Core Viewpoint - Guomai Culture (301052) announced the listing of Shaanxi Tourism on the Shanghai Stock Exchange on January 6, 2023, indicating a strategic investment opportunity for the company [1] Summary by Relevant Categories Company Investment - Guomai Culture indirectly holds 1.0399 million shares of Shaanxi Tourism through Chuan Shang No. 2, representing 1.7930% of the total shares before the initial public offering (IPO) and 1.3448% after the IPO [1] Financial Impact - The estimated impact of the shares held on Guomai Culture's net profit is approximately 63.43 million yuan, with an expected contribution of 35.976 million yuan to the net profit for the year 2025, which accounts for about 88.10% of the audited net profit attributable to the parent company for the year 2024 [1]

Group 1 - The tourism and scenic spots sector increased by 0.58% on January 6, with N Shaanxi Tourism leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - N Shaanxi Tourism's stock price rose by 64.10% to 132.00, with a trading volume of 143,900 shares and a transaction value of 1.971 billion [1] Group 2 - The main funds in the tourism and scenic spots sector had a net inflow of 719 million, while retail funds experienced a net outflow of 24.75 million [2] - The stock performance of various companies in the sector showed mixed results, with some stocks like N Shaanxi Tourism and Songcheng Performance seeing significant changes in net inflow and outflow [3] - N Shaanxi Tourism had a net inflow of 8.27 billion from main funds, while retail funds saw a net outflow of 1.62 billion [3]

Market Overview - As of January 6, the Shanghai Composite Index closed at 4083.67 points, up by 60.25 points, representing a 1.50% increase [1] - The Shenzhen Component Index closed at 14022.55 points, up by 193.92 points, with a 1.40% increase [1] - The ChiNext Index closed at 3319.29 points, up by 24.74 points, reflecting a 0.75% increase [1] High Turnover Stocks - A total of 110 A-shares had a turnover rate exceeding 20% on January 6, with C Shanlv and C Xinguangyi having turnover rates above 50% [1] - C Shanlv (603402) closed at 132.00 yuan, with a turnover rate of 74.41% and a price increase of 64.10% [1] - C Xinguangyi (301687) closed at 74.50 yuan, with a turnover rate of 57.23% and a price increase of 7.69% [1] Notable Stocks with High Turnover Rates - Yuyin Co. (002177) had a turnover rate of 47.71% and a price increase of 9.98%, closing at 9.48 yuan [1] - Huazhong Cable (001208) closed at 24.21 yuan, with a turnover rate of 46.83% and a price increase of 3.24% [1] - Yunhan Chip City (301563) closed at 184.30 yuan, with a turnover rate of 45.76% and a minimal price increase of 0.22% [1] Additional High Turnover Stocks - Tai'er Co. (002347) had a turnover rate of 44.17% and closed at 13.42 yuan, with a price increase of 2.13% [1] - Dapeng Industrial (920091) closed at 89.53 yuan, with a turnover rate of 42.72% and a price increase of 15.90% [1] - Dainike (300884) closed at 17.78 yuan, with a turnover rate of 42.54% and a minimal price increase of 0.11% [1]

Core Viewpoint - Shaanxi Tourism (603402.SH) has successfully listed on the Shanghai Stock Exchange, with a closing price of 132.00 yuan, marking a 64.10% increase on its first day of trading, and a total market capitalization of 10.208 billion yuan [1]. Group 1: Company Overview - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [1]. - The controlling shareholder, Shaanxi Tourism Group, holds 47.59% of the company, with the actual controller being the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [1]. Group 2: Financial Performance - The company reported revenues of 23.19 million yuan, 108.83 million yuan, and 126.27 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of -10.26 million yuan, 52.95 million yuan, and 62.16 million yuan during the same period [5]. - For the first half of 2025, the company achieved a revenue of 51.65 million yuan and a net profit of 24.71 million yuan [7]. Group 3: Fundraising and Investment Plans - The company plans to raise approximately 155.52 million yuan through the issuance of 19.33 million shares at a price of 80.44 yuan per share, with net proceeds expected to be 152.19 million yuan after deducting issuance costs [3]. - The raised funds will be allocated to various projects, including the construction of the second phase of Taishan Xiucheng, acquisition of Shaanxi Taihua Tourism Cableway, and other related projects [4]. Group 4: Future Projections - For the first nine months of 2025, the company anticipates revenues between 95.1 million yuan and 111.7 million yuan, representing a year-on-year decline of approximately 24.69% to 11.54% [10]. - The projected net profit for 2025 is expected to be between 37.1 million yuan and 43.6 million yuan, reflecting a decrease of 27.50% to 14.80% compared to 2024 [10].

