八年三闯关IPO，陕西文旅此番能否圆梦A股？

Core Viewpoint - Shaanxi Tourism is making its third attempt to go public on the A-share market after a lengthy and challenging journey that began in 2017, with the latest IPO application set for review on November 7, 2025 [2][4]. Group 1: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. operates popular projects such as the live performance "Long Hate Song" and the Huashan West Peak Cableway, with business segments including tourism performances, cableway operations, and dining services [2][4]. - The company plans to raise approximately 1.555 billion yuan through its IPO, with funds allocated to various projects including the Taishan Xiucheng Phase II project and the acquisition of cableway assets [2][4]. Group 2: Historical IPO Attempts - The company first listed on the National Equities Exchange and Quotations in January 2017 and initiated its A-share listing process in July of the same year, but faced significant delays and setbacks [4]. - After a brief revival in 2020, the IPO process was halted again due to investigations into its accounting and legal advisors, leading to a withdrawal of the application in July 2022 [4]. Group 3: Business Performance - The revenue from the "Long Hate Song" performance has been increasing, accounting for 33.50%, 50.12%, 54.28%, and 57.63% of total revenue from 2022 to the first half of 2025 [5]. - The cableway business, while still significant, saw a decline in revenue contribution, dropping from 39.56% to 29.51% over the same period [6]. - The dining segment, represented by the Tang Le Palace restaurant, has a smaller revenue share, fluctuating between 3.36% and 13.70% during the reporting period [6]. Group 4: Financial Performance and Challenges - The company reported revenues of 2.32 billion yuan, 10.88 billion yuan, 12.63 billion yuan, and 5.16 billion yuan from 2022 to the first half of 2025, with net profits showing a recovery after a loss in 2022 [9]. - However, the company anticipates a decline in revenue for 2025 due to adverse weather conditions, projecting a revenue drop of approximately 24.69% to 11.54% compared to 2024 [10]. - Long-term structural challenges include the impact of extreme weather on visitor numbers and operational capacity, particularly for mountain-based attractions like the Huashan scenic area [10][11].