Company Overview - Shouxihu, a company listed on the New Third Board, plans to issue H-shares in Hong Kong, becoming the second New Third Board tourism enterprise to do so after Yanjing Shares [1] - Established in 2006, Shouxihu primarily offers various types of water sightseeing services based on high-quality tourism resources in Yangzhou, including the Shouxihu Scenic Area and the Grand Canal [1] - The company is the only water sightseeing service provider in Yangzhou and holds exclusive operating rights for water sightseeing services in the Shugang-Shouxihu Scenic Area [1] Financial Performance - Shouxihu's revenue has fluctuated significantly in recent years, with a reported revenue of 112 million yuan in the previous year, of which 96.04 million yuan came from boat ticket sales [1] - In 2017, when the company entered the New Third Board, boat revenue was approximately 41.26 million yuan, accounting for over 96% of total revenue [1] - For 2024, the boat revenue is projected to reach 96.04 million yuan, while other revenue streams include 9.23 million yuan from sightseeing vehicles and 7.04 million yuan from management operations [1] Investment and Valuation - The chairman of Shouxihu, Xu Shunmei, is a female executive born in July 1970, who also serves as the director of Yangzhou Shouxihu Tourism Development Group [2] - In June 2023, Shouxihu raised approximately 28.56 million yuan by issuing about 2.8 million shares at a price of 10.21 yuan per share, primarily for employee salaries and procurement [2] - The investment was backed by the Jiangsu Grand Canal (Yangzhou) Cultural Tourism Development Fund, which acquired a 10% stake in Shouxihu, estimating the company's market value at around 300 million yuan [2] - The financing round includes a performance agreement requiring Shouxihu to achieve an IPO by December 31, 2027, or face a potential buyback mechanism [2]

近日，四川省商务厅发布关于消费新场景运营激励支持项目公示，拟对全省22个项目给与支持奖励。其 中，成都东郊记忆、白鹿音乐旅游景区消费新场景——乐游蜀地、亚蓉欧国家（商品）馆三个项目入 选，有望获得新一轮政策与资源支持。 从成都出发，沿龙门山湔江河谷蜿蜒前行，就来到依山而建的白鹿音乐小镇。小镇拥有大量欧式风格建 筑，如拱形花窗、白色立柱、彩色屋顶的房屋，与青山绿水相映成趣，仿佛置身于法国乡村。百年领报 修院教堂、中法友谊桥等历史建筑，见证了中法文化交流的历史。 白鹿镇也是一座真正的"爱乐之城"，这里有着全国首个"森林音乐厅"白鹿钻石音乐厅与法式风情的街道 隔河相望。小镇上，每年举办"白鹿·中法古典音乐艺术季""白鹿·四季音乐季"等大型音乐活动，邀请国 内外艺术家演出，涵盖古典、民谣、爵士等多种风格。街头巷尾随处可见音乐元素，如钢琴、吉他雕 塑，以及不定期的街头路演，不经意间和音乐的美妙邂逅让人沉醉。 以音乐为核心特色，融合了法式风情、自然景观和丰富的文化活动，近年来白鹿音乐旅游景区已成为成 都近郊热门的文旅目的地。 不出蓉买全球 30余个国家（商品）馆签约开放 成都国际铁路港内，由30多个国家（商品）馆组成的建 ...

Core Viewpoint - The company has decided to terminate its plan for a private placement of A-shares due to changes in the market environment and its development strategy, ensuring that this decision will not affect its normal operations or harm the interests of shareholders, especially minority shareholders [2][3]. Group 1: Termination of Private Placement - The company announced the termination of its private placement plan after careful consideration of market conditions and development plans [2]. - The decision was made following thorough communication and prudent discussions among relevant parties [2]. - The company will apply to the Shanghai Stock Exchange to withdraw the related application documents, pending approval [3]. Group 2: Previous Fundraising Plans - In July 2025, the company disclosed a plan to raise up to 500 million yuan through a private placement, with funds intended for various projects including the construction of a cable car at the Lion Peak Scenic Area and renovations of hotels [3][5]. - The total investment for the planned projects was approximately 577.27 million yuan, with 500 million yuan allocated for fundraising [5]. - The fundraising was to involve no more than 35 specific investors, including the company's controlling shareholder, who committed to subscribe for at least 32% of the shares issued [5]. Group 3: Financial Performance - In the first half of 2025, the company reported total revenue of 483 million yuan, a year-on-year increase of 22.26% [8]. - The net profit attributable to shareholders was 142 million yuan, reflecting a year-on-year growth of 23.96% [8]. - The net profit excluding non-recurring items was 138 million yuan, showing a year-on-year increase of 26.63% [8].

