Core Viewpoint - The A-share tourism sector is set to welcome a new listing with Shaanxi Tourism Cultural Industry Co., Ltd. planning to issue shares at a price of 80.44 yuan each, heavily relying on its main product, the performance "The Long Song," which constitutes over 57% of its revenue by mid-2025 [1][3]. Group 1: Company Overview - Shaanxi Tourism is adopting a direct pricing method for its online subscription, with an issuance price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 times [3]. - The company has shown steady revenue growth, with projected 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 [3]. - The reliance on "The Long Song" is significant, with its revenue contribution exceeding 50% for the years 2023, 2024, and the first half of 2025, reaching 57.63% in the first half of 2025 [3][4]. Group 2: Investment Plans - Shaanxi Tourism plans to raise 1.555 billion yuan, with nearly half allocated to the construction of the Tai Mountain Show City Phase II project, aiming to replicate the success of "The Long Song" [5][6]. - The company is also investing in various projects, including the acquisition of shares in several tourism-related ventures and the development of new performance and cableway projects [6]. Group 3: Challenges and Risks - The company faces challenges in diversifying its revenue streams, as over-reliance on a single performance product poses risks, especially with changing consumer preferences and increasing competition [4][7]. - The Tai Mountain Show City Phase I project has underperformed, with a low attendance rate of 14.73% for its main performance compared to "The Long Song," which has a much higher attendance rate of 77.98% [6][7]. - The differences in tourism dynamics between Xi'an and Tai'an may impact the success of the new projects, as Tai'an is more of a one-day trip destination, affecting visitor spending and engagement [7][8]. Group 4: Industry Trends - The traditional tourism sector is urged to innovate and adapt to changing consumer demands, focusing on product innovation and enhancing visitor experiences to ensure sustainable growth [8][9]. - The competitive landscape in the tourism performance market is intensifying, necessitating a response to audience fatigue and the emergence of new tourism products [9][10]. - Future growth potential for Shaanxi Tourism lies in expanding its business model, creating new intellectual properties, and leveraging technology for cost efficiency and enhanced content delivery [10].

募集资金半数押注旅游演艺 然而，正是看到《长恨歌》带来的丰厚收益，陕西旅游也迫切想要把这一旅游演艺模式复制到泰山，打 破单一地域和单一产品的依赖。 根据招股书，陕西旅游预计融资15.55亿元，募集资金投入项目包括收购太华索道股权项目、收购瑶光 阁股权项目、收购少华山旅游索道项目、泰山秀城（二期）建设项目、少华山南线索道项目、太华索道 游客中心项目和太华索道服务中心项目。值得一提的是，陕西旅游计划利用7.29亿元募集资金投入泰山 秀城（二期）建设项目。 时隔四年，A股旅游板块即将再次迎来新的上市公司。12月22日，陕西旅游文化产业股份有限公司（以 下简称"陕西旅游"）采用直接定价发行方式进行网上申购，每股发行价格为80.44元。从其主营业务来 看，《长恨歌》演艺为主要产品，2025年上半年，其收入占主营业务收入的比例达57.63%。一方面， 陕西旅游主营业务收入近六成依赖于《长恨歌》；另一方面，其仍计划将募集资金中的近半数金额投资 泰山秀城（二期）建设项目，继续押注旅游演艺业态。但作为传统旅游企业的陕西旅游，未来还将面临 新项目培育期、地域文旅资源差异及产品创新等挑战。 近六成营收依赖《长恨歌》 高位的发行价， ...

