关
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
кк??????????2025?
?
?????????????⑨?????????????????????????????к?к??????ǒ2025?200????????????????????????л????????ā??????????仈????亩??????????л?????????????????????о???????⑨????????2025?????????A???????????л??“???????”????????????????????????????????о????????????亩???????????н????????????л???黑体（加粗）审核问询函所列问题???????????仈???楷
楷体（加粗）涉及对募集说明书等申请文件的修改内容
???
?仈1?????亩?о???? ...... 3?仈
??????? ...... 32
?仈3??? ...... 45
问问题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50,000.00万元，扣除发行费用后将用于?九华山狮子峰景区客运索道项目ā?九华山聚龙大酒店改造项目ā?九华山中心大酒店北楼客房升级改造项目ā和?交通设备提升项目ā。2）?九华山狮子峰景区客运索道项目ā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ā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。
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???а?????亩??亩????????????????????????????о????亩????ъ????亩???????а?????????????亩?
????????亩?????32,607.00з???????л?
| ?? | 亩? | ?????з?? | ???????%? |
| 1 | ???? | 21,400 | 65.63 |
| 2 | 儈?⑨??? | 3,148 | 9.65 |
| 3 | ???? | 5,703 | 17.49 |
| 4 | ??亴????????? | 2,356 | 7.23 |
| ?? | 32,607 | 100.00 | |
???????????1??????????????
???з?
| ?? | ?????? | ?????? | ????? | ????? | ????? | ???? | ?? | ?? |
| 1 | ???? | ü | ü | 8,920 | 1,430 | ü | 10,350 | 48.36% |
| 2 | кㄉ | 440 | 220 | 80 | 20 | ü | 320 | 1.50% |
| 3 | лㄉ | 2,200 | 880 | 400 | 100 | ü | 1,380 | 6.45% |
| 4 | ???? | ü | 1,000 | 750 | 200 | ü | 1,950 | 9.11% |
| 5 | ⑨????? | 1,150 | 460 | 200 | 200 | ü | 860 | 4.02% |
| 6 | ??о???????????????? | 1,550 | 620 | 300 | 300 | ü | 1,220 | 5.70% |
| 7 | ???????? | ü | 250 | 300 | 100 | ü | 650 | 3.04% |
| 8 | ??≤?? | 3,000 | 210 | ü | ü | ü | 210 | 0.98% |
| 9 | ???????? | 35,600 | 1,124 | ü | ü | ü | 1,124 | 5.25% |
| 10 | ?????? | ü | 426 | ü | ü | ü | 426 | 1.99% |
| 11 | ?????? | 1,000 | 500 | ü | ü | ü | 500 | 2.34% |
| 12 | ???傼?? | ü | 100 | 500 | 500 | 100 | 1,200 | 5.61% |
7-2-5
| ??? | ??????? | ??????? | ?????? | ?????? | ?????? | ????? | ??? | ??? |
| 13 | ????????????????? | ü | 810 | 200 | 100 | 100 | 1,210 | 5.65% |
| ??? | üü | 6,600 | 11,650 | 2,950 | 200 | 21,400 | 100.00% | |
?亩????????????????????????????????????????????????????????????????????????2?儈?⑨??????????????
???з?
| ??? | ??????? | ?????? | ?????? | ?????? | ??? | ??? |
| 1 | ???? | ü | 500 | ü | 500 | 15.88% |
| 2 | ???? | ü | ü | 300 | 300 | 9.53% |
| 3 | ???? | ü | ü | 150 | 150 | 4.76% |
| 4 | ???? | 1,698 | 300 | 200 | 2,198 | 69.82% |
| ??? | 1,698 | 800 | 650 | 3,148 | 100.00% | |
儈?⑨???????????????????????????????????
?3??????????????
???з?
| ??? | ??????? | ????? | ??仍 | ??? |
| 1 | ????? | ??26.5?????90з?/? | 2,385 | 41.82% |
| 2 | ??????? | ??24.4?????6.4з?/? | 156 | 2.74% |
| 3 | ъ?????????????????????????? | ?????儈?⑨??????9.5% | 2,332 | 40.89% |
| 4 | ?????????????≤??????っ?仾????亩????? | ???????? | 570 | 9.99% |
| 5 | ???????????傼????????????? | ???????? | 260 | 4.56% |
| ??????? | ||||
-
| 5,703 | 100.00% |
?4???亴??????????????????
??亴???亩?н?亴????????????????????????????а???????亩????亴???2,156з?????????200з??
?????????????о????亩????ъ????亩??????
???2012??????????亩????ъ?????????A?2023??????亦???????亩??й?亩???????л?
亩
亩?
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??????
????
?????????????
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儈??儈?
儈?478m
| кㄉ820m?лㄉ188m?儈?632m | кㄉ3,017m?лㄉ2,538m?儈?479m |
????12?11?8?
???????
?6,2282,9209,848
亩?????з??32,607
9,82135,070
???
?????з??6,6002,19011,997
14,6006,20013,586
| ????????з?? | |
| ??????????/??㊣? | |
10,5977,50012,182
??????亩??13??????????????к???????
?????????????н???????亩?о????亦??????亩?????????????????
????????????14,600з??13,586з???亩????????
????儈??亦???????亩?????亦???1,100?㊣??亩?
о????亦??????亩??????????10,597з??12,182з??
?亩?????????????亦??亩?????亩?????н???
?????????????????????????????
?
?????????亩?
?????嗉?????亩??1????????亩?????13,082.00з???????л?
??亩??????з?????????%
?
????
| 1 | 11,253.53 | 86.02 | |
| 1.1 |
?????
| 4,629.97 | 35.39 | ||
| 1.2 |
??????????
| 6,623.56 | 50.63 | ||
| 2 |
????????
| 859.43 | 6.57 | ||
| 3 |
????亴??
| 969.04 | 7.41 | |
| ?? | 13,082.00 | 100.00 |
?2??????????
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| ??????? | ?侠???????? | ???????? |
????
| ???仍?з?? | ||||
| 1 | а??????????????????????????л???? | 12,034 |
1,600.00
???????????????????????????≤????侠???????
| 2,584.10 | 3,109.70 | |||
| 2 |
????嗉??
1,600.00
| 5,699 | 2,667.61 |
?????????????????????????≤????侠??
1,520.27
??
1,600.00
| 17,733 | 2,610.94 |
ü
4,629.97
???????????????????????????????????????????????????????????????????????????亩??????2,610.94?/?????侠????1,600?/??2????????????????????????
| ???з?? | ???仍?з?? |
а???????
