Group 1 - The company N Shaan Travel was listed today with an opening price of 131.15 yuan, representing an increase of 63.04% from its issuance price of 80.44 yuan [2][3] - The company integrates various tourism-related businesses, including tourism performances, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Huashan [2] - N Shaan Travel has developed notable tourism performances, including the large-scale historical dance drama "Chang Hen Ge" and the red-themed performance "Tai Shan Feng Huo," which serve as cultural carriers for Chinese history and tradition [2] Group 2 - The total number of shares issued by the company is 19.33 million, with an online issuance of 19.33 million shares and a final online subscription rate of 0.01308077% [3] - The funds raised from the initial public offering amount to 1.555 billion yuan, primarily allocated to projects such as the second phase of Taishan Xiucheng, acquisition of Taihua Cableway equity, and several other cableway projects [3] - The company's issuance price corresponds to a price-to-earnings ratio of 12.37, significantly lower than the industry average of 26.90 [3]

Core Viewpoint - The first IPO of 2026, Shaanxi Tourism (603402), debuted on the Shanghai Stock Exchange on January 6, with its stock price opening 63.04% higher at 131.15 CNY per share, compared to its issue price of 80.44 CNY per share [1]. Company Overview - Shaanxi Tourism integrates various business segments including tourism performances, cable cars, dining, and project investment and management [1].

中国经济网北京1月6日讯 今日，陕西旅游（603402）在上交所上市。 陕西旅游本次发行募集资金总额为155,517.34万元，扣除发行费用后募集资金净额为152,192.69万 元，用于收购太华索道股权项目、收购瑶光阁股权项目、收购少华山旅游索道项目、泰山秀城（二期） 建设项目、少华山南线索道项目、太华索道游客中心项目、太华索道服务中心项目。 (责任编辑：关婧) 陕西旅游业务集旅游演艺、旅游索道、旅游餐饮为一体，依托华清宫、华山等优质旅游资源，充分 发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新优势，为游客提供高品质的旅游产品及服 务体验。 本次发行前，陕西旅游集团有限公司（简称"陕旅集团"）为公司控股股东，直接持有公司47.59%的 股份，通过陕旅股份间接控制公司6.69%的股份。此外，陕旅集团为陕西省国资委全资控股企业。因 此，陕西省国资委为公司实际控制人。 上交所：陕西旅游 ...

Group 1: Company Offerings - Zhixin Co., Ltd. is offering shares today with a subscription code of 732352, at a price of 21.88 yuan per share, requiring a minimum market value of 180,000 yuan for maximum subscription [1][2] - The company has a total of 56.67 million shares available for public offering, with a single account subscription limit of 18,000 shares [2] - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive stamping parts and related molds [2] Group 2: Company Offerings - Kema Materials is also offering shares today with a subscription code of 920086, at a price of 11.66 yuan per share, requiring a minimum market value of 10.9767 million yuan for maximum subscription [1][3] - The company has a total of 20.92 million shares available for public offering, with a single account subscription limit of 941,400 shares [3] - Kema Materials focuses on the research, production, and sales of dry friction plates and wet paper-based friction plates, as well as the development of new friction materials [4] Group 3: Company Listing - Shaanxi Tourism is listed today on the Shanghai Stock Exchange with a stock code of 603402, at an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 [1][5] - The company has undergone several name changes since its establishment in 1988, with its current name reflecting its focus on tourism-related services [5] - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources to provide premium experiences for visitors [5]

