N陕旅今日上市，开盘价131.15元，上涨63.04%。 近期上市新股首日表现 | 代码 | 简称 | 上市日期 | 发行价 | 发行市盈率 | 首日开盘涨跌幅 | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | | | | （元） | （倍） | （%） | | | 603402 | N陕旅 | 2026.01.06 | 80.44 | 12.37 | 63.04 | 社会服务 | | 920045 | 蘅东光 | 2025.12.31 | 31.59 | 14.99 | 1007.95 | 通信 | | 301687 | C新广益 | 2025.12.31 | 21.93 | 28.59 | 196.40 | 基础化工 | | 688809 | C强一 | 2025.12.30 | 85.09 | 48.55 | 212.14 | 电子 | | 001369 | C双欣 | 2025.12.30 | 6.85 | 16.19 | 186.13 | 基础化工 | | 001396 | C誉帆 | 2025.12.30 | 22.29 | 19.77 ...

股票简称：陕西旅游 股票代码：603402 Shaanxi Tourism Culture Industry Holding Co.,Ltd. （陕西省西安市长安区航天基地航创路 1 号陕旅豪布斯卡 16 楼 A 区） 首次公开发行股票主板上市公告书 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二六年一月五日 陕西旅游文化产业股份有限公司 陕西旅游文化产业股份有限公司 上市公告书 特别提示 陕西旅游文化产业股份有限公司（以下简称"陕西旅游"、"本公司"、"发行人" 或"公司"）股票将于 2026 年 1 月 6 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 陕西旅游文化产业股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、完整， 承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担法律责任。 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上 ...

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is conducting its initial public offering (IPO) and aims to enhance its governance and operational efficiency while providing high-quality tourism products and services to investors and stakeholders [7][8]. Company Overview - The company focuses on the cultural tourism industry, engaging in tourism performances, cable cars, dining, and project investment and management, leveraging resources from sites like Huaqing Palace and Mount Huashan [7][12]. - The flagship product, the large-scale historical performance "The Song of Everlasting Regret," is recognized as a top tourism brand in Shaanxi and has won multiple national awards [7][8]. - The company operates the West Peak Cableway at Mount Huashan, which utilizes advanced technology and meets international safety standards [7][8]. Financial Performance - The company's main business revenue for the reporting period was as follows: 228.09 million yuan, 1.0805 billion yuan, 1.2542 billion yuan, and 512.77 million yuan [19]. - The gross profit margin for the same periods was -5.32%, 69.49%, 71.10%, and 69.61%, indicating significant fluctuations influenced by revenue changes [20]. - The net profit attributable to the parent company was -72.07 million yuan, 427.45 million yuan, 511.73 million yuan, and 204.39 million yuan, reflecting a trend consistent with revenue changes [21]. Business Development and Strategy - The company plans to capitalize on the rapid growth of the tourism industry in China, focusing on enhancing service quality and expanding its market presence both domestically and nationally [22]. - Future measures include improving service quality, strengthening marketing, and innovating products to enhance competitiveness [23]. - The company has identified several competitive advantages, including geographical location, cultural significance, and established sales channels [24][27]. Industry Context - The tourism industry in China is experiencing robust growth, with domestic tourism reaching 3.285 billion visits and generating 3.15 trillion yuan in revenue in the first half of 2025, marking a 20.6% and 15.2% increase year-on-year, respectively [29]. - Shaanxi Province aims to develop a trillion-yuan cultural tourism industry by 2025, with significant investments in infrastructure and marketing to enhance its status as a premier tourist destination [30][31]. - The overall outlook for the tourism industry remains positive, driven by rising incomes, improved infrastructure, and favorable government policies [32][34]. IPO Details - The company plans to issue up to 19.33 million shares, representing no less than 25% of the total share capital post-issue [35]. - The raised funds will be allocated to various projects, including the construction of cable car services and acquisitions to enhance operational capacity and service quality [36][37].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) application of Shaanxi Tourism Culture Industry Co., Ltd., which plans to raise 1.555 billion yuan through the issuance of no more than 19.333 million shares on the Shanghai Stock Exchange [1]. Fundraising Allocation - The funds raised will be allocated to several projects, including: - Shaanxi Shaohua Mountain National Forest Park cableway expansion project with a total investment of 300 million yuan, utilizing 139.0588 million yuan from the raised funds [2]. - Taihua Cableway Comprehensive Service Center project with a total investment of 81.8344 million yuan, utilizing 45.6128 million yuan from the raised funds [2]. - Acquisition of Shaanxi Taihua Tourism Cableway Co., Ltd. equity project with a total investment of 370.0341 million yuan, fully funded by the raised capital [2]. - Other acquisition projects totaling 185.77062 million yuan, with 155.51279 million yuan funded by the raised capital [2]. Business Overview - Shaanxi Tourism primarily operates in tourism performance, cableway services, and tourism dining, establishing itself as a leading destination enterprise with a focus on "scenic spots + cultural tourism" [3]. - The company has developed notable tourism performances such as the large-scale historical dance drama "Chang Hen Ge" and operates cableway projects in the Huashan scenic area [3]. - The company is controlled by Shaanxi Tourism Group, which holds 47.59% of the shares directly and is a wholly-owned subsidiary of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [3]. Financial Performance - The company's revenue is projected to grow from 232 million yuan in 2022 to 1.263 billion yuan in 2024, with a turnaround from a net loss of 76.059 million yuan in 2022 to a profit exceeding 500 million yuan in 2024 [3]. - The core revenue sources are the performances of "Chang Hen Ge" and the Huashan West Peak cableway, while the tourism dining segment continues to face challenges [3].