时隔四年，A股旅游板块即将再次迎来新的上市公司。12月22日，陕西旅游文化产业股份有限公司（以 下简称"陕西旅游"）采用直接定价发行方式进行网上申购，每股发行价格为80.44元。从其主营业务来 看，《长恨歌》演艺为主要产品，2025年上半年，其收入占主营业务收入的比例达57.63%。一方面， 陕西旅游主营业务收入近六成依赖于《长恨歌》；另一方面，其仍计划将募集资金中的近半数金额投资 泰山秀城（二期）建设项目，继续押注旅游演艺业态。但作为传统旅游企业的陕西旅游，未来还将面临 新项目培育期、地域文旅资源差异及产品创新等挑战。 | | | | | | | | 单位: 万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 2025年1-6月 | | 2024 年度 | | 2023 年度 | | 2022 年度 | | | | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | 金额 | 比例 | | 长恨歌演艺收入 | 29.548.77 | 57.63% | 68.081.19 | 54.28% | 54.157.80 ...

Group 1 - The company, Santai Cableway, stated on November 18 that it currently does not have any issues related to fund occupation or regulatory red lines [2]

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 Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. plans to raise 1.555 billion yuan through an IPO on the Shanghai Stock Exchange, despite facing declining revenues and ongoing losses from subsidiaries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue is expected to decline compared to the same period in 2024, with the core revenue source, the performance of "The Long Hate Song," accounting for over 50% of total income but experiencing a nearly 10 percentage point drop in attendance [2][4][6]. - The total number of visitors for the tourism cable car business was only 1.8495 million in the first half of 2025, significantly lower than the 4.6476 million for the entire year of 2024 [2][6]. - The attendance rates for "The Long Hate Song" and "12·12 Xi'an Incident" dropped to 77.98% and 54.72%, respectively, from 87.77% and 85.31% in the previous year [6]. Business Structure and Governance - The company's shares are highly concentrated, with Shaanxi Tourism Development Co., Ltd. holding 47.59% directly and an additional 6.69% indirectly, raising concerns about governance independence [3][7]. - Frequent related-party transactions and potential competition with subsidiaries pose risks to the company's operational independence [7][8][9]. Investment Plans - The company intends to allocate 729 million yuan of the raised funds to the second phase of the Taishan Show City project, which aims to build a cultural performance theater [9][10]. - The Taishan Show City project is part of a strategy to expand and upgrade operations nationally, although the operating entity, Tai'an Cultural Tourism, has been continuously losing money since 2024 [10][11].

Core Viewpoint - The article highlights the impressive performance of domestic tourism in China during the recent National Day holiday, with a significant increase in both the number of travelers and total spending. In this context, Shaanxi Tourism Cultural Industry Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange, aiming to leverage its cultural tourism resources, including the famous "Chang Hen Ge" performance [1][17]. Group 1: Company Overview - Shaanxi Tourism's core business focuses on "scenic spots + cultural tourism," with major revenue streams from tourism performances, cable cars, and dining services [2][7]. - The company has developed notable performances such as "Chang Hen Ge," which is a large-scale historical dance drama that has become a cultural highlight for Shaanxi tourism [2][4]. Group 2: Financial Performance - The revenue from "Chang Hen Ge" has increased significantly, accounting for 57.63% of total revenue in the first half of 2025, up from 33.5% in 2022. In contrast, revenue from cable car services has decreased from 50.08% to 35.77% during the same period [7][8]. - The company's financial performance has shown volatility, with revenues of approximately 2.32 billion, 10.88 billion, 12.63 billion, and 5.16 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively. Net profits were -1.03 billion, 5.3 billion, 6.22 billion, and 2.47 billion yuan for the same periods [12][19]. Group 3: Market Dynamics - The company faces risks related to innovation in performance content and increasing competition in the cultural tourism sector, with a notable decline in audience attendance rates for some performances [9][15]. - The overall tourism market in China is recovering post-pandemic, with domestic tourism numbers reaching 32.85 billion in the first half of 2025, a year-on-year increase of 20.6% [10][19]. Group 4: IPO and Future Prospects - Shaanxi Tourism plans to raise approximately 15.55 billion yuan through its IPO, with funds allocated for various projects, including cable car expansions and acquisitions [19]. - The company is controlled by Shaanxi Provincial State-owned Assets Supervision and Administration Commission, which may pose competition risks with other subsidiaries in similar business areas [18][19].

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]