近六成收入靠“一台戏”，近半募资押注泰山新项目，陕西旅游IPO闯关背后的双刃剑

Core Viewpoint - The A-share tourism sector is set to welcome a new listing with Shaanxi Tourism Cultural Industry Co., Ltd. planning to issue shares at a price of 80.44 yuan each, heavily relying on its main product, the performance "The Song of Everlasting Regret," which accounted for 57.63% of its revenue in the first half of 2025 [1][3]. Group 1: Financial Performance - Shaanxi Tourism's revenue for 2023, 2024, and the first half of 2025 is projected to be 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan respectively, with net profits of 427 million yuan, 512 million yuan, and 204 million yuan [3]. - The revenue from "The Song of Everlasting Regret" has consistently increased, making up over 50% of total revenue in recent years, reaching 57.63% in the first half of 2025 [3][4]. Group 2: Investment Plans - The company plans to raise 1.555 billion yuan, with nearly half allocated to the construction of the Taishan Xiucheng Phase II project, indicating a continued focus on tourism performance [6]. - Other projects include acquisitions of Shaanxi Taihua Tourism Cableway Co., Ltd. and Shaanxi Yaoguang Pavilion Cultural Co., Ltd., as well as investments in various tourism cableway projects [5][6]. Group 3: Market Challenges - Shaanxi Tourism faces challenges due to its heavy reliance on a single performance product, which may expose it to risks from changing consumer preferences and competition [4][11]. - The Taishan Xiucheng Phase I project has underperformed, with low attendance rates for its core performance, highlighting the risks associated with new project launches [7][8]. Group 4: Industry Trends - The tourism industry is experiencing a shift towards diversified consumer preferences, necessitating innovation and adaptation in traditional tourism products to meet evolving market demands [10][12]. - Experts suggest that successful tourism products must balance cost-effectiveness with high-quality cultural content to attract consumers [12].