Core Viewpoint - Jiuhua Tourism (603199.SH) has announced the termination of its plan to issue A-shares to specific investors for the year 2025, citing changes in the market environment and company development plans as the primary reasons for this decision [1]. Summary by Relevant Sections Termination of A-Share Issuance - The company held its sixth meeting of the ninth board on September 10, 2025, where it approved the proposal to terminate the issuance of A-shares to specific investors and will apply to withdraw the related application documents from the Shanghai Stock Exchange [1]. - The decision was made after thorough communication and careful consideration of various factors, including the current market environment and the company's development strategy [1]. Impact on Operations - Jiuhua Tourism stated that the termination of the A-share issuance will not affect its normal production and operations, nor will it harm the interests of the company and all shareholders, especially minority shareholders [1]. Previous Fundraising Plans - The previously disclosed fundraising plan aimed to raise up to 500 million yuan (50,000.00 million) for projects including the Jiuhua Mountain Lion Peak Scenic Area cable car project, hotel renovation projects, and transportation equipment upgrades [2][3]. - The total investment for the projects was estimated at 577.27 million yuan, with 500 million yuan allocated for specific uses after deducting issuance costs [3]. Shareholder Information - The controlling shareholder, Anhui Jiuhua Mountain Cultural Tourism Health Group Co., Ltd. (Cultural Tourism Group), held 29.93% of the company's shares and intended to subscribe for at least 32% of the shares issued in the planned offering [4].

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]