陕西旅游冲沪市：支柱剧目上座率滑坡，子公司亏损，仍将半数募资押注泰山秀城

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. plans to raise 1.555 billion yuan through an IPO on the Shanghai Stock Exchange, despite facing declining revenues and ongoing losses from subsidiaries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue is expected to decline compared to the same period in 2024, with the core revenue source, the performance of "The Long Hate Song," accounting for over 50% of total income but experiencing a nearly 10 percentage point drop in attendance [2][4][6]. - The total number of visitors for the tourism cable car business was only 1.8495 million in the first half of 2025, significantly lower than the 4.6476 million for the entire year of 2024 [2][6]. - The attendance rates for "The Long Hate Song" and "12·12 Xi'an Incident" dropped to 77.98% and 54.72%, respectively, from 87.77% and 85.31% in the previous year [6]. Business Structure and Governance - The company's shares are highly concentrated, with Shaanxi Tourism Development Co., Ltd. holding 47.59% directly and an additional 6.69% indirectly, raising concerns about governance independence [3][7]. - Frequent related-party transactions and potential competition with subsidiaries pose risks to the company's operational independence [7][8][9]. Investment Plans - The company intends to allocate 729 million yuan of the raised funds to the second phase of the Taishan Show City project, which aims to build a cultural performance theater [9][10]. - The Taishan Show City project is part of a strategy to expand and upgrade operations nationally, although the operating entity, Tai'an Cultural Tourism, has been continuously losing money since 2024 [10][11].