Core Viewpoint - Shaanxi Tourism has successfully transformed static historical and cultural resources into high-quality dynamic experiences through professional operation and continuous innovation, marking a significant milestone by becoming the first cultural tourism enterprise to list on the A-share market in five years [5][6]. Group 1: Company Overview - Shaanxi Tourism started with world-class resources like Huaqing Palace and Mount Huashan and has developed a recognized brand in the performing arts industry with the show "The Long Song of Regret," which has been refined over 18 years [5][6]. - The company achieved a significant milestone by listing on the Shanghai Stock Exchange on January 6, which is seen as a strong indicator of the feasibility of connecting cultural tourism assets with the capital market [6]. Group 2: Financial Performance - The company reported revenues of 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 427 million yuan, 512 million yuan, and 204 million yuan for the same periods [6]. - In 2024, the company expects to achieve a non-recurring net profit exceeding 500 million yuan, marking a historical peak [6]. Group 3: Business Model - The dual-driven business model of "performing arts + cableway" is the core support for the company's stable performance, with the performing arts segment, particularly "The Long Song of Regret," being a strong growth engine with an expected attendance rate of 87.77% in 2024 [7]. - The tourism cableway business, particularly the Taihua cableway, serves as a "heavy asset ballast," providing stable cash flow [7]. Group 4: Competitive Advantage - The company emphasizes that its core competitiveness lies in its professional operational management and continuous product innovation, rather than just the scarcity of resources [8]. - The ongoing innovation in the performing arts, such as the introduction of "Ice and Fire Long Song of Regret," showcases the company's ability to adapt and enhance visitor experiences [8]. Group 5: Future Strategy - The company aims to upgrade its core products and innovate experience scenarios to meet the evolving consumer demand for meaningful and immersive experiences [10]. - Plans include the construction of a cultural immersive experience theater at Mount Huashan, utilizing VR and AR technologies to enhance visitor engagement during wait times [9]. Group 6: Expansion Plans - The IPO aims to raise 1.555 billion yuan, which will be used for projects including the construction of the South Line cableway at Shaohua Mountain and the comprehensive service center for Taihua cableway, marking a key step in the company's national expansion [10]. - The project in Tai'an is not a simple replication but is based on deep cultural insights, aiming to create a unique nighttime cultural consumption experience for over 8.6 million annual visitors [11]. Group 7: Long-term Vision - The company’s long-term vision focuses on creating unique and profound memories for visitors, ensuring that the cultural heritage is experienced and passed on [12].

Core Viewpoint - Shaanxi Tourism (603402.SH) has initiated its subscription with an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 times, aiming to become a leading provider in the cultural tourism industry [1] Group 1: Company Overview - Established in April 2011, Shaanxi Tourism focuses on tourism performance, cable cars, and dining, striving to be a top-quality cultural tourism provider [1] - The company leverages rich tourism resources and years of operational experience to become a leading enterprise in the "scenic area + cultural tourism" sector [1] Group 2: Business Segments - In tourism performance, the company has created notable works such as the large-scale historical dance drama "Chang Hen Ge" and the red-themed performance "Tai Shan Feng Huo," emphasizing the transmission of Chinese history and culture [2] - The company operates cable cars at Huashan Scenic Area, including the world-class Xifeng Cableway, and has developed the Shaohua Mountain Aoji Valley Cableway [2] - The dining segment features the Tang Le Palace, known for its "Tang-style song and dance + royal banquet" model, serving as a significant cultural promotion window for Shaanxi Province [2] Group 3: Financial Performance - The company reported total assets of 2.14 billion yuan and equity attributable to shareholders of 1.19 billion yuan as of June 30, 2025 [3] - Revenue has shown a stable growth trend, with figures of 232 million yuan in 2022, 1.09 billion yuan in 2023, 1.26 billion yuan in 2024, and 517 million yuan in the first half of 2025 [3] - Net profit improved from a loss of 102 million yuan in 2022 to a profit of 530 million yuan in 2023, reaching 622 million yuan in 2024, and 247 million yuan in the first half of 2025 [3]