Core Points - The 2025 China Cultural Tourism Industry Expo was held from September 12 to 14 in Wuhan, attracting over 2,000 exhibitors from 31 provinces, regions, and municipalities across the country [1] - Wuhan city launched the "Follow the Expo to Tour Wuhan" initiative, offering various discounts and free entry to numerous attractions for exhibitors and attendees [1] - A wide range of discounts were provided, including free entry to several scenic spots and significant price reductions on tickets and accommodations [2][3][4] Discounts and Offers - Free entry was available at attractions such as Wuhan Flower Expo, Jiuzhen Mountain Scenic Area, and Wuhan Wild Animal Kingdom from September 10 to 16 [1] - Various scenic spots offered 50% discounts on tickets from September 12 to 14, including Taoyuanji Parent-Child Town and Mulan Rose Garden [2] - Wuhan Happy Valley provided a special ticket price of 140 yuan from September 11 to 14, while the Polar Ocean World offered tickets at 99 yuan for exhibitors and 145 yuan for attendees [3] Accommodation and Dining Offers - Hotels and restaurants in Wuhan provided discounts for exhibitors, including 8.8% off at various local eateries and hotels [4] - Specific hotels like Qinglian Jinghe Hotel and Wuhan Qingshan Holiday Inn offered special rates for participants of the expo [3][4]

Core Viewpoint - The company has failed to utilize over 90% of the 300 million RMB raised five and a half years ago for specific projects, with most funds remaining idle in cash management [3][5][6]. Group 1: Fund Utilization - The company raised 300 million RMB through a bond issuance in 2019, with a net amount of 289.7 million RMB available for the "Nanshan Xiaozhai Phase II Project" and "Yushui Hot Spring (Phase I) Renovation Project" [5]. - As of June 30, 2025, only 1.02% of the planned 229.7 million RMB for the Nanshan Xiaozhai Phase II Project has been invested, amounting to 2.3452 million RMB, while 42.68% of the 60 million RMB for the Yushui Hot Spring project has been utilized, totaling 25.6082 million RMB [5][6]. Group 2: Project Delays - The company announced an extension of the investment timeline for both projects from December 31, 2025, to December 31, 2027, due to external factors and market conditions affecting execution [6]. - The company claims that the projects are still being pursued, with ongoing feasibility assessments and design work for the Nanshan Xiaozhai Phase II Project [6]. Group 3: Capital Increase for Animal Kingdom Project - The company planned to increase its investment in Jiangsu Tianmu Lake Animal Kingdom Tourism Co., Ltd. by 17.982 million RMB to support project funding, but this increase has not yet been executed, despite being announced over a year ago [7]. - The Animal Kingdom project has reportedly faced construction halts, with machinery found inactive on-site, raising concerns about the project's progress [7][9]. Group 4: Shareholding and Disclosure Issues - The major shareholder of the Animal Kingdom project has changed, with a new entity holding 77.0052% of the shares, which is not a state-owned enterprise, contradicting the company's claims about following state-owned capital arrangements [8]. - The company has been criticized for not providing complete and accurate disclosures regarding its shareholding in the Animal Kingdom project, particularly in its 2025 semi-annual report [8].

Core Viewpoint - JiuHua Tourism has decided to terminate its A-share private placement plan due to changes in the market environment and company development strategy, emphasizing that this decision will not affect normal operations or harm the interests of shareholders, especially minority shareholders [2][4]. Group 1: Fundraising and Investment Plans - The company initially planned to raise 500 million yuan for projects including the JiuHua Mountain Lion Peak Scenic Area cable car project, hotel upgrades, and transportation equipment improvements [2]. - The cable car project is a key focus, with an investment of 326 million yuan expected to generate annual revenue of 111 million yuan and a net profit of 37 million yuan [2]. - Despite the termination of the private placement, the cable car project is expected to continue, as the company has already secured land for the project at a cost of 14.35 million yuan [4]. Group 2: Financial Situation and Future Plans - As of March 31, 2025, the company's cash and financial assets totaled 594 million yuan, raising questions about the necessity of the private placement [4]. - The management has indicated that, in addition to the current projects, the company requires an additional investment of 923 million yuan for future projects, leading to an estimated funding gap of 698 million yuan over the next three years [4]. - The cable car project is projected to attract 224,000 passengers in its first year, with a 15% annual growth rate, stabilizing after 15 years with a gross margin of 71.69% [3].

