Sunriver Culture Tourism(SH:600576) Sou Hu Cai Jing·2025-10-28 13:11Core Viewpoint - The Chinese cultural tourism market is undergoing significant changes in investment logic, operational thinking, and consumer concepts, prompting companies to adopt a "cultural IP + tourism + technology" model [1][3]. Industry Trends - The current state of the cultural tourism market is characterized by a dichotomy, with rising tourist numbers and spending during holidays, while travel agencies face low profits and high vacancy rates in boutique hotels [3]. - The industry is shifting from a "heavy investment" model to a more sustainable approach that focuses on unique IP attributes and self-sustaining traffic [3][4]. Key Changes Identified - Investment logic is transitioning from "spending heavily on scenery" to "industry integration," with 12 major mergers in the first half of the year totaling over 30 billion, which is 2.4 times that of 2024 [4]. - Operational thinking is moving from "grand narratives" to "lean management," with tourist demands evolving from merely "viewing scenery" to "experiencing scenes" [4]. - Consumer concepts are shifting from "cost-performance ratio" to "value of experience," as exemplified by the success of the Qi Yun Mountain treehouse experience during peak holiday seasons [4]. Company Strategy - The company is transitioning from a "resource-driven" model to a "cultural tourism service provider" strategy, focusing on product innovation and emotional connections with local cultural IP [4]. - The company has successfully managed 10 scenic spots this year, emphasizing a light asset model that relies on professional value [4]. - The company is enhancing technological capabilities, launching the "Xiangyuan Travel" app, and becoming the only company in the country to offer electric vertical takeoff and landing aircraft tours, providing a unique perspective on geological wonders [4]. Future Outlook - The company views investment in cultural tourism as an investment in the future, emphasizing the importance of AI in reshaping consumer experiences and advocating for a shift from competitive to cooperative strategies within the industry [5]. - The company encourages the establishment of experience alliances among scenic spots, complementary advantages among enterprises, and collaborative partnerships between government and businesses to foster a healthy and sustainable cultural tourism ecosystem [5].