?
????????
| ???з?? | ???仍?з?? | ||
| 1 |
?????侠
?
| 145 | 19.55 | 2,835.18 | |||
| 2 |
???≤???????1
?
| 83.20 | 83.20 | ||
| 3 |
???????3?
| 30.00 | 90.00 | ||
| 4 |
????1亩
| 200.00 | 200.00 | ||
| 5 |
?????佀??????????????
—
——
115.88
??———
3,324.26
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?????侠
| 1 | 88 |
?
| 19.55 | 1,720.66 | ||
| 2 |
???????2?
| 30.00 | 60.00 | ||
| 3 |
????1亩
| 100.00 | 100.00 |
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1,880.66
??———
5,204.92
?亩???????????????????????????????????????
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??????/??
??????
| ???仍?з?? | ||
| 1 |
а??????????????????????????л????
| 12,034 | 800.00 |
??≤?????????
| 962.72 | ||
| 2 |
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| 5,699 | 800.00 |
??≤?????????
455.92
??
| 17,733 | 800.00 |
—
1,418.64
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??????????????????????????????亩?????????????????????????????????????й?????????????????
859.43
з?????????????????а?????亩?уъ?????????????ǒ2015?299???????????????亱?????????????????????
5?????亴????????????亴????????????????????????????????????8%????969.04з??
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?????????????????亩??1????????亩?????5,150.00з???????л?
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亩?
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????
| 1 | 4,496.57 | 87.31 | |
| 1.1 |
?????
| 1,379.24 | 26.78 | ||
| 1.2 |
??????????
| 3,117.33 | 60.53 | ||
| 2 |
????????
| 271.95 | 5.28 | ||
| 3 |
????亴??
| 381.48 | 7.41 |
??
| 5,150.00 | 100.00 |
?2??????????1???????????????
| ??????? | ?侠??????/?? | ??????/?? |
????
| ???仍?з?? | ||
| 5,669 |
1,600.00
???????????????????????????≤????侠???????
| 2,432.95 | 1,379.24 |
??????????????????????????????????????????????????????????????????????????
?亩??????2,432.95?/?????侠????1,600?/??
2????????????????
| ?? | ???? | ?? | ?? | ???з?? | ???仍?з?? |
| 1 | ?????侠 | 116 | ? | 18.71 | 2,170.82 |
| 2 | ????? | 1 | 亩 | 60.00 | 60.00 |
| 3 | ???オ? | 1 | ? | 200.00 | 200.00 |
7-2-10
| ??? | ????? | ??? | ??? | ????з?? | ????仍?з?? |
| 4 | ????オ???≤????オ?≤???オ????丣???≤????????? | 1 | ? | üü | 250.00 |
| ??? | |||||
ü
üüü
2,680.82
?亩??????????????????????????????????????????????
3?????????????????????
| ??????? | ??????/?? | ???仍?з?? | ||
| 1 | ??≤?? | 5,669.00 | 90.00 | 51.02 |
| 2 | ??????????? | 5,669.00 | 680.00 | 385.49 |
| ?? | ||||
ü
| 770.00 | 436.51 |
??????????????????????????????
4??????????????????
????????????亩?????????????????????????????????????й?????????????????
271.95
з?????????????????а?????亩?уъ?????????????ǒ2015?299???????????????亱?????????????????????
5?????亴???????????亴????????????????????????????????????8%????381.48з??
????????????о????亩????ъ????亩???????1??????????????嗉?????亩????????????2,610.94?/??????????????????亩????????????2,432.95?/??о??2022????????侶?????亩????????????亩?
?????????л?
????/?
| 亩亩? | ?????嗉?????亩? | ?????????????????亩? | ?????侶?????亩? | ????????????亩? |
| ????????? | 2,610.94 | 2,432.95 | 1,876.77 | 3,500.00 |
| ????侠???? | 1,600.00 | 1,600.00 | 1,239.00 | 2,600.001 |
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1?о????亩????
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2?о??ъ????亩????哴??⑨?????????????л?
| ????? | 亩亩??? | ????仍?з?? | ??????? |
| 2024?1? | 哴??????????亩? | 15,000.00 | ???????????????????佀侞???????????????????????????????????????亩?????????????????220-240?? |
| 2023?1? | ?⒆????????亩? | 5,000.00 | ??????????????????佀侞??????オ?????????????????????????????????к??а??儈???????????????≤??亦?????????????????????????а????亩????????⒆?????????163?? |
| 2022?1? |
???????亩?
| 3,420.00 | ?????????????????????????????????????佀侞????????????????????????????????????????亩??????????????70-80?????????????????????オ?? |
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?1?????
| 6,409.70 | 93.06 |
2????
| 150.30 | 2.18 |
3亴??
| 328.00 | 4.76 |
??
| 6,888.00 | 100.00 |
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| ?? | ?? | ?? | ????? | ||
| ??? | ????〾 | ?? | |||
| 1 | 29???? | 7 | 52 | 5.20 | 400.40 |
| 2 | 30-34???? | 27 | 59 | 5.90 | 1,752.30 |
| 3 | 10-18????? | 6 | 50 | 5.00 | 330.00 |
| 4 | 30??? | 13 | 37 | 3.70 | 529.10 |
| 5 | 33??? | 8 | 41 | 4.10 | 360.80 |
| 6 | 37??? | 40 | 48 | 4.80 | 2,112.00 |
| 7 | 41??? | 2 | 52 | 5.20 | 114.40 |
| 8 | 51??? | 11 | 67 | 6.70 | 810.70 |
| ?? | 114 | - | - | 6,409.70 | |
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148.30
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з???3?亴??亴??????????????5%?????328з??
3?
