证券代码：603199 股票简称：九华旅游 公告编号：临2025-041 表决结果：5 票同意，0 票反对，0 票弃权。 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")第九届董事会第六次 会议通知于 2025 年 9 月 5 日以专人派送或电子邮件的方式发出。会议于 2025 年 9 月 10 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《关于终止 2025 年度向特定对象发行 A 股股票事项的议案》 综合考虑当前市场环境变化、公司发展规划等因素，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。 本议案已经公司董事会战略委员会、董事会审计委员会、独立董事专门会议 审议通过，同意提交公司董事会审议。 根据公司 2025 年第一次临时股东会 ...

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。现将相关事项公告如下： 关于终止2025年度向特定对象发行A股股票事项的公告 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。 证券代码：603199 股票简称：九华旅游 公告编号：临2025-042 安徽九华山旅游发展股份有限公司 （一）独立董事专门会议意见 一、2025 年度向特定对象发行 A 股股票事项的基本情况 公司分别于 2025 年 5 月 20 日、2025 年 6 月 5 日召开第九届董事会第三次 会议、2025 年第一次临时股东会，审议通过《关于公司 2025 年度向特定对象发 行 A 股股票方案的议案》《关于公司 2025 年度向特定对象发行 A 股股票预案的议 案》等相关议案。 2025 年 6 月 30 日，公司收到上 ...

Group 1 - The company, Jiuhua Tourism (603199.SH), announced the decision to terminate the issuance of A-shares to specific targets for the year 2025 [1] - The company will apply to the Shanghai Stock Exchange to withdraw the related application documents [1]

证券日报网讯 9月8日晚间，九华旅游发布公告称，公司将参加"2025年安徽上市公司投资者网上集体接 待日"。活动时间为2025年9月15日。 （文章来源：证券日报） ...

安徽九华山旅游发展股份有限公司董事会 2025年9月9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。 为进一步加强与投资者的互动交流，安徽九华山旅游发展股份有限公司（以 下简称"公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网 络有限公司联合举办的"2025 年安徽上市公司投资者网上集体接待日"，现将 相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时 公司高管将在线就公司业绩、公司治理、发展战略、经营状况等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 证券代码：603199 股票简称：九华旅游 公告编号：临2025-040 安徽九华山旅游发展股份有限公司 关于参加2025年安徽辖区上市公司投资者 网上集体接待日活动的公告 ...

Core Viewpoint - The domestic service consumption market is undergoing structural changes by 2025, with offline retail, AI applications, and experiential consumption becoming the focal points for investment. The overall growth rate of commodity consumption is slowing, while the service consumption sector shows greater resilience and vitality [1]. Group 1: Offline Retail Restructuring - Instant retail and local life platforms are rapidly developing, leading to accelerated industry consolidation. Major platforms like Meituan, Alibaba, and JD.com are heavily investing in offline retail and delivery channels, creating a new ecosystem of online and offline integration. By 2024, Meituan's instant retail orders are expected to exceed 150 million, with both rider volume and revenue experiencing growth [2]. - The restaurant industry's chain rate continues to rise, with leading companies expanding their market share. By 2024, China's restaurant chain rate is projected to reach 23%, with the mass convenience restaurant market size around 4 trillion yuan. The segment with a customer price of 50-100 yuan is expected to surpass 3.4 trillion yuan by 2028 [2]. - The hotel sector is also undergoing a brand reshuffle, with Huazhu Group operating 12,137 stores and Atour Hotels exceeding 1,800 stores. Mid-to-high-end brands are increasing their market share through continuous upgrades and expansion into lower-tier markets [3]. Group 2: Acceleration of AI Applications - The application of artificial intelligence in the social service industry is advancing. For instance, Keri International's "He Wa" platform operated over 37,000 job postings in the first half of the year, with more than 200,000 recommendations, continuously upgrading its AI recruitment functions [4]. - In the education sector, policies are becoming clearer, with Tianli International Education developing AI companion products deployed in 107 schools nationwide, serving over 250,000 teachers and students, thus promoting digital transformation in K12 and vocational education [4]. - The exhibition industry is also benefiting from AI, with companies like Miao Exhibition leading the way with comprehensive AI exhibition solutions, surpassing pre-pandemic levels in terms of the number of countries, exhibitions, and booth sizes [4]. Group 3: High Prosperity of Experiential Consumption - The cultural tourism and sports industries are core beneficiaries of experiential consumption. In the first half of 2025, domestic travel reached 3.285 billion trips, a year-on-year increase of 20.6%, with total tourism expenditure at 3.15 trillion yuan. Scenic spots like Changbai Mountain and Jiuhua Mountain have seen revenues recover and exceed 2019 levels [5]. - The sports industry is experiencing significant spending increases, with high demand for events, training, and fitness services. Companies like Keep, Inpai, and Lisheng Sports are performing exceptionally well. Emerging demands from lower-tier markets and the elderly population are creating new growth points for service-oriented consumption in cultural tourism and sports [5]. - The report highlights three investment lines in the service consumption sector: offline retail restructuring, AI applications enhancing service efficiency, and the high prosperity of experiential consumption, with companies like Meituan, Alibaba, JD.com, Huazhu Group, and Keep being key focuses [5].

