黄山旅游发展股份有限公司

    Huangshan Tourism Development Co., Ltd.

    2010 年半年度报告

    2010 Interim Report

    二Ο一Ο年八月

    August 2010黄山旅游发展股份有限公司 2010 年半年度报告

    1

    目 录

    一、重要提示-----------------------------------------------------------------------------2

    二、公司基本情况-----------------------------------------------------------------------3

    三、股本变动及股东情况--------------------------------------------------------------5

    四、董事、监事和高级管理人员情况-----------------------------------------------6

    五、董事会报告--------------------------------------------------------------------------6

    六、重要事项-----------------------------------------------------------------------------10

    七、财务报告-----------------------------------------------------------------------------13

    八、备查文件目录-----------------------------------------------------------------------79黄山旅游发展股份有限公司 2010 年半年度报告

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    一、重要提示

    (一) 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在

    任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别

    及连带责任。

    (二) 公司全体董事出席董事会会议。

    (三)公司半年度报告未经审计。

    (四) 公司负责人许继伟、主管会计工作负责人黄慧敏及会计机构负责人何益飞声明：保

    证半年度报告中财务报告的真实、完整。

    (五) 公司不存在被控股股东及其关联方非经营性占用资金情况。

    (六) 公司不存在违反规定决策程序对外提供担保的情况。

    （七）本报告分别以中、英文编制，在对中英文本的理解上发生歧义时，以中文文本为

    准。黄山旅游发展股份有限公司 2010 年半年度报告

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    二、公司基本情况简介

    (一) 公司信息

    公司的法定中文名称 黄山旅游发展股份有限公司

    公司的法定中文名称缩写 黄山旅游

    公司的法定英文名称 Huangshan Tourism Development Co.,Ltd.

    公司的法定英文名称缩写 HSTD

    公司法定代表人 许继伟

    (二) 联系人和联系方式

    董事会秘书 证券事务代表

    姓名 黄慧敏 黄嘉平

    联系地址 安徽省黄山市黄山风景区汤泉 安徽省黄山市黄山风景区汤泉

    电话 0559-5580567 0559-5580526

    传真 0559-5580505 0559-5580505

    电子信箱 hshhm666@126.com hstd56@126.com

    (三) 基本情况简介

    注册地址 安徽省黄山市黄山风景区温泉

    注册地址的邮政编码 245800

    办公地址 安徽省黄山市黄山风景区汤泉

    办公地址的邮政编码 245800

    公司国际互联网网址 http://www.huangshan.com.cn 或tourmart.cn

    电子信箱 hs600054@yahoo.com.cn

    (四) 信息披露及备置地点

    公司选定的信息披露报纸名称 《上海证券报》、《香港商报》

    登载半年度报告的中国证监会指定网站的网址 http://www.sse.com.cn

    公司半年度报告备置地点 公司董事会办公室

    (五) 公司股票简况

    公司股票简况

    股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称

    A 股 上海证券交易所 黄山旅游 600054

    B 股 上海证券交易所 黄山B 股 900942

    (六) 其他有关资料

    公司首次注册登记日期 1996 年11 月18 日

    公司首次注册登记地点 黄山市黄山风景区温泉

    最近一次变更

    公司变更注册登记日期 2010 年7 月2 日

    公司变更注册登记地点 黄山市黄山风景区温泉

    企业法人营业执照注册号 340000000008336

    税务登记号码 341002610487768

    组织机构代码 61048776-8黄山旅游发展股份有限公司 2010 年半年度报告

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    (七) 主要财务数据和指标

    1、主要会计数据和财务指标

    单位:元 币种:人民币

    本报告期末 上年度期末

    本报告期末比上年度

    期末增减(%)

    总资产 2,204,234,663.55 1,880,430,960.39 17.22

    所有者权益（或股东权益） 1,342,874,183.75 1,246,107,791.21 7.77

    归属于上市公司股东的每

    股净资产（元／股） 2.85 2.64 7.77

    报告期（1－6 月） 上年同期

    本报告期比上年同期

    增减(%)

    营业利润 137,221,978.47 112,977,054.70 21.46

    利润总额 135,661,683.84 113,042,987.92 20.01

    归属于上市公司股东的净

    利润 96,766,392.54 76,984,282.40 25.70

    归属于上市公司股东的扣

    除非经常性损益的净利润97,869,991.77 76,906,698.97 27.26

    基本每股收益(元) 0.2053 0.1633 25.70

    扣除非经常性损益后的基

    本每股收益(元) 0.2076 0.1632 27.26

    稀释每股收益(元) 0.2053 0.1633 25.70

    加权平均净资产收益率

    (%) 7.21 6.58 增加0.63 个百分点

    经营活动产生的现金流量

    净额 138,954,691.48 -10,811,187.90 不适用

    每股经营活动产生的现金

    流量净额（元） 0.2948 -0.02 不适用

    2、非经常性损益项目和金额

    单位：元 币种：人民币

    非经常性损益项目 金额

    非流动资产处置损益 -1,719,244.22

    除上述各项之外的其他营业外收入和支出 79,883.47

    所得税影响额 409,840.19

    少数股东权益影响额（税后） 125,921.33

    合计 -1,103,599.23黄山旅游发展股份有限公司 2010 年半年度报告

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    三、股本变动及股东情况

    (一)股本变动情况

    报告期内，公司股份总数及股本结构未发生变化。

    （二）股东情况介绍

    1、股东数量和持股情况

    单位：股

    报告期末股东总数 41,450 户（其中A 股股东20,953 户，B 股股东20,497 户）

    前十名股东持股情况

    股东名称

    股东

    性质

    持股比

    例(%)

    持股总数

    报告期内

    增减

    持有有限

    售条件股

    份数量

    质押或冻

    结的股份

    数量

    黄山旅游集团有限公司

    国有

    法人41.95 197,730,500 0 197,730,000 无

    GAOLING FUND,L.P. 其他3.06 14,414,039 886,427 0 未知

    中国工商银行－汇添富均衡增长股

    票型证券投资基金

    其他2.64 12,466,651 12,466,651 0 无

    GUOTAI JUNAN SECURITIES

    (HONGKONG) LIMITED

    其他2.53 11,910,665 30,762 0 未知

    中国工商银行－上投摩根内需动力

    股票型证券投资基金

    其他1.75 8,230,298 8,230,298 0 无

    中国民生银行股份有限公司－东方

    精选混合型开放式证券投资基金

    其他1.16 5,483,896 -800,000 0 无

    HANG SENG CONSUMER

    SECTOR FLEXIPOWER FUND

    其他1.15 5,418,304 1,716,707 0 未知

    中国农业银行－中邮核心成长股票

    型证券投资基金

    其他0.97 4,572,920 1,572,957 0 无

    袁赛男 其他0.72 3,374,442 0 0 未知

    中国建设银行－工银瑞信精选平衡

    混合型证券投资基金

    其他0.71 3,330,176 3,330,176 0 无

    前十名无限售条件股东持股情况

    股东名称

    持有无限售

    条件股份的

    数量

    股份种类及数量

    GAOLING FUND,L.P. 14,414,039 境内上市外资股 14,414,039

    中国工商银行－汇添富均衡增长股票型证券投资基

    金 12,466,651 人民币普通股 12,466,651

    GUOTAI JUNAN SECURITIES (HONGKONG)

    LIMITED 11,910,665 境内上市外资股 11,910,665

    中国工商银行－上投摩根内需动力股票型证券投资

    基金 8,230,298 人民币普通股 8,230,298

    中国民生银行股份有限公司－东方精选混合型开放

    式证券投资基金 5,483,896 人民币普通股 5,483,896

    HANG SENG CONSUMER SECTOR

    FLEXIPOWER FUND 5,418,304 境内上市外资股 5,418,304

    中国农业银行－中邮核心成长股票型证券投资基金4,572,920 人民币普通股 4,572,920

    袁赛男 3,374,442 境内上市外资股 3,374,442

    中国建设银行－工银瑞信精选平衡混合型证券投资

    基金 3,330,176 人民币普通股 3,330,176黄山旅游发展股份有限公司 2010 年半年度报告

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    中国人寿保险股份有限公司－分红－个人分红－

    005L－FH002 沪 2,949,535 人民币普通股 2,949,535

    上述股东

    关联关系

    或一致行

    动的说明

    前10 名股东中，国有法人股东黄山旅游集团有限公司与其余9 名股东之间不存在

    关联关系，也不属于《上市公司股东持股变动信息披露管理办法》规定的一致行动人。

    公司未知前10 名无限售条件股东之间有无关联关系，也未知前10 名无限售条件

    股东是否属于《上市公司股东持股变动信息披露管理办法》规定的一致行动人。

    前十名有限售条件股东持股情况及限售条件

    有限售条件股份可上市交易情况

    有限售条件

    股东名称

    持有限售条件

    的股份数量

    （股）

    可上市交易时

    间

    新增可上市交

    易股份数量

    限售条件

    2009-02-17 22,717,500

    2010-02-17 22,717,500

    黄山旅游集

    团有限公司

    197,730,000

    2011-02-17 152,295,000

    自2009 年2 月17 日起3 年内，

    最低减持价格不低于每股30 元

    （如遇除权除息进行相应调整）。

    截至报告期末，黄山旅游集团持有公司已到期部分的可上市交易股份尚未申请解除锁

    定，该部分股份目前仍为限售股份。

    （三）、公司控股股东及实际控制人变更情况

    报告期内，公司控股股东及实际控制人没有发生变化。

    四、董事、监事和高级管理人员情况

    （一）、董事、监事、高级管理人员持股变动情况

    报告期内，公司董事、监事、高级管理人员持有的公司股票无变动。

    （二）、董事、监事、高级管理人员变动情况

    报告期内，公司无董事、监事、高级管理人员变动情况。

    五、董事会报告

    （一）、经营成果及财务状况简要分析

    公司主营业务为园林门票、客运索道、酒店食宿及旅游服务等部分。

    2010 年上半年，公司围绕董事会年初既定的经营目标，借力世博商机，积极开拓市场，

    狠抓经营管理，严控生产成本，提高生产效率，稳步推进多元业态发展，各项业务继续保持

    较好的发展态势。

    2010 年1-6 月份，公司累计接待入山游客108.35 万人次，同比增加9.48%；上半年公

    司完成营业收入57,186.13 万元，同比增长22.97%；实现净利润(归属于母公司的净利

    润)9,676.64 万元，同比增长25.70%。

    报告期，公司玉屏府房地产项目尚未结算。玉屏府联排别墅和高层住宅项目按计划推进

    中。屯溪齐云大道南侧400 余亩地块项目尚处于规划设计阶段。黄山旅游发展股份有限公司 2010 年半年度报告

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    （二）、报告期内主要经营状况

    1、占公司主营业务收入或主营业务利润10%以上的行业及产品构成情况（单位：元）

    分行业或分产品 营业收入 营业成本

    毛利率

    (%)

    营业收入

    比上年同

    期增减（%）

    营业成本比

    上年同期增

    减（%）

    毛利率比

    上年同期

    增减（%）

    酒店业务 129,361,919.27 105,863,019.13 18.17 17.41 23.70 -4.16

    索道业务 135,396,320.40 33,159,347.23 75.51 11.27 14.05 -0.60

    园林开发业务 198,833,770.00 118,259,673.29 40.52 16.37 15.94 0.22

    旅游服务业务 128,037,272.79 118,598,015.71 7.37 33.26 25.98 5.36

    各业务分部间相互抵销 26,104,627.73 21,619,103.29 — — — —

    其中：报告期内上市公司向控股股东及其子公司销售产品和提供劳务的关联交易总金额为55,135 元。

    2、报告期内公司利润构成、主营业务或其结构、主营业务盈利能力没发生重大变化。

    3、报告期公司资产负债项目较上期发生重大变动的说明

    单位：人民币元

    项目 2010 年6 月30 日2010 年1 月1 日同比增减(%)

    货币资金 390,117,280.09 191,397,399.19 103.83

    预付账款 1,657,790.34 7,785,761.12 -78.71

    应收利息 — 193,928.47 -100.00

    其他流动资产 4,444,979.10 2,145,552.46 107.17

    在建工程 78,593,190.91 52,186,976.66 50.60

    长期待摊费用 54,553,212.36 25,134,698.39 117.04

    短期借款 243,329,534.83 167,829,534.83 44.99

    应付账款 28,017,569.29 43,034,290.82 -34.89

    预收账款 149,464,436.82 49,178,181.49 203.92

    应付职工薪酬 15,025,775.29 24,388,142.25 -38.39

    应交税费 46,350,749.46 83,516,080.75 -44.50

    应付利息 — 325,620.48 -100.00

    应付股利 4,745,200.40 2,224,935.04 113.27

    其他应付款 2 54,719,364.59 190,269,551.22 33.87

    一年内到期非流动负债 — 3,000,000.00 -100.00

    其他流动负债 2,453,747.31 725,940.35 238.01

    长期借款 51,624,580.00 2,624,580.00 1866.97

    变动原因：黄山旅游发展股份有限公司 2010 年半年度报告

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    （1）货币资金增加主要系本期投资业务及房地产开发项目收到现金增加所致；

    （2）预付账款减少主要系年初材料款、保险费等预付款项已分期结算结转所致；

    （3）应收利息期末无余额系银行利息收到及调整冲回；

    （4）其他流动资产增加系北京徽商故里餐饮管理有限公司物料摊销及酒店零星工程维修费

    增加所致；

    （5）在建工程增加主要系黄山国际大酒店改扩建、主楼改造工程及北海职工宿舍工程等；

    （6）长期待摊费用增加主要系北京徽商故里及黄山国际大酒店整修后造成长期待摊费用增

    加所致；

    （7）短期借款增加主要系公司本期因经营需要补充流动资金增加借款所致；

    （8）应付账款增加主要系年初尚未支付的装修款等本年完工结算所致；

    （9）预收账款增加主要系本公司的子公司黄山旅游玉屏房地产开发有限公司开发的商品房

    本年预售所收取的预收款增加所致；

    （10）应付职工薪酬减少主要系发放09 年奖金及本期调资后工资薪酬支付增加所致；

    （11）应交税费减少主要系公司缴纳09 年未交税款和预缴本期相关税费等所致；

    （12）应付利息期末无余额系借款利息已支付；

    （13）应付股利增加系本期公司的子公司黄山玉屏客运索道有限责任公司应付股利增加所

    致；

    （14）其他应付款增加主要系本期支付给黄山管委会的门票分成款增加所致；

    （15）一年内到期非流动负债无余额系归还到期借款所致；

    （16）其他流动负债系预提水电费及服装费所致；

    （17）长期借款增加系本公司的子公司黄山旅游玉屏房地产开发有限公司投资开发借款增

    加；

    4、报告期公司利润表项目同比发生重大变动的说明

    单位：人民币元

    项 目 本期（2010 年1-6 月） 上年同期（2009 年1-6 月） 同比增减（%）

    营业成本 358,334,103.63 273,440,232.85 31.05

    财务费用 1,368,375.95 3,006,262.22 -54.48

    投资收益 20,121,813.98 1,008,065.98 1896.08

    营业外收入 258,499.98 136,043.50 90.01

    营业外支出 1,818,794.61 70,110.28 2494.19

    变动原因：

    （1）营业成本同比增加主要系营业收入增长导致营业成本相应增加所致；

    （2）财务费用同比减少主要系利息支出中部分房地产利息资本化所致；

    （3）投资收益同比增加主要系本期收到华安证券分配利润所致；黄山旅游发展股份有限公司 2010 年半年度报告

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    （4）营业外收入同比增加主要系本期收到旅游局奖励款所致；

    （5）营业外支出同比增加主要系本期固定资产处置损失增加所致。

    5、报告期公司现金流量同比发生重大变动的说明

    单位：人民币元

    项 目 本期（2010 年1-6 月） 上年同期（2009 年1-6 月） 同比增减（%）

    经营活动产生的现金流量净额 138,954,691.48 -10,811,187.90

    投资活动产生的现金流量净额 -53,110,354.59 -83,615,118.22 -36.48

    筹资活动产生的现金流量净额 93,624,455.29 72,143,727.16 29.77

    现金及现金等价物净增加额 191,397,399.19 286,496,539.26 -33.19

    变动原因：

    （1）经营活动产生的现金流量净额较上年同期增加主要系房地产投资开发的商品房本期预

    售所收取的预收款增加所致；

    （2）投资活动产生的现金流量净额较上年同期减少系本期购建固定资产较上年同期少，及

    上年支付子公司收购款所致；

    （3）筹资活动产生的现金流量净额较上年同期增加主要系借款增加。

    6、报告期内公司无其他对报告期净利润产生重大影响的经营业务活动。

    7、参股公司经营情况（适用投资收益占净利润10％以上的情况）

    单位:元 币种:人民币

    公司名称 经营范围 净利润

    参股公司

    贡献的投

    资收益

    占上市公

    司净利润

    的比重(%)

    华安证券有

    限责任公司

    证券的代理买卖；代理证券的还本付息、分红

    派息；证券代保管、鉴证；代理登记开户；证

    券的自营买卖；证券的承销；证券投资咨询；

    受托投资管理；中国证监会批准的其他业务。

    194,055,236.74 20,000,000 19.81

    （三）、公司投资情况

    1、募集资金运用情况

    报告期内，公司无募集资金或前期募集资金使用到本期的情况。

    2、非募集资金的投资、进度及收益情况：

    （单位：万元）

    项目名称 项目金额 项目进度 项目收益情况

    西海饭店改造项目 17,500 按计划推进中 /

    西海大峡谷地轨缆车项目 12,000 按计划推进中 /

    屯溪皇冠假日酒店 60,000 按计划推进中 /

    注：报告期公司其他非募集资金投资项目详见会计报表附注之“在建工程”部分。黄山旅游发展股份有限公司 2010 年半年度报告

    10

    六、重要事项

    （一）公司治理情况

    报告期内，公司按照证券监管部门新出台的法规和规范性文件要求，制定了公司《关联

    交易管理制度》、《内幕信息知情人及外部信息使用人管理制度》、《年报信息披露重大差

    错责任追究制度》，进一步修订了《公司章程》、《募集集资金使用管理办法》，使公司治

    理制度得到进一步完善。

    目前，公司治理的实际状况基本符合中国证监会发布的有关上市公司治理的规范性文件

    的要求。

    （二）报告期实施的利润分配方案执行情况

    经公司2009 年度股东大会批准，2009 年度不进行利润分配，也不进行资本公积金转增

    股本。

    （三）2010 年半年度公司不进行利润分配，也不进行资本公积金转增股本。

    （四）重大诉讼、仲裁情况

    报告期公司无重大诉讼、仲裁事项。

    （五）重大资产收购、出售及资产重组情况

    报告期公司无重大资产收购、出售及资产重组事项。

    （六）重大关联交易情况

    1、与日常经营相关的关联交易

    购买商品、接受劳务的关联交易 单位： 人民币元

    向关联方销售产品和提供劳务 向关联方采购产品和接受劳务

    关联方

    交易金额

    占同类交易金额

    的比例(%)

    交易金额

    占同类交易

    金额的比例(%)

    黄山旅游集团 55,135.00 0.01 1,724,467.38 0.48

    黄山管委会 4,473,587.58 0.78

    其中：报告期内上市公司向控股股东及其子公司销售产品或提供劳务的关联交易金额为55,135 元。

    （七）重大合同及其履行情况

    1、托管情况

    报告期公司无托管事项。

    2、承包情况

    报告期公司无承包事项。黄山旅游发展股份有限公司 2010 年半年度报告

    11

    3、租赁情况

    报告期公司无租赁事项。

    4、担保情况

    报告期公司无担保事项。

    5、委托理财情况

    报告期公司无委托理财事项。

    （八）聘任、解聘会计师事务所情况

    报告期公司未改聘会计师事务所。

    （九）公司或持股5%以上股东在报告期内或持续到报告期内的承诺事项

    承诺事项 承诺内容 履行情况

    股改承诺

    股改承诺：1、其所持有的非流通股股份自获得上市流通权之日起，

    在12 个月内不上市交易或者转让；2、在上述禁售期满后，通过证券

    交易所挂牌出售股份，出售数量占黄山旅游股份总数的比例在12 个

    月内不超过5%，在24 个月内不超过10%。

    2008 年6 月24 日，黄山旅游集团承诺其持有的黄山旅游有限售条件

    的股份数197,730,000 股，在原股改承诺可上市交易时间的基础上自

    愿继续锁定2 年，并且自2009 年2 月17 日起3 年内，最低减持价格

    不低于每股30 元（如遇除权除息进行相应调整）。

    严格履行承诺

    （十）公司、董事会、董事受处罚及整改情况

    报告期内，公司、公司董事会及董事没有受中国证监会稽查、中国证监会行政处罚、通

    报批评、被其他行政管理部门处罚及证券交易所公开谴责的情况发生。

    （十一）其它重大事项：

    1、证券投资情况

    报告期公司无证券投资事项发生。

    2、公司持有非上市金融企业股权的情况

    单位：人民币元

    持有对象名称 最初投资成本 占该公司股权比例 期末帐面价值 报告期损益

    华安证券有限责任公司 100,000,000.00 4.07％ 31,580,000.00 20,000,000

    小计 100,000,000.00 31,580,000.00 20,000,000

    (十二)信息披露索引

    公司信息披露刊截的互联网网址：http://www.sse.com.cn

    事项 刊载的报刊名称及版面 刊载日期

    四届董事会第十八次会议决议公告 上海证券报B16 香港商报A8 版 2010 年1 月15 日

    四届董事会第十九次会议决议公告

    上海证券报B74、B75 香港商报

    A11、A12、A13 2010 年3 月26 日

    四届十一次监事会决议公告 同上 2010 年3 月26 日黄山旅游发展股份有限公司 2010 年半年度报告

    12

    2009 年度报告摘要 同上 2010 年3 月26 日

    2010 年第一季度报告 上海证券报B73 香港商报A22 2010 年4 月21 日

    四届二十一次董事会决议公告暨召开2009 年度

    股东大会的通知

    上海证券报B16 香港商报A11 2010 年5 月12 日

    关于为全资子公司提供担保的公告 同上 2010 年5 月12 日

    四届董事会2010 年第一次临时会议决议公告暨

    召开2010 年第一次临时股东大会的通知

    上海证券报24 香港商报A8 2010 年5 月29 日

    四届监事会2010 年第一次临时会议决议公告 同上 2010 年5 月29 日

    2009 年度股东大会决议公告 上海证券报B17 香港商报A20 2010 年6 月4 日

    2010 年第一次临时股东大会决议公告 上海证券报24 香港商报A4 2010 年6 月19 日黄山旅游发展股份有限公司 2010 年半年度报告

    13

    七、财务报告

    （一）财务报表

    合并资产负债表

    2010 年6 月30 日

    编制单位:黄山旅游发展股份有限公司

    单位:元 币种:人民币

    项目 附注期末余额 年初余额

    流动资产：

    货币资金 390,117,280.09 191,397,399.19

    结算备付金

    拆出资金

    交易性金融资产

    应收票据

    应收账款 57,582,924.16 47,564,493.90

    预付款项 1,657,790.34 7,785,761.12

    应收保费

    应收分保账款

    应收分保合同准备金

    应收利息 193,928.47

    应收股利

    其他应收款 102,554,928.49 99,505,083.27

    买入返售金融资产

    存货 504,305,009.88 418,667,674.94

    一年内到期的非流动资产

    其他流动资产 4,444,979.10 2,145,552.46

    流动资产合计 1,060,662,912.06 767,259,893.35

    非流动资产：

    发放委托贷款及垫款

    可供出售金融资产

    持有至到期投资

    长期应收款

    长期股权投资 66,565,671.65 66,443,857.67

    投资性房地产

    固定资产 900,070,365.52 925,585,795.68

    在建工程 78,593,190.91 52,186,976.66

    工程物资

    固定资产清理 19,052.23

    生产性生物资产

    油气资产

    无形资产 18,292,892.55 18,392,372.37

    开发支出

    商誉黄山旅游发展股份有限公司 2010 年半年度报告

    14

    长期待摊费用 54,553,212.36 25,134,698.39

    递延所得税资产 22,947,366.27 22,947,366.27

    其他非流动资产 2,530,000.00 2,480,000.00

    非流动资产合计 1,143,571,751.49 1,113,171,067.04

    资产总计 2,204,234,663.55 1,880,430,960.39

    流动负债：

    短期借款 243,329,534.83 167,829,534.83

    向中央银行借款

    吸收存款及同业存放

    拆入资金

    交易性金融负债

    应付票据

    应付账款 28,017,569.29 43,034,290.82

    预收款项 149,464,436.82 49,178,181.49

    卖出回购金融资产款

    应付手续费及佣金

    应付职工薪酬 15,025,775.29 24,388,142.25

    应交税费 46,350,749.46 83,516,080.75

    应付利息 325,620.48

    应付股利 4,745,200.40 2,224,935.04

    其他应付款 254,719,364.59 190,269,551.22

    应付分保账款

    保险合同准备金

    代理买卖证券款

    代理承销证券款

    一年内到期的非流动负债 3,000,000.00

    其他流动负债 2,453,747.31 725,940.35

    流动负债合计 744,106,377.99 564,492,277.23

    非流动负债：

    长期借款 51,624,580.00 2,624,580.00

    应付债券

    长期应付款 45,743,845.05 45,743,845.05

    专项应付款

    预计负债

    递延所得税负债 5,398,565.02 5,398,565.02

    其他非流动负债

    非流动负债合计 102,766,990.07 53,766,990.07

    负债合计 846,873,368.06 618,259,267.30

    所有者权益（或股东权益）：

    实收资本（或股本） 471,350,000.00 471,350,000.00

    资本公积 164,978,551.40 164,978,551.40

    减：库存股黄山旅游发展股份有限公司 2010 年半年度报告

    15

    专项储备

    盈余公积 163,500,430.31 163,500,430.31

    一般风险准备

    未分配利润 543,045,202.04 446,278,809.50

    外币报表折算差额

    归属于母公司所有者权益合计 1,342,874,183.75 1,246,107,791.21

    少数股东权益 14,487,111.74 16,063,901.88

    所有者权益合计 1,357,361,295.49 1,262,171,693.09

    负债和所有者权益总计 2,204,234,663.55 1,880,430,960.39

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞黄山旅游发展股份有限公司 2010 年半年度报告

    16

    母公司资产负债表

    2010 年6 月30 日

    编制单位:黄山旅游发展股份有限公司

    单位:元 币种:人民币

    项目 附注 期末余额 年初余额

    流动资产：

    货币资金 316,203,886.52 134,208,907.34

    交易性金融资产

    应收票据

    应收账款 28,189,919.35 20,770,309.60

    预付款项 409,346.76 1,066,621.95

    应收利息 193,928.47

    应收股利

    其他应收款 447,517,269.24 515,949,072.36

    存货 9,965,970.01 8,862,093.11

    一年内到期的非流动

    资产

    其他流动资产 514,688.85

    流动资产合计 802,801,080.73 681,050,932.83

    非流动资产：

    可供出售金融资产

    持有至到期投资

    长期应收款

    长期股权投资 243,576,105.96 243,454,291.98

    投资性房地产

    固定资产 712,791,407.12 737,094,463.65

    在建工程 67,257,005.12 21,249,255.38

    工程物资

    固定资产清理 21,752.23

    生产性生物资产

    油气资产

    无形资产 20,791,569.65 20,263,152.39

    开发支出

    商誉

    长期待摊费用 22,023,550.32 16,616,187.61

    递延所得税资产 21,306,558.75 21,306,558.75

    其他非流动资产 100,000.00 100,000.00

    非流动资产合计 1,087,867,949.15 1,060,083,909.76

    资产总计 1,890,669,029.88 1,741,134,842.59

    流动负债：

    短期借款 241,829,534.83 149,829,534.83

    交易性金融负债

    应付票据黄山旅游发展股份有限公司 2010 年半年度报告

    17

    应付账款 10,880,930.94 9,721,763.30

    预收款项 3,174,489.03 2,905,498.53

    应付职工薪酬 12,933,500.72 21,961,294.66

    应交税费 36,604,076.75 52,632,493.47

    应付利息 325,620.48

    应付股利

    其他应付款 197,490,674.07 221,849,707.70

    一年内到期的非流动

    负债

    其他流动负债 1,982,032.58 725,940.35

    流动负债合计 504,895,238.92 459,951,853.32

    非流动负债：

    长期借款 2,624,580.00 2,624,580.00

    应付债券

    长期应付款

    专项应付款

    预计负债

    递延所得税负债

    其他非流动负债

    非流动负债合计 2,624,580.00 2,624,580.00

    负债合计 507,519,818.92 462,576,433.32

    所有者权益（或股东权

    益）：

    实收资本（或股本） 471,350,000.00 471,350,000.00

    资本公积 145,238,687.55 145,238,687.55

    减：库存股

    专项储备

    盈余公积 161,467,295.50 161,467,295.50

    一般风险准备

    未分配利润 605,093,227.91 500,502,426.22

    所有者权益（或股东权益）

    合计

    1,383,149,210.96 1,278,558,409.27

    负债和所有者权益

    （或股东权益）总计

    1,890,669,029.88 1,741,134,842.59

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞黄山旅游发展股份有限公司 2010 年半年度报告

    18

    合并利润表

    2010 年1—6 月

    单位:元 币种:人民币

    项目 附注 本期金额 上期金额

    一、营业总收入 571,861,253.00 465,054,579.63

    其中：营业收入 571,861,253.00 465,054,579.63

    利息收入

    已赚保费

    手续费及佣金收入

    二、营业总成本 454,761,088.51 353,085,590.91

    其中：营业成本 358,334,103.63 273,440,232.85

    利息支出

    手续费及佣金支出

    退保金

    赔付支出净额

    提取保险合同准备金净额

    保单红利支出

    分保费用

    营业税金及附加 21,369,506.77 18,535,059.70

    销售费用 1,786,967.820

    管理费用 71,902,134.34 58,104,036.14

    财务费用 1,368,375.95 3,006,262.22

    资产减值损失

    加：公允价值变动收益（损失以

    “－”号填列）

    投资收益（损失以“－”号填

    列）

    20,121,813.98 1,008,065.98

    其中：对联营企业和合营企

    业的投资收益

    汇兑收益（损失以“－”号填

    列）

    三、营业利润（亏损以“－”号填列） 137,221,978.47 112,977,054.70

    加：营业外收入 258,499.98 136,043.50

    减：营业外支出 1,818,794.61 70,110.28

    其中：非流动资产处置损失

    四、利润总额（亏损总额以“－”号

    填列）

    135,661,683.84 113,042,987.92

    减：所得税费用 34,692,372.82 30,890,359.18

    五、净利润（净亏损以“－”号填列） 100,969,311.02 82,152,628.74

    归属于母公司所有者的净利润 96,766,392.54 76,984,282.40

    少数股东损益 4,202,918.48 5,168,346.34

    六、每股收益：

    （一）基本每股收益 0.2053 0.1633

    （二）稀释每股收益 0.2053 0.1633黄山旅游发展股份有限公司 2010 年半年度报告

    19

    七、其他综合收益

    八、综合收益总额

    归属于母公司所有者的综合收益

    总额

    归属于少数股东的综合收益总额

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞

    母公司利润表

    2010 年1—6 月

    单位:元 币种:人民币

    项目 附注 本期金额 上期金额

    一、营业收入 370,540,349.83 316,247,651.44

    减：营业成本 214,374,380.80 181,861,506.57

    营业税金及附加 15,344,273.23 12,972,991.67

    销售费用

    管理费用 49,098,096.98 40,803,865.81

    财务费用 5,124,655.84 2,033,380.76

    资产减值损失

    加：公允价值变动收益（损失以

    “－”号填列）

    投资收益（损失以“－”号

    填列）

    43,240,648.48 22,692,512.87

    其中：对联营企业和合营

    企业的投资收益

    二、营业利润（亏损以“－”号填列） 129,839,591.46 101,268,419.50

    加：营业外收入 24,219.77 77,017.22

    减：营业外支出 1,110,727.36 52,452.65

    其中：非流动资产处置损失

    三、利润总额（亏损总额以“－”号

    填列）

    128,753,083.87 101,292,984.07

    减：所得税费用 24,162,282.18 19,643,976.66

    四、净利润（净亏损以“－”号填列） 104,590,801.69 81,649,007.41

    五、每股收益：

    （一）基本每股收益

    （二）稀释每股收益

    六、其他综合收益

    七、综合收益总额

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞黄山旅游发展股份有限公司 2010 年半年度报告

    20

    合并现金流量表

    2010 年1—6 月

    单位:元 币种:人民币

    项目 附注本期金额 上期金额

    一、经营活动产生的现金流量：

    销售商品、提供劳务收到的现金 637,656,683.49 494,496,604.01

    客户存款和同业存放款项净增加额

    向中央银行借款净增加额

    向其他金融机构拆入资金净增加额

    收到原保险合同保费取得的现金

    收到再保险业务现金净额

    保户储金及投资款净增加额

    处置交易性金融资产净增加额

    收取利息、手续费及佣金的现金

    拆入资金净增加额

    回购业务资金净增加额

    收到的税费返还

    收到其他与经营活动有关的现金 3,792,532.07 7,476,182.81

    经营活动现金流入小计 641,449,215.56 501,972,786.82

    购买商品、接受劳务支付的现金 228,035,821.65 210,744,525.38

    客户贷款及垫款净增加额

    存放中央银行和同业款项净增加额

    支付原保险合同赔付款项的现金

    支付利息、手续费及佣金的现金

    支付保单红利的现金

    支付给职工以及为职工支付的现金 78,435,726.73 69,774,657.13

    支付的各项税费 102,086,915.05 113,406,357.26

    支付其他与经营活动有关的现金 93,936,060.65 118,858,434.95

    经营活动现金流出小计 502,494,524.08 512,783,974.72

    经营活动产生的现金流量净额 138,954,691.48 -10,811,187.90

    二、投资活动产生的现金流量：

    收回投资收到的现金

    取得投资收益收到的现金 21,921,500.00 1,600,000.00

    处置固定资产、无形资产和其他长期资产收回的现金净额 378,862.10 44,573.60

    处置子公司及其他营业单位收到的现金净额

    收到其他与投资活动有关的现金 1,537,904.91 4,898,120.75

    投资活动现金流入小计 23,838,267.01 6,542,694.35

    购建固定资产、无形资产和其他长期资产支付的现金 76,908,275.20 86,941,132.87

    投资支付的现金

    质押贷款净增加额

    取得子公司及其他营业单位支付的现金净额

    支付其他与投资活动有关的现金 40,346.40 3,216,679.70

    投资活动现金流出小计 76,948,621.60 90,157,812.57黄山旅游发展股份有限公司 2010 年半年度报告

    21

    投资活动产生的现金流量净额 -53,110,354.59 -83,615,118.22

    三、筹资活动产生的现金流量：

    吸收投资收到的现金 1,500,000

    其中：子公司吸收少数股东投资收到的现金

    取得借款收到的现金 206,500,000.00 108,000,000.00

    发行债券收到的现金

    收到其他与筹资活动有关的现金

    筹资活动现金流入小计 206,500,000.00 109,500,000.00

    偿还债务支付的现金 85,000,000.00 68,000,000.00

    分配股利、利润或偿付利息支付的现金 8,624,455.99 4,143,727.16

    其中：子公司支付给少数股东的股利、利润

    支付其他与筹资活动有关的现金

    筹资活动现金流出小计 93,624,455.99 72,143,727.16

    筹资活动产生的现金流量净额 112,875,544.01 37,356,272.84

    四、汇率变动对现金及现金等价物的影响

    五、现金及现金等价物净增加额 198,719,880.90 -57,070,033.28

    加：期初现金及现金等价物余额 191,397,399.19 286,496,539.26

    六、期末现金及现金等价物余额 390,117,280.09 229,426,505.98

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞

    母公司现金流量表

    2010 年1—6 月

    单位:元 币种:人民币

    项目 附注本期金额 上期金额

    一、经营活动产生的现金流量：

    销售商品、提供劳务收到的现金 403,429,936.61 336,233,495.00

    收到的税费返还

    收到其他与经营活动有关的现金 6,018,138.31 44,167,178.65

    经营活动现金流入小计 409,448,074.92 380,400,673.65

    购买商品、接受劳务支付的现金 62,805,340.89 97,877,308.92

    支付给职工以及为职工支付的现金 55,762,970.98 50,334,118.39

    支付的各项税费 62,836,399.64 73,580,356.37

    支付其他与经营活动有关的现金 100,361,813.49 125,434,186.53

    经营活动现金流出小计 281,766,525.00 347,225,970.21

    经营活动产生的现金流量净额 127,681,549.92 33,174,703.44

    二、投资活动产生的现金流量：

    收回投资收到的现金

    取得投资收益收到的现金 21,921,500.00 6,542,235.56

    处置固定资产、无形资产和其他长期资产收回的现金净额 36,600.00 44,000.00

    处置子公司及其他营业单位收到的现金净额

    收到其他与投资活动有关的现金 1,423,395.30 2,280,913.04

    投资活动现金流入小计 23,381,495.30 8,867,148.60

    购建固定资产、无形资产和其他长期资产支付的现金 56,412,959.29 79,208,736.79黄山旅游发展股份有限公司 2010 年半年度报告

    22

    投资支付的现金 43,500,000.00

    取得子公司及其他营业单位支付的现金净额

    支付其他与投资活动有关的现金 650.00 3,130,099.70

    投资活动现金流出小计 56,413,609.29 125,838,836.49

    投资活动产生的现金流量净额 -33,032,113.99 -116,971,687.89

    三、筹资活动产生的现金流量：

    吸收投资收到的现金

    取得借款收到的现金 156,000,000.00 90,000,000.00

    收到其他与筹资活动有关的现金

    筹资活动现金流入小计 156,000,000.00 90,000,000.00

    偿还债务支付的现金 64,000,000.00 50,000,000.00

    分配股利、利润或偿付利息支付的现金 4,654,456.75 1,653,578.75

    支付其他与筹资活动有关的现金

    筹资活动现金流出小计 68,654,456.75 51,653,578.75

    筹资活动产生的现金流量净额 87,345,543.25 38,346,421.25

    四、汇率变动对现金及现金等价物的影响

    五、现金及现金等价物净增加额 181,994,979.18 -45,450,563.20

    加：期初现金及现金等价物余额 134,208,907.34 228,628,756.12

    六、期末现金及现金等价物余额 316,203,886.52 183,178,192.92

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞黄山旅游发展股份有限公司 2010 年半年度报告

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    合并所有者权益变动表

    2010 年1—6 月

    单位:元 币种:人民币

    本期金额

    归属于母公司所有者权益

    项目

    实收资本（或

    股本）

    资本公积

    减：

    库存

    股

    专项

    储备

    盈余公积

    一般

    风险

    准备

    未分配利润

    其

    他

    少数股东权益所有者权益合计

    一、上年年末余额 471,350,000.00 164,978,551.40 163,500,430.31 446,278,809.50 16,063,901.88 1,262,171,693.0

    9

    加：会计政策变更

    前期差错更正

    其他

    二、本年年初余额 471,350,000.00 164,978,551.40 163,500,430.31 446,278,809.50 16,063,901.88 1,262,171,693.0

    9

    三、本期增减变动金额（减少

    以“－”号填列）

    96,766,392.54 -1,576,790.14 95,189,602.40

    （一）净利润 96,766,392.54 4,202,918.48 100,969,311.02

    （二）其他综合收益

    上述（一）和（二）小计 96,766,392.54 4,202,918.48 100,969,311.02

    （三）所有者投入和减少资本

    1．所有者投入资本

    2．股份支付计入所有者权益

    的金额

    3．其他

    （四）利润分配 -5,779,708.62 -5,779,708.62

    1．提取盈余公积

    2．提取一般风险准备

    3．对所有者（或股东）的分配 -5,779,708.62 -5,779,708.62

    4．其他

    （五）所有者权益内部结转

    1．资本公积转增资本（或股

    本）黄山旅游发展股份有限公司 2010 年半年度报告

    24

    2．盈余公积转增资本（或股

    本）

    3．盈余公积弥补亏损

    4．其他

    （六）专项储备

    1．本期提取

    2．本期使用

    四、本期期末余额 471,350,000.00 164,978,551.40 163,500,430.31 543,045,202.04 14,487,111.74 1,357,361,295.4

    9

    单位:元 币种:人民币

    上年同期金额

    归属于母公司所有者权益

    项目

    实收资本（或

    股本）

    资本公积

    减：库

    存股

    专

    项储

    备

    盈余公积

    一般风

    险准

    备

    未分配利润

    其

    他

    少数股东权

    益

    所有者权益合计

    一、上年年末余额 471,350,000.00 170,922,958.59 144,749,881.67 352,326,600.51 16,235,699.67 1,155,585,140.44

    加：会计政策变更

    前期差错更正

    其他

    二、本年年初余额 471,350,000.00 170,922,958.59 144,749,881.67 352,326,600.51 16,235,699.67 1,155,585,140.44

    三、本期增减变动金额（减少以“－”

    号填列） 29,849,282.40 1,247,234.62 31,096,517.02

    （一）净利润 76,984,282.40 5,168,346.34 82,152,628.74

    （二）其他综合收益

    上述（一）和（二）小计 76,984,282.40 5,168,346.34 82,152,628.74

    （三）所有者投入和减少资本 1,500,000.00 1,500,000.00

    1．所有者投入资本 1,500,000.00 1,500,000.00

    2．股份支付计入所有者权益的金额

    3．其他

    （四）利润分配 -47,135,000 -5,421,111.72 -52,556,111.72

    1．提取盈余公积黄山旅游发展股份有限公司 2010 年半年度报告

    25

    2．提取一般风险准备

    3．对所有者（或股东）的分配 -47,135,000 -5,421,111.72 -52,556,111.72

    4．其他

    （五）所有者权益内部结转

    1．资本公积转增资本（或股本）

    2．盈余公积转增资本（或股本）

    3．盈余公积弥补亏损

    4．其他

    （六）专项储备

    1．本期提取

    2．本期使用

    四、本期期末余额 471,350,000.00 170,922,958.59 144,749,881.67 382,175,882.91 17,482,934.29 1,186,681,657.46

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞

    母公司所有者权益变动表

    2010 年1—6 月

    单位:元 币种:人民币

    本期金额

    项目 实收资本（或

    股本）

    资本公积

    减：

    库存

    股

    专项

    储

    备

    盈余公积

    一般

    风险

    准备

    未分配利润 所有者权益合计

    一、上年年末余额 471,350,000.00 145,238,687.55 161,467,295.50 500,502,426.22 1,278,558,409.27

    加：会计政策变更

    前期差错更正

    其他

    二、本年年初余额 471,350,000.00 145,238,687.55 161,467,295.50 500,502,426.22 1,278,558,409.27

    三、本期增减变动金额（减少以“－”号填列） 104,590,801.69 104,590,801.69

    （一）净利润 104,590,801.69 104,590,801.69

    （二）其他综合收益

    上述（一）和（二）小计 104,590,801.69 104,590,801.69

    （三）所有者投入和减少资本黄山旅游发展股份有限公司 2010 年半年度报告

    26

    1．所有者投入资本

    2．股份支付计入所有者权益的金额

    3．其他

    （四）利润分配

    1．提取盈余公积

    2.提取一般风险准备

    3．对所有者（或股东）的分配

    4．其他

    （五）所有者权益内部结转

    1．资本公积转增资本（或股本）

    2．盈余公积转增资本（或股本）

    3．盈余公积弥补亏损

    4．其他

    （六）专项储备

    1．本期提取

    2．本期使用

    四、本期期末余额 471,350,000.00 145,238,687.55 161,467,295.50 605,093,227.91 1,383,149,210.96

    单位:元 币种:人民币

    上年同期金额

    项目 实收资本（或

    股本）

    资本公积

    减：

    库存

    股

    专项

    储

    备

    盈余公积

    一般

    风险

    准备

    未分配利润 所有者权益合计

    一、上年年末余额 471,350,000.00 145,238,687.55 142,716,746.86 378,882,488.45 1,138,187,922.86

    加：会计政策变更

    前期差错更正

    其他

    二、本年年初余额 471,350,000.00 145,238,687.55 142,716,746.86 378,882,488.45 1,138,187,922.86

    三、本期增减变动金额（减少以“－”号填列） 34,514,007.41 34,514,007.41

    （一）净利润 81,649,007.41 81,649,007.41

    （二）其他综合收益黄山旅游发展股份有限公司 2010 年半年度报告

    27

    上述（一）和（二）小计 81,649,007.41 81,649,007.41

    （三）所有者投入和减少资本

    1．所有者投入资本

    2．股份支付计入所有者权益的金额

    3．其他

    （四）利润分配 -47,135,000.00 -47,135,000.00

    1．提取盈余公积

    2.提取一般风险准备

    3．对所有者（或股东）的分配 -47,135,000.00 -47,135,000.00

    4．其他

    （五）所有者权益内部结转

    1．资本公积转增资本（或股本）

    2．盈余公积转增资本（或股本）

    3．盈余公积弥补亏损

    4．其他

    （六）专项储备

    1．本期提取

    2．本期使用

    四、本期期末余额 471,350,000.00 145,238,687.55 142,716,746.86 413,396,495.86 1,172,701,930.27

