格隆汇获悉，9月30日，陕西旅游文化产业股份有限公司（简称"陕西旅游"）更新了招股书申报稿，拟在沪主板上市， 保荐人为中金公司。 作为宋城演艺、曲江文旅的同行，陕西旅游有何看点？今天就来一探究竟。 2024年超5成营收来自《长恨歌》，面临演艺项目创新风险 陕西旅游以"景区+文化旅游"为核心业务，收入主要来自旅游演艺、旅游索道、旅游餐饮业务。 在旅游演艺方面，公司打造了中国首部大型实景历史舞剧《长恨歌》、大型实景影画《12·12 西安事变》、 大型红色 实景演艺《泰山烽火》等作品。 国庆假期结束了，今年的出行数据依然亮眼。 据文化和旅游部数据，2025年国庆中秋8天假期，国内出游8.88亿人次，国内出游总花费超8090亿元，均同比增长。各 地围绕观演赏剧、游历山河、中秋团圆、文化体验等主题，举办超2.9万场文旅活动。 就在这股文旅热潮席卷全国之际，一家扎根陕西西安、手握华清宫、华山等旅游资源的企业，正悄然向A股发起冲 击。 值得注意的是，西峰索道与华山三特索道的竞争关系、差异及优劣势被监管问询。公司回复称，二者在竞争关系上形 成分流与互补并存的双向作用，在差异上体现为线路定位、目标客群及资源禀赋的分化，在优劣势 ...

Group 1 - The company, Santer Cableway (002159), stated on September 25 that it will disclose the number of shareholders at specific reporting times in its periodic reports [1]

Group 1: Default Events - Tianying Investment announced that its subsidiary, Hubei Tianqian Asset Management Co., Ltd. (Tianqian Asset Management), failed to repay the principal of 450 million yuan and interest of 84.51 million yuan for the bond "20 Tianqian 01" on time [3][6] - Tianying Investment itself defaulted on 536 million yuan of "H20 Tianying 1" bonds on June 9 this year [7] - Currently, Tianying Investment has six outstanding bonds with a total scale of 1.301 billion yuan, of which 550 million yuan is due within one year [7] Group 2: Debt Crisis - The parent company, Contemporary Group, has faced significant financial difficulties, with 14 bonds defaulting and a total default scale of 7.745 billion yuan [9] - The company has a total debt of 6.3947 billion yuan against total assets of 96.326 billion yuan, resulting in a debt-to-asset ratio of 66.39% [14] - The liquidity situation is concerning, with cash on hand only 654.6 million yuan, leading to a cash-to-short-term debt ratio of only 0.42 [15] Group 3: Company Background - Contemporary Group, established in 1988, has diversified into various sectors including pharmaceuticals, consumer goods, and culture [10] - The company has undergone significant changes in its ownership structure, with the actual controller changing to a trust with no clear individual control [12] - The group has a history of aggressive mergers and acquisitions, which has contributed to its current high debt levels and liquidity issues [28]

Group 1 - The company, Santer Cableway, holds 5,062,365 shares of Tianfeng Securities as of August 25 [1]

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is preparing for an IPO to raise 1.555 billion yuan, showcasing its profitability in the tourism sector despite challenges faced by peers in the industry [3][4]. Financial Performance - In 2024, the company reported revenue of 1.245 billion yuan and a net profit of 503 million yuan, making it one of the few profitable cultural tourism enterprises in the region [3]. - Revenue figures for the years 2022 to 2024 were 224 million yuan, 1.071 billion yuan, and 1.245 billion yuan, respectively, while net profits were -74.42 million yuan, 418 million yuan, and 503 million yuan [4]. Revenue Sources - The company heavily relies on the performance of the show "Chang Hen Ge," which contributed over 50% of its revenue in 2024, with ticket prices ranging from 198 yuan to 988 yuan [5][6]. - "Chang Hen Ge" had 947 performances in 2024, attracting 2.4935 million visitors and achieving an attendance rate of 87.77% [5]. Project Financing - The IPO proceeds of 1.555 billion yuan will be allocated to seven projects, with the largest investment of 729 million yuan going to the second phase of the Tai Mountain Show City project [4]. - The first phase of the Tai Mountain Show City project has not performed well, with the "Railway Guerrilla" show generating less than 1% of total revenue over the past three years [4]. Industry Comparison - Compared to peers like Huangshan Tourism and Lijiang Co., Shaanxi Tourism has lower liquidity ratios and higher debt ratios, indicating potential financial vulnerabilities [9][10]. - The company has a high asset-liability ratio of 34.45%, significantly above the industry average of 18.11% [10]. Operational Risks - The company acknowledges potential risks related to audience fatigue and declining market appeal, which could hinder its long-term innovation and growth [7]. - There are concerns regarding the stability of the performance venue for "Chang Hen Ge," as the operating rights are held by the Huaqing Palace Company until August 5, 2034, without rental payments required [12].