Core Viewpoint - Songcheng Performance stated that as of October 31, 2025, the total number of shareholders, including credit accounts, is expected to reach 87,209 [2] Summary by Category - **Company Information** - The company has provided an update on its shareholder count, indicating a significant engagement with investors [2] - The total number of shareholders is projected to be 87,209, which reflects the company's growth and investor interest [2] - **Industry Context** - The increase in shareholder numbers may suggest a positive trend in the entertainment and performance industry, indicating potential growth opportunities [2] - The company's focus on expanding its shareholder base could be a strategic move to enhance its market presence and investor relations [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters, primarily due to the timing of revenue recognition in its light asset business and the impact of the overall consumption environment, regional tourism market changes, and competition [1] Group 1: Financial Performance - Revenue decreased year-on-year, influenced by the revenue recognition schedule of light asset projects and external market conditions [1] - Net profit declined due to reduced revenue and a temporary increase in costs and expenses [1] Group 2: Strategic Initiatives - The company plans to steadily advance existing light asset projects and strictly adhere to revenue recognition standards [1] - Efforts are being made to enhance the attractiveness of scenic spots through hardware upgrades, content innovation, and targeted marketing [1] - Investments in talent acquisition, content updates, and brand building are seen as necessary measures to respond to market changes and strengthen competitiveness [1] Group 3: Future Outlook - The company aims to optimize marketing strategies, strengthen resource collaboration, and drive content diversification and traffic conversion to promote sustainable growth [1]

Core Viewpoint - Songcheng Performance emphasizes a systematic approach to project development, considering multiple factors such as geographical location, infrastructure, market base, and cost-effectiveness in site selection and market research [1] Group 1 - The company will conduct comprehensive site analysis and market research for new project development [1] - Future project plans will adhere strictly to regulatory disclosure requirements [1]

Core Viewpoint - The company is actively preparing new projects in Qingdao and Taizhou, with significant progress made on both fronts, aiming for timely and high-quality delivery of these projects by their respective opening dates [1] Group 1: Qingdao Project - The Qingdao project includes the Qian Guqing Grand Theatre and a complex that has already reached the topping-out stage, with the main structure of the themed street area completed [1] - The next steps for the Qingdao project involve internal and exterior decoration, as well as the installation of stage machinery and equipment [1] - The owner is fully committed to advancing the subsequent construction to ensure the project opens on schedule in July 2026 [1] Group 2: Taizhou Project - The Taizhou project was initially scheduled to open in May 2028, but it is currently progressing smoothly, with the possibility of an earlier opening not being ruled out [1]

Core Viewpoint - Songcheng Performance is leveraging the Hainan Free Trade Port policy opportunities to enhance its marketing and performance strategies, focusing on both domestic and international audiences [1] Group 1: Marketing Strategy - The company is constructing an integrated marketing system centered around "content—events—exposure" [1] - A multi-layered performance layout will be implemented, combining point, line, and surface strategies [1] - The introduction of unique activities and IP characters that integrate Qiong Island culture is planned [1] Group 2: Customer Engagement - High-frequency NPC event marketing will be conducted to attract new customers and encourage repeat visits from existing customers [1] - Specific pricing activities targeting different customer groups will be launched to enhance engagement [1] Group 3: Expansion Plans - Currently, there are no other expansion plans within Hainan Province [1]

Core Insights - The tourism performance in China has shown significant growth in the live performance sector, with increases in the number of shows, box office revenue, and audience attendance compared to previous years [4][5][6] - Major performances like "Impression Liu Sanjie" and "Again Dunhuang" have become key attractions, contributing to local tourism and economic growth [10][12] Group 1: Market Performance - In the first three quarters of this year, the national tourism performance market has achieved year-on-year growth in terms of the number of performances, box office revenue, and audience numbers, indicating strong market vitality [4] - The cumulative performances of four major shows in Dunhuang during the "14th Five-Year Plan" period reached 7,901, attracting over 3.75 million visitors and significantly boosting local economic sectors such as accommodation and dining [12] Group 2: Product Innovation and Upgrades - The tourism performance market is experiencing a rich supply of products, with traditional formats like mountain water performances and themed park shows undergoing continuous upgrades to enhance their appeal [5][7] - The 2025 revamped version of "Tunnel Warfare" will include interactive elements for tourists, allowing them to engage directly with the performance, thus deepening emotional connections [7] Group 3: Cultural Integration and Technology - The integration of traditional culture and modern technology is crucial for the development of tourism performances, with a focus on creating high-quality content and expanding industry boundaries [8][9] - Performances like "Dragon and Phoenix Dance China" have been updated to appeal to younger audiences by incorporating modern aesthetics and technology, showcasing traditional culture in a contemporary context [9] Group 4: Audience Engagement - The immersive experience in performances such as "Long Hate Song" and "Again Dunhuang" allows audiences to feel a deeper connection to the cultural narratives being presented, enhancing their overall experience [6][11] - The use of advanced technologies like large-scale stage machinery and 3D imaging in performances has transformed the audience's experience, making it more engaging and interactive [11]