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for 2026 and the first cultural tourism company to list in the past five years [1][2]. Company Overview - Shaanxi Tourism engages in tourism performances, cable cars, and dining services, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan, with a strong cultural heritage and stable business operations [1]. - The company is known for popular performances like "The Song of Everlasting Regret" and "12.12 Xi'an Incident," which have a good reputation among consumers [1]. - The cable car business is recognized for its technical indicators and industry reputation, ranking among the top in China [1]. Market Context - The Central Economic Work Conference in December 2025 emphasized the importance of domestic demand and consumer spending as a priority for economic work in 2026, aiming to boost consumption and release service consumption potential [1]. - A joint guideline issued by the China Securities Regulatory Commission and other departments in June 2025 supports quality enterprises in the consumption industry to raise funds through public offerings and listings [1]. IPO Details - Shaanxi Tourism's IPO was approved by the CSRC on November 19, 2025, with the issuance of 19.33334 million shares at a price of 80.44 yuan per share, corresponding to a P/E ratio of 12.37 for 2024 [2]. - The total fundraising amount was 1.555 billion yuan, aligning with the expected fundraising scale disclosed in the prospectus [2]. - Upon listing, the opening price was 131.15 yuan, reflecting a 63.04% increase from the issuance price [2].

Core Viewpoint - Shaanxi Tourism (603402.SH) officially listed on the Shanghai Stock Exchange on January 6, 2026, with an opening price of 131.15 yuan, representing a 63.04% increase from the issue price of 80.44 yuan, marking it as the first new listing in the A-share market for 2026 and the first cultural tourism company in five years [2][3]. Company Overview - Shaanxi Tourism primarily engages in tourism performances, cable cars, and dining services, leveraging high-quality tourism resources such as Huaqing Palace and Huashan Mountain, with a strong cultural heritage and stable business operations [2]. - The company is known for its popular performances like "The Long Hate Song" and "12.12 Xi'an Incident," which have a good reputation among consumers, and its cable car business is recognized as a leader in technical indicators and industry reputation [2]. Market Context - The Central Economic Work Conference in December 2025 emphasized the importance of domestic demand and the construction of a strong domestic market as a primary task for 2026, advocating for actions to boost consumption and unleash the potential of service consumption [2]. - In June 2025, six ministries, including the China Securities Regulatory Commission and the People's Bank of China, issued guidelines to support consumer-oriented companies in listing and financing, promoting high-quality development in the consumption sector [2][3]. IPO Details - Shaanxi Tourism's IPO was approved by the CSRC on November 19, 2025, and the issuance process began on December 18, 2025, with a total of 19.333334 million shares offered through a direct pricing method, marking it as the first company in the Shanghai market to adopt this method under the registration system [3]. - The issue price was set at 80.44 yuan per share, corresponding to a 2024 price-to-earnings ratio of 12.37 times, with total fundraising amounting to 1.555 billion yuan, aligning with the expected fundraising scale disclosed in the prospectus [4].

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for the year and the first cultural tourism company to list in nearly five years [1][2] - The company engages in tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan, with stable operations and high consumer recognition for its performances like "The Song of Everlasting Regret" [1] - The listing reflects the capital market's support for consumer enterprises with stable profitability and mature business models, indicating a positive trend in domestic tourism consumption driven by rising income and upgraded consumption structures [1] Group 2 - The initial public offering (IPO) involved the issuance of 19.333334 million shares at a price of 80.44 yuan per share, corresponding to a price-to-earnings ratio of 12.37 for 2024, raising a total of 1.555 billion yuan [2] - On its first trading day, Shaanxi Tourism opened at 131.15 yuan, representing a 63.04% increase from the issuance price [2]

