祥源控股爆雷风暴之下，文旅价值不应被抹杀

Core Viewpoint - The recent "explosion" incident surrounding Xiangyuan Holdings has triggered a trust crisis for the entire "Xiangyuan system," particularly impacting Xiangyuan Cultural Tourism, which is a core member of the group. The company's stock price has fallen, and negative public sentiment has intensified due to the default on financial products by its major shareholder [1][7]. Group 1: Company Overview - Xiangyuan Cultural Tourism has a solid asset base and operational strength in the cultural tourism sector, which should not be overlooked despite the current crisis [1][4]. - The company has established a diverse and deep portfolio of cultural tourism assets across multiple provinces and cities, including World Heritage sites and national 5A and 4A scenic spots, indicating long-term commercial viability and market competitiveness [2][8]. - Xiangyuan Cultural Tourism focuses on "cultural tourism investment, construction, and operation," which is distinct from the financial products that have caused the current turmoil, suggesting that its core business remains stable if managed independently [2][8]. Group 2: Financial Stability and Market Impact - The company previously entered the market with a relatively low debt-to-asset ratio, indicating a sound financial foundation, which is crucial for long-term investors [2][8]. - The recent crisis has severely impacted market confidence, leading to doubts about the overall creditworthiness and asset transparency of the "Xiangyuan system," with past issues of fund occupation and information disclosure leading to regulatory investigations [2][8]. - If the parent company's debt chain breaks and funding becomes tight, it could affect the support for cultural tourism operations, impacting new project development and brand building [3][9]. Group 3: Future Outlook - A rational and nuanced judgment is needed to differentiate between the financial product defaults and the core cultural tourism business, which may still have healthy cash flows if operated independently [3][9]. - The market and regulators should recognize the intrinsic value of cultural tourism assets, as companies with mature scenic spots and resources may still hold significant long-term potential [3][9]. - If Xiangyuan Cultural Tourism can maintain operations and rebuild transparent governance structures, it may present a low-cost investment opportunity, with potential for valuation recovery and asset restructuring post-crisis [3][9].