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| ???? | ?? | ?嗉 | ?? | ?亩??????? |
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| 37??? | 46 | 45 | 50 | 48 |
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67.8
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68.8
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69.8
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22.4
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883.32
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350.80
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亩??ъ???ъ????????
| ?1? | 3,584.00 | 4,534.29 | -26.51% | -37.52% |
| ?2? | 4,121.60 | 4,650.69 | -12.84% | -23.38% |
| ?3? | 4,739.20 | 4,773.56 | -0.73% | -10.85% |
| ?4? | 5,449.60 | 4,903.35 | 10.02% | 0.22% |
| ?5? | 6,267.20 | 5,040.53 | 19.57% | 7.64% |
| ?6? | 7,208.00 | 4,834.79 | 32.92% | 17.90% |
| ?7? | 8,289.60 | 4,962.15 | 40.14% | 23.57% |
| ?8? | 9,532.80 | 5,096.45 | 46.54% | 28.60% |
| ?9? | 10,963.20 | 5,238.21 | 52.22% | 33.08% |
| ?10? | 12,608.00 | 5,388.02 | 57.27% | 37.05% |
| ?11? | 14,499.20 | 5,546.50 | 61.75% | 40.58% |
7-2-17
亩
亩??ъ???ъ????????
| ?12? | 16,673.60 | 5,714.40 | 65.73% | 43.72% |
| ?13? | 19,174.40 | 5,892.50 | 69.27% | 46.51% |
| ?14? | 22,051.20 | 6,081.71 | 72.42% | 49.00% |
| ?15? | 22,051.20 | 6,241.66 | 71.69% | 48.42% |
4?о?????????ъ????????????亴?????????亩????????
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?
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| ????/亩??? | 亩? | 2024?? | 2023?? |
| 哴??⑨ | ?? | 71,713.88 | 69,967.81 |
| ??? | 87.63% | 88.67% | |
| ???A | ?? | 41,028.03 | 43,255.44 |
| ??? | 83.88% | 81.46% | |
| ???? | ?? | 41,394.58 | 38,695.79 |
????ък?????ъ??????????????????
| ?????/亩??? | 亩亩? | 2024??? | 2023??? |
| ??? | 84.66% | 84.56% | |
| ??? | ?? | 7,759.17 | 5,599.04 |
| ??? | 58.23% | 43.12% | |
| ????????????亩? | っ??3???? | 22,051.20 | |
っ???????
71.69%
哴??⑨????A??????????ъ?????????哴??
⑨??哴??????????????????????????
A???亦???з???????????嗉???????????????????????????????????????亩???????????к????≤????????????2014?4?18?↓?????????????????????????????????????≤??????????????????????????????????????亩?っ?????儈?????????????к?????????????亩???亴??????????????嗉?????亩?1?????????亴??
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????
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??佀侞
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?????ь??侶2024??佀侞???????151?/??????嗉???????????佀???????儈???伏??????????
????????????????亩?????ウ????15?????⑨?????っ????っ???
| 2???佀??佀??1??????к????????н?? | ?≤??佀侞???????2024??110?/????160?/?? |
2?????????亴??
????ъ?????????嗉?????亩??????????佀侞???????????????????ъ??=????????+佀侞????????????=???????*???????*??????*?????-???????*2024?????*2024????*?????佀侞????=???佀侞???*???佀侞????*???к??*??????*?????-???佀侞???*2024?佀侞????*2024?к??*2024????*?????????????????????1,593.40з??佀侞?????
255.50з??亩??????ъ???1,848.90з??
?
????ъ??????????嗉?????亩?????ъ?????????????????ъ??=????????+??????????+???????+???????+???????????ъ???=???ъ??+????????1???????????????????????????????????ъ???????ъ?????????2%????31.87з??佀侞?ъ?????????35%????
89.43
з?????
121.29
з??2????????????亩????????н?????????????н????к???????????????亩??????н?????н????????????????????????????
3????????????↓?????????????????????????????????????5%???
????????亩??????????????????????л?
?
???????????????????????30
5%????????15-255%?????????10-145%?????????6-125%?????????5-85%?????????5-85%
????????????ъ?????1%????18.49з??6????????????ъ?????1%????
18.49
з??
???????????????????=???ъ??-???ъ???????=???ъ??-???ъ???-?ъ〾????-??〾?????亩???????????????????л?
???з?
| 亩? | ?1???8? | ?9???15? |
| ???ъ?? | 1,848.90 | 1,848.90 |
| ???ъ?? | 866.83 | 596.55 |
| ????? | 982.07 | 1,252.35 |
?????
| 689.11 | 891.82 |
?4??????亩????????????嗉?????亩?????????亩???????????
???????亩??????????а?н?????????????????亩?н?????н?????????????????ъ??????儈????????????????????????????????????儈??о??????ъ????????????????????????????亩????????????????????????????????????????????????????????????????亩???????л?????≤??????????嗉?????????????????л?
亩
亩??仍?з??
| ?ъ?? | 6,167.22 |
| ?ъ?? | 3,520.90 |
| ??? | 42.91% |
| ??? | 19.48% |
?о?????????ъ????????????亴?????????
?о?????????2023??2024????????嗉?????????41.11%?37.41%???????
21.93%
?
15.97%
????????????嗉???????????????42.91%?????19.48%??儈???????嗉?????ъ????≤???
?о??ъ??????????????????ъ?????????????ъ??к????????ъ?????哴??⑨????A???????????а??????ъ?????????к????л??н???????????????к?????ъ?????≤?????????
??????????????嗉???о哴??⑨????????仾????⑨????????????к?????????嗉??????
?????????42.91%?о哴??⑨??ъ????????????????????л?
???з??
????/
亩???亩?2024
??2023
??
| 哴??⑨ | ??ъ??? | 43,608.27 | 44,385.61 |
| ??ъ???? | 43.58% | 44.18% | |
| ????嗉?????亩? | ??????? | 6,167.22 | |
????????
42.91%
?к?????嗉?????亩????亴????????й?????????????????亩?1?????????亴???????????????????
????
| ?1??????116????????н???2???????365???3?????50%?2023??2024??2025?1-3???????????????????49%?45%?46%??????????????????????亴?????????????????????????50%? | 2023??2024??2025?1-3????????????????????257?/??275?/??302?/??????????2?????????儈ㄟ????????????依????????????????????依????????497-900????????????????475-663????????????????????????????????????????????????????????????????????????????515?/?? |
?????????亴??1????ъ?????????????????????亩???????????????????????????????=???????*???????*??????*?????-???????*2024?????*2024????*?????????????????????
566.30
з???2????ъ??????????????????????亩???ъ???????????
??????ъ??=????????+??????????+???????+???????+???????????ъ???=???ъ??+????????1???????????????????????????????????ъ???????ъ?????????2%????11.33з??2?????????????亩????????н?????????????н????к???????????????亩??????н?????н????????????????????????????
3????????????↓?????????????????????????????????????5%???
????????亩??????????????????????л?
?
????????????????
???????305%????????15-255%?????????10-145%????
?????6-125%?????????5-85%?????????5-85%
????????????ъ?????1%????5.66з??
