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九华旅游终止不超5亿元定增募资 华安证券保荐折戟
Zhong Guo Jing Ji Wang· 2025-09-11 06:44
本次发行的发行对象为包括公司控股股东安徽九华山文旅康养集团有限公司(以下简称"文旅集 团")在内的不超过35名(含35名)特定投资者,根据《上市规则》等规定,文旅集团参与本次发行的 认购构成关联交易。 截至募集说明书签署日,文旅集团直接持有公司29.93%的股份。文旅集团拟认购股份不低于公司 本次发行股份数量的32%。经测算,本次发行完成后,公司的控股股东仍为文旅集团,公司实际控制人 仍为池州市国资委。 九华旅游本次定增的保荐机构(主承销商)是华安证券股份有限公司,保荐代表人是王运龙、吕 娟。 (责任编辑:蔡情) 中国经济网北京9月11日讯 九华旅游(603199.SH)昨晚披露了关于终止2025年度向特定对象发行A股 股票事项的公告。 公司于2025年9月10日召开第九届董事会第六次会议,审议通过了《关于终止2025年度向特定对象 发行A股股票事项的议案》,公司决定终止2025年度向特定对象发行A股股票事项,并向上海证券交易 所申请撤回相关申请文件。 九华旅游表示,自本次向特定对象发行股票方案披露以来,公司董事会、管理层和中介机构一直积 极推进各项工作,并严格按照相关法律法规和规范性文件的要求履行了决策程序 ...
603199,终止定增!方案曾遭监管问询
Zheng Quan Shi Bao· 2025-09-10 12:04
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].
上半年实现营收近5亿元 九华旅游披露募投项目最新进展
Mei Ri Jing Ji Xin Wen· 2025-08-20 14:51
Core Viewpoint - Jiuhua Tourism reported a significant increase in both revenue and net profit for the first half of 2025, while also facing scrutiny regarding its planned fundraising and investment projects [1][2][3]. Financial Performance - In the first half of 2025, Jiuhua Tourism achieved an operating income of 483 million yuan, representing a year-on-year increase of 22.26% [2]. - The net profit attributable to shareholders was 142 million yuan, up 23.96% year-on-year, with basic earnings per share at 1.2802 yuan, reflecting a 23.97% increase [2]. Business Segments - Jiuhua Tourism's main business segments include hotels, cable cars, passenger transport, and travel agencies, although specific revenue figures for each segment were not disclosed [2]. - The company operates eight hotels in the Jiuhua Mountain scenic area, focusing on the mid-to-high-end market, and manages three cable car lines [2]. Fundraising and Investment Projects - Jiuhua Tourism plans to raise 500 million yuan through a private placement to fund several projects, including the Jiuhua Mountain Lion Peak scenic area cable car project and hotel renovation projects [3][4]. - The company has made progress on these projects, completing necessary approvals and bidding processes for the cable car and hotel upgrades [3][4]. Challenges and Concerns - The company has faced questions from the stock exchange regarding the necessity of the fundraising, the declining profit margins in its hotel business, and the legal uncertainties surrounding the cable car project's land use [3][5]. - Jiuhua Tourism acknowledged that the decline in hotel business margins is primarily due to increased depreciation costs and intense industry competition, but stated that the renovation projects would not increase room capacity and would not adversely affect the fundraising initiatives [5].
九华旅游5亿元定增 两募资项目回收期较长
Zheng Quan Shi Bao Wang· 2025-08-20 09:43
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].
九华旅游: 上海天衍禾律师事务所关于安徽九华山旅游发展股份有限公司2025年度向特定对象发行A股股票之补充法律意见书(一)(修订稿)
Zheng Quan Zhi Xing· 2025-08-12 14:11
Core Viewpoint - The supplementary legal opinion outlines the legal framework and verification process for Anhui Jiuhua Mountain Tourism Development Co., Ltd.'s stock issuance, emphasizing the compliance with relevant laws and the progress of fundraising projects [1][2][6]. Group 1: Fundraising and Project Details - The total amount to be raised from the stock issuance is not more than 500 million yuan, which will be allocated to various projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project and hotel renovations [2][4]. - The Jiuhua Mountain Lion Peak Scenic Area cable car project has completed all planning, design, and approval procedures, with land auction processes underway [5][6]. Group 2: Project Necessity and Financial Justification - The necessity of the fundraising projects is supported by visitor trends, hotel occupancy rates, and transportation capacity assessments, indicating a reasonable expectation for increased capacity [3][4]. - The financial projections for the fundraising projects include key indicators such as average revenue per customer and profit margins, which have been compared with existing company data and industry peers [4][6]. Group 3: Lock-up Period and Compliance - The lock-up period for shares held by the controlling shareholder, Wenlv Group, is set for 36 months post-issuance, aligning with the regulations of the "Measures for the Administration of Acquisitions of Listed Companies" [7][8]. - The lock-up commitments made by Wenlv Group ensure compliance with relevant regulations, indicating a stable shareholder structure post-issuance [8]. Group 4: Internal Transport Rights and Competition - The internal transport rights for Jiuhua Mountain Scenic Area are expected to be renewed without significant uncertainty, as the management policies have not changed [9][10]. - The company has demonstrated competitive advantages in internal transport operations, including infrastructure and operational experience, which are expected to facilitate the renewal of transport rights [10][11]. Group 5: Industry Competition and Related Transactions - There is no significant adverse impact from competition with the controlling shareholder or its subsidiaries, as their operations are distinctly different from the company's tourism services [12][13]. - The fundraising projects are closely aligned with the company's existing business, and there are no anticipated new competitive or related transactions that would adversely affect operations [14].
