Core Points - The company announced a cash dividend distribution of 0.07 yuan per share (including tax) for A shares [1] - The total cash dividend to be distributed amounts to 50,668,800 yuan based on a total share capital of 723,840,000 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 29, 2025 [1] Dividend Distribution Dates - The record date for the dividend is May 21, 2025, with the last trading date on May 22, 2025, and the ex-dividend date also on May 22, 2025 [1] Taxation on Dividends - Individual shareholders holding shares for over one year will not be subject to personal income tax on the cash dividend, resulting in an actual distribution of 0.07 yuan per share [2] - For shares held for one month or less, a 20% tax applies; for shares held between one month and one year, a 10% tax applies [3] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net distribution of 0.063 yuan per share after tax [4]

央视网消息：今年以来，我国国际航线网络不断完善。截至目前，通航国家数量已达到79个，国际航班量和旅客量进一步增 加。与此同时，随着出入境等利好政策的不断加持，我国入境游迎来爆发式增长。 我国通航国家达79个 国际航线不断拓展 除了北上广深等机场外，部分支线机场的国际航线也在不断增加，让更多有支线机场的城市受到国际游客的青睐，也进一步推 升了当地的旅游收入。3月，大理机场开通往返胡志明市航线；4月，黄山机场开通往返韩国釜山航线。越来越多的外籍游客选择"打 飞的"到中国不同的城市看山看海，从"过境游"延伸为"深度游"。在湖南张家界协和乡的一家民宿客栈，10多位境外游客正惬意地享 受中国土家菜肴，来自波兰的游客维亚德雷克一家已经在客栈住了3天。 今年2月，张家界新开马来西亚槟城直飞航线，3月新开马来西亚沙巴直飞航线。数据显示，今年以来，张家界荷花国际机场国 际旅客吞吐量达15.2万人次，同比增长7.64%。 民航局数据显示，截至目前，中外航司执行国际客运航班周均达6428班，比去年同期增长25.4%。我国与共建"一带一路"国家间 航班量份额也稳步提高，目前，航班量占比达到约72%。此外，今年以来，我国国际航线网络不 ...

Group 1: Industry Overview - The early tea industry in Wuzhong has developed into a comprehensive industrial cluster integrating dining, tourism, culture, and leisure, attracting 3.25 million visitors and generating sales of 826 million yuan during the 2024 Wuzhong Early Tea Food Culture Festival [1] - The early tea industry has become a significant brand and economic engine for local development in Wuzhong, with over 780 registered early tea shops generating an annual output value exceeding 1.5 billion yuan [4] Group 2: Financial Support and Development - The People's Bank of China Wuzhong Branch has prioritized financial support for the early tea industry, launching initiatives to assist small businesses and individual entrepreneurs, resulting in a loan balance of 640 million yuan for the early tea industry, a year-on-year increase of 22.2% [2] - Financial institutions have developed specialized loan products such as "Early Tea Business Loans" and "Ning Shang Quick Loans" to support the entire supply chain of the early tea industry [2] - As of April 2025, Wuzhong banks have provided financial support to 2,175 early tea industry entities, with a total loan balance of 43.73 million yuan, reflecting a year-on-year growth of 5.57% [6] Group 3: Case Studies of Financial Impact - Ningxia Zhonghua Snow Food Technology Co., a key supplier in the early tea industry, received a credit line of 50 million yuan from Ningxia Bank to stabilize its supply chain, ensuring the smooth operation of the early tea industry [3] - The owner of Chenzi Beef Noodle Restaurant successfully expanded his business with the help of a 1 million yuan loan from Wuzhong Rural Commercial Bank, which allowed him to renovate his shop and purchase quality ingredients [5] - Li Haiyan, owner of a well-known early tea shop, quickly obtained a 100,000 yuan loan through the Industrial and Commercial Bank of China’s mobile banking app, demonstrating the efficiency of financial services in supporting local businesses [7]

Group 1: Corporate Changes - Zhang Haochuan resigned as Vice President of China Merchants Securities for personal reasons, effective May 12, with his term originally set to end on January 18, 2027 [1] - Nissan is reportedly planning to lay off an additional 10,000 employees, bringing the total layoffs to approximately 20,000, which accounts for about 15% of the group's total workforce [4] Group 2: Financial Performance - Xiantan Co. reported chicken product sales revenue of 447 million yuan in April 2025, a year-on-year increase of 0.44% [1] - Zhongyuan Expressway announced toll revenue of 348 million yuan for April 2025 [2] Group 3: Strategic Partnerships and Innovations - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots [3] - Midea Group and Xideli Group reached a strategic cooperation agreement, which includes Midea acquiring Xideli's existing business in China [8] Group 4: Market Trends and Developments - Xiaomi's SU7 became the best-selling model in the segment priced above 100,000 yuan in April 2025, with sales of 28,585 units [4] - Alipay launched a new voice call feature that displays the real name of the other party during calls, enhancing user privacy and security [10] Group 5: Economic and Trade Relations - The recent China-US economic talks resulted in significant tariff reductions, with the US canceling 91% of additional tariffs and China reciprocating with similar measures [11]

? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 05 月 14 日（星期三）至 05 月 20 日（星期 二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jhgf@jiuhuashan.cc 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 安徽九华山旅游发展股份有限公司（以下简称"公司"）已于 者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公 司计划于 2025 年 05 月 21 日（星期三）09:00-10:00 举行 2025 年 第一季度业绩说明会，就投资者关心的问题进行交流。 证券代码：603199 证券简称：九华旅游 公告编号：临 2025-019 安徽九华山旅游发展股份有限公司 关于召开 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： ? 会议召开时间：2025 年 05 月 21 日（星期三）09:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： h ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]