????????????ъ?????1%????5.66з??
?3???????????????????=???ъ??-???ъ???????=???ъ??-???ъ???-?ъ〾????-??〾?????亩???????????????????л?
???з?
| 亩亩? | ??1???8? | ??9???15? |
| ???ъ?? | 566.30 | 566.30 |
| ???ъ?? | 282.96 | 197.97 |
| ????? | 283.34 | 368.33 |
?????
| 193.75 | 257.49 |
?4??????亩????????????????????????亩?????????亩??????????????????亩??????????а?н?????????????????亩?н?????н?????????????????ъ??????儈????????????????????????????????????儈??о??????ъ????????????????????????????亩????????????????????????????????????????????????????????????????亩???????л?????≤??????????????????????????????????л?
亩
亩?
| ?仍?з?? | |
| ?ъ?? | 1,090.26 |
| ?ъ?? | 847.75 |
| ??? | 22.24% |
| ??? | 3.98% |
7-2-25
3??о?????????ъ????????????亴????????
?1?о?????????
???????????ㄎ???????????????????????????????????????≤?н??????????????????亩??????????
22.24%
?????
3.98%
?儈?????????????ъ???≤?????????????????????亩???????????????儈?
?
?о??ъ?????????哴??⑨????????????о??????????????????ъ??к????????????????/??????????ㄎ??????????????????????????ъ?????≤??????2023??2024?????A???????????ъ???????????23.93%?21.45%?????????????????亩??????????
22.24%
?о??ъ????????????????????????л?
???з??
??????ъ?2024
??2023
??
| ???A | ?? | 18,036.78 | 18,712.94 |
| ??? | 14.65% | 13.33% | |
| ???? | ?? | 16,726.94 | 18,813.56 |
| ??? | 18.85% | 26.38% | |
| ??? | ?? | 13,969.91 | 13,847.19 |
| ??? | 30.85% | 32.08% | |
| ??? | ?? | 16,244.54 | 17,124.56 |
???
| 21.45% | 23.93% |
?к?????????????????亩????亴???????
??????????亩?
?????????亴???????亩???????????????о2024???н????ъ????????н??2?????????亴??
??ъ???????????亩????????????????????????????????????????
??ъ???????ъ??=?????+???????+?????+???+????+????ъ???=?ъ??+????
????????亩????????????????800?/????
???????亩???????????????????????????亩??????н???????????????
???
????
519.50
з??749з???3???10??1,093з???11???12????573.50з??
344.00
з??3???????亩????????????傮傦?????ㄉ?ㄉ??
??ㄉ?ㄉ?1????亩?????????????????亩?????1????????649.60з???2??961.80з???3???10??1,356.20з???
??
706.60
з???
??
428.20
з??4????????↓???????????????????????????
????????????????亴??????????????
????亩??????????????????亩?????????????????5%??????????
???⑨???????
??6????????????????????????????ъ???????〾??????????????ъ???а?????????????????ъ???????〾??????????
?????????ъ???7%????3???????????????=??ъ??-?ъ???/?ъ?????=??ъ??-?ъ???-?ъ〾????-??〾?/?ъ???????亩???????????????л?亩
亩??ъ???ъ????????
| ?1? | 4,688.76 | 2,501.41 | 46.65% | 29.40% |
| ?2? | 7,543.53 | 3,712.02 | 50.79% | 32.50% |
| ?3? | 11,510.07 | 5,398.59 | 53.10% | 34.22% |
| ?4? | 11,510.07 | 5,529.88 | 51.96% | 33.37% |
| ?5? | 11,510.07 | 5,560.31 | 51.69% | 33.17% |
| ?6? | 11,510.07 | 5,593.77 | 51.40% | 32.95% |
| ?7? | 11,510.07 | 5,630.59 | 51.08% | 32.71% |
| ?8? | 11,510.07 | 5,671.09 | 50.73% | 32.45% |
| ?9? | 11,510.07 | 5,475.57 | 52.43% | 33.72% |
| ?10? | 11,510.07 | 5,513.64 | 52.10% | 33.47% |
| ?11? | 7,309.46 | 3,161.30 | 56.75% | 36.94% |
| ?12? | 3,966.53 | 1,848.38 | 53.40% | 34.44% |
7-2-28
3??о?????????ъ????????????亴????????
?亩?????????1??46.65%??15??53.40%???????
51.84%
?
?1?о?????????
????ъ?2023??2024???????
48.55%
?
52.37%
???????亩????????????ъ?????????
?2?о??ъ???????????ъ??к????????ъ????????????2023??2024???ъ????????
48.72%
?
45.55%
??????????????亩??????н????????к???????亩???亴???????й???亩???????????????????ъ????????仾????а???亩???????????????????ъ??????????亩??????????????????????л??
????????????????
???????305%????????15-25
5%???????????155%?????????10-145%?????????6-125%?????????5-85%?????????5-85%
????亩???????????????????亩????????????????????????????????亩??????
????????????й?????????????亩??????????????仍???????亩??????????????仍?????
л?亩
亩???????
????????仍
?з??
?????→?
| ????????????亩? | ???? | 2,296.19 | ?1???5? |
| ??????? | 1,945.39 | ?6???15? | |
| ????嗉?????亩? | ??????? | 692.43 | ?1???8? |
| ???? | 435.02 | ?9???15? | |
| ??????????????亩? | ??????? | 253.30 | ?1???8? |
| ???? | 172.36 | ?9???15? | |
| ??????亩? | ???? | 408.41ü719.84 | ?1???3? |
| ???? | 719.84 | ?4???8? | |
????
| 130.42ü479.78 | ?10???12? |
??????亩????????12??????????ъ?????????亩???????а??仍?????????????ъ??????仍???????????????1????????????亩???????????????仍???????亩???о??????????????????н???????????????ъ???а????????????亩????????????????3,961.76з?????????????????亩???????2,296.19з?????
57.96%
???亩???????仍??????????2024??ъ??76,443.68з?????仍24,713.60з?????????亩?????????????????ъ??????仍??????
5.18%
?
16.03%
??????????亴?н????????????????
???????????亩?????????????????????っ???????????????????????о????????????????????????????????????亩?亴????
??ъ????8,289.60з?????仍??2,605.16з????????????????仍?????????ъ??о???仍??а????????亩????????????ъ??????????
?к???????亩???????н????????ъ?????н????
????????亩????????仾???
