大公国际：2025 年以来 平台公司债券首发融资特征分析 王燕 舒蕴泽 2025 年 8 月 22 日 摘要 一揽子化债方案实施以来，传统城投公司融资受限，各地纷纷组建产业类公司以 应对新形势的变化。本文通过研究 2025 年以来1实现首发融资的平台公司2，分析其较 2024 年的变动情况，并总结信用状况、业务构成及财务表现等方面的特征，以期为产 业类公司债券首发融资提供借鉴。 正文 一、债券首发融资主体特征 1、总体概况 2025 年 1-7 月实现债券首发融资的平台公司共 149 家，已达到 2024 年全年的 84%，同时 1-7 月首发平台公司中只有 7 家公司的收入构成中基础设施代建、土地一 级开发等公益性业务收入占比超过 30%，具有较为明显的城投公司属性，其他公司产 业类特征较为明显，表明城投公司产业化转型进程及产业类公司的组建已经取得积极 效果，符合债券新增融资标准的平台公司日益增多。 图 1 2024-2025 年债券首发融资的平台公司月份分布（单位：家数） 数据来源：Wind 数据库，大公国际整理 23 4 22 18 8 14 10 7 12 15 20 24 26 8 13 33 20 ...

本报记者李凯旋北京报道 值得关注的是，今年3月份，大千生态投资设立了全资子公司江苏千宠家科技有限公司。这一公司致力 于打造一站式养宠生态服务品牌，为宠友和泛宠友提供养宠全周期服务。大千生态也开始了跨界转型之 路。 跨界转型的确会面临较大考验。8月16日，大千生态环境集团股份有限公司（603955.SH）（下称：大 千生态）发布了今年上半年业绩报告。数据显示，今年上半年，大千生态归属于上市公司股东的净利润 为-1590.26万元，同比下降223.94%，出现亏损，经营活动产生的现金流量净额同样为负值。 据悉，千宠家目前以线下门店为主，通过"体验+零售"的模式，实现全场景服务覆盖，为顾客提供互动 零售体验。截至上半年末，千宠家已经在北京、上海、南京、杭州等核心城市铺设了20家宠胖胖品牌线 下宠物综合服务门店，同时拓展网络电商等新消费渠道。 值得关注的是，大千生态在今年上半年正式跨界宠物经济，开展了宠物服务线下门店等业务，新业务导 致公司销售费用暴增超过1000%。8月22日，大千生态方面对《华夏时报》记者表示："公司将于月底召 开业绩说明会，目前没有接受采访的其他安排。" 分业务来看，今年上半年，大千生态的生态建 ...

公告显示，城市运营公司主营业务聚焦城市维护与物业服务两大板块，目前负责大王山片区巴溪洲生态 旅游景区及女神公园项目的全周期运营管理。巴溪洲景区为国家3A级旅游景区，2024年连续三季度入 选长沙市"品牌旅游景区服务质量红榜"；女神公园则毗邻湘江欢乐城，与华谊兄弟（300027）电影小 镇、雪域水寨等成熟项目形成客流联动。 梳理发现，华扬联众与湘江集团双方的协同早在2024年11月就已拉开序幕。彼时，华扬联众与湘江集团 旗下湖南华年文旅签署战略合作协议，计划在数字文旅服务平台建设、IP资源导入、沉浸式体验场景打 造等方面展开深度合作。湘江集团成为控股股东后，双方在数字与文旅产业的融合进一步加速，本次成 熟文旅资产注入被视为双方合作加速落地的关键一环。 事实上，近年来，公司紧跟行业发展趋势，积极推进"科技+文化"双轮驱动的发展战略。一方面持续加 大AI营销大模型的研发投入，确保在智能创意生成、精准投放、效果归因等关键环节保持行业领先； 另一方面，借助控股股东资源深化文旅产业布局，提升核心竞争能力。业内认为，这种前瞻性布局本质 上是"技术换资产、资源拓赛道"的尝试。若项目落地顺利，公司有望在数字文旅领域复制其在品牌 ...