Group 1 - The company N Shanlv (603402) was listed today, opening with a rise of 63.04%, and by the end of the morning session, the increase expanded to 78.98%, with a trading volume of 10.8183 million shares and a turnover of 1.485 billion yuan, resulting in a turnover rate of 55.96% [2] - The company's business integrates tourism performances, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [2] - In the tourism performance sector, the company has created major works such as the large-scale historical dance drama "Chang Hen Ge" and the large-scale red performance "Tai Shan Feng Huo," focusing on the transmission of Chinese history and traditional culture [2] Group 2 - The total number of shares issued by the company is 19.3333 million, with an online issuance of 19.3330 million shares at a price of 80.44 yuan per share, resulting in a price-to-earnings ratio of 12.37, compared to the industry average of 26.90 [3] - The funds raised from the initial public offering amount to 1.555 billion yuan, which will be primarily allocated to projects such as the second phase of Taishan Xiucheng, acquisition of Taihua Cableway equity, and several other cableway and tourism projects [3] - The company's latest stock price is 143.97 yuan, with a morning session increase of 78.98% and a half-day turnover rate of 55.96% [3]

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for the year and the first cultural tourism company in nearly five years [1] - The opening price was 131.15 yuan, representing a 63.04% increase from the issuance price of 80.44 yuan [1] - The company focuses on tourism performances, cable cars, and dining, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan, with a stable business operation [1] Group 2 - The IPO was approved by the China Securities Regulatory Commission (CSRC) on November 19, 2025, and the issuance began on December 18, 2025, using a direct pricing method without offline inquiries or allocations [1] - The final issuance price was 80.44 yuan per share, corresponding to a 2024 price-to-earnings ratio of 12.37 times, raising a total of 1.555 billion yuan, consistent with the expected fundraising scale disclosed in the prospectus [1] - The 20th National Congress emphasized the acceleration of cultural industry development and the deep integration of culture and tourism, which supports the growth of the tourism sector [1][2] Group 3 - The listing of Shaanxi Tourism reflects the capital market's support for consumer enterprises with stable profitability and mature business models, indicating a positive trend in the market's role in supporting the real economy and expanding consumption [2] - The Central Economic Work Conference in December 2025 prioritized domestic demand and proposed actions to boost consumption, aligning with the government's focus on enhancing service consumption potential [2] - The CSRC and other ministries issued guidelines to support consumer enterprises in listing and financing, promoting high-quality development in the consumption sector [2]

Core Viewpoint - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, marking a significant milestone for the company as it aims to enhance its core business and expand nationally with the funds raised from its IPO [1] Group 1: Business Overview - Shaanxi Tourism focuses on tourism performance, cable cars, and dining, leveraging top-tier resources like Huaqing Palace and Mount Huashan to create a competitive barrier through deep integration and specialized operations [2] - The company has developed renowned cultural performances, including the large-scale historical dance drama "Chang Hen Ge," which has been a significant success since its debut in 2007, contributing to both social and economic benefits [2] - The Huashan West Peak Cableway is recognized as an industry benchmark, enhancing visitor experience and serving as a major profit source for the company [2] Group 2: Financial Performance - For the fiscal year 2024, Shaanxi Tourism is projected to achieve a revenue of 1.263 billion yuan and a net profit of 512 million yuan, with a net profit margin and return on equity (ROE) significantly higher than peers like Huangshan Tourism and Lijiang Shares [4] - The company has demonstrated strong operational resilience, maintaining robust financial metrics despite external challenges such as extreme weather [4] Group 3: Strategic Plans - The funds raised from the IPO will primarily be used for acquiring stakes in Taihua Cableway and Yaoguang Pavilion, as well as for the construction of the second phase of Taishan Xiucheng and the South Line Cableway of Shaohua Mountain [5][6] - These strategic acquisitions and projects are aimed at enhancing net profit, improving management efficiency, and expanding the company's footprint nationally, transitioning from a regional player to a leading provider of comprehensive leisure tourism services [5][6] - The company aims to leverage capital market resources for both organic growth and external expansion, aspiring to become a top-tier provider of leisure tourism experiences across the country [6]