Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 1.555 billion yuan for its business expansion [1] Group 1: Company Overview - Shaanxi Tourism integrates various sectors including tourism performances, cable cars, dining, and project investment and management [1] - The company’s main board IPO was accepted on May 30, 2025, and entered the inquiry stage on June 26 of the same year [1] Group 2: Financial Aspects - The company plans to raise around 1.555 billion yuan through this IPO [1] Group 3: Regulatory Requirements - The listing committee has requested Shaanxi Tourism to explain the sustainability of its products and revenue, considering the domestic tourism market conditions and the performance of its key projects such as "The Longest Love" and cable car operations [1] - The committee also requires the company to justify the rationale and necessity for continued investment in the second phase of the Taishan Xiucheng project, including an analysis of attendance rates, gross margins, and market prospects [1]

Core Viewpoint - Shaanxi Tourism is making its third attempt to go public on the A-share market after a lengthy and challenging journey that began in 2017, with the latest IPO application set for review on November 7, 2025 [2][4]. Group 1: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. operates popular projects such as the live performance "Long Hate Song" and the Huashan West Peak Cableway, with business segments including tourism performances, cableway operations, and dining services [2][4]. - The company plans to raise approximately 1.555 billion yuan through its IPO, with funds allocated to various projects including the Taishan Xiucheng Phase II project and the acquisition of cableway assets [2][4]. Group 2: Historical IPO Attempts - The company first listed on the National Equities Exchange and Quotations in January 2017 and initiated its A-share listing process in July of the same year, but faced significant delays and setbacks [4]. - After a brief revival in 2020, the IPO process was halted again due to investigations into its accounting and legal advisors, leading to a withdrawal of the application in July 2022 [4]. Group 3: Business Performance - The revenue from the "Long Hate Song" performance has been increasing, accounting for 33.50%, 50.12%, 54.28%, and 57.63% of total revenue from 2022 to the first half of 2025 [5]. - The cableway business, while still significant, saw a decline in revenue contribution, dropping from 39.56% to 29.51% over the same period [6]. - The dining segment, represented by the Tang Le Palace restaurant, has a smaller revenue share, fluctuating between 3.36% and 13.70% during the reporting period [6]. Group 4: Financial Performance and Challenges - The company reported revenues of 2.32 billion yuan, 10.88 billion yuan, 12.63 billion yuan, and 5.16 billion yuan from 2022 to the first half of 2025, with net profits showing a recovery after a loss in 2022 [9]. - However, the company anticipates a decline in revenue for 2025 due to adverse weather conditions, projecting a revenue drop of approximately 24.69% to 11.54% compared to 2024 [10]. - Long-term structural challenges include the impact of extreme weather on visitor numbers and operational capacity, particularly for mountain-based attractions like the Huashan scenic area [10][11].

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, aiming to raise 1.555 billion yuan for various tourism-related projects [2] Company Overview - Established in 1988, Shaanxi Tourism has a registered capital of 58 million yuan and is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [2] - The company operates in tourism performance, cableway and slide operations, tourism dining, and tourism project investment and management [2] Shareholder Structure - The company has six institutional shareholders, with Shaanxi Travel Group being the controlling shareholder [2] IPO Details - The IPO is expected to raise 1.555 billion yuan, with funds allocated for projects including the acquisition of equity in Taihua Cableway, Yaoguang Pavilion, Shaohua Mountain Cableway, and the construction of various service centers [2] Leadership - The chairman of the company is Ma Ting, a highly capable executive born in the 1980s [3] - Ma Ting has a master's degree in business administration and has held various positions within the tourism industry since 2005, demonstrating a strong career progression [4][5][6][7] Financial Performance - The company achieved revenues of 1.071 billion yuan and 1.245 billion yuan in 2023 and 2024, respectively, with net profits of 418 million yuan and 503 million yuan, indicating continuous growth [7]