Summary of Upcoming IPOs - Three new stocks will be available for subscription next week, including one from the ChiNext, one from the Shanghai Main Board, and one from the Beijing Stock Exchange [1][2] Group 1: New Stock Details - On Monday, December 22, investors can subscribe to the ChiNext stock "Xinguangyi" (subscription code: 301687) priced at 21.93 CNY per share with a P/E ratio of 28.59, and the Shanghai Main Board stock "Shaanxi Tourism" (subscription code: 732402) priced at 80.44 CNY per share with a P/E ratio of 12.37 [2][3] - On Tuesday, December 23, the Beijing Stock Exchange stock "Hengdongguang" (subscription code: 920045) will be available at a price of 31.59 CNY per share with a P/E ratio of 14.99 [2][6] Group 2: Company Profiles Xinguangyi - Xinguangyi is a leading domestic manufacturer of anti-overflow adhesive special films, focusing on high-performance functional materials for flexible circuit board (FPC) manufacturing and consumer electronics [3] - The company has established deep partnerships with several top global FPC manufacturers and has projected revenues of 4.55 billion CNY, 5.16 billion CNY, and 6.57 billion CNY from 2022 to 2024, with net profits of 0.82 billion CNY, 0.83 billion CNY, and 1.16 billion CNY respectively [3] Shaanxi Tourism - Shaanxi Tourism is a leading provider of quality cultural tourism services, focusing on tourism performances, cable cars, and dining [4] - The company has projected revenues of 2.32 billion CNY, 10.88 billion CNY, and 12.63 billion CNY from 2022 to 2024, with net profits of -0.72 billion CNY, 4.27 billion CNY, and 5.12 billion CNY respectively [5] Hengdongguang - Hengdongguang is a leading enterprise in the AI data center optical device segment, specializing in the R&D, manufacturing, and sales of passive optical devices [6] - The company has projected revenues of 4.75 billion CNY, 6.13 billion CNY, and 13.15 billion CNY from 2022 to 2024, with net profits of 0.55 billion CNY, 0.65 billion CNY, and 1.48 billion CNY respectively [6]

Core Viewpoint - The company aims to optimize its capital and financial structure through fundraising, enhance its competitive strength, improve service quality, and expand its tourism project offerings to support long-term growth and provide better returns to investors [1]. Fundraising Allocation - The total investment for the fundraising projects is approximately 1.857 billion, with specific allocations including: - Taishan Xiucheng Phase II construction project: 834.11 million - Shaanxi Shaohua Mountain National Forest Park South Line Cableway project: 300 million - Taihua Cableway Comprehensive Service Center project: 81.83 million - Taihua Cableway Visitor Service Center renovation project: 49 million - Acquisition of Shaanxi Taihua Tourism Cableway Co., Ltd. equity: 370 million - Acquisition of Shaanxi Yaoguang Pavilion Performing Arts Cultural Co., Ltd. equity: 147 million - Acquisition of Shaanxi Shaohua Mountain Tourism Development Co., Ltd. cableway assets: 75.7 million [2]. Business Overview - Shaanxi Tourism primarily operates in tourism performance, cableway services, and tourism dining, positioning itself as a leading enterprise in the "scenic area + cultural tourism" sector, aligning with the characteristics of major blue-chip companies [2]. Future Strategy - The company plans to capitalize on the rapid development of China's tourism industry by focusing on core businesses such as performance and cableway services, improving service levels, and expanding its market presence both within Shaanxi Province and nationwide [3]. Issuance Overview - The company plans to issue 19.33 million shares at a price of 80.44 yuan per share, with an expected total fundraising amount of 1.555 billion yuan and a price-to-earnings ratio of 12.37 [4]. Historical Revenue and Profit - Historical revenue and net profit data indicate fluctuations, with total revenue reaching approximately 1.2627 billion and net profit of 365 million in recent years, reflecting a growth trend [5]. Revenue Composition - For 2024, the revenue composition includes: - Tourism performance revenue: 738.6 million - Cableway revenue: 473.5 million - Dining revenue: 42.2 million [6][7]. Cash Flow and Financial Metrics - As of 2024, the net cash flow from operating activities was 664 million, showing a year-on-year increase of 4.19%. However, for the first three quarters of 2025, this figure decreased to 532 million, down 23.63% year-on-year [21]. Asset and Liability Changes - As of the end of the third quarter of 2025, significant changes in assets include a 36.15% increase in cash and cash equivalents, while long-term borrowings decreased by 19.02% [34][37]. Shareholder Structure - As of November 8, 2025, the largest shareholder is Shaanxi Tourism Group Co., Ltd., holding 47.59% of the shares, followed by other investment funds [52].