Core Insights - The "coldest town in China," Huzhong District, has seen a 32% year-on-year increase in both tourist numbers and spending from January to July this year [1] Group 1: Tourism Growth - Huzhong District is experiencing a peak in tourist flow during the autumn season, with significant growth in visitor numbers and expenditures [1] - The increase in tourism is attributed to the region's unique ecological and cultural attractions, including the natural beauty of the Daxing'anling area [1] Group 2: Cultural and Historical Significance - The Beishan Cave archaeological site in Huzhong has yielded over 2,000 artifacts, including tools and decorative items, dating back to the late Paleolithic era, showcasing the area's rich historical value [3] - The site has been recognized for its academic and cultural importance, with ongoing research and development efforts to promote cultural tourism [3] Group 3: Ecotourism Development - Huzhong District is leveraging its high altitude, cold resources, and unique landscapes to develop ecotourism, integrating local culture with forest ecological tourism [4] - The region is expanding its tourism product offerings by combining sports, photography, and other activities with tourism, aiming to enhance the overall visitor experience [5]

Core Viewpoint - JiuHua Tourism (603199.SH) has decided to terminate its plan to issue A-shares to specific investors due to changes in the market environment and company development plans, and will withdraw the related application documents from the Shanghai Stock Exchange [1] Group 1 - The company has been actively promoting the issuance plan since its disclosure in 2025, adhering to legal and regulatory requirements [1] - After thorough communication and careful consideration among relevant parties, the decision to terminate the issuance was made [1] - The company will formally apply to withdraw the related application documents from the Shanghai Stock Exchange [1]

Core Viewpoint - The tourism sector is gaining attention as the National Day holiday approaches, with significant trading volume in the tourism ETF (562510) reaching a year-high on September 8 at 178 million [1] Group 1: Market Performance - On September 10, scenic spots and hotels showed active performance, while the tourism ETF (562510) experienced slight fluctuations [1] - Key holdings such as Dalian Shengya, Changbai Mountain, Jinling Hotel, Juntin Hotel, and Zhongxin Tourism led the gains, while the airline sector generally adjusted, negatively impacting the tourism sector's performance [1] Group 2: ETF and Index Tracking - The tourism ETF (562510) tracks the CSI Tourism Theme Index, covering various segments including tourist attractions, airports, retail tourism, and hotel catering [1] Group 3: Catalysts for Growth - The tourism sector is expected to benefit from multiple catalysts such as the National Day holiday, expansion of visa-free policies, and optimization of tax refund policies [1]

Group 1: Tourism Development - Qinhuangdao has seen a 11.7% increase in tourist numbers and a 13% increase in total spending from January to July this year [1] - The city is focusing on integrating cultural heritage, particularly the Great Wall, with tourism to enhance visitor experiences and local income [2][3] - The establishment of the Great Wall National Cultural Park is driving the development of cultural tourism products, transforming local villages into attractive destinations [2] Group 2: Cultural Integration - The integration of industrial heritage and modern artistic elements in the Qinhuangdao Port Industrial Tourism Zone is creating a unique tourist experience [4][5] - The area has been designated as a national 4A-level tourist attraction, showcasing a blend of industrial culture and recreational activities [5] - The city has implemented 130 cultural tourism projects, enhancing the diversity of tourism offerings [5] Group 3: Sports and Events - Qinhuangdao is leveraging its coastal resources to develop a "Qinhuangdao Sailing Season" brand, hosting various sailing competitions and events [6][7] - The city has hosted numerous sports events, including the 2025 ILCA Asian Sailing Championship, attracting over 140,000 visitors and generating significant local revenue [7] - The "Sports+" model is fostering collaboration among various industries, enhancing the local economy through sports-related tourism [7]