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]

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].