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is set to go public on the Shanghai Stock Exchange after passing the listing review, marking it as the first cultural tourism enterprise to be approved under the new policy since May 2025 [1][3]. Group 1: Listing Process - The company's IPO application was accepted on May 30, 2025, and it underwent two rounds of inquiries, taking only five months from acceptance to the review meeting [3][4]. - This approval makes Shaanxi Tourism the first cultural tourism IPO to pass in the A-share market in the past five years [3][4]. Group 2: Financial Performance - The company reported revenues of CNY 1.088 billion, CNY 1.263 billion, and CNY 516 million for the years 2023, 2024, and the first half of 2025, respectively, with net profits of CNY 427 million, CNY 512 million, and CNY 204 million [4]. - From 2017 to 2024, the average annual compound growth rate of the company's main business revenue was nearly 15%, while net profit grew at over 20% [5]. Group 3: Business Operations - Shaanxi Tourism focuses on tourism performances, cableway operations, and dining, leveraging resources from attractions like Huaqing Palace and Huashan Mountain [4][8]. - The company has developed notable tourism performances, including the large-scale historical dance drama "Chang Hen Ge" and other significant cultural productions [7]. Group 4: Fundraising and Investment Plans - The company aims to raise CNY 1.555 billion through the IPO to fund projects such as the acquisition of cableway assets and the expansion of performance projects [12][14]. - The planned investments are expected to enhance the company's profitability and market competitiveness, with all targeted projects already showing profitability in 2024 [14][17].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company experienced operational pressure in Q3 2025, with a revenue decline of 9.94% year-on-year, totaling 7.53 billion yuan. The net profit attributable to shareholders decreased by 22.60% year-on-year to 3.54 billion yuan [1][2] - The company is focusing on strengthening its brand power through innovative marketing strategies and new project developments, including light asset projects in Qingdao and Taizhou, and an overseas project in Thailand [2] - The projected revenues for 2025-2027 are 22.6 billion yuan, 25.0 billion yuan, and 26.7 billion yuan respectively, with net profits of 8.0 billion yuan, 9.6 billion yuan, and 10.7 billion yuan [2] Financial Summary - For Q1-3 2025, the company reported revenues of 18.33 billion yuan, a decrease of 8.98% year-on-year, and a net profit of 7.54 billion yuan, down 25.22% year-on-year [1] - The gross margin for Q3 2025 was 72.1%, a decline of 3.5 percentage points year-on-year, while the net profit margin decreased by 7.7 percentage points to 47.0% [1] - The company’s financial ratios indicate a projected P/E ratio of 26.8x for 2025, decreasing to 20.0x by 2027 [4]

Core Insights - The tourism sector in the province experienced significant activity during the National Day holiday, with 3.271 million visitors and a revenue of 185 million yuan on the second day of the holiday [1] - Various regions implemented creative strategies to enhance visitor experiences, including weather-related promotions and special events tied to major competitions [1] Group 1: Visitor Statistics - A total of 3.271 million visitors were recorded across 200 monitored tourist attractions on October 2, generating a revenue of 185 million yuan [1] - The 16 5A-level tourist attractions received 940,100 visitors, while public cultural venues served 751,600 visitors [1] Group 2: Promotional Strategies - The Hongye Shiyan Tourist Area in Zibo offered a "rainy day" benefit, allowing visitors to return for free during the red leaf season with a validated ticket from October 2 [1] - Linyi City established volunteer service stations to assist tourists with inquiries, parking guidance, and problem-solving, while some attractions provided free raincoats and hot ginger soup [1] Group 3: Diverse Tourism Products - The tourism product offerings have expanded to include night tourism, rural tourism, educational travel, ecological leisure, and performance tourism to meet diverse visitor needs [1] - Notable events included the "Dong Xun · Chengshan Fu" themed performance and night tour in Weihai, the "Moon Full of National Day · Rhythm of the Sea" festival in Qingdao, and cultural night tours in Jining [1] - The Zibo Qi Culture Museum introduced educational packages and interactive exhibits, which were well-received by visitors [1]

