黄山旅游与控股股东子公司签署东海索道托管服务合同，强化索道业务一体化管理

证券代码：600054（A股）、900942（B股）
公告日期：2026年3月14日

一、交易概述

• 黄山旅游发展股份有限公司（简称“黄山旅游”或“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（“东海开发公司”）签署《东海索道托管服务合同》，就东海索道分公司的运营和管理进行托管，构成关联交易。
• 东海索道项目（又称云谷索道下半段、东大门索道）是黄山景区东海景区及黄山市黄山区谭家桥镇的核心交通设施，项目建设接近收尾。
• 公司将全面负责东海索道分公司的营业前筹备及日常经营管理，托管期限包含筹备期和运营期（暂定1年，若资产转让提前完成则提前终止）。
• 管理费由三部分组成：筹备管理费200万元（一次性）、运营期间按营收8%计提的基本管理费，以及根据派驻人数和薪酬标准计提的劳务报酬费。预计总管理费不超过2000万元。
• 本次交易已履行董事会独立董事审议及关联董事回避表决程序，不构成重大资产重组。

二、东海索道项目及交易对手情况

• 东海索道全长6,638米，最大高差1,197米，设3个站房，31个支架点，采用奥地利多贝玛亚公司设备，拥有189个吊厢，单向设计运输能力2,100人/小时，功能定位为东大门进山核心交通设施。
• 东海开发公司为黄山旅游集团全资子公司，注册资本1亿元，资信情况良好，无未清偿大额债务。

三、协议核心条款及履约安排

• 公司受托管理东海索道分公司，负责制度建设、人员招聘培训、市场推广、票价政策制定、安全保障、设备维护等运营全流程。
• 筹备管理费为200万元，若因公司原因导致索道无法开业须全额退还，因不可抗力等双方不可归责原因则退还50%，因甲方（东海开发公司）原因则不退还。
• 运营期基本管理费按分公司营收8%计提，按季度支付。劳务报酬费按月结算。
• 除公司派驻的高管及核心管理人员外，其他员工劳动关系归属东海索道分公司，相关用工费用由分公司承担。
• 合同期内所有运营、维保、员工报酬等成本由东海索道分公司承担，公司不对盈亏负责，东海开发公司承担分公司的费用支付连带担保责任。
• 运营期满一年后公司享有优先续约权。

四、对上市公司的影响及投资者须知

• 本次托管安排旨在过渡阶段规避同业竞争风险，配合未来资产注入上市公司的整体规划，有助于索道缆车业务的统一管理。
• 托管协议不涉及资产权属转移，仅提供管理服务及收取管理费，对公司独立性无实质影响。
• 东海索道票价尚未敲定，短期内无法完成资产审计及评估，暂不满足资产注入上市公司条件。待条件成熟，东海索道资产将以合法合规方式注入上市公司，届时有望提升公司整体效益。
• 本次关联交易为正常经营活动，定价公允，未向关联方输送利益。
• 当前尚无法准确评估托管期对公司现有索道业务的具体影响，相关影响将取决于东海索道正式营业后的游客流量及市场表现。
• 过去12个月内，公司与同一关联人交易金额为1.27亿元，本次交易金额未达到公司最近一期净资产5%或3,000万元以上，不构成重大资产重组。

五、董事会审议及决策流程

• 本议案已获公司董事会独立董事专门会议审议通过，全体独立董事一致同意。
• 2026年3月13日，公司第九届董事会第二十次会议审议通过相关议案，关联董事回避表决。

投资者关注重点及潜在影响

• 东海索道作为黄山景区东大门未来核心交通设施，其正式运营及后续资产注入上市公司，预计将显著提升公司营收能力和业务协同效应，具有较强的业绩弹性和想象空间，对公司中长期发展构成利好。
• 短期内，管理费收入及业务拓展有望增强公司市场竞争力，但索道票价及游客流量不确定性或对短期业绩产生一定波动，投资者需持续关注项目进展和后续注入情况。