Core Viewpoint - Zhujiang Piano has acquired the management rights of the Bai Shui Xian Waterfall Scenic Area, aiming to transform it into a national 5A tourist attraction within five years, amidst a significant decline in its main business revenue [2][3][12]. Group 1: Acquisition Details - Zhujiang Piano's subsidiary, Guangzhou Bai Shui Zhai Scenic Area Operation Management Co., Ltd., won the bid for the Bai Shui Xian Waterfall Scenic Area, with a contract period of 20 years and a minimum investment of 400 million yuan [3][7]. - The annual resource usage fee for Zhujiang Piano is set at 8.43 million yuan, which is lower than the previous operator, Overseas Chinese Town Group [3][8]. - The company plans to enhance the scenic area through investment, development, management, and marketing efforts [7][12]. Group 2: Strategic Goals and Challenges - The company aims to increase annual visitor numbers by 1.5 million and integrate surrounding resources to promote rural industry upgrades [12][15]. - Zhujiang Piano has hired experienced personnel from the cultural tourism industry to lead the project, indicating a strategic shift towards cultural services [12][15]. - The company has faced a significant decline in revenue, with a 39.97% drop in 2024, leading to a net loss of 236 million yuan [15][16]. Group 3: Previous Operator's Performance - The previous operator, Overseas Chinese Town Group, failed to achieve the goal of upgrading the scenic area to a 5A rating within their operational period [8][10]. - The Bai Shui Xian Waterfall Scenic Area is currently rated as a 4A scenic area, with an annual visitor count of approximately 500,000 [8][10]. - Issues such as aging facilities and limited attractions have been noted, which Zhujiang Piano aims to address [8][12].

Group 1 - The "New Ecological Strategy for RV Tourism" was launched on August 1, led by Shanhai Fu, Xingcheng Yao, and Beiqi Foton, with a high-end RV lifestyle experience center opening in Beijing [1][3] - In 2024, domestic travel in China is expected to reach 5.615 billion trips, an increase of 724 million trips from the previous year, representing a growth rate of 14.8% [1] - The average domestic tourism expenditure per person has surpassed 1,000 yuan for the first time [1] Group 2 - The RV market in China is projected to exceed 250,000 units by 2024, with the number of RV camps expected to surpass 3,200 by 2025, indicating a well-established service chain for RVs and camps [3] - A strategic signing ceremony was held, resulting in an agreement for 20,000 RV orders worth 2.2 billion yuan, including the procurement of 5,000 Tuyan vans, 10,000 medium vans, and 5,000 Mars pickups over the next three years [3] - Xingcheng Yao plans to invest in the establishment of an intelligent vehicle manufacturing base, with a total investment of 300 million yuan and an annual production capacity of 10,000 RV components [5] Group 3 - Shanhai Fu signed multiple strategic cooperation agreements, including a 320 million yuan investment for a rental and camp operation center, aiming to create over 100 acres of themed camps [5] - A total investment of 200 million yuan was agreed upon for the comprehensive ecological cooperation agreement for RV operations, which includes the deployment of 500 high-end RVs and the establishment of 100 Shanhai Fu camps [5] - The total investment intention amount from the strategic cooperation agreements reached 3.02 billion yuan during the RV tourism ecological strategy launch event [5]

