Core Viewpoint - The Sichuan Provincial Party Committee has approved a plan to promote the deep integration of culture and tourism, aiming to build a strong cultural and tourism province by 2027 and 2030, with a focus on enhancing service quality and consumer experience in the cultural tourism industry [1] Financial Support for Cultural Tourism - Chengdu Rural Commercial Bank has injected over 30 billion yuan into the cultural tourism industry by June 2025, focusing on county-level cultural features, digital cultural industries, and high-quality tourism projects [1] - The bank has established a three-dimensional empowerment system to stimulate cultural tourism consumption, emphasizing scene linkage, product innovation, and service upgrades [1] County-Level Cultural Tourism Development - The bank has provided targeted financial support for local tourism businesses, such as a 2.4 million yuan loan to transform a rural guesthouse into a popular destination [3] - By June 2025, the bank's agricultural and cultural tourism loan balance reached 4.8 billion yuan, supporting various local specialties and cultural industries [3] Innovation in Financial Services - Chengdu Rural Commercial Bank has developed an "event IP valuation model" to integrate esports with financial services, contributing to the city's goal of becoming an esports cultural hub [4][5] - The bank has launched a financing mechanism that combines fiscal subsidies and risk-sharing to address the unique financing challenges of the digital cultural industry [5] Consumer Engagement and Experience - The bank initiated the "Yuan in Chengdu" campaign to enhance local tourism consumption, offering discounts and promotional activities to support high-quality development in various districts [8] - By June 2025, the bank had integrated over 200 local businesses into its financial support activities, driving tourism consumption exceeding 7.5 billion yuan [8] Cultural Promotion through Financial Networks - Several bank branches have transformed into cultural promotion stations, creating immersive experiences that reflect local heritage and history [9] - The bank aims to continue leveraging innovation and cultural integration to enhance the quality of life in Sichuan [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company expects a net profit attributable to shareholders of 500-560 million yuan for H1 2025, representing a year-on-year growth of 341%-394%. The Q2 2025 is projected to incur a loss of 270-330 million yuan due to the off-peak season and lackluster box office performance [5][8] - The company is accelerating its strategic transformation with the launch of the "Super Entertainment Space" strategy, focusing on both domestic and international markets, and aims to enhance non-box office revenue by upgrading traditional cinemas into comprehensive entertainment venues [8] - The company has established a diversified IP resource library through its subsidiary "Ying Shiguang," which includes various IPs from films, games, and global partnerships, leveraging its extensive cinema network and membership base for immersive experiences [8] - The company has made a strategic investment in the domestic IP toy brand "52TOYS," which has a rich product line and collaborations with well-known IPs, aiming for mutual benefits in product development and marketing [8] - The profit forecasts for the company are maintained at 1.14 billion, 1.36 billion, and 1.57 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 18, and 15 times [8][9]