Group 1 - The company, Anhui Jiuhuashan Tourism Development Co., Ltd., plans to issue A-shares to specific investors, including its controlling shareholder, Wenlv Group, with a maximum of 35 investors involved [2][17][18] - The total number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to a maximum of 33,204,000 shares [2][19][21] - The funds raised from this issuance are expected to be no more than 500 million yuan, which will be allocated to various projects including the construction of a cable car at the Lion Peak scenic area and renovations of hotels [5][22][24] Group 2 - The issuance aims to enhance the company's capacity to receive tourists and improve service quality, aligning with national strategies to promote cultural and tourism integration as a pillar industry [11][15][16] - The tourism market is experiencing a recovery, with significant growth in domestic travel and spending, indicating a favorable environment for the company's expansion plans [12][13] - The company is positioned to benefit from improved transportation links, such as the opening of the Pihuang high-speed railway and the expansion of Jiuhuashan Airport, which will enhance its attractiveness to tourists [13][15] Group 3 - The company will utilize the raised funds for specific projects, including the Lion Peak cable car, hotel renovations, and transportation equipment upgrades, to enhance the overall tourist experience [5][22][24] - The Wenlv Group, as a major shareholder, will not participate in the pricing process of the share issuance but will accept the results of other investors' bids [5][20] - The shares acquired by Wenlv Group will be subject to a 36-month lock-up period, while other investors will face a 6-month lock-up period post-issuance [6][22]

Core Viewpoint - The company seeks shareholder approval for its controlling shareholder, Anhui Jiuhua Mountain Cultural Tourism and Health Group Co., Ltd., to be exempt from making a tender offer following a specific A-share issuance [1][2]. Group 1: Company Actions - The company held its ninth board meeting on May 20, 2025, where it approved a proposal to seek shareholder approval for the exemption from the tender offer requirement for the controlling shareholder [1]. - The A-share issuance will involve no more than 35 specific investors, including the controlling shareholder, which will result in the controlling shareholder holding over 30% of the company's shares, triggering the tender offer regulations [1]. Group 2: Regulatory Compliance - According to Article 63 of the "Measures for the Administration of the Acquisition of Listed Companies," an investor can be exempt from making a tender offer if approved by non-related shareholders and commits to not transferring the newly issued shares for three years [2]. - The company has signed a conditional share subscription agreement with the controlling shareholder, who has committed to not transferring the shares for 36 months following the issuance [2]. Group 3: Governance and Approval Process - The board of directors has agreed to propose the exemption to the shareholders' meeting, with related directors abstaining from voting and independent directors having conducted a special review of the proposal [2]. - The proposal requires approval from the shareholders' meeting, with related shareholders abstaining from voting on the matter [2].

Fundraising Plan - The company plans to raise a total of up to 500 million yuan through a private placement of A-shares, which will be allocated to various projects including the construction of a cable car at the Lion Peak Scenic Area, hotel renovations, and transportation equipment upgrades [1][2][3] Project Necessity and Feasibility Lion Peak Scenic Area Cable Car Project - The cable car project is a strategic initiative aligned with the Anhui provincial government's development goals, aimed at enhancing the cultural tourism industry in the region [3][4] - It is part of the overall planning for the Jiuhua Mountain Scenic Area, facilitating better connectivity between various scenic spots and improving visitor experience [5][6] - The project addresses the urgent need for improved transportation infrastructure in response to increased visitor traffic and environmental pressures [5][6] Hotel Renovation Projects - The renovations of Jiuhua Mountain's hotels are essential for enhancing the area's tourism image and meeting the growing expectations of modern travelers [10][11] - Upgrades are necessary to maintain competitiveness against newly opened hotels and to improve the overall guest experience [12][15] - The projects align with national and local policies promoting high-quality tourism development [13][14] Transportation Equipment Upgrade Project - The project aims to address the current inadequacies in the company's transportation capacity, particularly during peak tourist seasons [21][22] - It involves the acquisition of new vehicles to replace aging ones, ensuring better service quality and operational efficiency [21][22] - The initiative also supports local community needs by providing reliable transportation options for residents and students [22][23] Financial Impact - The fundraising will enhance the company's capital strength and asset scale, although short-term financial metrics may show a decline [27] - The successful implementation of these projects is expected to increase revenue and profitability in the long run, supporting sustainable growth [27][28]