Core Viewpoint - Shaanxi Tourism has successfully transformed static historical and cultural resources into high-quality dynamic experiences through professional operation and continuous innovation, marking a significant milestone by becoming the first cultural tourism enterprise to list on the A-share market in five years [5][6]. Group 1: Company Overview - Shaanxi Tourism started with world-class resources like Huaqing Palace and Mount Huashan and has developed a recognized brand in the performing arts industry with the show "The Long Song of Regret," which has been refined over 18 years [5][6]. - The company achieved a significant milestone by listing on the Shanghai Stock Exchange on January 6, which is seen as a strong indicator of the feasibility of connecting cultural tourism assets with the capital market [6]. Group 2: Financial Performance - The company reported revenues of 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 427 million yuan, 512 million yuan, and 204 million yuan for the same periods [6]. - In 2024, the company expects to achieve a non-recurring net profit exceeding 500 million yuan, marking a historical peak [6]. Group 3: Business Model - The dual-driven business model of "performing arts + cableway" is the core support for the company's stable performance, with the performing arts segment, particularly "The Long Song of Regret," being a strong growth engine with an expected attendance rate of 87.77% in 2024 [7]. - The tourism cableway business, particularly the Taihua cableway, serves as a "heavy asset ballast," providing stable cash flow [7]. Group 4: Competitive Advantage - The company emphasizes that its core competitiveness lies in its professional operational management and continuous product innovation, rather than just the scarcity of resources [8]. - The ongoing innovation in the performing arts, such as the introduction of "Ice and Fire Long Song of Regret," showcases the company's ability to adapt and enhance visitor experiences [8]. Group 5: Future Strategy - The company aims to upgrade its core products and innovate experience scenarios to meet the evolving consumer demand for meaningful and immersive experiences [10]. - Plans include the construction of a cultural immersive experience theater at Mount Huashan, utilizing VR and AR technologies to enhance visitor engagement during wait times [9]. Group 6: Expansion Plans - The IPO aims to raise 1.555 billion yuan, which will be used for projects including the construction of the South Line cableway at Shaohua Mountain and the comprehensive service center for Taihua cableway, marking a key step in the company's national expansion [10]. - The project in Tai'an is not a simple replication but is based on deep cultural insights, aiming to create a unique nighttime cultural consumption experience for over 8.6 million annual visitors [11]. Group 7: Long-term Vision - The company’s long-term vision focuses on creating unique and profound memories for visitors, ensuring that the cultural heritage is experienced and passed on [12].

陕西旅游公告称，公司首次公开发行A股并在主板上市，本次发行股份1933.3334万股，占发行后总股本 25%，发行价80.44元/股。网上发行1933.3000万股，占发行总量99.9983%，余股334股由保荐人包销。 2025年12月23日进行网上申购摇号抽签，中签号码共38,666个，每个中签号可认购500股。投资者需于 12月24日履行缴款义务，若缴款认购股份数不足发行数量70%，将中止发行。 ...

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has received approval for its initial public offering (IPO) of A-shares, with a determined price of 80.44 yuan per share [1] Group 1: IPO Details - The total number of shares issued is 19,333,334, accounting for 25% of the company's total share capital post-issue, with a total share capital of 77,333,334 shares [2] - All shares are publicly issued new shares, with no existing shareholders selling shares in this offering [2] - The online issuance accounts for 99.9983% of the total issuance, with the underwriter covering the remaining shares that did not meet the minimum subscription unit [2] Group 2: Subscription and Underwriting - The online subscription period ended on December 24, 2025, with a total of 19,117,061 shares subscribed by online investors [3] - The underwriter has committed to covering 216,273 shares, which represents 1.12% of the total issuance [3][4] - The total amount raised from online investors was approximately 1,537,776,386.84 yuan [4] Group 3: Issuance Costs - The total issuance costs amount to 33.2465 million yuan, broken down into various fees including underwriting, auditing, and legal fees [5] - Underwriting fees are set at 21 million yuan, while auditing and legal fees are 2.2736 million yuan and 1.5094 million yuan respectively [5]

一、上市概况 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、及时，没有虚假记载、误导 性陈述或重大遗漏。 经上海证券交易所审核同意，陕西旅游文化产业股份有限公司（以下简称"本公司"、"陕西旅游"或"发 行人"）发行的人民币普通股股票将于２０２６年１月６日在上海证券交易所主板上市，上市公告书全 文和首次公开发行股票的招股说明书全文披露于上海证券交易所网站（ｈｔｔｐ：／／ｗｗｗ．ｓｓ ｅ．ｃｏｍ．ｃｎ／）和符合中国证监会规定条件网站（中证网：ｈｔｔｐ：／／ｗｗｗ．ｃｓ．ｃｏ ｍ．ｃｎ；中国证券网：ｈｔｔｐ：／／ｗｗｗ．ｃｎｓｔｏｃｋ．ｃｏｍ；证券时报网：ｈｔｔｐ： ／／ｗｗｗ．ｓｔｃｎ．ｃｏｍ；证券日报网：ｈｔｔｐ：／／ｗｗｗ．ｚｑｒｂ．ｃｎ；经济参考 网：ｈｔｔｐｓ：／／ｗｗｗ．ｊｊｃｋｂ．ｃｎ；中国金融新闻网：ｈｔｔｐ：／／ｗｗｗ．ｆｉｎ ａｎｃｉａｌｎｅｗｓ．ｃｏｍ．ｃｎ；中国日报网：ｈｔｔｐ：／／ｗｗｗ．ｃｈｉｎａｄａｉｌ ｙ．ｃｏｍ．ｃｎ），供投资者查阅。 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初期的投资风险 ...

