黄山旅游发展股份有限公司与控股股东全资子公司签订东海索道托管服务合同暨关联交易公告

黄山旅游发展股份有限公司签署重大托管服务合同，强化景区索道业务管理——涉及关联交易

一、公告要点摘要

交易背景：黄山旅游发展股份有限公司（以下简称“公司”）与控股股东全资子公司黄山东海景区开发有限公司（以下简称“东海开发公司”）签订《东海索道托管服务合同》，由公司托管运营东海开发公司新设的东海索道分公司，全面负责索道筹备及日常经营管理。
交易类型：本次交易构成关联交易，但不构成重大资产重组。
托管期限及管理费：合同分为筹备期和运营期。筹备管理费200万元，运营期管理费为索道分公司营收的8%，加上派驻人员劳务报酬费。管理费预计总额不超过2000万元。
目的与影响：避免控股股东与上市公司的同业竞争，实现索道业务统一管理，为东海索道后续注入上市公司做过渡性安排。
潜在利好：若东海索道未来正式注入上市公司，或将提升公司整体经营效益，强化景区交通基础设施布局。

二、交易细节及对公司影响详细解析

1. 项目背景及推进情况
东海索道（又称云谷索道下半段、东大门索道）位于黄山风景区东海景区，是景区东大门进山的核心交通设施。项目由黄山旅游集团（控股股东）通过东海开发公司投资建设，线路总长6,638米，最大高差1,197米，设有3个站房、31个支架点，采用先进的奥地利多贝玛亚索道设备，设计单向运力为2,100人/小时。目前项目已进入收尾阶段。

2. 托管合同核心内容
– 托管主体：东海开发公司成立东海索道分公司作为运营主体，公司全权托管。
– 筹备期内容：包括组织架构、岗位职责、薪酬制度、运营管理、安全规程制定，员工招聘培训，运营方案与宣传推广等。
– 运营期内容：涵盖日常运营、安全、设备维护、人事财务、市场营销等全方位管理。
– 管理费结构：

筹备管理费200万元，如因公司原因索道无法开业需全额退还；不可抗力等因素退还50%；如因甲方原因则不退。
基本管理费为索道分公司营收的8%，按季度预付，年终按审计调整。
劳务报酬费按公司薪酬标准据实结算与支付。

– 托管期限：运营期暂定1年，期满公司享有优先续约权。如1年内索道资产完成转让，则托管任务提前结束。

3. 权责分配与风险控制
– 公司拥有东海索道分公司人事任命和管理权，派驻总经理、副总经理及核心管理层。
– 所有员工劳动关系归属于索道分公司，经营成本和盈亏由索道分公司承担，公司不承担亏损风险。
– 东海开发公司负责保证运营资金，承担费用支付连带担保责任。

4. 关联交易性质及合规性
– 此次交易为公司与控股股东全资子公司的关联交易，已由独立董事全票通过，关联董事回避了表决，董事会授权管理层全权办理相关事宜。
– 交易定价遵循公开、公平、公允原则，合同管理费预计不超过2000万元，经测算符合市场定价，未向关联方输送利益。

三、对投资者及公司股价的潜在影响

短期来看，东海索道纳入公司托管体系，提升公司在黄山景区交通基础设施的统一管理能力，有助于资源整合与业务协同。
合同为过渡性安排，待索道资产正式注入上市公司，将有望进一步提升公司业绩及资产规模，对公司长远成长带来积极影响。
本次托管收入为公司带来新增管理费，尽管短期影响有限，但为后续资本运作和业绩增厚铺垫基础。
交易充分披露且董事会、独董均已审议通过，相关决策程序合规，有利于公司治理与投资者信心维护。
索道实际经营业绩存在不确定性，受客流波动影响，最终对公司索道主业的影响需等正式运营和资产注入后进一步观察。

四、需重点关注的敏感事项

索道项目注入上市公司尚需待相关条件成熟并履行必要审议程序，短期内仅为托管经营，不涉及资产权属转移。
东海索道票价尚未最终核定，短期无法开展资产审计及评估，存在不确定性。
公司仅承担经营管理责任，不承担分公司运营亏损风险。

五、结论

本次托管协议进一步强化了黄山旅游公司对景区核心交通资源的管理权和影响力，是上市公司治理体系优化、资源整合和业务协同的重要举措。一旦东海索道资产注入公司，将有望成为公司业绩新的增长点，对公司长期价值提升具有积极意义。建议投资者持续关注东海索道项目正式营业及资产注入进展，相关动态或将成为公司股价潜在催化剂。