Group 1 - The core viewpoint of the article is the introduction of a three-year action plan (2025-2027) by the Hainan provincial government to promote high-quality brand development, aiming to cultivate a number of Hainan famous products, Chinese fine products, and world-class products [1] - The plan includes enhancing the brand image of Hainan's industries by 2027, focusing on creating a distinctive and advantageous brand identity for Hainan's industries [1] - The action plan aims to strengthen the competitiveness of Hainan as an international tourism consumption center and develop regional public brands in the consumption sector [1] Group 2 - The plan emphasizes the development of advanced manufacturing brands in sectors such as digital economy, aerospace, biomedicine, petrochemical new materials, and marine equipment manufacturing, aiming to cultivate internationally recognized and nationally leading high-value brands [2] - The tourism service brand will be enhanced by promoting the image of Hainan as a "sunshine paradise" and developing new tourism identities such as "cool island" [2] - The plan encourages the creation of independent brands in the productive service industry and aims to establish a brand value evaluation mechanism with Hainan characteristics [2] Group 3 - The action plan also focuses on revitalizing time-honored brands by improving the recognition standards and encouraging collaboration between schools and enterprises to promote traditional craftsmanship [3] - It aims to deeply explore the cultural connotations of time-honored brands and integrate Hainan's unique culture into brand development [3]

Core Insights - The article highlights the transformation of the cliff village in Sichuan, where residents have transitioned from a life of poverty to one with improved living standards and economic opportunities through various initiatives, including tourism and agriculture [13][30][31]. Group 1: Economic Development - The cliff village has seen significant changes in income, with the average income reaching 19,000 yuan in 2022, more than tripling since 2019 [30]. - The introduction of olive cultivation has become a major source of income, with the village generating approximately 300,000 yuan from olive sales in the previous year and expecting 400,000 yuan this year [29]. - The "Sky Valley" tourism project, with a total investment of 330 million yuan, is expected to provide annual dividends of no less than 380,000 yuan to the village collective once fully operational [31]. Group 2: Community and Lifestyle Changes - Residents have adapted to urban life, with community activities fostering social connections, and the establishment of a WeChat group to maintain ties with their roots [26][18]. - The opening of a restaurant by former villagers in the county has allowed them to sell local goat meat at a premium price, enhancing their economic prospects [20][23]. - Young people who received education are returning to the village, contributing to the tourism industry and bringing new skills [32][33]. Group 3: Agricultural Innovations - The village has shifted its focus from traditional livestock farming to more lucrative crops like olives, which have become the primary agricultural income source [28]. - The establishment of a cooperative for goat farming has increased the annual output to 300-400 goats, improving the bargaining power of villagers in the market [23]. Group 4: Infrastructure and Services - The transition to new housing has required significant adjustments, with initial challenges in using modern amenities like locks and appliances [36][42]. - Training programs have been implemented to help residents adapt to their new living conditions, resulting in a noticeable decrease in service requests over time [42][43].

Core Points - The main event for "5·19 China Tourism Day" is taking place in Ningbo, featuring a series of countdown activities leading up to the event [1] - The event includes a focus on educational travel, emphasizing experiential learning outside the classroom [1] Group 1: Educational Travel Promotion - The "Learning in Ningbo - Zhenhai Study Day" will kick off with a promotional event at Ningbo Botanical Garden [1] - Four study tour routes have been designed to connect Zhenhai's natural scenery and cultural heritage, allowing children to learn through interactive experiences [4] - The program targets children aged 8-12, aiming to foster innovation and teamwork through immersive experiences in nature [7] Group 2: Featured Study Tour Routes - Route 1: Ningbo Botanical Garden, where children can explore the "Andes Secret Realm" pineapple exhibition and learn about botany [4] - Route 2: Jiulong Lake, offering a hiking experience with panoramic views from the 368-meter high Jiulong Peak [5] - Route 3: Zhaobao Mountain, featuring historical sites and a maritime museum that highlights Ningbo's role in the Maritime Silk Road [6] - Route 4: Yongwang Village, a rural area that provides a unique learning journey connecting urban and rural experiences [4][6]

Group 1 - The Beijing Activity Week for the 2025 Osaka World Expo successfully concluded, featuring over 20,000 attendees and more than 10 events, showcasing Beijing's openness and inclusivity to the world [1] - The event included hands-on experiences with traditional Chinese crafts, such as the making of Chinese brushes, attracting international visitors and promoting cultural exchange [3][5] - A significant highlight was the introduction of the "Chuangyou Tong" innovative scheme, which combines communication and payment services, aimed at enhancing the travel experience for international tourists in Beijing [8] Group 2 - The Beijing Cultural and Tourism Bureau reported a 11.2% year-on-year increase in Japanese tourist arrivals in the first quarter, with expectations of 1.2 million Chinese tourists visiting Japan this year, indicating strong bilateral tourism potential [9] - The "Invest in Beijing, Win Together" promotional event showcased Beijing's favorable business environment and attracted foreign investment through various agreements and collaborations [11] - Multiple international cooperation agreements were signed during the event, including partnerships between Beijing's trade promotion agency and Japan's international trade association, enhancing cross-border business relations [12][14]