    法定代表人：许继伟 主管会计工作负责人：黄慧敏 会计机构负责人：何益飞（二）财务报表附注（除特别说明外，金额单位为人民币元）

    一、公司基本情况

    黄山旅游发展股份有限公司（以下简称“公司”或“本公司”）是由黄山旅游集团有限

    公司（以下简称“黄山旅游集团”）以其所属单位的净资产以独家发起的方式于1996 年11

    月18 日在中国安徽省黄山市成立的股份有限公司，设立时国有法人股为113,000,000 股。

    1996 年10 月30 日公司经批准，于1996 年11 月18 日发行境内上市外资股（B 股）80,000,000

    股。1997 年4 月17 日经批准，发行境内上市人民币普通股（A 股）40,000,000 股。1999 年

    10 月15 日经公司股东大会决议，公司以资本公积按每10 股转增3 股的比例转增股本

    69,900,000 股（基数为23,300 万股）。2006 年10 月13 日经公司股东大会决议，公司以资

    本公积按每10 股转增5 股的比例转增股本151,450,000 股（基数为30,290 万股）。2007 年

    7 月 13 日中国证监会《关于核准黄山旅游发展股份有限公司非公开发行股票的通知》（证

    监发行字【2007】178 号）核准本公司非公开发行1700 万股。至此，本公司的注册资本变

    更为471,350,000.00 元，股本增加至471,350,000 股。

    公司的A 股及B 股均在上海证券交易所上市，股票简称：黄山旅游，股票代码：A 股

    600054，B 股900942。

    本公司经营范围：旅游接待、服务，旅游商品开发、销售，旅游运输、饮食服务(限分

    支机构经营)；旅游资源开发，组织举办与旅游相关贸易活动，信息咨询，房地产开发经营、

    房地产租赁。

    本公司半年财务报告的批准报出者为董事会，财务报告的批准报出日为 2010 年8 月16。

    二、遵循企业会计准则的声明

    本公司编制的2010 年上半年财务报表符合《企业会计准则》的要求，真实完整地反映

    了本公司2010 年6 月30 日的财务状况、2010 年上半年度的经营成果和现金流量等有关信

    息。

    三、 财务报表的编制基础

    本公司以持续经营为基础，根据实际发生的交易和事项，按照《企业会计准则》、应用

    指南及准则解释的规定进行确认和计量，在此基础上编制财务报表。

    四、重要会计政策、会计估计

    本公司下列主要会计政策、会计估计根据《企业会计准则》制定。未提及的会计业务按

    《企业会计准则》中相关会计政策执行。

    1. 会计期间

    本公司会计年度采用公历制，即公历1 月1 日至12 月31 日为一个会计年度。黄山旅游发展股份有限公司 2010 年半年度报告

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    2. 记账本位币

    本公司以人民币为记账本位币。

    3. 同一控制下和非同一控制下企业合并的会计处理方法

    (1) 同一控制下的企业合并

    ① 同一控制下的控股合并的会计处理方法详见本附注四、10

    ② 同一控制下的吸收合并的会计处理方法

    对同一控制下吸收合并中取得的资产、负债按照相关资产、负债在被合并方的原账面价

    值入账。

    A. 以发行权益性证券方式进行的该类合并，本公司在合并日以被合并方的原账面价值

    确认合并中取得的被合并方的资产和负债后，所确认的净资产入账价值与发行股份面值总额

    的差额，记入资本公积(股本溢价)，资本公积(股本溢价)的余额不足冲减的，相应冲减盈余

    公积和未分配利润；

    B. 以支付现金、非现金资产方式进行的该类合并，所确认的净资产入账价值与支付的

    现金、非现金资产账面价值的差额，相应调整资本公积(股本溢价)，资本公积(股本溢价)的

    余额不足冲减的，相应冲减盈余公积和未分配利润。

    (2) 非同一控制下的企业合并

    ① 非同一控制下的控股合并的会计处理方法详见本附注四、10

    ② 非同一控制下的吸收合并的会计处理方法

    非同一控制下的吸收合并，本公司在购买日将合并中取得的符合确认条件的各项可辨认

    资产、负债，按其公允价值确认为本公司的资产和负债；作为合并对价的有关非货币性资产

    在购买日的公允价值与其账面价值的差额，作为资产处置损益计入合并当期的利润表；确定

    的企业合并成本与所取得的被购买方可辨认净资产公允价值之间的差额，如为借差确认为商

    誉，如为贷差计入企业合并当期的损益。

    ③ 商誉的减值测试

    公司对企业合并所形成的商誉，在每年年度终了进行减值测试，减值测试时结合与其相

    关的资产组或者资产组组合进行，比较相关资产组或者资产组组合的账面价值（包括所分摊

    的商誉的账面价值部分）与其可收回金额，如相关资产组或者资产组组合的可收回金额低于

    其账面价值的，确认商誉的减值损失。

    4. 合并财务报表的编制方法

    凡本公司能够控制的子公司以及特殊目的主体（以下简称“纳入合并范围的公司”）都

    纳入合并范围；纳入合并范围的公司所采用的会计期间、会计政策与母公司不一致的，已按黄山旅游发展股份有限公司 2010 年半年度报告

    30

    照母公司的会计期间、会计政策对其财务报表进行调整；以母公司和纳入合并范围公司调整

    后的财务报表为基础，按照权益法调整对纳入合并范围公司的长期股权投资后，由母公司编

    制；合并报表范围内母公司与纳入合并范围的公司、纳入合并范围的公司相互之间发生的内

    部交易、资金往来在合并时予以抵销。

    5. 现金及现金等价物的确定标准

    现金指企业库存现金及可以随时用于支付的存款。现金等价物指持有的期限短（一般是

    指从购买日起三个月内到期）、流动性强、易于转换为已知金额现金、价值变动风险很小的

    投资。

    6. 外币业务和外币报表折算

    本公司外币交易初始确认时采用交易发生日的即期汇率折算为记账本位币。

    在资产负债表日，公司按照下列规定对外币货币性项目和外币非货币性项目进行处理：

    (1)外币货币性项目，采用资产负债表日即期汇率折算。因资产负债表日即期汇率与初

    始确认时或前一资产负债表日即期汇率不同而产生的汇兑差额，计入当期损益。

    (2)以历史成本计量的外币非货币性项目，仍采用交易发生日的即期汇率折算，不改变

    其记账本位币金额。

    7. 金融工具

    (1) 金融资产划分为以下四类：

    ① 以公允价值计量且其变动计入当期损益的金融资产

    主要是指本公司为了近期内出售而持有的股票、债券、基金以及不作为有效套期工具的

    衍生工具。包括交易性金融资产和直接指定为以公允价值计量且其变动计入当期损益的金融

    资产。这类资产在初始计量时按照取得时的公允价值作为初始确认金额，相关的交易费用在

    发生时计入当期损益。支付的价款中包含已宣告但尚未发放的现金股利或已到付息期但尚未

    领取的债券利息，单独确认为应收项目。在持有期间取得利息或现金股利，确认为投资收益。

    资产负债表日，本公司将这类金融资产以公允价值计量且其变动计入当期损益。这类金融资

    产在处置时，其公允价值与初始入账金额之间的差额确认为投资收益，同时调整公允价值变

    动损益。

    ② 持有至到期投资

    主要是指到期日固定、回收金额固定或可确定，且本公司具有明确意图和能力持有至到

    期的国债、公司债券等。这类金融资产按照取得时的公允价值和相关交易费用之和作为初始

    确认金额。支付价款中包含的已到付息期但尚未发放的债券利息，单独确认为应收项目。持

    有至到期投资在持有期间按照摊余成本和实际利率计算确认利息收入，计入投资收益。处置黄山旅游发展股份有限公司 2010 年半年度报告

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    持有至到期投资时，将所取得价款与该投资账面价值之间的差额计入投资收益。

    ③ 贷款和应收款项

    应收款项包括应收账款和其他应收款等。应收账款是指本公司销售商品或提供劳务形成

    的应收款项。应收账款按从购货方应收的合同或协议价款作为初始确认金额。

    ④ 可供出售金融资产

    主要是指本公司没有划分为以公允价值计量且其变动计入当期损益的金融资产、持有至

    到期投资、贷款和应收款项的金融资产。可供出售金融资产按照取得该金融资产的公允价值

    和相关交易费用之和作为初始确认金额。支付的价款中包含的已到付息期但尚未领取的债券

    利息或已宣告但尚未发放的现金股利，单独确认为应收项目。可供出售金融资产持有期间取

    得的利息或现金股利计入投资收益。资产负债表日，可供出售金融资产以公允价值计量且公

    允价值变动计入资本公积。处置可供出售金融资产时，将取得的价款与该金融资产账面价值

    之间差额计入投资收益；同时，将原计入所有者权益的公允价值变动累计额对应处置部分的

    金额转出，计入投资收益。

    (2) 金融负债在初始确认时划分为以下两类：

    ① 以公允价值计量且其变动计入当期损益的金融负债，包括交易性金融负债和指定为

    以公允价值计量且其变动计入当期损益的金融负债；这类金融负债初始确认时以公允价值计

    量，相关交易费用直接计入当期损益，资产负债表日将公允价值变动计入当期损益。

    ② 其他金融负债，是指以公允价值计量且其变动计入当期损益的金融负债以外的金融

    负债。

    (3) 主要金融资产和金融负债的公允价值确定方法：

    ① 存在活跃市场的金融资产或金融负债，采用活跃市场中的报价来确定公允价值；

    ② 金融工具不存在活跃市场的，本公司采用估值技术确定其公允价值。

    (4) 金融资产转移

    ① 已将金融资产所有权上几乎所有的风险和报酬转移给转入方时终止对该项金融资产

    的确认。

    金融资产整体转移满足终止确认条件的，将下列两项的差额计入当期损益：

    A. 所转移金融资产的账面价值。

    B. 因转移而收到的对价，与原直接计入所有者权益的公允价值变动累计额之和。

    金融资产部分转移满足终止确认条件的，将所转移金融资产整体的账面价值，在终止确

    认部分和未终止确认部分之间，按照各自的相对公允价值进行分摊，并将下列两项金额的差

    额计入当期损益：黄山旅游发展股份有限公司 2010 年半年度报告

    32

    A. 终止确认部分的账面价值。

    B. 终止确认部分的对价，与原直接计入所有者权益的公允价值变动累计额中对应终止

    确认部分的金额之和。

    ② 金融资产转移不满足终止确认条件的，继续确认该金融资产，将所收到的对价确认

    为一项金融负债。

    (5) 金融资产减值测试方法及减值准备计提方法

    ① 本公司在有以下证据表明该金融资产发生减值的，计提减值准备：

    A. 发行方或债务人发生严重财务困难；

    B. 债务人违反了合同条款，如偿付利息或本金发生违约或逾期等；

    C. 债权人出于经济或法律等方面的考虑，对发生财务困难的债务人作出让步；

    D. 债务人可能倒闭或进行其他财务重组；

    E. 因发行方发生重大财务困难，该金融资产无法在活跃市场继续交易；

    F. 无法辨认一组金融资产中的某项资产的现金流量是否已经减少，但根据公开的数据

    对其进行总体评价后发现，该组金融资产自初始确认以来的预计未来现金流量确已减少且可

    计量；

    G. 债务人经营所处的技术、市场、经济或法律环境等发生重大不利变化，使权益工具

    投资人可能无法收回投资成本；

    H. 权益工具投资的公允价值发生严重或非暂时性下跌；

    I. 其他表明金融资产发生减值的客观证据。

    ② 本公司在资产负债表日分别不同类别的金融资产采取不同的方法进行减值测试，并

    计提减值准备：

    A. 交易性金融资产：在资产负债表日以公允价值反映，公允价值的变动计入当期损益；

    B. 持有至到期投资：在资产负债表日本公司对于持有至到期投资有客观证据表明其发

    生了减值的，根据其账面价值与预计未来现金流量现值之间差额计算确认减值损失；

    C. 可供出售金融资产：在资产负债表日本公司对可供出售金融资产的减值情况进行分

    析，判断该项金融资产公允价值是否持续下降。通常情况下，如果可供出售金融资产的公允

    价值发生较大幅度下降，在综合考虑各种相关因素后，预期这种下降趋势属于非暂时性的，

    可以认定该可供出售金融资产已发生减值，确认减值损失。可供出售金融资产发生减值的，

    在确认减值损失时，将原直接计入所有者权益的公允价值下降形成的累计损失一并转出，计

    入资产减值损失。

    8. 应收款项的减值测试方法及减值准备计提方法黄山旅游发展股份有限公司 2010 年半年度报告

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    在资产负债表日对应收款项的账面价值进行检查，有客观证据表明其发生减值的，计提

    减值准备。

    对于单项金额重大的应收款项（本公司将期末余额100 万元以上应收账款、其他应收款

    确定为单项金额重大），单独进行减值测试。有客观证据表明其发生了减值的，根据其未来

    现金流量现值低于其账面价值的差额，确认减值损失，并据此计提相应的坏账准备。

    对单项测试未发生减值的应收非关联方款项，汇同单项金额非重大的应收非关联方款

    项，按类似的信用风险特征划分为若干组合，再按这些应收款项组合在资产负债表日余额的

    一定比例计算确定减值损失，计提坏账准备。根据以前年度与之相同或相类似的、具有类似

    信用风险特征的应收款项组合的实际损失率为基础，结合现时情况确定本年各项组合计提坏

    账准备的比例，据此计算本年应计提的坏账准备。

    本公司按信用风险特征组合确定的计提方法为账龄分析法，按账龄划分的应收款项组合

    在资产负债表日按余额的一定比例计提坏账准备，具体如下：

    账龄情况 提取比例

    一年以内 3%

    一至二年 50%

    二年以上 100%

    本公司于资产负债表日对其他应收款的可收回性进行评估，经评估后计提专项坏账准

    备。

    9. 存货

    (1) 存货的分类：存货是指本公司在日常经营活动中持有以备出售或耗用的商品、物料

    用品、处在生产（建造）过程中的在产品等，包括食品及饮料等库存商品、物料及备品备件

    等周转材料、房地产开发成本、开发产品等。

    (2) 发出存货的计价方法：本公司除房地产开发产品以外的存货发出按加权平均法计价，

    房地产开发产品发出时采用个别认定法确定实际成本。其中：

    ①开发用地的核算方法：对纯土地开发项目，在开发成本科目中单独设置土地开发明细

    科目，核算土地开发过程中所发生的各项费用，包括土地征用及拆迁补偿、购入土地使用权

    价款、交纳土地使用权出让金、过户费及三通一平前期工程费等直接或间接费用，计算每平

    方米的土地开发单位成本，根据用地及使用面积，分别计算转入开发产品；对连同房产整体

    开发的项目，其费用可分清负担对象的，一般按实际占用面积分摊计入商品房成本。

    ②公共配套设施费用的核算方法：因建设商品住宅小区而一并开发建设的配套设备，按黄山旅游发展股份有限公司 2010 年半年度报告

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    其性质和用途不同分为两类：一类是开发小区内的公共配套设施，包括开发住宅小区内的道

    路、消防等非营业性文教、卫生、行政管理等，另一类是开发小区外的无偿交付管理部门使

    用的市政公共配套设施，其所需建设费用通过开发成本核算。公共配套设施费用的核算内容

    是指非经营性公共配套设施发生的支出，凡与小区住宅建设同步开发的列入当期开发成本，

    凡与小区住宅设施不同步进行的，尚未发生的公共配套设施一般采取预提的方法，首先确定

    预提数额，根据预算成本经批准后从开发成本科目预先提取，待以后各期支付。

    (3) 存货的盘存制度：采用永续盘存制，每年至少盘点一次，盘盈及盘亏金额计入当年

    度损益。

    (4) 资产负债表日按成本与可变现净值孰低计量，存货成本高于其可变现净值的，计提

    存货跌价准备，计入当期损益。

    在确定存货的可变现净值时，以取得的可靠证据为基础，并且考虑持有存货的目的、资

    产负债表日后事项的影响等因素。

    ① 库存商品、房地产开发产品等直接用于出售的存货，在正常经营过程中，以该存货

    的估计售价减去估计的销售费用和相关税费后的金额确定其可变现净值。为执行销售合同或

    者劳务合同而持有的存货，以合同价格作为其可变现净值的计量基础；如果持有存货的数量

    多于销售合同订购数量，超出部分的存货可变现净值以一般销售价格为计量基础。

    ② 需要经过加工的房地产开发产品等存货，在正常生产经营过程中，以所生产的产品

    的估计售价减去至完工时估计将要发生的成本、估计的销售费用和相关税费后的金额确定其

    可变现净值。如果用其生产的产品的可变现净值高于成本，则该存货按成本计量；如果市场

    价格的下降表明产品的可变现净值低于成本，则该存货按可变现净值计量，按其差额计提存

    货跌价准备。

    ③ 存货跌价准备一般按单个存货项目计提；对于数量繁多、单价较低的存货，按存货

    类别计提。

    ④ 资产负债表日如果以前减记存货价值的影响因素已经消失，则减记的金额予以恢复，

    并在原已计提的存货跌价准备的金额内转回，转回的金额计入当期损益。

    (5) 周转材料的摊销方法：采用一次转销法。

    10. 长期股权投资

    (1) 初始投资成本确定

    分别下列情况对长期股权投资进行初始计量

    ① 企业合并形成的长期股权投资，按照下列规定确定其初始投资成本：

    A.同一控制下的企业合并，合并方以支付现金、转让非现金资产或承担债务方式作为合黄山旅游发展股份有限公司 2010 年半年度报告

    35

    并对价的，在合并日按照取得被合并方所有者权益账面价值的份额作为长期股权投资的初始

    投资成本。长期股权投资初始投资成本与支付的现金、转让的非现金资产以及所承担债务账

    面价值之间的差额，调整资本公积；资本公积不足冲减的，调整留存收益；

    B.合并方以发行权益性证券作为合并对价的，在合并日按照取得被合并方所有者权益账

    面价值的份额作为长期股权投资的初始投资成本。按照发行股份的面值总额作为股本，长期

    股权投资初始投资成本与所发行股份面值总额之间的差额，调整资本公积；资本公积不足冲

    减的，调整留存收益；

    C.非同一控制下的企业合并，购买方在购买日以按照《企业会计准则第20 号—企业合

    并》确定的合并成本作为长期股权投资的初始投资成本。

    ② 除企业合并形成的长期股权投资以外，其他方式取得的长期股权投资，按照下列规

    定确定其初始投资成本：

    A.以支付现金取得的长期股权投资，按照实际支付的购买价款作为初始投资成本。初始

    投资成本包括与取得长期股权投资直接相关的费用、税金及其他必要支出，但实际支付的价

    款中包含的已宣告但尚未领取的现金股利，作为应收项目单独核算；

    B.以发行权益性证券取得的长期股权投资，按照发行权益性证券的公允价值作为初始投

    资成本；

    C.投资者投入的长期股权投资，按照投资合同或协议约定的价值作为初始投资成本，但

    合同或协议约定不公允的除外；

    D.通过非货币性资产交换取得的长期股权投资，其初始投资成本按照《企业会计准则第

    7 号——非货币性资产交换》确定；

    E.通过债务重组取得的长期股权投资，其初始投资成本按照《企业会计准则第12 号——

    债务重组》确定。

    (2) 后续计量及损益确认方法

    根据是否对被投资单位具有控制、共同控制或重大影响分别对长期股权投资采用成本法

    或权益法核算。

    ① 采用成本法核算的长期投资，在被投资单位宣告分配的现金股利或利润，确认为当

    期投资收益。

    ② 采用权益法核算的长期股权投资，本公司在取得长期股权投资后，在计算投资损益

    时按本公司的会计政策及会计期间对被投资单位的财务报表进行调整，在此基础上再抵销本

    公司与联营企业及合营企业之间发生的内部交易损益按照应享有或应分担计算归属于本公

    司的部分，确认投资损益并调整长期股权投资账面价值。如果本公司取得投资时被投资单位黄山旅游发展股份有限公司 2010 年半年度报告

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    有关资产、负债的公允价值与其账面价值不同的，后续计量计算归属于投资企业应享有的净

    利润或应承担的净亏损时，应考虑被投资单位计提的折旧额、摊销额以及资产减值准备金额

    等进行调整。以上调整均考虑重要性原则，在符合下列条件之一的，本公司按被投资单位的

    账面净利润为基础，经调整未实现内部交易损益后，计算确认投资损益。

    A. 无法合理确定取得投资时被投资单位各项可辨认资产等的公允价值。

    B. 投资时被投资单位可辨认资产的公允价值与其账面价值相比,两者之间的差额不具

    重要性的。

    C. 其他原因导致无法取得被投资单位的有关资料，不能按照准则中规定的原则对被投

    资单位的净损益进行调整的。

    ③ 在权益法下长期股权投资的账面价值减记至零的情况下，如果仍有未确认的投资损

    失，应以其他长期权益的账面价值为基础继续确认。如果在投资合同或协议中约定将履行其

    他额外的损失补偿义务，还按《企业会计准则第l3 号——或有事项》的规定确认预计将承

    担的损失金额。

    ④ 按照权益法核算的长期股权投资，投资企业自被投资单位取得的现金股利或利润，

    抵减长期股权投资的账面价值。自被投资单位取得的现金股利或利润超过已确认损益调整的

    部分视同投资成本的收回，冲减长期股权投资的成本。

    (3) 确定对被投资单位具有共同控制、重大影响的依据

    ① 存在以下一种或几种情况时，确定对被投资单位具有共同控制：

    A.任何一个合营方均不能单独控制合营企业的生产经营活动；

    B.涉及合营企业基本经营活动的决策需要各合营方一致同意；

    C.各合营方可能通过合同或协议的形式任命其中的一个合营方对合营企业的日常活动

    进行管理，但其必须在各合营方已经一致同意的财务和经营政策范围内行使管理权。当被投

    资单位处于法定重组或破产中，或者在向投资方转移资金的能力受到严格的长期限制情况下

    经营时，通常投资方对被投资单位可能无法实施共同控制。但如果能够证明存在共同控制，

    合营各方仍按照长期股权投资准则的规定采用权益法核算。

    ② 存在以下一种或几种情况时，确定对被投资单位具有重大影响：A.在被投资单位的

    董事会或类似权力机构中派有代表；B.参与被投资单位的政策制定过程，包括股利分配政策

    等的制定；C.与被投资单位之间发生重要交易；D.向被投资单位派出管理人员；E.向被投资

    单位提供关键技术资料。

    (4) 长期股权投资减值测试方法及减值准备计提方法：

    本公司在资产负债表日对长期股权投资进行逐项检查，根据被投资单位经营政策、法律黄山旅游发展股份有限公司 2010 年半年度报告

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    环境、市场需求、行业及盈利能力等的各种变化判断长期股权投资是否存在减值迹象。当长

    期股权投资可收回金额低于账面价值时，将可收回金额低于长期股权投资账面价值的差额确

    认为长期股权投资减值准备予以计提。资产减值损失一经确认，在以后会计期间不再转回。

    11. 固定资产

    (1) 确认条件：固定资产是指为生产商品、提供劳务、出租或经营管理而持有的使用年

    限超过一年的单位价值较高的有形资产。本公司固定资产包括房屋建筑物、索道设备、机器

    设备、通讯设备、运输设备、其他设备等。固定资产在同时满足下列条件时，按取得时的实

    际成本予以确认：

    ① 与该固定资产有关的经济利益很可能流入企业。

    ② 该固定资产的成本能够可靠地计量。

    固定资产发生的后续支出，符合固定资产确认条件的计入固定资产成本；不符合固定资

    产确认条件的在发生时计入当期损益。

    (2) 各类固定资产的折旧方法：本公司从固定资产达到预定可使用状态的次月起按年限

    平均法计提折旧，按固定资产的类别、估计的经济使用年限和预计的净残值分别确定折旧年

    限和年折旧率如下：

    类 别 折旧年限（年） 残值率（%） 年折旧率（%）

    房屋及建筑物 20-40 3.00 2.43-4.85

    索道设备 24 3.00 4.04

    机械设备 6-20 3.00 4.85-16.17

    通讯设备 3-14 3.00 6.93-32.33

    运输设备 5-10 3.00 9.70-19.40

    其他设备 5-8 3.00 12.13-19.40

    对于已经计提减值准备的固定资产，在计提折旧时扣除已计提的固定资产减值准备。

    每年年度终了，公司对固定资产的使用寿命、预计净残值和折旧方法进行复核。使用寿

    命预计数与原先估计数有差异的，调整固定资产使用寿命。

    (3) 固定资产的减值测试方法、减值准备计提方法：

    本公司在资产负债表日对各项固定资产进行判断，当存在减值迹象，估计可收回金额低

    于其账面价值时，账面价值减记至可收回金额，减记的金额确认为资产减值损失，计入当期

    损益，同时计提相应的资产减值准备。资产减值损失一经确认，在以后会计期间不再转回。

    当存在下列迹象的，按固定资产单项项目全额计提减值准备：

    ① 长期闲置不用，在可预见的未来不会再使用，且已无转让价值的固定资产；黄山旅游发展股份有限公司 2010 年半年度报告

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    ② 由于技术进步等原因，已不可使用的固定资产；

    ③ 虽然固定资产尚可使用，但使用后产生大量不合格品的固定资产；

    ④ 已遭毁损，以至于不再具有使用价值和转让价值的固定资产；

    ⑤ 其他实质上已经不能再给公司带来经济利益的固定资产。

    12. 在建工程

    (1) 在建工程类别

    在建工程以立项项目分类核算。

    (2) 在建工程结转为固定资产的标准和时点

    在建工程项目按建造该项资产达到预定可使用状态前所发生的全部支出，作为固定资产

    的入账价值。包括建筑费用、机器设备原价、其他为使在建工程达到预定可使用状态所发生

    的必要支出以及在资产达到预定可使用状态之前为该项目专门借款所发生的借款费用及占

    用的一般借款发生的借款费用。本公司在工程安装或建设完成达到预定可使用状态时将在建

    工程转入固定资产。所建造的已达到预定可使用状态、但尚未办理竣工决算的固定资产，自

    达到预定可使用状态之日起，根据工程预算、造价或者工程实际成本等，按估计的价值转入

    固定资产，并按本公司固定资产折旧政策计提固定资产的折旧，待办理竣工决算后，再按实

    际成本调整原来的暂估价值，但不调整原已计提的折旧额。

    (3) 在建工程减值测试方法、计提方法

    本公司于资产负债表日对在建工程进行全面检查，如果有证据表明在建工程已经发生了

    减值，估计可收回金额低于其账面价值时，账面价值减记至可收回金额，减记的金额确认为

    资产减值损失，计入当期损益，同时计提相应的资产减值准备。资产减值损失一经确认，在

    以后会计期间不再转回。存在下列一项或若干项情况的，对在建工程进行减值测试：

    ① 长期停建并且预计在未来3 年内不会重新开工的在建工程；

    ② 所建项目无论在性能上，还是在技术上已经落后，并且给企业带来的经济利益具有

    很大的不确定性；

    ③ 其他足以证明在建工程已经发生减值的情形。

    13. 借款费用

    (1) 借款费用资本化的确认原则和资本化期间

    本公司发生的可直接归属于符合资本化条件的资产的购建或生产的借款费用在同时满

    足下列条件时予以资本化计入相关资产成本：

    ①资产支出已经发生；

    ②借款费用已经发生；黄山旅游发展股份有限公司 2010 年半年度报告

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    ③为使资产达到预定可使用或可销售状态所必要的购建或者生产活动已经开始。

    其他的借款利息、折价或溢价和汇兑差额，计入发生当期的损益。

    符合资本化条件的资产在购建或者生产过程中发生非正常中断，且中断时间连续超过3

    个月的，暂停借款费用的资本化。

    当购建或者生产符合资本化条件的资产达到预定可使用或者可销售状态时，停止其借款

    费用的资本化；以后发生的借款费用于发生当期确认为费用。

    (2) 借款费用资本化金额的计算方法

    为购建或者生产符合资本化条件的资产而借入专门借款的，以专门借款当期实际发生的

    利息费用，减去将尚未动用的借款资金存入银行取得的利息收入或者进行暂时性投资取得的

    投资收益后的金额，确定为专门借款利息费用的资本化金额。

    购建或者生产符合资本化条件的资产占用了一般借款的，一般借款应予资本化的利息金

    额按累计资产支出超过专门借款部分的资产支出加权平均数乘以所占用一般借款的资本化

    率计算。

    14. 无形资产

    (1) 无形资产的计价方法

    按取得时的实际成本入账。

    (2) 无形资产使用寿命及摊销

    ① 使用寿命有限的无形资产的使用寿命估计情况：

    项 目

    预计使用寿

    命

    依据

    土地使用权 50年 法定使用权

    软件及其他 5年

    参考能为公司带来经济利益

    的期限确定使用寿命

    每年年度终了，公司对使用寿命有限的无形资产的使用寿命及摊销方法进行复核。经复

    核，本年末无形资产的使用寿命及摊销方法与以前估计未有不同。

    ② 无法预见无形资产为企业带来经济利益期限的，视为使用寿命不确定的无形资产。

    对于使用寿命不确定的无形资产，公司在每年年度终了对使用寿命不确定的无形资产的使用

    寿命进行复核，如果重新复核后仍为不确定的，在资产负债表日进行减值测试。当无形资产

    的可收回金额低于其账面价值时，将资产的账面价值减记至可收回金额，减记的金额确认为

    资产减值损失，计入当期损益，同时计提无形资产减值准备。无形资产减值损失一经确认，

    在以后会计期间不再转回。存在下列一项或多项情况的，对无形资产进行减值测试：黄山旅游发展股份有限公司 2010 年半年度报告

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    A.该无形资产已被其他新技术等所替代，使其为企业创造经济利益的能力受到重大不利影响；

    B.该无形资产的市价在当期大幅下跌，并在剩余年限内可能不会回升；

    C.其他足以表明该无形资产的账面价值已超过可收回金额的情况。

    ③ 无形资产的摊销

    对于使用寿命有限的无形资产，本公司在取得时判定其使用寿命，在使用寿命内按直线

    法系统合理摊销，摊销金额按受益项目计入当期损益。具体应摊销金额为其成本扣除预计残

    值后的金额。已计提减值准备的无形资产，还应扣除已计提的无形资产减值准备累计金额，

    残值为零。但下列情况除外：有第三方承诺在无形资产使用寿命结束时购买该无形资产或可

    以根据活跃市场得到预计残值信息，并且该市场在无形资产使用寿命结束时很可能存在。

    对使用寿命不确定的无形资产，不予摊销。每年年度终了对使用寿命不确定的无形资产

    的使用寿命进行复核，如果有证据表明无形资产的使用寿命是有限的，估计其使用寿命并在

    预计使用年限内系统合理摊销。

    (3) 划分内部研究开发项目的研究阶段和开发阶段具体标准

    ① 本公司将为进一步开发活动进行的资料及相关方面的准备活动作为研究阶段，无形

    资产研究阶段的支出在发生时计入当期损益。

    ② 在本公司已完成研究阶段的工作后再进行的开发活动作为开发阶段。

    ③ 开发阶段的支出同时满足下列条件时确认为无形资产：

    A. 完成该无形资产以使其能够使用或出售在技术上具有可行性；

    B. 具有完成该无形资产并使用或出售的意图；

    C. 无形资产产生经济利益的方式，包括能够证明运用该无形资产生产的产品存在市场

    或无形资产自身存在市场，无形资产将在内部使用的，能够证明其有用性；

    D. 有足够的技术、财务资源和其他资源支持，以完成该无形资产的开发，并有能力使

    用或出售该无形资产；

    E. 归属于该无形资产开发阶段的支出能够可靠地计量。

    15. 长期待摊费用

    长期待摊费用在受益期内平均摊销，其中：经营租赁方式租入的固定资产改良支出，按

    最佳预期经济利益实现方式合理摊销。

    16. 职工薪酬

    本公司的职工薪酬包括工资、奖金、津贴和补贴、职工福利费、社会保险费、住房公积

    金、工会经费和职工教育经费、因解除与职工的劳动关系给予的补偿及其他与获得职工提供黄山旅游发展股份有限公司 2010 年半年度报告

    41

    的服务相关的支出。除因解除与职工的劳动关系给予的补偿外，职工薪酬在职工提供服务的

    期间确认，根据职工提供服务的受益对象计入相关的成本费用。因解除与职工的劳动关系给

    予的补偿，在公司已制定正式的解除劳动关系计划或提出自愿裁减建议并即将实施，且不能

    单方面撤回解除劳动关系计划或裁减建议时，确认为预计负债，同时计入当期损益。

    本公司按当地政府规定参加由政府机构设立的职工社会保障体系，一般包括养老保险、

    失业保险、医疗保险、住房公积金及其它社会保障金。社会保险费及住房公积金一般按工资

    总额的一定比例且在不超过规定上限的基础上提取并向劳动和社会保障机构、住房公积金管

    理机构缴纳；提取比例如下：

    项 目 计提比例(%)

    养老保险 20.00

    失业保险 2.00

    医疗保险 6.00

    工伤保险 1.20

    生育保险 1.00

    住房公积金 20.00

    17. 预计负债

    如果与或有事项相关的义务同时符合以下条件，本公司将其确认为预计负债：

    (1)该义务是本公司承担的现时义务；

    (2)该义务的履行很可能导致经济利益流出本公司；

    (3)该义务的金额能够可靠地计量。

    18. 收入确认原则和计量方法

    (1) 销售商品收入，在下列条件均能满足时予以确认：

    ①公司已将商品所有权上的主要风险和报酬转移给购买方；

    ②公司既没有保留与所有权相联系的继续管理权，也没有对已售出的商品实施有效控

    制；

    ③收入的金额能够可靠地计量；

    ④相关的经济利益很可能流入企业；

    ⑤相关的已发生或将发生的成本能够可靠地计量时，确认商品销售收入实现。

    (2) 提供劳务收入，在下列条件均能满足时予以确认：

    ①收入的金额能够可靠地计量；

    ②相关的经济利益很可能流入企业；

    ③交易的完工进度能够可靠地确定；黄山旅游发展股份有限公司 2010 年半年度报告

    42

    ④交易中已发生和将发生的成本能够可靠地计量。

    (3) 让渡资产使用权收入，在下列条件均能满足时予以确认：

    ①相关的经济利益很可能流入企业；

    ②收入的金额能够可靠地计量。

    19. 政府补助

    (1) 范围及分类

    公司将从政府无偿取得货币性资产或非货币性资产，但不包括政府作为企业所有者投入

    的资本作为政府补助核算。

    政府补助分为与资产相关的政府补助和与收益相关的政府补助。

    (2) 政府补助的确认条件

    公司对能够满足政府补助所附条件且实际收到时，确认为政府补助。

    (3) 政府补助的计量

    ① 政府补助为货币性资产的，按照收到或应收的金额计量；政府补助为非货币性资产

    的，按照公允价值计量，公允价值不能可靠取得的，按照名义金额计量。

    ② 与资产相关的政府补助，确认为递延收益，并在相关资产使用寿命内平均分配，计

    入当期损益。但是，以名义金额计量的政府补助，直接计入当期损益。

    ③ 与收益相关的政府补助，分别下列情况处理：

    A. 用于补偿公司以后期间的相关费用或损失的，确认为递延收益，并在确认相关费用

    的期间，计入当期损益；

    B. 用于补偿公司已发生的相关费用或损失的，计入当期损益。

    20. 递延所得税资产和递延所得税负债

    本公司根据资产与负债于资产负债表日的账面价值与计税基础之间的暂时性差异，采用

    资产负债表债务法计提递延所得税。

    (1) 递延所得税资产的确认

    ① 对于可抵扣暂时性差异、能够结转以后年度的可抵扣亏损和税款抵减，本公司以很

    可能取得用来抵扣可抵扣暂时性差异、可抵扣亏损和税款抵减的未来应纳税所得额为限，确

    认由此产生的递延所得税资产。同时具有下列特征的交易中因资产或负债的初始确认所产生

    的递延所得税资产不予确认：

    A.该项交易不是企业合并；

    B.交易发生时既不影响会计利润也不影响应纳税所得额（或可抵扣亏损）。

    ② 本公司对与子公司、联营公司及合营企业投资相关的可抵扣暂时性差异，同时满足黄山旅游发展股份有限公司 2010 年半年度报告

    43

    下列条件的，确认相应的递延所得税资产：

    A.暂时性差异在可预见的未来可能转回；

    B.未来很可能获得用来抵扣暂时性差异的应纳税所得额。

    C.本公司对于能够结转以后年度的可抵扣亏损和税款抵减，以很可能获得用来抵扣可抵

    扣亏损和税款抵减的未来应纳税所得额为限，确认相应的递延所得税资产。

    ③ 于资产负债表日，本公司对递延所得税资产的账面价值进行复核。如果未来期间很

    可能无法获得足够的应纳税所得额用以抵扣递延所得税资产的利益，减记递延所得税资产的

    账面价值。在很可能获得足够的应纳税所得额时，减记的金额予以转回。

    (2) 递延所得税负债应按各种应纳税暂时性差异确认，同时具有下列特征的交易中因资

    产或负债的初始确认所产生的递延所得税负债不予确认：

    ① 应纳税暂时性差异是在以下交易中产生的：

    A. 商誉的初始确认；

    B. 具有以下特征的交易中产生的资产或负债的初始确认：该交易不是企业合并，并且

    交易发生时既不影响会计利润也不影响应纳税所得额或可抵扣亏损。

    ② 对于与子公司、合营企业及联营企业投资相关的应纳税暂时性差异，该暂时性差异

    转回的时间能够控制并且该暂时性差异在可预见的未来很可能不会转回。

    21. 主要会计政策、会计估计的变更及前期差错

    本年度内本公司未发生会计政策、会计估计变更及前期差错更正事项。

    五、税项

    1. 主要税种及税率

    税 种 计税依据 税 率

    增值税 应税销售额 17%

    营业税* 应税营业额 3%、5%

    城市维护建设税 应纳流转税额 5%、7%

    房产税 应税房产原值、应税租赁收入1.2%、12%

    企业所得税 应纳税所得额 25%

    *注：(1)公司园林门票按营业收入的3%缴纳；

    (2)公司索道和酒店业务按营业收入的5%缴纳；

    (3)公司旅行社按营业收入扣除替旅游者支付给其他单位的房餐费、交通费和其他代付费用后

    余额的5%缴纳。

    六、企业合并及合并财务报表

    1.子公司情况黄山旅游发展股份有限公司 2010 年半年度报告

    44

    (1)通过设立或投资等方式取得的子公司

    单位：万元

    子公司全称

    子公司

    类型

    注册地

    业务

    性质

    注册

    资本

    经营范围

    期末实

    际出资

    额

    实质上构成对子

    公司净投资的其

    他项目余额

    黄山玉屏客运

    索道有限责任

    公司

    控股

    黄山风

    景区

    索道

    运输 1,900.00

    客运索道运输；

    工艺美术品销售。 1,520.00 -

    黄山太平索道

    有限公司

    控股

    黄山市

    风景区

    索道

    运输

    6,97.50

    （美元）

    为国内外游客提供上、下风景区缆

    车交通，经营旅游团组客运业务；

    代办售票、餐饮及购物服务（涉及

    行政许可的凭有效的许可证或资质

    证经营）。

    488.25

    （美元）

    -

    黄山海外旅行

    社

    全资

    黄山市

    屯溪区

    旅游

    服务 289.00

    入境旅游服务；出境旅游服务；国

    内旅游服务；信息咨询服务；工艺

    美术品、字画、电脑销售、日用百

    货。

    289.00 -

    黄山市途马旅

    游电子商务有

    限责任公司

    控股

    黄山市

    屯溪区

    旅游

    服务 500.00

    景区旅游网上销售系统的研发及推

    广（以上项目涉及许可证的凭许可

    证经营）；旅游产品的网上销售（凭

    许可证经营，有效期至2010 年11

    月14 日），提供票务、酒店、旅游

    线路、自助自驾旅游咨询服务。

    495.00 -

    黄山市花山谜

    窟旅游开发有

    限责任公司

    控股

    黄山市

    屯溪区

    景点

    开发 100.00

    旅游接待、服务（不含住宿）；旅

    游商品开发、销售；饮食服务；旅

    游资源开发。

    300.00 -

    黄山徽文化旅

    游开发有限责

    任公司

    控股

    黄山市

    屯溪区

    旅游

    服务 336.80

    旅游接待、服务；旅游纪念品开发、

    销售。 235.76 -

    黄山皮蓬文化

    发展有限责任

    公司

    控股

    黄山市

    屯溪区

    旅游

    服务 500.00

    广告代理、策划、设计、发布、制

    作，营销策划，旅游信息咨询。 450.00 -

    黄山中海假日

    旅行社有限公

    司

    控股

    黄山市

    屯溪区

    旅游

    服务 100.00

    国内旅游业务；工艺美术品、纪念

    品零售。 51.00 -

    黄山中海会议

    展览服务有限

    公司

    全资

    黄山市

    屯溪区

    旅游

    服务 10.00

    会议展览、服务，旅游服务（不含

    旅行社业务）。 10.00 -

    黄山市黄山航

    空旅游服务有

    限责任公司

    全资

    黄山市

    屯溪区

    旅游

    服务 180.00

    国际航线或港、澳、台航线的航空

    客运销售代理业务；国内航线航空

    客运销售代理业务。

    180.00 -

    黄山旅游莲花

    酒店管理有限

    公司

    全资

    黄山市

    屯溪区

    酒店

    管理 100.00

    酒店管理与咨询，旅游商品开发、

    销售，旅游资源开发，组织举办与

    旅游相关的贸易活动。

    100.00 -

    黄山桃花溪旅

    游房地产开发

    有限公司

    全资

    黄山市屯

    溪区

    房地

    产开

    发

    5,200.00

    房地产开发经营、房地产租赁。（涉

    及行政许可的凭有效许可证经营）。5,200.00 -黄山旅游发展股份有限公司 2010 年半年度报告

    45

    黄山旅游玉屏

    房地产开发有

    限公司

    全资

    黄山市

    屯溪区

    房地

    产开

    发

    5,000.00

    房地产开发经营、房地产租赁。（涉

    及行政许可的凭有效许可证经营） 5,000.00 -

    黄山老徽商旅

    游商贸有限公

    司

    全资

    黄山市

    屯溪区

    商贸

    经营 50.00

    酒店用品、旅游纪念品、工艺美术

    品销售；经营：饮料、酒类、粮油、

    土特产、副食品（有限期至2012 年

    12 月4 日）；信息咨询服务。

    50.00 -

    北京徽商故里

    餐饮管理有限

    公司

    控股

    北京市

    东城区

    餐饮

    管理

    500.00

    许可经营项目：餐饮服务（含凉菜、

    不含裱花蛋糕、不含生食海产品）。

    一般经营项目：餐饮管理；信息咨

    询（不含中介服务）；会议服务；

    组织文化艺术交流。

    350.00 -

    单位：元

    子公司全称

    持股

    比例

    (%)

    表决

    权比

    例(%)

    是否

    合并

    报表

    少数股东权益

    少数股东权益

    中用于冲减少

    数股东损益的

    金额

    从母公司所有者权益冲减子公司

    少数股东分担的本期亏损超过少

    数股东在该子公司期初所有者权

    益中所享有份额后的余额

    黄山玉屏客运索

    道有限责任公司 80.00 80.00 是 15,042,656.48 - -

    黄山太平索道有

    限公司 70.00 70.00 是 2,501,429.90 - -

    黄山海外旅行社 100.00 100.00 是 - -

    黄山市途马旅游

    电子商务有限责

    任公司

    99.00 99.00 是 124,146.79 - -

    黄山市花山谜窟

    旅游开发有限责

    任公司

    75.00 75.00 是 2,809,815.48 380,357.78 -

    黄山徽文化旅游

    开发有限责任公

    司

    70.00 70.00 是 322,852.88 21,584.75 -

    黄山皮蓬文化发

    展有限责任公司 90.00 90.00 是 244,197.38 -

    黄山中海假日旅

    行社有限公司 51.00 51.00 是 20,005.98 -

    黄山中海会议展

    览服务有限公司 100.00 100.00 是 - -

    黄山市黄山航空

    旅游服务有限责

    任公司

    100.00 100.00 是 - -

    黄山旅游莲花酒

    店管理有限公司 100.00 100.00 是 - -

    黄山桃花溪旅游

    房地产开发有限

    公司

    100.00 100.00 是 - -黄山旅游发展股份有限公司 2010 年半年度报告

    46

    黄山旅游玉屏房

    地产开发有限公

    司

    100.00 100.00 是 - -

    黄山老徽商旅游

    商贸有限公司 100.00 100.00 是 - -

    北京徽商故里餐

    饮管理有限公司 70.00 70.00 是

    360215.68 -

    (2)同一控制下企业合并取得的子公司

    单位：万元

    子公司全

    称

    子公

    司类

    型

    注册

    地

    业务

    性质

    注册资

    本

    经营范围

    期末实际

    出资额

    实质上构成对子

    公司净投资的其

    他项目余额

    黄山国际

    大酒店有

    限责任公

    司

    全资

    黄山市

    屯溪区

    酒店

    经营 3,850.00

    客房、餐饮、娱乐、旅游服

    务、烟、糕点、饮料、工艺

    美术品。

    5,010.19

    -

    黄山西海

    饭店有限

    责任公司

    控股

    黄山

    风景区

    酒店

    经营 222.60

    住宿、餐饮；食品、饮料、

    烟、酒、字画、旅游纪念品

    零售；卡拉OK 歌舞厅、桑

    拿按摩、美容美发。

    5,646.53 -

    单位：元

    子公司全称

    持股

    比例

    (%)

    表决

    权比

    例(%)

