2026年马年春节期间,山东各类"头部景区"经过充分准备,将推出春节旅游消费大餐。其中,演出将成为景 区新动力,赶在年前,各地一批旅游演艺抓紧排练,非常令人期待。同时,不少景区不约而同采用NPC为游园 助兴,成为新的竞争点。 记者 乔显佳 济南报道 景区火了演艺 多台大戏年前排出 记者发现,马年春节期间,演出将成为景区新动力。 琅琊古城的剧目《国士·捍山河》目前可称为山东文旅业界"最受期待"的大型实景跨界秀,定于大年初一 正式公演,以震撼效果全新演绎琅琊文化内核,为春节文旅市场注入新鲜活力。 看《国秀·琅琊》时,记者曾直接泪奔。《国士·捍山河》延续这一情怀,将散落在琅琊历史长河中的忠、 勇、仁、义、智等品格,凝炼为鲜活可感的戏剧形象,展现琅琊人"关乎家国、系于山河"的风骨与担当,将 是一部激荡人心的家国史诗力作。 2月4日,临沂郯城山东文旅醉东风旅游区举行2026春节产品发布会,武术剧《追风的人》开启全国首演。 《追风的人》讲述一位叫鲁风的郯城后生,从小喜爱武艺,经过数十载刻苦练功,成为一代武学大师。鲁风 始终心念桑梓,希望通过禅武精神,帮助家乡的青少年增强精气神。这台约50分钟的武术剧由45名有"真功 夫" ...

Group 1 - The core objective of Haikou's economic and social development by 2026 includes a GDP growth of over 6%, a local public budget revenue growth of around 3%, fixed asset investment growth of about 7%, and a retail sales growth of 6% [2] - Haikou aims to enhance the free trade port's core leading area with 28 specific tasks, including expanding the encouraged industry directory and promoting zero tariffs on goods [2] - The city plans to increase the sales of offshore duty-free shops by 10% while improving the shopping experience and diversifying the "duty-free+" consumption scenarios [2] Group 2 - The Jiangdong New Area will focus on the "two zones and one land" positioning, accelerating the construction of 10 key projects and aiming for an 8% growth in both park revenue and fixed asset investment [3] - Haikou National High-tech Zone will concentrate on becoming a hub for innovation, with 38 projects under construction and a target of double-digit growth in industrial output [3] - The city plans to host over 17 major domestic and international events, promoting sports consumption and event economy, with a goal of increasing tourist numbers and spending by 6% and 8%, respectively [3]

Core Viewpoint - The company, a leading state-owned cultural tourism enterprise in Shaanxi, has rapidly increased its revenue and profitability in 2023, with projected revenues and net profits for 2024 showing significant growth compared to previous years [1][3]. Group 1: Financial Performance - In 2024, the company is expected to achieve revenue of 1.263 billion yuan and a net profit attributable to shareholders of 512 million yuan, representing year-on-year growth of 16% and 20% respectively, with a net profit margin of 41%, significantly higher than 23% in 2019 [1]. - The flagship performance project "Chang Hen Ge" has a substantial scale and an excellent business model, generating 92% of the company's performance business revenue with a gross margin of 87.77% [1]. Group 2: Tourism and Transportation Business - The company's tourism transportation business is stable, with revenue from the Huashan West Peak cableway projected to increase by 10% to 390 million yuan in 2024, maintaining a gross margin of 67% [2]. - The revenue from transportation projects is closely related to the overall visitor flow to the Huashan scenic area, with potential growth expected as regional visitor numbers recover and supporting facilities improve [2]. Group 3: Fundraising and Future Development - The company plans to raise 1.555 billion yuan through its IPO, with net proceeds of 1.522 billion yuan allocated for various projects, including the construction of the Taishan Xiucheng Phase II project and acquisitions related to cableway projects [2]. Group 4: Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 1.117 billion, 1.313 billion, and 1.423 billion yuan from 2025 to 2027, with net profits of 436 million, 580 million, and 653 million yuan respectively, reflecting a mixed growth outlook [3]. - The current stock price corresponds to valuations of 28, 21, and 19 times earnings for the years 2025 to 2027, with a "recommended" rating for initial coverage [3].

Core Viewpoint - The Ministry of Culture and Tourism has announced the second batch of national tourism performance boutique projects, highlighting the significance of cultural tourism integration and the promotion of high-quality development in the tourism performance industry [1] Group 1: Project Selection - The selected projects were evaluated based on criteria such as profound ideological content, excellent artistic expression, innovative business models, positive market response, effective operational management, significant consumer impact, and notable social and economic benefits [1] - The Quanzhou Puppet Theatre's "Ancient Art New Style Living Puppet" has been recognized as one of the selected projects, showcasing the rich cultural heritage of Quanzhou [1] Group 2: Cultural Significance - Quanzhou Puppet Theatre has a long history and was included in the first batch of national intangible cultural heritage protection list in 2006 [1] - The performance "Ancient Art New Style Living Puppet" consists of three interconnected segments: "Celebrating the Auspicious," "Taming the Monkey," and "Celebrating Lantern Festival," reflecting the exquisite skills and deep cultural roots of Quanzhou puppet art [1] Group 3: International Recognition - Over the past 20 years, the performance has toured nearly 70 countries and regions across five continents, participating in various international art festivals and major performance events, receiving acclaim from both domestic and international audiences [1]

Group 1 - The company N Shaan Travel was listed today with an opening price of 131.15 yuan, representing an increase of 63.04% from its issuance price of 80.44 yuan [2][3] - The company integrates various tourism-related businesses, including tourism performances, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Huashan [2] - N Shaan Travel has developed notable tourism performances, including the large-scale historical dance drama "Chang Hen Ge" and the red-themed performance "Tai Shan Feng Huo," which serve as cultural carriers for Chinese history and tradition [2] Group 2 - The total number of shares issued by the company is 19.33 million, with an online issuance of 19.33 million shares and a final online subscription rate of 0.01308077% [3] - The funds raised from the initial public offering amount to 1.555 billion yuan, primarily allocated to projects such as the second phase of Taishan Xiucheng, acquisition of Taihua Cableway equity, and several other cableway projects [3] - The company's issuance price corresponds to a price-to-earnings ratio of 12.37, significantly lower than the industry average of 26.90 [3]

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]