Core Insights - The project "Only Emei Mountain: Drama Fantasy City" led by Wang Chaoge has announced a suspension of performances, highlighting the high costs associated with such artistic ventures, which are often financially burdensome for the companies involved [1] - The capital market operates under different rules, emphasizing the need for quick returns on investment, contrasting with the artistic approach that prioritizes quality and audience engagement first [2][4] - The success of "Only Dream of Red Mansions: Drama Fantasy City" relies heavily on the ability of investors to create a viable business model around the artistic project, rather than on guaranteed financial returns [4] Investment and Financial Aspects - New World Group has invested over 4 billion RMB in the "Only Dream of Red Mansions" project, which has attracted over 2 million visitors and hosted 21,000 performances in two years, despite ongoing operational losses [4][5] - The profitability of New World Group, primarily from its natural gas services, provides essential financial support for the project, demonstrating a strategic alignment between artistic endeavors and corporate profitability [5] Business Model and Ecosystem - The project is designed to create a multi-faceted value ecosystem, where the theater not only generates ticket sales but also stimulates surrounding businesses, such as a 35,000 square meter commercial street that has seen a 50% increase in visitors [6] - The real estate sector benefits from the project's branding, enhancing the marketability of local developments and contributing to the overall economic landscape of Langfang [7] - Government support is crucial, as the project has become a cultural landmark for Langfang, attracting resources and attention from local authorities [8][9] Comparative Analysis - Similar successful models are seen in "Only Henan: Drama Fantasy City," which has achieved significant visitor numbers and government backing, illustrating the potential for cultural projects to drive regional economic growth [10][12] - The long-term vision of projects like "Only Dream of Red Mansions" and "Only Henan" emphasizes the importance of cultural investment over immediate financial returns, aiming for sustainable community and economic development [16][17]

Core Viewpoint - Emei Mountain Tourism Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to a decrease in visitor numbers and ongoing losses from its major cultural tourism project, "Only Emei Mountain" [1][2][4]. Financial Performance - Emei Mountain Tourism achieved revenue of 457 million yuan, a year-on-year decrease of 10.07% [1] - The net profit attributable to shareholders was 121 million yuan, down 8.48% year-on-year [1] - The number of visitors to Emei Mountain Scenic Area was 2.0952 million, a decline of 6.5%, equivalent to a reduction of 146,000 visitors [1] Project Performance - The "Only Emei Mountain" project, with a total investment of over 800 million yuan, recorded a net loss of 16.138 million yuan during the reporting period [1][4] - The project has accumulated losses of approximately 600 million yuan over five and a half years, with continuous losses reported since its establishment [7] - The project was suspended from June 15, 2025, due to difficulties in funding and operational challenges [4][7] Business Operations - The main revenue-generating segments (mountain tickets, cable car services, and hotel services) saw declines of 9.53%, 7.51%, and 12.13% respectively, accounting for 85.36% of total revenue [2] - Other business segments, including tea, smart tourism, and performances, generated 66.9447 million yuan, down 15% year-on-year [2] Market Challenges - The project faced challenges in attracting visitors due to its location and the nature of the audience, which primarily consists of older tourists and pilgrimage visitors who may not be interested in theatrical performances [9][10] - The operational model of the "Only" series projects has been criticized for its high costs and lack of effective market consideration, leading to unsustainable financial performance [9][10][12] Industry Insights - Successful tourism cultural performance projects often integrate creative and operational aspects, as seen in other regions, which contrasts with the challenges faced by Emei Mountain's project [11][12] - The tourism and cultural performance market has shown potential for growth, but requires careful planning and execution to ensure profitability and sustainability [11][12]