    是否

    合并

    报表

    少数股东

    权益

    少数股东权益

    中用于冲减少

    数股东损益的

    金额

    从母公司所有者权益冲减子公司少数

    股东分担的本期亏损超过少数股东在

    该子公司期初所有者权益中所享有份

    额后的余额

    黄山国际大酒

    店有限责任公

    司

    100.00 100.00 是 - - -

    黄山西海饭店

    有限责任公司 94.00 94.00 是

    815,523.44

    131,622.49 -

    (3)非同一控制下企业合并取得的子公司

    单位：万元

    子公司全称

    子公

    司类

    型

    注册

    地

    业务

    性质

    注册

    资本

    经营范围

    期末实际

    出资额

    实质上构成对子公

    司净投资的其他项

    目余额

    黄山市中国

    旅行社

    全资

    黄山市

    屯溪区

    旅游

    服务 295.00

    入境旅游业务；国内旅游业

    务；工艺美术品、导游图销

    售，餐饮服务（分支机构新

    安人家酒楼经营），酒零售

    （涉及行政许可的，凭有效

    许可证经营）。

    295.00 -黄山旅游发展股份有限公司 2010 年半年度报告

    47

    黄山中国国

    际旅行社

    全资

    黄山市

    屯溪区

    旅游

    服务 150.00

    入境旅游业务、国内旅游业

    务；外语资料翻译、旅游纪

    念品、工艺品零售。

    150.00 -

    子公司全称

    持股比

    例(%)

    表决权

    比例(%)

    是否

    合并

    报表

    少数股

    东权益

    少数股东权益

    中用于冲减少

    数股东损益的

    金额

    从归属母公司当

    期损益中扣减少

    数股东承担的超

    额亏损

    从母公司所有者权益

    冲减子公司少数股东

    分担的本期亏损超过

    少数股东在该子公司

    期初所有者权益中所

    享有份额后的余额

    黄山市中国

    旅行社 100.00 100.00 是 - - - -

    黄山中国国

    际旅行社 100.00 100.00 是 - - - -

    七、合并财务报表主要项目注释

    (以下附注未经特别注明，期末余额指2010 年6 月30 日账面余额，期初（年初）余额

    指2009 年12 月31 日账面余额，金额单位为人民币元)

    1.货币资金

    期末余额 期初余额 项 目

    外币金额 汇率 折合人民币 外币金额汇率 折合人民币

    库存现金:

    人民币 - - 3,464,509.95 - - 1,417,033.87

    美元 2,305.00 6.7909 15,653.02 2,305.00 6.8282 15,739.00

    港币 5,855.00 0.8724 5,107.84 5,855.00 0.8805 5,155.33

    日元 20,438.00 0.0767 1,567.31 20,438.00 0.0738 1,508.32

    台币 150.00 0.2106 31.59 150.00 0.2136 32.04

    银行存款：

    人民币 - - 386,517,035.21 189,955,999.14

    美元 279.55 6.7909 1,898.40 282.87 6.8282 1,931.49

    港币 - - - - - -

    日元 - - - - - -

    台币 - - - - - -

    其他货币资金：

    人民币 - - 111,476.77 - - -

    合 计: - - 390,117,280.09 - - 191,397,399.19

    (1)其他货币资金期末余额较年初增加111,476.77 元，主要系本期信用卡存款增加所致；

    (2)期末余额中无其他因抵押或冻结等对使用有限制、有潜在回收风险的款项；

    (3)货币资金期末余额较年初余额增加103.83%，主要系本期投资业务及房地产开发项

    目收到现金增加所致。

    2.应收账款黄山旅游发展股份有限公司 2010 年半年度报告

    48

    (1)按照应收账款的类别列示如下：

    期末余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 26,869,724.40 37.15 7,526,399.17 51.02

    单项金额不重大具有类似

    信用风险特征的应收账款 4,008,598.40 5.54 4,008,598.40 27.18

    其他不重大应收账款 41,454,389.36 57.31 3,214,790.43 21.80

    合 计 72,332,712.16 100.00 14,749,788.00 100.00

    期初余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 24,601,433.22 39.48 7,526,399.17 51.02

    单项金额不重大具有类似

    信用风险特征的应收账款 4,008,598.40 6.43 4,008,598.40 27.18

    其他不重大应收账款 33,704,250.28 54.09 3,214,790.43 21.80

    合 计 62,314,281.90 100.00 14,749,788.00 100.00

    (2)按照应收账款的账龄列示如下：

    期末余额

    账 龄

    应收账款金额 比例(%) 坏账准备 应收账款净额

    一年以内 48,531,139.80 67.09 1,577,170.87 46,953,968.93

    一至二年 15,489,159.19 21.41 4,860,203.96 10,628,955.23

    二年以上 8,312,413.17 11.49 8,312,413.17 -

    合 计 72,332,712.16 100.00 14,749,788.00 57,582,924.16

    期初余额

    账 龄

    应收账款金额 比例(%) 坏账准备 应收账款净额

    一年以内 40,363,221.32 64.77 1,109,516.80 39,253,704.52

    一至二年 13,389,441.22 21.49 5,078,651.84 8,310,789.38

    二年以上 8,561,619.36 13.74 8,561,619.36 -

    合 计 62,314,281.90 100.00 14,749,788.00 47,564,493.90

    (3)应收账款期末余额中无应收持本公司5%（含5%）以上表决权股份的股东单位的款

    项；黄山旅游发展股份有限公司 2010 年半年度报告

    49

    (4)应收账款中前5 名金额的单位情况

    单位名称 与本公司关系 金额 年限

    占应收帐款

    总额比例（%）

    黄山风景区管委会 关联方企业 21,698,019.14 3 年以内 30.00

    黄山市政府接待办 非关联方企业1,559,710.53 3 年以内 2.16

    黄山徽州旅游总该公司 非关联方企业1,301,735.26 3 年以上 1.80

    黄山华苑旅行社 非关联方企业1,194,629.50 3 年以内 1.65

    深圳市航空国际旅行社 非关联方企业1,036,582.13 3 年以内 1.43

    合计 26,790,676.56 37.04

    (5)应收账款关联方情况

    单位名称 与本公司关系 金额 占应收帐款总额比例（%）

    黄山风景区管委会 门票专营权授予方21,698,019.14 30.00

    合 计 21,698,019.14 30.00

    3.预付款项

    (1)预付账款按账龄列示

    期末余额 期初余额

    账 龄

    金 额 比例(%) 金 额 比例(%)

    一年以内 1,593,790.34 96.14 7,092,958.88 91.11

    一至二年 - - 632,580.27 8.12

    二至三年 64,000.00 3.86 42,841.97 0.55

    三年以上 - - 17,380.00 0.22

    合 计 1,657,790.34 100.00 7,785,761.12 100.00

    预付账款期末余额主要系预付材料款、装修款等。

    (2)预付款项金额前五名单位情况：

    单位名称 与本公司关系 金额 时间 未结算原因

    瑞士速威贸易咨询公司 非关联方企业 287,300.84 2010 年 预付定金

    南通晶发纺织装饰品有限公司 非关联方企业 213,697.40 2010 年 预付定金

    意大利莱特纳公司 非关联方企业 208,545.98 2010 年 货物未到

    中石化汤口加油站 非关联方企业 204,255.02 2010 年 预付定金

    北京盛世荣易建材经营部 非关联方企业 150,000.00 2010 年 预付定金

    合 计 1,063,799.24

    (3)预付账款期末余额中无预付持本公司5%（含5%）以上表决权股份的股东单位款项；

    (4)账龄超过1 年的预付账款主要系尚未结算的预付定金；

    (5)预付账款期末余额较年初余额下降78.71%，主要系年初材料款、保险费等预付款项

    已分期结算结转所致。

    4.应收利息黄山旅游发展股份有限公司 2010 年半年度报告

    50

    项 目 期末余额 期初余额

    定期存款利息 — 193,928.47

    合 计 — 193,928.47

    本期由于收到银行利息收入及调整冲回，应收利息期末无余额。

    5.其他应收款

    (1)按照其他应收款的类别列示如下：

    期末余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 109,118,706.70 87.92 11,559,544.24 53.64

    单项金额不重大具有类似

    信用风险特征的应收账款 8,136,651.17 6.56 7,913,651.17 36.72

    其他不重大应收账款 6,849,469.90 5.52 2,076,703.87 9.64

    合 计 124,104,827.77 100.00 21,549,899.28 100.00

    期初余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 104,836,775.23 86.45 11,559,544.24 53.12

    单项金额不重大具有类似

    信用风险特征的应收账款 8,136,651.17 6.71 7,913,651.17 36.37

    其他不重大应收账款 8,290,987.53 6.84 2,286,135.25 10.51

    合 计 121,264,413.93 100.00 21,759,330.66 100.00

    (2)按照其他应收款的账龄列示如下：

    期末余额

    账 龄

    其他应收款金额 比例(%) 坏账准备 其他应收款净额

    一年以内 99,057,475.65 79.82 965,227.59 98,092,248.06

    一至二年 3,180,757.89 2.56 171,209.95 3,009,547.94

    二至三年 1,762,882.08 1.42 1,145,401.70 617,480.38

    三年以上 20,103,712.15 16.20 19,268,060.04 835,652.11

    合 计 124,104,827.77 100.00 21,549,899.28 102,554,928.49

    期初余额

    账 龄

    其他应收款金额比例(%) 坏账准备 其他应收款净额

    一年以内 97,854,284.73 80.69 135,453.58 97,718,831.15黄山旅游发展股份有限公司 2010 年半年度报告

    51

    一至二年 2,282,956.12 1.88 972,305.73 1,310,650.39

    二至三年 1,430,977.68 1.18 1,178,375.95 252,601.73

    三年以上 19,696,195.40 16.24 19,473,195.40 223,000.00

    合 计 121,264,413.93 100.00 21,759,330.66 99,505,083.27

    (3)其他应收款期末余额中无应收持本公司5%（含5%）以上表决权股份的股东单位款

    项；

    (4)其他应收款金额中前五名单位情况：

    单位名称 与本公司关系 金额 年限

    占其他应收款

    总额比例（%）

    黄山市非税收入征收管理局 非关联企业 85,620,000.00 1 年以内 68.99

    北京中时太平商业管理有限公司 非关联企业 7,939,162.47 1 年以内 6.40

    黄山区政府 非关联企业 7,357,570.03 3 年以上 5.93

    中集建设集团有限公司 非关联企业 5,000,000.00 1 年以内 4.03

    齐云山管委会 非关联企业 3,201,974.20 3 年以上 2.58

    合 计 109,118,706.70 87.92

    6.存货

    (1)存货分类

    期末余额 期初余额

    项 目

    账面余额 跌价准备账面价值 账面余额 跌价准备 账面价值

    库存商品 14,599,576.85 - 14,599,576.85 12,764,875.64 - 12,764,875.64

    周转材料 11,364,382.88 - 11,364,382.88 10,614,434.72 - 10,614,434.72

    开发成本 478,341,050.15 - 478,341,050.15 395,288,364.58 - 395,288,364.58

    合 计 504,305,009.88 - 504,305,009.88 418,667,674.94 - 418,667,674.94

    (2)本公司期末存货未发生减值，故未计提存货跌价准备；

    (3)存货期末余额中无用于抵押、担保、其他所有权受限的情况。

    7.其他流动资产

    项 目 期末余额 期初余额

    养路费 - -

    报刊款 13,044.00 -

    保险费 - 65,034.91

    房租费 1,998,559.25 2,080,517.55

    物料摊销 1,954,031.00 -

    零星工程维修费 479,344.85 -

    其 他 - -

    合 计 4,444,979.10 2,145,552.46

    其他流动资产期末余额较年初增加2,299,426.64 元，主要系北京徽商故里餐饮管理有限公司物料摊销

    及酒店零星工程维修费增加所致。

    8.长期股权投资黄山旅游发展股份有限公司 2010 年半年度报告

    52

    (1)长期股权投资账面价值

    期末余额 期初余额

    被投资单位

    账面余额 减值准备 账面价值 账面余额 减值准备 账面价值

    对联营公司投资 6,032,739.68 — 6,032,739.68 5,910,925.70 — 5,910,925.70

    其他股权投资 128,952,931.97 68,420,000.00 60,532,931.97 128,952,931.97 68,420,000.00 60,532,931.97

    合 计 134,985,671.65 68,420,000.00 66,565,671.65 134,863,857.67 68,420,000.00 66,443,857.67

    (2)长期投资情况

    被投资单位 核算方法初始投资成本期初余额 增减变动 期末余额

    黄山市黄河宾馆 成本法 1,440,000.00 1,399,008.20 — 1,399,008.20

    长春净月潭游乐有限责任公司 权益法 5,926,036.00 5,910,925.70 121,813.98 6,032,739.68

    黄山温泉风景区联合旅游管理

    有限公司

    成本法 23,666,174.48 22,553,923.77 — 22,553,923.77

    华安证券有限责任公司 成本法 100,000,000.00 100,000,000.00 — 100,000,000.00

    北京中戏影视制作中心 成本法 5,000,000.00 5,000,000.00 — 5,000,000.00

    合 计 136,032,210.48 134,863,857.67 121,813.98 134,985,671.65

    被投资单位

    在被投资

    单位持股

    比例(%)

    在被投资

    单位表决

    权比例(%)

    在被投资单位持股

    比例与表决权比例

    不一致的说明

    减值准备

    本期计

    提减值

    准备

    现金红利

    黄山市黄河宾馆 23.22 23.22 — — — —

    长春净月潭游乐有限责任公司 20 20 — — — —

    黄山温泉风景区联合旅游管理

    有限公司

    30 30 — — — —

    华安证券有限责任公司* 4.07 4.07 — 68,420,000 — 20,000,000

    北京中戏影视制作中心 25 25 — - — —

    合 计 —- —- — 68,420,000 — 20,000,000

    (3)联营企业投资情况

    被投资单位名称

    企业

    类型

    注册地 法人代表业务性质注册资本

    本企业持

    股比例(%)

    本企业在被投资单

    位表决权比例(%)

    长春净月潭游乐

    有限责任公司

    有限责

    任公司

    长春市净

    月潭潭南

    宫文彬 旅游服务10,000,000.00 20 20

    被投资单位名称 本期资产总额 本期负债总额本期净资产总额本期营业收入总额 本期净利润

    长春净月潭游乐

    有限责任公司 29,988,968.75 -174,730.13 30,366,722.18 3,643,973.00 609,069.20

    9.固定资产

    (1)固定资产及累计折旧增减变动情况

    项 目 期初余额 本期增加 本期减少 期末余额

    一、固定资产原价

    房屋及建筑物 912,725,256.50 4,872,580.59 1,950,661.44 915,647,175.65黄山旅游发展股份有限公司 2010 年半年度报告

    53

    索道设备 307,801,235.67 279,600.00 981,785.73 307,099,049.94

    机器设备 120,100,978.38 4,229,438.90 2,698,377.06 121,632,040.22

    通讯设备 3,515,206.52 19,084.00 1,945,008.11 1,589,282.41

    运输设备 28,516,058.54 989,319.08 479,867.00 29,025,510.62

    其他设备 102,471,032.01 1,638,846.10 1,499,595.81 102,610,282.30

    账面原值合计： 1,475,129,767.62 12,028,868.67 9,555,295.15 1,477,603,341.14

    二、累计折旧

    房屋及建筑物 225,334,295.46 16,920,033.82 843,471.38 241,410,857.90

    索道设备 160,188,566.86 6,198,624.37 484,275.75 165,902,915.48

    机器设备 72,080,515.00 5,167,579.74 2,559,510.07 74,688,584.67

    通讯设备 3,138,242.90 45,282.20 1,886,657.87 1,296,867.23

    运输设备 19,138,370.94 1,378,720.69 465,470.98 20,051,620.65

    其他设备 49,569,336.67 5,748,432.92 1,230,284.01 54,087,485.58

    累计折旧合计： 529,449,327.83 35,458,673.74 7,469,670.06 557,438,331.51

    三、固定资产

    房屋及建筑物 687,390,961.04 — — 674,236,317.75

    索道设备 147,612,668.81 — — 141,196,134.46

    机器设备 48,020,463.38 — — 46,943,455.55

    通讯设备 376,963.62 — — 292,415.18

    运输设备 9,377,687.60 — — 8,973,889.97

    其他设备 52,901,695.34 — — 48,522,796.72

    小 计： 945,680,439.79 — — 920,165,009.63

    四、资产减值

    房屋及建筑物 15,886,294.49 — — 15,886,294.49

    索道设备 3,862,482.04 — — 3,862,482.04

    机器设备 161,556.09 — — 161,556.09

    其他设备 184,311.49 — — 184,311.49

    减值准备合计： 20,094,644.11 — — 20,094,644.11

    五、账面价值

    房屋及建筑物 671,504,666.55 — — 658,350,023.26

    索道设备 143,750,186.77 — — 137,333,652.42

    机器设备 47,858,907.29 — — 46,781,899.46

    通讯设备 376,963.62 — — 292,415.18

    运输设备 9,377,687.60 — — 8,973,889.97

    其他设备 52,717,383.85 — — 48,338,485.23

    账面价值合计： 925,585,795.68 — — 900,070,365.52黄山旅游发展股份有限公司 2010 年半年度报告

    54

    (2)截至2010 年6 月30 日止，本公司不存在用于抵押、担保、其他所有权受限的固定资

    产。

    10.在建工程

    (1)在建工程账面余额

    本期减少

    工程名称 期初余额 本期增加

    转入固定资产其他减少

    期末余额

    景点道路工程 5,273,480.00 - 5,273,480.00 -

    西海观光缆车工程 1,021,352.00 1,021,352.00

    排云楼宾馆改造 5,890,616.70 5,890,616.70

    黄山国际大酒店改造工程 3,156,437.62 11,930,290.07 3,055,761.59 864,884.31 11,166,081.79

    花山迷窟改造工程 169,902.00 20,202.00 190,104.00

    北京徽商故里装修改造 27,453,301.66 1,188,000.00 3,162,075.00 25,479,226.66 -

    汤泉综合文化楼工程 6,500,000.00 2,494,079.00 8,994,079.00

    写意黄山演艺中心 3,024,954.54 3,024,954.54

    西海大峡谷地面缆车项目 1,104,074.04 517,377.20 1,621,451.24

    西海山庄工程 1,264,961.99 1,264,961.99

    狮林大酒店装修改造工程 7,003,840.50 7,003,840.50

    北大门采配物流配送中心工程 3,133,040.14 3,133,040.14

    西海饭店改造工程 5,532,752.13 5,532,752.13

    北海职工宿舍工程 13,069,951.38 13,069,951.38

    轩辕国大客房改造工程 10,200,743.83 10,200,743.83

    其他零星工程 5,504,826.80 4,181,916.67 534,590.00 1,651,539.80 7,500,613.67

    合 计 53,208,328.66 66,427,771.61 6,752,426.59 33,269,130.77 79,614,542.91

    在建工程减值准备：

    西海观光缆车工程 1,021,352.00 1,021,352.00

    小 计 1,021,352.00 1,021,352.00

    在建工程净值 52,186,976.66 78,593,190.91

    期末余额 期初余额

    工程名称

    账面余额 减值准备 账面净值 账面余额 减值准备 账面净值

    景点道路工程 — — — 5,273,480.00 - 5,273,480.00

    西海观光缆车工程 1,021,352.00 1,021,352.00 — 1,021,352.00 1,021,352.00 —

    黄山国际大酒店改造工程 11,166,081.79 — 11,166,081.79 3,156,437.62 — 3,156,437.62

    花山迷窟改造工程 190,104.00 — 190,104.00 169,902.00 — 169,902.00

    北京徽商故里装修改造 — — — 27,453,301.66 — 27,453,301.66

    汤泉综合文化楼工程 8,994,079.00 — 8,994,079.00 6,500,000.00 — 6,500,000.00

    写意黄山演艺中心 3,024,954.54 — 3,024,954.54 3,024,954.54 — 3,024,954.54

    西海大峡谷地面缆车项目 1,621,451.24 — 1,621,451.24 1,104,074.04 — 1,104,074.04

    排云楼宾馆改造 5,890,616.70 — 5,890,616.70

    西海山庄工程 1,264,961.99 — 1,264,961.99

    狮林大酒店装修改造工程 7,003,840.50 — 7,003,840.50黄山旅游发展股份有限公司 2010 年半年度报告

    55

    北大门采配物流配送中心工程 3,133,040.14 — 3,133,040.14

    西海饭店改造工程 5,532,752.13 — 5,532,752.13

    北海职工宿舍工程 13,069,951.38 — 13,069,951.38

    轩辕国大客房改造工程 10,200,743.83 — 10,200,743.83

    其他零星工程 7,500,613.67 — 7,500,613.67 5,504,826.80 — 5,504,826.80

    合 计 79,614,542.91 1,021,352.00 78,593,190.91 53,208,328.66 1,021,352.00 52,186,976.66

    (2)本公司在建工程除西海观光缆车项目因前期搁置而全额计提减值准备外，其他工程项

    目未发现减值迹象，故未计提减值准备；

    (3)重大在建工程的工程进度情况

    公司重大在建工程中北京徽商故里餐饮管理有限公司装修改造已于2010 年1 月完工；

    西海大峡谷地面缆车项目尚处于工程前期准备阶段；汤泉综合文化楼工程主楼项目基本已完

    工；

    (4)截至2010 年6 月30 日止，本公司在建工程无用于抵押、担保或其他所有权受到限制

    的情况。

    11.无形资产

    (1)无形资产增减变动情况

    项 目 期初余额 本期增加 本期减少 期末余额

    一、账面原值合计 46,579,026.33 900,000.00 — 47,479,026.33

    土地使用权 45,057,974.33 — — 45,057,974.33

    软件及其他 1,521,052.00 900,000.00 — 2,421,052.00

    二、累计摊销合计 28,186,653.96 999,479.82 — 29,186,133.78

    土地使用权 27,721,418.71 878,283.62 — 28,599,702.33

    软件及其他 465,235.25 121,196.20 — 586,431.45

    三、无形资产账面净值合计 18,392,372.37 — — 18,292,892.55

    土地使用权 17,336,555.62 — — 16,458,272.00

    软件及其他 1,055,816.75 — — 1,834,620.55

    四、减值准备合计 — — — —

    土地使用权 — — — —

    软件及其他 — — — —

    五、无形资产账面价值合计 18,392,372.37 — — 18,292,892.55

    土地使用权 17,336,555.62 — — 16,458,272.00

    软件及其他 1,055,816.75 — — 1,834,620.55

    无形资产本期摊销额为999,479.82 元。

    (2)本报告期内无形资产未发生减值的情形，故未计提无形资产减值准备；

    (3)截至2010 年6 月30 日止，本公司无形资产无用于抵押、担保或其他所有权受到限制

    的情况。黄山旅游发展股份有限公司 2010 年半年度报告

    56

    12.长期待摊费用

    (1)长期待摊费用增减变动情况

    项 目 期初余额 本期增加 本期摊销其他减少额 期末余额

    道路 6,425,680.22 8,620,193.57 2,618,071.66 — 12,427,802.13

    景区修缮费 11,477,182.80 884,142.60 2,449,902.93 — 9,911,422.47

    老景区整修及新景点开发 5,442,508.94 27,481,973.76 2,785,625.56 — 30,138,857.14

    其他 1,789,326.43 516,179.00 230,374.81 — 2,075,130.62

    合 计 25,134,698.39 37,502,488.93 8,083,974.96 — 54,553,212.36

    长期待摊费用本期摊销额为8,083,974.96 元。

    (2)长期待摊费用期末余额较期初增加117.04%，主要系北京徽商故里餐饮管理有限公司

    及黄山国际大酒店有限责任公司整修后造成长期待摊费用增加所致。

    13.递延所得税资产、递延所得税负债

    项 目 期末余额 可抵扣暂时性差异期初余额 可抵扣暂时性差异

    递延所得税资产：

    应收账款坏账准备 3,005,335.58 12,021,342.32 3,005,335.58 12,021,342.32

    其他应收款坏账准备 2,581,692.69 10,326,770.76 2,581,692.69 10,326,770.76

    长期股权投资减值准备 17,105,000.00 68,420,000.00 17,105,000.00 68,420,000.00

    在建工程减值准备 255,338.00 1,021,352.00 255,338.00 1,021,352.00

    合 计 22,947,366.27 91,789,465.08 22,947,366.27 91,789,465.08

    递延所得税负债：

    固定资产折旧 5,398,565.02 21,594,260.08 5,398,565.02 21,594,260.08

    合 计 5,398,565.02 21,594,260.08 5,398,565.02 21,594,260.08

    14.资产减值准备

    本期减少

    项 目 期初余额 本期增加

    转回 转销

    期末余额

    一、坏账准备合计 36,509,118.66 — — 209,431.38 36,299,687.28

    其中：应收账款减值准备 14,749,788.00 — — 14,749,788.00

    其他应收款减值准备 21,759,330.66 — — 209,431.38 21,549,899.28

    二、长期股权投资减值准备 68,420,000.00 — — — 68,420,000.00

    三、固定资产减值准备 20,094,644.11 — — — 20,094,644.11

    其中：房屋及建筑物 15,886,294.49 — — — 15,886,294.49

    索道设备 3,862,482.04 — — — 3,862,482.04

    机器设备 161,556.09 — — — 161,556.09

    其他设备 184,311.49 — — — 184,311.49

    四、在建工程减值准备 1,021,352.00 — — — 1,021,352.00

    合 计 126,045,114.77 — — 209,431.38 125,835,683.39黄山旅游发展股份有限公司 2010 年半年度报告

    57

    15.其他非流动资产

    项 目 期初数 本期增加 本期减少 期末数

    旅游局保证金 2,480,000.00 50,000.00 — 2,530,000.00

    合 计 2,480,000.00 50,000.00 — 2,530,000.00

    16.短期借款

    (1)短期借款分类：

    借款条件 期末余额 期初余额

    信用借款 226,000,000.00 134,000,000.00

    保证借款 — 18,000,000.00

    质押借款 17,329,534.83 15,829,534.83

    合 计 243,329,534.83 167,829,534.83

    (2)短期借款期末余额较年初增加44.99%，主要系公司本期因经营需要补充流动资金增

    加借款所致；

    (3)期末余额中无已到期、未偿还的贷款。

    17.应付账款

    (1)应付款项账龄分析：

    期末余额 期初余额

    账 龄

    金 额 比例(%) 金 额 比例(%)

    一年以内 23,401,157.97 83.52 39,374,384.25 91.50

    一至二年 2,650,033.86 9.46 1,491,290.68 3.47

    二至三年 1,106,605.40 3.95 1,117,307.19 2.60

    三年以上 859,772.06 3.07 1,051,308.70 2.44

    合 计 28,017,569.29 100.00 43,034,290.82 100.00

    (2)应付账款期末余额中无应付持有本公司5%（含5%）以上表决权股份的股东单位或

    关联方的款项；

    (3)应付账款期末余额较年初余额减少了34.89%，主要系年初尚未支付的装修款等本年

    结算完工所致；

    (4) 应付账款期末余额中无账龄超过1 年的大额应付账款情况。

    18.预收款项

    (1)预收款项账龄分析：

    期末余额 期初余额

    账 龄

    金 额 比例(%) 金 额 比例(%)

    一年以内 149,290,785.42 99.88 48,277,983.84 98.17

    一至二年 46,427.61 0.03 601,688.78 1.22

    二至三年 3,881.00 0.01 257,130.87 0.52黄山旅游发展股份有限公司 2010 年半年度报告

    58

    三年以上 123,342.79 0.08 41,378.00 0.09

    合 计 149,464,436.82 100.00 49,178,181.49 100.00

    (2)预收账款期末余额中无预收持有本公司5%（含5%）以上表决权股份的股东单位或

    关联方的款项；

    (3)预收账款期末余额较年初余额增加了203.92%，主要系本公司的子公司黄山旅游玉屏

    房地产开发有限公司开发的商品房本年预售所收取的预收款增加所致。

    (4)预收账款期末余额中无账龄超过超过1 年的大额预收账款情况。

    19.应付职工薪酬

    (1)应付职工薪酬增减变动情况

    项 目 期初余额 本期计提 本期减少 期末余额

    一、工资、奖金、津贴和补贴 19,834,939.17 59,294,671.73 66,842,879.96 12,286,730.94

    二、职工福利费 — 7,829,564.91 7,828,640.49 924.42

    三、社会保险费 490,248.88 7,931,964.23 8,017,247.39 404,965.72

    其中：1、医疗保险费 286,699.32 1,985,379.08 2,113,936.83 158,141.57

    2、基本养老保险费 194,881.86 5,216,199.82 5,207,512.22 203,569.46

    3、失业保险费 7,746.91 298,658.14 301,872.84 4,532.21

    4、工伤保险费 920.79 204,435.54 201,702.85 3,653.48

    5、生育保险费 — 227,291.65 192,222.65 35,069.00

    四、住房公积金 2,627,246.95 3,976,323.37 5,930,005.82 673,564.50

    五、工会经费 294,109.15 655,451.34 493,378.53 456,181.96

    六、职工教育经费 1,141,598.10 394,505.90 332,696.25 1,203,407.75

    七、非货币性福利 — 4,940.78 4,940.78 —

    八、职工离任补偿金 — — — —

    九、解除劳动关系补偿 — 186,476.73 186,476.73 —

    十、其他 — 15,364.92 15,364.92 —

    合 计 24,388,142.25 80,289,263.91 89,651,630.87 15,025,775.29

    (2)报告期内本公司应付职工薪酬中无属于拖欠性质的款项；

    (3)应付职工薪酬期末余额较年初减少了38.39%，主要系本期调资后工资、奖金薪酬及

    住房公积金支付增加所致。

    20.应交税费

    项 目 期初余额 本期计提 本期减少 期末余额

    企业所得税 77,591,589.48 36,078,443.21 70,182,366.47 43,487,666.22

    营业税 2,011,828.01 19,177,394.15 20,517,292.78 671,929.38

    城建税 53,659.39 1,036,272.94 1,029,930.87 60,001.46

    房产税 1,903,963.38 4,402,115.02 5,344,605.55 961,472.85

    增值税 340.11 1,666,343.68 1,663,338.18 3,345.61

    个人所得税 322,954.50 898,752.85 1,198,223.57 23,483.78黄山旅游发展股份有限公司 2010 年半年度报告

    59

    土地使用税 530,175.41 987,253.19 1,315,986.84 201,441.76

    教育费附加 429,507.17 782,916.42 858,250.89 354,172.70

    蔬菜基金 624,159.24 479,671.47 581,440.64 522,390.07

    水利基金 45,432.64 273,513.93 255,646.25 63,300.32

    印花税 1,313.74 438,446.08 439,548.16 211.66

    其 他 1,157.68 5,727.01 5,551.04 1,333.65

    合 计 83,516,080.75 66,226,849.95 103,392,181.24 46,350,749.46

    应交税费期末较年初余额减少44.50%，主要系公司本期缴纳年初未交税费和预缴相关

    税费所致。

    21.应付股利

    单位名称 期末数 期初数 超过1 年未支付原因

    中旅景区投资有限公司 4,745,200.40 2,224,935.04 —

    合计 4,745,200.40 2,224,935.04 —

    本期应付股利期末较年初余额增加113.27%，主要系公司的子公司黄山玉屏客运索道有

    限责任公司应付股利增加所致。

    22.其他应付款

    (1)账龄分析

    期末余额 期初余额

    账 龄

    金 额 比例(%) 金 额 比例(%)

    一年以内 176,860,404.82 69.43 134,834,683.95 70.87

    一至二年 53,793,210.34 21.12 31,839,630.19 16.73

    二至三年 2,495,414.96 0.98 2,720,471.06 1.43

    三年以上 21,570,334.47 8.47 20,874,766.02 10.97

    合 计 254,719,364.59 100.00 190,269,551.22 100.00

    (2)其他应付款期末余额中应付持有本公司5%(含5%)以上表决权股份的股东单位或关

    联方往来的款项情况

    单位名称 期末余额 期初余额

    黄山旅游集团有限公司 45,265,506.15 29,353,736.72

    黄山风景区管委会 134,956,967.34 93,840,183.83

    (3)账龄超过1 年的大额其他应付款主要系本公司及下属经营单位自黄山旅游集团有限

    公司借入尚未偿还的借款；

    (4)金额较大的其他应付款

    单位名称 期末余额 款项性质 账龄

    黄山旅游集团有限公司 45,265,506.15 借款、景区建设维护费、综合服务费 1 年及1 年以上

    黄山风景区管委会 134,956,967.34 门票经营权使用费、风景名胜资源维护费 2 年以内

    黄山天海招待所 4,797,605.78 代收款 2 年以内

    中集建设集团有限公司 4,196,717.00 工程质保金 2 年以内黄山旅游发展股份有限公司 2010 年半年度报告

    60

    北京威迪亚科贸有限公司 3,445,754.00 借款 1 年以内

    合 计 192,662,550.27

    23.一年内到期的非流动负债

    (1)一年内到期的非流动负债分类

    项 目 期末余额 期初余额

    1 年内到期的长期借款 - 3,000,000.00

    合 计 - 3,000,000.00

    (2)一年内到期的长期借款

    项 目 期末余额 期初余额

    抵押借款 - 3,000,000.00

    合 计 - 3,000,000.00

    (3)金额前五名的1 年内到期的长期借款

    期末余额 期初余额

    贷款单位 借款

    起始日

    借款

    终止日 币种

    利率

    （%） 外币

    金额

    本币

    金额

    外币

    金额

    本币金额

    农行黄山市

    昱城支行

    2007 年

    2 月

    2010 年

    2 月 RMB 5.41 — 3,000,000.00

    合 计 — 3,000,000.00

    24.长期应付款

    项 目 期末数 期初数

    普佳（香港）有限公司 18,943,845.05 18,943,845.05

    黄山旅游集团有限公司 26,800,000.00 26,800,000.00

    合 计 45,743,845.05 45,743,845.05

    25.股本 单位：万股

    本次变动前 本次变动增减（+，-） 本次变动后

    股份类别

    数量 比例(%) 发行

    新股

    送股

    公积金

    转股

    其他小计 数量 比例(%)

    一、有限售条件股份

    1.国家持股

    2.国有法人持股 19,773.00 41.950 19,773.00 41.950

    3.其他内资持股

    4.外资持股

    有限售条件股份合计 19,773.00 41.950 19,773.00 41.950

    二、无限售条件流通股份合计

    1、人民币普通股 11,762.00 24.953 11,762.00 24.953

    2、境内上市的外资股 15,600.00 33.097 15,600.00 33.097

    无限售条件流通股份合计 27,362.00 58.050 27,362.00 58.050黄山旅游发展股份有限公司 2010 年半年度报告

    61

    三、股份总数 47,135.00 100.00 47,135.00 100.00

    26.资本公积

    项 目 期初余额 本期增加 本期减少 期末余额

    股本溢价 163,418,931.00 163,418,931.00

    其他资本公积* 1,559,620.40 1,559,620.40

    合 计 164,978,551.40 164,978,551.40

    27.盈余公积

    项 目 期初余额 本期增加 本期减少 期末余额

    法定盈余公积 163,500,430.31 163,500,430.31

    合 计 163,500,430.31 163,500,430.31

    28.未分配利润

    项 目 金 额 提取或分配比例

    调整期初未分配利润 446,278,809.50

    调整 期初未分配利润合计余额（调增+，调减-）

    调整后 年初未分配利润 446,278,809.50

    加：本年归属于母公司所有者的净利润 96,766,392.54

    减：提取法定盈余公积

    应付普通股股利

    期末未分配利润 543,045,202.04

    29.营业收入和营业成本

    (1)营业收入及营业成本

    项 目 2010 年1-6 月 2009 年1-6 月

    主营业务收入 597,272,957.73 501,802,764.64

    其他业务收入 692,923.00 5,514,095.63

    减：业务分部间相互抵销营业收入26,104,627.73 42,262,280.64

    营业收入合计 571,861,253.00 465,054,579.63

    营业成本 379,837,750.81 310,795,974.75

    其他业务支出 115,456.11 2,419,223.05

    减：业务分部间相互抵销营业成本21,619,103.29 39,774,964.95

    营业成本合计 358,334,103.63 273,440,232.85

    (2)主营业务收入及成本按产品列示情况

    本期金额（2010 年1-6 月）

    业务类型

    营业收入 营业成本 营业毛利

    酒店业务 129,361,919.27 105,863,019.13 23,498,900.14

    索道业务 135,396,320.40 33,159,347.23 102,236,973.17黄山旅游发展股份有限公司 2010 年半年度报告

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    园林开发业务 198,833,770.00 118,259,673.29 80,574,096.71

    旅游服务业务 128,037,272.79 118,598,015.71 9,439,257.08

    承包业务 2,341,861.00 — 2,341,861.00

    其他业务 3,301,814.27 3,957,695.45 -655,881.18

    小 计 597,272,957.73 379,837,750.81 217,435,206.92

    各业务分部间相互抵消 26,104,627.73 21,619,103.29 4,485,524.44

    合 计 571,168,330.00 358,218,647.52 212,949,682.48

    上期金额（2009 年1-6 月）

    业务类型

    营业收入 营业成本 营业毛利

    酒店业务 110,180,738.50 85,578,054.24 24,602,684.26

    索道业务 121,679,326.00 29,073,588.82 92,605,737.18

    园林开发业务 170,862,183.90 102,001,431.14 68,860,752.76

    旅游服务业务 96,081,039.24 94,142,900.55 1,938,138.69

    承包业务 2,999,477.00 — 2,999,477.00

    其他业务 — — —

    小 计 501,802,764.64 310,795,974.75 191,006,789.89

    各业务分部间相互抵消 42,262,280.64 39,774,964.95 2,487,315.69

    合 计 459,540,484.00 271,021,009.80 188,519,474.20

    (3)公司前五名客户的营业收入情况

    客户名称 金 额 占公司全部营业收入的比例(%)

    黄山风景区管委会 4,473,587.58 0.78

    黄山康辉国际旅行社有限责任公司 6,293,180.00 1.10

    黄山市顺天国际旅行社有限公司 6,777,485.00 1.19

    黄山松石国际旅行社(原奥运旅行社) 6,323,508.00 1.11

    黄山中青国际旅行社 6,198,266.00 1.08

    合 计 30,066,026.58 5.26

    30.营业税费及附加

    项 目 2010 年1-6 月 2009 年1-6 月

    营业税 19,952,807.54 16,381,648.85

    其他 1,416,699.23 2,153,410.85

    合 计 21,369,506.77 18,535,059.70

    31.财务费用

    项 目 2010 年1-6 月 2009 年1-6 月

    利息支出 305,347.50 2,408,406.25

    减：利息收入 224,015.81 222,187.77

    汇兑损失 38,993.45 75,600.22黄山旅游发展股份有限公司 2010 年半年度报告

    63

    减：汇兑收益 35,345.78 26,333.71

    银行手续费 1,283,396.59 770,777.23

    合 计 1,368,375.95 3,006,262.22

    本期财务费用较上年同期减少1,637,886.27 元，主要系公司借款利息支出减少所致。

    32.投资收益

    (1)投资收益明细

    项 目 2010 年1-6 月 2009 年1-6 月

    成本法核算的长期股权投资收益 20,000,000.00 1,600,000.00

    按权益法核算的联营企业损益 121,813.98 -591,934.02

    合 计 20,121,813.98 1,008,065.98

    (2)成本法核算的长期股权投资收益

    被投资单位 2010 年1-6 月 2009 年1-6 月

    本年比上年同期

    增减变动的原因

    华安证券有限责任公司 20,000,000.00 1,600,000.00 本年分红

    合 计 20,000,000.00 1,600,000.00

    (3)按权益法核算的联营企业损益

    被投资单位 2010 年1-6 月2009 年1-6 月

    本年比上年同期

    增减变动的原因

    长春净月潭游乐有限责任公司 121,813.98 66,706.17 按权益法确认

    合 计 121,813.98 66,706.17

    (4)本公司投资收益汇回不存在重大限制的情形。

    33.营业外收入

    项 目 2010 年1-6 月 2009 年1-6 月

    1.非流动资产处置利得合计 55,528.71 74,856.06

    其中:固定资产处置利得 55,528.71 74,856.06

    无形资产处置利得 — —

    2.债务重组利得 — —

    3.非货币性资产交换利得 — —

    4.罚款收入 1,300.00 1,620.00

    5.其他 201,671.27 59,567.44

    合 计 258,499.98 136,043.50

    34.营业外支出

    项 目 2010 年1-6 月 2009 年1-6 月

    1.非流动资产处置损失合计 1,774,772.93 29,230.46

    其中:固定资产处置损失 1,774,772.93 29,230.46黄山旅游发展股份有限公司 2010 年半年度报告

    64

    无形资产处置损失 — —

    2.债务重组损失 — —

    3.非货币性资产交换损失 — —

    4.罚款支出 876.80 1,147.10

    5.捐赠支出 — —

    6.其他 43,144.88 39,732.72

    合 计 1,818,794.61 70,110.28

    35.基本每股收益和稀释每股收益的计算过程

    (1)基本每股收益

    项 目 2010 年1-6 月 2009 年1-6 月

    归属于普通股股东的当期净利润 96,766,392.54 76,984,282.40

    期初股本总额 471,350,000.00 471,350,000.00

    发放股票股利 — —

    发行A 股普通股股票 — —

    资本公积转增股本 — —

    当期普通股加权平均数 471,350,000.00 471,350,000.00

    基本每股收益 0.205 0.163

    (2)公司不存在每股收益稀释的情形，稀释每股收益与基本每股收益一致。

    2010 年1-6 月 2009 年1-6 月

    报告期利润

    基本每股收益稀释每股收益基本每股收益 稀释每股收益

    归属于公司普通股

    股东的净利润

    0.205 0.205 0.163 0.163

    扣除非经常性损益

    后归属于公司普通

    股股东的利润

    0.208 0.208 0.163 0.163

    基本每股收益=P0÷S

    S= S0＋ S1＋ Si×Mi÷M0– Sj×Mj÷M0-Sk

    其中：P0 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于普通股股东

    的净利润；S 为发行在外的普通股加权平均数；S0 为期初股份总数；S1 为报告期因公积金

    转增股本或股票股利分配等增加股份数；Si 为报告期因发行新股或债转股等增加股份数；Sj

    为报告期因回购等减少股份数；Sk 为报告期缩股数；M0 报告期月份数；Mi 为增加股份次

    月起至报告期期末的累计月数；Mj 为减少股份次月起至报告期期末的累计月数。

    稀释每股收益= P1/(S0＋S1＋Si×Mi÷M0–Sj×Mj÷M0–Sk+认股权证、股份期权、可转换

    债券等增加的普通股加权平均数)

    其中，P1 为归属于公司普通股股东的净利润或扣除非经常性损益后归属于公司普通股黄山旅游发展股份有限公司 2010 年半年度报告

    65

    股东的净利润，并考虑稀释性潜在普通股对其影响，按《企业会计准则》及有关规定进行调

    整。公司在计算稀释每股收益时，应考虑所有稀释性潜在普通股对归属于公司普通股股东的

    净利润或扣除非经常性损益后归属于公司普通股股东的净利润和加权平均股数的影响，按照

    其稀释程度从大到小的顺序计入稀释每股收益，直至稀释每股收益达到最小值。

    36.现金流量表项目注释

    (1)收到的其他与经营活动有关的现金

    项 目 2010 年1-6 月 2009 年1-6 月

    管委会拨入工程款 — 1,770,632.50

    代收天海招待所营业款 640,621.60 —

    承包款 920,000.00 2,150,950.94

    押金 1,094,724.12 278,454.00

    罚款、赔款收入 3,349.00 29,662.81

    保险赔款 164,948.38 257,513.08

    保险收回 860.37 —

    收旅游局补助 177,740.00 —

    收旅行社保证金 — 2,020,000.00

    代收保险费 112,480.96 —

    其他 677,807.64 968,969.48

    合 计 3,792,532.07 7,476,182.81

    (2)支付的其他与经营活动有关的现金

    项 目 2010 年1-6 月 2009 年1-6 月

    景区门票专营权使用费 20,000,000.00 69,500,000.00

    风景名胜资源保护费 — 2,920,400.00

    门票价格调节基金 56,000.00 55,000.00

    风景区建设维护费 45,045,935.50 20,048,081.50

    生活服务费 98,351.02 138,879.50

    广告宣传费 6,726,115.60 8,547,987.47

    交际应酬费 2,428,489.87 2,215,557.78

    差旅费 2,625,650.62 1,980,760.82

    邮电费 1,564,399.87 1,110,368.41

    保险费 1,387,981.16 1,648,064.71

    服装费 347,594.69 413,125.29

    汽车费用 2,175,054.93 1,592,978.14

    董事会费 617,701.00 957,932.00黄山旅游发展股份有限公司 2010 年半年度报告

    66

    办公费 1,204,696.22 1,548,909.35

    代建景区公厕付款 — 1,705,134.00

    中介机构服务费 660,963.30 210,666.50

    租赁费 259,050.00 192,208.96

    排污及绿化费用 92,656.00 293,488.35

    银行手续费 1,284,909.98 424,483.17

    捐赠支出 9,000.00 800.00

    支付残疾人保障金 — —

    离退休人员费用 2,388,223.46 1,967,013.43

    履约保证金 422,897.21 —

    其他 4,540,390.22 1,386,595.57

    合 计 93,936,060.65 118,858,434.95

    (3)收到的其他与投资活动有关的现金

    项 目 2010 年1-6 月 2009 年1-6 月

    利息收入 876,654.91 222,187.77

    工程投标保证金 661,250.00 2,500,000.00

    定期存单到期 — 2,000,000.00

    其 他 — 175,932.98

    合 计 1,537,904.91 4,898,120.75

    (4)支付的其他与投资活动有关的现金

    项 目 2010 年1-6 月 2009 年1-6 月

    存入定期存款 — 2,000,000.00

    工程投标保证金 — 1,130,000.00

    其 他 40,346.40 86,679.70

    合 计 40,346.40 3,216,679.70

    37.现金流量表补充资料

    (1)现金流量表补充资料

    补 充 资 料 2010 年1-6 月 2009 年1-6 月

    1.将净利润调节为经营活动现金流量：

    净利润 100,969,311.02 82,152,628.74

    加：未确认的投资损失 — —

    资产减值准备 — —

    固定资产折旧、油气资产损耗、生产性生物

    资产折旧

    35,458,673.74 33,148,130.29

    无形资产摊销 999,479.82 1,058,269.39

    长期待摊费用摊销 8,083,974.96 5,547,409.28黄山旅游发展股份有限公司 2010 年半年度报告

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    处置固定资产、无形资产和其他长期资产的

    损失（收益以“-”号填列）

    1,719,244.22 -45,625.60

    固定资产报废损失（收益以“-”号填列） — —

    公允价值变动损失（收益以“-”号填列） — —

    财务费用（收益以“-”号填列） 3,855,622.38 2,236,696.00

    投资损失（收益以“-”号填列） -20,121,813.98 -1,008,065.98

    递延所得税资产减少（增加以“-”号填列） — 166,548.65

    递延所得税负债增加（减少以“-”号填列） — —

    存货的减少（增加以“-”号填列） -85,637,334.94 -45,038,092.73

    经营性应收项目的减少（增加以“-”号填列） -6,940,304.70 -3,849,415.47

    经营性应付项目的增加（减少以“-”号填列） 100,567,838.96 -85,179,670.47

    其他 — —

    经营活动产生的现金流量净额 138,954,691.48 -10,811,187.90

    2.不涉及现金收支的投资和筹资活动：

    债务转为资本 — —

    一年内到期的可转换公司债券 — —

    融资租入固定资产 — —

    3.现金及现金等价物净增加情况：

    现金的期末余额 390,117,280.09 229,426,505.98

    减：现金的期初余额 191,397,399.19 286,496,539.26

    加：现金等价物的期末余额 — —

    减：现金等价物的期初余额 — —

    现金及现金等价物净增加额 198,719,880.90 -57,070,033.28

    八、关联方关系及其交易

    1.本企业的母公司情况 单位：万元

    母公司

    名称

    关联

    关系

    企业

    类型 注册地 法人

    代表

    业务

    性质

    注册

    资本

    母公司

    对本企

    业的持

    股比例

    (%)