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 is making a third attempt to go public on the A-share market, with its IPO application set for review on November 7, 2025, after a lengthy and challenging journey since 2017 [1][2]. Business Overview - Shaanxi Tourism's business structure includes tourism performances, cableway operations, and dining services, leveraging high-profile attractions like the Huaqing Palace and Mount Huashan [1][3]. - The company plans to raise approximately 1.555 billion yuan, primarily for various cableway projects and acquisitions [1]. Historical IPO Attempts - The company first attempted to list in 2017 but faced multiple setbacks, including halted reviews due to investigations into its accounting and legal advisors [2]. - After a brief revival in 2022, the company withdrew its application, leading to the current attempt in 2025 [2]. Revenue Composition - The main revenue sources are tourism performances and cableway operations, with the "Chang Hen Ge" performance significantly contributing to total revenue, increasing from 33.50% in 2022 to 57.63% in the first half of 2025 [3][4]. - Cableway revenue has seen a decline in its share of total revenue, dropping from 39.56% in 2022 to 29.51% in the first half of 2025 [4]. Performance Analysis - The company reported revenues of 2.32 billion yuan in 2022, increasing to 12.63 billion yuan in 2024, but faced a decline in 2025 due to extreme weather conditions [6]. - The net profit fluctuated, with a loss of 720.73 million yuan in 2022, followed by profits in subsequent years, but projected a loss of 371 million to 436 million yuan in 2025 [6][7]. Weather Impact - Extreme weather events in 2025, including cold waves and strong winds, have negatively impacted visitor numbers and operational capacity, leading to a projected revenue decline of 24.69% to 11.54% compared to 2024 [7]. - The company anticipates that adverse weather conditions will continue to affect its performance, particularly in winter months when snow can reduce visitor flow [7]. Long-term Challenges - The company faces structural challenges due to the nature of its mountain tourism operations, which are sensitive to climate conditions and have long product profitability cycles [8]. - The heavy asset nature of its operations requires significant upfront investment, with returns taking longer to materialize, posing risks if market demands are not accurately assessed [8].

Core Viewpoint - Shaanxi Tourism is facing significant challenges despite a generally positive domestic tourism market, with a notable decline in revenue and net profit in the first half of 2025, raising concerns about its business model and project viability [1][2]. Financial Performance - The company's revenue surged from 232 million in 2022 to 1.263 billion in 2024, with a net profit of 622 million in 2024, but experienced an 18.99% revenue decline and a 28.37% drop in net profit in the first half of 2025 [1]. - The revenue from the performance project "Chang Hen Ge" constituted 57.63% of total revenue in the first half of 2025, highlighting the company's heavy reliance on a single income source [1]. Project Viability - The company plans to raise 1.555 billion for the second phase of the Taishan Xiucheng project, despite the first phase, "Taishan Fenghuo," operating at a loss since its trial launch in September 2021, generating only 4.077 million in revenue in 2024 [3]. - The projected annual revenue of 260 million and profit of 78 million from the second phase is based on assumptions of improved attendance, which may not be realistic given the current low attendance rates [3]. Safety and Compliance Issues - The company has faced safety management issues, including a fatal accident at a construction site due to non-compliance with safety regulations [4]. - There are concerns regarding the company's transparency, as it was found to have concealed information during a regulatory inspection [4]. Market Context - Despite the company's struggles, the overall domestic tourism market saw a 20.6% increase in visitor numbers and a 15.2% rise in tourism revenue in the same period [2].

Core Insights - The tourism performance industry is evolving into a "must-have" option for many travelers, driven by continuous upgrades and iterations based on visitor preferences [1] - Successful tourism performances require a deep integration of local culture, immersive experiences, and emotional resonance to create meaningful narratives [2] Group 1: Cultural Integration - A successful tourism performance is rooted in the deep exploration and creative transformation of local culture, rather than a mere compilation of songs and dances [1] - The Henan Drama Fantasy City exemplifies this by condensing Central Plains history into 21 theaters, allowing visitors to engage with millennia of civilization through storytelling [1] Group 2: Immersive Experiences - Immersive experiences are essential for audience engagement, transforming spectators into participants, as seen in the Shanghai Merchant Association's performance where audiences take on roles and interact with the setting [1] - Some performances allow audiences to enter backstage and join actors on stage, enhancing the immersive experience [1] Group 3: Emotional Resonance - The application of new technologies should serve the content, with the true power lying in the combination of culture and emotional connection [1] - Younger travelers seek deep self-dialogue and emotional comfort during their journeys, highlighting the importance of emotional resonance in tourism performances [1]