Jiuhua Tourism 2025 Annual Report Analysis: Revenue increased by 14.93% to 879 million, net cash flow from investing activities dropped by 52.12%

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Operating Revenue: Steady growth driven by the core business, with passenger transport as a highlight

In September 2025, Jiuhua Tourism achieved operating revenue of 878,564,762.01 yuan, up 14.93% year over year. Revenue scale exceeded 879 million yuan, continuing a steady growth trend. In terms of business structure, main business revenue was 859,478,713.88 yuan, up 14.43% year over year, serving as the core driving force behind revenue growth.

By business segment, passenger transport performed the best, achieving operating revenue of 198,520,119.97 yuan, up significantly 25.02% year over year. This far outpaced the overall revenue growth rate, becoming a new growth point that boosted performance. Travel agency business revenue was 77,278,536.58 yuan, up 23.90%; the cableway business revenue was 328,993,279.05 yuan, up 12.28%; hotel business revenue was 254,686,778.28 yuan, up 7.50%, with a relatively stable growth rate.

Net Profit: Steady improvement in profitability, with stronger growth in non-recurring items excluded

In 2025, the company’s net profit attributable to shareholders of the listed company was 212,825,139.17 yuan, up 14.42% year over year. The net profit scale exceeded 213 million yuan. Net profit excluding non-recurring gains and losses was 205,128,716.19 yuan, up 16.42% year over year—its growth rate was higher than that of net profit, indicating that the company’s core business profitability quality is stronger.

Regarding non-recurring gains and losses, in 2025 non-recurring gains and losses totaled 7,696,422.98 yuan. The main components include gains/losses from entrusting others to invest or manage assets of 7,475,345.35 yuan, government subsidies recognized in current profit or loss of 2,522,296.71 yuan, and so on. Compared with 9,809,247.60 yuan in 2024, this figure decreased further, highlighting the supporting role of core business profitability.

Earnings per Share: Rising in step with earnings growth

In 2025, the company’s basic earnings per share were 1.92 yuan/share, up 14.29% year over year. Basic earnings per share excluding non-recurring gains and losses were 1.85 yuan/share, up 16.35% year over year. This is consistent with the growth trend of net profit and non-recurring-adjusted net profit. The increase in earnings per share directly reflects an improvement in the profitability per unit of shareholders’ shares.

Expenses: Overall steady growth, with significant changes in finance costs

In 2025, the company’s total period expenses were 150,017,942.76 yuan, up 8.72% year over year. Overall, they grew in sync with the expansion of the revenue scale. However, growth rates varied across different expense segments.

Selling expenses: Slight increase, with stable structure

Selling expenses were 42,161,469.13 yuan, up 5.53% year over year, with a growth rate lower than that of revenue. In terms of composition, staff compensation had the highest share at 33,977,524.64 yuan, up 14.03% year over year. This was mainly due to the increase in personnel compensation brought by business expansion. Advertising and promotion expenses were 3,163,056.25 yuan, down 18.99% year over year. The company optimized its marketing spend.

Administrative expenses: Grow as the scale expands

Administrative expenses were 108,420,594.57 yuan, up 11.08% year over year. Mainly because staff compensation increased 13.31% year over year to 80,871,462.02 yuan. The expansion of the company’s operating scale drove increases in management team compensation and related expenses. At the same time, office expenses and other expenses also grew to varying degrees.

Finance costs: Loss narrowed due to reduced interest income

Finance costs were -564,120.94 yuan, up 36.17% year over year. Finance costs were negative mainly because interest income exceeded interest expense. The change in finance costs this period was mainly due to interest income decreasing from 1,681,379.73 yuan to 1,374,956.22 yuan, while interest expense increased from 625,947.02 yuan to 661,099.78 yuan. Taken together, these factors led to the net finance cost narrowing year over year.

R&D expenses: No related spending

During the reporting period, the company had no R&D expenses incurred and did not carry out related R&D investment.

