智通财经APP获悉，11月21日，中国证监会发布《关于同意陕西旅游文化产业股份有限公司首次公开发行股票注册的批复》。据悉，陕西旅游文化产业股份 有限公司(简称：陕西旅游)拟在上交所主板上市，保荐机构为中金公司，拟募资15.55亿元。 | 索 引 号 | bm56000001/2025-00013423 | ਜੋ | 类 | 注册结果;结果公示 | | --- | --- | --- | --- | --- | | 发布机构 | | 发文日期 | | 2025年11月21日 | | ਸਮ 称 | 关于同意陕西旅游文化产业股份有限公司首次公开发行股票注册的批复 | | | | | 文 특 | 亚篮许可〔2025〕 2568号 | 主题词 | | | 招股书显示，陕西旅游成立于2011年4月，主要从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营。凭借丰富的旅游资源及多年运营积淀，公司 已成为以"景区+文化旅游"为核心业务的龙头企业之一。 公司业务集旅游演艺、旅游索道、旅游餐饮为一体，依托华清宫、华山等优质旅游资源，充分发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新 优势，为游客提供高品质的旅游产品及服 ...

Core Insights - TUI, Europe's largest tour operator, reported that its earnings for the 2025 fiscal year surpassed its guidance due to robust demand for hotels and cruises [1] Company Summary - TUI's earnings exceeded expectations, indicating strong performance in the travel sector [1] - The growth in earnings is attributed to increased demand specifically in hotel and cruise segments [1] Industry Summary - The travel and tourism industry is experiencing a rebound, with significant demand for hospitality and cruise services [1]

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].

Core Viewpoint - The company plans to lease 15 properties in Qingdao to develop a youth living community project that integrates accommodation and commercial spaces [1] Summary by Categories Company Actions - The company's wholly-owned subsidiary, Caesar Bay, intends to lease 15 buildings located in the historical cultural district of Qingdao [1] - The total area of the leased properties is approximately 5641.77 square meters [1] Financial Details - The basic rental price is set at 1.25 yuan per day per square meter [1] - The lease term is for 5 years, with rent increasing by 5% every 3 years [1] - The total rental amount under the contract is 8.3365 million yuan, with an 18-month rent-free period [1] Project Overview - The project aims to create a community that includes commercial, leisure, entertainment, and accommodation spaces [1]

Core Insights - The strategic cooperation between Shanghai Airlines Tourism Group and Leshan Airport Investment Development (Group) Co., Ltd. aims to enhance connectivity between Shanghai and Leshan, promoting Leshan as an internationally recognized tourist destination and boosting regional economic and tourism development [1][2] Group 1: Strategic Cooperation - The cooperation focuses on three main areas: route collaboration, network synergy planning, and cultural tourism integration [1] - The partnership is expected to create a more efficient and convenient route network, facilitating personnel exchanges and economic and cultural interactions between Shanghai and Leshan [2] Group 2: Tourism Development - Leshan is a key intersection of the Southern Silk Road and the Yangtze River Economic Belt, recognized as a national-level tourism reform and innovation pilot area, with rich tourism resources including three UNESCO World Heritage sites [1] - Leshan Airport is projected to be operational by early 2026, presenting new opportunities for local tourism development [1] Group 3: Company Profile - Shanghai Airlines Tourism Group is a leading comprehensive tourism operator in China, known for its innovative "Aviation + Cultural Tourism" and "Aviation + Destination" models, and has been recognized as one of the top 20 travel agencies in China for six consecutive years [1]

Company Dynamics - The company plans to divest its tourism real estate business, which is expected to improve profitability and optimize resource allocation [1] - The company has signed an agreement to acquire 100% equity of Songhua Lake Resort, indicating positive progress in its tourism destination investment operations [1][2] - During the National Day and Mid-Autumn Festival holidays, the company's destinations performed exceptionally well, with significant visitor numbers [2] Comments - The divestiture of the tourism real estate business is anticipated to enhance the company's profitability and reduce its debt ratio, allowing for more resource allocation to core businesses [1] - The proposed distribution includes both physical distribution and cash alternatives, with the controlling shareholder opting for physical distribution, while other shareholders can choose a cash payout of HKD 0.336 per share [1] - The company expects a one-time loss of HKD 160 million from the proposed distribution, primarily due to the reallocation of cumulative exchange differences [1] Acquisition Details - The company announced the acquisition of Songhua Lake Resort and Wanbingxue Company for a total consideration of HKD 295 million and HKD 5 million, respectively, while also assuming bank loans of HKD 755 million [2] - The acquisition is expected to enhance the company's leisure tourism destination layout and improve management service capabilities [2] - The Songhua Lake Resort has an annual visitor volume exceeding 350,000 and revenue exceeding HKD 300 million, with projected after-tax profits of HKD 9.96 million and HKD 230,000 for 2024 [2] Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast to a loss of HKD 50 million, down by HKD 140 million, while increasing the 2026 profit forecast by 8% to HKD 370 million [2] - The current stock price corresponds to a 25x P/E ratio for 2026, with a target price increase of 20% to HKD 1.80, reflecting a 27x P/E ratio for 2026 and an upside potential of 8% [2]

