21世纪经济报道记者 凌晨 西安报道 十一月的开封，万岁山武侠城内，刀光剑影的演出现场仍人声鼎沸。而在景区运营数据的后台，另一场 静默的"对决"已接近尾声——截至10月31日，这里以1700万入园人次、10.68亿元综合收入的成绩，距 全年对赌目标仅一步之遥。 "年底有望冲击12亿至12.5亿元"，万岁山景区工作人员对媒体表示。这组亮眼数据的另一端，站着"操 盘者"西安锦上添花文旅集团。 同为"不夜城"概念操盘手，与西安国资旗下曲江文旅（600706）"重资产、长周期、强品牌"的路径迥 异。这家民营公司以"轻资产、快复制、对赌协议"的模式，在短短数年间，从东北吉林复制到广西南 宁，落子20多个不夜城项目。 然而其模式始终伴随争议。当"原创者"曲江文旅仍在为财报亏损挣扎，锦上添花已携"可复制化产品"走 向全国。这到底是对原创的抄袭复制，还是基于商业效率的产业迭代？ "万岁山"对赌将成，幕后操盘手"出圈" 一份备受关注的业绩对赌协议，正进入收官阶段。整个事件的脉络始于两年多前。 早在2023年10月，锦上添花文旅集团便与开封万岁山武侠城达成合作，旨在提升景区品质，其中夜经济 开发与演艺创新被定为关键。此后，双方共 ...

Core Insights - The Wangfujing WellTown project has exceeded 90% in leasing progress, aiming to introduce over 500 well-known domestic and international brands, with more than 60% of these brands entering Tongzhou for the first time, positioning it as the largest outlet complex in North China [1][4] Economic Development - The "Bayli" project, a major international commercial and entertainment complex, has completed construction and is in trial operation, set to officially open to the public by the end of this year, with a total investment exceeding 10 billion [2] - The region's GDP is projected to grow by over 6% annually during the 14th Five-Year Plan period, with a 10.9% growth in the first three quarters of this year, ranking second in the city [2] - Since the construction of the urban sub-center began in 2016, fixed asset investment has surpassed 960 billion, maintaining over 100 billion annually for five consecutive years [2] Industrial Growth - The industrial output value in the Tongzhou area has an average annual growth rate of 23.7% during the 14th Five-Year Plan, moving from 9th to 5th in the city, with its share increasing from 2.8% to over 6% [3] - The automotive manufacturing sector ranks 3rd in the city, while urban and pharmaceutical industries rank 3rd and 4th respectively [3] Consumer Trends - Tourism consumption in the area is expected to reach 19.7 billion in 2024, a year-on-year increase of 19.6%, and has grown 3.7 times compared to the end of the 13th Five-Year Plan [4] - The Bayli project is seen as a key driver for the "spillover effect" from Universal Studios, enhancing the region's daytime entertainment and nighttime consumption offerings [5] Project Features - The Bayli project encompasses approximately 500,000 square meters, integrating Wangfujing WellTown, NuoLan Hotel, and TingYun Town, with seamless connections to subway lines [4] - The project features a high proportion of experiential retail, with 50% of its offerings, including a 35-meter indoor waterfall and the largest naked-eye 3D screen in North China [4] Future Outlook - The opening of the Bayli project is expected to usher in a new phase of commercial prosperity and cultural vitality in the urban sub-center along the Grand Canal [6]