Group 1 - The company is planning to issue A-shares to specific investors, including its controlling shareholder, Anhui Jiuhua Mountain Cultural Tourism and Health Group Co., Ltd, which constitutes a related party transaction [1][2] - The issuance requires approval from higher-level state-owned asset management departments, the company's shareholders' meeting, and must be reviewed and registered by the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][12] - The controlling shareholder holds 29.93% of the company's shares and is recognized as a related party under the Shanghai Stock Exchange's regulations [2][3] Group 2 - The transaction involves the subscription of A-shares at a price not lower than 80% of the average trading price over the previous 20 trading days, and not lower than the latest audited net asset value per share [4][5] - The final issuance price will be determined after the review and registration process, and the controlling shareholder will not participate in the pricing process but agrees to subscribe at the same price as other investors [5][7] - The funds raised will be used for various projects, including the renovation of hotels and improvements to transportation facilities, which will enhance the company's competitiveness and profitability [11][12] Group 3 - The company will not change its controlling shareholder or management structure as a result of this issuance [12] - The board of directors has approved the related party transaction, with related directors abstaining from voting [13] - The transaction is subject to various procedural requirements, including approvals from state-owned asset management departments and the shareholders' meeting [12][13]

（容诚专字2020230Z0805 号），截至 2019 年末，募集资金已使 用完毕，募集资金账户已销户，公司募集资金投资项目未发生变更，亦未发生对 外转让的情况。 关于无需编制前次募集资金使用情况报告的公告 鉴于上述情况，公司本次向特定对象发行股票无需编制前次募集资金使用情 况报告，也无需聘请会计师事务所对前次募集资金使用情况出具鉴证报告。 特此公告。 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、准确性和完整性依法承担法律责任。 证券代码：603199 股票简称：九华旅游 公告编号：临 2025-023 根据中国证券监督管理委员会《监管规则适用指引——发行类第 7 号》的有 关规定："前次募集资金使用情况报告对前次募集资金到账时间距今未满五个会 计年度的历次募集资金实际使用情况进行说明，一般以年度末作为报告出具基准 日，如截止最近一期末募集资金使用发生实质性变化，发行人也可提供截止最近 一期末经鉴证的前募报告。" 安徽九华山旅游发展股份有限公司（以下简称"公司"）自 2015 年首次公开 发行股票并上市以来，不存在通过配股、增发、可转换公司债券等方式 ...

Core Viewpoint - The company has approved a plan to issue A-shares to specific investors, aiming to raise funds for various projects, including hotel renovations and transportation improvements at the Jiuhua Mountain scenic area [1][2][7]. Group 1: Board Meeting Decisions - The board meeting was held on May 20, 2025, with all seven directors present, and the resolutions were passed unanimously [1]. - The company has confirmed its eligibility to issue A-shares to specific investors under current laws and regulations [1][2]. - The proposal for the issuance of A-shares will be submitted for approval at the first extraordinary general meeting of shareholders in 2025 [2][10]. Group 2: Issuance Details - The A-shares will be issued to no more than 35 specific investors, including the controlling shareholder, Anhui Jiuhua Mountain Cultural Tourism Health Group [3][4]. - The issuance will be conducted through a competitive bidding process, with the issue price set at no less than 80% of the average stock price over the previous 20 trading days [4][5]. - The total amount to be raised is expected to be no more than 500 million yuan (50,000 million) [7][8]. Group 3: Fund Utilization - The raised funds will be allocated to several projects, including the renovation of Jiuhua Mountain hotels and improvements to transportation facilities [7][8][9]. - The company plans to initially invest its own funds in these projects before the raised funds are available, with adjustments made based on the actual amount raised [9]. Group 4: Shareholder Agreements and Commitments - The controlling shareholder has committed to purchasing at least 32% of the shares issued in this round, with a lock-up period of 36 months for their shares [6][10]. - Other investors will have a lock-up period of 6 months for their shares post-issuance [6][10]. Group 5: Future Planning and Governance - The board has proposed a three-year dividend return plan for shareholders from 2025 to 2027 [13]. - The company will establish a new branch to enhance its cultural tourism market presence [19]. - A proposal for the first extraordinary general meeting of shareholders in 2025 has been approved, scheduled for June 5, 2025 [20].