???????????о???????仾???ā??й?????亩????????????????н??????ā???????亩????????仾?ā????л仾?????????亩????????项目建成后新增资产折旧与摊销峰值预计为3,961.76万元/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??????????亩??????????????????ф亩?亴???????????亩?????а?????亩????????亴???≤?????????????????????????л??仾??ā
???????????
?а?????
????????亩??????ウ?????亩????????????亩????????????????????????о??????????????????
2????????亩??????ウ????????????亩???????????????????????????????????о??????????????????
????????亩???????????亩????????????????????????????????ъ?????
????????????????1???亩?????????????ъ???亩???????????????????о?????亩????ъ????亩??????????
2???亩???亴???????????????????????亴??????о?????????ъ?????????亴???????3?????亩??????????н????????ъ?????н?????????????????仾????
问问题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33,203.55万元、72,363.70万元、76,443.68万元和23,459.64万元，归母净利润分别为-1,369.94万元、17,465.84万元、18,600.85万元和6,865.86万元；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57,185.78万元、71,600.92万元、85,775.12万元和84,880.12万元，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。???
аа??ъ??????????ъ???????????????????????ъ?????о??ъ??????а??а??ъ??????????ъ???????????????ъ?????33,203.55з??72,363.70з??76,443.68з??23,459.64з????ъ??????32,689.58з??71,755.15з??75,109.47з??22,954.48з???っ??????????????ъ??????ъ????????л?
| 亩亩? | 2025??1-3? | 2024??? | 2023??? | 2022??? | ||||
| ??仍?з?? | ?????%? | ??仍?з?? | ?????%? | ??仍?з?? | ?????%? | ??仍?з?? | ?????%? | |
| ????ъ? | 8,671.25 | 34.37 | 29,301.45 | -0.56 | 29,465.26 | 136.12 | 12,478.88 | -26.86 |
| ??ъ? | 6,520.13 | 15.56 | 23,691.45 | 1.05 | 23,445.70 | 86.19 | 12,592.16 | -17.27 |
| ??ъ? | 6,183.22 | 35.28 | 15,879.65 | 31.24 | 12,099.34 | 126.26 | 5,347.63 | -27.39 |
| ???ъ? | 1,579.88 | 44.50 | 6,236.92 | -7.53 | 6,744.85 | 197.01 | 2,270.91 | -5.25 |
| ??? | 22,954.48 | 29.25 | 75,109.47 | 4.67 | 71,755.15 | 119.50 | 32,689.58 | -22.25 |
2022??????????ъ???????????????????????????????????????????????????
2023????????ъ??????儈?????????????????????????っ????????????????о???????仁????????????
2024??2025?а??????ъ??????????????????ъ???????2024?????????????????????????????о??????????????????⑨????????????????????????????????ъ???っ????
???????????????
????????ъ????ъ?????仍??????????????????????????л?
| 亩亩? | 2025??1-3? | 2024??? | 2023??? | 2022??? | ||||||
| ??仍?з??%? | ???仍?з??%? | ?????%? | ??仍?з??%? | ???仍?з??%? | ?????%? | ??仍?з??%? | ???仍?з??%? | ?????%? | ??仍?з??%? | |
| ?ъ?? | 23,459.64 | 5,432.32 | 30.13 | 76,443.68 | 4,079.98 | 5.64 | 72,363.70 | 39,160.15 | 117.94 | 33,203.55 |
| ?ъ?? | 10,651.56 | 2,481.71 | 30.38 | 38,059.22 | 1,605.11 | 4.40 | 36,454.11 | 12,029.39 | 49.25 | 24,424.72 |
| ??仍 | 12,808.08 | 2,950.61 | 29.93 | 38,384.46 | 2,474.87 | 6.89 | 35,909.59 | 27,130.76 | 309.05 | 8,778.83 |
| ????? | 54.60 | -0.08 | / | 50.21 | 0.59 | / | 49.62 | 23.18 | / | 26.44 |
| ???? | 3,319.29 | 521.87 | 18.66 | 13,667.05 | 512.85 | 3.90 | 13,154.20 | 3,843.43 | 41.28 | 9,310.77 |
| ????? | 14.15 | -3.73 | / | 17.88 | -0.30 | / | 18.18 | -9.86 | / | 28.04 |
| ??? | 6,865.86 | 1,657.72 | 31.83 | 18,600.85 | 1,135.01 | 6.50 | 17,465.84 | 18,835.78 | 1,374.93 | -1,369.94 |
??2025?1-3???仍??????ок??????
?????????????-1,369.94з??17,465.84з??18,600.85з??6,865.86з???っ??????
2022?????????????????仾???????????????亩ъ?????л???????↓??????????????????⌒?????????2022??????ъ?????л━???????????≤??
2023???????2022???18,835.78з??????ъ??????117.94%?????????儈23.18????ф?????л?9.86?????2023???????????????????????っ????⑨????????仾?????????????????亩ъ?????к??????っ??????????↓?≤????????????????????????????????????っ??≤????????????ъ????????
2024???????2023???6.50%?2025?а???????????31.83%?????ъ????????5.64%?30.13%?????????????????????????????っ????2024??2025?а?????????????????????????ъ??????
?й???ъ?????о??ъ??????а?
????????ъ??????????????о??ъ?????
?????л?
| ??? | ????? | 2025??1-3? | 2024??? | 2023??? |
| ?ъ??????? | 哴??⑨ | 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% | |
| ???⑨ | 30.13% | 5.64% | 117.94% | |
| ???????? | 哴??⑨ | 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% | |
???⑨
| 31.83% | 6.50% | 1374.94% |
???????亪iFinD?к????????
?к???????????ъ??о??ъ????????а??2023???????⑨????????????ъ????????????????ъ????儈???????2024???2025?а??????ъ????????????????ъ???????????л??????????????????????⑨?????????????о??ъ???????2024?????????ъ??????????????っ????????н??儈???????傡???ъ??????????????????1???????????????????????????????????л??????????????⑨??????а???????ъ????????????а??儈??2??哴儈???????????哴儈?????ㄉ??2024?4??????????ㄉ??????⑨??????????????儈??
????????????????
?
?у??о?????????????л???????????у?????????ъ???????????????????????????????????⑨????????????а???????ъ???????к???2023????⑨?ъ????????⑨о??ъ??????ъ???????????????????ъ?????2024???????ък????????????????⑨?????????????????????к????????ъ???????н?????????о??ъ??????≤???н???????ъ???ъ??????а????л?????????н??????ъ???????????????ъ??????????????????ъ????л━?????????????亩?????н????а??ъ?????????????????ъ????????????л?
