(一)股东大会类型和届次 2024年年度股东大会 证券代码：600054 证券简称：黄山旅游 公告编号：2025-026 900942 黄山 B 股 黄山旅游发展股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 30 日 9 点 00 分 召开地点：安徽省黄山市屯溪区徽州大道 1 号黄山昱城皇冠假日酒店一楼会 议室 股东大会召开日期：2025年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 至2025 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-025 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届监事会第八次会议决议公告 2025 年 4 月 30 日 1 / 1 黄山旅游发展股份有限公司（以下简称"公司"）第九届监事会第八次会议 通知于 2025 年 4 月 19 日以书面送达、传真或者电子邮件等方式发出，会议于 2025 年 4 月 29 日以通讯表决方式召开。本次会议应出席监事 3 名，实际出席监 事 3 名。本次会议由公司监事会主席方卫东先生召集并主持。本次会议的召开符 合《公司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2025 年第一季度报告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为：公司 2025 年第一季度报告的内容和格式符合中国证监会及上 海证券交易所的各项规定，所包含的信息能够从各方面真实地反映出公司 2025 年第一季度的经营成果和财务状况等事项；报告的编制和审议程序符合有关法律 法规、规范性文件、《公司章程》和公司内部管理制度的各项规定；监事会未发 现参与一季报编制 ...

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-024 900942(Ｂ股) 黄山Ｂ股(Ｂ股) 黄山旅游发展股份有限公司 第九届董事会第十一次会议决议公告 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。 黄山旅游发展股份有限公司（以下简称"公司"）第九届董事会第十一次会 议通知于 2025 年 4 月 19 日以书面送达、传真或者电子邮件等方式发出，会议于 2025 年 4 月 29 日以通讯表决方式召开。本次会议应出席董事 9 名，实际出席董 事 9 名。本次会议由公司董事长章德辉先生召集并主持。本次会议的召开符合《公 司法》和《公司章程》的有关规定。本次会议审议情况如下： 一、审议通过了《公司 2025 年第一季度报告》； 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会审议通过。 报告全文详见上海证券交易所网站（www.sse.com.cn）。 二、审议通过了《关于公司高管 2025 年度绩效考核指标的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 ...

Group 1 - The core viewpoint of the article highlights Huangshan Tourism's financial performance in the first quarter of 2025, showcasing significant growth in both revenue and net profit [1] Group 2 - The company's revenue for Q1 2025 reached 403 million yuan, representing a year-on-year increase of 19.79% [1] - The net profit for the same period was 36.895 million yuan, reflecting a year-on-year growth of 44.69% [1]

Investment Rating - The investment rating for Jiuhuashan Tourism is "Outperform" with a target price of RMB 48.50, indicating a positive outlook for the stock [4][11]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of RMB 235 million, representing a year-on-year increase of 30.1%, and net profit attributable to shareholders of RMB 69 million, up 31.8% year-on-year [11][12]. - The company aims to enhance its capacity and aims for a revenue target of RMB 840 million and a profit of RMB 205 million by 2025, focusing on building a regional tourism complex and leveraging strategic opportunities in the Yangtze River Delta [12][13]. Financial Summary - Revenue projections for Jiuhuashan Tourism are as follows: - 2023: RMB 724 million - 2024: RMB 764 million (+5.6%) - 2025: RMB 831 million (+8.7%) - 2026: RMB 892 million (+7.3%) - 2027: RMB 943 million (+5.8%) [3][6] - Net profit attributable to shareholders is projected to grow significantly: - 2023: RMB 175 million - 2024: RMB 186 million (+6.5%) - 2025: RMB 215 million (+15.3%) - 2026: RMB 240 million (+12.0%) - 2027: RMB 263 million (+9.6%) [3][6]. Business Performance - The company reported divergent business performance in 2024: - Hotel revenue: RMB 237 million (+1.1%), gross profit margin (GPM) 14.1% (-2.4ppts) - Cable car revenue: RMB 293 million (-0.6%), GPM 86.0% (+0.02ppts) - Passenger transport revenue: RMB 159 million (+31.2%), GPM 52.4% (+3.8ppts) - Travel agency revenue: RMB 62 million (-7.5%), GPM 13.0% (+3.6ppts) [12][13]. Strategic Initiatives - The company is focusing on enhancing its brand and digital capabilities, leveraging its Buddhist cultural resources to promote new brands like "New Anhui Cuisine" and developing digital platforms for improved customer experience [12][13].