免责声明：本文根据公开材料整理，仅供投资者参考，不构成具体投资建议。投资有风险，决策需谨慎。

Huangshan Tourism Signs Major Entrusted Management Contract for East Sea Cableway Project – Potential Impactful Related Party Transaction

Key Highlights

Transaction Overview: Huangshan Tourism Development Co., Ltd. (the “Company”) will sign an Entrusted Management Service Contract with its controlling shareholder’s wholly-owned subsidiary, Huangshan Donghai Scenic Area Development Co., Ltd. (“Donghai Development Co.”), to operate and manage the newly established Donghai Cableway Branch Company.
Related Transaction: This is a related party transaction but does not constitute a major asset restructuring.
Contract Term & Fees: The contract covers a preparation and operation period. The preparation management fee is RMB 2 million; operational management fee is 8% of the cableway branch’s revenue, plus staff remuneration. Total management fees are expected not to exceed RMB 20 million.
Strategic Purpose: The arrangement avoids competition between the parent group and the listed company, unifies cableway management, and acts as a transitional step towards asset injection into the listed company.
Potential Upside: Formal injection of the asset into the listed company could enhance overall business performance and strengthen the company’s position in cableway transport within the scenic area.

Detailed Transaction and Company Impact Analysis

1. Project Background & Progress
The Donghai Cableway (aka Lower Yungu Cableway/East Gate Cableway) is a core transport facility for tourists entering the East Sea Scenic Area of Huangshan. The project, backed by the controlling shareholder Huangshan Tourism Group, features a 6,638-meter line, 1,197-meter elevation, 3 stations, 31 pylons, and advanced Doppelmayr cableway equipment, with a one-way capacity of 2,100 people/hour. Construction is nearing completion.

2. Key Terms of the Entrusted Management Contract
– Management Entity: Donghai Development Co. will set up a branch, managed fully by the listed company.
– Preparation Phase: Covers organization, HR, compensation, operational and safety protocols, recruitment, training, marketing, and launch planning.
– Operation Phase: Encompasses daily operations, safety, equipment maintenance, HR, finance, promotion, and all management matters.
– Fee Structure:

Preparation fee: RMB 2 million (refunded under certain failure conditions).
Basic management fee: 8% of the branch’s revenue, prepaid quarterly, adjusted annually after audit.
Staff remuneration: Based on the company’s salary standards and actual deployment.

– Term: One-year operation phase, with right of first renewal; ends earlier if the asset is transferred to the listed company.

3. Rights, Responsibilities, and Risk Control
– The company has appointment and management rights for senior management at the branch.
– All non-seconded employees are employed by the branch, which bears all operational costs and risks.
– Donghai Development Co. provides working capital and guarantees payment of costs.
– The listed company does not bear operational losses.

4. Compliance & Fairness
– Approved unanimously by independent directors, with related directors abstaining. Management authorized to execute.
– Pricing is market-based and fair, with no transfer of interest to related parties.

Potential Impact on Investors & Share Price

In the short term, the agreement strengthens the company’s operational control over key scenic area infrastructure, facilitating resource integration and business synergy.
As a transitional step, formal asset injection—when conditions permit—could bring meaningful revenue and asset scale improvement, acting as a positive catalyst for long-term performance.
Management fees will add incremental revenue, laying groundwork for future earnings growth.
Full disclosure and procedural compliance support good corporate governance and investor confidence.
Cableway performance remains subject to tourist flow variability; the precise impact on existing cableway operations awaits further observation post-launch and asset injection.

Key Sensitivities for Shareholders

Formal asset injection timing and approval remains uncertain; current arrangement is management-only, not ownership transfer.
Cableway ticket pricing is not yet finalized; audit/valuation cannot proceed in the short term.
The company does not bear operational losses of the branch.

Conclusion

The entrusted management contract marks a significant step in consolidating the company’s control over scenic area transport resources and optimizing governance. Upon successful asset injection, the Donghai Cableway could become a new growth driver. Investors should monitor project launch and asset injection progress, as these may serve as catalysts for future share price movements.

Disclaimer: This article is for informational purposes only, based on public disclosures. It does not constitute investment advice. Please exercise caution and judgment in investment decisions.