?????ъ?
| 亩亩? | 2025??1-3? | 2024??? | 2023??? | 2022??? | ||||
| ??仍?з?? | ????%? | ??仍?з?? | ????%? | ??仍?з?? | ????%? | ??仍?з?? | ????%? | |
| ???? | 526.83 | 55.19 | 1,983.29 | 48.27 | 2,206.28 | 53.32 | 1,775.12 | 48.40 |
| ??? | 351.24 | 36.80 | 1,386.44 | 33.74 | 1,377.99 | 33.30 | 1,362.41 | 37.15 |
| ???? | 76.48 | 8.01 | 739.03 | 17.99 | 553.46 | 13.38 | 530.09 | 14.45 |
| ??? | 954.55 | 100.00 | 4,108.76 | 100.00 | 4,137.73 | 100.00 | 3,667.62 | 100.00 |
2???ъ?
| 亩? | 2025?1-3? | 2024?? | 2023?? | 2022?? | ||||
| ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | |
| ???? | 2,511.51 | 43.66 | 9,452.01 | 46.44 | 9,835.59 | 50.22 | 6,609.49 | 44.50 |
7-2-37
| 亩亩? | 2025??1-3? | 2024??? | 2023??? | 2022??? | ||||
| ??仍?з?? | ????%? | ??仍?з?? | ????%? | ??仍?з?? | ????%? | ??仍?з?? | ????%? | |
| ??? | 1,192.48 | 20.73 | 4,468.76 | 21.96 | 3,681.32 | 18.80 | 4,254.24 | 28.65 |
| 佀侞?? | 1,047.35 | 18.21 | 3,538.79 | 17.39 | 3,523.19 | 17.99 | 2,361.25 | 15.90 |
| ???? | 181.49 | 3.15 | 717.86 | 3.53 | 684.33 | 3.49 | 339.18 | 2.28 |
| ???? | 819.63 | 14.25 | 2,176.43 | 10.68 | 1,860.98 | 9.50 | 1,287.79 | 8.67 |
| ??? | 5,752.46 | 100.00 | 20,353.85 | 100.00 | 19,585.41 | 100.00 | 14,851.95 | 100.00 |
???ъ?
| 亩? | 2025?1-3? | 2024?? | 2023?? | 2022?? | ||||
| ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | |
| ???? | 1,078.27 | 46.13 | 3,707.79 | 49.03 | 2,368.80 | 38.05 | 1,654.34 | 44.33 |
| ??? | 360.84 | 15.44 | 1,200.93 | 15.88 | 1,425.50 | 22.90 | 742.24 | 19.89 |
| ??? | 397.29 | 17.00 | 1,277.85 | 16.90 | 1,060.26 | 17.03 | 602.01 | 16.13 |
| ????? | 28.88 | 1.24 | 184.14 | 2.43 | 218.21 | 3.50 | 198.93 | 5.33 |
| ??у?? | 174.04 | 7.45 | 433.87 | 5.74 | 322.75 | 5.18 | 134.01 | 3.59 |
| ???? | 298.20 | 12.74 | 758.28 | 10.02 | 830.17 | 13.34 | 400.46 | 10.73 |
| ?? | 2,337.52 | 100.00 | 7,562.86 | 100.00 | 6,225.69 | 100.00 | 3,731.99 | 100.00 |
????ъ?
| 亩? | 2025?1-3? | 2024?? | 2023?? | 2022?? | ||||
| ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | ?仍?з?? | ???%? | |
| ?佀? | 232.35 | 16.29 | 1,320.91 | 24.35 | 1,587.51 | 25.97 | 734.96 | 37.96 |
| ????? | 828.30 | 58.06 | 2,348.89 | 43.30 | 2,165.35 | 35.43 | 614.17 | 31.72 |
| ?⑨??? | 152.66 | 10.70 | 595.94 | 10.98 | 526.41 | 8.61 | 159.35 | 8.23 |
| ??? | 115.33 | 8.08 | 420.37 | 7.75 | 429.12 | 7.02 | 92.27 | 4.77 |
| ???? | 97.94 | 6.87 | 738.91 | 13.62 | 1,403.44 | 22.97 | 335.32 | 17.32 |
| ?? | 1,426.58 | 100.00 | 5,425.02 | 100.00 | 6,111.83 | 100.00 | 1,936.07 | 100.00 |
????????ъ???????????っ?????????ъ??????????????????????????????????????????????????ъ?????????????????????儈????????????????????佀侞伏???????
????????ъ??????????????????????????????仾??????у?????????ъ????????⑨???????????佀???⑨?????????????
????????ъ???????????????????????ъ?????ъ???????л?
| ъ??? | 2025?1-3? | 2024?? | ||||
| ???з?? | ???з?? | ????%? | ???з?? | ???з?? | ????%? | |
| ????ъ? | 8,671.25 | 954.55 | 88.99 | 29,301.45 | 4,108.76 | 85.98 |
| ??ъ? | 6,520.13 | 5,752.46 | 11.77 | 23,691.45 | 20,353.85 | 14.09 |
| ??ъ? | 6,183.22 | 2,337.52 | 62.20 | 15,879.65 | 7,562.86 | 52.37 |
| ???ъ? | 1,579.88 | 1,426.58 | 9.70 | 6,236.92 | 5,425.02 | 13.02 |
| ?? | 22,954.48 | 10,471.11 | 54.38 | 75,109.47 | 37,450.49 | 50.14 |
??к??
| ъ??? | 2023?? | 2022?? | ||||
| ???з?? | ???з?? | ????%? | ???з?? | ???з?? | ????%? | |
| ????ъ? | 29,465.26 | 4,137.73 | 85.96 | 12,478.88 | 3,667.62 | 70.61 |
| ??ъ? | 23,445.70 | 19,585.41 | 16.46 | 12,592.16 | 14,851.95 | -17.95 |
| ??ъ? | 12,099.34 | 6,225.69 | 48.55 | 5,347.63 | 3,731.99 | 30.21 |
| ???ъ? | 6,744.85 | 6,111.83 | 9.39 | 2,270.91 | 1,936.07 | 14.74 |
| ?? | 71,755.15 | 36,060.66 | 49.74 | 32,689.58 | 24,187.63 | 26.01 |
1?????ъ????????????ъ???????
70.61%
?