    母公司

    对本企

    业的表

    决权比

    例(%)

    本企业最

    终控制方

    组织机

    构代码

    黄山旅游集

    团有限公司

    （以下简称

    “黄山旅游

    集团）

    控股

    股东

    有限责

    任公司

    安徽省

    黄山市 许继伟

    旅游服

    务、景

    区资源

    管理等

    83,800.00 41.95 41.95 黄山风景区

    管理委员会 70495395-0

    2.本企业的子公司情况 单位：万元

    子公司全称 子公司

    类型

    企业类

    型 注册地

    法人代

    表

    业务

    性质

    注册资

    本

    持股比

    例(%)

    表决权

    比例

    (%)

    组织机构

    代码

    黄山玉屏客运索道有

    限责任公司

    控股

    有限责

    任公司

    黄山风

    景区 解传付

    索道

    运输1900.00 80.00 80.00 15148833-0

    黄山太平索道有限公

    司

    控股

    有限责任

    公司（台

    港澳与境

    内合资）

    黄山市

    风景区

    解传付

    索道

    运输

    697.50

    （美元） 70.00 70.00 61049546-9黄山旅游发展股份有限公司 2010 年半年度报告

    68

    黄山海外旅行社 全资

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务289.00 100.00 100.00 48576090-4

    黄山市途马旅游电子

    商务有限责任公司

    控股

    有限责

    任公司

    黄山市

    屯溪区

    黄慧敏

    旅游

    服务500.00 99.00 99.00 77908529-7

    黄山市花山谜窟旅游

    开发有限责任公司

    控股

    有限责

    任公司

    黄山市

    屯溪区

    李明浩

    景点

    开发100.00 75.00 75.00 71394617-0

    黄山徽文化旅游开发

    有限责任公司

    控股

    有限责

    任公司

    黄山市

    屯溪区

    殷寅

    旅游

    服务336.80 70.00 70.00 15148904-2

    黄山皮蓬文化发展有

    限责任公司

    控股

    有限责

    任公司

    黄山市

    屯溪区

    李明浩

    旅游

    服务500.00 90.00 90.00 70495052-2

    黄山中海假日旅行社

    有限公司

    控股

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务100.00 51.00 51.00 76278700-6

    黄山中海会议展览服

    务有限公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务10.00 100.00 100.00 78108010-2

    黄山市黄山航空旅游

    服务有限责任公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务180.00 100.00 100.00 71394591-X

    黄山旅游莲花酒店管

    理有限公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    王玉求

    酒店

    管理100.00 100.00 100.00 66794361-3

    黄山桃花溪旅游房地

    产开发有限公司

    全资

    有限责

    任公司

    黄山市屯

    溪区

    王玉求

    房地

    产开

    发

    5200.00 100.00 100.00 66794366-4

    黄山旅游玉屏房地产

    开发有限公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    王玉求

    房地

    产开

    发

    5000.00 100.00 100.00 66794363-X

    黄山老徽商旅游商贸

    有限公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    何益飞

    商贸

    经营50.00 100.00 100.00 68209092-X

    北京徽商故里餐饮管

    理有限公司

    控股

    有限责

    任公司

    北京市

    东城区

    王玉求

    餐饮

    管理

    500.00 70.00 70.00 69001065-1

    黄山国际大酒店有限

    责任公司

    全资

    有限责

    任公司

    黄山市

    屯溪区

    王玉求

    酒店

    经营3850.00 100.00 100.00 15149521-5

    黄山西海饭店有限责

    任公司

    控股

    有限责

    任公司

    黄山

    风景区

    王玉求

    酒店

    经营222.60 94.00 94.00 61048772-5

    黄山市中国旅行社 全资

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务295.00 100.00 100.00 48576034-9

    黄山中国国际旅行社 全资

    有限责

    任公司

    黄山市

    屯溪区

    汪永明

    旅游

    服务150.00 100.00 100.00 15146285-1

    3.本企业的联营企业情况

    被投资单位

    名称 企业类型 注册地 法人代表 业务性质注册资本

    本企业

    持股比

    例(%)

    本企业在被投资

    单位表决权比例

    (%)

    长春净月潭游乐有

    限责任公司

    有限责

    任公司

    长春市净

    月潭潭南

    宫文彬 旅游服务10,000,000.00 20.00 20.00

    被投资单位

    名称 期末资产总额 期末负债

    总额

    期末净资产

    总额

    本期营业

    收入总额

    本期净

    利润

    关联关系

    组织机构

    代码

    长春净月潭游乐

    有限责任公司 29,988,968.75 -174,730.13 30,366,722.18 3,643,973.00 609,069.20 联营企业24498864-1

    4.本企业的其他关联方情况

    其他关联方名称 其他关联方与本公司关系 组织机构代码

    黄山风景区管理委员会（以下简称“管委会”） 风景区门票专营权授予方 -黄山旅游发展股份有限公司 2010 年半年度报告

    69

    中旅景区投资有限公司（以下简称“中国中景”） 子公司的投资者 78320409-2

    中国中旅（集团）有限公司（以下简称“中国中旅”） 子公司的投资者（原股东） 10001061-X

    香港中旅（集团）有限公司（以下简称“港中旅”） 子公司的投资者（原股东） -

    普佳（香港）有限公司（以下简称“香港普佳”）* 子公司的投资者 -

    北京威迪亚科贸有限责任公司（以下简称“北京威迪亚”） 子公司的投资者 79213190-5

    *注：香港中旅（集团）有限公司系本公司的控股子公司黄山太平索道有限公司的原股东，其于2009 年

    将持有的黄山太平索道有限公司30%的股权转让给普佳（香港）有限公司。

    5.关联交易情况

    (1)购销商品、提供和接受劳务的关联交易

    2010 年1-6 月 2009年1-6 月

    关联方 关联交

    易类型

    关联交

    易内容

    关联交易定

    价方式及决

    策程序 金额

    占同类

    交易金

    额的比

    例（%）

    金额

    占同类

    交易金

    额的比

    例（%）

    黄山旅游集团有限公司 销售 餐饮、

    门票等

    市场价格 55,135.00 - 40,766.00 -

    管委会 销售 餐饮、

    门票等 市场价格 4,473,587.58 - 4,474,396.56 -

    合 计 4,528,722.58 4,515,162.56

    (2)关联承包情况

    2007 年度公司与管委会签订了《天海招待所承包经营合同》，合同规定：本公司承包管

    委会所属园林局天海管理区的天海招待所，承包期限自2007 年7 月起至2012 年6 月止。承

    包方式：a、保持原有产权关系不变，各项经营指标的考核由管委会相关部门核定；b、本公

    司负责天海招待所的经营管理，并从其税后利润中向管委会上交承包利润额。承包金额及上

    交方式：第一年上缴税后利润额为340 万元，以后每年递增10%。本公司应于每年7 月1

    日前将当年承包利润一次性交付管委会。承包经营期限届满后，天海招待所如仍需承包经营

    时，本公司享有优先承包权利。

    (3)关联租赁情况

    本公司与黄山风景区供水有限公司（管委会下属单位）签订《西海水榭租赁合同》，合

    同规定：本公司租赁管委会所属西海水榭，租赁期三年，租金2008 年度为220.00 万元，2009

    年度为242.00 万元，2010 年度为266.20 万元， 租金支付方式为每年年初一次性全额支付。

    (4)关联方担保

    根据黄山旅游集团与中国银行股份有限公司黄山分行签订的《保证合同》约定，黄山旅

    游集团为本公司的子公司黄山西海饭店有限责任公司在中国银行股份有限公司黄山分行的黄山旅游发展股份有限公司 2010 年半年度报告

    70

    借款提供连带责任保证。

    (5)其他关联交易

    单位名称 款项性质 本年金额 上年金额 备注

    黄山旅游集团有限公司 经营及生活服务费2,700,000.00 2,700,000.00 *1

    黄山旅游集团有限公司 景区建设维护费 14,236,776.64 10,368,574.83 *2

    管委会 门票专营权使用费76,705,583.45 63,276,203.54 *3

    管委会 遗产保护费 23,943,552.00 20,509,241.00 *4

    合 计 117,585,912.09 96,854,019.37

    注*1：本公司于1996 年与黄山旅游集团签订经营服务和生活服务合同，期限四十年，

    按照合同黄山旅游集团向本公司雇员提供服务，包括水、电、气、员工食堂、公众浴室、学

    校和医院等。本公司于每年年末与黄山旅游集团结算此生活服务费。本公司于2002 年度与

    黄山旅游集团就该经营服务和生活服务合同进行了再次协商，自2002 年度起在不低于5 年

    的期间内，本公司需向黄山旅游集团每年支付生活服务费5,400,000.00 元。截至2010 年6

    月30 日止，本公司暂未与黄山旅游集团签订新的生活服务协议。

    注*2：本公司根据黄山市物价局《关于黄山风景区索道价格的批复（黄价字[2000]第114

    号）》，将每张索道票价调增的5-10 元支付给黄山旅游集团，作为黄山景区建设及维护费。

    注*3：本公司于1996 年8 月13 日与黄山风景区管理委员会签订关于授权管理黄山风景

    区门票事宜的协议，期限至2036 年底。根据该协议本公司每年应将门票收入减营业税及附

    加和票房成本后净额的50%按季支付给黄山风景区管理委员会，作为黄山风景区门票专营权

    使用费。

    注*4：根据黄山市物价局颁布的“黄价字[2009]第22 号”《关于调整黄山风景区门票价

    格的批复》，自2009 年5 月1 日起每张门票价格中包含的风景名胜资源保护费20 元调整为

    每张门票中包含遗产保护费23 元。

    6.关联方应收应付款项余额

    项 目 关联方 期末余额 期初余额

    应收账款 管委会 21,698,019.14 18,753,850.68

    应付股利 中国中景 4,745,200.40 2,224,935.04

    其他应付款 黄山旅游集团 45,265,506.15 29,353,736.72

    其他应付款 管委会 134,956,967.34 93,840,183.83

    其他应付款 北京威迪亚 3,445,754.00 3,445,754.00

    长期应付款 黄山旅游集团 26,800,000.00 26,800,000.00

    长期应付款 香港普佳 18,943,845.05 18,943,845.05黄山旅游发展股份有限公司 2010 年半年度报告

    71

    九、或有事项

    截至2010 年6 月30 日止本公司无需要披露的或有事项。

    十、承诺事项

    1.重大承诺事项

    (1)资本性承诺事项

    截至2010 年6 月30 日止本公司无需要披露的资本性支出承诺事项。

    (2)经营租赁承诺事项

    根据已签订的不可撤销的经营性租赁合同，未来最低应支付租金汇总如下：

    未来支付期间 期末余额 期初余额

    一年以内 2,196,214.98 2,071,900.92

    一至二年 2,327,987.88 2,196,214.98

    二至三年 2,467,667.15 2,327,987.88

    三年以上 131,373,601.80 133,841,268.95

    合 计 138,365,471.81 140,437,372.73

    根据1996 年8 月13 日和1996 年12 月23 日本公司与安徽省黄山市土地管理局签订的

    合同，本公司租用黄山风景区内的若干国有土地，面积分别为74,320.00 平方米和9,919.9 平

    方米，期限四十年，即分别至2036 年10 月1 日止及2037 年1 月1 日止。根据2006 年本公

    司与黄山市土地管理局签订的补充协议，租用面积更改为54,199.00 平方米及9,919.90 平方

    米，租赁年限不作变更，但土地租金按每年递增6%计算。2009 年度的土地租金为2,071,900.92

    元，以后每年按6%递增。

    2.前期承诺履行情况

    截至2010 年6 月30 日止本公司前期承诺事项已按约履行。

    十一、资产负债表日后事项

    截至2010 年8 月18 日止本公司无需要披露的其他资产负债表日后事项。

    十二、其他重要事项

    截至2010 年6 月30 日止，本公司无需要披露的其他事项。

    十三、母公司财务报表主要项目注释

    1.应收帐款

    (1)按照应收账款的类别列示如下：黄山旅游发展股份有限公司 2010 年半年度报告

    72

    期末余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 23,767,859.07 66.55 5,864,118.26 77.94

    单项金额不重大具有类似

    信用风险特征的应收账款 477,657.76 1.34 477,657.76 6.35

    其他不重大应收账款 11,468,457.75 32.11 1,182,279.21 15.71

    合 计 35,713,974.58 100.00 7,524,055.23 100.00

    期初余额

    类 别 账面余额 坏账准备

    金额 比例(%) 金额 比例(%)

    单项金额重大的款项 20,231,345.99 71.50 5,864,118.26 77.94

    单项金额不重大具有类似

    信用风险特征的应收账款 477,657.76 1.69 477,657.76 6.35

    其他不重大应收账款 7,585,361.08 26.81 1,182,279.21 15.71

    合 计 28,294,364.83 100.00 7,524,055.23 100.00

    (2)按照应收账款的账龄列示如下：

    期末余额

    账 龄

    应收账款金额 比例(%) 坏账准备 应收账款净额

    一年以内 20,351,482.52 56.98 314,243.98 20,037,238.54

    一至二年 10,392,630.61 29.10 2,239,949.80 8,152,680.81

    二年以上 4,969,861.45 13.92 4,969,861.45 —

    合 计 35,713,974.58 100.00 7,524,055.23 28,189,919.35

    期初余额

    账 龄

    应收账款金额 比例(%) 坏账准备 应收账款净额

    一年以内 15,874,074.96 56.11 236,485.12 15,637,589.84

    一至二年 7,337,530.96 25.93 2,204,811.20 5,132,719.76

    二年以上 5,082,758.91 17.96 5,082,758.91 —

    合 计 28,294,364.83 100.00 7,524,055.23 20,770,309.60

    (3)应收账款期末余额中无应收持本公司5%（含5%）以上表决权股份的股东单位的款

    项；

    (4)应收账款中前5 名金额的单位情况

    单位名称 与本公司关系 金额 年限

    占应收帐款

    总额比例（%）

    黄山风景区管委会 关联方企业 19,953,514.67 3 年以内 55.87黄山旅游发展股份有限公司 2010 年半年度报告

    73

    黄山徽州旅游总公司 非关联方企业 1,301,735.26 3 年以上 3.64

    黄山华苑旅行社 非关联方企业 1,111,469.50 3 年以内 3.11

    黄山市政府接待办 非关联方企业 743,995.80 3 年以内 2.08

    黄山市招商国旅 非关联方企业 731,639.84 3 年以上 2.05

    合 计 23,842,355.07 66.76

    (5)应收账款关联方情况

    单位名称 与本公司关系 金额 占应收帐款总额比例（%）

    黄山风景区管委会 关联方 19,953,514.67 55.87

    合 计 19,953,514.67 55.87

    2.应付账款

    (1)应付款项账龄分析：

    期末余额 期初余额

    账 龄

    金 额 比例(%) 金 额 比例(%)

    一年以内 10,029,830.54 92.18 9,084,412.09 93.44

    一至二年 596,120.52 5.48 193,919.84 1.99

    二至三年 18,484.05 0.17 208,027.70 2.14

    三年以上 236,495.83 2.17 235,403.67 2.42

    合 计 10,880,930.94 100.00 9,721,763.30 100.00

    (2)应付账款期末余额中无应付持有本公司5%（含5%）以上表决权股份的股东单位或

    关联方的款项；

    (3)应付账款期末余额中无账龄超过1 年的大额应付账款情况。

    3.长期股权投资

    (1)长期股权投资账面价值

    期末余额 期初余额

    被投资单位

    账面余额 减值准备 账面价值 账面余额 减值准备 账面价值

    对子公司的投资 231,563,382.96 54,552,948.65 177,010,434.31 231,563,382.96 54,552,948.65 177,010,434.31

    对联营公司投资 6,032,739.68 - 6,032,739.68 5,910,925.70 - 5,910,925.70

    其他股权投资 128,952,931.97 68,420,000.00 60,532,931.97 128,952,931.97 68,420,000.00 60,532,931.97

    合 计 366,549,054.61 122,972,948.65 243,576,105.96 366,427,240.63 122,972,948.65 243,454,291.98

    (2)长期股权投资明细

    被投资单位 核算方法初始投资成本期初余额 增减变动 期末余额

    黄山市中国旅行社 成本法 3,385,072.00 3,385,072.00 - 3,385,072.00

    黄山海外旅行社 成本法 42,022.00 42,022.00 - 42,022.00

    黄山中国国际旅行社 成本法 3,703,042.00 3,703,042.00 - 3,703,042.00黄山旅游发展股份有限公司 2010 年半年度报告

    74

    黄山玉屏客运索道有限责任公司 成本法 27,341,281.00 27,341,281.00 - 27,341,281.00

    黄山太平索道有限公司 成本法 54,510,926.65 54,510,926.65 - 54,510,926.65

    黄山徽文化旅游开发有限责任公司 成本法 2,357,887.00 2,357,887.00 - 2,357,887.00

    黄山皮蓬文化发展有限责任公司 成本法 4,500,000.00 4,500,000.00 - 4,500,000.00

    黄山市途马旅游电子商务有限责任

    公司

    成本法 4,500,000.00 4,500,000.00 - 4,500,000.00

    黄山国际大酒店有限责任公司 成本法 50,101,895.83 10,713,177.62 - 10,713,177.62

    黄山西海饭店有限责任公司 成本法 56,465,300.00 10,509,974.69 - 10,509,974.69

    黄山旅游莲花酒店管理有限公司 成本法 1,000,000.00 1,000,000.00 - 1,000,000.00

    黄山桃花溪旅游房地产开发有限公

    司

    成本法 52,000,000.00 52,000,000.00 - 52,000,000.00

    黄山旅游玉屏房地产开发有限公司 成本法 50,000,000.00 50,000,000.00 - 50,000,000.00

    黄山市花山谜窟旅游开发有限责任

    公司

    成本法 3,000,000.00 3,000,000.00 - 3,000,000.00

    黄山老徽商旅游商贸有限公司 成本法 500,000.00 500,000.00 - 500,000.00

    北京徽商故里餐饮管理有限公司 成本法 3,500,000.00 3,500,000.00 - 3,500,000.00

    长春净月潭游乐有限责任公司 权益法 5,926,036.00 5,910,925.70 121,813.98 6,032,739.68

    黄河宾馆 成本法 1,440,000.00 1,399,008.20 - 1,399,008.20

    黄山温泉联合风景区联合旅游管理

    有限公司

    成本法 23,666,174.48 22,553,923.77 - 22,553,923.77

    华安证券有限责任公司 成本法 100,000,000.00 100,000,000.00 - 100,000,000.00

    北京中戏影视制作中心 成本法 5,000,000.00 5,000,000.00 - 5,000,000.00

    合 计 452,939,636.96 366,427,240.63 121,813.98 366,549,054.61

    被投资单位

    在被投资

    单位持股

    比例(%)

    在被投资单

    位表决权比

    例(%)

    在被投资单位持

    股比例与表决权比

    例不一致的说明

    减值准备

    本期计提

    减值准备

    现金红利

    黄山市中国旅行社 100.00 100.00 — — — —

    黄山海外旅行社 100.00 100.00 — 42,022.00 — —

    黄山中国国际旅行社 100.00 100.00 — — — —

    黄山玉屏客运索道有限责任公司80.00 80.00 — — — —

    黄山太平索道有限公司 70.00 70.00 — 54,510,926.65 — —

    黄山徽文化旅游开发有限责任

    公司 70.00 70.00 — — — —

    黄山皮蓬文化发展有限责任公

    司 90.00 90.00 — — — —

    黄山市途马旅游电子商务有限

    责任公司 99.00 99.00 — — — —

    黄山国际大酒店有限责任公司 100.00 100.00 — — — —

    黄山西海饭店有限责任公司 94.00 94.00 — — — —

    黄山旅游莲花酒店管理有限公司100.00 100.00 — — — —

    黄山桃花溪旅游房地产开发有

    限公司 100.00 100.00 — — — —

    黄山旅游玉屏房地产开发有限

    公司 100.00 100.00 — — — —

    黄山市花山谜窟旅游开发有限75.00 75.00 — — — —黄山旅游发展股份有限公司 2010 年半年度报告

    75

    责任公司

    黄山老徽商旅游商贸有限公司 100.00 100.00 — — — —

    北京徽商故里餐饮管理有限公司70.00 70.00 — — — —

    长春净月潭游乐有限责任公司 20.00 20.00 — — — —

    黄河宾馆 23.22 23.22 — — — —

    黄山温泉联合风景区联合旅游

    管理有限公司 30.00 30.00 — — — —

    华安证券有限责任公司 4.07 4.07 — 68,420,000.00 — —

    北京中戏影视制作中心 25.00 25.00 — — — —

    合 计 — — — 122,972,948.65 — —

    4.营业收入及营业成本

    (1)营业收入及营业成本

    项 目 2010 年1-6 月 2009 年1-6 月

    主营业务收入 372,833,225.22 316,996,825.89

    其他业务收入 692,923.00 485,310.00

    减：业务分部间相互抵销营业收入2,985,798.39 1,234,484.45

    营业收入合计 370,540,349.83 316,247,651.44

    主营业务成本 214,258,924.69 180,515,725.60

    其他业务支出 115,456.11 1,345,780.97

    减：业务分部间相互抵销营业成本— —

    营业成本合计 214,374,380.80 181,861,506.57

    (2)主营业务收入及成本按产品列示情况

    本期金额（2010 年1-6 月）

    业务类型

    营业收入 营业成本 营业毛利

    酒店业务 106,592,626.82 79,829,636.23 26,762,990.59

    索道业务 65,284,165.40 15,267,079.77 50,017,085.63

    园林开发业务 198,833,770.00 118,259,673.29 80,574,096.71

    旅游服务业务 — — —

    承包业务 1,837,946.00 — 1,837,946.00

    其他业务 284,717.00 902,535.40 -617,818.40

    小 计 372,833,225.22 214,258,924.69 158,574,300.53

    各业务分部间相互抵消 2,985,798.39 — 2,985,798.39

    合 计 369,847,426.83 214,258,924.69 155,588,502.14

    上期金额（2009 年1-6 月）

    业务类型

    营业收入 营业成本 营业毛利

    酒店业务 90,981,291.82 68,128,716.16 22,852,575.66

    索道业务 57,338,982.07 14,037,194.33 43,301,787.74

    园林开发业务 166,945,575.00 98,349,815.11 68,595,759.89

    旅游服务业务 — — —黄山旅游发展股份有限公司 2010 年半年度报告

    76

    承包业务 1,730,977.00 — 1,730,977.00

    其他业务 — — —

    小 计 316,996,825.89 180,851,725.60 136,481,100.29

    各业务分部间相互抵消 1,234,484.45 — 1,234,484.45

    合 计 315,762,341.44 180,851,725.60 135,246,615.84

    (3)公司前五名客户得营业收入情况

    客户名称 金 额 占公司全部营业收入的比例(%)

    黄山市顺天国际旅行社有限公司 5,785,580.00 1.56

    黄山松石国际旅行社(原奥运旅行社) 5,050,853.00 1.36

    黄山中青国际旅行社 5,010,556.00 1.35

    黄山康辉国际旅行社有限责任公司 5,285,875.00 1.43

    黄山风景区管委会 4,473,587.58 1.21

    合 计 25,606,451.58 6.91

    5.投资收益

    (1)投资收益明细

    项 目 2010 年1-6 月 2009 年1-6 月

    成本法核算的长期股权投资收益 43,118,834.50 23,284,446.89

    按权益法核算的联营企业损益 121,813.98 -591,934.02

    合 计 43,240,648.48 22,692,512.87

    (2)成本法核算的长期股权投资收益

    被投资单位 2010 年1-6 月 2009 年1-6 月

    本年比上年同期

    增减变动的原因

    华安证券有限责任公司 20,000,000.00 1,600,000.00 本年分红

    黄山玉屏客运索道有限公司 23,118,834.50 21,684,446.89

    合 计 43,118,834.50 23,284,446.89

    (3)按权益法核算的联营企业损益

    被投资单位 2010 年1-6 月2009 年1-6 月

    本年比上年同期

    增减变动的原因

    长春净月潭游乐有限责任公司 121,813.98 66,706.17 按权益法确认

    合 计 121,813.98 66,706.17

    (4)本公司投资收益汇回不存在重大限制的情形。

    6.现金流量表补充资料

    补 充 资 料 2010 年1-6 月 2009 年1-6 月

    1.将净利润调节为经营活动现金流量：

    净利润 104,590,801.69 81,649,007.41

    加：未确认的投资损失 —

    资产减值准备 - —黄山旅游发展股份有限公司 2010 年半年度报告

    77

    固定资产折旧、油气资产损耗、生产性生物

    资产折旧

    25,705,090.57 23,837,226.74

    无形资产摊销 371,582.74 292,849.39

    长期待摊费用摊销 4,688,852.46 4,677,383.75

    处置固定资产、无形资产和其他长期资产的

    损失（收益以“-”号填列）

    1,086,940.26 -32,757.39

    固定资产报废损失（收益以“-”号填列） - —

    公允价值变动损失（收益以“-”号填列） - —

    财务费用（收益以“-”号填列） 3,626,796.20 1,396,727.28

    投资损失（收益以“-”号填列） -43,240,648.48 -22,692,512.87

    递延所得税资产减少（增加以“-”号填列） - —

    递延所得税负债增加（减少以“-”号填列） - —

    存货的减少（增加以“-”号填列） -1,103,876.90 -384,685.65

    经营性应收项目的减少（增加以“-”号填列） 61,863,397.03 -66,501,534.18

    经营性应付项目的增加（减少以“-”号填列） -29,907,385.65 10,932,998.96

    其他 — —

    经营活动产生的现金流量净额 127,681,549.92 33,174,703.44

    2.不涉及现金收支的投资和筹资活动：

    债务转为资本 — —

    一年内到期的可转换公司债券 — —

    融资租入固定资产 — —

    3.现金及现金等价物净增加情况：

    现金的期末余额 316,203,886.52 183,178,192.92

    减：现金的期初余额 134,208,907.34 228,628,756.12

    加：现金等价物的期末余额 — —

    减：现金等价物的期初余额 — —

    现金及现金等价物净增加额 181,994,979.18 -45,450,563.20

    十四、补充资料

    1.当期非经常性损益明细表

    项 目 金额

    非流动资产处置损益 -1,719,244.22

    计入当期损益的政府补助（与企业业务密切相关，按照国家统一

    标准定额或定量享受的政府补助除外） —

    除上述各项之外的其他营业外收入和支出 79,883.47

    所得税影响额 409,840.19

    少数股东权益影响额（税后） -125,921.33

    合 计 -1,103,599.23黄山旅游发展股份有限公司 2010 年半年度报告

    78

    2.净资产收益率及每股收益

    每股收益

    报告期利润 加权平均净资

    产收益率（%） 基本每股收益 稀释每股收益

    归属于公司普通股股东的净利润 7.21 0.205 0.205

    扣除非经常性损益后归属于公司普通股股东的净利润 7.29 0.208 0.208黄山旅游发展股份有限公司 2010 年半年度报告

    79

    八、备查文件目录

    （一）载有董事长签名的半年度报告文本；

    （二）载有单位负责人、财务负责人、会计机构负责人签名并盖章的财务报告文本；

    （三）报告期内在中国证监会指定报刊上公开披露过的所有公司文件的正本及公告原稿；

    （四）其他有关资料。

    黄山旅游发展股份有限公司董事会

    2010 年8 月16 日Huangshan Tourism Development Co., Ltd.

    2010 Interim Report

    August 2010黄山旅游发展股份有限公司 2010 年半年度报告

    1

    Contents

    1. Important Notice-----------------------------------------------------------------------------2

    2. Brief Introduction to the Company---------------------------------------------------------2

    3. Change of Share Capital and Particulars of Shareholders-------------------------------4

    4. Directors, Supervisors and Senior Executives--------------------------------------------6

    5. Report of the Board of Directors-----------------------------------------------------------6

    6. Major Events---------------------------------------------------------------------------------11

    7. Financial Report-----------------------------------------------------------------------------14

    8. Documents for Reference-------------------------------------------------------------------93黄山旅游发展股份有限公司 2010 年半年度报告

    2

    1. Important Notice

    1. The Company's Board of Directors and its members, its Supervisory Committee and its

    members and the senior executives ensure that, the information contained in this report does

    not have any false statement, misleading representation and significant omissions, and will

    take several and joint responsibilities for the truth, accuracy and completeness of the contents

    in it.

    2. All the Directors of the Company attended the Board meeting.

    3. The Company's interim report has not been audited.

    4. Xu Jiwei, principal of the Company, Huang Huimin, principal in charge of accounting work and

    He Yifei, head of accounting department declare that they shall guarantee the truth and integrity

    of the financial report in this interim report.

    5. The Company has not had any non operational occupation of fund by its controlling shareholder

    and related parties.

    6. The Company has not violated any stipulated decision-making procedure to provide guarantee

    for other entities.

    7. This report is prepared in both Chinese and English. In case of different meaning in the text, the

    Chinese version shall prevail.

    2. Brief Introduction to the Company

    1. Information of the Company

    Legal Chinese name of the Company 黄山旅游发展股份有限公司

    Abbreviation 黄山旅游

    Legal English name of the Company Huangshan Tourism Development Co.,Ltd.

    Abbreviation HSTD

    Legal representative of the Company Xu Jiwei

    2. Contact information

    Secretary of the Board Securities representative

    Name Huang Huimin Huang Jiaping

    Contact add. Hot Spring of Huangshan Scenic

    Spot, Huangshan, Anhui, China

    Hot Spring of Huangshan Scenic

    Spot, Huangshan, Anhui, China

    Tel. 0559-5580567 0559-5580526

    Fax 0559-5580505 0559-5580505

    E-mail hshhm666@126.com hstd56@126.com

    3. Basic information

    Registration add. Hot Spring of Huangshan Scenic Spot, Huangshan,黄山旅游发展股份有限公司 2010 年半年度报告

    3

    Anhui, China

    Zip code of registration add. 245800

    Business address Hot Spring of Huangshan Scenic Spot, Huangshan,

    Anhui, China

    Zip code of business address 245800

    Website http://www.huangshan.com.cn 或tourmart.cn

    E-mail hs600054@yahoo.com.cn

    4. Information disclosure and filing site

    Newspaper selected by the Company for

    information disclosure

    Shanghai Securities News, Hong Kong

    Commercial Daily

    Website appointed by China Securities Regulatory

    Committee for carrying interim report http://www.sse.com.cn

    Site for filing the Company's Interim Report Office of the Board of Directors of the Company

    5. information of the Company's share

    Information of the Company's share

    Type of share Stock exchange for

    listing of the share Share name Share code Share name before

    change

    A share Shanghai Stock

    Exchange

    Huangshan

    Tourism 600054

    B share Shanghai Stock

    Exchange Huangshan B Share 900942

    6. Other relevant information

    First registration date of the Company November 18, 1996

    First registration address of the Company Hot Spring, Huangshan Scenic Spot, Huangshan

    City

    Latest change

    Date for changing

    registration of the Company July 2, 2010

    Location for changing

    registration of the Company Hot Spring, Huangshan Scenic Spot, Huangshan City

    Registration number of

    business license 340000000008336

    Tax registration number 341002610487768

    Organization code 61048776-8

    7. Financial highlights

    1) Main accounting data and financial index

    Unit: RMB

    End of the report period End of last year Increase or decrease (%)

    Total assets 2,204,234,663.55 1,880,430,960.39 17.22

    Owner's equity (or

    shareholders' equity) 1,342,874,183.75 1,246,107,791.21 7.77

    Net assets per share

    attributable to shareholders

    of the Company

    (RMB/share)

    2.85 2.64 7.77

    The report period

    (January-June)

    Same period of last

    year

    Increase or decrease than

    the same period of last

    year (%)

    Operating profit 137,221,978.47 112,977,054.70 21.46

    Gross profit 135,661,683.84 113,042,987.92 20.01

    Net profit attributable to

    shareholders of the

    Company

    96,766,392.54 76,984,282.40 25.70

    Net profit after 97,869,991.77 76,906,698.97 27.26黄山旅游发展股份有限公司 2010 年半年度报告

    4

    non-recurring profit and

    loss attributable to

    shareholders of the

    Company

    Basic earnings per share

    (RMB) 0.2053 0.1633 25.70

    Basic earnings per share

    after non-recurring profit

    and loss (RMB)

    0.2076 0.1632 27.26

    Diluted earnings per share

    (RMB) 0.2053 0.1633 25.70

    Weighted average return on

    net assets (%) 7.21 6.58 Increase by 0.63%

    Net cash flow from

    operating activities 138,954,691.48 -10,811,187.90 Not applicable

    Net cash flow from

    operating activities per

    share (RMB)

    0.2948 -0.02 Not applicable

    2) Items of non-recurring profit and loss

    Unit: RMB

    Items of non-recurring profit and loss Amount

    Profit and loss from disposal of non-current assets -1,719,244.22

    Other non-operating revenue and expenditure except

    above item 79,883.47

    Impact of income tax 409,840.19

    Impact of minority interest (after tax) 125,921.33

    Total -1,103,599.23

    3. Change of Share Capital and Particulars of Shareholders

    1. Change of share capital

    During the report period the Company's total number of shares and the structure of share capital

    were not changed.

    2. Information of the shareholders

    1) Particulars of shareholders

    Unit: Share

    Total shareholders

    at end of the reort

    period

    41,450 (including 20,953 holders of A share and 20,497 holders of B share)

    Top 10 shareholders

    Name of shareholder Nature of

    shareholder

    Shareholding

    ratio (%)

    Total shares

    held

    Increase or

    decrease

    Shares with

    limited sales

    conditions

    held

    Shares

    pledged

    or frozen

    Huangshan Tourism Group Co., Ltd. State-owned

    legal person 41.95 197,730,500 0 197,730,000 None

    GAOLING FUND,L.P. Other 3.06 14,414,039 886,427 0 Unkn own

    Industrial and Commercial Bank of

    China－Huitianfu Balanced Growth

    Stock-type Securities Investment Fund

    Other 2.64 12,466,651 12,466,651 None

    GUOTAI JUNAN SECURITIES

    (HONGKONG) LIMITED Other 2.53 11,910,665 30,762 0 Unkn own

    Industrial and Commercial Bank of 1.75 8,230,298 8,230,298 None黄山旅游发展股份有限公司 2010 年半年度报告

    5

    China－Shangtou Morgen Domestic

    Demand Dynamic Stock-type

    Securities Investment Fund

    China Minsheng Banking Corp., Ltd.

    － Orient Refined, Mixed &

    Open-ended Securities Investment

    Fund

    Other 1.16 5,483,896 -800,000 0 None

    HANG SENG CONSUMER

    SECTOR FLEXIPOWER FUND Other 1.15 5,418,304 1,716,707 0 Unkn own

    Agricultural Bank of China －

    Zhongyou Core Growth Share-type

    Securities Invetment Fund

    Other 0.97 4,572,920 1,572,957 0 None

    Yuan Sainan Other 0.72 3,374,442 0 0 Unknown

    China Construction Bank－Gongyin

    Ruixin Refined Balancing

    Mixed-type Securities Investment

    Fund

    Other 0.71 3,330,176 3,330,176 0 None

    Top 10 holders of shares with no limited sales condition

    Name of shareholder

    Shares with no

    limited sales

    condition held

    Type and number of shares

    GAOLING FUND,L.P. 14,414,039

    Domestic listed

    foreign capital

    share

    14,414,039

    Industrial and Commercial Bank of China－Huitianfu Balanced

    Growth Stock-type Securities Investment Fund 12,466,651 Renminbi

    ordinary share 12,466,651

    GUOTAI JUNAN SECURITIES (HONGKONG) LIMITED 11,910,665

    Domestic listed

    foreign capital

    share

    11,910,665

    Industrial and Commercial Bank of China－Shangtou Morgen

    Domestic Demand Dynamic Stock-type Securities Investment Fund 8,230,298 Renminbi

    ordinary share 8,230,298

    China Minsheng Banking Corp., Ltd.－ Orient Refined, Mixed &

    Open-ended Securities Investment Fund 5,483,896 Renminbi

    ordinary share 5,483,896

    HANG SENG CONSUMER SECTOR FLEXIPOWER FUND 5,418,304

    Domestic listed

    foreign capital

    share

    5,418,304

    Agricultural Bank of China－ Zhongyou Core Growth Share-type

    Securities Invetment Fund 4,572,920 Renminbi

    ordinary share 4,572,920

    Yuan Sainan 3,374,442

    Domestic listed

    foreign capital

    share

    3,374,442

    China Construction Bank－Gongyin Ruixin Refined Balancing

    Mixed-type Securities Investment Fund 3,330,176 Renminbi

    ordinary share 3,330,176

    China Life Insurance Co., Ltd.－ Bonus－ Individual Bonus－

    005L－ FH002 Hu 2,949,535 Renminbi

    ordinary share 2,949,535

    Note on the

    related

    relations or

    concerted

    actions

    between

    above

    shareholders

    In the top 10 shareholders, there is no related relation between the state-owned legal shareholder

    Huangshan Tourism Group Co., Ltd. and other 9 shareholders; they are not the concerted actors as

    specified in the Management Method for Information Disclosure for Change of Shares Held by the

    Shareholders of Listed Companies.

    The Company does not know whether there is related relation between the top 10 holders of shares with

    no limited sales conditions or not and whether they belong to the concerted actors as specified in the

    Management Method for Information Disclosure for Change of Shares Held by the Shareholders of

    Listed Companies or not.

    Top ten shareholders with limited sales condition黄山旅游发展股份有限公司 2010 年半年度报告

    6

    Trading of shares with limited sales

    condition

    Name of the

    holder of shares

    with limited

    sales condition

    Shares with

    limited sales

    condition held Tradable date

    Number of new

    tradable shares

    Limited sales condition

    02/17/2009 22,717,500

    02/17/2010 22,717,500

    Huangshan

    Tourism Group

    Co., Ltd.

    197,730,000

    02/17/2011 152,295,000

    Within 3 years since February 17,

    2009, the lowest price of such

    shares shall not be less than RMB

    30 per share (in case of ex-equity

    or ex-dividend, make adjustment

    accordingly).

    As of end of the report period, the Company's matured and tradable shares held by Huangshan Tourism Group

    Co., Ltd. have not been unlocked through application, such shares are still limited to be sold.

    3. Change of the controlling shareholder and the actual controller of the Company

    During the report period there was no change in the controlling shareholder and the actual

    controller.

    4. Directors, Supervisors and Senior Executives

    1. Change of shares held by the Directors, Supervisors and senior executives

    During the report period there was no change in the shares held by the Directors, Supervisors

    and senior executives.

    2. Change of Directors, Supervisors and senior executives

    During the report period there was no change of the Directors, Supervisors and senior

    executives.

    5. Report of the Board of Directors

    1. Analysis on operation results and financial status

    The Company's main business contains four parts: garden tickets, passenger transportation of

    cableway, room and board of hotel and tourist service.

    In the first half year of 2010, the Company focused on the operation objectives set by the Board

    of Directors at beginning of the year, tapped the market with help of the World Expo, improved

    its operating management through strictly controlling production cost and enhancing production

    efficiency, promoted stably the development of multi-business and kept its business in good

    situation of development.

    From January to June in 2010 the Company totally received tourists of 1,083,500 mentimes, an

    increase of 9.48% than the same period of last year; it realized operating income of RMB

    571,861,300, an increase of 22.97% than the same period of last year, and net profit of RMB

    96,766,400 (attributed to parent company), an increase of 25.70% than the same period of last

    year.

    In the report period, the Company's Yupingfu real estate project was not settled yet. Yupingfu黄山旅游发展股份有限公司 2010 年半年度报告

    7

    townhouse and high-rise residential project is under progress as planned. The project of more

    than 400 Mu at south of Qiyun avenue of Tunxi is just under the planning and design phase.

    2. Main operation status during the report period

    1) Business or products accounting for 10% or above of the Company's main business income or

    main business profit (Unit: RMB)

    Sectors or products

    Operating

    income

    Operating cost

    Gross

    profit

    rate (%)

    Increase or

    decrease of

    operating

    income than

    same period

    of last year

    (%)

    Increase or

    decrease of

    operating cost

    than same

    period of last

    year (%)

    Increase or

    decrease of

    gross profit

    rate than

    same period

    of last year

    (%)

    Hotel 129,361,919.27 105,863,019.13 18.17 17.41 23.70 -4.16

    Cableway 135,396,320.40 33,159,347.23 75.51 11.27 14.05 -0.60

    Garden development 198,833,770.00 118,259,673.29 40.52 16.37 15.94 0.22

    Tourist service 128,037,272.79 118,598,015.71 7.37 33.26 25.98 5.36

    Offset from each other 26,104,627.73 21,619,103.29 — — — —

    Incl.: During the report period the total sum of related transactions for the Company to sell products and

    render service to its controlling shareholder and the subsidiaries was RMB 55,135.

    2) There was no significant change in the composition of the Company's profits, main business or

    its structure, and the profitability of main business during the report period.

    3) Note on significant change of the Company's liabilities during the report period than last period

    Unit: RMB

    Item June 30, 2010 January 1, 2010

    Increase/decrease than same

    period of last year (%)

    Monetary fund 390,117,280.09 191,397,399.19 103.83

    Advance to suppliers 1,657,790.34 7,785,761.12 -78.71

    Interest receivable — 193,928.47 -100.00

    Other current assets 4,444,979.10 2,145,552.46 107.17

    Construction in progress 78,593,190.91 52,186,976.66 50.60

    Long-term prepaid expenses 54,553,212.36 25,134,698.39 117.04

    Short-term loan 243,329,534.83 167,829,534.83 44.99

    Accounts payable 28,017,569.29 43,034,290.82 -34.89

    Advance from customers 149,464,436.82 49,178,181.49 203.92黄山旅游发展股份有限公司 2010 年半年度报告

    8

    Staff salary payable 15,025,775.29 24,388,142.25 -38.39

    Tax payable 46,350,749.46 83,516,080.75 -44.50

    Interest payable — 325,620.48 -100.00

    Dividend payable 4,745,200.40 2,224,935.04 113.27

    Other payables 2 54,719,364.59 190,269,551.22 33.87

    Non-current liability due in

    one year

    — 3,000,000.00 -100.00

    Other current liabilities 2,453,747.31 725,940.35 238.01

    Long-term loan 51,624,580.00 2,624,580.00 1866.97

    Reason of change:

    (1) Increase of monetary fund is mainly caused by increase of cash received from investment and

    real estate development projects in current period.

    (2) Decrease of advance to suppliers is mainly because the advance payment at beginning of the

    year, such as the payment for material and insurance, had been settled in installments and

    carried forward during the report period.

    (3) The balance of interest receivable was zero at end of the report period, and this is caused by

    receipt of bank interest and offset by the interest.

    (4) Increase of other current assets is caused by increase of amortization for material and

    maintenance cost for scramble hotel project in Beijing Huishang Guli Restaurant Management

    Co., Ltd.