R&D personnel: No R&D personnel allocation

During the reporting period, the company did not disclose information related to R&D personnel. There was no allocation of R&D personnel, consistent with the lack of R&D expense.

Cash flow: Strong operating cash flow, with a large outflow in investing cash flow

Cash flow from operating activities: Near the high of recent years, with strong cash-generating ability

In 2025, net cash flow from operating activities was 312,374,063.35 yuan, up 19.06% year over year. It was only slightly below the 320,030,496.08 yuan in 2023, reaching the high of recent years. Mainly because cash received from the sale of goods and the provision of services increased from 824,303,582.52 yuan to 951,331,153.14 yuan; the growth in revenue drove the increase in cash inflows. At the same time, reasonable controls on cash outflows for cost and expenses led to a substantial increase in net operating cash flow.

Cash flow from investing activities: Increased project investment, with a large net outflow

Net cash flow from investing activities was -215,381,458.29 yuan, down 52.12% year over year, with a significantly larger outflow. Mainly because cash paid for the purchase and construction of fixed assets, intangible assets, and other long-term assets increased from 135,078,234.02 yuan to 212,215,436.65 yuan, with increased capital investment in projects such as the Lion Peak cableway project. In addition, cash paid for investment totaled 1,020,000,000.00 yuan, resulting in a much larger net outflow of investing cash flow.

Cash flow from financing activities: Lower dividends, with a narrowing of outflows

Net cash flow from financing activities was -75,995,756.09 yuan, up 13.85% year over year, meaning the outflow scale narrowed somewhat. Mainly because cash paid for distributing dividends, profits, or interest paid decreased from 87,437,200.00 yuan to 75,262,400.00 yuan. The decline in the dividend amount reduced the outflow of financing cash flow.

Potential risks

Force majeure risks

Force majeure factors such as major epidemics and natural disasters. If they occur during peak travel seasons, they will directly impact tourist numbers and adversely affect the operating performance of the company’s hotel, cableway, and passenger transport businesses.

Risk of limited scenic area capacity

As transportation around Mount Jiuhua improves, tourist numbers continue to increase. During peak periods such as public holidays, the scenic area’s capacity to accommodate crowds faces heavier load. This not only affects the visitor experience, but may also cause damage to the natural ecological environment and tourism resources, thereby impacting the scenic area and the company’s sustainable development.

Industry-specific safety risks

The company’s cableway is special equipment, and its passenger transport business involves transporting tourists, requiring extremely high safety standards. If a safety incident occurs due to poor management or extreme weather and other factors, it will have serious negative impacts on the company’s daily operations and brand image.

Remuneration for executives and supervisors: Compensation structure optimized after the term change

Chairman pre-tax remuneration

During the reporting period, the total pre-tax remuneration obtained by Chairman Gao Zhengquan from the company was 620k yuan. Among the company’s core management, this is at a relatively high level, consistent with the company’s operating performance and the industry’s compensation levels.

General manager pre-tax remuneration

During the reporting period, the total pre-tax remuneration of General Manager Xu Zhen was 579.8k yuan. He is responsible for the company’s daily operations and management, and his compensation matches operating responsibilities.

Vice general manager pre-tax remuneration

During the reporting period, the company’s management team went through a term change. The newly appointed vice general managers Wang Jun, He Long, Wang Tao, and Hu Mingsheng had pre-tax remuneration of 374.9k yuan, 504k yuan, 493.9k yuan, and 497.7k yuan, respectively. The vice general managers who stepped down, Ye Yangbing, Wang Bisheng, and He Ru, had pre-tax remuneration of 513.5k yuan, 129.8k yuan, and 126.3k yuan, respectively. Overall, the compensation of the newly appointed vice general managers is linked to performance assessments, making the structure more reasonable.

Chief financial officer pre-tax remuneration

During the reporting period, the total pre-tax remuneration of the finance负责人 Zhang Xianjin was 499.3k yuan. He also concurrently serves as the secretary of the board of directors, and his compensation covers multiple responsibilities including financial management and information disclosure.

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