Group 1 - Dalian Shengya (600593) has announced a private placement plan to issue A-shares, with the entire subscription by Shanghai Tongcheng Enterprise Management Partnership (Limited Partnership), a subsidiary of Tongcheng Travel (00780.HK), at a price of 24.75 yuan per share, totaling approximately 956 million yuan [1] - After the completion of the private placement, Shanghai Tongcheng will hold 23.08% of Dalian Shengya's shares and will become the controlling shareholder, as the company will have no actual controller post-transaction [1][2] - The controlling shareholder change will occur as Yang Ziping and his associate Jiang Xuezhong have signed a voting rights entrustment agreement with Shanghai Tongcheng, delegating their voting rights for a total of 1,306,000 shares for 36 months [1] Group 2 - The strategic intent of the new controlling shareholder is to use Dalian Shengya as a core platform for its cultural tourism operations, aiming to enhance existing projects, develop local tourism in Dalian, and integrate tourism assets [2] - A commitment letter has been issued to maintain the independence of Dalian Shengya post-acquisition, ensuring the stability and independence of the existing management team [2] - Dalian Shengya plans to sign a strategic cooperation agreement with Yang Ziping and Longyue Tiancheng, focusing on core business, strengthening industry chain integration, and enhancing profitability and development quality [2][3] Group 3 - Dalian Shengya's recent private placement is viewed as a significant turning point in its development, with expectations of enhanced profitability through industry collaboration with Tongcheng Travel [3] - The company has reported a forecasted net loss of 19.08 million to 12.72 million yuan for the first half of 2025, marking a shift from profit to loss compared to the previous year, primarily due to decreased visitor numbers and revenue [4] - Dalian Shengya, established in 1994, is the only A-share listed company focused on marine parks in China, operating major attractions including Dalian Shengya Ocean World and Harbin Polar Park [3]

Core Viewpoint - The article discusses the collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent to explore the feasibility of issuing REITs for cultural tourism projects in Jiangxi Province, aiming to provide professional financial solutions for the high-quality development of the local cultural tourism industry [1][6]. Group 1: Exploration of Cultural Tourism Asset Securitization - The seminar focused on creating quality cultural tourism assets, analyzing the logic and operational pathways for REITs projects [2]. - Digital tools are proposed to address the challenges of revitalizing existing assets, such as using big data to analyze visitor consumption habits and preferences, thereby optimizing project layouts and service offerings [2]. - A digital asset trading platform is suggested to attract more social capital, facilitating effective investments and promoting industry upgrades [2]. Group 2: Highlighting Quality Assets - Local cultural tourism asset leaders presented the achievements of key scenic spots, which maintain high visitor traffic and have established a stable revenue system [3]. - The goal is to create a "phenomenal cultural tourism IP," continuously enhancing service quality and contributing to the local tourism industry's development [3]. - Digital management methods, such as smart navigation systems and visitor flow monitoring, are being actively introduced to improve visitor experience and operational efficiency [3]. Group 3: Dual-Drive Strategy by Qikuo Intelligent - Qikuo Intelligent outlined a dual-drive strategy of "heavy assets + light assets" for cultural tourism asset operations [4]. - In the heavy asset segment, professional valuation of quality assets with mature cash flows will be conducted, focusing on scenic spots and urban stores to develop long-term operational plans [4]. - Digital tools will be utilized for refined asset management, including real-time monitoring of facility conditions to reduce operational costs [4]. - In the light asset segment, a unique model combining "urban stores + IP operation" will be developed, leveraging successful experiences from large theme parks to enhance asset yield [4]. Group 4: Deepening Collaborative Landscape - The discussion marks a deeper, pragmatic phase of collaboration between Shenwan Hongyuan Securities and Qikuo Intelligent [5][6]. - The securities firm aims to continue acting as a bridge for financial institutions, fostering a close cooperation mechanism to explore innovative models of industry-finance integration [6]. - The goal is to transform Jiangxi's cultural tourism resources into developmental advantages, promoting sustainable high-quality growth in the local tourism industry [6].