Group 1 - The company plans to divest its tourism real estate business, which is expected to improve profitability and optimize resource allocation [1] - The divestiture is projected to result in a one-time loss of HKD 1.6 billion due to the reallocation of cumulative exchange differences [1] - The company has signed an agreement to acquire 100% equity of Songhua Lake Resort, which is expected to enhance its leisure tourism destination layout and management service capabilities [2] Group 2 - During the National Day and Mid-Autumn Festival holidays, the company's international scenic spots received over one million visitors, with some destinations experiencing over 100% year-on-year growth in visitor numbers [2] - The company reported a tax loss of HKD 4.6 billion, HKD 2.4 billion, and HKD 1.9 billion for the years 2023, 2024, and the first half of 2025 from its tourism real estate business [1] - The company is focusing on its core business, which is expected to enhance profitability and reduce debt levels [1]

Core Viewpoint - Caesar Travel Industry (000796.SZ) has approved its wholly-owned subsidiary, Caesar Bay Destination (Shandong) Management Co., Ltd., to develop a "Leisure Sea Fishing Base Project" in Qingdao's Xiaogangwan, focusing on integrated development of marine and land areas for tourism and commercial services [1][2]. Group 1 - The project aims to create a comprehensive dock that includes leisure sea fishing, coastal tourism, and commercial services, featuring a fishing port, a coastal sightseeing area, and integrating four functional sectors: industry, culture and tourism, commerce, and leisure [1]. - The total area for the leased marine rights is approximately 5.85 hectares, with 4.84 hectares in the northern sea area and 1.01 hectares in the southern sea area, with an initial annual rent of 1.23 million yuan, increasing by 3% every three years over a 20-year lease term, totaling 26.8049 million yuan [1]. Group 2 - The expected total investment for the project is approximately 75.5407 million yuan, excluding related rental costs, with funding planned through a combination of self-owned funds and bank loans [2].

Core Viewpoint - Fosun Tourism Group reported steady growth in its performance for the six months ending June 30, 2025, with adjusted net profit increasing by over 40% year-on-year [2]. Financial Performance - In the first half of 2025, Fosun Tourism's tourism operations revenue reached RMB 10.23 billion, a 1.6% increase compared to the same period in 2024 [2]. - Total revenue for the company was RMB 9.53 billion, marking a 1.3% year-on-year growth, achieving a historical high [2]. - Operating profit was RMB 1.27 billion, up 22.4% year-on-year [2]. - Adjusted EBITDA reached RMB 2.40 billion, reflecting a 15.8% increase [2]. - Adjusted net profit was RMB 460 million, showing a 42.0% year-on-year growth [2]. Market Context - The Chinese cultural and tourism market saw 3.285 billion trips taken, with total tourism spending exceeding RMB 3.15 trillion, setting a recent record [2]. - The industry is entering a new growth phase driven by increased travel willingness and the release of cultural tourism demand [2]. Club Med Performance - Club Med's global revenue reached RMB 9.25 billion in the first half of 2025, a 3.8% increase year-on-year [3]. - The average daily room rate increased by 5.1% to RMB 2,021, indicating strong brand premium [3]. - Operating profit for Club Med was RMB 1.27 billion, up 11.0% year-on-year [3]. Domestic Operations - Atlantis Sanya maintained high revenue at RMB 760 million, with an average occupancy rate of 88.4% and approximately 3.08 million visitors [6]. - The resort saw a 71% year-on-year increase in overseas guest numbers due to enhanced marketing efforts [6]. - The Taicang Alps International Resort achieved RMB 100 million in revenue, receiving 400,000 visitors [6]. Future Outlook - Strong demand for summer vacations and the upcoming winter season is expected to sustain booking growth in the second half of 2025 and the first half of 2026 [4]. - The company plans to enhance global operational capabilities and accelerate product innovation and iteration [7]. - A new AI initiative, "AI G.O," is set to launch in September 2025, aimed at optimizing customer vacation experiences and improving operational efficiency [7].

Core Viewpoint - Fosun International announced its interim performance, highlighting the successful privatization of Fosun Tourism Group and its strong financial results during the reporting period [1] Financial Performance - Fosun Tourism Group achieved a tourism operation revenue of RMB 10.231 billion, reflecting a 1.6% increase year-on-year when excluding the impact of the disposal of Thomas Cook Tourism (UK) Company Limited in 2024 [1] - The total revenue reached RMB 9.535 billion, marking a 1.3% year-on-year growth [1] - Operating profit was RMB 1,268.8 million, representing a 22.4% increase compared to the same period last year [1] - Adjusted EBITDA was RMB 2,399.4 million, showing a 15.8% increase year-on-year when excluding one-time resort disposal gains in 2024 [1] - Adjusted net profit amounted to RMB 457.0 million, which is a 42.0% increase year-on-year when excluding one-time resort disposal gains in 2024 [1]