八年三闯关IPO，陕西文旅此番能否圆梦A股？

Core Viewpoint - Shaanxi Tourism is making a third attempt to go public on the A-share market, with its IPO application set for review on November 7, 2025, after a lengthy and challenging journey since 2017 [1][2]. Business Overview - Shaanxi Tourism's business structure includes tourism performances, cableway operations, and dining services, leveraging high-profile attractions like the Huaqing Palace and Mount Huashan [1][3]. - The company plans to raise approximately 1.555 billion yuan, primarily for various cableway projects and acquisitions [1]. Historical IPO Attempts - The company first attempted to list in 2017 but faced multiple setbacks, including halted reviews due to investigations into its accounting and legal advisors [2]. - After a brief revival in 2022, the company withdrew its application, leading to the current attempt in 2025 [2]. Revenue Composition - The main revenue sources are tourism performances and cableway operations, with the "Chang Hen Ge" performance significantly contributing to total revenue, increasing from 33.50% in 2022 to 57.63% in the first half of 2025 [3][4]. - Cableway revenue has seen a decline in its share of total revenue, dropping from 39.56% in 2022 to 29.51% in the first half of 2025 [4]. Performance Analysis - The company reported revenues of 2.32 billion yuan in 2022, increasing to 12.63 billion yuan in 2024, but faced a decline in 2025 due to extreme weather conditions [6]. - The net profit fluctuated, with a loss of 720.73 million yuan in 2022, followed by profits in subsequent years, but projected a loss of 371 million to 436 million yuan in 2025 [6][7]. Weather Impact - Extreme weather events in 2025, including cold waves and strong winds, have negatively impacted visitor numbers and operational capacity, leading to a projected revenue decline of 24.69% to 11.54% compared to 2024 [7]. - The company anticipates that adverse weather conditions will continue to affect its performance, particularly in winter months when snow can reduce visitor flow [7]. Long-term Challenges - The company faces structural challenges due to the nature of its mountain tourism operations, which are sensitive to climate conditions and have long product profitability cycles [8]. - The heavy asset nature of its operations requires significant upfront investment, with returns taking longer to materialize, posing risks if market demands are not accurately assessed [8].