转型中的文旅类城投经营现状及面临的挑战与机遇 联合资信 公用评级二部 迟腾飞|魏 凯|潘跃升 文旅类城投公司作为城投体系中一类细分主体，兼具城市基础设施建设和文旅 资源运营两大角色，是地方政府整合文旅资源的重要载体，其核心竞争力源于政府 赋予的功能定位以及其拥有的文旅资源禀赋。随着城市基础设施建设日趋完善，城 投公司纷纷谋求市场化转型，文旅类城投的发展方向正逐步从传统文旅基础设施建 设业务转向市场化、精细化的文旅运营服务。本文主要聚焦正处于转型中的文旅类 城投，相较于以文旅资源运营为主、已完成转型的文旅类城投，转型中的文旅类城 投其旅游资源尚在培育期，文旅类业务营收结构较为单一、文旅设施和酒店等经营 性项目尚需持续投入，转型过程中挑战与机遇并存。 本文通过梳理当下文旅行业配套支持政策、发展现状，明晰转型中文旅类城投 企业基本特征、其持有的核心景区资源禀赋以及经营状况和财务表现，并结合典型 案例分析该类主体当前发展现状、未来发展机遇和转型面临的挑战，以期尽可能为 文旅类城投产业化、市场化转型提供实务参考。 www.lhratings.com 研究报告 1 一、 文旅行业政策梳理 近年来，国家层面密集出台多项文旅 ...

（来源：衢州日报） 转自：衢州日报 本报讯 （通讯员 赵璐洁 报道组 徐露婷） "空中俯瞰掩映在青山之间的根宫佛国景区，是一种全新的视 角和奇妙的体验。"2月18日上午10时，在开化根宫佛国文化旅游区直升机飞行营地起降点，笔者登上一 架罗宾逊R44小型直升机飞上高空，不禁直呼"过瘾"。 Citywalk（城市漫步）的飞行版——Cityfly（城市飞翔）正在为开化山城带来文旅新增量。春节假期， 当地推出"空中的士"低空游项目，由开化县文化旅游发展集团有限公司与浙江飞翔通航有限公司联合运 营，目前已规划3条航线：8千米的根缘小镇高空风情线、12千米的县域高空风情线以及20千米的大金星 高空风情线。浙江飞翔通航有限公司基地指挥长、飞行营地负责人唐程健介绍，直升机单次可搭载3名 游客，登机前，游客需出示身份证，填写《乘机须知及确认单》，观看安全教育视频。 项目启动后，掀起一股低空旅行热潮，许多游客前来打卡。来自宁波的游客王巧燕带着儿子来到飞行营 地，在工作人员引导下登机。随着螺旋桨加速旋转，直升机轻盈离地、攀升，开化根宫佛国景区全貌逐 渐呈现在眼前：数十座仿古建筑错落有致地分布在起伏的山峦之上，飞檐翘角隐于竹林中，碧 ...

Group 1: Core Insights - The company has made recent developments in convertible bond conversion, personnel changes, shareholding structure, and business projects [1] Group 2: Stock Performance - As of January 5, 2026, the company reported a decrease of 5,600 yuan in the conversion of "Green Yin Convertible Bonds," with a conversion quantity of 484 shares at a price of 11.51 yuan per share. The remaining balance of convertible bonds is approximately 428 million yuan, with the conversion period lasting until April 29, 2027 [2] Group 3: Executive Changes - On December 8, 2025, the company announced the appointment of Ms. Liu Zhuomeng as the secretary of the board, indicating an optimization of the corporate governance structure [3] Group 4: Company Status - On November 21, 2025, the actual controller transferred 9.86% of shares to a concerted party at a price of 9.91 yuan per share, slightly above the market price at that time. This transfer did not lead to a change in control but may attract market attention regarding shareholder movements [4] Group 5: Project Progress - As per the annual report released on April 28, 2025, the company is deepening its "Ecology + Cultural Tourism" strategy, having won a bid for the comprehensive management project in the Inner Mongolia Xilin Gol League, amounting to 74.7563 million yuan, and has initiated the construction of the "Mamma Beast Dream Sea" theme park. These projects reflect the company's expansion into the cultural tourism sector, and their subsequent implementation may impact performance [5] Group 6: Financial Performance - For the first nine months of 2025, the company reported revenue of 331 million yuan, a year-on-year increase of 35.97%, and a net profit attributable to shareholders of 70.3387 million yuan, up 36.19% year-on-year. The full-year performance has yet to be announced, but the annual report is expected to be disclosed in the near future [6]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its performance forecast, indicating a significant increase in expected revenue for 2025, while also addressing concerns about revenue recognition and related party transactions [1][2]. Revenue Forecast and Business Operations - The company expects its 2025 revenue to be between 320 million and 360 million yuan, representing an increase of 205.32 million to 245.32 million yuan compared to the previous year [1]. - The company reported a total revenue of 153.19 million yuan for the first three quarters of 2025, indicating a need for detailed disclosures regarding revenue recognition and related transactions [1][2]. Revenue Recognition and Related Transactions - The company confirmed that its revenue recognition practices comply with the Shanghai Stock Exchange guidelines, with no undisclosed deductions from revenue [2][3]. - Specific related party transactions included contracts with Nanjing Bubugao Real Estate Co., Ltd., totaling 60.93 million yuan, with recognized revenue of 33.60 million yuan during the reporting period [3][4]. Business Segments and Growth Drivers - The company's main business segments include ecological construction, cultural tourism operations, and newly added pet services and sales, with the latter showing rapid growth due to significant investments in brand building and market promotion [8][9]. - The ecological construction segment saw a notable increase in revenue due to the completion of several projects in the fourth quarter, while the pet services segment benefited from the expansion of physical stores and online sales channels [10][11]. Financial Performance and Cost Structure - The company reported a significant increase in sales, management, and R&D expenses, primarily due to the expansion of the pet services business, with sales expenses rising by 280.5% year-on-year [22][23]. - The management expenses increased by 55.85%, reflecting the need for additional personnel and operational costs associated with new business ventures [24][25]. Accounts Receivable and Impairment Provisions - The company’s accounts receivable and contract assets totaled 570 million yuan, accounting for 49.31% of current assets, with a substantial increase in impairment provisions due to slower payment cycles from government projects [22][30]. - The company has implemented a rigorous approach to assessing credit risk and determining impairment provisions, ensuring compliance with accounting standards [31][32].

