Group 1: Company Overview - The company changed its name to "Tianfu Culture and Tourism" in February 2025 and shifted its industry classification to "Water Conservancy, Environment, and Public Facilities Management" in September 2025, emphasizing its main business characteristics [2] - The main business segments include ice and snow tourism, film and tourism integration, conference and exhibition services, sports, and a small amount of real estate leasing and sales [2] Group 2: Ice and Snow Tourism Business - The company’s subsidiary, Chengdu Cultural Tourism Development Co., Ltd., operates the Xiling Snow Mountain scenic area, offering cable car, skiing, hotel, and entertainment services [2] - During the 2025 National Day and Mid-Autumn Festival, the scenic area implemented innovative operational strategies, resulting in increased visitor numbers [2] - The scenic area is preparing for the 26th Southern Ice and Snow Festival, enhancing its reputation as a national-level tourist destination [3] Group 3: Film and Tourism Integration - The company’s subsidiary, Chengdu Tianfu Kuanzhai Cultural Communication Co., Ltd., is actively producing variety shows and films, including "Single Row Comedy Competition 2" and "Now Departing 3," which have achieved high viewership ratings [3] - A joint venture was established with several cultural media companies to promote "Cultural Tourism + Film" business, aiming to create a one-stop filming service system [3] - Strategic cooperation agreements have been signed with 19 cities in Sichuan Province to develop the film tourism integration business [3]

Core Viewpoint - The launch of the "Night City" IP is expected to inject new vitality into the cultural and tourism market, reflecting the industry's prosperous development as evidenced by a 15.3% year-on-year increase in domestic travel during the first three quarters of 2024, with 4.237 billion trips made [1][10]. Group 1: Project Overview - The "Night City" project aims to create an innovative cultural tourism IP that integrates film and tourism, with the first exhibition located in Lishui, Zhejiang [1][6]. - The project is designed to cater specifically to female consumers under 30, reflecting the rise of the "she economy" and focusing on their preferences in design and experience [3][5]. Group 2: Consumer Experience - The project emphasizes immersive experiences, aiming to break traditional tourism models by offering personalized experiences rather than one-size-fits-all visits [4][5]. - The design includes movable walls and unique social spaces to enhance visitor interaction and engagement, aiming to transform transient visits into lasting experiences [4][8]. Group 3: Market Strategy - The "Night City" will be divided into themed areas reflecting different historical styles, such as Song and Republic of China, based on consumer preference surveys [5][6]. - The project seeks to leverage the film industry to create a rich, multi-faceted cultural tourism destination, combining elements like entertainment, dining, and social activities [7][10]. Group 4: Economic Impact - The project is expected to create numerous job opportunities and collaborate with educational institutions to establish a film study base, enhancing practical learning experiences for students [10][12]. - The development of the "Night City" is aligned with national policies promoting nighttime cultural and tourism consumption, positioning it as a key driver for regional economic growth [10][12].

Core Viewpoint - The tourism and scenic spots industry in China has shown robust growth in 2024, with significant increases in revenue and net profit, driven by rising domestic and international travel demand [1][4]. Group 1: Industry Performance - In 2024, 22 listed tourism and scenic companies achieved a total revenue of 35.423 billion yuan, a year-on-year increase of 15.34%, and a net profit of 1.673 billion yuan, up 7.19% [1]. - The first quarter of 2025 saw 23 listed tourism and scenic companies generate 7.342 billion yuan in revenue, reflecting a 3.45% year-on-year growth [4]. Group 2: Market Trends - There is a growing interest among foreign tourists in Chinese culture and natural scenery, which is expected to create more opportunities for listed tourism companies [1]. - The "May Day" holiday in 2025 is projected to reach peak travel activity since 2023, indicating a strong recovery in the tourism sector [4]. Group 3: Company-Specific Insights - Companies like Tianfu Culture Tourism and Xiangyuan Culture Tourism reported revenue growth exceeding 30% in the first quarter of 2025 [6]. - Tianfu Culture Tourism plans to enhance its core competitiveness by expanding its cultural tourism offerings and integrating film and tourism [7]. Group 4: Inbound Tourism Growth - The inbound tourism market is experiencing a surge, with a 61% increase in foreign visitors in 2024, recovering to over 90% of 2019 levels [9]. - The "May Day" holiday saw a 173% year-on-year increase in inbound travel orders, highlighting the sector's recovery [9]. Group 5: Policy Impact - Recent policy changes, including optimized tax refund measures for outbound tourists, are expected to enhance the inbound tourism experience and stimulate demand [10].