Core Viewpoint - Shaanxi Tourism has successfully listed on the Shanghai Stock Exchange, marking a significant milestone for the company and the cultural tourism industry, showcasing the feasibility of integrating cultural tourism assets with capital markets [6][7]. Group 1: Company Performance and Financials - In 2023, 2024, and the first half of 2025, Shaanxi Tourism is projected to achieve revenues of 1.088 billion, 1.263 billion, and 516 million respectively, with net profits of 427 million, 512 million, and 204 million [7][8]. - The company’s robust performance is attributed to its dual business model of "performing arts + cable cars," with the tourism performance segment, particularly the show "The Long Song of Everlasting Regret," driving significant revenue growth [8][9]. Group 2: Business Strategy and Innovation - The company emphasizes the importance of professional operational management and continuous product innovation as its core competitive advantages, transforming unique resources into sustainable visitor attraction [9][10]. - Shaanxi Tourism is planning to enhance visitor experiences through innovative projects, such as a cultural immersive experience theater using VR and AR technologies, addressing challenges like long wait times during peak seasons [10][11]. Group 3: Future Growth and Expansion - The company aims to leverage its IPO proceeds of 1.555 billion to expand its operations beyond Shaanxi, including projects like the Tai Mountain Show City, which is based on in-depth cultural research and aims to provide high-quality nighttime cultural experiences for over 8.6 million annual visitors [11][12]. - Shaanxi Tourism plans to integrate into the broader strategy of developing a trillion-level cultural tourism industry cluster in Shaanxi, promoting collaboration with small and medium enterprises to create a virtuous cycle of growth [12].

- Theoretical new stock yield for Class A accounts with a scale of 2 billion is 3.80%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 2 billion is 2.88%[2][10] - Theoretical new stock yield for Class A accounts with a scale of 10 billion is 1.74%[2][10] - Theoretical new stock yield for Class B accounts with a scale of 10 billion is 1.03%[2][10] - The average first-day increase for STAR Market stocks is 258.09%[2][20] - The average first-day increase for ChiNext stocks is 231.27%[2][20] - The number of valid quotation accounts for the latest STAR Market new stock is 4687 for Class A and 2065 for Class B[2][26] - The number of valid quotation accounts for the latest ChiNext new stock is approximately 3879 for Class A and 2610 for Class B[2][26] - The number of valid quotation accounts for the latest Shanghai Main Board new stock is 5200 for Class A and 2944 for Class B[2][26] - The number of valid quotation accounts for the latest Shenzhen Main Board new stock is 4683 for Class A and 2918 for Class B[2][26] - The highest first-day increase among newly listed stocks in the past month is 600.07% for Muxi Shares-U[37] - The highest fundraising amount among newly listed stocks in the past month is 80 billion for Moore Threads-U[37] - The highest full subscription yield among newly listed stocks in the past month is 671.65 thousand yuan for Moore Threads-U[41][43] - The full subscription yield for Muxi Shares-U is 343.75 thousand yuan[41][43] - The full subscription yield for Angrui Micro-UW is 42.24 thousand yuan[41][43] - The full subscription yield for China Uranium Industry is 36.49 thousand yuan[41][43] - The full subscription yield for Baiao Saitu is 14.67 thousand yuan[41][43] - The full subscription yield for Youxun Shares is 24.68 thousand yuan[41][43] - The full subscription yield for Tiansu Measurement is 5.54 thousand yuan[41][43] - The full subscription yield for Nabai Chuan is 7.86 thousand yuan[41][43] - The full subscription yield for Xihua Technology is 4.51 thousand yuan[41][43] - The full subscription yield for Jianxin Superconducting is 12.53 thousand yuan[41][43] - The full subscription yield for C Shuangxin is 12.56 thousand yuan[41][43] - The full subscription yield for C Yufan is 2.35 thousand yuan[41][43] - The full subscription yield for C Qiangyi is 40.15 thousand yuan[41][43] - The full subscription yield for C Xinguangyi is 9.93 thousand yuan[41][43] - The monthly offline new stock yield for Class A accounts with a scale of 2 billion in December 2025 is 195.55 thousand yuan[48][49] - The monthly offline new stock yield for Class B accounts with a scale of 2 billion in December 2025 is 94.99 thousand yuan[53][54] - The cumulative offline new stock yield for Class A accounts with a scale of 2 billion in 2025 is 3.80%[48][49] - The cumulative offline new stock yield for Class B accounts with a scale of 2 billion in 2025 is 2.88%[53][54]