Core Viewpoint - ST Xuefa (002485) is facing legal issues involving its related party, Xuesong Holdings Group, and its actual controller, Zhang Jin, who have been implicated in fraud and other financial crimes. The company asserts that these legal matters will not significantly impact its daily operations [1][2]. Group 1: Legal Issues - On February 10, 2026, the Guangzhou Intermediate People's Court publicly announced a verdict involving Xuesong Holdings and Zhang Jin for fundraising fraud, illegal public deposit acceptance, and other charges [1]. - The company has not yet received the official judgment document, and the specific outcomes will be determined by the court's written ruling [1]. Group 2: Company Operations - Despite the legal troubles of its related parties, ST Xuefa claims that its business operations remain normal and that the court case will not have a major adverse effect on its daily activities [2]. - The company emphasizes its operational independence from its controlling shareholder and related parties, asserting that there will be no significant changes to its business operations or harm to the interests of minority shareholders [3]. Group 3: Shareholding Structure - ST Xuefa's controlling shareholder is Guangzhou Xuesong Cultural Tourism Investment Co., Ltd., which is a wholly-owned subsidiary of Xuesong Industrial Group, itself a subsidiary of Xuesong Holdings. All entities are ultimately controlled by Zhang Jin [3]. - As of the announcement date, Zhang Jin does not directly hold shares in ST Xuefa but controls 377,572,946 shares through related entities, representing 69.40% of the total share capital. A significant portion of these shares (68.50%) is pledged or judicially frozen [4]. Group 4: Market Reaction - As of the close on February 10, ST Xuefa's stock price reached a 5% limit up, trading at 4.81 yuan per share, with a market capitalization of 2.617 billion yuan [5].

Core Viewpoint - Yingxin Development is seeking to transform its business by acquiring a 60% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, aiming to expand into the technology sector and improve its financial performance [1][3][8]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Changxing Semiconductor is set at 520 million yuan, with the company planning to use its own and raised funds for the purchase [1][3]. - Changxing Semiconductor has a strong background in NAND Flash chip packaging and testing, with established production capacity and technology [1][3]. - The valuation of Changxing Semiconductor shows a book value of 149 million yuan and an assessed value of 927 million yuan, resulting in a valuation increase of 777 million yuan, or 520.69% [1][4]. Group 2: Financial Performance and Projections - For the fiscal years 2024 and 2025, Changxing Semiconductor is projected to generate revenues of 406 million yuan and 646 million yuan, with net profits of 2.21 million yuan and 74.57 million yuan, respectively [3]. - The performance commitment includes a net profit of no less than 75 million yuan for 2026, and cumulative net profits of at least 155 million yuan for 2026 and 2027, and 240 million yuan for 2026, 2027, and 2028 [1][8]. Group 3: Current Challenges and Strategic Shift - Yingxin Development has faced significant revenue declines, with a 21.47% drop in 2024 and a 48.38% drop in the first three quarters of 2025 [9]. - The company reported a gross margin of only 6.74% for the first three quarters of 2025, indicating challenges in its current business model [2][10]. - The strategic shift towards technology, particularly in the semiconductor sector, is seen as a way to mitigate risks associated with its existing business operations [1][8].