Core Insights - The article emphasizes the importance of tourism performances as a key vehicle for deep integration of culture and tourism, highlighting their role as a new growth point for cultural tourism consumption [1] Group 1: Tourism Performance Development - Shandong Province has focused on cultivating immersive, digital projects and large music festivals, resulting in a number of high-quality tourism performances that are popular among visitors and yield significant social and economic benefits [1] - The provincial cultural and tourism department has announced the first batch of typical tourism performance cases, including the New Youth Music Festival and "There is Qingdao at Sea," among others [1] Group 2: New Youth Music Festival - The New Youth Music Festival, created by Dazhong Newspaper Group and Shandong Internet Media Group, has become a significant cultural IP since its first concert in 2014, attracting a large audience over the years [2] - The festival features a variety of activities, including music performances, art installations, food markets, and brand interactions, showcasing the city's cultural tourism resources in innovative ways [2] - By July 2025, the festival is expected to have hosted 24 performances with participation from over a million music fans and over 10 billion online interactions, demonstrating the festival's resonance with contemporary culture [4] Group 3: "There is Qingdao at Sea" - "There is Qingdao at Sea," a 360° panoramic show produced by Qingdao West Coast Tourism Investment Group and creatively designed by Fengshang Culture Group, narrates the city's history intertwined with the sea [6] - The show aims to convey the city's memories and stories related to its maritime heritage, enhancing the cultural experience for visitors [6] Group 4: Other Notable Performances - "Golden Wonderful Night" at the Qingdao Beer Museum offers an immersive night tour experience, combining marine culture, local customs, and trade legends, attracting over 100,000 attendees across more than 20 performances [7] - "Fantastic Liaozhai," a collaboration between Happy Mahua and the Zibo Red Leaf Persimmon Rock Tourism Area, reinterprets classic tales through modern musical theater, showcasing innovative cultural expressions [12][14] - "Hometown Moon" at Tai'an Jiunv Peak features a multi-sensory experience that explores the cultural significance of the moon through various artistic and technological elements [18][20] - "Legend of the Divine Journey" in Weihai is China's first mobile live performance, utilizing advanced technologies to enhance audience engagement and historical authenticity [24][26] - "Sunrise in the East" at Rizhao Olympic Water Park is a large-scale multimedia water show that has won multiple international awards since its debut in 2016, showcasing local love stories through high-tech effects [30][32] - "National Show: Langya" at Langya Ancient City is a large indoor immersive performance that has attracted over 2.4 million visitors, becoming a benchmark for tourism performances in the region [34][36]

Core Viewpoint - The tourism performance market in China is experiencing significant growth, with an increase in performance sessions, box office revenue, and audience numbers during the summer months, indicating a thriving integration of culture and tourism [1][7]. Group 1: Market Trends - The tourism performance market is evolving, with a variety of innovative projects that enhance visitor experiences and drive cultural consumption [4][7]. - Popular performances like "Chang Hen Ge" have become essential attractions, generating over 30 billion yuan in box office revenue and significantly boosting local economies [2][3]. Group 2: Consumer Behavior - Younger consumers are increasingly willing to spend on tourism performances, reflecting a shift towards valuing experiential spending and cultural engagement [2][5]. - The trend of "checking in" at scenic spots for specific performances indicates a growing desire for immersive cultural experiences among tourists [2][3]. Group 3: Innovation and Development - The industry is seeing a diversification of performance types, from large-scale shows to immersive experiences in smaller venues, catering to modern consumer preferences [4][5]. - Technological advancements are being integrated into performances, enhancing audience engagement and creating unique experiences [4][6]. Group 4: Policy Support - Government initiatives are promoting the development of tourism performances, offering financial incentives for projects that meet specific criteria, thereby encouraging innovation and investment in the sector [5][6]. Group 5: Challenges and Considerations - Despite the growth, many projects face challenges such as content homogenization and operational limitations, highlighting the need for distinctiveness and market alignment [6][7]. - Balancing artistic integrity with market demands is crucial for the success of tourism performances, necessitating a focus on quality storytelling and audience engagement [6][7].

Core Viewpoint - The Ministry of Commerce and nine other departments have released a set of policies aimed at expanding service consumption, highlighting 19 measures across five areas, with a focus on high-quality service supply [1] Group 1: Policy Measures - The document outlines initiatives such as launching a "Service Consumption Season" to promote consumption activities [1] - It supports collaboration between quality consumption resources and well-known IPs [1] - The plan includes expanding pilot programs in telecommunications, healthcare, and education sectors [1] - There is a proposal to gradually expand the list of countries with unilateral visa exemptions [1] - The document suggests optimizing student holiday arrangements and improving related policies [1] Group 2: New Consumption Models - The document introduces the concept of pilot cities for new consumption formats, models, and scenarios [1] - It emphasizes the importance of attracting more foreign visitors for consumption and encourages travel agencies and online platforms to create tailored travel routes for foreigners [1] - The proposal includes adjusting academic calendars to create more opportunities for service consumption, particularly in tourism [1] Group 3: Cultural and Entertainment Focus - The document highlights the potential of traditional cultural IP markets and the creation of new service consumption scenarios [3] - It supports local initiatives that leverage quality performances, animation, gaming, and film to drive innovation in offline experiences [3] - The report suggests focusing on tourism performance concepts such as Songcheng Performance and Fengshang Culture, as well as trendy toy concepts like Pop Mart [3]