Core Viewpoint - Jiuhua Tourism (603199) has responded to the Shanghai Stock Exchange's inquiry regarding its planned private placement, highlighting uncertainties related to the core fundraising project, the Jiuhua Mountain Lion Peak Scenic Area cable car project, and the long payback periods for two hotel renovation projects [1][2]. Fundraising and Project Details - The company plans to raise 500 million yuan for the Jiuhua Mountain Lion Peak Scenic Area cable car project, Jiuhua Mountain Julong Hotel renovation project, Jiuhua Mountain Center Hotel North Building room upgrade project, and transportation equipment enhancement project [1]. - The core project, the Jiuhua Mountain Lion Peak Scenic Area cable car project, has a planned investment of 326 million yuan and will construct a 2,150-meter-long cable car [1][2]. - The land for the cable car project is currently in the bidding process, with the bidding period set from August 25 to September 4, 2025, which introduces uncertainty regarding the overall construction timeline [1]. Revenue and Profitability Projections - Upon completion, the cable car project is expected to make the Lion Peak Scenic Area the second core scenic area of Jiuhua Mountain, alleviating pressure on the existing central scenic area [2]. - The first-year revenue for the cable car project is projected to be 35.84 million yuan, increasing to 221 million yuan by the fifteenth year, with a gross margin improving from -26.51% in the first year to 71.69% [2]. - The average annual revenue for the project is estimated at 111 million yuan, with a post-tax net profit of 37 million yuan [2]. Hotel Renovation Projects - The Jiuhua Mountain Julong Hotel renovation project and the Jiuhua Mountain Center Hotel North Building room upgrade project will not increase the number of rooms but will enhance room prices [2]. - Post-renovation, the average room price for the Julong Hotel is expected to rise from 788 yuan in 2024 to 1,100 yuan, generating an additional annual income of 18.49 million yuan with a gross margin of 42.91% [2]. - The average room price for the Center Hotel is projected to increase from 275 yuan to 515 yuan, contributing an additional annual income of 5.66 million yuan with a gross margin of 22.24% [2]. Depreciation and Financial Impact - The two renovation projects will require investments of 131 million yuan and 52 million yuan, respectively, with estimated annual post-tax profits of 7.35 million yuan and 2.24 million yuan, indicating a long payback period [3]. - The regulatory body has requested the company to clarify the impact of new asset depreciation on future operating performance, noting that depreciation will peak at 39.62 million yuan, representing 5.18% of projected revenue and 16.03% of projected profit for 2024 [3].

Group 1 - The company, Yingxin Development (000620), announced a shareholder reward activity for the year 2025 [1] - Eligible shareholders can purchase three tickets to the Changsha Tongguanyao Guofeng Theme Park at a special price of 0.99 yuan each [1] - Shareholders can also buy a hotel room at a designated type in the same theme park for a discounted price of 99 yuan for one night [1] Group 2 - The eligible hotel room types include a double bed room or twin bed room, applicable at specified hotels within the park [1] - The hotel stay is valid for one night and does not include the Green Heart Valley Hotel [1] - All shareholders registered with the Shenzhen branch of the China Securities Depository and Clearing Corporation by May 28, 2025, can participate in this activity [1]