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 Insights - The article highlights the successful integration of cultural and tourism activities in Nanning, Guangxi, through the "performance-driven tourism" model, showcasing the potential of the "cultural tourism +" approach to stimulate local consumption and enhance city vibrancy [1][5]. Group 1: Event Highlights - The "Mars Melody" concert by Hua Chenyu on January 2, 2026, attracted a large audience, with a vibrant atmosphere both inside the venue and at the accompanying "travel with the concert" themed cultural tourism market [2]. - The themed market, organized by the Nanning Cultural, Radio, Television and Tourism Bureau and operated by Nanning Cultural Tourism Group, combined the city's charm with concert traffic, offering local delicacies and cultural souvenirs [2][4]. Group 2: Economic Impact - The "Weiyonghui" fan community was upgraded to "Yongyouhui," indicating a shift towards a more systematic and digital fan engagement model, which has already generated over 22.4 million RMB in sales by integrating various tourism-related resources [4]. - The event and market activities are part of a broader strategy to enhance the local economy by leveraging concerts and cultural events to drive tourism and consumption [5]. Group 3: Technological Integration - The "Smart Travel Nanning" AI project was introduced at the cultural tourism market, aiming to create an intelligent service ecosystem that covers the entire travel journey, enhancing the visitor experience through technology [4]. - The project focuses on integrating tourism resources and commercial ecosystems through a comprehensive data platform, showcasing the city's commitment to technological advancement in the tourism sector [4]. Group 4: Future Development Plans - Nanning Cultural Tourism Group plans to continue developing the "cultural tourism + sports + community + artificial intelligence" model, aiming to establish Nanning as a national tourism hub and regional international tourism center [5]. - The strategy includes attracting major concerts, creating proprietary event IPs, and enhancing community commercial operations to further enrich the "travel with the concert" concept [5].

Core Viewpoint - The reputation of Xi'an Jinshang Tianshu Cultural Tourism Group as a leading "cultural tourism promoter" is being challenged, particularly regarding its claimed involvement in major projects like Wansui Mountain Wuxia City [1][5]. Group 1: Company Statements and Denials - Jinshang Tianshu Cultural Tourism has publicly denied being the "operating and investment party" for Wansui Mountain Wuxia City, indicating pressure to clarify its role [1]. - Wansui Mountain Wuxia City issued a statement asserting that its management has always been conducted by its own team, denying any third-party operational involvement, specifically naming Jinshang Tianshu's role as limited to design and construction [2]. - Two years prior, Jinshang Tianshu was also refuted by Xi'an Qujiang Cultural Tourism, which clarified that the group was not the creator of the famous tourist site, Datang Night City [4]. Group 2: Perception and Marketing - Jinshang Tianshu has been perceived as a top "cultural tourism promoter," gaining significant contracts across various regions, but recent media scrutiny is leading to a more accurate understanding of the company's actual contributions [5]. - The company’s self-promotion, including claims by its chairman about being a planner for Datang Night City, has created misconceptions about its involvement in major projects [6]. - There is a growing concern regarding the potential exaggeration or false advertising in the marketing content of some cultural tourism companies, necessitating careful evaluation [7]. Group 3: Understanding Roles in Cultural Tourism - The distinction between participation and actual operational control is crucial; involvement in a project does not equate to being the operator [8][9]. - The success of cultural tourism initiatives is influenced by various factors, and overestimating the role of "cultural tourism promoters" can lead to unrealistic expectations from local governments [10]. - The popularity of specific attractions, such as "Wang Po Says Media" at Wansui Mountain, does not guarantee replicability in other locations, highlighting the need for context-specific strategies [11].

Core Viewpoint - The "Xiangyuan System" is facing a liquidity crisis with over 10 billion yuan in financial products reported to be overdue for redemption, leading to police intervention and the detention of the actual controller, Yu Faxiang [1][3][9]. Group 1: Company Overview - Xiangyuan Holding Group, under Yu Faxiang, has two publicly listed companies: Xiangyuan Cultural Tourism and Jiaojian Co., which announced that Yu Faxiang is under criminal detention by the Shaoxing Public Security Bureau [1][5]. - Yu Faxiang, born in 1971, is the chairman of Xiangyuan Holding and has a significant stake in multiple listed companies, including Haichang Ocean Park, which he acquired for 2.295 billion HKD [5][6]. Group 2: Financial Crisis Details - In mid-October, financial products related to the Xiangyuan System were reported to be overdue, with Xiangyuan Holding admitting to liquidity issues in early December [3][9]. - The overdue financial products are estimated to exceed 10 billion yuan, with investors expressing concerns about the company's ability to liquidate assets for redemption and the high management fees charged by the Zhejiang Financial Asset Trading Center [3][9]. Group 3: Company Operations and Impact - Despite the legal issues surrounding Yu Faxiang, both Xiangyuan Cultural Tourism and Jiaojian Co. stated that their operations remain normal and that there has been no significant impact on their business [5][11]. - The total assets of Xiangyuan Holding are reported to be 60 billion yuan, with liabilities exceeding 40 billion yuan, exacerbated by a downturn in the real estate market and the cancellation of the trading qualifications of the Zhejiang Financial Asset Trading Center [10].