    (5) Increase of construction in progress is mainly caused by reconstruction and expansion of

    Huangshan International Hotel, improvement project for main building and North Sea staff

    quarter project.

    (6) Increase of long-term prepaid expenses is mainly caused by increase of long-term prepaid

    expenses after reconstruction of Beijing Huishang Guli and Huangshan International Hotel.

    (7) Increase of short-term loan is mainly because the Company increased loan for supplement of

    liquid fund needed by operation.

    (8) Increase of accounts payable is mainly because the fitment not paid at beginning of the year

    should wait for settlement upon completion of the project.

    (9) Increase of advance from customers is mainly caused by increase of the advance collection for

    pre-selling of the houses developed by Huangshan Tourism Yubing Real Estate Development

    Co., Ltd., a subsidiary of the Company, in this year.

    (10) Decrease of staff salary payable is mainly caused by increase of bonus distributed for 2009

    and increase of salary in the report period.

    (11) Decrease of tax payable is mainly caused by the payment for tax unpaid in 2009 and

    prepayment for relevant tax in the report period.黄山旅游发展股份有限公司 2010 年半年度报告

    9

    (12) The balance of interest payable was zero at end of the report period, and this is caused by

    disbursement of loan interest.

    (13) Increase of dividend payable is caused by increase of dividend payable of Huangshan Yubing

    Passenger Transport Cableway Co., Ltd., a subsidiary of the Company, in the report period.

    (14) Increase of other payables is mainly caused by increase of share of income from entrance

    ticket paid to Huangshan Management Committee in the report period.

    (15) The balance of non-current liability due in one year was zero, and this is caused by refunding

    of loan matured in the report period.

    (16) Increase of other current liabilities is caused by drawing of water and electricity expenses and

    costume cost.

    (17) Increase of long-term loan is caused by increase of loan for investment and development by

    Huangshan Tourism Yubing Real Estate Development Co., Ltd., a subsidiary of the

    Company.

    4) Note on significant change in the Company's income statement during the report period

    Unit: RMB

    Item

    Current period

    (Jan.-June, 2010)

    Same period of last year

    ( Jan. to June, 2009)

    Increase/decrease

    （%)

    Operating cost 358,334,103.63 273,440,232.85 31.05

    Financial

    expenses

    1,368,375.95 3,006,262.22 -54.48

    Investment

    income

    20,121,813.98 1,008,065.98 1896.08

    Non-operating

    income

    258,499.98 136,043.50 90.01

    Non-operating

    expenses

    1,818,794.61 70,110.28 2494.19

    Reason of change:

    (1) Increase of operating costs than the same period of last year is mainly because the increase

    of operating income has caused operating costs increasing accordingly.

    (2) Decrease of financial expenses than the same period of last year is mainly caused by

    capitalization of partial interest expenses for real estate.

    (3) Increase of investment income than the same period of last year is mainly caused by receipt

    of profit distributed by Huaan Securities in the report period.

    (4) Increase of than the same period of last year is mainly caused by receipt of award from the

    tourism bureau in the report period.

    (5) Increase of non-business expenditure than the same period of last year is mainly caused by

    increase of loss from disposal of fixed assets in the report period.黄山旅游发展股份有限公司 2010 年半年度报告

    10

    5) Note on significant change of the Company's cash flow during the report period than the same

    period of last year

    Unit: RMB

    Item

    Current period

    (Jan.-Jun., 2010)

    Same period of last year

    ( Jan. to June, 2009)

    Increase/

    decrease

    （%)

    Net cash flow from operating

    activities

    138,954,691.48 -10,811,187.90

    Net cash flow from investment

    activities

    -53,110,354.59 -83,615,118.22 -36.48

    Net cash flow from financing

    activities

    93,624,455.29 72,143,727.16 29.77

    Net increase of cash and cash

    equivalents

    191,397,399.19 286,496,539.26 -33.19

    Reason of change:

    (1) Increase of net cash flow from operating activities is mainly caused by increase of the

    advance collection for pre-selling of the houses developed in real estate investment in the

    report period.

    (2) The decrease of net cash flow from investment activities than the same period of last year is

    caused by the decrease of fixed assets purchased and built in the report period than the same

    period of last year and the payment for acquisition of subsidiaries in last year.

    (3) The increase of net cash flow from financing activities than the same period of last year is

    mainly caused by increase of loan.

    6) During the report period the Company did not have any other operational activities causing

    significant impacts on its net profit

    7) During the report period the influence on the net profit of the Company by the investment

    income of any its subsidiary with equity interests shared by the Company, was lower than 10%

    of the profit.

    3. Investment of the Company

    1) Utilization of raised capital

    During the report period the Company did not have any raised capital or use of capital raised in

    previous period and lasting to present period.

    2) The investment of non-raised capital and the progress and benefit of such invested projects:

    (Unit: RMB'0000)

    Project name Project

    amount

    Project progress Income of project

    Xihai Hotel renovation

    project

    17,500 Under progress as planned /

    Xihai grand canyon subway 12,000 Under progress as planned /黄山旅游发展股份有限公司 2010 年半年度报告

    11

    and cable car project

    Tunxi Crown Plaza Hotel 60,000 Under progress as planned /

    Real estate project Under progress as planned /

    Note: For the detailed contents of other projects invested with non-raised capital of the

    Company during the report period, please refer to "construction in progress" section in the notes

    of accounting statement.

    6. Major Events

    1. Corporate governance of the Company

    During the report period, based on requirements of new statutes and regulatory files issued by

    securities regulatory authorities, the Company formulated the Management System on Related

    Transaction, Management System on Learner of Insider Information and User of External

    Information and Responsibility Reclaiming System on Significant Error in Information

    Disclosure for Annual Report, and further amended the Articles of Association and

    Management Method for Utilization of Raised Capital, making the Company's governance

    system further improved.

    At present, the actual status of the Company's governance basically conformed to the

    requirements in normalization documents issued by China Securities Regulatory Committee on

    corporate governance of listed companies.

    2. Implementation of profit distribution plan during the report period

    Approved by 2009 annual shareholders' meeting, the Company neither made profit distribution

    nor transferred capital reserves into share capital for 2009.

    3. The Company will neither make profit distribution nor transfer capital reserves into share capital

    for the first half year of 2010.

    4. Important lawsuits and arbitrations

    During the report period the Company did not have any important lawsuits and arbitrations.

    5. Significant acquisitions, sales and reorganizing of assets

    During the report period the Company did not have any significant acquisitions, sales and

    reorganizing of assets.

    6. Important related transactions

    1) Related transactions in routine operation

    Related transactions for purchasing goods and accepting labour service Unit: RMB黄山旅游发展股份有限公司 2010 年半年度报告

    12

    Sell product and render service to

    related party

    Purchase product and accept service

    from related party

    Related party

    Transaction

    amount

    Ratio in total of

    same transaction

    amount (%)

    Transaction

    amount

    Ratio in total of

    same transaction

    amount (%)

    Huangshan Tourism

    Group Co., Ltd. 55,135.00

    0.01 1,724,467.38 0.48

    Huangshan

    Management

    Committee

    4,473,587.58

    0.78

    Incl.: During the report period the total amount of the related transaction, in which the listed company sold

    products or rendered service to its controlling shareholder or subsidiaries, was RMB 55,135.

    7. Important contracts and the implementation of them

    1) Trusteeship

    During the report period, the Company did not make any trusteeship.

    2) Contracting

    During the report period, the Company did not make any contracting.

    3) Leasing

    During the report period, the Company did not make any leasing.

    4) Guarantee

    During the report period, the Company did not have any guarantee.

    5) Entrusted financing

    During the report period, the Company did not have any financing entrusting.

    8. Engagement or dismissal of public accounting firm

    During the report period the Company did not change its engaged public accounting firm.

    9. The commitments of the Company or the shareholders holding over 5% equity interest during

    the report period or left over from previous period

    Commitments Content of commitment Fulfillment

    Commitment

    for equity

    reform

    Commitment for equity reform: 1. The non-tradable shares held by it are

    not allowed to be traded or transferred within 12 months since the date

    of obtaining the right of trading in market; 2. After expiration of above

    period of 12 months the shares sold through stock exchange should not

    exceed 5% of the total share capital within 12 months, nor exceed 10%

    within 24 months.

    On June 24, 2008, Huangshan Tourism Group Co., Ltd. committed that,

    197,730,000 shares with limited sales condition of Huangshan Tourism

    held by it would be locked continuously for 2 years in addition to the

    tradable time committed originally in equity reform, and for 3 years

    since February 17, 2009, the minimum sale price for such shares would

    not be less than RMB 30 per share (adjusted in case of ex-right and

    ex-dividend).

    Fulfill its

    commitment

    strictly.黄山旅游发展股份有限公司 2010 年半年度报告

    13

    10. Penalty or rectification of the Company, the Company's Board of Directors and the Directors

    During the report period the Company, the Board of Directors of the Company and the

    Directors, all had not been checked, punished and reprimanded by the China Securities

    Regulatory Committee, fined by other administrative departments and publicly condemned by

    the stock exchange.

    11. Other significant events

    1) Investment in securities

    During the report period, the Company did not make any investment in securities.

    2) Equity interest of non-listed financial enterprises held by the Company

    Unit: RMB

    Name of the firm Initial investment

    cost

    Ratio in the equity

    interest of the

    company

    Closing book

    value

    Profit and

    loss in the

    report period

    Huaan Securities Co., Ltd. 100,000,000.00 4.07％ 31,580,000.00 20,000,000

    Subtotal 100,000,000.00 31,580,000.00 20,000,000

    12. Index on information disclosure

    Website for information disclosure: http://www.sse.com.cn

    Event Newspaper for publication and

    page number Publication date

    Announcement on Resolution of 18th Meeting of

    4th Board of Directors

    Page B16 of Shanghai Securities

    Newsb, page A8 of Hong Kong

    Commercial Daily

    January 15, 2010

    Announcement on Resolution of 19th Meeting of

    4th Board of Directors

    Page B74 and B75 of Shanghai

    Securities News, page A11, A12

    and A13 of Hong Kong

    Commercial Daily

    March 26, 2010

    Announcement on Resolution of 11th Meeting of

    4th Supervisory Committee Same as above March 26, 2010

    Abstract of 2009 annual report Same as above March 26, 2010

    The Company's 2010 1st quarterly report

    Page B73 of Shanghai Securities

    News, page A22 of Hong Kong

    Commercial Daily

    April 21, 2010

    Resolution Announcement of 21th meeting of 4th

    Board of Directors and Notice on Convening of

    2009 annual shareholders' meeting

    Page B16 of Shanghai Securities

    Newsb, page A11 of Hong Kong

    Commercial Daily

    May 12, 2010

    Announcement on providing guaratee for its

    wholly owned subsidiary Same as above May 12, 2010

    Announcement on resolutions of 2010 1st

    provisional meeting of 4th Board of Directors and

    notice on convening of the Company's 1st

    provisional shareholders' meeting of 2010

    Page 24 of Shanghai Securities

    Newsb, page A8 of Hong Kong

    Commercial Daily

    May 29, 2010

    Announcement on Resolutions of 2010 1st

    Provisional Meeting of 4th Supervisory

    Committee

    Same as above May 29, 2010

    Announcement on Resolutions of 2009 Annual

    Shareholders' Meeting

    Page B17 of Shanghai Securities

    News, page A20 of Hong Kong

    Commercial Daily

    June 4, 2010黄山旅游发展股份有限公司 2010 年半年度报告

    14

    Announcement on Resolutions of 2010 1st

    Provisional Shareholders' Meeting

    Page 24 of Shanghai Securities

    News, page A4 of Hong Kong

    Commercial Daily

    June 19, 2010

    7. Financial Report

    I. Financial statements

    Consolidated Balance Sheet

    June 30, 2010

    Prepared by: Huangshan Tourism Development Co., Ltd.

    Unit: RMB

    Item Note Closing balance Beginning balance

    Current assets:

    Monetary fund 390,117,280.09 191,397,399.19

    Settlement reserves

    Loans to banks and other financial

    institutions

    Transactional financial assets

    Notes receivable

    Accounts receivable 57,582,924.16 47,564,493.90

    Advance payment 1,657,790.34 7,785,761.12

    Premium receivable

    Reinsurance accounts receivable

    Contract reserve of reinsurance

    receivable

    Interest receivable 193,928.47

    Dividend receivable

    Other receivables 102,554,928.49 99,505,083.27

    Financial assets purchased under

    agreement to resell

    Inventories 504,305,009.88 418,667,674.94

    Non-current assets due in one year

    Other current assets 4,444,979.10 2,145,552.46

    Subtotal of current assets 1,060,662,912.06 767,259,893.35

    Non-current assets:

    Disbursement of entrusted loans and

    advances

    Salable financial assets

    Held-to-maturity investments

    Long-term receivables

    Long-term equity investment 66,565,671.65 66,443,857.67

    Investment real estate

    Fixed assets 900,070,365.52 925,585,795.68

    Construction in progress 78,593,190.91 52,186,976.66

    Engineering material

    Disposal of fixed assets 19,052.23

    Productive biological assets黄山旅游发展股份有限公司 2010 年半年度报告

    15

    Oil gas assets

    Intangible assets 18,292,892.55 18,392,372.37

    Development expenditure

    Goodwill

    Long-term prepaid expenses 54,553,212.36 25,134,698.39

    Deferred income tax assets 22,947,366.27 22,947,366.27

    Other non-current assets 2,530,000.00 2,480,000.00

    Subtotal of non-current assets 1,143,571,751.49 1,113,171,067.04

    Total of assets 2,204,234,663.55 1,880,430,960.39

    Current liabilities:

    Short-term loan 243,329,534.83 167,829,534.83

    Loan from central bank

    Customer bank deposits and due to

    banks and other financial institutions

    Placements from banks and other

    financial institutions

    Transactional financial liabilities

    Notes payable

    Accounts payable 28,017,569.29 43,034,290.82

    Advance receipts 149,464,436.82 49,178,181.49

    Financial assets sold under

    agreements to repurchase

    Handling charges and commission

    payable

    Staff salary payable 15,025,775.29 24,388,142.25

    Tax payable 46,350,749.46 83,516,080.75

    Interest payable 325,620.48

    Dividend payable 4,745,200.40 2,224,935.04

    Other payables 254,719,364.59 190,269,551.22

    Reinsurance accounts payable

    Insurance contract reserves

    Customer brokerage deposits

    Securities underwriting brokerage

    deposits

    Non-current liabilities due in one year 3,000,000.00

    Other current liabilities 2,453,747.31 725,940.35

    Subtotal of current liabilities 744,106,377.99 564,492,277.23

    Non-current liabilities:

    Long-term loan 51,624,580.00 2,624,580.00

    Bonds payable

    Long-term payables 45,743,845.05 45,743,845.05

    Special payables

    Estimated liabilities

    Liabilities for deferred income tax 5,398,565.02 5,398,565.02

    Other non-current liabilities

    Subtotal of non-current liabilities 102,766,990.07 53,766,990.07

    Subtotal of liabilities 846,873,368.06 618,259,267.30黄山旅游发展股份有限公司 2010 年半年度报告

    16

    Owner's equity (or shareholders'

    equity):

    Paid-in capital (or share capital) 471,350,000.00 471,350,000.00

    Capital reserves 164,978,551.40 164,978,551.40

    Less: Treasury stock

    Special reserve

    Surplus reserves 163,500,430.31 163,500,430.31

    Provision for normal risk

    Undistributed profit 543,045,202.04 446,278,809.50

    Converted difference in foreign

    currency statements

    Owner's equity attributed to parent

    company 1,342,874,183.75 1,246,107,791.21

    Minority interest 14,487,111.74 16,063,901.88

    Total of owner's equity 1,357,361,295.49 1,262,171,693.09

    Total of liabilities and owner's equity 2,204,234,663.55 1,880,430,960.39

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei

    Balance Sheet of Parent Company

    June 30, 2010

    Prepared by: Huangshan Tourism Development Co., Ltd.

    Unit: RMB

    Item Note Closing balance Beginning balance

    Current assets:

    Monetary fund 316,203,886.52 134,208,907.34

    Transactional financial assets

    Notes receivable

    Accounts receivable 28,189,919.35 20,770,309.60

    Advance payment 409,346.76 1,066,621.95

    Interest receivable 193,928.47

    Dividend receivable

    Other receivables 447,517,269.24 515,949,072.36

    Inventories 9,965,970.01 8,862,093.11

    Non-current assets due in one year

    Other current assets 514,688.85

    Subtotal of current assets 802,801,080.73 681,050,932.83

    Non-current assets:

    Salable financial assets

    Held-to-maturity investments

    Long-term receivables

    Long-term equity investment 243,576,105.96 243,454,291.98

    Investment real estate

    Fixed assets 712,791,407.12 737,094,463.65

    Construction in progress 67,257,005.12 21,249,255.38

    Engineering material

    Disposal of fixed assets 21,752.23

    Productive biological assets黄山旅游发展股份有限公司 2010 年半年度报告

    17

    Oil gas assets

    Intangible assets 20,791,569.65 20,263,152.39

    Development expenditure

    Goodwill

    Long-term prepaid expenses 22,023,550.32 16,616,187.61

    Deferred income tax assets 21,306,558.75 21,306,558.75

    Other non-current assets 100,000.00 100,000.00

    Subtotal of non-current assets 1,087,867,949.15 1,060,083,909.76

    Total of assets 1,890,669,029.88 1,741,134,842.59

    Current liabilities:

    Short-term loan 241,829,534.83 149,829,534.83

    Transactional financial liabilities

    Notes payable

    Accounts payable 10,880,930.94 9,721,763.30

    Advance receipts 3,174,489.03 2,905,498.53

    Staff salary payable 14,433,500.72 21,961,294.66

    Tax payable 36,229,076.75 52,632,493.47

    Interest payable 325,620.48

    Dividend payable

    Other payables 197,490,674.07 221,849,707.70

    Non-current liabilities due in one year

    Other current liabilities 1,982,032.58 725,940.35

    Subtotal of current liabilities 506,020,238.92 459,951,853.32

    Non-current liabilities:

    Long-term loan 2,624,580.00 2,624,580.00

    Bonds payable

    Long-term payables

    Special payables

    Estimated liabilities

    Liabilities for deferred income tax

    Other non-current liabilities

    Subtotal of non-current liabilities 2,624,580.00 2,624,580.00

    Subtotal of liabilities 508,644,818.92 462,576,433.32

    Owner's equity (or shareholders' equity):

    Paid-in capital (or share capital) 471,350,000.00 471,350,000.00

    Capital reserves 145,238,687.55 145,238,687.55

    Less: Treasury stock

    Special reserve

    Surplus reserves 161,467,295.50 161,467,295.50

    Provision for normal risk

    Undistributed profit 603,968,227.91 500,502,426.22

    Subtotal of owner's equity (or shareholders'

    equity) 1,382,024,210.96 1,278,558,409.27

    Total of liabilities and owner's equity (or

    shareholders' equity) 1,890,669,029.88 1,741,134,842.59

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei黄山旅游发展股份有限公司 2010 年半年度报告

    18

    Consolidated Income Statement

    January to June, 2010

    Unit: RMB

    Item Note Amount of

    current period

    Amount of

    previous period

    1. Gross operating income 571,861,253.00 465,054,579.63

    Incl.: Operating income 571,861,253.00 465,054,579.63

    Interest income

    Earned premium

    Income from handling charges and commissions

    2. Gross operating cost 454,761,088.51 353,085,590.91

    Incl.: Operating cost 358,334,103.63 273,440,232.85

    Interest expense

    Expenditure for handling charges and

    commissions

    Surrenders

    Net payment of claims

    Net reserve of insurance contract appropriated

    Policy dividend expenditure

    Reinsurance premium

    Business tax and extra 21,369,506.77 18,535,059.70

    Selling expenses 1,786,967.820

    Management expenses 71,902,134.34 58,104,036.14

    Financial expenses 1,368,375.95 3,006,262.22

    Loss from depreciation of assets

    Plus: Income from change of fair value (for loss filled

    in "－")

    Investment income (for loss filled in "－") 20,121,813.98 1,008,065.98

    Incl.: Investment income from affiliated enterprises

    and joint ventures

    Foreign exchange gains (for loss filled in "-")

    3. Operating profit (for loss filled in "－") 137,221,978.47 112,977,054.70

    Plus: Non-operating income 258,499.98 136,043.50

    Less: Non-operating expenses 1,818,794.61 70,110.28

    Incl.: Loss from disposal of non-current assets

    4. Gross profit (for gross loss filled in "－") 135,661,683.84 113,042,987.92

    Less: Income tax expenses 34,692,372.82 30,890,359.18

    5. Net profit (for net loss filled in "－") 100,969,311.02 82,152,628.74

    Net profit attributed to parent company's owners 96,766,392.54 76,984,282.40

    Minority's profit and loss 4,202,918.48 5,168,346.34

    6. Earnings per share:

    1) Basic earnings per share 0.2053 0.1633

    2) Diluted earnings per share 0.2053 0.1633

    7. Other composite income

    8. Total amount of composite income

    Total composite income attributed to owners of parent

    company

    Total composite income attributed to minority黄山旅游发展股份有限公司 2010 年半年度报告

    19

    shareholders

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei

    Income Statement of Parent Company

    January to June, 2010

    Unit: RMB

    Item Note Amount of

    current period

    Amount of

    previous period

    1. Operating income 370,540,349.83 316,247,651.44

    Less: Operating cost 214,374,380.80 181,861,506.57

    Business tax and extra 15,344,273.23 12,972,991.67

    Selling expenses

    Management expenses 50,598,096.98 40,803,865.81

    Financial expenses 5,124,655.84 2,033,380.76

    Loss from depreciation of assets

    Plus: Income from change of fair value (for loss filled

    in "－")

    Investment income (for loss filled in "－") 43,240,648.48 22,692,512.87

    Incl.: Investment income from affiliated enterprises

    and joint ventures

    2. Operating profit（for loss filled in "－") 128,339,591.46 101,268,419.50

    Plus: Non-operating income 24,219.77 77,017.22

    Less: Non-operating expenses 1,110,727.36 52,452.65

    Incl.: Loss from disposal of non-current assets

    3. Gross profit (for total loss filled in "－") 127,253,083.87 101,292,984.07

    Less: Income tax expenses 23,787,282.18 19,643,976.66

    4. Net profit (for net loss filled in "－") 103,465,801.69 81,649,007.41

    5. Earnings per share:

    1) Basic earnings per share

    2) Diluted earnings per share

    6. Other composite income

    7. Total amount of composite income

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei

    Consolidated Cash Flow Statement

    January to June, 2010

    Unit: RMB

    Item Note Amount of

    current period

    Amount of

    previous period

    1. Cash flow from operating activities:

    Cash received from sale of goods and rendering of service 637,656,683.49 494,496,604.01

    Net increase in customer bank deposits and due to banks and

    other financial institutions

    Net increase of loan from central bank

    Net increase in placements from other financial institutions

    Cash received from premium of original insurance contract

    Net cash received from reinsurance business

    Net increase in deposits from policyholders黄山旅游发展股份有限公司 2010 年半年度报告

    20

    Net increase in disposal of transactional financial assets

    Cash from receipt of interest, handling charge and commission

    Net increase in placements from banks and other financial

    institutions

    Net increase in repurchase business capital

    Tax rebates received

    Other cash related to operating activities received 3,792,532.07 7,476,182.81

    Subtotal of cash inflow from operating activities 641,449,215.56 501,972,786.82

    Cash paid for purchase of goods and acceptance of service 228,035,821.65 210,744,525.38

    Net increase of customer loan and advances

    Net increase in deposits with central bank and other financial

    institutions

    Original insurance contract claims paid

    Interest, handling charges and commissions paid

    Policyholder dividend paid

    Cash paid to and for employees 78,435,726.73 69,774,657.13

    Cash paid for taxes and surcharges 102,086,915.05 113,406,357.26

    Cash paid for other operating activities 93,936,060.65 118,858,434.95

    Subtotal of cash outflow from operating activities 502,494,524.08 512,783,974.72

    Net cash flow from operating activities 138,954,691.48 -10,811,187.90

    2. Cash flow from investment activities:

    Cash received from disinvestment

    Cash received from investment income 21,921,500.00 1,600,000.00

    Net cash received from disposal of fixed assets, intangible

    assets and other long-term assets 378,862.10 44,573.60

    Net cash received from disposal of subsidiaries and other

    business units

    Other cash received related to investment activities 1,537,904.91 4,898,120.75

    Subtotal of cash inflow from investment activities 23,838,267.01 6,542,694.35

    Cash paid for purchase of fixed assets, intangible assets and

    other long-term assets 76,908,275.20 86,941,132.87

    Cash paid for investment

    Net increase of pledge loan

    Net cash paid for acquisition of subsidiaries and other business

    units

    Other cash paid related to investment activities 40,346.40 3,216,679.70

    Subtotal of cash outflow from investment activities 76,948,621.60 90,157,812.57

    Net cash flow from investment activities -53,110,354.59 -83,615,118.22

    3. Cash flow from financing activities:

    Cash received from capital contributions 1,500,000

    Incl.: Cash received by subsidiaries from capital contributions

    of minority shareholders

    Cash received from loan 206,500,000.00 108,000,000.00

    Cash received from issuing bonds

    Other cash received related to financing activities

    Subtotal of cash inflow from financing activities 206,500,000.00 109,500,000.00

    Cash paid for debt settlement 85,000,000.00 68,000,000.00黄山旅游发展股份有限公司 2010 年半年度报告

    21

    Cash paid for distribution of dividend or profit or for payment

    of interest 8,624,455.99 4,143,727.16

    Incl.: Dividend and profit paid by subsidiaries to minority

    shareholders

    Other cash paid related to financing activities

    Subtotal of cash outflow from financing activities 93,624,455.99 72,143,727.16

    Net cash flow from financing activities 112,875,544.01 37,356,272.84

    4. Impact of change in exchange rate on cash and cash

    equivalents

    5. Net increase in cash and cash equivalents 198,719,880.90 -57,070,033.28

    Plus: Beginning balance of cash and cash equivalents 191,397,399.19 286,496,539.26

    6. Closing balance of cash and cash equivalents 390,117,280.09 229,426,505.98

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei

    Cash Flow Statement of Parent Company

    January to June, 2010

    Unit: RMB

    Item Note Amount of

    current period

    Amount of

    previous period

    1. Cash flow from operating activities:

    Cash received from sale of goods and rendering of service 403,429,936.61 336,233,495.00

    Tax rebates received

    Other cash related to operating activities received 6,018,138.31 44,167,178.65

    Subtotal of cash inflow from operating activities 409,448,074.92 380,400,673.65

    Cash paid for purchase of goods and acceptance of service 62,805,340.89 97,877,308.92

    Cash paid to or for employees 55,762,970.98 50,334,118.39

    Cash paid for taxes and surcharges 62,836,399.64 73,580,356.37

    Other cash paid related to operating activities 100,361,813.49 125,434,186.53

    Subtotal of cash outflow from operating activities 281,766,525.00 347,225,970.21

    Net cash flow from operating activities 127,681,549.92 33,174,703.44

    2. Cash flow from investment activities:

    Cash received from disinvestment

    Cash received from investment income 21,921,500.00 6,542,235.56

    Net cash received from disposal of fixed assets, intangible

    assets and other long-term assets 36,600.00 44,000.00

    Net cash received from disposal of subsidiaries and other

    business units

    Other cash related to investment activities received 1,423,395.30 2,280,913.04

    Subtotal of cash inflow from investment activities 23,381,495.30 8,867,148.60

    Cash paid for purchase of fixed assets, intangible assets and

    other long-term assets 56,412,959.29 79,208,736.79

    Cash paid for investment 43,500,000.00

    Net cash paid for acquisition of subsidiaries and other business

    units

    Other cash paid related to investment activities 650.00 3,130,099.70

    Subtotal of cash outflow from investment activities 56,413,609.29 125,838,836.49

    Net cash flow from investment activities -33,032,113.99 -116,971,687.89

    3. Cash flow from financing activities:黄山旅游发展股份有限公司 2010 年半年度报告

    22

    Cash received from capital contributions

    Cash received from loan 156,000,000.00 90,000,000.00

    Other cash received related to financing activities

    Subtotal of cash inflow from financing activities 156,000,000.00 90,000,000.00

    Cash paid for debt settlement 64,000,000.00 50,000,000.00

    Cash paid for distribution of dividend or profit or for payment

    of interest 4,654,456.75 1,653,578.75

    Other cash paid related to financing activities

    Subtotal of cash outflow from financing activities 68,654,456.75 51,653,578.75

    Net cash flow from financing activities 87,345,543.25 38,346,421.25

    4. Impact of change in exchange rate on cash and cash

    equivalents

    5. Net increase in cash and cash equivalents 181,994,979.18 -45,450,563.20

    Plus: Beginning balance of cash and cash equivalents 134,208,907.34 228,628,756.12

    6. Closing balance of cash and cash equivalents 316,203,886.52 183,178,192.92

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.:

    He Yifei黄山旅游发展股份有限公司 2010 年半年度报告

    23

    Consolidated Statement of Changes in Owners' Equity

    January to June, 2010

    Unit: RMB

    Amount of current period

    Owner's equity attributed to parent company

    Item Paid-in capital

    (or share

    capital)

    Capital

    reserves

    Less:

    Treasury

    stock

    Special

    reserve

    Surplus

    reserves

    Provision

    for normal

    risk

    Undistributed

    profit Other

    Minority

    interest

    Total of owner's

    equity

    1. Balance at end of last year 471,350,000.00 164,978,551.40 163,500,430.31 446,278,809.50 16,063,901.88 1,262,171,693.09

    Plus: Change in accounting

    policy

    Correction of errors in

    previous period

    Other

    2. Balance at beginning of the

    year 471,350,000.00 164,978,551.40 163,500,430.31 446,278,809.50 16,063,901.88 1,262,171,693.09

    3. Increase or decrease of

    current period (for decrease

    filled in "－")

    96,766,392.54 -1,576,790.14 95,189,602.40

    1) Net profit 96,766,392.54 4,202,918.48 100,969,311.02

    2) Other composite income

    Subtotal of above 1) and 2) 96,766,392.54 4,202,918.48 100,969,311.02

    3) Capital contributed or

    reduced by the owner

    (1) Capital contributed by the

    owner

    (2) Payment for shares

    attributed into owner's

    equity

    (3) Other

    4) Profit distribution -5,779,708.62 -5,779,708.62

    (1) Appropriated surplus

    reserves

    (2) Appropriated provision for

    normal risk

    (3) Distribution to owners (or -5,779,708.62 -5,779,708.62黄山旅游发展股份有限公司 2010 年半年度报告

    24

    shareholders)

    (4) Other

    5) Internal transfer of owner's

    equity

    (1) Capital reserves transferred

    into capital (or share

    capital)

    (2) Surplus reserves transferred

    into capital (or share

    capital)

    (3) Surplus reserves covering

    loss

    (4) Other

    6) Special reserve

    (1) Appropriated in current

    period

    (2) Used in current period

    4. Closing balance of current

    period 471,350,000.00 164,978,551.40 163,500,430.31 543,045,202.04 14,487,111.74 1,357,361,295.4

    9

    Unit: RMB

    Amount at same period of last year

    Owner's equity attributed to parent company

    Item Paid-in capital

    (or share

    capital)

    Capital

    reserves

    Less:

    Treasury

    stock

    Special

    reserve

    Surplus

    reserves

    Provision

    for

    normal

    risk

    Undistributed

    profit Other

    Minority

    interest

    Total of owner's

    equity

    1. Balance at end of last year 471,350,000.00 170,922,958.59 144,749,881.67 352,326,600.51 16,235,699.67 1,155,585,140.44

    Plus: Change in

    accounting policy

    Correction of errors

    in previous period

    Other

    2. Balance at beginning of

    the year 471,350,000.00 170,922,958.59 144,749,881.67 352,326,600.51 16,235,699.67 1,155,585,140.44

    3. Increase or decrease of 29,849,282.40 1,247,234.62 31,096,517.02黄山旅游发展股份有限公司 2010 年半年度报告

    25

    current period (for

    decrease filled in "－")

    1) Net profit 76,984,282.40 5,168,346.34 82,152,628.74

    2) Other composite income

    Subtotal of above 1) and 2) 76,984,282.40 5,168,346.34 82,152,628.74

    3) Capital contributed or

    reduced by the owner 1,500,000.00 1,500,000.00

    (1) Capital contributed by the

    owner 1,500,000.00 1,500,000.00

    (2) Payment for shares

    attributed into owner's

    equity

    (3) Other

    4) Profit distribution -47,135,000 -5,421,111.72 -52,556,111.72

    (1) Appropriated surplus

    reserves

    (2) Appropriated provision

    for normal risk

    (3) Distribution to owners (or

    shareholders) -47,135,000 -5,421,111.72 -52,556,111.72

    (4) Other

    5) Internal transfer of

    owner's equity

    (1) Capital reserves

    transferred into capital

    (or share capital)

    (2) Surplus reserves

    transferred into capital

    (or share capital)

    (3) Surplus reserves covering

    loss

    (4) Other

    6) Special reserve

    (1) Appropriated in current

    period

    (2) Used in current period

    4. Closing balance of current 471,350,000.00 170,922,958.59 144,749,881.67 382,175,882.91 17,482,934.29 1,186,681,657.46黄山旅游发展股份有限公司 2010 年半年度报告

    26

    period

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.: He Yifei

    Statement of Changes in Owners' Equity of Parent Company

    January to June, 2010

    Unit: RMB

    Amount of current period

    Item Paid-in capital

    (or share

    capital)

    Capital

    reserves

    Less:

    Treasury

    stock

    Special

    reserve

    Surplus

    reserves

    Provision

    for

    normal

    risk

    Undistributed

    profit

    Total of owner's

    equity

    1. Balance at end of last year 471,350,000.00 145,238,687.55 161,467,295.50 500,502,426.22 1,278,558,409.27

    Plus: Change in accounting policy

    Correction of errors in previous

    period

    Other

    2. Balance at beginning of the year 471,350,000.00 145,238,687.55 161,467,295.50 500,502,426.22 1,278,558,409.27

    3. Increase or decrease of current period

    (for decrease filled in "－") 103,465,801.69 103,465,801.69

    1) Net profit 103,465,801.69 103,465,801.69

    2) Other composite income

    Subtotal of above 1) and 2) 103,465,801.69 103,465,801.69

    3) Capital contributed or reduced by the

    owner

    (1) Capital contributed by the owner

    (2) Payment for shares attributed into

    owner's equity

    (3) Other

    4) Profit distribution

    (1) Appropriated surplus reserves

    (2) Appropriated provision for normal risk

    (3) Distribution to owners (or

    shareholders)

    (4) Other黄山旅游发展股份有限公司 2010 年半年度报告

    27

    5) Internal transfer of owner's equity

    (1) Capital reserves transferred into capital

    (or share capital)

    (2) Surplus reserves transferred into capital

    (or share capital)

    (3) Surplus reserves covering loss

    (4) Other

    6) Special reserve

    (1) Appropriated in current period

    (2) Used in current period

    4. Closing balance of current period 471,350,000.00 145,238,687.55 161,467,295.50 603,968,227.91 1,382,024,210.96

    Unit: RMB

    Amount at same period of last year

    Item Paid-in capital

    (or share

    capital)

    Capital

    reserves

    Less:

    Treasury

    stock

    Special

    reserve

    Surplus

    reserves

    Provision

    for

    normal

    risk

    Undistributed

    profit

    Total of owner's

    equity

    1. Balance at end of last year 471,350,000.00 145,238,687.55 142,716,746.86 378,882,488.45 1,138,187,922.86

    Plus: Change in accounting policy

    Correction of errors in previous

    period

    Other

    2. Balance at beginning of the year 471,350,000.00 145,238,687.55 142,716,746.86 378,882,488.45 1,138,187,922.86

    3. Increase or decrease of current period

    (for decrease filled in "－") 34,514,007.41 34,514,007.41

    1) Net profit 81,649,007.41 81,649,007.41

    2) Other composite income

    Subtotal of above 1) and 2) 81,649,007.41 81,649,007.41

    3) Capital contributed or reduced by the

    owner

    (1) Capital contributed by the owner

    (2) Payment for shares attributed into

    owner's equity

    (3) Other黄山旅游发展股份有限公司 2010 年半年度报告

    28

    4) Profit distribution -47,135,000.00 -47,135,000.00

    (1) Appropriated surplus reserves

    (2) Appropriated provision for normal risk

    (3) Distribution to owners (or

    shareholders) -47,135,000.00 -47,135,000.00

    (4) Other

    5) Internal transfer of owner's equity

    (1) Capital reserves transferred into capital

    (or share capital)

    (2) Surplus reserves transferred into capital

    (or share capital)

    (3) Surplus reserves covering loss

    (4) Other

    6) Special reserve

    (1) Appropriated in current period

    (2) Used in current period

    4. Closing balance of current period 471,350,000.00 145,238,687.55 142,716,746.86 413,396,495.86 1,172,701,930.27

    Legal representative: Xu Jiwei Principal in charge of accounting: Huang Huimin Chief of accounting dept.: He Yifei黄山旅游发展股份有限公司 2010 年半年度报告

    29

    II. Notes to Financial Statements (currency unit: RMB, except specially indicated)

    1. Company profile

    With an initial of 113,000,000 state-owned legal person shares, Huangshan Tourism

    Development Co., Ltd.（hereinafter referred to as "the Company"） was established solely by

    Huangshan Tourism Group Co., Ltd. (hereinafter referred to as "Huangshan Tourism Group Co.,

    Ltd.") with its own net assets in Huangshan, Anhui of China on November 18, 1996. On

    October 30, 1996 the Company was approved to issue 80,000,000 domestic listed foreign

    capital shares (B share) on November 18, 1996. On April 17, 1997 it was approved to issue

    40,000,000 domestic listed Renminbi ordinary shares (A share). According to the resolution of

    the shareholders' meeting held on October 15, 1999, the Company transferred its capital

    reserves into 69,900,000 shares by increasing 3 shares for every 10 shares held (with

    233,000,000 shares as the basis). According to the resolution of the shareholders' meeting held

    on October 13, 2006, the Company transferred its capital reserves into 151,450,000 shares by

    increasing 5 shares for every 10 shares held (with 302,900,000 shares as the basis). On July 13,

    2007 China Securities Regulatory Committee approved this private issuance of 17,000,000

    shares by the Company in the Notice on Approving the Private Issuance of Shares of Huangshan

    Tourism Development Co., Ltd. (ZJFXZ【2007】 No. 178). Thus, the Company's registered

    capital has been changed into RMB 471,350,000.00 and the share capital has increased into

    471,350,000 shares.

    Both A share and B share of the Company are listed in Shanghai Securities Exchange with a

    brief stock name of Huangshan Tourism and a stock code of 600054 for A share and 900942 for

    B share.

    The Company's business scope: Tourist reception and service, development and sales of tourist

    commodities, tourist transportation, food service (only operated by its subsidiaries), exploitation

    on tourism resource, organizing of trade activities related to tourism, and information

    consultation, development and operation of real estate and leasehold of real estate.

    The approver for presenting the Company's interim financial report is the Board of Directors,

    and the date is August 18, 2010.

    2. Declaration on observing of enterprise accounting standard

    The financial statements for first half year of 2010 prepared by the Company meets the

    requirements of the Enterprise Accounting Standard, and has truly and completely reflected the

    Company's relevant information such as its financial status as of June 30, 2010 and the

    operating results and cash flow in the first half year of 2010.

    3. Basis for preparing financial statements黄山旅游发展股份有限公司 2010 年半年度报告

    30

    The Company conducts confirmation and measurement and prepares financial statements based

    on the continuity assumption, actual transactions and events and the provisions explained in

    Enterprise Accounting Standard, application guidance and codes.

    4. Significant accounting policies and accounting estimates

    The Company's following main accounting policies and accounting estimates were formulated

    based on the Enterprise Accounting Standard. Unmentioned accountancy services should be

    implemented in accordance with relevant accounting policies in the Enterprise Accounting

    Standard.

    1) Accounting period

    The Company adopts Gregorian calendar system, i.e., from January 1 to December 31 as an

    accounting year.

    2) Recording currency

    The Company uses Renminbi as recording currency.

    3) Accounting process for consolidation under same control and different control

    (1) Consolidation under same control

    ③ For accounting process for controlling consolidation under same control, please see Note 4/10)

    ④ Accounting process for absorbing consolidation under same control

    The assets and liabilities acquired in an absorbing consolidation under same control shall be

    entered in account according to the original account value of the consolidated party for such

    related assets and liabilities.

    C. For such consolidation conducted through issuing of equity securities, the Company shall,

    at the consolidation date, confirm the assets and liabilities of the consolidated party

    acquired in consolidation with the original account value of the consolidated party, then

    enter the difference between the confirmed account value of net assets and the total face

    value of issued shares into capital reserves (share premium); if the balance of capital

    reserves (share premium) is insufficient for offsetting, it shall offset the surplus reserves

    and undistributed profit correspondingly.

    D. For such consolidation conducted through paying cash and non-cash assets, the Company

    shall use the difference between the confirmed account value of net assets and the account

    value of paid cash and non-cash assets to adjust the capital reserves (share premium)

    correspondingly; if the balance of capital reserves (share premium) is insufficient for

    offsetting, it shall offset the surplus reserves and undistributed profit correspondingly.

    (2) Consolidation under different control

    ④ For accounting process for controlling consolidation under different control, please see Note黄山旅游发展股份有限公司 2010 年半年度报告

    31

    4/10)

    ⑤ Accounting process for absorbing consolidation under different control

    For absorbing consolidation under different control, the Company shall, at the consolidation

    date, confirm the recognizable assets and liabilities meeting confirmation conditions and

    acquired in consolidation date as the Company's assets and liabilities according to their fair

    value; for the non-monetary assets as the consideration in consolidation, the difference

    between their fair value and account value shall be attributed into consolidated income

    statement as profit and loss from disposal of assets; and the difference between the

    consolidation cost and the fair value of acquired net assets recognized by the purchaser, shall

    be confirmed as goodwill if the difference is debit balance, or shall be attributed to

    consolidated profit and loss of current period if the difference is credit balance.

    ⑥ Depreciation test for goodwill

    For the goodwill obtained in consolidation, the Company shall make depreciation test at end of

    each year, and the test shall be made in combination with relevant assets group(s); comparing

    the account value (including the account value of shared goodwill) and reclaimable amount of

    relevant assets group(s), if the reclaimable amount of the relevant assets group(s) is lower than

    the account value, the it shall confirm the loss from depreciation of goodwill.

    4) How to prepare consolidated financial statements

    All the subsidiaries which can be controlled by the Company and the entities with special

    purpose (hereinafter referred to as "consolidated companies") should be included into the

    consolidation range. The consolidated companies, if with adopted accounting period and

    accounting policies inconsistent with the parent company, have already adjusted their financial

    statements according to the accounting period and accounting policies of parent company.

    Based on the financial statements of parent company and the adjusted financial statements of

    the consolidated companies, the parent company should adjust long-term equity investment of

    the consolidated companies with equity method to prepare the financial statements. The mutual

    internal transactions and fund flow among the parent company and the consolidated companies

    can be offset in consolidation.

    5) Standard for confirmation of cash and cash equivalents

    Cash means the cash on hand in an enterprise and the deposit which can be used for payment at

    any time. Cash equivalents mean the investments with short term (generally due in 3 months

    from the purchasing date), high liquidity, low risk of value fluctuation and easy to be converted

    to cash with known amount.

    6) Foreign currency operations and conversion of foreign currency statements黄山旅游发展股份有限公司 2010 年半年度报告

    32

    For initial confirmation of a transaction with foreign currency, the Company adopts the spot

    exchange rate at the date of transaction to convert the foreign currency into the recording

    currency.

    At the date of balance sheet, the Company shall dispose monetary items of foreign currency

    and non-monetary items of foreign currency in accordance with following provisions:

    (1) For monetary items of foreign currency, the spot exchange rate at the date of balance sheet

    shall be used in conversion. The exchange balance due to the difference between the spot

    exchange rate at the date of balance sheet and the spot exchange rate at initial confirmation or

    at the date of previous balance sheet, shall be attributed to the profit and loss of current period.

    (2) For the non-monetary items of foreign currency measured with historical cost, still the spot

    exchange rate at the date of transaction shall be used, and the amount of recording currency

    shall not be changed.

    7) Financial instruments

    (1) Financial assets are divided into following four types:

    ⑤ Financial assets measured in fair value and having its change attributed into profit and loss of

    current period

    This mainly refers to shares, bonds, funds and derivative instruments not used as effective

    hedge instrument, held by the Company for sale in the near future. It includes the transactional

    financial assets and the financial assets directly appointed to be measured in fair value and with

    its change attributed into profit and loss of current period. Such assets shall make the fair value

    obtained in initial measurement as the initial confirmation amount, and related transaction cost

    shall be attributed to the profit and loss of current period while occurring. If the payment

    contains the cash dividend declared but not distributed yet or the bond interest with interest

    payment period expired but not drawn yet, these shall be separately confirmed as receivables.

    The interest or cash dividend obtained during the holding period shall be confirmed as

    investment income. At the date of balance sheet, the Company shall measure such financial

    assets in fair value and make their change attributed into profit and loss of current period. In

    disposal of such financial assets, the difference between its fair value and initial book amount

    shall be confirmed as investment income, and meanwhile the profit and loss due to change of

    fair value shall be adjusted.