Core Viewpoint - The domestic tourism market in China is experiencing a significant recovery and is expected to enter a new prosperous development cycle in 2024, driven by favorable policies, improved supply, and increased travel willingness. Key indicators such as total tourism expenditure and number of domestic travelers have surpassed or approached 2019 levels [1][16]. Industry Overview - China's tourism industry is one of the largest and fastest-growing markets globally, with tourism becoming a popular lifestyle choice among the populace [1][16]. - The industry has undergone three main phases: the golden age of inbound tourism in the 1980s, the rise of mass tourism in the late 1990s, and the integration of cultural tourism since 2018 [7]. Current Market Data - In 2024, the total number of domestic travelers is projected to reach 5.615 billion, an increase of 724 million from 2023, representing a year-on-year growth of 14.8% [1][16]. - Domestic tourism expenditure is expected to reach 5.75 trillion yuan, an increase of 840 billion yuan from 2023, with a year-on-year growth of 17.1% [1][16]. Policy Support - The Chinese government is actively promoting the tourism sector through various policies aimed at enhancing infrastructure, digital services, and cultural tourism experiences [8][9]. - Initiatives include improving mobile network coverage in key tourist areas and implementing cultural and tourism consumption action plans [8][9]. Industry Structure - The tourism industry encompasses a wide range of sectors, including transportation, accommodation, dining, shopping, and entertainment [12]. - The industry is characterized by a large number of players, with companies categorized into three tiers based on revenue, with the top tier exceeding 2 billion yuan [22]. Key Companies - Major companies in the tourism sector include China Youth Travel Service, Songcheng Performance Development, and others, with varying revenue levels and business focuses [24][26]. - For instance, China Youth Travel Service reported a revenue of 9.957 billion yuan in 2024, reflecting a growth of 3.34% [24]. Future Trends - The tourism industry is expected to accelerate its digital transformation, incorporating technologies such as AI and big data to enhance customer experiences and operational efficiency [28]. - There is a growing demand for immersive experiences and cultural integration in tourism, with a shift from sightseeing to deeper engagement with local cultures [29]. - Sustainability will become a key focus, with an emphasis on eco-friendly practices and low-carbon tourism options [30].

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - In 2024, the company achieved operating revenue of 1.931 billion, a year-on-year increase of 0.09%, and a net profit attributable to the parent company of 317 million, a year-on-year decrease of 18.95%. The company is expected to benefit from improved transportation conditions and hotel project renovations, leading to stable revenue growth [2][6]. - The opening of the Chi-Huang high-speed railway in 2024, along with improved weather conditions, is anticipated to further increase visitor traffic to the mountains. Upgrades to hotels are expected to enhance both volume and pricing [2][6]. - Projected net profits for 2025-2027 are estimated at 377 million, 415 million, and 449 million, respectively, with corresponding price-to-earnings ratios of 23, 21, and 19 [2][6]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 519 million, a year-on-year increase of 4.93%, and a net profit of 45 million, marking a return to profitability [6]. - The total number of visitors to the scenic area reached 4.9224 million, a year-on-year increase of 7.6%, while the cable car service transported 9.8149 million visitors, up 3.25% year-on-year [12]. - The decline in profit despite increased visitor numbers was attributed to a decrease in ticket prices, adverse weather conditions, and increased depreciation from new investments [12]. Cost and Profitability - Operating costs increased by 4.98% year-on-year, outpacing revenue growth, primarily due to new investment projects still in the cultivation phase, leading to a gross margin of 51.78%, down 2.24 percentage points [12]. - The company's net profit margin decreased by 6.03 percentage points to 17.61% due to rising costs and increased expense ratios [12]. Business Segments - Revenue from the scenic area business declined by 9.22%, while hotel and cable car businesses saw increases of 2.55% and 1.02%, respectively. The decline in scenic area revenue was mainly due to lower ticket prices [12]. - The company is undertaking several renovation and investment projects, including a 150 million upgrade to the Huangshan International Hotel and a joint venture to develop a cultural performance project [12]. Future Outlook - The company is expected to benefit from multiple favorable factors, including improved transportation and hotel renovations, leading to steady revenue growth. Visitor traffic is projected to increase with the opening of the Chi-Huang high-speed railway [2][12].

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 关注五一旅游出行高峰，景区公司天气全梳 理 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 04 月 28 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 商贸零售 沪深300 相关研究 《酒店集团业绩显著复苏， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][7] Core Views - The company's performance in 2024 is under pressure due to multiple factors, but medium to long-term project developments are expected to boost the scenic area capacity and enhance business synergy [5][10] - The company achieved a revenue of RMB 1.931 billion in 2024, a slight increase of 0.09% year-on-year, while the net profit attributable to shareholders decreased by 25.51% to RMB 315 million [5][10] - The report anticipates a recovery in tourist growth and potential increases in capacity from both mountain and valley projects [10] Financial Summary - The company is projected to implement new regulations for paid use of scenic resources from 2025 to 2026, with adjusted EPS estimates of RMB 0.47, 0.54, and 0.63 for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25.4, 22.0, and 19.0 [7][9] - The main revenue sources and their growth rates are as follows: - Main revenue: RMB 1,931 million in 2024, with a growth rate of 0.1% - EBITDA: RMB 788 million in 2024, with a decrease of 7.9% - Net profit: RMB 315 million in 2024, with a decrease of 25.5% [9][10] - The report highlights that the company’s revenue from ticket sales decreased due to various discount policies, while the cable car business showed stable growth [10]

证券代码：600054(Ａ股) 股票简称：黄山旅游(Ａ股) 编号：2025-023 900942(Ｂ股) 黄山Ｂ股(Ｂ股) ● 会议召开时间：2025 年 5 月 7 日（星期三）上午 10:00-11:00。 ● 会议召开地点：全景网"投资者关系互动平台"（https://ir.p5w.net）。 ● 会议召开方式：本次业绩说明会将通过网络互动方式召开。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 7 日（星期三）上午 10:00-11:00。 黄山旅游发展股份有限公司 关于召开 2024 年年度暨 2025 年第一季度 业绩说明会的公告 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。 重要内容提示： ● 投资者可于2025年5月5日（星期一）下午16:00前访问https://ir.p5w.net/zj/， 或扫描下方二维码，进入问题征集专题页面进行提问。公司将在 2024 年年度暨 2025 年第一季度业绩说明会上对投资者普遍关注的问题进行回答。 黄山旅游发展股份有限公司（以下简称"公司"）已于 ...