陕西旅游IPO：深耕“景区+文旅”全产业链，业绩稳健增长凸显蓝筹成色

Core Viewpoint - The capitalized process of high-quality tourism assets is gaining attention in the context of deep integration of the cultural tourism industry and consumption upgrades, with Shaanxi Tourism Cultural Industry Co., Ltd. showcasing its unique value as a "large-cap blue chip" in the capital market through its mature business model and stable operating performance [1] Group 1: Financial Performance - In 2023 and 2024, the company is projected to achieve operating revenues of 1.088 billion yuan and 1.263 billion yuan, respectively, with net profits attributable to shareholders reaching 427 million yuan and 512 million yuan, demonstrating exceptional profitability and operational resilience [1] - In the first half of 2025, the company maintained a steady development trend, achieving operating revenue of 516 million yuan and net profit of 204 million yuan, highlighting the stability of its "scenic area + cultural tourism" core business [2] Group 2: Business Segments - The company has established a resilient business structure through deep operations of scarce tourism resources such as Huaqing Palace and Mount Huashan, positioning itself as a leader in the domestic cultural tourism industry [1] - In the tourism performance segment, the company has created the phenomenon-level cultural product "The Song of Everlasting Regret," which has been operating steadily for over ten years and has set industry standards for live performances in China [2] - The company's operation of the Huashan West Peak Cableway has become a crucial transportation hub for the Huashan scenic area, recognized for its high single-direction capacity and unique design, contributing to stable cash flow [2] Group 3: Future Prospects - The IPO funds will primarily be used for projects such as the second phase of Taishan Xiucheng, the south line cableway project of Shaohua Mountain, and the acquisition of equity in Taihua Cableway and Yaoguang Pavilion, aimed at enhancing the company's comprehensive competitive strength [3] - Continued investment in the Taishan Xiucheng project and the expansion of the Shaohua Mountain cableway will help the company overcome physical space limitations and explore new growth points [3] - The company aims to become a "national first-class all-round leisure tourism lifestyle provider," leveraging the power of the capital market to achieve this goal [3]