其中，旅游演艺方面，陕西旅游打造了中国首部大型实景历史舞剧《长恨歌》、大型红色实景演艺《泰山烽 火》等旅游演艺作品；在旅游索道业务方面，公司于华山景区建设和运营了西峰索道及华威滑道等项目；在 旅游餐饮业务方面，其下属剧院式餐厅唐乐宫有以"仿唐歌舞+宫廷晚宴"为特色经营模式的项目。 【大河财立方消息】11月21日，证监会发布批复，同意陕西旅游文化产业股份有限公司（简称陕西旅游）首 次公开发行股票的注册申请。 据悉，陕西旅游拟在上交所主板上市。此次拟公开发行股票的数量不超过1933.33万股，占发行后总股本的比 例不低于25%；本次发行全部为新股发行，不涉及公司原有股东公开发售股份。 拟募集资金15.55亿元，分别用于泰山秀城（二期）建设项目、陕西少华山国家森林公园索道增容、收购陕西 太华旅游索道公路有限公司股权项目等。 | 序号 | 募集资金投向 | 总投资 | 利用募集资金投资额 | | --- | --- | --- | --- | | 2 | 陕西少华山国家森林公园索道增容(南线索道)项目 | 30.000.00 | 13.905.88 | | | (以下简称"少华山南线索道项目") | | | | 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]

Core Viewpoint - The financial performance of Emei Mountain A has declined in the first half of the year, with a significant drop in revenue and net profit, attributed to a decrease in visitor numbers and various business segments [1][2][5]. Financial Performance - The company reported a revenue of 457.09 million yuan, a decrease of 10.07% year-on-year [2]. - The net profit attributable to shareholders was 121.29 million yuan, down 8.48% compared to the previous year [2]. - The net asset return rate was 4.53%, a decline of 0.73 percentage points from the previous year [2]. Business Segments - Revenue from ticket sales and cable car operations decreased by 9.53% and 7.51%, respectively, with ticket sales generating 122.39 million yuan and cable car operations 185.03 million yuan [1][2]. - The hotel business saw a revenue drop of 12.13%, totaling 82.73 million yuan [1]. - Other segments, including tea, smart tourism, and performances, generated 66.94 million yuan, down 15% year-on-year [1]. Visitor Statistics - The Emei Mountain scenic area received 2.10 million visitors, a decline of 6.5% year-on-year [1]. - The company has paused the performance of the "Only Emei Mountain" project due to changes in market conditions, which had an investment of over 800 million yuan [1][5]. Market Environment - The feasibility of the "Emei Mountain Tourism Cultural Center Project" has significantly decreased due to changes in the market environment, leading to increased risks and potential failure to meet expected economic benefits [5]. - The tourism industry is facing intensified competition, with new attractions emerging, which poses additional market risks for the company [8]. Strategic Response - The company plans to enhance project investment systems, accelerate project construction, and improve internal management and cost control to mitigate risks and improve operational efficiency [7][8]. - There is a focus on integrating tourism resources and enhancing marketing efforts to adapt to market changes and meet diverse consumer needs [8][9].

Core Viewpoint - Xiyu Tourism (300859) is expected to achieve a net profit of 9 million to 11 million yuan in the first half of 2025, leveraging the booming tourism in Xinjiang and developing new projects like "Encounter Kashgar" and "Encounter Sailake" [1][2] Group 1: Financial Performance - The company anticipates a net profit of 9 million to 11 million yuan for the first half of 2025 [1] - The tourism industry in Xinjiang has shown significant growth, with 132.78 million visitors and a total expenditure of 142.56 billion yuan, reflecting year-on-year increases of 11.15% and 11.59% respectively [1] Group 2: Business Development - Xiyu Tourism is focusing on enhancing its service offerings by providing comprehensive tourism services, including transportation, sightseeing boats, cable car tours, and RV camps [1] - The company is developing immersive performance brands under the "Encounter" series to create new growth avenues [1] - The "Encounter Kashgar" project has attracted over 13 million visitors in the first half of the year, showcasing the potential of new tourism formats like intangible cultural heritage workshops and aerial gardens [1] Group 3: Challenges and Strategic Response - The decline in performance is attributed to the early-stage market cultivation of new tourism projects, which require further development of revenue and profitability [2] - The company plans to increase promotional efforts, adjust marketing strategies, and enhance service quality to capture a larger market share and ensure expected project returns [2] Group 4: Shareholder Confidence - The controlling shareholder, Xinjiang Cultural Tourism Investment, plans to increase its stake in the company by acquiring between 1.085 million and 2.0925 million shares, representing 0.70% to 1.35% of the total share capital [2] - As of July 4, 2025, Xinjiang Cultural Tourism Investment has already increased its holdings by nearly 560,000 shares, raising its ownership from 28.79% to 29.00% [2]

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has finally received acceptance for its IPO plan on the Shanghai Stock Exchange after eight years on the New Third Board, indicating a significant step towards public listing and capital raising in the recovering tourism sector [2]. Company Overview - Shaanxi Tourism is primarily controlled by Shaanxi State-owned Assets Supervision and Administration Commission, with its main business encompassing tourism performances, cable cars, dining, and project investment and management [2]. - The company's core assets include the performance "The Song of Everlasting Regret" and the cable car at Huashan Mountain [2]. Financial Performance - The company is projected to achieve revenues of CNY 1.071 billion (approximately USD 150 million) and CNY 1.245 billion (approximately USD 175 million) for the years 2023 and 2024, respectively [2]. - Net profits attributable to the parent company are expected to be CNY 418 million (approximately USD 59 million) and CNY 503 million (approximately USD 71 million) for the same years, reflecting a positive trend in performance due to the recovery of the tourism industry [2]. Revenue Breakdown - The main revenue contributors are the performance "The Song of Everlasting Regret" and the Huashan cable car, expected to generate CNY 681 million (approximately USD 96 million) and CNY 390 million (approximately USD 55 million) in 2024, accounting for 55.07% and 31.56% of total revenue, respectively [3]. - Both segments exhibit high gross margins of 84.06% and 66.73%, making them significant profit drivers for the company [3]. IPO Fundraising and Investment Projects - The company aims to raise CNY 1.555 billion (approximately USD 220 million) through the IPO, with plans to invest in seven projects, primarily focused on cable car acquisitions and related infrastructure [3][5]. - Key projects include the acquisition of equity in Taihua Cableway, Yaoguang Pavilion, and Shaohua Mountain Cableway, along with the construction of various service centers and tourist facilities [4][5]. - Notably, five out of the seven fundraising projects are related to cable car construction, with a total planned investment of CNY 876 million (approximately USD 124 million) [5]. Strategic Focus - The company is prioritizing cable car operations due to their quicker revenue generation potential compared to traditional performance-based businesses [5]. - The Taihua Cableway project is expected to have a single-direction capacity of 1,500 passengers per hour, with peak capacity reaching 3,000 passengers per hour, indicating strong operational potential [5].