Core Viewpoint - The company has decided to extend the implementation period for its fundraising investment projects due to external factors and market conditions affecting the original timeline for project completion [1][2][6]. Fundraising Basic Information - The company issued 3,000,000 convertible bonds at a face value of RMB 100 each, raising a total of RMB 300 million, which was fully received by March 5, 2020 [1]. - The funds are allocated for projects including the "Yushui Hot Spring (Phase I) Renovation Project" [1]. Progress of Fundraising Investment Projects - As of June 30, 2025, the cumulative investment in the Yushui Hot Spring (Phase I) Renovation Project is RMB 27.95 million, with no percentage of completion reported [1]. - The current balance of the fundraising funds in various bank accounts totals approximately RMB 56.11 million [1]. Reasons for Extension of Project Implementation Period - The company aims to enhance customer experience and expand its product offerings, leading to a strategic decision to slow down the construction of the Nanshan Xiaozhai Phase II project due to challenges in the tourism industry [2][3]. - The Yushui Hot Spring (Phase I) Renovation Project has been partially initiated, but the company has decided to delay further renovations to avoid impacting current operations [3]. Measures to Ensure Timely Completion Post-Extension - The company plans to optimize project schedules, allocate resources effectively, and enhance supervision and management of the fundraising projects to ensure compliance and timely completion [4]. Re-evaluation of Fundraising Investment Projects - The Nanshan Xiaozhai Phase II project is designed to enhance the tourism offerings in the region, including a cultural square and themed hotel, which aligns with the company's strategic development plans [4][5]. Impact of Extension on Fundraising Investment Projects - The extension of the project implementation period is a prudent decision based on the current progress and does not constitute a substantive change in the project’s nature or direction [6]. Internal Decision-Making Process - The company's board of directors has approved the proposal to extend the implementation period for the fundraising investment projects [6]. Sponsor Institution's Review Opinion - The sponsor institution, CITIC Construction Investment Securities, has conducted a thorough review and found no objections to the company's decision to extend the project implementation period, confirming that it does not adversely affect shareholder interests [6].

Core Viewpoint - The company Tianmu Lake (603136.SH) has reported a continuous decline in revenue for five consecutive quarters, with a significant drop in both revenue and net profit for 2024, indicating a challenging development situation amidst a recovering domestic tourism market [1][2][3]. Group 1: Core Scenic Area Business - The core scenic area business, which accounts for over 50% of the company's revenue, experienced a significant decline, with revenue for 2024 reaching 282.4 million yuan, down 13.03% year-on-year, and main profit dropping by 32.5% [2][3][4]. - The main profit margin for the scenic area business decreased to 70.43%, a reduction of 0.81 percentage points compared to the previous year [2][3]. - The two major 5A scenic areas, Shanshui Garden and Nanshan Bamboo Sea, both saw declines in revenue and main profit for 2024, with Shanshui Garden's revenue down 17.47% and Nanshan Bamboo Sea's down 7.58% [4][5]. Group 2: Hotel Business - The hotel business, which contributes nearly 30% to the company's revenue, also faced a sharp decline, with 2024 revenue falling to 159.4 million yuan, a decrease of 23.1%, and main profit down 27.86% [6][7]. - The gross profit margin for the hotel business dropped significantly from 29.88% to 21.4%, indicating substantial operational pressure [6][7]. - The performance of the hot spring and water world businesses, aimed at boosting off-peak season revenue, also saw significant declines, with the water world business revenue plummeting by 41.28% [7]. Group 3: Fundraising Projects - The company has two fundraising projects initiated in 2020 that have faced multiple delays, with the expected completion dates pushed back to December 2025 [8][10]. - The South Mountain Xiaozhai project and the Yushui Hot Spring renovation project have seen minimal progress, with only 8.14% of the projects completed as of the latest updates [10]. - The prolonged delays and changing market conditions raise uncertainties about the future performance of these projects, which were intended to enhance the company's competitiveness and profitability [10].