文｜新旅界 最近，王潮歌主创的《只有峨眉山·戏剧幻城》宣布暂停演出，让人深感惋惜。 这样的项目从创作到建造，再到开出来之后的日常运营，成本都非常高，是用钱烧出来的"雕塑"，但却 被装进了上市公司峨眉山旅游股份的盘子里，这从一开始就注定是个错误。 王潮歌团队的困境，其实是所有先锋者的宿命：用争议换突破，用亏损买时间。他们像一群赌徒，赌的 是观众十年后还会为沉浸式戏剧买单，赌的是能把这里变成一个文化地标。 但资本市场的赌桌规则不一样：押注必须三局定胜负，最好一把翻盘。 艺术的归艺术，商业的归商业 前几天，《只有红楼梦·戏剧幻城》做了一场开放两周年的直播，谈到投资回报这样的话题时，王潮歌 的逻辑是这样：先保证做出一个好作品，能吸引越来越多的人来，从而获得更多经济收益，也就能给投 资人以不错的回报。但如果这个顺序反过来，先考虑回报，再看做什么样的作品，就错了。 《只有红楼梦·戏剧幻城》两周直播截图 这其实是王潮歌导演的一贯逻辑，做一个项目时她不会先考虑未来的游客量、收益和投资回报，也不会 给出任何业绩承诺，而是全身心投入，负责把项目创作好、呈现好。 也就是说，这样的作品到底能实现怎样的投资收益，更多是依赖投资人自己围 ...

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]