Group 1 - The article highlights the integration of local agricultural products with cultural tourism in the Lintong District, Xi'an, showcasing over 60 types of seasonal fruits and unique agricultural products at the Qin Shi Huang Emperor's Mausoleum Museum [1] - The collaboration between various local departments and a tourism development company aims to enhance the visibility and sales of Lintong's specialty agricultural products through exhibitions and cultural experiences [1][2] - The initiative has led to significant sales figures, including nearly 100 boxes of dairy products, around 300 pieces of intangible cultural heritage crafts, and over 500 bottles of pomegranate deep-processing products sold at the exhibition site [2] Group 2 - The "cloud exhibition and sales" platform leverages live-streaming e-commerce technology to promote local agricultural products, targeting the high visitor traffic of over ten million at the Qin Shi Huang Emperor's Mausoleum Museum [3] - The exhibition area focuses on efficient product display and sales, connecting farmers, enterprises, and consumers to enhance the value of local products and support farmers' income [3]

Group 1 - The establishment of Nan Kong Luo Jia Tourism Development Co., Ltd. marks a significant step for Aoya Co., Ltd. in the cultural tourism sector [1] - The project aims to support the application for a 5A scenic area in the Quzhou Ancient City Cultural Tourism Zone, with a total investment of approximately 942 million yuan [2] - Aoya Co., Ltd. has a clear strategic direction of "creative design + parent-child cultural tourism dual drive, AIGC + IP dual engine" [2][3] Group 2 - Aoya Co., Ltd. has accelerated its layout in the cultural tourism sector since its listing in 2021, with a reported revenue decline of 13.77% to 413 million yuan in 2024 [3] - The investment in the Yan Jia Yu Island construction project aligns with the company's long-term development strategy and will strengthen its position in the cultural tourism industry [3] - The project is expected to transform the Quzhou Ancient City Cultural Tourism Zone into a new cultural tourism landmark in the Yangtze River Delta and nationwide [3]

Core Viewpoint - The recent success of the drama "The Lychee of Chang'an" has significantly boosted tourism in Xi'an and increased the popularity of the cultural tourism company Qujiang Cultural Tourism, despite its ongoing financial losses over the years [1][4][26]. Group 1: Impact of "The Lychee of Chang'an" - The drama has become a phenomenon, achieving over 10 billion views on Tencent Video within the first week and a total of 5.8 billion views, with a Douban rating of 8.9 [1][2]. - The show has led to a surge in the search volume for "Guangdong Lychee," which increased by 143% month-on-month, and sales of lychee on platforms like JD.com rose over 560% year-on-year [2]. - Qujiang Cultural Tourism's stock price surged, with a market capitalization exceeding 3 billion yuan after the show's release, indicating the significant brand premium and customer traffic generated by the IP [2][4]. Group 2: Qujiang Cultural Tourism's Financial Struggles - Despite having numerous popular IPs, Qujiang Cultural Tourism has reported continuous losses for three years, with total losses amounting to 575 million yuan [5][6]. - The company's revenue from scenic area operations has been declining, with the proportion of income from this segment dropping from 70.4% in 2020 to 52% in 2024 [6][9]. - The company has faced challenges in generating sustainable profits, with many subsidiaries reporting losses, and its main income relies heavily on management fees from government or related parties rather than ticket sales [6][7][11]. Group 3: Revenue Generation Strategies - Following the show's success, Qujiang Cultural Tourism quickly launched three monetization products, including themed dining experiences, digital rights packages, and themed accommodations, which saw significant increases in customer engagement and revenue [3][5]. - The company has also engaged in innovative marketing strategies, such as creating immersive tourist routes linked to the drama, which have attracted a large number of visitors to key attractions [2][3]. Group 4: Comparison with Other Companies - Other tourism companies in Xi'an, such as Xi'an Tourism and Xi'an Dining, are also facing financial difficulties, with combined losses of 519 million yuan in 2024, while the newly listed Shaanxi Tourism reported a profit of 503 million yuan [20][21]. - Shaanxi Tourism has successfully leveraged provincial resources and a flexible market approach, contrasting with Qujiang Cultural Tourism's reliance on government resources and management fees [21][24]. Group 5: Future Challenges and Opportunities - The key challenge for Qujiang Cultural Tourism lies in converting its IP popularity into sustainable revenue, emphasizing the need for deeper consumer engagement and improved monetization strategies [26]. - The company must focus on enhancing secondary consumption rates and developing a sustainable business model to avoid the pitfalls of merely accumulating IP without profitability [26].