85.96%
?
85.98%
?
88.99%?????ъ??????????????????????????
?????н??⑨??????????2022????????????????仾???????л????????ъ?????????л━?2023???????⑨?ъ??????仾??????????????ъ?????????????????????儈≤??
???ъ?
2022?????ъ?????-17.95%?????????????????????????ъ?????л━???2022?????ъ?????л━17.27%????????ок???????っ?????????к???л━
20.20
????????????????????????????????????????
2023???ъ???????
16.46%
?????⑨?????⑨????????????????ъ????????????????????а?????儈??????2024??2025?1-3????ъ???????
14.09%
?
11.77%
???2023????л?????2023?к?????????亩????????????侶????????????????ъ???????????3???ъ??????????ъ???????
30.21%
?
48.55%
?
52.37%
?
62.20%
???ъ????????⑨??????仾???????????2023????????仾??⑨?????????仾????????????????儈??????????≤??⑨??????????????ъ????????2023??2024?????ъ???????к?
126.26%
?
31.24%???????????????????????????????
2023??2024?????ъ?????к?
66.82%
?
21.48%
???ъ??????????????⑨?????????????????
????ъ???????????ъ??????っ?ф?????????????????????ъ??????????ъ???????????⑨???????▌???????????ъ????ъ????ъ?????
??й???ъ????л━?????????????亩?????н????????????ъ??ъ?????12,592.16з??23,445.70з??23,691.45з??6,520.13з?????????????????-17.95%?
16.46%?14.09%?11.77%?????????????????????л?
?????????ъㄎ?????????????????н??儈?????????????傼????????????н????ㄎ?????????????????????????????????????????????????????????????????仈?????????ъ???????????????????ㄎ????????嗉??????????????????ъ???а???к?????????????亩?????????????????????????⑨????傼?????儈?????????≤???к???????ъ????????ф???а???オ??????????????≤????儈??儈?????????????л???ъ????л━?????н??????亩?????н????йй?????????????????ъ??????????о??ъ??????????????????亩??????????仍?????????????????????????????????????
?а?????????????????ъ?????????????ъ?????????????????л?
| ъъ??? | 2025??3?31? | 2024??12?31? | 2023??12?31? | 2022??12?31? | |||
| ??????з?? | ?????%? | ??????з?? | ?????%? | ??????з?? | ?????%? | ??????з?? | |
| ????ъ? | 7,005.18 | -4.17 | 7,309.69 | -10.92 | 8,206.17 | -13.83 | 9,523.61 |
| ??ъ? | 48,796.13 | -2.80 | 50,200.39 | -9.78 | 55,639.30 | 41.27 | 39,385.56 |
| ??ъ? | 26,142.31 | 3.42 | 25,277.17 | 446.95 | 4,621.45 | -8.10 | 5,028.76 |
| ???ъ? | 14.80 | -3.52 | 15.34 | -20.30 | 19.25 | 61.22 | 11.94 |
| ??????? | 2,921.70 | -1.71 | 2,972.53 | -4.57 | 3,114.75 | -3.74 | 3,235.91 |
| ??? | 84,880.12 | -1.04 | 85,775.12 | 19.80 | 71,600.92 | 25.21 | 57,185.78 |
??2022???2023???2024???2025?3????????????????57,185.78з??71,600.92з??85,775.12з??84,880.12з??
????????????????????????亩????????????侶??????????????????亩???????2023??2024???????????
???????о??ъ?????????????????????????о??ъ??????????л?
| ?? | ???? | ???? | ??????? | ????%? | ?????%? |
| ?????? | 哴??⑨ | ????? | 20-40 | 3 | 2.43-4.85 |
| ???A | ????? | 20-35 | 5 | 4.75-2.72 | |
| ??? | ????? | 20-40 | 5 | 4.75-2.38 | |
| ???? | ????? | 10-40 | 5 | 2.38-9.50 | |
| ??? | ????? | 20-40 | 0-5 | 2.38-5.00 | |
| ?ъ?? | ????? | 10-40 | 0-5 | 2.38-9.50 | |
| ???-?? | ????? | 30-40 | 3-5 | 2.38-3.23 | |
| ???-??? | ????? | 15-25 | 3-5 | 3.80-6.47 | |
| ?????? | 哴??⑨ | ????? | 15-20 | 3 | 4.85-6.47 |
| ???A | ????? | 15 | 5 | 6.33 | |
| ??? | ????? | ??????????????? | |||
| ???? | ????? | ??????????????? | |||
| ??? | ????? | ??????????????? | |||
| ?ъ?? | ????? | 15-20 | 3 | 4.85-6.47 | |
| ??? | ????? | 15 | 3-5 | 6.33-6.47 | |
| ???? | 哴??⑨ | ????? | 6-20 | 3 | 4.85-16.17 |
| ???A | ????? | 10 | 5 | 9.50 | |
| ??? | ????? | 5-20 | 5 | 19.00-4.75 | |
| ???? | ????? | 10-15 | 5 | 6.30-9.50 | |
| ??? | ????? | 10 | 0-5 | 9.50-10.00 | |
| ?ъ?? | ????? | 5-20 | 5 | 19.00-4.75 | |
| ??? | ????? | 10-14 | 3-5 | 6.79-9.70 | |
| ???? | 哴??⑨ | ????? | 5-10 | 3 | 9.70-19.40 |
| ???A | ????? | 8 | 5 | 11.88 | |
| ??? | ????? | 5-10 | 5 | 19.00-9.50 | |
| ???? | ????? | 7-10 | 5 | 9.50-13.57 | |
7-2-42
| ??? | ????? | ????? | ???????? | ?????%? | ??????%? |
| ??? | ????? | 5-20 | 0-5 | 4.75-20.00 | |
| ?ъ?? | ????? | 5-20 | 0-5 | 4.75-20.00 |
????????
| 6-12 | 3-5 | 7.92-16.17 |
???????亪iFinD?к????????
?к????????????????о??ъ????????н????????й?????????亩??????????仍????????????????????????????????亩??????????仍????????л?
| 亩亩??? | ????/亴??仍?з?? | ?????仍?з?? | ??????%? |
| ????????????亩? | 32,607.00 | 4,094.98 | 1.85 |
| ?????????????亩? | 34,835.00 | 29,645.05 | 100.00 |
| ???????亩??????? | 17,200.00 | 14,321.51 | 100.00 |
| ????侶???? | 9,842.00 | 9,464.78 | 100.00 |
??????????????????????????????亴????????????????????傼????????????????????????????ㄓ?傼?????????????????亴???????????ㄓ????????亴???????????????????亴?????????????????н??????????
