九华旅游:容诚会计师事务所（特殊普通合伙）关于安徽九华山旅游发展股份有限公司向特定对象发行股票申请文件的审核问询函的回复

关于安徽九华山旅游发展股份有限

公司向特定对象发行股票申请文件

的审核问询函的回复

容诚专字[2025]230Z1766号

容诚会计师事务所(特殊普通合伙)

中国?北京

7-2-1202577

2025200

2025 A “ ”黑体（加粗）审核问询函所列问题楷体（加粗）涉及对募集说明书等申请文件的修改内容

7-2-21................................................3

2....................................................32

3....................................................45

7-2-3问题1：关于募投项目与融资规模根据申报材料，1）本次向特定对象发行股票募集资金总额不超过50000.00万元，扣除发行费用后将用于九华山狮子峰景区客运索道项目九华山聚龙大酒店改造项目九华山中心大酒店北楼客房升级改造项目和交通设备提升项目。2）九华山狮子峰景区客运索道项目用地尚需履行招拍挂程序。

请发行人说明：（1）本次募投项目主要建设内容，与公司现有业务的区别与联系，是否符合投向主业的相关规定；（2）结合九华山和狮子峰景区游客变动情况、有关酒店入住率及设备成新情况、

现有车辆运输能力及运力缺口情况、同行业可比公司情况等，说明本次募投项目的必要性及新增产能的合理性；（3）九华山狮子峰

景区客运索道项目有关土地招拍挂情况及建设进展，本次募投项目实施是否存在重大不确定性；（4）本次募投项目各项投资构成明

细、测算依据和测算过程，单位工程造价和设备单价与公司现有项目和同行业公司可比项目的比较情况；（5）募投项目效益预测中客

单价、客数量、毛利率、净利率等关键指标的预测依据，与公司现有情况及同行业可比公司的比较情况，效益预测是否审慎、合理；

（6）募投项目新增资产折旧摊销情况及对公司未来经营业绩的影响，并完善风险提示；（7）结合公司货币资金及金融资产余额、日常经

营现金流入、资金缺口测算、资产负债率等情况，说明本次融资规模的合理性。

请保荐机构核查并发表明确意见，请发行人律师对问题（3）进行核查并发表明确意见，请申报会计师根据《监管规则适用指引—发行类第7号》第5条对问题（4）-（6）进行核查并发表明确意见。