    ⑥ Held-to-maturity investments

    This mainly refers to the national bond with fixed interest rate and company's bond with

    floating interest rate, having fixed maturity date and fixed or ascertainable reclaimable amount

    and held by the Company with clear intention and ability to maturity date. For such financial黄山旅游发展股份有限公司 2010 年半年度报告

    33

    assets, the sum of the fair value obtained and the related transaction cost shall be made as the

    initial confirmation amount. The bond interest matured but not drawn yet, included in the

    payment, shall be separately confirmed as receivable. For held-to-maturity investments during

    holding period, the interest income shall be calculated according to the amortized cost and real

    interest rate, and attributed to investment income. In disposal of held-to-maturity investments,

    the difference between the obtained price and the book value of the investment shall be

    attributed into investment income.

    ⑦ Loan and receivables

    Receivables include accounts receivable and other receivables. Accounts receivable refers to

    the receivables due to sale of goods or rendering of service by the Company. For accounts

    receivable, the contractual or agreed price to be received from the purchase party shall be made

    as initial confirmation amount.

    ⑧ Salable financial assets

    It mainly refers to the financial assets, held-to-maturity investments, loan and financial assets

    in receivables which have not been measured in fair value by the Company and whose change

    shall be attributed into profit and loss of current period. For salable financial assets, the sum of

    the fair value in obtaining of the financial assets and the related transaction cost shall be made

    as initial confirmation amount. The bond interest with interest payment period expired but not

    drawn yet or the cash dividend declared but not distributed, which are contained in the

    payment, shall be separately confirmed as receivables. The interest or cash dividend obtained

    during the period for holding of the salable financial asset shall be attributed into investment

    income. At the date of balance sheet, the salable financial asset shall be measured in fair value

    and the change of fair value shall be attributed into capital reserves. In disposing of salable

    financial asset, the difference between the price obtained and the book value of the financial

    assets shall be attributed into investment income, and meanwhile the amount related to the

    disposed portion in the total change in fair value originally directly attributed into owner's

    equity, shall be attributed into investment income.

    (2) Financial liabilities shall be divided into following two types in initial confirmation:

    ③ The financial liabilities measured in fair value and having its change attributed into profit and

    loss of current period, shall includes the transactional financial liabilities and the financial

    liabilities designate as measured in fair value and having its change attributed into profit and

    loss of current period; such financial liabilities shall be measured in fair value in initial

    confirmation, the related transaction cost shall be directly attributed into profit and loss of

    current period, and the change of fair value shall be attributed into profit and loss of current黄山旅游发展股份有限公司 2010 年半年度报告

    34

    period at the date of balance sheet.

    ④ Other financial liabilities refers to such financial liabilities other than that measured in fair

    value and having their change attributed into profit and loss of current period.

    (3) Confirmation method for fair value of main financial assets and financial liabilities:

    ③ For financial assets or financial liabilities having active market, the fair value shall be

    confirmed according to the offer in active market.

    ④ For financial instruments having no active market, the Company shall adopt assessment

    technique to confirm the fair value.

    (4) Transfer of financial assets

    ③ While having transferred nearly all risks and rewards in the ownership of financial assets to the

    transfer-in party, the Company shall terminate the confirmation for this financial assets.

    While the whole transfer of the financial assets meets the condition for terminating of

    confirmation, the Company shall attribute the difference between following two items into

    profit and loss of current period:

    C. The book value of transferred financial assets.

    D. The sum of the consideration received for transfer and the aggregated amount of change

    in fair value originally directly attributed into owner's equity.

    If partial transfer of the financial assets meets the condition for terminating of confirmation,

    the total book value of the transferred financial assets shall be divided into the part with its

    confirmation terminated and the part with its confirmation not terminated respectively as per

    the corresponding fair value, and the difference between following two amounts shall be

    attributed to the profit and loss of current period:

    C. The book value of the part with its confirmation terminated.

    D. The sum of the consideration for the part with its confirmation terminated and the amount

    related to the part with its confirmation terminated in the aggregated amount of change in

    fair value originally directly attributed into owner's equity.

    ④ If the transfer of the financial assets does not meet the condition for terminating of

    confirmation, the Company shall continue to confirm such financial assets, and confirm the

    consideration received as a financial liability.

    (5) Testing method for depreciation of financial assets and the way for appropriation of

    provision for depreciation

    ③ The Company shall appropriate the provision for depreciation while there are following

    evidences indicating the depreciation of the financial assets:

    J. The issuing party or debtor has met severe financial difficulties.黄山旅游发展股份有限公司 2010 年半年度报告

    35

    K. The debtor violates the contract terms, such as default or overdue in reimbursement of

    interest or principal.

    L. The creditor makes concession to the debtor with financial difficulties in consideration of

    economy or law.

    M. The debtor may go into liquidation or proceed to other financial reorganization；

    N. The financial assets cannot continue to trade in active market due to severe financial

    difficulties of the issuing party.

    O. It is impossible to recognize whether the cash flow of an asset in a group financial assets

    has decreased or not, but through total appraisal to the disclosed data, you can find for

    this group of financial assets the estimated future cash flow since the initial confirmation

    has already decreased and can be measured.

    P. The technical, market, economy or legal environment for the debtor has significant

    unfavorable change occurring, and this possibly makes the investor of equity instrument

    unable to reclaim the cost of the investment.

    Q. The fair value of investment in equity instrument falls down severely or not temporarily.

    R. Other objective evidences indicating depreciation of the financial assets.

    ④ At the date of balance sheet the Company adopts different methods to make depreciation tests

    for different kinds of financial assets, and appropriates the provision for depreciation:

    D. Transactional financial assets: Reflected in fair value at the date of balance sheet, and the

    change of fair value shall be attributed to profit and loss of current period.

    E. Held-to-maturity investments: For the held-to-maturity investments with objective

    evidences indicating depreciation of such investments, the Company shall calculate and

    confirm the loss from depreciation according to the difference between the book value

    and the current value of estimated future cash flow at the date of balance sheet.

    F. Salable financial asset: At the date of balance sheet, the Company shall make analytical

    judgment on the depreciation of salable financial asset to make sure whether the fair

    value of the financial assets will decrease persistently or not. In general, if the fair value

    of salable financial assets has decreased greatly or after consideration of various related

    factors the decreasing trend is expected to be not provisional, the Company may deem

    the salable financial asset has been depreciated and confirm the loss from depreciation. If

    the salable financial asset is depreciated, the Company shall, in confirmation of the loss

    from depreciation, transfer the aggregate losses due to decrease of fair value originally

    attributed to the owner's equity out and attribute them to the loss from depreciation of

    assets.黄山旅游发展股份有限公司 2010 年半年度报告

    36

    8) Testing method for depreciation of receivables and the way for appropriation of provision

    for depreciation

    At the date of balance sheet the Company checks book value of receivables; in case objective

    evidences exist to indicate the depreciation, the Company shall appropriate the provision for

    depreciation.

    For receivables with significant single amount (the Company confirms the accounts receivable

    and other receivables with closing balance more than RMB 1,000,000 as significant single

    amount), the Company shall conduct depreciation test separately. If there is objective evidence

    indicating its depreciation, the Company shall confirm the loss from depreciation according to

    the difference by which the current value of future cash flow is lower than the book value, and

    appropriate the provisions for doubtful accounts accordingly.

    For the receivable from non related parties not depreciated after a single test and the

    non-significant receivable from non related parties, the Company shall divide them into several

    groups according to similar feature of credit risk, then confirm the loss from depreciation

    through calculation in certain ratio of the balance of such receivable groups at the date of

    balance sheet, and appropriate the provisions for doubtful accounts. The Company shall, based

    on actual loss ratio of the same or similar receivable group with similar features of credit risks

    and in consideration of actual situation, decide the ratio of appropriated provisions for doubtful

    accounts of all the groups in this year to calculate the provisions for doubtful accounts

    appropriated in this year.

    The appropriation method decided according to features group of credit risks by the Company is

    aging analysis method, and the Company shall appropriate the provisions for doubtful accounts

    according to receivable groups divided by account age and certain ratio of balance at the date of

    balance sheet. The details are as follows:

    Account age Appropriation ratio

    Within 1 year 3%

    1-2 years 50%

    More than 2 years 100%

    At the date of balance sheet the Company makes evaluation on the collectability of other

    receivables, and then appropriates specific bad debts provision.

    9) Inventories

    (1) Classification of inventory: Inventory means the commodities, materials and work-in-process

    under production (building) progress held by the Company in day-to-day operation activities

    for sale or use, including commodity stocks such as foodstuff and beverage, circulating黄山旅游发展股份有限公司 2010 年半年度报告

    37

    materials and spare parts, development cost of real estate, developed products, etc.

    (2) Valuation method for issuing of inventories: The Company shall valuate the issuing of

    inventories as per weighed average method except the developed real estate products, whose

    actual cost shall be confirmed through individual confirmation method. Incl.:

    ① Accounting method for land lot for development: For pure land development project, the

    Company sets separately "Land development" in the subject of "Development cost" to enter

    the expenses in the process of land development, including the direct or indirect costs such as

    the compensation for land expropriation and relocation, purchase price of land use right, cost

    for transfer of land use right, transfer fee and prophase construction cost for "three suppliers

    and one leveling", calculate the land development cost per square meter, and according to the

    land area and use area calculate respectively to transfer to "Development product-other item".

    For the project with house property developed together, if the expenses can be divided as per

    the bearer, the Company generally attributes the expense into the cost of commercial housing

    as per actual occupation area.

    ② Accounting method for expenses of public supporting facilities: The supporting facilities

    constructed together with the commercial residential area are divided into two types as per the

    nature and usage. One is the public supporting facilities inside the development residential area,

    including road, fire control equipment and non-business educational, hygienic and

    administrative management facilities; the other is the municipal public supporting facilities

    outside the area delivered to the management department free of charge, and the needed

    construction cost shall be accounted through development cost. The accounted cost for public

    supporting facilities means the expenditure for non-business public supporting facilities. If the

    facilities are developed in the same time with the construction of the residential area, the cost

    shall be attributed to development cost of current period; if not, generally provision shall be

    appropriated. The Company first decides the appropriated amount, based on the estimated cost

    appropriates the amount in the subject of development cost after approval, and then makes the

    payment in the periods afterwards.

    (3) Inventory system: The Company adopts perpetual inventory system, making stock-taking at

    least once a year, and the gain or loss from stock-taking shall be attributed to the profit and loss

    of current year.

    (4) The inventories at the date of balance sheet shall be measured as per the lower between the cost

    and net realizable value, and if the inventory cost is higher than net realizable value, the

    Company will appropriate the provision for depreciation of inventories and attributed it into

    profit or loss of current period.黄山旅游发展股份有限公司 2010 年半年度报告

    38

    The net realizable value of inventories shall be confirmed based on the acquired reliable

    evidence and in consideration of the factors such as the purpose for holding the inventory and

    the events after the balance sheet date.

    ⑤ During normal operation process, for the inventories directly used for sale such as real estate

    development products, the net realizable value shall be decided as per its estimated selling

    price reduced by estimated selling expenses and related tax. For the inventories held for

    implementing sales agreement or service contract, the Company shall make the contract price

    as valuation basis of the net realizable value; if the amount of inventories held are bigger than

    the order amount in the sales contract, the Company shall make general sales price as the

    valuation basis for the net realizable value of the exceeding part of the inventories.

    ⑥ For the inventories needed to be processed, such as real estate development product, during

    normal production operating process, the net realizable value shall be decided according to the

    estimated price of the products less the cost to be generated until completion of the project, the

    estimated selling expenses and related tax. If the net realizable value of the product is higher

    than cost, the inventory shall be valuated according to cost; if the fall of market price indicates

    that the net realizable value of the product is lower than cost, the inventory shall be valuated

    according to the net realizable value and the provision for depreciation of the inventory shall

    be appropriated according to the difference.

    ⑦ The provision for depreciation of inventories shall be appropriated as per individual

    inventories, and for the inventories with big amount and lower price, appropriated as per

    classified groups of inventories.

    ⑧ If the influencing factors for writing down inventory value before the date of balance sheet

    have disappeared, the Company shall restore the amount wrote down, and return the amount in

    the appropriated provision for depreciation of inventories, which shall be attributed to the net

    profit or loss of current period.

    (5) Amortization method for circulating material: Adopt one-off writing off method.

    10) Long-term equity investment

    (1) Confirmation of initial investment

    The Company shall make initial measurement for long-term equity investment based on

    following conditions respectively

    ③ The initial investment cost for long-term equity investment due to business merger shall be

    decided as per following provisions:

    A. In the business merger under same control, if the merging party makes cash payments,

    transfer of non-cash assets or debt assuming as the consideration for merger, then the黄山旅游发展股份有限公司 2010 年半年度报告

    39

    book value of owner's equity of the merged party obtained at the date of merger shall be

    made as the initial investment of long-term equity investment. For the difference between

    the initial investment cost of long-term equity investment and the book value of the paid

    cash, transferred non-cash assets and the incurred debts, the capital reserve shall be

    adjusted; and if the capital reserve is insufficient for offset, the retained income shall be

    adjusted.

    B. If the merging party uses equity securities as the consideration for merger, then the book

    value of owner's equity of the merged party obtained at the date of merger shall be made

    as the initial investment of long-term equity investment. If the total face value of issued

    shares is made as share capital, then for the difference between the initial investment cost

    of long-term equity investment and the total face value of issued shares the capital reserve

    shall be adjusted; and if the capital reserve is insufficient for offset, the retained income

    shall be adjusted.

    C. In the business merger under different control, the purchase party shall, at the date of

    purchase, made the merger cost decided as per No. 20 Enterprise Accounting

    Standard--Business Merger as the initial investment cost of long-term equity investment.

    ④ For the long-term equity investments acquired in the way other than business merger, the

    Company shall decide the initial investment cost according to following provisions:

    A. For the long-term equity investment acquired by cash payments, the actually paid purchase

    price shall be made as the initial investment cost. The initial investment cost includes the

    expenses, tax and other necessary expenditures directly related to the long-term equity

    investment, but the cash dividend declared but not drawn, contained in the actually paid

    price, shall be separately recorded as an receivable item.

    B. For the long-term equity investment acquired by issuing equity securities, the fair value of

    equity securities shall be made as the initial investment cost.

    C. For the long-term equity investment made by the investors, the value specified in the

    investment contract or agreement shall be made as the initial investment cost, except that

    the value specified in the contract or agreement is unfair.

    D. For the long-term equity investment acquired through exchange of non-monetary assets,

    the initial investment cost shall be decided as per No； 7 Enterprise Accounting

    Standard--Exchange of Non-monetary Assets.

    E. For the long-term equity investment acquired through reorganization of debts, the initial

    investment cost shall be decided as per No. 12 Enterprise Accounting Standard--Debt

    Reorganization.黄山旅游发展股份有限公司 2010 年半年度报告

    40

    (2) Subsequent measurement and confirmation method for profit and loss

    The Company shall, based on whether having joint control or significant influence on the

    invested unit, adopt cost method or equity method for accounting operation to long-term equity

    investment.

    ⑤ For long-term investment calculated with cost method, the cash dividend or profit declared to

    be distributed in the invested unit shall be confirmed as the investment income of current

    period.

    ⑥ For the long-term equity investment calculated with equity method, the Company shall, after

    acquisition of the long-term equity investment, make adjustment on the financial statements of

    the invested unit according to the Company's accounting policy and accounting period while

    calculating the profit and loss on investments, then offset the profit and loss from internal

    transactions between the Company, affiliated enterprises and joint ventures according to the

    portion which should be enjoyed or shared by the Company through calculation, confirmation

    the profit and loss on investment and adjust the book value of long-term equity investment. If

    the fair value of relevant assets and liabilities of the invested unit is different from the book

    value while the Company has acquired the investment, the Company shall make adjustments in

    consideration of the appropriated depreciation amount, amortized amount and provision for

    assets depreciation of the invested unit while calculating the net profit or net loss which should

    be shared by the investing enterprise subsequently. The Company shall consider the principle

    of materiality for above adjustments, and in case of anyone of following conditions, the

    Company shall, based on the book value of net profit of the invested unit and after adjustment

    of the unrealized profit and loss of internal transactions, calculate and confirm the profit and

    loss on investments.

    D. The fair value of various recognized assets of the invested unit cannot be confirmed

    reasonably while the investment has been acquired.

    E. The difference between the fair value and book value of the recognized assets of the

    invested unit is of no significance while making investment.

    F. Due to other reasons, the Company cannot acquire the relevant information of the invested

    unit, nor make adjustment on the net profit or loss of the invested unit according to the

    principle specified in the standard.

    ⑦ If unidentified loss from investment still exists in case the book value of long-term equity

    investment has been wrote down to zero under equity method, the Company shall continue to

    make confirmation based on the book value of other long-term equity. If the investment

    contract or agreement specified other extra obligation for compensating for loss to be黄山旅游发展股份有限公司 2010 年半年度报告

    41

    performed, the Company shall confirm and estimate the loss amount to be assumed according

    to the provisions in No. 13 Enterprise Accounting Standard--Contingencies.

    ⑧ For the long-term equity investment calculated with equity method, the Company shall use the

    cash dividend or profit acquired by the investing enterprise from the invested unit to offset the

    book value of long-term equity investment. The portion by which the cash dividend or profit

    acquired from the invested unit exceeds the confirmed profit and loss adjustment, shall be

    deemed as the return of the investment cost and used to offset the cost of long-term equity

    investment.

    (3) Confirmation of the reasons for joint control and significant influence on the invested unit

    ③ In case of any of following conditions, confirm the joint control on the invested unit:

    A. Anyone of the parties cannot control the production and operating activities of the joint

    venture independently.

    B. The decision-making for basic operating activities of the joint venture needs unanimous

    agreement of all the parties.

    C. All the parties may appoint one of the parties to manage the day of day activities of the joint

    venture through a contract or agreement, but this party must exercise the right of

    management under the financial and operational policies unanimously agreed by all the

    parties. When the invested unit is under a legal reorganization or bankruptcy, or its ability

    of transferring fund to the investing party is strictly confined for long time, generally the

    investing parties may not be able to exercise joint control on the invested unit. But if the

    joint control can be proved to exist, the parties to the joint venture still can adopt equity

    method to make accounting according to the standard for long-term equity investment.

    ④ In case of any of following conditions, confirm the significant influence on the invested unit: A.

    Assign representative(s) to the Board of Directors or similar organization of the invested unit.

    B. Participate in the policy-making process in the invested unit, including the formulating of

    dividend distribution policy. C. Have significant transaction with the invested unit. D. Assign

    managerial personnel to the invested unit. E. Provide the invested unit with key technical

    material.

    (4) Testing method for depreciation of long-term equity investment and the way for appropriation

    of provision for depreciation:

    The Company, at the date of balance sheet, makes individual checking on long-term equity

    investment, judge whether long-term equity investment has the evidence of depreciation or not

    according to changes in the operation policy, legal environment, market demand, industry and

    profitability of the invested unit. When the reclaimable amount of the long-term equity黄山旅游发展股份有限公司 2010 年半年度报告

    42

    investment is lower than its book value, the Company shall appropriate the provision for

    depreciation of long-term equity investment according to the difference by which the

    reclaimable amount is lower than the book value of long-term equity investment. The loss from

    depreciation of assets shall, once being confirmed, not be returned in the accounting period

    afterwards.

    11) Fixed assets

    (1) Confirmation conditions: Fixed assets are the tangible assets with higher unit value and service

    life of more than one year held for production of goods, rendering of service, lease or operating

    management. The Company's fixed assets include house and building, cable equipment,

    machinery equipment, communication equipment, transportation equipment and other

    equipment. Fixed assets shall be confirmed according to the actual cost in acquisition while

    following conditions can all be met:

    ③ The economic interest related to the fixed assets will most likely flow into the enterprise.

    ④ The cost of the fixed assets can be measured reliably.

    The subsequent expenditure for fixed assets, if meeting the confirmation conditions for fixed

    assets, shall be attributed into the cost of fixed assets; and if not, attributed into profit or loss of

    current period.

    (2) Depreciation method for various fixed assets: The Company shall, since the month next to the

    month while the fixed assets reach the specified usable condition, use straight-line method to

    appropriate depreciation, and the depreciation period and annual depreciation confirmed

    according to the type of fixed assets, estimated economic life and estimated net residual value

    are as follows:

    Type

    Period of

    depreciation (years)

    Residual rate

    (%)

    Annual depreciation

    rate (%)

    House and building 20-40 3.00 2.43-4.85

    Cableway equipment 24 3.00 4.04

    Mechanical equipment 6-20 3.00 4.85-16.17

    Communication

    equipment

    3-14 3.00 6.93-32.33

    Transportation

    equipment

    5-10 3.00 9.70-19.40

    Other equipment 5-8 3.00 12.13-19.40

    For the fixed asset with its provision for depreciation already appropriated, the Company will

    deduct the appropriated provision for depreciation of fixed assets while appropriating the

    depreciation provisions.黄山旅游发展股份有限公司 2010 年半年度报告

    43

    At end of each year, the Company shall recheck the service life, estimated net residual value

    and depreciation method of fixed assets. If the service life is different from the life originally

    estimated, the service life of fixed assets shall be adjusted.

    (3) Testing method for depreciation of fixed assets and the way for appropriation of provision for

    depreciation:

    The Company shall make judgment on various fixed assets at the date of balance sheet. When

    the assets have an evidence of depreciation, the Company shall estimate its reclaimable amount;

    if the reclaimable amount of the assets is lower than its book value, the Company shall write

    down the book value of the assets to its reclaimable amount, the reduced amount shall be

    confirmed as loss from depreciation of assets and attributed to the profit and loss of current

    period and the provision for assets depreciation shall be appropriated. The loss from

    depreciation of assets shall, once being confirmed, not be returned in the accounting period

    afterwards. In case of following evidences, the Company shall appropriate provision for

    depreciation in full according to individual items of fixed assets:

    ⑥ The fixed assets which have not been used for long time, will not be used in foreseeable

    future and have had no resale value;

    ⑦ The fixed assets which can no longer be used due to the reasons such as technological

    advance;

    ⑧ The fixed assets which can be used but will produce a great number of unacceptable

    products after use;

    ⑨ The fixed assets which has been damaged and will no longer have use value and resale

    value;

    ⑩ Other fixed assets which cannot bring economic benefit to the Company substantially.

    12) Construction in progress

    (1) Type of construction in progress

    Construction in progress is calculated according to project classification.

    (2) The standard and time point for construction in progress transferred to fixed assets

    For construction in progress, the Company shall make all the expenditures for this asset to

    reach usable condition as the account value of the fixed assets. This should include building

    expenses, original cost of machinery equipment, other expenditure necessary for making the

    construction in progress meet the preset usable condition, and the borrowing cost for a specific

    loan for the item before the assets meeting the preset usable condition or for a general loan

    applied in the construction in progress. If a project with its installation or construction

    completed has met the preset usable condition, the Company shall transfer the construction in黄山旅游发展股份有限公司 2010 年半年度报告

    44

    progress into the fixed assets. For the fixed assets reaching usable condition but not preparing

    the final account for completion, the Company shall, since the date of reaching usable

    condition, transfer the estimated value into fixed assets according to project budget and cost or

    actual cost of the project and appropriate the provision for depreciation according to the

    Company's policy for depreciation of fixed assets; after the procedure for final account for

    completion has been ended, the Company shall adjust the original temporarily estimated value

    as per actual cost, but not adjust the original appropriated provision for depreciation.

    (3) Testing method for depreciation of construction in progress and the way for appropriation of

    provision for depreciation

    The Company shall make overall checking on construction in progress at the date of balance

    sheet. If there is an evidence indicating the construction in progress is depreciated, the

    Company shall estimate its reclaimable amount; if the reclaimable amount of the assets is

    lower than its book value, the Company shall write down the book value of the assets to its

    reclaimable amount, the reduced amount shall be confirmed as loss from depreciation of assets

    and attributed to the profit and loss of current period and the provision for assets depreciation

    shall be appropriated. The loss from depreciation of assets shall, once being confirmed, not be

    returned in the accounting period afterwards. If any of following cases exists, the Company

    shall make test for depreciation of construction in progress:

    ④ The project in progress has been suspended for long period and is expected not possibly to

    restart in 3 years;

    ⑤ The construction in progress lags behind in both performance and technique, and the

    economic interest brought to the Company shall be of big uncertainty.

    ⑥ Other cases which are enough to prove that the project in progress has substantially

    depreciated.

    13) Borrowing cost

    (1) Confirmation principle for capitalization of borrowing cost and the capitalization period

    The Company's borrowing cost which can be directly attributed to the purchasing or producing

    of the assets and meanwhile meet the conditions of capitalization, shall be capitalized and

    attributed to the cost of related assets:

    ① The expenditure for assets has already occurred.

    ② The borrowing cost has already occurred.

    ③ The purchase or production activities needed for making the assets reach usable or salable

    status have started.

    Other loan interest, discount or premium and exchange difference shall be attributed into profit黄山旅游发展股份有限公司 2010 年半年度报告

    45

    and loss of current period.

    If for the assets meeting capitalization conditions, the purchase and construction process or

    production process is interrupted abnormally and the interrupting period exceeds 3 months, the

    capitalization of borrowing cost shall be suspended.

    When the assets with its purchase and construction or production meeting the capitalization

    condition have reached expected usable or salable condition, the capitalization of borrowing

    cost shall be stopped, and the borrowing cost occurring later shall be confirmed as expenses

    while occurring.

    (2) Calculation procedure for the capitalized amount of borrowing cost

    If the special loan is borrowed for purchase or production of the assets meeting the condition

    of capitalization, the interest charges of special loan actually occurring in current period

    deducted by the interest income of the not-used-loan fund in the bank or the income obtained

    from temporary investment shall be confirmed as the capitalized amount of the interest charge

    of special loan.

    If the Company uses the general loan in order to purchase or produce the assets meeting the

    conditions of capitalization, it shall use the weighted average of the portion by which the total

    expenditure for assets exceeds the special loan multiplied by the capitalization rate of the

    occupied general loan to calculate the interest amount of the general loan which should be

    capitalized.

    14) Intangible assets

    (1) Valuation method for intangible assets

    Enter into account according to its actual cost while being acquired.

    (2) Service life and amortization for intangible assets

    ④ Estimating of service life of intangible assets with limited service life:

    Item

    Estimated

    service life

    Reason

    Land use right 50 years Legal use right

    Software and other 5 years

    Confirm service life in reference of the

    period when bringing economic benefit to

    the Company

    At end of each year, the Company shall recheck the service life and amortization method

    of the intangible assets with limited service life. After rechecking, the service life and

    amortization method of the intangible assets shall not be different from the original

    estimation.

    ⑤ If the Company cannot predict the period within which the intangible assets bring黄山旅游发展股份有限公司 2010 年半年度报告

    46

    economic benefit to the Company, it shall deem such assets as intangible assets with

    uncertain service life. For the intangible assets with uncertain service life, the Company

    shall recheck their service life at end of each year; if the service life is still uncertain

    through rechecking, the Company shall make test for depreciation at the date of balance

    sheet. When the reclaimable amount of intangible asset is lower than its book value, the

    Company shall write down the book value of the asset to its reclaimable amount, the

    reduced amount shall be confirmed as loss from depreciation of assets and attributed to the

    profit and loss of current period and the depreciation provision for intangible assets shall be

    appropriated. The loss from depreciation of intangible assets shall, once being confirmed,

    not be returned in the accounting period afterwards. If any of following cases exists, the

    Company shall make test for depreciation of intangible assets:

    A. This intangible asset has been substituted by other new technique and its capability for creating economic benefits for

    the enterprise suffers significant detrimental impact;

    B. Market price of this intangible asset falls down greatly in current period and may not restore in remained period;

    C. Other evidences indicating fully that the book value of this intangible asset has exceeded the reclaimable amount.

    ⑥ Amortization for intangible assets

    For the intangible assets with limited service life, the Company shall judge its service life

    while having acquired such assets, and use straight-line method to make systematic and

    reasonable amortization within the service life; the amortized amount shall be attributed

    to the profit or loss of current period as per beneficial items. The amortized amount

    should be the cost reduced by estimated residual value. For the intangible assets with the

    provision for depreciation appropriated, the Company shall reduce the accumulated

    depreciation provision for intangible assets and make the residual value zero. But the

    following condition should be an exception: a third party commits to purchase the

    intangible asset after end of the service life of the intangible asset, or the information for

    the estimated residual value can be obtained according to an active market and such

    market shall most likely exist after end of the service life of the intangible asset.

    The intangible assets with uncertain service life shall not be amortized. The Company

    shall recheck the service life of intangible assets with uncertain service life at end of each

    year; if an evidence exists and indicates the service life of the intangible assets is limited,

    the Company shall estimate the service life and conduct reasonable amortization within

    the estimated service life.

    (3) Standard for dividing the research phase and development phase in a research and development

    project

    ④ The Company shall make the preparation activities for information and related aspects for黄山旅游发展股份有限公司 2010 年半年度报告

    47

    further development as the research phase, and the expenditure in the research phase of

    intangible assets shall be attributed to the profit or loss of current period.

    ⑤ The development activities after completion of the research phase in the Company shall be

    made as the development phase.

    ⑥ The expenditure in development phase which meets following conditions shall be confirmed as

    intangible assets:

    F. Complete this intangible asset and make it usable or salable technically.

    G. Have the intention of completing this intangible asset and using or selling it.

    H. The way for generating economic interest by the intangible asset, includes the proof that

    the products produced with this intangible asset have a market or this intangible asset self

    has a market, and if the intangible asset is used inside the Company, it can be proved to

    be useful.

    I. Have the support with sufficient source of technique and finance and other resources to

    complete the development of this intangible asset, and the ability to use or sell this

    intangible asset.

    J. The expenditure in the development phase of this intangible asset can be measured

    reliably.

    15) Long-term prepaid expenses

    Long-term prepaid expenses shall be amortized in the beneficial period averagely, in which the

    expenditure for renovation of fixed assets rent in the way of operating lease shall be amortized

    in the way of realizing best expected economic interest.

    16) Employee's salary

    The employee's rewards of the Company include: wage, bonus, allowance and subsidy,

    employee's welfare cost, social insurance cost, housing provident fund, trade union expenses

    and employee's education expenses, compensation for releasing labor relation with employees

    and other expenditure for obtaining service provided by the employees. Except the

    compensation offered due to release of the labor relation with employees, the employee's

    rewards shall be confirmed in the period when the employees provide service, and attributed to

    related cost expenses according to the beneficial object of the service provided by employees.

    When the Company has already formulated a formal plan on release of labor relation or

    submitted a voluntary unemployment suggestion, will soon make implementation and cannot

    cancel the plan on release of labor relation or unemployment suggestion, the compensation

    offered for release of labor relation with employees shall be confirmed as estimated liabilities

    and attributed to profit and loss of current period.黄山旅游发展股份有限公司 2010 年半年度报告

    48

    The Company joins the employees' social security system established by local government,

    general including the endowment insurance, insurance for unemployment, medical insurance,

    housing provident fund and other social security fund. Social insurance cost and housing

    provident fund generally should be appropriated according to a certain ratio of the gross wages

    and on the base of not exceeding the higher limit, and should be submitted to the labour and

    social security authorities and administrative agency of housing provident fund. The

    appropriation ratio is as follows:

    Item Appropriation ratio (%)

    Endowment insurance 20.00

    Insurance for unemployment 2.00

    Medical insurance 6.00

    Employment injury insurance 1.20

    Maternity insurance 1.00

    Housing provident fund 20.00

    17) Estimated liabilities

    The obligation related to contingencies, if meeting all following conditions, shall be

    confirmed as estimated liabilities:

    (1) The obligation is current obligation borne by the Company.

    (2) The fulfillment of the obligation most likely causes the economic interest flowing out from

    the Company.

    (3) The amount of the obligation can be measured reliably.

    18) Confirmation principle and measuring method for income

    (1) Income from sales of goods shall be confirmed while following conditions can all be met:

    ① The Company has already transferred main risk and reward of the property in the goods to

    the purchase party.

    ② The Company neither keeps the continual management right generally related to the

    ownership, nor makes effective control on the sold goods.

    ③ The amount of income can be measured reliably.

    ④ The related economic interest most likely flows into the enterprise.

    ⑤ When the related cost which has occurred or will occur can be measured reliably,

    realization of the sales income of the goods shall be confirmed.

    (2) Income from rendering of service shall be confirmed while following conditions can all be met:

    ① The amount of income can be measured reliably.

    ② The related economic interest most likely flows into the enterprise.

    ③ The progress of the transaction can be confirmed reliably.黄山旅游发展股份有限公司 2010 年半年度报告

    49

    ④ The cost which has occurred and will occur in the transaction can be measured reliably.

    (3) Income from transfer of use right of assets, shall be confirmed while following conditions can

    all be met:

    ① The related economic interest most likely flows into the enterprise.

    ② The income amount can be measured reliably.

    19) Government subsidy

    (1) Scope and classification

    The Company shall get monetary assets or non monetary assets from the government without

    consideration, but the government subsidy shall not include the capital invested by the

    government as an enterprise owner.

    The government subsidy is divided into the one related to assets and the one related to income.

    (2) Conditions for confirmation of government subsidy

    The government subsidy meeting attached conditions and actually received by the Company,

    shall be confirmed as government subsidy.

    (3) Measuring of government subsidy

    ④ If the government subsidy is a monetary asset, it shall be measured as per the amount received

    or to be received; if the government subsidy is a non-monetary asset, it shall be measured as

    per fair value; and if the fair value cannot be obtained reliably, measured as per nominal

    amount.

    ⑤ The government subsidy related to assets shall be confirmed as deferred income, and allocated

    averagely during the service life of the related assets and attributed into the profit and loss of

    current period. But, the government subsidy measured in nominal amount shall be directly

    attributed to profit and loss of current period.

    ⑥ The government subsidy related to income shall be disposed according to following

    conditions:

    C. The subsidy used as compensation for related expenses or loss of the Company during

    future period shall be confirmed as deferred income, and attributed into the profit and loss

    of current period during the period for confirmation of related cost.

    D. The subsidy used as compensation for the related cost or loss of the Company which has

    already occurred, shall be directly attributed into the profit and loss of current period.

    20) Deferred income tax assets and deferred income tax liabilities

    The Company shall, based on the temporary difference between the book value and taxation

    base of assets and liability at the date of balance sheet, use debt method of balance sheet to

    calculate the deferred income tax.黄山旅游发展股份有限公司 2010 年半年度报告

    50

    (1) Confirmation of deferred income tax assets

    ④ For the offsettable temporary difference, offsettable loss and tax credits which can be

    transferred to subsequent years, the Company shall confirm resulted deferred income tax assets

    within the limit of the future taxable income amount which is very likely obtained to offset the

    offsettable temporary difference, offsettable loss and tax credits. Meanwhile, the deferred

    income tax assets generated from initial confirmation of assets or liabilities in a transaction

    with all the following features shall not be confirmed:

    A. This transaction is not a business merger.

    B. The transaction will impact neither the accounting profit nor the taxable amount of income

    (or offsettable loss).

    ⑤ If the offsettable temporary difference related to investment in the subsidiaries, affiliated

    companies and joint ventures meets following conditions, the Company shall confirm the

    related deferred income tax assets:

    A. The temporary difference will most likely be returned in foreseeable future.

    B. The Company will most likely obtain the taxable amount of income for offsetting the

    temporary difference.

    C. For the offsettable loss and tax credits which can be carried forward to future years, the

    Company shall confirm the related deferred income tax assets in the limit of the future

    taxable amount of income which are most likely obtained to offset the offsettable loss and

    tax credits.

    ⑥ At the date of balance sheet, the Company shall recheck the book value of deferred income tax

    assets. If in future period, the Company will most likely not obtain adequate taxable amount of

    income to offset the benefit of the deferred income tax assets, the Company shall write down

    the book value of the deferred income tax assets. If it can most likely obtain adequate taxable

    amount of income, the amount wrote down shall be returned.

    (2) The liabilities for deferred income tax shall be confirmed according to various temporary

    difference of tax payable; meanwhile, the liabilities for deferred income tax generated from

    initial confirmation of assets or liabilities in a transaction with all the following features shall

    not be confirmed:

    ③ The temporary difference of tax payable is generated in following transactions:

    C. Initial confirmation of goodwill

    D. Initial confirmation of assets or liabilities generated from the transactions with following

    features: such transaction is not a business merger, and the occurring of the transaction

    influences neither taxable income amount nor offsettable loss.黄山旅游发展股份有限公司 2010 年半年度报告

    51

    ④ For the temporary difference of tax payable related to investment in subsidiaries, joint

    ventures and affiliated enterprises, the time for return of such temporary difference can be

    controlled and such temporary difference will most likely not returned in foreseeable future.

    21) Change in main accounting policies and accounting estimates and errors in previous

    period

    In this year the Company did not have any change in its accounting policies and accounting

    estimate, nor any correction of error in previous period.

    5. Taxation

    1) Main taxes and tax rate

    Type of tax Basis of taxation Tax rate

    Value added tax Taxable sales amount 17%

    Business tax* Taxable turnover 3%, 5%

    Urban maintenance and

    construction tax

    Payable circulation tax 5%, 7%

    Housing property tax

    Taxable original value of house

    property, taxable leasehold

    income

    1.2%, 12%

    Business income tax Taxable amount of income 25%

    *Note: (1) For the Company's garden tickets, the tax should be paid as per 3% of operating income.

    (2) For the Company's cableway and hotel, the tax should be paid as per 5% of operating income.

    (3) For the Company's travel agency, the tax should be paid as per 5% of the balance of operating

    income deducted by the hotel and meal cost, traffic expenses and other expenses paid on behalf

    of the tourists.

    6. Business merger and consolidated financial statements

    1) Subsidiaries

    (1) Subsidiaries acquired through establishing or investment

    Unit: RMB'0000

    Full name of

    subsidiary

    Type of

    subsidiary

    Registration

    address

    Business

    nature

    Registered

    capital Business scope

    Actual

    contribution

    at end of the

    period

    Balance of net

    investment in the

    subsidiary for

    other projects

    Huangshan

    Yubing Passenger

    Transport

    Cableway Co.,

    Ltd.

    Controlled Huangshan

    Scenic Spot

    Cableway

    transport 1,900.00

    Cable way transport for

    passenger, sale of artistic

    handicrafts

    1,520.00 -黄山旅游发展股份有限公司 2010 年半年度报告

    52

    Huangshan Taiping

    Cableway Co., Ltd. Controlled

    Huangshan

    City Fengjing

    District

    Cableway

    transport

    6,97.50

    (USD)

    Provide cable car

    transportation in scenic

    spot for domestic and

    overseas tourists, make

    passenger operations for

    tourist groups and provide

    ticket booking, food and

    shopping service (operate

    with valid license and

    quality certificate if

    needed)

    488.25 (USD) -

    Huangshan

    Overseas Travel

    Agency

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Tourist

    service 289.00

    Inbound tourism,

    outbound tourism,

    domestic tourism,

    information consultation

    service, sales of artistic

    handicrafts, calligraphy

    and painting and

    computer, general

    merchandise

    289.00 -

    Huangshan Tuma

    Tourism

    E-business Co.,

    Ltd.

    Controlle

    d

    Huangshan

    City Tunxi

    District

    Tourist

    service 500.00

    R&D and promotion for

    web marketing system for

    tourism in the scenic spot

    (operate with license if

    needed), sales of tourism

    products in Internet

    (operate with license, valid

    until November 14, 2010),

    provide consultancy

    service for ticket, hotel,

    tour line and self-driving

    travel.

    495.00 -

    Huangshan

    Flower Hill &

    Labyrinth

    Tourism

    Development Co.,

    Ltd.

    Controlle

    d

    Huangshan

    City Tunxi

    District

    Developme

    nt of scenic

    spot

    100.00

    Tourist reception, service

    (excluding

    accommodation);

    development and sales of

    tourism products; food

    service; development of

    tourism resource

    300.00 -

    Huangshan Hui

    Cultural Tourism

    Development Co.,

    Ltd.

    Controlle

    d

    Huangshan

    City Tunxi

    District

    Tourist

    service 336.80

    Tourist reception and

    service, development and

    sales of tourism souvenir

    235.76 -

    Huangshan

    Pipeng Cultural

    Development Co.,

    Ltd.

    Controlle

    d

    Huangshan

    City Tunxi

    District

    Tourist

    service 500.00

    Agent, planning, design,

    issue and production of

    advertisement, marketing

    planning, tourism

    information consultation

    450.00 -

    Huangshan

    Zhonghai Holiday

    Travel Service

    Co., Ltd.

    Controlle

    d

    Huangshan

    City Tunxi

    District

    Tourist

    service 100.00

    Domestic tourism, sales of

    artistic handicrafts and

    souvenirs

    51.00 -

    Huangshan

    Zhonghai

    Meeting and

    Exhibition

    Service Co., Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Tourist

    service 10.00

    Meeting and exhibition

    service, tourism service

    (excluding travel agency

    business)

    10.00 -

    Huangshan City

    Huangshan Air

    Tourism Service

    Co., Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Tourist

    service 180.00

    Sales agency of air

    passenger transport for

    international airline or

    airline of Hong Kong,

    Macao and Taiwan, sales

    agency of air passenger

    transport for domestic

    airlines

    180.00 -黄山旅游发展股份有限公司 2010 年半年度报告

    53

    Huangshan

    Tourism Lotus

    Hotel

    Management Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Hotel

    managemen

    t

    100.00

    Hotel management and

    consultation, development

    and sales of tourist

    commodities, exploitation

    on tourism resource, and

    organizing of trade

    activities related to

    tourism

    100.00 -

    Huangshan

    Taohuaxi

    Tourism and Real

    Estate

    Development Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Developme

    nt of real

    estate

    5,200.00

    Development and

    operation of real estate,

    leasehold of real estate

    (operate with valid license

    if needed)

    5,200.00 -

    Huangshan

    Tourism Yubing

    Real Estate

    Development Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Developme

    nt of real

    estate

    5,000.00

    Development and

    operation of real estate,

    leasehold of real estate

    (operate with valid license

    if needed)

    5,000.00 -

    Huangshan Old

    Huishang

    Tourism &

    Commercial Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Commercia

    l trading 50.00

    Sales of hotel supplies,

    souvenir and artistic

    handicrafts, operate

    beverage, alcoholic

    beverage, grain and oil,

    local speciality and

    subsidiary foodstuffs

    (valid until December 4,

    2012), information

    consultation service

    50.00 -

    Beijing Huishang

    Guli Restaurant

    Management Co.,

    Ltd.

    Controlled

    Beijing

    Dongcheng

    District

    Restaurant

    management 500.00

    Licensed business: food

    and beverage service

    (including cool dishes,

    excluding decorated cake

    and omophagic marine

    products). General

    business: restaurant

    management, information

    consultation (excluding

    intermediary service),

    meeting service and

    organizing of culture and

    artistic communication

    350.00 -

    Full name of

    subsidiary

    Shareholding

    ratio (%)

    Ratio of

    voting

    power

    (%)

    Whether

    consolidated

    in statements

    Minority

    interest

    Amount of

    minority

    interest used to

    offset minority

    profit and loss

    Balance of the owner's equity of

    parent company after offsetting the

    portion by which the loss of current

    period borne by the minority

    shareholders of the subsidiary

    exceeds the beginning balance of

    owner's equity of the subsidiary

    shared by the minority shareholders

    Huangshan

    Yubing Passenger

    Transport

    Cableway Co.,

    Ltd.

    80.00 80.00 Yes 15,042,656.48 - -

    Huangshan

    Taiping

    Cableway Co.,

    Ltd.

    70.00 70.00 Yes 2,501,429.90 - -

    Huangshan

    Overseas Travel

    Agency

    100.00 100.00 Yes - -黄山旅游发展股份有限公司 2010 年半年度报告

    54

    Huangshan

    Tuma Tourism

    E-business Co.,

    Ltd.

    99.00 99.00 Yes 124,146.79 - -

    Huangshan

    Flower Hill &

    Labyrinth

    Tourism

    Development

    Co., Ltd.

    75.00 75.00 Yes 2,809,815.48 380,357.78 -

    Huangshan Hui

    Cultural Tourism

    Development

    Co., Ltd.

    70.00 70.00 Yes 322,852.88 21,584.75 -

    Huangshan

    Pipeng Cultural

    Development

    Co., Ltd.

    90.00 90.00 Yes 244,197.38 -

    Huangshan

    Zhonghai

    Holiday Travel

    Service Co., Ltd.

    51.00 51.00 Yes 20,005.98 -

    Huangshan

    Zhonghai

    Meeting and

    Exhibition

    Service Co., Ltd.

    100.00 100.00 Yes - -

    Huangshan City

    Huangshan Air

    Tourism Service

    Co., Ltd.

    100.00 100.00 Yes - -

    Huangshan

    Tourism Lotus

    Hotel

    Management

    Co., Ltd.

    100.00 100.00 Yes - -

    Huangshan

    Taohuaxi

    Tourism and

    Real Estate

    Development

    Co., Ltd.

    100.00 100.00 Yes - -

    Huangshan

    Tourism Yubing

    Real Estate

    Development

    Co., Ltd.

    100.00 100.00 Yes - -

    Huangshan Old

    Huishang

    Tourism &

    Commercial Co.,

    Ltd.

    100.00 100.00 Yes - -

    Beijing

    Huishang Guli

    Restaurant

    Management

    Co., Ltd.