九华旅游回应上交所问询:5亿元定增用于四大项目,完善旅游布局提升竞争力
Xin Lang Cai Jing· 2025-07-23 23:24
Core Viewpoint - Jiuhua Tourism is responding to the Shanghai Stock Exchange's inquiry regarding its application for a specific stock issuance, detailing the necessity and rationality of the fundraising projects and their impact on future operations [1] Group 1: Fundraising Projects - The total amount to be raised through the stock issuance is not more than 500 million yuan, which will be allocated to various projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project, hotel renovation projects, and transportation equipment upgrades [1][2] - The fundraising projects are closely aligned with the company's main business, aimed at expanding business scale and enhancing service quality [2] Group 2: Project Necessity and Implementation - The Lion Peak Scenic Area cable car project will increase the number of cable cars operated by the company to four, helping to optimize visitor distribution and alleviate pressure on the central scenic area [2] - The project has completed all planning, design, and approval processes, with land acquisition progressing smoothly, indicating no major uncertainties in project implementation [3] Group 3: Investment and Financial Projections - The investment calculations for the projects are reasonable, with detailed breakdowns of costs and comparisons to existing projects and industry standards [3] - The expected average ticket price for the cable car is 160 yuan per person, with an anticipated 224,000 visitors in the first year, growing annually by 15% [4] - The projects are expected to significantly increase the company's asset scale, with depreciation and amortization impacts being manageable relative to overall revenue and profit [4] Group 4: Financing and Long-term Development - The financing scale is deemed reasonable based on the company's cash reserves and future capital expenditure plans, addressing existing funding gaps [5] - The stock issuance will provide long-term stable equity financing, enhancing the company's capital strength and risk resilience, supporting the implementation of mid-term development plans [6] - The fundraising projects are strategic moves to capitalize on market trends, improve infrastructure, and strengthen the company's competitive position for sustainable development [6]
多家旅游上市公司拟再融资投建基础设施
Zheng Quan Ri Bao· 2025-05-21 16:46
Group 1 - The tourism industry in China is undergoing a critical transformation, with listed companies accelerating capital operations to optimize resources and innovate business development [1][3] - Anhui Jiuhua Mountain Tourism Development Co., Ltd. plans to raise up to 500 million yuan for various projects, including the upgrade of the Jiuhua Mountain Scenic Area's transportation and hotel facilities [1] - Yunnan Tourism Co., Ltd. intends to raise up to 191 million yuan for the construction of the Chuzhou Overseas Chinese Town Cultural Tourism Equipment Industrial Park and other infrastructure projects [1][3] Group 2 - Changbai Mountain plans to raise up to 236 million yuan for the investment in the second phase of the Changbai Mountain Volcano Hot Spring Resort and transportation equipment enhancement projects [2] - The fundraising efforts of tourism companies are focused on high-end development and consumer demand, with projects aimed at enhancing product quality and core competitiveness [3] - The implementation of the Jiuhua Mountain Scenic Area's new cable car project is expected to increase visitor capacity and improve service experience, contributing to a 19.6% year-on-year increase in tourist numbers in the first quarter [3]
九华旅游: 九华旅游2025年度向特定对象发行A股股票预案
Zheng Quan Zhi Xing· 2025-05-20 13:44
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]
九华旅游: 九华旅游2025年度向特定对象发行A股股票募集资金使用的可行性分析报告
Zheng Quan Zhi Xing· 2025-05-20 13:37
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]
九华旅游:文旅集团拟认购股份总数不低于总股数的32%
news flash· 2025-05-20 12:20
Group 1 - The company plans to issue A-shares to specific investors, including its controlling shareholder, Wenlv Group, with a maximum of 35 investors [1] - Wenlv Group intends to subscribe for at least 32% of the total shares issued in cash, with the subscription price set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing benchmark [1] - The total number of shares to be issued will not exceed 30% of the total share capital before the issuance, amounting to a maximum of 33.204 million shares [1] Group 2 - The raised funds will be allocated to several projects, including the passenger cableway project at Lion Peak Scenic Area, the renovation of Julong Hotel, the upgrade of guest rooms in the North Building of the Central Grand Hotel, and the enhancement of transportation equipment [1]