7-2-41

32607.00

12140065.63

231489.65

3570317.49

423567.23

32607100.00

1892014301035048.36%

244022080203201.50%

3220088040010013806.45%

4100075020019509.11%

511504602002008604.02%

6155062030030012205.70%

72503001006503.04%

830002102100.98%

935600112411245.25%

104264261.99%

1110005005002.34%

1210050050010012005.61%

7-2-51381020010010012105.65%

660011650295020021400100.00%

150050015.88%

23003009.53%

31501504.76%

41698300200219869.82%

16988006503148100.00%

126.590/238541.82%

224.46.4/1562.74%

39.5%233240.89%

45709.99%

52604.56%

-5703100.00%

7-2-62156

200

2012 A

2023

2150m 1147m 962m

820m 3017m

188m 478m 2538m

632m 479m

12118

622829209848

32607982135070

6600219011997

14600620013586

/10597750012182

1460013586

1100

1059712182

7-2-71

13082.00

111253.5386.02

1.14629.9735.39

1.26623.5650.63

2859.436.57

3969.047.41

13082.00100.00

1120341600.002584.103109.70

256991600.002667.611520.27

177331600.002610.944629.97

2610.94/1600/

7-2-8114519.552835.18

2183.2083.20

3330.0090.00

41200.00200.00

5———115.88

———3324.26

18819.551720.66

2230.0060.00

31100.00100.00

———1880.66

———5204.92

112034800.00962.72

25699800.00455.92

17733800.00—1418.64

859.43

2015299

7-2-95

8%969.04

5150.00

14496.5787.31

1.11379.2426.78

1.23117.3360.53

2271.955.28

3381.487.41

5150.00100.00

56691600.002432.951379.24

2432.95/1600/

111618.712170.82

2160.0060.00

31200.00200.00

7-2-1041250.00

2680.82

15669.0090.0051.02

25669.00680.00385.49

770.00436.51

271.95

2015299

8%381.48

2610.94/

2432.95/

2022

7-2-11/

2610.942432.951876.773500.00

1600.001600.001239.002600.001

3500.00/2600.00/

19.55

18.71

17.79

1 2600 /m2

3000 /m2 1000 /m2

7-2-122

2024115000.00

202315000.00

163

202213420.00

2021

6888.00

7-2-13%

16409.7093.06

2150.302.18

3328.004.76

6888.00100.00

10%

202520271146409.70

1297525.20400.40

230-3427595.901752.30

310-186505.00330.00

43013373.70529.10

5338414.10360.80

63740484.802112.00

7412525.20114.40

85111676.70810.70

114--6409.70

148.302

5%328

7-2-143

20243

29-3550.643.56052-59

3746455048

5020222023

202467.868.869.8

5167

2024

29081244824

7-2-15469.5160/85/

120/65/2150

632160/

122.415%15

=++++

1133.5012013.502

65%73%

65111702

13%883.3226

5%73%

7-2-162*2

16.5265%7

155%1864.79

1580.60

5350.80

1190265%73%

=-/

=---/

13584.004534.29-26.51%-37.52%

24121.604650.69-12.84%-23.38%

34739.204773.56-0.73%-10.85%

45449.604903.3510.02%0.22%

56267.205040.5319.57%7.64%

67208.004834.7932.92%17.90%

78289.604962.1540.14%23.57%

89532.805096.4546.54%28.60%

910963.205238.2152.22%33.08%

1012608.005388.0257.27%37.05%

1114499.205546.5061.75%40.58%

7-2-171216673.605714.4065.73%43.72%

1319174.405892.5069.27%46.51%

1422051.206081.7172.42%49.00%

1522051.206241.6671.69%48.42%

13584.001522051.20

1-26.51%1571.69%

20232024

29465.2629301.4585.96%85.98%

71.69%

A 2023 2024

/20242023

71713.8869967.81

87.63%88.67%

41028.0343255.44

83.88%81.46%

41394.5838695.79

7-2-18/20242023

84.66%84.56%

7759.175599.04

58.23%43.12%

322051.20

71.69%

2014418

12332023202420251-3

2365816/788/832/

355%2023300

202420251-3

55%53%61%/1236/

1100/

55%

13652024

2280151/

3202425%

315

7-2-19212024

110/160/

=***

-*2024*2024*

=***

*-*2024*2024

*2024*

1593.40

255.501848.90

=++

2%31.87

35%89.43121.29

7-2-203

305%

15-255%

10-145%

6-125%

5-85%

1%18.49

=---

18915

1848.901848.90

866.83596.55

982.071252.35

689.11891.82

7-2-216167.22

3520.90

42.91%

19.48%

2023202441.11%37.41%

21.93%15.97%

42.91%19.48%

7-2-2242.91%

/20242023

43608.2744385.61

43.58%44.18%

6167.22

42.91%

2023202420251-3

1116257/

2365275/302/2

350%20232024

49%45%497-900

46%475-663

50%

515/

=***

-*2024*2024*

566.30

7-2-23=++

2%11.33

305%

15-255%

10-145%

6-125%

5-85%

1%5.66

7-2-243

=---

18915

566.30566.30

282.96197.97

283.34368.33

193.75257.49

1090.26

847.75

22.24%

3.98%

7-2-253

22.24%3.98%

2023 2024 A

23.93%21.45%

22.24%

20242023

18036.7818712.94

14.65%13.33%

16726.9418813.56

18.85%26.38%

13969.9113847.19

30.85%32.08%

16244.5417124.56

21.45%23.93%

7-2-261

2024

=+++++

800/

12519.50

74931010931112573.50

344.00

649.602961.803101356.20

11706.6012428.20

7-2-275

5%810

=-/

=---/

14688.762501.4146.65%29.40%

27543.533712.0250.79%32.50%

311510.075398.5953.10%34.22%

411510.075529.8851.96%33.37%

511510.075560.3151.69%33.17%

611510.075593.7751.40%32.95%

711510.075630.5951.08%32.71%

811510.075671.0950.73%32.45%

911510.075475.5752.43%33.72%

1011510.075513.6452.10%33.47%

117309.463161.3056.75%36.94%

123966.531848.3853.40%34.44%

7-2-283

146.65%1553.40%

51.84%

2023202448.55%52.37%

2023

202448.72%45.55%

305%

15-255%

155%

10-145%

6-125%

5-85%

7-2-292296.1915

1945.39615

692.4318

435.02915

253.3018

172.36915

408.41719.8413

719.8448

130.42479.781012

3961.76

2296.1957.96%

202476443.6824713.60

5.18%16.03%

78289.602605.16

7-2-30项目建成后新增资产折旧与摊销峰值预计为3961.76万元/年，占公司2024年度营业收入和利润总额的比重分别为5.18%和16.03%，短期内可能对公司经营业绩产生一定压力