    70.00 70.00 Yes

    360215.68 -

    (2) Subsidiaries acquired due to business merger under same control黄山旅游发展股份有限公司 2010 年半年度报告

    55

    Unit: RMB'0000

    Full name of

    subsidiary

    Type of

    subsidiary

    Registration

    address

    Business

    nature

    Registered

    capital

    Business scope

    Actual

    contribution at

    end of the

    period

    Balance of net

    investment in the

    subsidiary for other

    projects

    Huangshan

    International

    Hotel Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Hotel

    operation 3,850.00

    Guest room, restaurant service,

    tourist service, tobacco, cake

    product, beverage and artistic

    handicrafts.

    5,010.19

    -

    Huangshan

    Xihai Hotel

    Co., Ltd.

    Controlled Huangshan

    Scenic Spot

    Hotel

    operation 222.60

    Accommodation, restaurant,

    sales of foodstuff, beverage,

    tobacco, wine, calligraphy and

    painting and tourism souvenir,

    kara OK song and dance hall,

    sauna massage, and beauty

    treatment and hairdressing.

    5,646.53 -

    Full name of

    subsidiary

    Shareholding

    ratio (%)

    Ratio of

    voting

    power (%)

    Whether

    consolidated

    in statements

    Minority

    interest

    Amount of

    minority interest

    used to offset

    minority profit

    and loss

    Balance of the owner's equity of parent

    company after offsetting the portion by

    which the loss of current period borne

    by the minority shareholders of the

    subsidiary exceeds the beginning

    balance of owner's equity of the

    subsidiary shared by the minority

    shareholders

    Huangshan

    International

    Hotel Co., Ltd.

    100.00 100.00 Yes - - -

    Huangshan Xihai

    Hotel Co., Ltd. 94.00 94.00 Yes

    815,523.44

    131,622.49 -

    (3) Subsidiaries acquired due to business merger under different control

    Unit: RMB'0000

    Full name of

    subsidiary

    Type of

    subsidiary

    Registration

    address

    Business

    nature

    Registered

    capital

    Business scope

    Actual

    contribution at

    end of the

    period

    Balance of net

    investment in the

    subsidiary for other

    projects

    Huangshan

    City China

    Travel

    Service

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Tourist

    service 295.00

    Inbound tourism, domestic

    tourism, sale of artistic

    handicrafts and tourist map,

    food and beverage service

    (operated by a branch Xinan

    Household Restaurant), sale

    of wine (operate with valid

    license if needed)

    295.00 -

    Huangshan

    China

    International

    Travel

    Service

    Wholly

    owned

    subsidiary

    Huangshan

    City Tunxi

    District

    Tourist

    service 150.00

    Inbound tourism, domestic

    tourism, translation of

    foreign language, sales of

    tourism souvenir and

    handicrafts

    150.00 -黄山旅游发展股份有限公司 2010 年半年度报告

    56

    Full name of

    subsidiary

    Shareholding

    ratio (%)

    Ratio of

    voting

    power (%)

    Whether

    consolidated

    in statements

    Minority

    interest

    Amount of

    minority interest

    used to offset

    minority profit

    and loss

    Profit or loss of

    current period

    attributed to parent

    company reduced by

    excess loss borne by

    minority

    shareholders

    Balance of the owner's

    equity of parent company

    after offsetting the portion

    by which the loss of

    current period borne by the

    minority shareholders of

    the subsidiary exceeds the

    beginning balance of

    owner's equity of the

    subsidiary shared by the

    minority shareholders

    Huangshan

    City China

    Travel

    Service

    100.00 100.00 Yes - - - -

    Huangshan

    China

    International

    Travel

    Service

    100.00 100.00 Yes - - - -

    7. Notes on main items of consolidated financial statements

    (In following notes if not specially indicated, the closing balance refers to the book balance at

    June 30, 2010, the beginning balance (at beginning of the year) refers to the book balance at

    December 31, 2009, and the unit is RMB. )

    1) Monetary fund

    Closing balance Beginning balance

    Item Amount of

    foreign

    currency

    Exchange

    rate RMB converted

    Amount of

    foreign

    currency

    Exchange

    rate RMB converted

    Cash on hand:

    Renminbi - - 3,464,509.95 - - 1,417,033.87

    US$ 2,305.00 6.7909 15,653.02 2,305.00 6.8282 15,739.00

    HK$ 5,855.00 0.8724 5,107.84 5,855.00 0.8805 5,155.33

    JYE 20,438.00 0.0767 1,567.31 20,438.00 0.0738 1,508.32

    NT$ 150.00 0.2106 31.59 150.00 0.2136 32.04

    Bank deposit:

    Renminbi - - 386,517,035.21 189,955,999.14

    US$ 279.55 6.7909 1,898.40 282.87 6.8282 1,931.49

    HK$ - - - - - -

    JYE - - - - - -

    NT$ - - - - - -

    Other

    monetary fund:

    Renminbi - - 111,476.77 - - -

    Total: - - 390,117,280.09 - - 191,397,399.19

    (1) The closing balance of other monetary fund increases by RMB 111,476.77 than beginning of

    the year, and this is mainly caused by increase in deposit of credit card.

    (2) In closing balance there is no such fund with limited use due to pledge or frozen and with

    potential risk of reclamation.黄山旅游发展股份有限公司 2010 年半年度报告

    57

    (3) The closing balance of monetary fund increases by 103.83% than beginning balance of the year,

    and this is mainly caused by increase of cash received for investment business and real estate

    development project in current period.

    2) Accounts receivable

    (1) Listed as per types of accounts receivable as follows:

    Closing balance

    Book balance Provision for doubtful

    Type accounts

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 26,869,724.40 37.15 7,526,399.17 51.02

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    4,008,598.40 5.54 4,008,598.40 27.18

    Other non-significant accounts

    receivable 41,454,389.36 57.31 3,214,790.43 21.80

    Total 72,332,712.16 100.00 14,749,788.00 100.00

    Beginning balance

    Book balance Provision for doubtful

    Type accounts

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 24,601,433.22 39.48 7,526,399.17 51.02

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    4,008,598.40 6.43 4,008,598.40 27.18

    Other non-significant accounts

    receivable 33,704,250.28 54.09 3,214,790.43 21.80

    Total 62,314,281.90 100.00 14,749,788.00 100.00

    (2) Listed as per the account age of accounts receivable as follows:

    Closing balance

    Account age Amount of

    accounts

    receivable

    Ratio (%)

    Provision for

    doubtful

    accounts

    Net account

    receivable

    Within 1 year 48,531,139.80 67.09 1,577,170.87 46,953,968.93

    1-2 years 15,489,159.19 21.41 4,860,203.96 10,628,955.23

    More than 2 years 8,312,413.17 11.49 8,312,413.17 -

    Total 72,332,712.16 100.00 14,749,788.00 57,582,924.16

    Beginning balance

    Account age Amount of

    accounts

    receivable

    Ratio (%)

    Provision for

    doubtful

    accounts

    Net account

    receivable

    Within 1 year 40,363,221.32 64.77 1,109,516.80 39,253,704.52黄山旅游发展股份有限公司 2010 年半年度报告

    58

    1-2 years 13,389,441.22 21.49 5,078,651.84 8,310,789.38

    More than 2 years 8,561,619.36 13.74 8,561,619.36 -

    Total 62,314,281.90 100.00 14,749,788.00 47,564,493.90

    (3) The closing balance of accounts receivable in the report period does not have the receivables

    from the shareholders holding equity interest of 5% or higher in the Company.

    (4) Top five units in accounts receivable

    Name of shareholder's

    unit

    Relation with

    the Company Amount Age limit

    Ratio in the

    total amount

    of accounts

    receivables

    (%)

    Huangshan Scenic Spot

    Management Committee Related party 21,698,019.14 Within 3

    years 30.00

    Huangshan City

    government reception

    office

    Non-related

    party 1,559,710.53 Within 3

    years 2.16

    Huangshan Huizhou

    Tourism General

    Company

    Non-related

    party 1,301,735.26 Over 3

    years 1.80

    Huangshan Huayuan

    Travel Agency

    Non-related

    party 1,194,629.50 Within 3

    years 1.65

    Shenzhen Airlines

    International Travel

    Service Co.,Ltd.

    Non-related

    party 1,036,582.13 Within 3

    years 1.43

    Total 26,790,676.56 37.04

    (5) Related parties with accounts receivable

    Name of

    shareholder's unit

    Relation with the

    Company Amount

    Ratio in the total amount

    of accounts receivables

    (%)

    Huangshan Scenic

    Spot Management

    Committee

    Award party of

    exclusive selling

    right for entrance

    ticket

    21,698,019.14 30.00

    Total 21,698,019.14 30.00

    3) Advance payment

    (1) Advance to suppliers listed as per account age

    Closing balance Beginning balance

    Account age

    Amount Ratio (%) Amount Ratio (%)

    Within 1 year 1,593,790.34 96.14 7,092,958.88 91.11

    1-2 years - - 632,580.27 8.12

    2-3 years 64,000.00 3.86 42,841.97 0.55

    Over 3 years - - 17,380.00 0.22

    Total 1,657,790.34 100.00 7,785,761.12 100.00

    The closing balance of advance to suppliers mainly includes the advance payment for materials

    and fitment.黄山旅游发展股份有限公司 2010 年半年度报告

    59

    (2) Top five units in advance payment:

    Name of shareholder's unit Relation with

    the Company Amount Time Reason for

    unsettlement

    Swiss Suwei Trade Consultation

    Co., Ltd.

    Non-related

    party

    287,300.84 2010

    Down

    payment

    Nantong Jingfa Textile

    Garniture Co., Ltd.

    Non-related

    party

    213,697.40 2010

    Down

    payment

    Italy Laitene Company

    Non-related

    party

    208,545.98 2010

    Goods not

    arrived

    China Petrochemical Tangkou

    Gasoline Filling Station

    Non-related

    party

    204,255.02 2010

    Down

    payment

    Beijing Shenshi Rongyi

    Construction Material Operating

    Department

    Non-related

    party

    150,000.00 2010 Down

    payment

    Total 1,063,799.24

    (3) The closing balance of prepaid accounts in the report period does not have the advance

    payments to the shareholders holding equity interest of 5% or higher in the Company.

    (4) The prepaid accounts with account age over 1 year is mainly the unsettled down payments.

    (5) The closing balance of advance to suppliers decreases by 78.71% than beginning balance of the

    year, and this is mainly because the advance payment, such as material cost and premium, at

    beginning of the year has been settled and carried forward in installments.

    4) Interest receivable

    Item Closing balance Beginning balance

    Interest of fixed deposit — 193,928.47

    Total — 193,928.47

    In the report period, offset by bank interest income, the interest receivable has no balance at end

    of the report period.

    5) Other receivables

    (1) Listed as per types of other receivables:

    Closing balance

    Book balance Provision for doubtful

    accounts

    Type

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 109,118,706.70 87.92 11,559,544.24 53.64

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    8,136,651.17 6.56 7,913,651.17 36.72

    Other non-significant accounts

    receivable 6,849,469.90 5.52 2,076,703.87 9.64

    Total 124,104,827.77 100.00 21,549,899.28 100.00黄山旅游发展股份有限公司 2010 年半年度报告

    60

    Beginning balance

    Book balance Provision for doubtful

    accounts

    Type

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 104,836,775.23 86.45 11,559,544.24 53.12

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    8,136,651.17 6.71 7,913,651.17 36.37

    Other non-significant

    accounts receivable 8,290,987.53 6.84 2,286,135.25 10.51

    Total 121,264,413.93 100.00 21,759,330.66 100.00

    (2) Listed as per the account age of other receivables as follows:

    Closing balance

    Account age Amount of other

    receivables Ratio (%)

    Provision for

    doubtful

    accounts

    Net amount of

    other receivables

    Within 1 year 99,057,475.65 79.82 965,227.59 98,092,248.06

    1-2 years 3,180,757.89 2.56 171,209.95 3,009,547.94

    2-3 years 1,762,882.08 1.42 1,145,401.70 617,480.38

    Over 3 years 20,103,712.15 16.20 19,268,060.04 835,652.11

    Total 124,104,827.77 100.00 21,549,899.28 102,554,928.49

    Account Beginning balance

    age Amount of other

    receivables Ratio (%) Provision for

    doubtful accounts

    Net amount of

    other receivables

    Within 1 year 97,854,284.73 80.69 135,453.58 97,718,831.15

    1-2 years 2,282,956.12 1.88 972,305.73 1,310,650.39

    2-3 years 1,430,977.68 1.18 1,178,375.95 252,601.73

    Over 3 years 19,696,195.40 16.24 19,473,195.40 223,000.00

    Total 121,264,413.93 100.00 21,759,330.66 99,505,083.27

    (3) The closing balance of other receivables in the report period does not have the receivables from

    the shareholders holding equity interest of 5% or higher in the Company.

    (4) Top five units in other receivables:

    Name of shareholder's unit Relation with

    the Company Amount Age limit

    Ratio in total

    amount of other

    receivables (%)

    Huangshan City Non Tax Revenue

    Levying Bureau

    Non-related

    enterprise 85,620,000.00 Within 1

    year 68.99

    Beijing Zhongshi Taiping Business

    Management Co., Ltd.

    Non-related

    enterprise 7,939,162.47 Within 1

    year 6.40黄山旅游发展股份有限公司 2010 年半年度报告

    61

    Huangshan District government Non-related

    enterprise 7,357,570.03 Over 3

    years 5.93

    Zhongji Construction Group Co.,

    Ltd.

    Non-related

    enterprise 5,000,000.00 Within 1

    year 4.03

    Qiyun Mountain Management

    Committee

    Non-related

    enterprise 3,201,974.20 Over 3

    years 2.58

    Total 109,118,706.70 87.92

    6) Inventories

    (1) Classification of inventory

    Closing balance Beginning balance

    Item

    Book balance

    Provision

    for

    depreciation

    Book value Book balance

    Provision

    for

    depreciation

    Book value

    Commodity

    stocks 14,599,576.85 - 14,599,576.85 12,764,875.64 - 12,764,875.64

    Circulating

    material 11,364,382.88 - 11,364,382.88 10,614,434.72 - 10,614,434.72

    Developme

    nt cost 478,341,050.15 - 478,341,050.15 395,288,364.58 - 395,288,364.58

    Total 504,305,009.88 - 504,305,009.88 418,667,674.94 - 418,667,674.94

    (2) The Company does not have its inventories depreciated at end of the report period, so it does

    not appropriate provision for depreciation of inventories.

    (3) In the closing balance of inventories, there is no pledge, guarantee or other instances which

    may limit the ownership.

    7) Other current assets

    Item Closing balance Beginning balance

    Highway maintenance cost - -

    Subscription fee for newspapers and periodicals 13,044.00 -

    Insurance premium - 65,034.91

    House rent 1,998,559.25 2,080,517.55

    Amortization for material 1,954,031.00 -

    Maintenance cost for small projects 479,344.85 -

    Other - -

    Total 4,444,979.10 2,145,552.46

    The closing balance of other current assets increased by RMB 2,299,426.64 than beginning of the year, and

    this is mainly caused by increase of amortization for material cost of Beijing Huishang Guli Restaurant

    Management Co., Ltd. and increase of maintenance cost for small projects of the hotel.

    8) Long-term equity investment

    (1) Book value of long-term equity investment

    Closing balance Beginning balance

    Invested unit

    Book balance Provision for

    depreciation Book value Book balance Provision for

    depreciation Book value

    Investment in

    affiliated companies 6,032,739.68 — 6,032,739.68 5,910,925.70 — 5,910,925.70黄山旅游发展股份有限公司 2010 年半年度报告

    62

    Other equity

    investments 128,952,931.97 68,420,000.00 60,532,931.97 128,952,931.97 68,420,000.00 60,532,931.97

    Total 134,985,671.65 68,420,000.00 66,565,671.65 134,863,857.67 68,420,000.00 66,443,857.67

    (2) Long-term investment

    Invested unit Accountin

    g method

    Initial

    investment

    cost

    Beginning

    balance

    Increase

    or

    decrease

    Closing

    balance

    Huangshan City Yellow River

    Guesthouse

    Cost

    method 1,440,000.00 1,399,008.20 — 1,399,008.20

    Changchun Clean-moon Pool

    Recreation Co., Ltd.

    Equity

    method 5,926,036.00 5,910,925.70 121,813.98 6,032,739.68

    Huangshan Hot Spring Scenic

    Zone United Tourism

    Management Co., Ltd.

    Cost

    method 23,666,174.48 22,553,923.77 — 22,553,923.77

    Huaan Securities Co., Ltd. Cost

    method 100,000,000.00 100,000,000.00 — 100,000,000.00

    Beijing Zhongxi Video-audio

    Production Center

    Cost

    method 5,000,000.00 5,000,000.00 — 5,000,000.00

    Total 136,032,210.48 134,863,857.67 121,813.98 134,985,671.65

    Invested unit

    Shareholding

    ratio in the

    invested unit

    (%)

    Voting

    power ratio

    in the

    invested unit

    (%)

    Note on inconsistence

    between shareholding

    ratio and voting

    power ratio in the

    invested unit

    Provision for

    depreciation

    Provision for

    depreciation

    appropriated

    in current

    period

    Cash

    dividends

    Huangshan City Yellow River

    Guesthouse 23.22 23.22 — — — —

    Changchun Clean-moon Pool

    Recreation Co., Ltd. 20 20 — — — —

    Huangshan Hot Spring Scenic

    Zone United Tourism

    Management Co., Ltd.

    30 30 — — — —

    Huaan Securities Co., Ltd.* 4.07 4.07 — 68,420,000.00 — —

    Beijing Zhongxi Video-audio

    Production Center 25 25 — - — —

    Total —- —- — 68,420,000.00 — —

    (3) Investment in affiliated enterprises

    Name of invested

    unit

    Type of

    business

    Registration

    address

    Legal

    representative

    Business

    nature

    Registered

    capital

    Shareholding

    ratio of the

    Company (%)

    Ratio of voting

    power of the

    Company in the

    invested unit (%)

    Changchun

    Clean-moon Pool

    Recreation Co.,

    Ltd.

    Limited

    liability

    company

    South of

    Clean-moon

    Pool of

    Changchun

    City

    Gong

    Wenbin

    Tourist

    service 10,000,000.00 20 20

    Name of invested

    unit

    Total assets in

    current period

    Total liabilities

    in current

    period

    Total net assets

    in current period

    Total business

    income in current

    period

    Net profit

    in current

    period

    Changchun

    Clean-moon Pool

    Recreation Co.,

    Ltd.

    29,988,968.75 -174,730.13 30,366,722.18 3,643,973.00 609,069.20黄山旅游发展股份有限公司 2010 年半年度报告

    63

    9) Fixed assets

    (1) Increase or decrease of fixed assets and accumulated depreciation

    Item Beginning

    balance

    Increase in

    current period

    Decrease in

    current period Closing balance

    1. Original cost of

    fixed assets

    House and building 912,725,256.50 4,872,580.59 1,950,661.44 915,647,175.65

    Cableway equipment 307,801,235.67 279,600.00 981,785.73 307,099,049.94

    Machinery equipment 120,100,978.38 4,229,438.90 2,698,377.06 121,632,040.22

    Communication

    equipment 3,515,206.52 19,084.00 1,945,008.11 1,589,282.41

    Transportation

    equipment 28,516,058.54 989,319.08 479,867.00 29,025,510.62

    Other equipment 102,471,032.01 1,638,846.10 1,499,595.81 102,610,282.30

    Total of original book

    value: 1,475,129,767.62 12,028,868.67 9,555,295.15 1,477,603,341.14

    2. Accumulated

    depreciation

    House and building 225,334,295.46 16,920,033.82 843,471.38 241,410,857.90

    Cableway equipment 160,188,566.86 6,198,624.37 484,275.75 165,902,915.48

    Machinery equipment 72,080,515.00 5,167,579.74 2,559,510.07 74,688,584.67

    Communication

    equipment 3,138,242.90 45,282.20 1,886,657.87 1,296,867.23

    Transportation

    equipment 19,138,370.94 1,378,720.69 465,470.98 20,051,620.65

    Other equipment 49,569,336.67 5,748,432.92 1,230,284.01 54,087,485.58

    Total of accumulated

    depreciation: 529,449,327.83 35,458,673.74 7,469,670.06 557,438,331.51

    3. Fixed assets

    House and building 687,390,961.04 — — 674,236,317.75

    Cableway equipment 147,612,668.81 — — 141,196,134.46

    Machinery equipment 48,020,463.38 — — 46,943,455.55

    Communication

    equipment 376,963.62

    — —

    292,415.18

    Transportation

    equipment 9,377,687.60

    — —

    8,973,889.97

    Other equipment 52,901,695.34 — — 48,522,796.72

    Subtotal: 945,680,439.79 — — 920,165,009.63

    4. Assets depreciation

    House and building 15,886,294.49 — — 15,886,294.49

    Cableway equipment 3,862,482.04 — — 3,862,482.04

    Machinery equipment 161,556.09 — — 161,556.09

    Other equipment 184,311.49 — — 184,311.49

    Total of provision for

    depreciation: 20,094,644.11 — — 20,094,644.11

    5. Book value

    House and building 671,504,666.55 — — 658,350,023.26

    Cableway equipment 143,750,186.77 — — 137,333,652.42

    Machinery equipment 47,858,907.29 — — 46,781,899.46黄山旅游发展股份有限公司 2010 年半年度报告

    64

    Communication

    equipment 376,963.62 — — 292,415.18

    Transportation

    equipment 9,377,687.60 — — 8,973,889.97

    Other equipment 52,717,383.85 — — 48,338,485.23

    Total of book value: 925,585,795.68 — — 900,070,365.52

    (2) As of June 30, 2010, the Company did not have such fixed assets with pledge, guarantee or

    other instances which may limit its ownership.

    10) Construction in progress

    (1) Book balance of construction in progress

    Decrease in current period

    Project name Beginning

    balance

    Increase in

    current

    period

    Transferred

    to fixed assets

    Other

    decreases

    Closing

    balance

    Road project in scenic spots 5,273,480.00 - 5,273,480.00 -

    Xihai Sightseeing Cable Car

    Project 1,021,352.00 1,021,352.00

    Paiyunlou Hotel reconstruction 5,890,616.70 5,890,616.70

    Huangshan International Hotel

    reconstruction project 3,156,437.62 11,930,290.07 3,055,761.59 864,884.31 11,166,081.79

    Reconstruction of Flower Hill

    & Labyrinth 169,902.00 20,202.00 190,104.00

    Fitment and reconstruction of

    Beijing Huishang Guli 27,453,301.66 1,188,000.00 3,162,075.00 25,479,226.66 -

    Hot Spring Comprehensive

    Culture Building 6,500,000.00 2,494,079.00 8,994,079.00

    Huang mountain artistic center

    with liberal style 3,024,954.54 3,024,954.54

    Xihai Grand Canyon Land

    Cable Car 1,104,074.04 517,377.20 1,621,451.24

    Reconstruction of Xihai Hill

    Village 1,264,961.99 1,264,961.99

    Fitment and reconstruction of

    Shiling Hotel 7,003,840.50 7,003,840.50

    North Gate Logistic Center

    project 3,133,040.14 3,133,040.14

    Xihai Hotel reconstruction

    project 5,532,752.13 5,532,752.13

    North Sea staff quarter 13,069,951.38 13,069,951.38

    Xuanyuan Guoda Guest Room

    reconstruction project 10,200,743.83 10,200,743.83

    Other small projects 5,504,826.80 4,181,916.67 534,590.00 1,651,539.80 7,500,613.67

    Total 53,208,328.66 66,427,771.61 6,752,426.59 33,269,130.77 79,614,542.91

    Provision for depreciation of

    construction in progress:

    Xihai Sightseeing Cable Car

    Project 1,021,352.00 1,021,352.00

    Subtotal 1,021,352.00 1,021,352.00

    Net value of construction in

    progress 52,186,976.66 78,593,190.91黄山旅游发展股份有限公司 2010 年半年度报告

    65

    Closing balance Beginning balance

    Project name Book

    balance

    Provision for

    depreciation

    Net book

    value

    Book

    balance

    Provision for

    depreciation

    Net book

    value

    Road project in scenic spots — — — 5,273,480.00 - 5,273,480.00

    Xihai Sightseeing Cable Car

    Project 1,021,352.00 1,021,352.00 — 1,021,352.00 1,021,352.00 —

    Huangshan International Hotel

    reconstruction project 11,166,081.79 — 11,166,081.79 3,156,437.62 — 3,156,437.62

    Reconstruction of Flower Hill

    & Labyrinth 190,104.00 — 190,104.00 169,902.00 — 169,902.00

    Fitment and reconstruction of

    Beijing Huishang Guli — — — 27,453,301.66 — 27,453,301.66

    Hot Spring Comprehensive

    Culture Building 8,994,079.00 — 8,994,079.00 6,500,000.00 — 6,500,000.00

    Huang mountain artistic center

    with liberal style 3,024,954.54 — 3,024,954.54 3,024,954.54 — 3,024,954.54

    Xihai Grand Canyon Land

    Cable Car 1,621,451.24 — 1,621,451.24 1,104,074.04 — 1,104,074.04

    Paiyunlou Hotel reconstruction 5,890,616.70 — 5,890,616.70

    Reconstruction of Xihai Hill

    Village 1,264,961.99 — 1,264,961.99

    Fitment and reconstruction of

    Shiling Hotel 7,003,840.50 — 7,003,840.50

    North Gate Logistic Center

    project 3,133,040.14 — 3,133,040.14

    Xihai Hotel reconstruction

    project 5,532,752.13 — 5,532,752.13

    North Sea staff quarter 13,069,951.38 — 13,069,951.38

    Xuanyuan Guoda Guest Room

    reconstruction project 10,200,743.83 — 10,200,743.83

    Other small projects 7,500,613.67 — 7,500,613.67 5,504,826.80 — 5,504,826.80

    Total 79,614,542.91 1,021,352.00 78,593,190.91 53,208,328.66 1,021,352.00 52,186,976.66

    (2) In the Company's construction in progress, except that for the project of Xihai Sight-seeing

    Cable Car the Company has appropriated provision for depreciation in full due to the

    suspension of the project, other projects have no evidence for depreciation discovered, so the

    Company have not appropriated provision for depreciation for them.

    (3) Status of the significant construction in progress

    In the Company's significant construction in progress, the fitment and reconstruction for

    Beijing Huishang Guli Restaurant Management Co., Ltd. was completed in January 2010, the

    ground cable car project in Xihai Grand Canyon is still at initial preparation period, and the

    main building of the project of Hot Spring Comprehensive Culture Mansion has been

    completed basically.

    (4) As of June 30, 2010, there is no pledge, guarantee or other instances which may limit its

    ownership in the construction in progress of the Company.

    11) Intangible assets

    1) Increase or decrease of intangible assets黄山旅游发展股份有限公司 2010 年半年度报告

    66

    Item Beginning

    balance

    Increase in

    current

    period

    Decrease in

    current

    period

    Closing

    balance

    1. Total of original book

    value 46,579,026.33 900,000.00 — 47,479,026.33

    Land use right 45,057,974.33 — — 45,057,974.33

    Software and other 1,521,052.00 900,000.00 — 2,421,052.00

    2. Total of accumulated

    amortization 28,186,653.96 999,479.82 — 29,186,133.78

    Land use right 27,721,418.71 878,283.62 — 28,599,702.33

    Software and other 465,235.25 121,196.20 — 586,431.45

    3. Total of net book value

    of intangible assets 18,392,372.37 — — 18,292,892.55

    Land use right 17,336,555.62 — — 16,458,272.00

    Software and other 1,055,816.75 — — 1,834,620.55

    4. Total of provisions for

    depreciation — — — —

    Land use right — — — —

    Software and other — — — —

    5. Total of book value of

    intangible assets 18,392,372.37 — — 18,292,892.55

    Land use right 17,336,555.62 — — 16,458,272.00

    Software and other 1,055,816.75 — — 1,834,620.55

    The amount of intangible assets amortized in current period is RMB 999,479.82.

    (2) In the report period there was no depreciation of intangible assets, so the Company does not

    appropriate depreciation provision for intangible assets.

    (3) As of June 30, 2010, there is no pledge, guarantee or other instances which may limit its

    ownership in the intangible assets of the Company.

    12) Long-term prepaid expenses

    (1) Increase or decrease of long-term prepaid expenses

    Item

    Beginning

    balance

    Increase in

    current

    period

    Amortization

    in current

    period

    Other

    decrease

    Closing

    balance

    Road 6,425,680.22 8,620,193.57 2,618,071.66 — 12,427,802.13

    Maintenance cost of scenic

    spots

    11,477,182.80 884,142.60 2,449,902.93 — 9,911,422.47

    Expenditure for old scenic

    area maintenance and new

    scenic area development

    5,442,508.94 27,481,973.76 2,785,625.56 — 30,138,857.14

    Other 1,789,326.43 516,179.00 230,374.81 — 2,075,130.62

    Total 25,134,698.39 37,502,488.93 8,083,974.96 — 54,553,212.36

    The amount of long-term prepaid expenses amortized in current period is RMB 8,083,974.96.

    (2) The closing balance of long-term prepaid expenses increased by 117.04% than beginning of the黄山旅游发展股份有限公司 2010 年半年度报告

    67

    period, and this is mainly caused by increase of long-term prepaid expenses due to fitment and

    maintenance for Beijing Huishang Guli Restaurant Management Co., Ltd. and Huangshan

    International Hotel Co., Ltd.

    13) Deferred income tax assets and deferred income tax liabilities

    Item

    Closing

    balance

    Offsettable

    temporary

    difference

    Beginning

    balance

    Offsettable

    temporary

    difference

    Deferred income tax

    assets:

    Bad debt provision for

    accounts receivable

    3,005,335.58 12,021,342.32 3,005,335.58 12,021,342.32

    Bad debt provision for

    other receivables

    2,581,692.69 10,326,770.76 2,581,692.69 10,326,770.76

    Provision for depreciation

    of long-term equity

    investment

    17,105,000.00 68,420,000.00 17,105,000.00 68,420,000.00

    Provision for depreciation

    of construction in progress

    255,338.00 1,021,352.00 255,338.00 1,021,352.00

    Total 22,947,366.27 91,789,465.08 22,947,366.27 91,789,465.08

    Liabilities for deferred

    income tax:

    Depreciation of fixed assets 5,398,565.02 21,594,260.08 5,398,565.02 21,594,260.08

    Total 5,398,565.02 21,594,260.08 5,398,565.02 21,594,260.08

    14) Provision for assets depreciation

    Decrease in current

    Item Beginning period

    balance

    Increase in

    current

    period Returned Write-off

    Closing

    balance

    1. Total of provisions for

    doubtful accounts 36,509,118.66 — — 209,431.38 36,299,687.28

    Incl.: Provision for depreciation

    of accounts receivable

    14,749,788.00 — — 14,749,788.00

    Provision for depreciation

    of other receivables

    21,759,330.66 — — 209,431.38 21,549,899.28

    2. Provision for depreciation

    of long-term equity

    investment

    68,420,000.00 — — — 68,420,000.00

    3. Provision for depreciation

    of fixed assets 20,094,644.11 — — — 20,094,644.11

    Incl.: House and building 15,886,294.49 — — — 15,886,294.49

    Cableway equipment 3,862,482.04 — — — 3,862,482.04

    Machinery equipment 161,556.09 — — — 161,556.09

    Other equipment 184,311.49 — — — 184,311.49

    4. Provision for depreciation

    of construction in progress 1,021,352.00 — — — 1,021,352.00

    Total 126,045,114.77 — — 209,431.38 125,835,683.39黄山旅游发展股份有限公司 2010 年半年度报告

    68

    15) Other non-current assets

    Item

    Beginning

    balance

    Increase in

    current

    period

    Decrease in

    current

    period

    Closing

    balance

    Deposit of travel

    bureau

    2,480,000.00 50,000.00 — 2,530,000.00

    Total 2,480,000.00 50,000.00 — 2,530,000.00

    16) Short-term loan

    (1) Categories of short-term loan:

    Condition of loan Closing balance Beginning balance

    Credit loan 226,000,000.00 134,000,000.00

    Guaranteed loan — 18,000,000.00

    Pledged loan 17,329,534.83 15,829,534.83

    Total 243,329,534.83 167,829,534.83

    (2) The closing balance of short-term loan increases by 44.99% than beginning of the year, and

    this is mainly because the Company needs to increase loan for supplementing liquid fund

    required by business.

    (3) In the closing balance there is no such loan expired but not refunded.

    17) Accounts payable

    (1) Analysis on account age of payables:

    Closing balance Beginning balance

    Account age

    Amount Ratio (%) Amount Ratio (%)

    Within 1 year 23,401,157.97 83.52 39,374,384.25 91.50

    1-2 years 2,650,033.86 9.46 1,491,290.68 3.47

    2-3 years 1,106,605.40 3.95 1,117,307.19 2.60

    Over 3 years 859,772.06 3.07 1,051,308.70 2.44

    Total 28,017,569.29 100.00 43,034,290.82 100.00

    (2) In the closing balance of accounts payable, there is no any fund to be paid to the shareholders

    or related parties holding 5% or higher of the total shares with voting power of the Company.

    (3) The closing balance of accounts payable decreases by 34.89% than beginning balance of the

    year, and this is mainly because the fitment cost not paid at beginning of the year needs to be

    settled upon completion in this year.

    (4) In the closing balance of accounts payable, there is no any big amount of account payable with

    account age over 1 year.

    18) Advance receipts

    (1) Analysis on account age of advance receipts:

    Closing balance Beginning balance

    Account age

    Amount Ratio (%) Amount Ratio (%)黄山旅游发展股份有限公司 2010 年半年度报告

    69

    Within 1 year 149,290,785.42 99.88 48,277,983.84 98.17

    1-2 years 46,427.61 0.03 601,688.78 1.22

    2-3 years 3,881.00 0.01 257,130.87 0.52

    Over 3 years 123,342.79 0.08 41,378.00 0.09

    Total 149,464,436.82 100.00 49,178,181.49 100.00

    (2) In the closing balance of advance from customers, there is no any fund to be collected from the

    shareholders or related parties holding 5% or higher of the total shares with voting power of

    the Company.

    (3) The closing balance of the year of advance from customers increases by 203.92% than

    beginning balance of the year, and this is mainly caused by increase of the advance collection

    for pre-selling of the houses developed by Huangshan Tourism Yubing Real Estate

    Development Co., Ltd., the Company's subsidiary, in this year.

    (4) In the closing balance of advance from customers, there is no any big amount of advance from

    customers with account age over 1 year.

    19) Staff salary payable

    (1) Increase or decrease of staff salary payable

    Item Beginning

    balance

    Appropriated

    in current

    period

    Decrease in

    current

    period

    Closing

    balance

    1. Wage, bonus, allowance and

    subsidy 19,834,939.17 59,294,671.73 66,842,879.96 12,286,730.94

    2. Employee's welfare cost — 7,829,564.91 7,828,640.49 924.42

    3. Social insurance cost 490,248.88 7,931,964.23 8,017,247.39 404,965.72

    Incl.: 1) Medical insurance

    premium 286,699.32 1,985,379.08 2,113,936.83 158,141.57

    2) Basic endowment

    insurance cost 194,881.86 5,216,199.82 5,207,512.22 203,569.46

    3) Unemployment

    insurance expense 7,746.91 298,658.14 301,872.84 4,532.21

    4) Employment injury

    insurance cost 920.79 204,435.54 201,702.85 3,653.48

    5) Maternity insurance cost — 227,291.65 192,222.65 35,069.00

    4. Housing provident fund 2,627,246.95 3,976,323.37 5,930,005.82 673,564.50

    5. Trade union cost 294,109.15 655,451.34 493,378.53 456,181.96

    6. Staff education cost 1,141,598.10 394,505.90 332,696.25 1,203,407.75

    7. Non-monetary welfare — 4,940.78 4,940.78 —

    8. Compensation for employee's

    resignation — — — —

    9. Compensation for releasing of

    labour relation — 186,476.73 186,476.73 —

    10. Other — 15,364.92 15,364.92 —

    Total 24,388,142.25 80,289,263.91 89,651,630.87 15,025,775.29

    (2) During the report period, in staff salary payable of the the Company there was no any

    arrearage.黄山旅游发展股份有限公司 2010 年半年度报告

    70

    (3) The closing balance of staff salary payable decreases by 38.39% than beginning of the year,

    and this is mainly caused by increase of wage, bonus and housing provident fund in current

    period.

    20) Tax payable

    Item Beginning

    balance

    Appropriated in

    current period

    Decrease in

    current period

    Closing

    balance

    Business

    income tax 77,591,589.48 36,078,443.21 70,182,366.47 43,487,666.22

    Business tax 2,011,828.01 19,177,394.15 20,517,292.78 671,929.38

    City

    construction tax 53,659.39 1,036,272.94 1,029,930.87 60,001.46

    Housing

    property tax 1,903,963.38 4,402,115.02 5,344,605.55 961,472.85

    Value added tax 340.11 1,666,343.68 1,663,338.18 3,345.61

    Personal

    income tax 322,954.50 898,752.85 1,198,223.57 23,483.78

    Land use tax 530,175.41 987,253.19 1,315,986.84 201,441.76

    Surtax for

    education

    expenses

    429,507.17 782,916.42 858,250.89 354,172.70

    Vegetable fund 624,159.24 479,671.47 581,440.64 522,390.07

    Water

    conservancy

    fund

    45,432.64 273,513.93 255,646.25 63,300.32

    Stamp duty 1,313.74 438,446.08 439,548.16 211.66

    Other 1,157.68 5,727.01 5,551.04 1,333.65

    Total 83,516,080.75 66,226,849.95 103,392,181.24 46,350,749.46

    The closing balance of tax payable decreases by 44.50% than beginning balance of the year, and

    this is mainly because in current period the Company needed to pay the tax unpaid at beginning

    of the year and prepay relevant taxes.

    21) Dividend payable

    Name of shareholder's

    unit

    Closing

    balance

    Beginning

    balance

    Reason for not making payment

    after expiration for 1 year

    China Travel Scenic Spot

    Investment Co., Ltd. 4,745,200.40 2,224,935.04 —

    Total 4,745,200.40 2,224,935.04 —

    The closing balance of dividend payable in current period increases by 113.27% than

    beginning balance of the year, and this is mainly caused by increase of the dividend payable of

    Huangshan Yubing Passenger Transport Cableway Co., Ltd., a subsidiary of the Company.

    22) Other payables

    (1) Analysis on account age

    Closing balance Beginning balance

    Account age

    Amount Ratio (%) Amount 比例(%)黄山旅游发展股份有限公司 2010 年半年度报告

    71

    Within 1 year 176,860,404.82 69.43 134,834,683.95 70.87

    1-2 years 53,793,210.34 21.12 31,839,630.19 16.73

    2-3 years 2,495,414.96 0.98 2,720,471.06 1.43

    Over 3 years 21,570,334.47 8.47 20,874,766.02 10.97

    Total 254,719,364.59 100.00 190,269,551.22 100.00

    (2) The shareholders or related parties holding 5% or higher of the total shares with voting power

    of the Company in the closing balance of other payables:

    Name of shareholder's

    unit

    Closing balance Beginning balance

    Huangshan Tourism

    Group Co., Ltd.

    45,265,506.15 29,353,736.72

    Huangshan Scenic Spot

    Management Committee

    134,956,967.34 93,840,183.83

    (3) Other payables of big amount with account age over 1 year is mainly the loan borrowed by the

    Company and its subordinate operation units from Huangshan Tourism Group Co., Ltd. but not

    refunded yet.

    (4) Other payables with big amount

    Unit name Closing

    balance Nature of fund Account age

    Huangshan Tourism Group

    Co., Ltd.

    45,265,506.15

    Loan, maintenance and construction cost of

    scenic spot and integrated service expense

    1 year and more

    Huangshan Scenic Spot

    Management Committee

    134,956,967.34

    Royalty for operating right of entrance

    ticket, resource maintenance expense for

    scenic spot

    Within 2 years

    Huangshan Tianhai

    Reception Centre

    4,797,605.78 Collection for others Within 2 years

    Zhongji Construction Group

    Co., Ltd.

    4,196,717.00 Project quality assurance deposit Within 2 years

    Beijing Weidiya Scientific

    Trading Co., Ltd.

    3,445,754.00 Loan Within 1 year

    Total 192,662,550.27

    23) Non-current liabilities due in one year

    (1) Classification of non-current liabilities due in one year

    Item Closing balance Beginning balance

    Long-term loan due in 1

    year - 3,000,000.00

    Total - 3,000,000.00

    (2) Long-term loan due in 1 year

    Item Closing balance Beginning balance

    Mortgage loan - 3,000,000.00

    Total - 3,000,000.00

    (3) Top 5 long-term loans due in 1 year黄山旅游发展股份有限公司 2010 年半年度报告

    72

    Closing balance Beginning balance

    Lender Start of

    loan

    End of

    loan Currency

    Interest

    rate

    (%)

    Amount

    of foreign

    currency

    Amount

    of

    Chinese

    currency

    Amount

    of

    foreign

    currency

    Amount of

    Chinese

    currency

    Agricultural

    Bank

    Huangshan

    City Yucheng

    Branch

    February

    2007

    February

    2010 RMB 5.41 — 3,000,000.00

    Total — 3,000,000.00

    24) Long-term payables

    Item Closing balance Beginning balance

    Pujia (Hong Kong) Co., Ltd. 18,943,845.05 18,943,845.05

    Huangshan Tourism Group Co.,

    Ltd. 26,800,000.00 26,800,000.00

    Total 45,743,845.05 45,743,845.05

    25) Share capital Unit: '0000 shares

    Before change Increase or decrease (+， -) After change

    Type of share

    Quantity Ratio

    (%)

    New

    share

    issuanc

    Bonus

    share

    Transferred

    from capital

    reserves

    Other Subtotal Quantity Ratio

    (%)

    1. Shares with limited sales condition

    1) State-owned share

    2) State-owned legal person

    share 19,773.00 41.950 19,773.00 41.950

    3) Other domestic share

    Incl.: Domestic legal person

    share

    Domestic natural person

    share

    4) Foreign capital share

    Incl.: Overseas legal person

    share

    Overseas natural person share

    Subtotal of shares with

    limited sales condition 19,773.00 41.950 19,773.00 41.950

    2. Shares with no limited sales conditions

    1) Renminbi ordinary share 11,762.00 24.953 11,762.00 24.953

    2) Domestic listed foreign

    capital share 15,600.00 33.097 15,600.00 33.097

    Subtotal of shares with no

    limited sales conditions 27,362.00 58.050 27,362.00 58.050

    3. Total shares 47,135.00 100.00 47,135.00 100.00

    26) Capital reserves

    Item Beginning

    balance

    Increase in

    current period

    Decrease in

    current period Closing balance

    Share premium 163,418,931.00 163,418,931.00

    Other capital

    reserves*

    1,559,620.40 1,559,620.40黄山旅游发展股份有限公司 2010 年半年度报告

    73

    Total 164,978,551.40 164,978,551.40

    27) Surplus reserves

    Item Beginning balance Increase in

    current period

    Decrease in

    current period Closing balance

    Statutory surplus

    reserves

    163,500,430.31 163,500,430.31

    Total 163,500,430.31 163,500,430.31

    28) Undistributed profit

    Item Amount Appropriating

    Undistributed profit at beginning of the year before or distributing

    adjustment

    446,278,809.50

    Adjust undistributed profit at beginning of the year

    (increase + decrease )

    Undistributed profit at beginning of year after

    adjustment

    446,278,809.50

    Plus: Net profit attributed to owners of parent

    company this year

    96,766,392.54

    Less: Appropriated statutory surplus reserves

    Ordinary share dividend payable

    Closing balance of undistributed profit 543,045,202.04

    29) Operating income and operating cost

    (1) Operating income and operating costs

    Item January to June, 2010 January to June, 2009

    Main business income 597,272,957.73 501,802,764.64

    Other business income 692,923.00 5,514,095.63

    Less: Offset from each other 26,104,627.73 42,262,280.64

    Total of operating income 571,861,253.00 465,054,579.63

    Operating cost 379,837,750.81 310,795,974.75

    Other business expenses 115,456.11 2,419,223.05

    Less: Offset from each other 21,619,103.29 39,774,964.95

    Total of operating cost 358,334,103.63 273,440,232.85

    (2) Main operating income and cost listed according to products

    Amount of current period (Jan.-June 2010)

    Business type Operating

    income Operating cost Gross operating

    profit

    Hotel 129,361,919.27 105,863,019.13 23,498,900.14

    Cableway 135,396,320.40 33,159,347.23 102,236,973.17

    Garden development 198,833,770.00 118,259,673.29 80,574,096.71

    Tourist service 128,037,272.79 118,598,015.71 9,439,257.08

    Contracting 2,341,861.00 — 2,341,861.00

    Other business 3,301,814.27 3,957,695.45 -655,881.18

    Subtotal 597,272,957.73 379,837,750.81 217,435,206.92

    Offset from each other 26,104,627.73 21,619,103.29 4,485,524.44

    Total 571,168,330.00 358,218,647.52 212,949,682.48黄山旅游发展股份有限公司 2010 年半年度报告

    74

    Amount of previous period (January to June, 2009)

    Business type

    Operating income Operating cost Gross operating

    profit

    Hotel 110,180,738.50 85,578,054.24 24,602,684.26

    Cableway 121,679,326.00 29,073,588.82 92,605,737.18

    Garden development 170,862,183.90 102,001,431.14 68,860,752.76

    Tourist service 96,081,039.24 94,142,900.55 1,938,138.69

    Contracting 2,999,477.00 — 2,999,477.00

    Other business — — —

    Subtotal 501,802,764.64 310,795,974.75 191,006,789.89

    Offset from each other 42,262,280.64 39,774,964.95 2,487,315.69

    Total 459,540,484.00 271,021,009.80 188,519,474.20

    (3) Operating income of top 5 customers

    Name of customer Amount Ratio in total operating income

    of the Company (%)

    Huangshan Scenic Spot Management

    Committee

    4,473,587.58

    0.78

    Huangshan Kanghui International

    Travel Agency Co., Ltd. 6,293,180.00 1.10

    Huangshan City Huntian International

    Travel Agency Co., Ltd. 6,777,485.00 1.19

    Huangshan Songshi International Travel

    Agency (original Olympic Game Travel

    Agency) 6,323,508.00 1.11

    Huangshan China Youth Travel Service 6,198,266.00 1.08

    Total 30,066,026.58 5.26

    30) Business tax and surtax

    Item January to June, 2010 January to June, 2009

    Business tax 19,952,807.54 16,381,648.85

    Other 1,416,699.23 2,153,410.85

    Total 21,369,506.77 18,535,059.70

    31) Financial expenses

    Item January to June, 2010 January to June, 2009

    Interest expense 305,347.50 2,408,406.25

    Less: Interest income 224,015.81 222,187.77

    Exchange loss 38,993.45 75,600.22

    Less: Exchange income 35,345.78 26,333.71

    Bank commission 1,283,396.59 770,777.23

    Total 1,368,375.95 3,006,262.22

    The financial expenses in current period decreases by RMB 1,637,886.27 than same period of黄山旅游发展股份有限公司 2010 年半年度报告

    75

    last year, and this is mainly caused by decrease of the Company's loan interest expense.

