陕西旅游IPO：主要募投项目必要性待考 若上座率维持现状7亿元投资可能“打水漂”

Core Viewpoint - Shaanxi Tourism is facing significant challenges despite a generally positive domestic tourism market, with a notable decline in revenue and net profit in the first half of 2025, raising concerns about its business model and project viability [1][2]. Financial Performance - The company's revenue surged from 232 million in 2022 to 1.263 billion in 2024, with a net profit of 622 million in 2024, but experienced an 18.99% revenue decline and a 28.37% drop in net profit in the first half of 2025 [1]. - The revenue from the performance project "Chang Hen Ge" constituted 57.63% of total revenue in the first half of 2025, highlighting the company's heavy reliance on a single income source [1]. Project Viability - The company plans to raise 1.555 billion for the second phase of the Taishan Xiucheng project, despite the first phase, "Taishan Fenghuo," operating at a loss since its trial launch in September 2021, generating only 4.077 million in revenue in 2024 [3]. - The projected annual revenue of 260 million and profit of 78 million from the second phase is based on assumptions of improved attendance, which may not be realistic given the current low attendance rates [3]. Safety and Compliance Issues - The company has faced safety management issues, including a fatal accident at a construction site due to non-compliance with safety regulations [4]. - There are concerns regarding the company's transparency, as it was found to have concealed information during a regulatory inspection [4]. Market Context - Despite the company's struggles, the overall domestic tourism market saw a 20.6% increase in visitor numbers and a 15.2% rise in tourism revenue in the same period [2].