黄山旅游发展股份有限公司与控股股东全资子公司签署东海索道托管服务合同——关联交易公告深度解读

一、事件概述

黄山旅游发展股份有限公司（以下简称“黄山旅游”或“公司”）于2026年3月14日发布公告，称公司拟与控股股东黄山旅游集团有限公司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”）签署《东海索道托管服务合同》，开展托管服务并构成关联交易。该事项已获公司董事会审议通过，关联董事回避表决。

二、交易关键内容

• 东海索道（亦称云谷索道下半段、东大门索道）项目位于黄山风景区东海景区及黄山市黄山区谭家桥镇，是黄山东大门进山的核心交通设施。项目由东海开发公司开发建设。
• 东海开发公司将成立东海索道分公司，作为索道运营主体。黄山旅游受托全面负责索道分公司营业前筹备及运营管理。
• 托管涵盖筹备期与运营期。筹备期自相关资料移交之日至索道正式营业，运营期暂定一年，若一年内完成资产转让，则托管截止。
• 管理费由三部分组成：筹备管理费200万元（固定）、运营期基本管理费为营收的8%、劳务报酬费（派驻人员薪酬）按实际支出结算。合同生效后管理费预计不超过2000万元。
• 本次交易不涉及资产权属变动，公司仅作为托管方收取管理费，不承担项目盈亏。

三、关联交易背景与目的

• 索道项目开发审批难度大、周期长，东海开发公司先行开发，待满足条件后将以合法合规方式注入上市公司。
• 当前为过渡阶段，通过托管管理有效规避控股股东与上市公司同业竞争风险，实现索道业务统一管理。

四、交易对方及关联关系

• 东海开发公司为黄山旅游集团全资子公司，资信良好，无重大负债违约。
• 根据上交所相关规则，构成关联交易。

五、东海索道项目详细情况

• 项目线路总长6,638米，最大高差1,197米，设三站房、31支架点，采用奥地利多贝玛亚单线自动脱挂抱索器客运索道，吊厢189个，设计单向运能2,100人/小时。
• 目前工程进入收尾阶段。

六、合同主要条款和履约安排

• 托管事项：
  • 筹备期：管理组织架构、岗位、制度、招聘培训、开业宣传等。
  • 运营期：全面负责运营、安全、设备、财务、人事、市场营销等。
• 费用支付方式：
  • 筹备管理费：一次性支付。
  • 基本管理费：按季度预付，年终以第三方审计调整。
  • 劳务费：按月据实结算。
• 乙方（黄山旅游）派驻总经理、副总经理等管理团队，享有人事管理权。
• 东海索道分公司承担全部经营成本与费用，盈亏由甲方（东海开发公司）承担，黄山旅游不承担经营风险。

七、对上市公司及股东的影响、潜在敏感信息

• 本次托管有助于实现黄山景区索道缆车业务的统一管理，提升运营效率，为未来资产注入上市公司打下基础。
• 由于票价尚未最终核定，短期内无法进行资产审计和评估，托管是暂时性安排。正式纳入上市公司后，预计将对公司整体效益产生积极影响。
• 本次关联交易金额不大于公司净资产5%，尚未构成重大资产重组。
• 本次交易有可能被市场解读为索道业务整合、业绩提升的前兆，对公司估值和未来预期有积极作用，可能成为影响股价的潜在催化剂。

八、公司治理与审议程序

• 董事会独立董事专门会议及九届二十次董事会已审核通过，独董一致同意，关联董事回避表决。

九、投资者应关注的风险及后续事项

• 本次托管为过渡性安排，后续索道资产注入上市公司仍需满足相关条件并履行审议程序。
• 受游客流量、票价核定等不确定因素影响，托管期间实际营收和对公司业绩的具体贡献尚无法明确预估。