    32) Investment income

    (1) Details of investment income

    Item January to June,

    2010

    January to June,

    2009

    Income from long-term equity

    investment calculated with cost method 20,000,000.00 1,600,000.00

    Adjustment on profit and loss of

    affiliated enterprises calculated with

    equity method

    121,813.98 -591,934.02

    Total 20,121,813.98 1,008,065.98

    (2) Income from long-term equity investment calculated with cost method

    Invested unit January to June,

    2010

    January to June,

    2009

    Reason for

    increase/decrease

    than same period

    of last year

    Huaan Securities Co., Ltd. 20,000,000.00 1,600,000.00 Distribute bonus

    in current year

    Total 20,000,000.00 1,600,000.00 —

    (3) Adjustment on profit and loss of affiliated enterprises calculated with equity method

    Invested unit January to

    June, 2010

    January to

    June, 2009

    Reason for

    increase/decrease

    than same period

    of last year

    Changchun Clean-moon Pool Recreation Co.,

    Ltd. 121,813.98 66,706.17

    Confirm

    according to

    equity method

    Yellow River Guesthouse — -22,332.45

    Change to

    calculation with

    cost method

    Huangshan Hot Spring Scenic Zone United

    Tourism Management Co., Ltd. — -636,307.73

    Change to

    calculation with

    cost method

    Total 121,813.98 -591,934.02

    (4) The Company's return of investment income has no significant restriction.

    33) Non-business income

    Item January to June, 2010 January to June, 2009

    1. Total of income disposal of

    non-current assets 55,528.71 74,856.06

    Incl.: Income disposal of fixed assets 55,528.71 74,856.06

    Income disposal of intangible

    assets — —

    2. Income from reorganization of debt — —

    3. Income from exchange of

    non-monetary assets — —

    4. Income from penalty 1,300.00 1,620.00

    5. Other 201,671.27 59,567.44

    Total 258,499.98 136,043.50

    34) Non-operating expense黄山旅游发展股份有限公司 2010 年半年度报告

    76

    Item January to June, 2010 January to June, 2009

    1. Total of net loss from disposal of

    non-current assets 1,774,772.93 29,230.46

    Incl.: Loss from disposal of fixed

    assets 1,774,772.93 29,230.46

    Loss from disposal of

    intangible assets — —

    2. Loss from reorganization of debts — —

    3. Loss from exchange of

    non-monetary assets — —

    4. Expenditure for penalty 876.80 1,147.10

    5. Expenditure for donation — —

    6. Other 43,144.88 39,732.72

    Total 1,818,794.61 70,110.28

    35) Calculation process for basic earnings per share and diluted earnings per share

    (1) Basic earnings per share

    Item January to June, 2010 January to June, 2009

    Net profit of current period attributed to

    common shareholders of the Company

    96,766,392.54 76,984,282.40

    Beginning balance of share capital 471,350,000.00 471,350,000.00

    Distribute dividend of share — —

    Issue ordinary A share — —

    Capital reserves transferred to share

    capital — —

    Weighted average ordinary shares of

    current period

    471,350,000.00 471,350,000.00

    Basic earnings per share 0.205 0.163

    (2) The Company does not make earnings per share diluted, and the diluted earnings per share is

    equal to the basic earnings per share.

    January to June, 2010 January to June, 2009

    Profit in the report

    period Basic earnings

    per share

    Diluted

    earnings per

    share

    Basic earnings

    per share

    Diluted

    earnings per

    share

    Net profit attributed

    to common

    shareholders of the

    Company

    0.205 0.205 0.163 0.163

    Net profit attributed

    to common

    shareholders of the

    Company after

    non-recurring profit

    and loss

    0.208 0.208 0.163 0.163

    Basic earnings per share=P0÷S

    S= S0＋ S1＋ Si×Mi÷M0– Sj×Mj÷M0-Sk

    In the formula: P0 is the net Profit attributed to common shareholders of the Company or the

    net profit attributed to common shareholders after non-recurring profit and loss; S is the黄山旅游发展股份有限公司 2010 年半年度报告

    77

    weighted average ordinary share issued; S0 is the total shares at beginning of the period; S1 is

    the shares increased due to transfer of public reserves into share capital or dividend distribution;

    Si is the shares increased due to new share issue or transfer of debt into share capital; Sj is the

    shares decreased due to counter-purchase; Sk is the shares reduced in the report period; M0 is

    the number of months in the report period; Mi is the number of months from the month next to

    increase of shares to end of the report period; Mj is the number of months from the month next

    to decrease of shares to end of the report period.

    Diluted earnings per share= P1/(S0＋S1＋Si×Mi÷M0–Sj×Mj÷M0–Sk+Weighted mean of

    ordinary shares increased due to subscription certificate, share option and convertible bond)

    In the formula, is the net profit belonging to common shareholder of the Company or the net

    profit belonging to common shareholder of the Company after deduction of non-recurring

    profit and loss, which should be adjusted in consideration of the influence of the diluted

    potential ordinary shares and according to the Enterprise Accounting Standard and relevant

    regulations. When calculating diluted earnings per share, the Company shall consider the

    influence of all diluted potential ordinary shares on the net profit belonging to common

    shareholder of the Company or the net profit belonging to common shareholder of the

    Company after deduction of non-recurring profit and loss and the weighted average shares,

    calculating the influence in diluted earnings per share in the descending order of diluting level

    until the diluted earnings per share reaching the smallest value.

    36) Notes to the items in cash flow statement

    (1) Cash related to other operating activities received

    Item January to June, 2010 January to June, 2009

    Engineering fund allocated by

    Huangshan Management Committee — 1,770,632.50

    Business fund collected on behalf of

    Tianhai Reception Centre 640,621.60 —

    Contracting fund 920,000.00 2,150,950.94

    Deposit 1,094,724.12 278,454.00

    Income from penalty and

    compensation 3,349.00 29,662.81

    Insurance proceeds 164,948.38 257,513.08

    Insurance return 860.37 —

    Subsidy from travel bureau received 177,740.00 —

    Recognizance of travel agencies

    received — 2,020,000.00

    Collected insurance fee 112,480.96 —

    Other 677,807.64 968,969.48

    Total 3,792,532.07 7,476,182.81

    (2) Cash related to other operating activities paid

    Item January to June, 2010 January to June, 2009黄山旅游发展股份有限公司 2010 年半年度报告

    78

    Royalty for exclusive selling right of

    entrance tickets of scenic spot 20,000,000.00 69,500,000.00

    Protection charge for landscape

    resources — 2,920,400.00

    Regulating fund for price of entrance

    ticket 56,000.00 55,000.00

    Construction and maintenance

    expense of scenic spot 45,045,935.50 20,048,081.50

    Life service charge 98,351.02 138,879.50

    Advertising and publicity costs 6,726,115.60 8,547,987.47

    Entertainment and social activity

    expenses 2,428,489.87 2,215,557.78

    Traveling expense 2,625,650.62 1,980,760.82

    Communication charges 1,564,399.87 1,110,368.41

    Insurance premium 1,387,981.16 1,648,064.71

    Costume cost 347,594.69 413,125.29

    Automobile expenses 2,175,054.93 1,592,978.14

    Expenses of Board of Directors 617,701.00 957,932.00

    Office expenses 1,204,696.22 1,548,909.35

    Payment for building public restroom

    in scenic spot — 1,705,134.00

    Service charge of intermediate

    agencies 660,963.30 210,666.50

    Lease rent 259,050.00 192,208.96

    Decontamination and gardening

    expenses 92,656.00 293,488.35

    Bank commission 1,284,909.98 424,483.17

    Expenditure for donation 9,000.00 800.00

    Indemnification for the disabled paid — —

    Expenses for retired people 2,388,223.46 1,967,013.43

    Performance security 422,897.21 —

    Other 4,540,390.22 1,386,595.57

    Total 93,936,060.65 118,858,434.95

    (3) Cash related to other investment activities received

    Item January to June, 2010 January to June, 2009

    Interest income 876,654.91 222,187.77

    Recognizance for project bid 661,250.00 2,500,000.00

    Maturing of certificate of fixed deposit — 2,000,000.00

    Other — 175,932.98

    Total 1,537,904.91 4,898,120.75

    (4) Cash related to other investment activities paid

    Item January to June, 2010 January to June, 2009

    Fixed deposit — 2,000,000.00黄山旅游发展股份有限公司 2010 年半年度报告

    79

    Recognizance for project bid — 1,130,000.00

    Other 40,346.40 86,679.70

    Total 40,346.40 3,216,679.70

    37) Supplementary information for cash flow statement

    (1) Supplementary information for cash flow statement

    Supplementary information January to June,

    2010

    January to June,

    2009

    1. Net profit regulated to cash flow in operating

    activities:

    Net profit 100,969,311.02 82,152,628.74

    Plus: Unidentified loss from investment — —

    Provision for assets depreciation — —

    Depreciation of fixed assets, waste of oil gas

    assets and depreciation of productive biological

    assets

    35,458,673.74 33,148,130.29

    Amortization of intangible assets 999,479.82 1,058,269.39

    Amortization of long-term prepaid expenses 8,083,974.96 5,547,409.28

    Loss from disposal of fixed assets, intangible

    assets and other long-term assets (for gain filled

    in "-")

    1,719,244.22 -45,625.60

    Loss on realization of fixed assets (for gain

    filled in "-")

    — —

    Loss from change of fair value (for gain filled in

    "-")

    — —

    Financial expenses (for gain filled in "-") 3,855,622.38 2,236,696.00

    Loss from investment (for gain filled in "-") -20,121,813.98 -1,008,065.98

    Decrease of deferred income tax assets (for

    increase filled in "-")

    — 166,548.65

    Increase of liabilities for deferred income tax

    (for decrease filled in "-")

    — —

    Decrease of inventories (for increase filled in

    "-")

    -85,637,334.94 -45,038,092.73

    Decrease of operational receivables (for

    increase filled in "-")

    -6,940,304.70 -3,849,415.47

    Increase of operational payables (for decrease

    filled in "-")

    100,567,838.96 -85,179,670.47

    Other — —

    Net cash flow from operating activities 138,954,691.48 -10,811,187.90

    2. Investment and financing activities not

    involved with receipts and disbursements of

    cash:

    Debt transferred to capital — —

    Convertible company bonds due in one year — —

    Fixed assets under financing lease-in — —

    3. Net increase of cash and cash equivalents:

    Closing balance of cash 390,117,280.09 229,426,505.98

    Less: Beginning balance of cash 191,397,399.19 286,496,539.26黄山旅游发展股份有限公司 2010 年半年度报告

    80

    Plus: Closing balance of cash equivalents — —

    Less: Beginning balance of cash equivalents — —

    Net increase of cash and cash equivalents 198,719,880.90 -57,070,033.28

    8. Relations and transactions with related parties

    1) Parent company of the Company Unit: RMB'0000

    Name of parent

    company

    Related

    relation

    Type of

    business

    Registration

    address

    Legal

    representative Business nature Registered

    capital

    Shareholding

    ratio of the

    parent

    company in

    the

    Company

    (%)

    Voting power

    ratio of the

    parent

    company in

    the

    Company

    (%)

    Final controller of

    the Company

    Organization

    code

    Huangshan

    Tourism Group

    Co., Ltd.

    (hereinafter

    referred to as

    "Huangshan

    Tourism

    Group")

    Controlling

    shareholder

    Limited

    liability

    company

    Anhui

    Province

    Huangshan

    City

    Xu Jiwei

    Tourist

    service,

    scenic spot

    resource

    management

    , etc.

    83,800.00 41.95 41.95

    Huangshan

    Scenic Spot

    Management

    Committee

    70495395-0

    2) Subsidiaries of the Company Unit: RMB'0000

    Full name of subsidiary Type of

    subsidiary

    Type of

    business

    Registratio

    n address

    Legal

    representative

    Business

    nature

    Register

    ed

    capital

    Shareholding

    ratio (%)

    Ratio of

    voting

    power (%)

    Organization

    code

    Huangshan Yubing

    Passenger Transport

    Cableway Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    Scenic Spot Jie Chuanfu Cableway

    transport 1900.00 80.00 80.00 15148833-0

    Huangshan Taiping

    Cableway Co., Ltd.

    Controlled

    Limited

    liability

    company

    (joint venture

    with Taiwan,

    Hong Kong

    and Macau)

    Huangshan

    City

    Fengjing

    District

    Jie Chuanfu Cableway

    transport

    6,97.50

    (USD)

    70.00 70.00 61049546-9

    Huangshan Overseas

    Travel Agency

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 289.00 100.00 100.00 48576090-4

    Huangshan Tuma

    Tourism E-business

    Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Huang

    Huimin Tourist service 500.00 99.00 99.00 77908529-7

    Huangshan Flower

    Hill & Labyrinth

    Tourism Development

    Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Li Minghao Development

    of scenic spot 100.00 75.00 75.00 71394617-0

    Huangshan Hui

    Cultural Tourism

    Development Co.,

    Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Yin Yin Tourist service 336.80 70.00 70.00 15148904-2

    Huangshan Pipeng

    Cultural Development

    Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Li Minghao Tourist service 500.00 90.00 90.00 70495052-2

    Huangshan Zhonghai

    Holiday Travel

    Service Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 100.00 51.00 51.00 76278700-6

    Huangshan Zhonghai

    Meeting and

    Exhibition Service

    Co., Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 10.00 100.00 100.00 78108010-2黄山旅游发展股份有限公司 2010 年半年度报告

    81

    Huangshan City

    Huangshan Air

    Tourism Service Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 180.00 100.00 100.00

    71394591-

    X

    Huangshan Tourism

    Lotus Hotel

    Management Co., Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang Yuqiu Hotel

    management 100.00 100.00 100.00 66794361-3

    Huangshan Taohuaxi

    Tourism and Real

    Estate Development

    Co., Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang Yuqiu Development

    of real estate 5200.00 100.00 100.00 66794366-4

    Huangshan Tourism

    Yubing Real Estate

    Development Co.,

    Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang Yuqiu Development

    of real estate 5000.00 100.00 100.00

    66794363-

    X

    Huangshan Old

    Huishang Tourism &

    Commercial Co., Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    He Yifei Commercial

    trading 50.00 100.00 100.00

    68209092-

    X

    Beijing Huishang

    Guli Restaurant

    Management Co., Ltd.

    Controlled

    Limited

    liability

    company

    Beijing

    Dongcheng

    District

    Wang Yuqiu Restaurant

    management

    500.0

    0 70.00 70.00 69001065-1

    Huangshan

    International Hotel

    Co., Ltd.

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang Yuqiu Hotel

    operation 3850.00 100.00 100.00 15149521-5

    Huangshan Xihai

    Hotel Co., Ltd.

    Controlled

    Limited

    liability

    company

    Huangshan

    Scenic Spot Wang Yuqiu Hotel

    operation 222.60 94.00 94.00 61048772-5

    Huangshan City

    China Travel Service

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 295.00 100.00 100.00 48576034-9

    Huangshan City

    China Travel Service

    Wholly

    owned

    subsidiary

    Limited

    liability

    company

    Huangshan

    City Tunxi

    District

    Wang

    Yongming Tourist service 150.00 100.00 100.00 15146285-1

    3) Affiliated enterprises of the Company

    Name of invested

    unit Type of business Registration

    address

    Legal

    representative

    Business

    nature

    Registered

    capital

    Shareholding

    ratio of the

    Company (%)

    Ratio of voting

    power of the

    Company in the

    invested unit (%)

    Changchun

    Clean-moon Pool

    Recreation Co.,

    Ltd.

    Limited

    liability

    company

    South of

    Clean-mo

    on Pool of

    Changchu

    n City

    Gong Wenbin Tourist

    service 10,000,000.00 20.00 20.00

    Name of invested

    unit

    Closing balance of

    total assets

    Closing balance

    of total liabilities

    Closing balance

    of total net assets

    Total business

    income in the

    report period

    Total net

    profit in the

    report period

    Related

    relation

    Organization

    code

    Changchun

    Clean-moon Pool

    Recreation Co.,

    Ltd.

    29,988,968.75 -174,730.13 30,366,722.18 3,643,973.00 609,069.20 联营企业 24498864-1

    4) Other related parties of the Company

    Name of the other related party Relation with the Company Organization

    code

    Huangshan Scenic Spot Management Committee (hereinafter

    referred to as the "Management Committee")

    Award party of exclusive

    selling right for entrance

    tickets of scenic spot

    -黄山旅游发展股份有限公司 2010 年半年度报告

    82

    China Travel Service Scenic Spot Investment Co., Ltd.

    (hereinafter referred to as "China Zhongjing") Investor of subsidiary 78320409-2

    China Travel Service (Group) Co., Ltd. (hereinafter referred to

    as "China Travel")

    Investor of subsidiary (original

    shareholder) 10001061-X

    China Travel Service (Holdings) Hong Kong Limited

    (hereinafter referred to as "Hong Kong Zhonglu")

    Investor of subsidiary (original

    shareholder) -

    Pujia (Hong Kong) Co., Ltd. (hereinafter referred to as "Hong

    Kong Pujia") Investor of subsidiary -

    Beijing Weidiya Scientific Trading Co., Ltd. (hereinafter

    referred to as "Beijing Weidiya") Investor of subsidiary 79213190-5

    *Note: Hong Kong Zhonglu (Group) Co., Ltd. is a subsidiary controlled by the Company and original

    shareholder of Huangshan Taiping Cableway Co., Ltd., and it transferred its 30% equity interest in

    Huangshan Taiping Cableway Co., Ltd. to Pujia (Hong Kong) Co., Ltd.

    5) Related transactions

    (1) Related transactions for purchase and sale of goods and accepting labour service

    January to June, 2010 January to June, 2009

    Related party

    Type of

    related

    transaction

    Related

    transaction

    Pricing mode and

    decision-making

    process for the

    related

    transaction

    Amount

    Ratio in

    total of

    same

    transaction

    amount (%)

    Amount

    Ratio in

    total of

    same

    transaction

    amount (%)

    Huangshan Tourism

    Group Co., Ltd.

    Sale

    Meal and

    drink,

    entrance

    ticket, etc.

    Market price 55,135.00 - 40,766.00 -

    Huangshan Management

    Committee Sale

    Meal and

    drink,

    entrance

    ticket, etc.

    Market price 4,473,587.58 - 4,474,396.56 -

    Total 4,528,722.58 4,515,162.56

    (2) Related contracting

    In 2007 the Company and Huangshan Management Committee signed the Contracting

    Operating Agreement on Tianhai Reception Centre, which specified that the Company shall

    contract Tianhai Reception Centre in Tianhai Management Zone of Garden Bureau under

    Huangshan Management Committee, with the contracting period from July 2007 to June 2012.

    Contracting content: a. The original property right relation keeps unchanged and checking of

    all operating targets shall be made by relevant departments of Huangshan Management

    Committee; b. The Company shall be responsible for operating management of Tianhai

    Reception Centre and hand in contracting profit to Huangshan Management Committee from

    the after-tax profit. Contracting amount: The Company shall hand in RMB 3,400,000 from

    after-tax profit in first year, and afterwards the amount shall increase by 10% each year. The

    Company shall deliver the contracting profit to Huangshan Management Committee before

    July 1 each year. After expiration of the contracted operating period, if Tianhai Reception

    Centre still needs contracting operation, the Company shall enjoy a preferential right for the

    contracting.黄山旅游发展股份有限公司 2010 年半年度报告

    83

    (3) Related leasing

    The Company signed the Xihai Waterside Pavilion Lease Agreement with Huangshan Scenic

    Spot Water Supply Co., Ltd. (subordinate unit under Huangshan Management Committee),

    which specified that, the Company leases Xihai Waterside Pavilion from Huangshan

    Management Committee for 3 years as the leasing term, and with the rent of RMB 2,200,000

    in 2008, RMB 2,420,000 in 2009 and RMB 2,662,000 in 2010, and the rent shall be paid in full

    at beginning of each year.

    (4) Guarantee of related party

    In accordance with the Guarantee Contract signed between Huangshan Tourism Group Co.,

    Ltd. and the Bank of China Huangshan Branch, Huangshan Tourism Group provides guarantee

    with joint liability for a loan of the Company's Huangshan Xihai Hotel Co., Ltd. from the Bank

    of China Huangshan Branch.

    (5) Other related transactions

    Unit name Nature of fund Amount of

    current year

    Amount of last

    year Remark

    Huangshan Tourism Group

    Co., Ltd.

    Operation expenses

    and charges of life

    service

    2,700,000.00 2,700,000.00 *1

    Huangshan Tourism Group

    Co., Ltd.

    Maintenance and

    construction cost of

    scenic spot

    14,236,776.64 10,368,574.83 *2

    Huangshan Management

    Committee

    Royalty for

    exclusive selling right

    of entrance tickets

    76,705,583.45 63,276,203.54 *3

    Huangshan Management

    Committee

    Heritage protection

    cost 23,943,552.00 20,509,241.00 *4

    Total 117,585,912.09 96,854,019.37

    Note*1: In 1996, the Company signed an operation and life service contract with a term of 40

    years with Huangshan Tourism Group Co., Ltd. According to the contract, Huangshan Tourism

    Group Co., Ltd. provided service to employees of the Company including water, electricity,

    gas, staff canteen, public bathroom, school and hospital. The Company liquidates this life

    service fee with Huangshan Tourism Group Co., Ltd. at the end of each year. At end of 2002

    the Company made negotiation again with Huangshan Tourism Group Co., Ltd. for this

    business service and life service contract; since the end of 2002 for at least 5 years, the

    Company needs to pay life service charge of RMB 5,400,000.00 to Huangshan Tourism Group

    Co., Ltd. As of June 30, 2010, the Company had not signed new life service agreement with

    Huangshan Tourism Group Co., Ltd. temporarily.

    Note*2: The Company pays RMB 5-10 for each cable ticket to the Huangshan Tourism Group

    Co., Ltd. as the construction and maintenance cost of Huangshan scenic spot based on the黄山旅游发展股份有限公司 2010 年半年度报告

    84

    "Reply on Cableway Price of Huangshan Scenic Spot (Huangjiazi [2000] No. 114)" issued by

    the Price Bureau of Huangshan City.

    Note*3: On August 13, 1996 the Company signed an agreement on authorization of

    management of entrance ticket for Huangshan Scenic Spot with Huangshan Scenic Spot

    Management Committee, valid until the end of 2036. According to this agreement, the

    company shall pay 50%% of net amount of entrance ticket income subtracting business tax and

    surtax and ticket office cost to Huangshan Scenic Spot Management Committee as Royalty for

    exclusive selling right of entrance tickets for Huangshan Scenic Spot.

    Note*4: According to the "Reply on Adjustment of the Price of Entrance Ticket of Huangshan

    Scenic Spot (Huangjiazi [2009] No. 22" issued by the Price Bureau of Huangshan City, the

    protection charge for landscape resources of RMB 20 contained in each entrance ticket shall be

    adjusted to RMB 23 as heritage protection cost since May 1, 2009.

    6) Balance of receivable and payable of related parties

    Item Related party Closing balance Beginning balance

    Accounts receivable Huangshan Management

    Committee 21,698,019.14 18,753,850.68

    Dividend payable China Zhongjing 4,745,200.40 2,224,935.04

    Other payables Huangshan Tourism

    Group Co., Ltd. 45,265,506.15 29,353,736.72

    Other payables Huangshan Management

    Committee 134,956,967.34 93,840,183.83

    Other payables Beijing Weidiya 3,445,754.00 3,445,754.00

    Long-term payables Huangshan Tourism

    Group Co., Ltd. 26,800,000.00 26,800,000.00

    Long-term payables Hong Kong Pujia 18,943,845.05 18,943,845.05

    9. Contingencies

    As of June 30, 2010, the Company did not have any contingencies necessary to be disclosed.

    10. Commitments

    1) Significant commitments

    (1) Capital commitments

    As of June 30, 2010, the Company did not have any capital expenditure commitments to be

    disclosed.

    (2) Commitments for operating lease

    Based on the signed irrevocable operating lease contracts, the future least payments of rent are

    summarized as follows:

    Future paying period Closing balance Beginning balance

    Within 1 year 2,196,214.98 2,071,900.92

    1-2 years 2,327,987.88 2,196,214.98黄山旅游发展股份有限公司 2010 年半年度报告

    85

    2-3 years 2,467,667.15 2,327,987.88

    Over 3 years 131,373,601.80 133,841,268.95

    Total 138,365,471.81 140,437,372.73

    According to the contracts signed between the Company and the Bureau of Land Management

    of Anhui Province Huangshan City on August 13, 1996 and December 23, 1996, the Company

    has rented the state owned lands in Huangshan scenic spot with the land area of 74,320 square

    meters and 9,919.9 square meters respectively, the periods of which would be expired

    respectively on October 1, 2036 and January 1, 2037, totally 40 years. According to the

    supplemental agreement signed between the Company and Huangshan City Land Management

    Bureau in 2006, the rented area shall be changed to 54,199.00 square meters and 9,919.90

    square meters and the renting period shall keep unchanged, but the land rent shall increase by

    6% each year. The rent in 2009 is RMB 2,071,900.92, and after then the rent shall increase by

    6% each year.

    2) Implementation of commitments in previous period

    As of June 30, 2010, the Company had implemented the commitments in previous period as

    agreed.

    11. Proceedings after the date of balance sheet

    As of August 18, 2010, the Company did not have any other proceedings after the date of

    balance sheet to be disclosed.

    12. Other significant events

    As of June 30, 2010, the Company did not have any other events necessary to be disclosed.

    13. Notes to main items of the financial statements of parent company

    1) Accounts receivable

    (1) Listed as per types of accounts receivable as follows:

    Closing balance

    Book balance Provision for doubtful

    Type accounts

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 23,767,859.07 66.55 5,864,118.26 77.94

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    477,657.76 1.34 477,657.76 6.35

    Other non-significant accounts

    receivable 11,468,457.75 32.11 1,182,279.21 15.71

    Total 35,713,974.58 100.00 7,524,055.23 100.00黄山旅游发展股份有限公司 2010 年半年度报告

    86

    Beginning balance

    Book balance Provision for doubtful

    Type accounts

    Amount Ratio (%) Amount Ratio (%)

    Fund with significant

    individual amount 20,231,345.99 71.50 5,864,118.26 77.94

    Accounts receivable with

    non-significant amount and

    of the feature of similar

    credit risk

    477,657.76 1.69 477,657.76 6.35

    Other non-significant accounts

    receivable 7,585,361.08 26.81 1,182,279.21 15.71

    Total 28,294,364.83 100.00 7,524,055.23 100.00

    (2) Listed as per the account age of accounts receivable as follows:

    Closing balance

    Account age Amount of

    accounts receivable Ratio (%) Provision for

    doubtful accounts

    Net account

    receivable

    Within 1 year 20,351,482.52 56.98 314,243.98 20,037,238.54

    1-2 years 10,392,630.61 29.10 2,239,949.80 8,152,680.81

    More than 2 years 4,969,861.45 13.92 4,969,861.45 —

    Total 35,713,974.58 100.00 7,524,055.23 28,189,919.35

    Beginning balance

    Account age Amount of accounts

    receivable Ratio (%) Provision for

    doubtful accounts

    Net account

    receivable

    Within 1 year 15,874,074.96 56.11 236,485.12 15,637,589.84

    1-2 years 7,337,530.96 25.93 2,204,811.20 5,132,719.76

    More than 2 years 5,082,758.91 17.96 5,082,758.91 —

    Total 28,294,364.83 100.00 7,524,055.23 20,770,309.60

    (3) The closing balance of accounts receivable in the report period does not have the receivables

    from the shareholders holding equity interest of 5% or higher in the Company.

    (4) Top five units in accounts receivable

    Unit name Relation with

    the Company Amount Age limit

    Ratio in the total

    amount of

    accounts

    receivables (%)

    Huangshan Scenic Spot

    Management

    Committee

    Related party 19,953,514.67 Within 3

    years 55.87

    Huangshan Huizhou

    Tourism General

    Company

    Non-related party 1,301,735.26 Over 3

    years 3.64

    Huangshan Huayuan

    Travel Agency Non-related party 1,111,469.50 Within 3

    years 3.11

    Reception Office of

    Huangshan City

    government

    Non-related party 743,995.80 Within 3

    years 2.08黄山旅游发展股份有限公司 2010 年半年度报告

    87

    China Merchants

    International Travel

    (Huangshan)

    Non-related party 731,639.84 Over 3

    years 2.05

    Total 23,842,355.07 66.76

    (5) Related parties in accounts receivable

    Unit name Relation with the

    Company Amount Ratio in the total amount of

    accounts receivables (%)

    Huangshan Scenic

    Spot Management

    Committee

    Related party 19,953,514.67 55.87

    Total 19,953,514.67 55.87

    2) Accounts payable

    (1) Age analysis on payables:

    Closing balance Beginning balance

    Account age

    Amount Ratio (%) Amount Ratio (%)

    Within 1 year 10,029,830.54 92.18 9,084,412.09 93.44

    1-2 years 596,120.52 5.48 193,919.84 1.99

    2-3 years 18,484.05 0.17 208,027.70 2.14

    Over 3 years 236,495.83 2.17 235,403.67 2.42

    Total 10,880,930.94 100.00 9,721,763.30 100.00

    (2) In the closing balance of accounts payable, there is no any fund to be paid to the shareholders

    or related parties holding 5% or higher of the total shares with voting power of the Company.

    (3) In the closing balance of accounts payable, there is no any accounts payable of big amount

    with account age over 1 year.

    3) Long-term equity investment

    (1) Book value of long-term equity investment

    Closing balance Beginning balance

    Invested unit

    Book balance Provision for

    depreciation Book value Book balance Provision for

    depreciation Book value

    Investment in

    subsidiaries 231,563,382.96 54,552,948.65 177,010,434.31 231,563,382.96 54,552,948.65 177,010,434.31

    Investment in

    affiliated companies 6,032,739.68 - 6,032,739.68 5,910,925.70 - 5,910,925.70

    Other equity

    investments 128,952,931.97 68,420,000.00 60,532,931.97 128,952,931.97 68,420,000.00 60,532,931.97

    Total 366,549,054.61 122,972,948.65 243,576,105.96 366,427,240.63 122,972,948.65 243,454,291.98

    (2) Details of long-term equity investment

    Invested unit

    Accounti

    ng

    method

    Initial

    investment

    cost

    Beginning

    balance

    Increase

    or

    decrease

    Closing

    balance

    Huangshan City China Travel Service

    Cost

    method

    3,385,072.00 3,385,072.00 - 3,385,072.00黄山旅游发展股份有限公司 2010 年半年度报告

    88

    Huangshan Overseas Travel Agency

    Cost

    method

    42,022.00 42,022.00 - 42,022.00

    Huangshan China International Travel

    Service

    Cost

    method

    3,703,042.00 3,703,042.00 - 3,703,042.00

    Huangshan Yubing Passenger

    Transport Cableway Co., Ltd.

    Cost

    method

    27,341,281.00 27,341,281.00 - 27,341,281.00

    Huangshan Taiping Cableway Co.,

    Ltd.

    Cost

    method

    54,510,926.65 54,510,926.65 - 54,510,926.65

    Huangshan Hui Cultural Tourism

    Development Co., Ltd.

    Cost

    method

    2,357,887.00 2,357,887.00 - 2,357,887.00

    Huangshan Pipeng Cultural

    Development Co., Ltd.

    Cost

    method

    4,500,000.00 4,500,000.00 - 4,500,000.00

    Huangshan Tuma Tourism E-business

    Co., Ltd.

    Cost

    method

    4,500,000.00 4,500,000.00 - 4,500,000.00

    Huangshan International Hotel Co.,

    Ltd.

    Cost

    method

    50,101,895.83 10,713,177.62 - 10,713,177.62

    Huangshan Xihai Hotel Co., Ltd.

    Cost

    method

    56,465,300.00 10,509,974.69 - 10,509,974.69

    Huangshan Tourism Lotus Hotel

    Management Co., Ltd.

    Cost

    method

    1,000,000.00 1,000,000.00 - 1,000,000.00

    Huangshan Taohuaxi Tourism and

    Real Estate Development Co., Ltd.

    Cost

    method

    52,000,000.00 52,000,000.00 - 52,000,000.00

    Huangshan Tourism Yubing Real

    Estate Development Co., Ltd.

    Cost

    method

    50,000,000.00 50,000,000.00 - 50,000,000.00

    Huangshan Flower Hill & Labyrinth

    Tourism Development Co., Ltd.

    Cost

    method

    3,000,000.00 3,000,000.00 - 3,000,000.00

    Huangshan Old Huishang Tourism &

    Commercial Co., Ltd.

    Cost

    method

    500,000.00 500,000.00 - 500,000.00

    Beijing Huishang Guli Restaurant

    Management Co., Ltd.

    Cost

    method

    3,500,000.00 3,500,000.00 - 3,500,000.00

    Changchun Clean-moon Pool

    Recreation Co., Ltd.

    Equity

    method

    5,926,036.00 5,910,925.70 121,813.98 6,032,739.68

    Yellow River Guesthouse

    Cost

    method

    1,440,000.00 1,399,008.20 - 1,399,008.20

    Huangshan Hot Spring Scenic Zone

    United Tourism Management Co.,

    Ltd.

    Cost

    method

    23,666,174.48 22,553,923.77 - 22,553,923.77

    Huaan Securities Co., Ltd.

    Cost

    method

    100,000,000.00 100,000,000.00 - 100,000,000.00

    Beijing Zhongxi Video-audio

    Production Center

    Cost

    method

    5,000,000.00 5,000,000.00 - 5,000,000.00

    Total 452,939,636.96 366,427,240.63 121,813.98 366,549,054.61

    Invested unit

    Shareholding

    ratio in the

    invested unit

    (%)

    Voting power

    ratio in the

    invested unit

    (%)

    Note on

    inconsistence

    between

    shareholding

    ratio and

    voting power

    ratio in the

    invested unit

    Provision for

    depreciation

    Provision for

    depreciation

    appropriated

    in current

    period

    Cash

    dividends黄山旅游发展股份有限公司 2010 年半年度报告

    89

    Huangshan City China

    Travel Service 100.00 100.00 — — — —

    Huangshan Overseas

    Travel Agency 100.00 100.00 — 42,022.00 — —

    Huangshan China

    International Travel

    Service

    100.00 100.00 — — — —

    Huangshan Yubing

    Passenger Transpor

    Cableway Co., Ltd.

    80.00 80.00 — — — —

    Huangshan Taiping

    Cableway Co., Ltd. 70.00 70.00 — 54,510,926.65 — —

    Huangshan Hui Cultural

    Tourism Development

    Co., Ltd.

    70.00 70.00 — — — —

    Huangshan Pipeng

    Cultural Development

    Co., Ltd.

    90.00 90.00 — — — —

    Huangshan Tuma

    Tourism E-business Co.,

    Ltd.

    99.00 99.00 — — — —

    Huangshan International

    Hotel Co., Ltd. 100.00 100.00 — — — —

    Huangshan Xihai Hotel

    Co., Ltd. 94.00 94.00 — — — —

    Huangshan Tourism Lotu

    Hotel Management Co.

    Ltd.

    100.00 100.00 — — — —

    Huangshan Taohuaxi

    Tourism and Real Estate

    Development Co., Ltd.

    100.00 100.00 — — — —

    Huangshan Tourism

    Yubing Real Estate

    Development Co., Ltd.

    100.00 100.00 — — — —

    Huangshan Flower Hill

    & Labyrinth Tourism

    Development Co., Ltd.

    75.00 75.00 — — — —

    Huangshan Old

    Huishang Tourism &

    Commercial Co., Ltd.

    100.00 100.00 — — — —

    Beijing Huishang Gul

    Restaurant Managemen

    Co., Ltd.

    70.00 70.00 — — — —

    Changchun Clean-moon

    Pool Recreation Co.,

    Ltd.

    20.00 20.00 — — — —

    Yellow River

    Guesthouse 23.22 23.22 — — — —

    Huangshan Hot Spring

    Scenic Zone United

    Tourism Management

    Co., Ltd.

    30.00 30.00 — — — —

    Huaan Securities Co.,

    Ltd. 4.07 4.07 — 68,420,000.00 — —

    Beijing Zhongxi

    Video-audio Production

    Center

    25.00 25.00 — — — —

    Total — — — 122,972,948.65 — —黄山旅游发展股份有限公司 2010 年半年度报告

    90

    4) Operating income and operating cost

    (1) Operating income and operating costs

    Item January to June, 2010 January to June, 2009

    Main business income 372,833,225.22 316,996,825.89

    Other business income 692,923.00 485,310.00

    Less: Offset from each other 2,985,798.39 1,234,484.45

    Total of operating income 370,540,349.83 316,247,651.44

    Main business cost 214,258,924.69 180,515,725.60

    Other business expenses 115,456.11 1,345,780.97

    Less: Offset from each other — —

    Total of operating cost 214,374,380.80 181,861,506.57

    (2) Main business income and cost listed according to products

    Amount of current period (Jan.-June 2010)

    Business type Operating

    income Operating cost Gross operating

    profit

    Hotel 106,592,626.82 79,829,636.23 26,762,990.59

    Cableway 65,284,165.40 15,267,079.77 50,017,085.63

    Garden development 198,833,770.00 118,259,673.29 80,574,096.71

    Tourist service — — —

    Contracting 1,837,946.00 — 1,837,946.00

    Other business 284,717.00 902,535.40 -617,818.40

    Subtotal 372,833,225.22 214,258,924.69 158,574,300.53

    Offset from each other 2,985,798.39 — 2,985,798.39

    Total 369,847,426.83 214,258,924.69 155,588,502.14

    Amount of previous period (January to June, 2009)

    Business type Operating

    income Operating cost Gross operating

    profit

    Hotel 90,981,291.82 68,128,716.16 22,852,575.66

    Cableway 57,338,982.07 14,037,194.33 43,301,787.74

    Garden development 166,945,575.00 98,349,815.11 68,595,759.89

    Tourist service — — —

    Contracting 1,730,977.00 — 1,730,977.00

    Other business — — —

    Subtotal 316,996,825.89 180,851,725.60 136,481,100.29

    Offset from each other 1,234,484.45 — 1,234,484.45

    Total 315,762,341.44 180,851,725.60 135,246,615.84

    (3) Operating income of top 5 customers

    Name of customer Amount Ratio in total operating income

    of the Company (%)

    Huangshan City Huntian International

    Travel Agency Co., Ltd. 5,785,580.00 1.56

    Huangshan Songshi International Travel 5,050,853.00 1.36黄山旅游发展股份有限公司 2010 年半年度报告

    91

    Agency (original Olympic Game Travel

    Agency)

    Huangshan China Youth Travel Service 5,010,556.00 1.35

    Huangshan Kanghui International Travel

    Agency Co., Ltd. 5,285,875.00 1.43

    Huangshan Scenic Spot Management

    Committee 4,473,587.58 1.21

    Total 25,606,451.58 6.91

    5) Investment income

    (1) Details of investment income

    Item January to June, 2010 January to June, 2009

    Income from long-term equity

    investment calculated with cost

    method 43,118,834.50 23,284,446.89

    Adjustment on profit and loss of

    affiliated enterprises calculated

    with equity method 121,813.98 -591,934.02

    Total 43,240,648.48 22,692,512.87

    (2) Income from long-term equity investment calculated with cost method

    Invested unit

    January to June,

    2010

    January to June,

    2009

    Reason for

    increase/decrease than

    same period of last year

    Huaan Securities Co.,

    Ltd.

    20,000,000.00 1,600,000.00

    Distribute bonus in

    current year

    Huangshan Yuping

    Passenger Cableway Co.,

    Ltd.

    23,118,834.50 21,684,446.89 —

    Total 43,118,834.50 23,284,446.89

    (3) Adjustment on profit and loss of affiliated enterprises calculated with equity method

    Invested unit January to

    June, 2010

    January to

    June, 2009

    Reason for increase or

    decrease than same

    period of last year

    Changchun Clean-moon Pool Recreation

    Co., Ltd. 121,813.98 66,706.17 Confirm according to

    equity method

    Yellow River Guesthouse — -22,332.45 Change to calculation

    with cost method

    Huangshan Hot Spring Scenic Zone

    United Tourism Management Co., Ltd. — -636,307.73 Change to calculation

    with cost method

    Total 121,813.98 -591,934.02

    (4) The Company's return of investment income has no significant restriction.

    6) Supplementary information for cash flow statement

    Supplementary information January to June, 2010 January to June, 2009

    1. Net profit regulated to cash flow in operating

    activities:

    Net profit 103,465,801.69 81,649,007.41

    Plus: Unidentified loss from investment — —

    Provision for assets depreciation — —黄山旅游发展股份有限公司 2010 年半年度报告

    92

    Depreciation of fixed assets, waste of oil gas assets

    and depreciation of productive biological assets 25,705,090.57 23,837,226.74

    Amortization of intangible assets 371,582.74 292,849.39

    Amortization of long-term prepaid expenses 4,688,852.46 4,677,383.75

    Loss from disposal of fixed assets, intangible

    assets and other long-term assets (for gain filled in

    "-")

    1,086,940.26 -32,757.39

    Loss on realization of fixed assets (for gain filled

    in "-")

    — —

    Loss from change of fair value (for gain filled in

    "-")

    — —

    Financial expenses (for gain filled in "-") 3,626,796.20 1,396,727.28

    Loss from investment (for gain filled in "-") -43,240,648.48 -22,692,512.87

    Decrease of deferred income tax assets (for

    increase filled in "-")

    — —

    Increase of liabilities for deferred income tax (for

    decrease filled in "-")

    — —

    Decrease of inventories (for increase filled in "-") -1,103,876.90 -384,685.65

    Decrease of operational receivables (for increase

    filled in "-") 61,863,397.03 -66,501,534.18

    Increase of operational payables (for decrease

    filled in "-") -28,782,385.65 10,932,998.96

    Other — —

    Net cash flow from operating activities 127,681,549.92 33,174,703.44

    2. Investment and financing activities not involved

    with receipts and disbursements of cash:

    Debt transferred to capital — —

    Convertible company bonds due in one year — —

    Fixed assets under financing lease-in — —

    3. Net increase of cash and cash equivalents:

    Closing balance of cash 316,203,886.52 183,178,192.92

    Less: Beginning balance of cash 134,208,907.34 228,628,756.12

    Plus: Closing balance of cash equivalents — —

    Less: Beginning balance of cash equivalents — —

    Net increase of cash and cash equivalents 181,994,979.18 -45,450,563.20

    14. Supplementary information

    1) Details of non-recurring profit and loss in current period

    Item Amount

    Profit and loss from disposal of non-current assets -1,719,244.22

    Government subsidy attributed to the profit or loss of current

    period (except the government subsidy closely related to the

    Company's business and enjoyed in specified ration or quota as per

    national standard)

    —

    Other non-operating revenue and expenditure except above items 79,883.47

    Impact of income tax 409,840.19

    Impact from minority interest (after tax) -125,921.33黄山旅游发展股份有限公司 2010 年半年度报告

    93

    Total -1,103,599.23

    2) Return on net assets and earnings per share

    Earnings per share

    Profit in the report period

    Weighted

    average return

    on net assets

    (%)

    Basic earnings

    per share

    Diluted earnings

    per share

    Net profit attributed to common shareholders of the

    Company 7.21 0.205 0.205

    Net profit attributed to common shareholder of the Company

    after deduction of non-recurring profit and loss 7.29 0.208 0.208

    8. Documents for Reference

    1. The annual report signed by the Chairman of the Board.

    2. Financial report signed and stamped by the unit principal, financial principal and head of

    accounting department.

    3. All the formal version of the files and originals of the announcements disclosed in the

    newspaper appointed by China Securities Regulatory Committee during the report period.

    4. Other relevant information.

    Huangshan Tourism Development Co., Ltd.

    The Board of Directors

    August 16, 2010