System Revisions - Several governance documents, including the rules for shareholders' meetings and board meetings, will be revised to align with the changes in the articles of association [8][10][11][12][13][14][15][18]. - The company will also abolish the original cumulative voting system implementation rules and integrate them into the articles of association [29]. Group 4: Independent Director Nomination - The board has nominated Liu Zhaohui as an independent director candidate, pending approval from the shareholders' meeting [20][21]. - The independent director candidate meets all qualifications and has no disqualifying conditions as per relevant laws and regulations [20]. Group 5: Upcoming Shareholders' Meeting - The company plans to hold its second extraordinary shareholders' meeting of 2025 to discuss the proposed changes [22][23].

黄山旅游发展股份有限公司 董事会审计委员会工作细则 （2025 年 12 月修订） 第一章 总则 第二章 人员组成 第三条 审计委员会成员由 3 名董事组成，其中独立董事应当过半数，且至 少有 1 名独立董事为会计专业人士。审计委员会的成员应当为不在公司担任高级 管理人员的董事。董事会成员中的职工代表可以成为审计委员会成员。 审计委员会成员应当勤勉尽责，切实有效地监督、评估公司内外部审计工作， 促进公司建立有效的内部控制并提供真实、准确、完整的财务会计报告。 审计委员会成员应当具备履行审计委员会工作职责的专业知识、工作经验和 良好的职业操守，保证足够的时间和精力履行委员会的工作职责。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一以上提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）1 名，由会计专业人士的独立董 事委员担任，负责主持委员会工作；主任委员在委员内选举，并报请董事会批准 1 产生。 第一条 为强化黄山旅游发展股份有限公司（以下简称公司）董事会决策功 能，做到事前审计、专业审计，确保董事会对经理层的有效监督，完善公司治理 结构，根据《中华人民共和国公司 ...

黄山旅游发展股份有限公司 独立董事工作制度 （2025 年 12 月修订） 第一章 总则 第一条 为进一步完善黄山旅游发展股份有限公司（以下简称公司）治理结 构，规范独立董事行为，充分发挥独立董事在公司治理中的作用，促进提高公司 质量，保护公司和投资者合法权益，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司独立董事管理办法》（以下简称《独立董事管理办法》） 《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》等相关法律法规、规范性文件及《黄山旅游发展股份有限公司 章程》（以下简称《公司章程》）的规定，制订本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律法 规、中国证券监督管理委员会（以下简称中国证监会）和上海证券交易所规定以 及《公司章程》的规定，认真履行职责，在公司董事会中发挥参与决策、监督制 衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第四条 公司 ...

黄山旅游发展股份有限公司 关联交易管理制度 （2025 年 12 月修订） （二）对外投资（含委托理财等）； （三）提供财务资助（含有息或者无息借款、委托贷款等）； （四）提供担保； （十九）中国证券监督管理委员会（以下简称中国证监会）、上海证券交易 所认定的其他交易。 第一章 总则 第一条 为进一步规范黄山旅游发展股份有限公司（以下简称公司）关联交 易行为，提高公司规范运作水平，保护公司和投资者合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上海 证券交易所股票上市规则》（以下简称《股票上市规则》）、《上海证券交易所上市 公司自律监管指引第 5 号——交易与关联交易》等相关法律法规、规范性文件及 《黄山旅游发展股份有限公司章程》（以下简称《公司章程》）的规定，制定本制 度。 第二条 公司关联交易行为应当定价公允、审议程序合规、信息披露规范。 第三条 公司关联交易行为应当遵循公开、公平、公正的原则，关联交易的 价格原则上不能偏离市场独立第三方的价格或收费的标准。公司应当保证关联交 易的合法性、必要性、合理性和公允性，保持公司的独立性，不得利用关联交易 调节财务指标 ...

黄山旅游发展股份有限公司 股东会议事规则 （2025 年 12 月修订） 第一章 总则 第一条 为进一步规范黄山旅游发展股份有限公司（以下简称公司）股东会 的组织和行为，保证股东会依法行使职权，保护公司和全体股东合法权益，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》）、《上市公司治理准则》《上市公司股东会规则》《上 海证券交易所股票上市规则》等相关法律法规、部门规章、规范性文件以及《黄 山旅游发展股份有限公司章程》（以下简称《公司章程》）的规定，制定本规则。 第二条 公司应当严格按照法律法规、部门规章、规范性文件、《公司章程》 及本规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会由全体股东组成。股东会是公司的权力机构，股东会应当在 《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现下列 ...

（2025 年 12 月修订） 第一章 总则 第一条 为进一步完善黄山旅游发展股份有限公司（以下简称公司）法人治 理结构，充分发挥独立董事在公司治理中的作用，保护公司和中小股东合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事 管理办法》《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》等相关法律法规、规范性文件及《黄山旅游发展股 份有限公司章程》（以下简称《公司章程》）的规定，制订本制度。 第二条 独立董事专门会议是指全部由公司独立董事参加的会议。 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判 断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律法 规、中国证券监督管理委员会（以下简称中国证监会）和上海证券交易所规定以 及《公司章程》的规定，认真履行职责，在公司董事会中发挥参与决策、监督制 衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第二章 职责权限 黄山旅游发展股份有限公司 独立董事专门会议工作制 ...

黄山旅游发展股份有限公司 董事会议事规则 （2025 年 12 月修订） 第一条 为进一步规范黄山旅游发展股份有限公司（以下简称公司）董事会 的议事方式和决策程序，促使董事和董事会有效履行职责，提高董事会规范运作 和科学决策水平，保护公司和全体股东合法权益，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》《上市公司治理准则》《上 海证券交易所股票上市规则》（以下简称《股票上市规则》）等相关法律法规、 部门规章、规范性文件以及《黄山旅游发展股份有限公司公司章程》（以下简称 《公司章程》）的规定，制定本规则。 第二条 董事会是股东会的常设执行机构及公司经营管理的决策机构，维护 公司和全体股东的利益，在《公司章程》和股东会的授权范围内，负责公司发展 目标和重大经营活动的决策，对股东会和全体股东负责，执行股东会的决议。 第三条 董事会下设董事会办公室，处理董事会日常事务。 董事会设董事会秘书，分管董事会办公室，对董事会负责。 董事会办公室在董事会秘书领导下处理董事会的组织和协调工作，包括安排 会议议程、准备会议文件、组织会议召开、负责会议记录以及会议决议、纪要的 起草工作等董事会日常事务 ...