7-2-312

7-2-32问题2：关于经营情况根据申报材料，1）公司主营业务主要包括索道缆车业务、酒店业务、客运业务、旅行社业务，报告期内，公司营业收入分别为

33203.55万元、72363.70万元、76443.68万元和23459.64万元，归母净利润分别为-1369.94万元、17465.84万元、

18600.85万元和6865.86万元；2）报告期内，公司索道缆车业

务毛利率分别为70.61%、85.96%、85.98%和88.99%，酒店业务毛利率分别为-17.95%、16.46%、14.09%和11.77%，客运业务毛利率分别为30.21%、48.55%、52.37%和62.20%，旅行社业务毛利率分别为

14.74%、9.39%、13.02%和9.70%；3）报告期各期末，公司固定资

产账面价值分别为57185.78万元、71600.92万元、85775.12万

元和84880.12万元，增长主要系在建工程转固所致。

请发行人说明：（1）分业务板块说明报告期内营业收入增长的原因，量化分析净利润变动的原因，公司业绩变动情况与同行业可比公司是否一致；（2）各业务板块成本构成情况，量化分析各业务板块毛利率变动的原因及合理性，酒店业务毛利率下滑的影响因素是否会对本次募投项目实施产生不利影响；（3）固定资产账面价值

变动的原因、对应业务板块情况，折旧政策与同行业可比公司的比较情况，在建工程对应主要项目的总投资及已投资金额、完工进度情况、转固的依据及及时性，固定资产及在建工程减值准备计提是否充分。