Investment Rating - The report assigns an "Overweight" investment rating to the consumer services industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [34]. Core Views - The consumer services sector has shown a continued upward trend, particularly in the hotel and restaurant segments, likely driven by a recovery in overall market risk appetite. Recent performance reports indicate stabilization in operational metrics for domestic leisure tourism hotels, reflecting an improvement in the economic environment and consumer spending willingness since September 2024. The increase in long-distance travel during the summer season has positively impacted the valuation of the tourism sector [34]. - The total cross-regional passenger flow during the summer transportation period reached 11.697 billion trips, a year-on-year increase of 7%. Among these, road trips accounted for 8.7 billion trips, representing 70% of the total [22][34]. - The report highlights that the overall consumer services industry valuation is expected to continue recovering, supported by enhanced market risk appetite and strengthened policy expectations. Future consumer promotion policies may further boost the sector's outlook [34]. Summary by Sections Market Review - From August 22 to September 4, 2025, the CITIC consumer services industry index rose by 0.89%, underperforming the CSI 300 index by approximately 0.91 percentage points. The increase was primarily driven by strong summer travel data and a recovery in market risk appetite [10][34]. - The tourism and hotel restaurant sectors continued to rise, while the education sector experienced a pullback. The performance of the consumer services sector was mixed, with 34 listed companies achieving positive returns, while 19 companies reported negative returns [11][15][34]. - The overall PE (TTM) for the CITIC consumer services industry was approximately 35.97 times, significantly higher than the previous quarter but still below the average valuation of 46.76 times since 2016 [17][34]. Industry News - Key industry news includes the release of the "2025 Summer Travel Market Report" by Ctrip, indicating that nearly half of domestic travelers opted for long-distance trips during the extended summer period, with a more rational consumption structure emerging [23][34]. - The report also notes that inbound travel orders are experiencing rapid growth, and outbound travel is also showing strong increases, with popular destinations primarily within a three-hour flight radius [23][34]. Company Announcements - The report includes significant announcements from various companies, such as Ctrip's second-quarter net profit of 4.8 billion yuan, reflecting a 16% year-on-year increase in net operating income [24][34]. - Other companies like Zhonggong Education and Shoulu Hotel reported varying financial performances, with some experiencing declines in net profits while others showed growth in revenue [27][28][30][32][33]. Weekly Perspective - The report emphasizes the potential for continued recovery in the consumer services industry, with specific companies recommended for attention, including Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, among others [34][35][37].

Group 1 - The report highlights the structural prosperity of service consumption within the overall consumption landscape, indicating that while overall consumption growth is slowing, service-related consumption is on the rise, with service sector PMI consistently outperforming manufacturing PMI [12][20][23] - The demand side is characterized by three new trends: price-performance ratio, emotional value, and overseas expansion, with the price-performance ratio expected to be a key driver in the Chinese consumption sector [20][23][30] - Emotional and experiential consumption is becoming a focal point for consumers, with the emotional economy projected to reach 23.1 trillion yuan in 2024, indicating a strong demand for content and experience-driven products [23][27] Group 2 - The supply side is witnessing accelerated chain store development and integration of supply chains, with offline consumption becoming increasingly standardized and efficient, particularly in the beverage and hotel sectors [36][41] - Instant retail is identified as a significant growth area for consumption internet platforms, with a projected compound annual growth rate (CAGR) exceeding 20% from 2024 to 2026, indicating a shift towards integrating online and offline retail [60][66] - The report emphasizes the importance of supply chain capabilities in the restaurant and beverage sectors, with stronger supply chain management expected to lead to increased market concentration and competitive advantages for leading brands [52][53] Group 3 - The report identifies three main investment themes: the reshaping of offline business models, the application of AI to enhance service efficiency, and the high demand for experiential consumption in tourism and sports [7][8][54] - In the offline business model reshaping, companies like Meituan, Alibaba, and JD.com are recommended for their roles in the rapid growth of instant retail and their strategic expansions into offline retail [8][60][78] - The application of AI is seen as a transformative force across various sectors, enhancing efficiency in human resources, education, and exhibition services, with companies like Keri International recommended for investment [54][54]

Core Viewpoint - The company, Anhui Jiuhua Mountain Tourism Development Co., Ltd., will hold a half-year performance briefing for 2025 on September 11, 2025, to discuss its operational results and financial status with investors [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 11, 2025, from 9:00 to 10:00 AM [1][2]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2]. - Investors can submit questions from September 4 to September 10, 2025, through the Roadshow Center website or via the company's email [3]. Group 2: Participants and Contact Information - Key participants include the Chairman, Mr. Gao Zhengquan, Independent Director, Mr. Shi Jianshe, and the Vice General Manager and Financial Officer, Mr. Zhang Xianjin [2]. - For inquiries, investors can contact Mr. Yu Changhai at phone number 0566-5578829 or via email at jhgf@jiuhuashan.cc [3]. Group 3: Post-Meeting Information - After the briefing, investors can access the meeting details and main content through the Shanghai Stock Exchange Roadshow Center [3].

Group 1 - The company, Jiuhua Tourism (603199), announced that it will hold a half-year performance briefing on September 11, 2025, from 9:00 to 10:00 AM [1]