陕西旅游打破5年行业“上市荒”

Core Viewpoint - The approval of Shaanxi Tourism's IPO marks a significant milestone as it is set to become the first cultural tourism company to list on the A-share market in five years, reflecting a potential recovery in the sector [1] Company Summary - Shaanxi Tourism's IPO application was accepted by the Shanghai Stock Exchange on May 30, 2023, and it passed the review on November 7, 2023, making it the first cultural tourism enterprise to be accepted since the "8·27 new policy" [1] - The company plans to raise 1.555 billion yuan through the IPO to fund various projects, including acquisitions of equity in Taihua Cableway and Shaohua Mountain tourism projects, as well as the construction of service centers [1] - Established in 1988 and listed on the New Third Board in January 2017, Shaanxi Tourism operates primarily in tourism performance, cableway services, and tourism dining, leveraging resources like Huaqing Palace and Mount Huashan [1] Financial Performance - Projected revenues for Shaanxi Tourism are 1.088 billion yuan in 2023, 1.263 billion yuan in 2024, and 516 million yuan in the first half of 2025, with net profits expected to be 427 million yuan, 512 million yuan, and 204 million yuan respectively, indicating strong profitability [2] Industry Context - The last cultural tourism company to go public was Xiyu Tourism, which listed on the Shenzhen Stock Exchange in August 2020. The industry has faced challenges in recent years, particularly due to the COVID-19 pandemic, which led to significant losses [3] - The difficulties in listing for cultural tourism companies are attributed to their reliance on ticket sales for revenue, low diversification of income, and high asset intensity, which contribute to weak sustainable profitability [3]