????????????????????
????????????????????????????????????ъ??????????????????????????????????????н??????н┑??????????????????→?????????????
??????????????????????????????亩??
????????????????????⑨?????????⑨?????а???????⑨???????????????⑨???????????????儈??????????????????????ㄎ???????亩??????????????????
?к???????????????????????????????????????????н???????н??????????????????????????????????
????????????
?а?????
?????????????ъ?????????????????ъ??????????????⑨??????????ъ????????????????????????ъ???????????
???????????ъ??????????????????????????????????????а?????ъ????л━??????????????亩???????
3??????????????????????????????????????ъ?????????????????????4??????????????????亩??????ウ???亴???????????傼???????????????????5?????????????????????????????????????????????????????????????????????????????????????????????????????ъ?⌒?????????????????????????????????????1??????????ъ????????⑨????????????????⑨????っ????2023????⑨?ъ????????о??
ъ??????ъ???????????????????ъ?????2024???????ък????????????????⑨?????????????????????к????????ъ???????н??????????о??ъ??????≤???н???????ъ???ъ??????а????л?????????н??
????????ъ???????????????????????ъ??????????????????佀侞伏???????????????ъ??????????????????????????????仾??????у?????????ъ????????⑨???????????佀???⑨????????????????????????ъ???????ъ????????2023????ъ???????2024??2025?1-3????ъ?????????????л?????ъ??????っ?ф???????ъ????л━?????н??????亩?????н????
?????????????????ъ????ъ????ъ????????????????????????????亩??????侶??????????????????亩???????2023??2024??????????о??ъ??????????????н????????????????????????????????????????????????????????????侶???????2025?3?31?????????????????????????ㄓ???????ㄓ?傼?????????????????н????????????????????????????
问问题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。???а???????????????????????????????????ъ??????????????????????????仍???
??????????⑨?ъ?????⑨???уъ?????⑨??????????????ъ???????????????????ъ???????????⑨?ъ??????л????н????』???ъ?????ъ?????ъ?????????????2025?
?
???????2024?11?21?????????????н??????????????ъ??????ъ????ъ??о????ъ????????????ъ??????????????????????⌒??ф仾??儈?????????????????ъ???н??????????仍??????
??????????????????а???????????仍???????????????????ъ????
??2025?
?
????н?????????????ъ??????????亩??л?
?
??亩?
?仍?з??
????
| ????????? | ||
| 1 |
????
??????
| 23,314.40 | ||
| 2 |
???????
-?
| - | ||
| 3 |
?????
?????????
?????
?
| 293.25 | ||
| 4 |
а??????????
????仍???
| 15,992.43 | ||
| 5 |
??????
??????
| 20,564.91 | ||
| 6 |
??????
????ъ???
| 6,989.80 | ||
| 7 |
????????
-?
| - | ||
| 8 |
???????
亴????????⑨
?????
?
3,643.67
?а???????2025?3?31?????????23,314.40з??????????????????????????????????????н???????????ъ??
????????????2025?
?
????н???????????й????????2025?
?
???????????????
293.25
з?????????????????????н???????????ъ?????а????????????2025?3?31????а????????????????15,992.43з???????????ъ??????
3.10%
?????仍?????????????????????????儈???????ф???н????⌒??ф仾??儈??????н???????????ъ?????????????2025?3?31?????????????????20,564.91з????????????????????????????????????????????????????????仾??????仾??????
??????????????????儈???????ф???н????⌒??ф仾??儈??????н???????????ъ???
?????????
??2025?
?
????????????????6,989.80з???????л?
????????仍?з??
?????⑨????????
?????⑨??????????????
?????????⑨????????????
6,989.802017?9?26?
????
| 2017?9?26? |
| 7,500з? |
?а??????
??????????????????ь?216?????????
????
91341700MA2PBR6H4D
?⑨?????⑨???????????佀侞??????????????⑨ъ???????????⑨????⑨у???????к?????????????伏??侞????????????????????????????侠?????????????????????????????????????????????侞?≤?????????享????亩???????????????????
| ?⑨?????⑨???????????佀侞??????????????⑨ъ???????????⑨????⑨у???????к?????????????伏??侞????????????????????????????侠?????????????????????????????????????????????侞?≤?????????享????亩??????????????????? | |
| ?ь?????2025?3?31?? |
?ь??????仍?з?????%
???????????⑨??????
| 3,000.00 | 40.00 |
???????????????ъ?????ъ??????
| 2,350.50 | 31.34 |
???⑨
| 1,500.00 | 20.00 |
??????⑨??????
| 649.50 | 8.66 |
??
| 7,500.00 | 100.00 |
???????з??
亩?
2024?12?31?
亩?2024
?????
42,818.74
?ъ??
7,204.19
???
35,435.69
???
1,408.33
亩?
2025?3?31?
亩?
2025?1-3?
7-2-48
?
???
41,716.57
?ъ??
662.93
???
34,949.01
???
-486.69
??2024???????????????????????????2025?1-3??????????
??????????????о??????????⑨??????????????????????ъ?????ъ???????2017?
?21???????????????????⑨???????????????????????????⑨????????????⑨???????7,500з????????⑨?????1,500з???????20%????⑨???????嗉????????????ъ??о????ъ???????ъ???????????????????????ъ???????????????⑨?????н???????????ъ??
?г???????????2025?
?
????н???????????????????????2025?3?31???????????????3,643.67з???亴????????⑨?????????⑨???????????????????????????⑨???????????⑨??????
?к???????а???2025?3?31?????н?????????????ъ?????????????????18????????????üü????
????????
й??????????
?а?????
1???????????????18???1???????????üü????
???
??????????????????ъ??????????????????ъ??????????????
?????????????ь??????????????????????
3??????????????????????????????????????????????ъ????4???????????а?????????仍??????????????????????????????亩???????????????????????????????????????1???????????????????????????????н??????????????????ъ?????н??享????????????2??????а??н???????????????????????????????18???1???????????????7???1???????
??亥?↓??????????????????????????
⑨?????????????????????????????????
??ㄐ亥??
????????????????
????????
??
????????
???
??g??????????
??
2025?
?
???
| ? | ? | ? | ? | ? | |
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?
| ? | ? | |||
?
| ? | ? | |
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| ??? |
7-2-51