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) application of Shaanxi Tourism Culture Industry Co., Ltd., which plans to raise 1.555 billion yuan through the issuance of no more than 19.333 million shares on the Shanghai Stock Exchange [1]. Fundraising Allocation - The funds raised will be allocated to several projects, including: - Shaanxi Shaohua Mountain National Forest Park cableway expansion project with a total investment of 300 million yuan, utilizing 139.0588 million yuan from the raised funds [2]. - Taihua Cableway Comprehensive Service Center project with a total investment of 81.8344 million yuan, utilizing 45.6128 million yuan from the raised funds [2]. - Acquisition of Shaanxi Taihua Tourism Cableway Co., Ltd. equity project with a total investment of 370.0341 million yuan, fully funded by the raised capital [2]. - Other acquisition projects totaling 185.77062 million yuan, with 155.51279 million yuan funded by the raised capital [2]. Business Overview - Shaanxi Tourism primarily operates in tourism performance, cableway services, and tourism dining, establishing itself as a leading destination enterprise with a focus on "scenic spots + cultural tourism" [3]. - The company has developed notable tourism performances such as the large-scale historical dance drama "Chang Hen Ge" and operates cableway projects in the Huashan scenic area [3]. - The company is controlled by Shaanxi Tourism Group, which holds 47.59% of the shares directly and is a wholly-owned subsidiary of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [3]. Financial Performance - The company's revenue is projected to grow from 232 million yuan in 2022 to 1.263 billion yuan in 2024, with a turnaround from a net loss of 76.059 million yuan in 2022 to a profit exceeding 500 million yuan in 2024 [3]. - The core revenue sources are the performances of "Chang Hen Ge" and the Huashan West Peak cableway, while the tourism dining segment continues to face challenges [3].

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has applied for IPO registration on the Shanghai Stock Exchange, aiming to raise 1.555 billion yuan, with CICC as the sponsor [1] Group 1: Company Overview - Established in April 2011, Shaanxi Tourism focuses on tourism performance, cable cars, and dining, becoming a leading enterprise in the "scenic area + cultural tourism" sector [1][2] - The company leverages rich tourism resources and years of operational experience to provide high-quality tourism products and services [1][2] Group 2: Business Segments - In tourism performance, the company has created notable works such as the large-scale historical dance drama "Chang Hen Ge" and the red-themed performance "Tai Shan Feng Huo" [2] - The cable car business includes the operation of the Xifeng Cableway and the Shaohua Mountain cableway, utilizing advanced construction technology and operational capabilities [2] - The dining segment features the Tang Le Palace, known for its "Tang-style song and dance + royal banquet" model, serving as a cultural promotion window for Shaanxi [2] Group 3: Financial Performance - From 2017 to 2024, the company has achieved an average annual compound growth rate of nearly 15% in revenue and over 20% in net profit [3] - Financial data shows a growth trend in revenue and net profit, with revenues of 2.32 billion yuan, 10.88 billion yuan, 12.63 billion yuan, and 5.17 billion yuan, and net profits of -1.02 billion yuan, 5.30 billion yuan, 6.22 billion yuan, and 2.47 billion yuan during the reporting period [4] Group 4: Fundraising and Investment Plans - The IPO proceeds will be allocated to several projects, including the second phase of the Tai Shan Show City, the South Line Cableway project at Shaohua Mountain, and acquisitions of tourism-related companies [4] - The total investment for these projects is approximately 1.857 billion yuan, with 1.555 billion yuan planned to be raised through the IPO [4] Group 5: Financial Metrics - As of June 30, 2025, total assets reached 2.144 billion yuan, with equity attributable to shareholders at 1.194 billion yuan [5] - The company reported a net profit of 247.07 million yuan for the first half of 2025, with a basic earnings per share of 3.52 yuan [5]