请保荐机构及申报会计师核查并发表明确意见。

7-2-3333203.5572363.70

76443.6823459.6432689.58

71755.1575109.4722954.48

20251-3202420232022

%%%%

8671.2534.3729301.45-0.5629465.26136.1212478.88-26.86

6520.1315.5623691.451.0523445.7086.1912592.16-17.27

6183.2235.2815879.6531.2412099.34126.265347.63-27.39

1579.8844.506236.92-7.536744.85197.012270.91-5.25

22954.4829.2575109.474.6771755.15119.5032689.58-22.25

2022

2023

20242025

2024

7-2-3420251-3202420232022

%%%%%%%%%%

23459.645432.3230.1376443.684079.985.6472363.7039160.15117.9433203.55

10651.562481.7130.3838059.221605.114.4036454.1112029.3949.2524424.72

12808.082950.6129.9338384.462474.876.8935909.5927130.76309.058778.83

54.60-0.08/50.210.59/49.6223.18/26.44

3319.29521.8718.6613667.05512.853.9013154.203843.4341.289310.77

14.15-3.73/17.88-0.30/18.18-9.86/28.04

6865.861657.7231.8318600.851135.016.5017465.8418835.781374.93-1369.94

-1369.9417465.8418600.85

6865.86

2022

2023202218835.78

117.94%23.189.86

2023

202420236.50%2025

31.83%5.64%30.13%

20242025

7-2-3520251-320242023

19.79%0.09%141.21%

A -10.83% -3.00% 142.33%

-9.69%1.19%152.37%

0.73%19.81%218.73%

0.64%2.77%217.02%

0.13%4.17%174.33%

30.13%5.64%117.94%

35.14%-25.44%434.82%

A -17.16% 78.60% 144.55%

-39.02%-6.10%324515.16%

-58.86%4.48%340.59%

32.78%-143.22%7.87%

-9.42%-18.33%65088.60%

31.83%6.50%1374.94%

iFinD

2023

20242025

2024

220244

7-2-363

2023

2024

20251-3202420232022

%%%%

526.8355.191983.2948.272206.2853.321775.1248.40

351.2436.801386.4433.741377.9933.301362.4137.15

76.488.01739.0317.99553.4613.38530.0914.45

954.55100.004108.76100.004137.73100.003667.62100.00

20251-3202420232022

%%%%

2511.5143.669452.0146.449835.5950.226609.4944.50

7-2-3720251-3202420232022

%%%%

1192.4820.734468.7621.963681.3218.804254.2428.65

1047.3518.213538.7917.393523.1917.992361.2515.90

181.493.15717.863.53684.333.49339.182.28

819.6314.252176.4310.681860.989.501287.798.67

5752.46100.0020353.85100.0019585.41100.0014851.95100.00

20251-3202420232022

%%%%

1078.2746.133707.7949.032368.8038.051654.3444.33

360.8415.441200.9315.881425.5022.90742.2419.89

397.2917.001277.8516.901060.2617.03602.0116.13

28.881.24184.142.43218.213.50198.935.33

174.047.45433.875.74322.755.18134.013.59

298.2012.74758.2810.02830.1713.34400.4610.73

2337.52100.007562.86100.006225.69100.003731.99100.00

20251-3202420232022

%%%%

232.3516.291320.9124.351587.5125.97734.9637.96

828.3058.062348.8943.302165.3535.43614.1731.72

152.6610.70595.9410.98526.418.61159.358.23

115.338.08420.377.75429.127.0292.274.77

97.946.87738.9113.621403.4422.97335.3217.32

1426.58100.005425.02100.006111.83100.001936.07100.00

7-2-3820251-32024

8671.25954.5588.9929301.454108.7685.98

6520.135752.4611.7723691.4520353.8514.09

6183.222337.5262.2015879.657562.8652.37

1579.881426.589.706236.925425.0213.02

22954.4810471.1154.3875109.4737450.4950.14

20232022

29465.264137.7385.9612478.883667.6270.61

23445.7019585.4116.4612592.1614851.95-17.95

12099.346225.6948.555347.633731.9930.21

6744.856111.839.392270.911936.0714.74

71755.1536060.6649.7432689.5824187.6326.01

70.61%85.96%85.98%

88.99%

2022

2023

7-2-392022-17.95%

2022

17.27%

20.20

202316.46%

202420251-314.09%11.77%

20232023

30.21%48.55%52.37%62.20%

2023

20232024126.26%

31.24%

2023202466.82%21.48%

12592.1623445.70

23691.456520.13-17.95%

7-2-4016.46%14.09%11.77%

2025331202412312023123120221231

%%%

7005.18-4.177309.69-10.928206.17-13.839523.61

48796.13-2.8050200.39-9.7855639.3041.2739385.56

26142.313.4225277.17446.954621.45-8.105028.76

14.80-3.5215.34-20.3019.2561.2211.94

2921.70-1.712972.53-4.573114.75-3.743235.91

84880.12-1.0485775.1219.8071600.9225.2157185.78

20222023202420253

57185.7871600.9285775.1284880.12

7-2-412023

2024

20-4032.43-4.85

A 20-35 5 4.75-2.72

20-4054.75-2.38

10-4052.38-9.50

20-400-52.38-5.00

10-400-52.38-9.50

-30-403-52.38-3.23

-15-253-53.80-6.47

15-2034.85-6.47

A 15 5 6.33

15-2034.85-6.47

153-56.33-6.47

6-2034.85-16.17

A 10 5 9.50

5-20519.00-4.75

10-1556.30-9.50

100-59.50-10.00

5-20519.00-4.75

10-143-56.79-9.70

5-1039.70-19.40

A 8 5 11.88

5-10519.00-9.50

7-1059.50-13.57

7-2-42%%

5-200-54.75-20.00

6-123-57.92-16.17

iFinD

32607.004094.981.85

34835.0029645.05100.00

17200.0014321.51100.00

9842.009464.78100.00

7-2-431

2023

7-2-442024

20232024

2025331

7-2-45问题3：其他

3.1请发行人说明：（1）自本次董事会决议日前六个月至今，

公司实施或拟实施财务性投资（含类金融业务）的具体情况，相关财务性投资是否已从本次募集资金总额中扣除；（2）结合相关资产

的具体内容，说明最近一期末公司是否存在持有金额较大、期限较长的财务性投资（包括类金融业务）情形。

请保荐机构及申报会计师核查并发表明确意见，并就发行人是否符合《证券期货法律适用意见第18号》第1条、《监管规则适用指引——发行类第7号》第1条的相关规定发表明确意见。

2025520

20241121

2025331

7-2-46123314.40

2--

3293.25

415992.43

520564.91

66989.80

7--

83643.67

202533123314.40

2025331

2025331293.25

2025331

15992.433.10%

202533120564.91

7-2-4720253316989.80

16989.80

2017926

7500

91341700MA2PBR6H4D

216

3000.0040.00

2350.5031.34

2025331

1500.0020.00

649.508.66

7500.00100.00

2024

12312024

42818.747204.19

35435.691408.33

2025

7-2-4841716.57662.93

34949.01-486.69

202420251-3

20179

7500150020%

2025331

20253313643.67

2025331

1181

7-2-493

18171

7-2-502025723

7-2-517-2-527-2-537-2-547-2-557-2-56

行情