免责声明：本新闻稿仅供投资者参考，不构成任何投资建议或承诺。股市有风险，投资需谨慎。

English Version

Huangshan Tourism Signs Management Agreement for East Sea Cableway, Advancing Cableway Business Integration

Stock Code: 600054 (A-Share), 900942 (B-Share)
Announcement Date: March 14, 2026

1. Transaction Overview

• Huangshan Tourism Development Co., Ltd. (“Huangshan Tourism” or “the Company”) intends to sign the “East Sea Cableway Management Service Contract” with its controlling shareholder’s wholly owned subsidiary, Huangshan Donghai Scenic Development Co., Ltd. (“Donghai Development”), for the management and operation of the East Sea Cableway branch company, constituting a related-party transaction.
• The East Sea Cableway (also known as the lower section of Yun Gu Cableway, East Gate Cableway) is a core transport facility at the Donghai Scenic area of Huangshan, with the project nearing completion.
• The Company will be fully responsible for pre-opening preparations and daily operations of the cableway branch, with the management period including a preparation phase and a 1-year operation phase (early termination if asset transfer is completed earlier).
• Management fees comprise: RMB 2 million for preparation (one-off), 8% of revenue as basic management fee during operation, and labor remuneration based on the number of stationed employees and salary standards. Total management fee is estimated not to exceed RMB 20 million.
• The transaction has undergone independent director review and related directors abstained from voting; the deal does not constitute a major asset restructuring.

2. Project and Counterparty Details

• East Sea Cableway: Length 6,638m, max elevation difference 1,197m, 3 stations, 31 support points, Austrian Doppelmayr equipment, 189 cabins, single-way capacity 2,100 people/hour. It is the key transport for entry via the East Gate.
• Donghai Development is fully owned by Huangshan Tourism Group, with RMB 100 million registered capital and sound credit; no significant unpaid debts or legal issues.

3. Key Contract Terms & Execution

• The Company is entrusted to manage the cableway branch, covering system setup, staff recruitment, marketing, pricing, safety, maintenance, and full operational management.
• Preparation fee: RMB 2 million (refundable in part or full depending on reasons for failure to open). Basic management fee: 8% of revenue, paid quarterly. Labor fee: monthly, based on stationed personnel.
• Only core managers are dispatched by the Company; other staff are employed by the cableway branch, and costs are covered by the branch.
• All operating costs are borne by the cableway branch, with parent company guarantee. The Company does not assume profit or loss; Donghai Development covers any branch losses or enjoys profits.
• After the 1-year operation period, the Company has priority renewal rights.

4. Impact on Listed Company & Investor Notes

• This arrangement helps avoid competition between the listed company and controlling shareholder during the transition, supporting future asset injection plans and unified cableway business management.
• The contract does not involve asset ownership transfer, only management services and fees, so the Company’s independence is unaffected.
• As cableway ticket prices are not finalized, asset auditing and valuation cannot be completed yet; asset injection will occur once eligible, which is expected to boost overall company performance.
• This related transaction is routine, at fair market rates, and does not transfer interests to related parties.
• The exact impact on the Company’s existing cableway business during the management period is uncertain, depending on future visitor numbers and ticket pricing.
• In the past 12 months, related transactions with the same party amounted to RMB 127 million; this deal does not reach 5% of company net assets or RMB 30 million, thus is not a major asset restructuring.

5. Board Review & Approval Process

• The proposal was unanimously approved by all independent directors at a special board meeting.
• On March 13, 2026, the 20th meeting of the ninth board approved the deal, with related directors abstaining.

Investor Focus & Potential Impact

• As the East Sea Cableway is a future core transport for Huangshan’s east gate, its opening and future asset injection could significantly boost the Company’s revenue and strategic synergy, representing a strong medium/long-term positive for the stock.
• In the short term, management fee revenue and business expansion may strengthen competitiveness, but uncertainties regarding pricing and visitor flow could result in earnings volatility. Investors should monitor project progress and asset injection status.

Disclaimer: This news article is for investor reference only and does not constitute investment advice or a commitment. The stock market involves risk; invest cautiously.

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