免责声明：

本文仅基于黄山旅游发展股份有限公司公告及公开资料整理，不构成任何投资建议。投资者据此操作，风险自负。请关注公司后续公告及相关监管意见。

English Version

Huangshan Tourism Co., Ltd. Signs Management Contract for Donghai Cable Car with Wholly-Owned Subsidiary of Controlling Shareholder – Detailed Interpretation of Related Party Transaction Announcement

1. Event Overview

On March 14, 2026, Huangshan Tourism Co., Ltd. (“Huangshan Tourism” or “the Company”) announced it would sign a management service contract with Huangshan Donghai Scenic Area Development Co., Ltd. (“Donghai Development”), a wholly-owned subsidiary of its controlling shareholder Huangshan Tourism Group. This constitutes a related-party transaction and has been approved by the board of directors, with related directors abstaining from voting.

2. Key Transaction Details

• Donghai Cable Car (also known as the lower section of Yungu Cable Car or East Gate Cable Car) is located in the Donghai Scenic Area of Huangshan, serving as a core transport facility for visitors entering Huangshan via the east gate. It is developed by Donghai Development.
• Donghai Development will establish a Donghai Cable Car branch as the operating entity. Huangshan Tourism will be entrusted to manage all pre-opening and operational activities of the cable car branch.
• The management covers a preparation period (from handover to opening) and an operation period (tentatively one year, ending early if asset transfer completes within the year).
• Management fees include: a fixed preparation fee of RMB 2 million; 8% of operating revenue as a basic fee during operation; labor fees for dispatched staff based on actual payroll. Total management fees are not expected to exceed RMB 20 million.
• This transaction does not involve asset ownership transfer; the company only provides management and collects fees, without bearing profit or loss.

3. Background and Purpose of the Related Transaction

• Due to the project’s complexity and lengthy approval process, Donghai Development handled construction. The asset will be injected into the listed company once conditions are met.
• During this transition, management by Huangshan Tourism avoids competition with its controlling shareholder and achieves unified cable car business management.

4. Counterparty & Related Party Relationship

• Donghai Development is a wholly-owned subsidiary of the Group, with good credit standing and no significant outstanding liabilities or legal judgments.
• According to stock exchange rules, this is a related-party transaction.

5. Donghai Cable Car Project Details

• Total length: 6,638 meters, elevation change: 1,197 meters, 3 stations, 31 towers, Austrian-built detachable grip cable car, 189 cabins, capacity: 2,100 people/hour. Construction is nearing completion.

6. Key Contract Terms and Execution

• Scope of management:
  • Preparation: Organizational structure, job descriptions, rules, hiring/training, publicity, etc.
  • Operation: Responsible for daily management, safety, equipment, HR, finance, marketing, etc.
• Payment:
  • Preparation fee: one-off; basic fee: quarterly in advance, settled annually by audit; labor fees: monthly based on actuals.
• Huangshan Tourism will dispatch the general manager, deputy managers, and core staff, with full HR authority.
• All operating costs are borne by the Donghai branch; Huangshan Tourism does not bear profit/loss risk.

7. Impact & Potential Price Sensitive Information

• This arrangement supports unified cable car operations, improves efficiency, and paves the way for asset injection into the listed company.
• The project is in an interim phase; asset audit and valuation await final ticket price approval. After injection, it is expected to boost overall company performance.
• The transaction amount is below 5% of net assets and is not a major asset restructuring.
• This deal may signal future integration and earnings enhancement for Huangshan Tourism, potentially acting as a share price catalyst.

8. Governance & Approval Process

• Reviewed and approved by the board and all independent directors; related directors recused themselves from voting.

9. Risks & Follow-up

• This is a transitional arrangement; asset injection into the listed company remains subject to further approvals and conditions.
• Actual revenue contributions during the management period are uncertain due to visitor flow and ticket price variables.

Disclaimer:

This article is based on the official announcement and public information from Huangshan Tourism Co., Ltd. and does not constitute investment advice. Investors should act at their own risk and pay attention to future company disclosures and regulatory opinions.

View 黄山旅游 Historical chart here