Core Insights - The article highlights the efforts made in the protection and utilization of historical and cultural heritage in Longmen Grottoes, as well as the promotion of high-quality development in the cultural tourism industry [1][5]. Group 1: Longmen Grottoes Overview - Longmen Grottoes is one of China's four major grottoes, initiated in 493 AD, featuring 2,345 niches and over 110,000 stone carvings [3]. - The site is renowned for its exquisite carvings and diverse themes, and it was listed as a UNESCO World Heritage Site in 2000 [3]. Group 2: Cultural Tourism Development - In recent years, there has been a significant increase in efforts to protect cultural relics at Longmen Grottoes, utilizing technology to convert static history into digital archives [5]. - The development of new cultural tourism formats and consumer experiences has been emphasized, enhancing visitor engagement [5][9]. Group 3: Innovative Cultural Experiences - Longmen Grottoes serves as a window for Henan to narrate its rich cultural stories, continuously innovating cultural experience expressions [9]. - The integration of advanced technology with cultural content is showcased in various attractions, such as the immersive drama theme park "Only Henan: Drama Fantasy City" [13].

Group 1 - The board of directors of Jiangsu Tianmuhu Tourism Co., Ltd. held its 13th meeting of the 6th session on May 20, 2025, with all 9 directors present [1][2] - The board approved a proposal to use idle raised funds for cash management, with a maximum amount of 90 million yuan and a usage period not exceeding 12 months [2] - The cash management of idle funds will not affect the progress of investment projects or the company's normal operations, and the funds will be returned to the special account after maturity [2]

Core Insights - The Dunhuang Mogao Caves are experiencing a significant increase in visitor numbers during the summer tourism peak, with reservations notably higher compared to the same period in 2024 [1] - The Dunhuang Research Institute has proactively initiated an emergency visiting mode and introduced various service measures to meet the demands of tourists [1] Industry Developments - The Mogao Caves scenic area has enhanced its cultural tourism experience by offering a range of activities beyond traditional visits, including digital films and guided tours of physical caves [1] - The "Seeking the Realm of Dunhuang" digital exhibition hall allows visitors to wear VR glasses for an immersive experience, enabling them to explore the details of Cave 285 in a 360-degree format [1] - The Dunhuang Caves Cultural Relics Protection Research Display Center features eight 1:1 replica caves, catering to visitors who wish to experience more of the physical cave environment [1]

Core Viewpoint - ST Zhangjiajie is facing significant financial distress, with high debt levels and ongoing legal issues that threaten its operational viability [2][5]. Financial Performance - As of the end of 2024, Zhangjiajie's asset-liability ratio reached 86.12%, with current liabilities amounting to 6.998 billion yuan, while current assets were only 101 million yuan, indicating severe liquidity issues [2][5]. - The company reported a revenue of 432 million yuan in 2024, a year-on-year increase of 2.77%, but incurred a net loss of 582 million yuan, a 143.22% increase in losses compared to the previous year [3][4]. - Over the past five years, Zhangjiajie has accumulated losses totaling over 1.309 billion yuan [3][4]. Legal Issues - On May 15, 2024, Zhangjiajie and its subsidiaries were sued by Hunan Construction Group for 386 million yuan, contributing to the company's financial strain [2][3]. - Hunan Construction claims damages due to project delays, seeking compensation from Zhangjiajie and other parties involved [2][3]. Operational Challenges - The Duyong Ancient City project has been a significant burden, with delays in opening and underperformance since its trial operation began in 2021 [4]. - In 2024, Duyong Ancient City generated only 4.1424 million yuan in revenue, a decrease of 20.47%, and reported a net loss of 596 million yuan, with losses doubling year-on-year [4]. Restructuring Efforts - Zhangjiajie initiated a pre-restructuring process in October 2024, with the period extended until July 16, 2025, amid concerns over its ability to meet debt obligations [5]. - The company has faced multiple lawsuits and has had bank accounts frozen, indicating a critical state of financial distress [5].