Xin Hua Cai Jing·2025-06-27 13:44Group 1 - The booming night economy has become a symbol of urban vitality, with leading companies like Leyard, Unilumin, and Absen expanding into cultural tourism and night tours, despite facing challenges such as high accounts receivable due to local government financial constraints [1][2] - In 2025, the LED display industry is expected to face oversupply risks, leading to new price competition, while traditional manufacturers are controlling costs and penetrating the market to compete for existing market share, which is compressing profit margins across the industry [2][3] - The integration of culture, tourism, and nighttime activities through cultural tourism night tours enhances interactive experiences for visitors, showcasing traditional culture while providing diverse nighttime experiences [2] Group 2 - Leyard's chairman expressed optimism about the development of cultural tourism night tours, highlighting the significant market demand in urban renewal and scenic area upgrades, and the company's strategy to create an ecological cooperation circle to drive growth [3] - Government support is crucial for the development of the night economy, with measures in place to encourage nighttime cultural and tourism consumption, including upgrading lighting and night scenes in commercial areas [3] - Leyard's accounts receivable stood at approximately 3.28 billion yuan, with a significant portion attributed to cultural tourism projects, leading to a provision for bad debts of about 168 million yuan in 2025 [4] Group 3 - The accounts receivable situation is concerning for both LED display companies and scenic area operators, with significant amounts owed by local government entities impacting cash flow and financial health [5][6] - The increasing total of overdue accounts and lengthening payment terms in the cultural tourism night tour sector highlight the critical role of "party A" companies' payment capabilities and willingness [6] - Recommendations include enhancing judicial penalties for overdue payments and establishing a credit evaluation system to improve the payment environment and address the issue of delayed payments [6]