Core Insights - Shaanxi Province is a significant birthplace of Chinese civilization, rich in historical and cultural heritage, and is also a cradle of the Chinese revolution, with abundant red cultural resources [1] - In 2024, Shaanxi Province is expected to receive 817 million domestic and international tourists, a year-on-year increase of 13.95%, with total tourism revenue reaching 766.8 billion yuan, up 16.50% [1] Overview of the Tourism Industry - The tourism industry in Shaanxi encompasses various activities, resources, and services, including tourism planning, management, and economic activities, leveraging the province's rich natural and cultural resources [2] - Shaanxi's tourism can be categorized into different types based on resource types and themes, such as historical culture tours, red tourism, and ecological tourism [2] Industry Classification - Shaanxi boasts numerous historical and cultural sites, including the Terracotta Army and Mount Huashan, alongside natural attractions like the Hukou Waterfall [3] Market Policies - The Chinese government has implemented various policies to support tourism development, including measures to enhance market order and promote smart tourism, with Shaanxi actively responding with local initiatives [5] Industry Chain - The upstream of Shaanxi's tourism industry includes the development of natural and cultural attractions, while the downstream focuses on consumer services, with a growing demand for diverse and personalized tourism experiences [6] Current Development Status - The tourism sector in Shaanxi has seen significant growth due to rising incomes, improved infrastructure, and changing consumer behaviors, with a notable increase in both domestic and international tourist numbers [9] Competitive Landscape - The tourism market in Shaanxi is characterized by a diverse and fragmented structure, with major players including Xi'an Qujiang Cultural Tourism Co., Ltd. and Shaanxi Tourism Group, which dominate the market with their resources and operational capabilities [10] Future Development Trends - The tourism industry in Shaanxi is expected to shift towards more experiential and content-driven offerings, moving away from traditional sightseeing to deeper cultural engagement, with a focus on unique local brands and IPs [12]

Group 1: New IPOs - This week (November 3 to 7), there are three new stocks available for subscription: one on the Sci-Tech Innovation Board, one on the ChiNext, and one on the Beijing Stock Exchange [1][2] - The Beijing Stock Exchange new stock, Beikong Detection, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, aiming to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] Group 2: Company Profiles - Hengkang New Materials is one of the few domestic companies capable of R&D and mass production of key materials for 12-inch integrated circuit wafers, enhancing its product structure and promoting domestic innovation [2] - Nanjing Digital, launching its IPO on November 7, provides comprehensive digital construction solutions for the power energy sector and is expanding its services to other industries such as transportation and urban construction, with a fundraising target of 2.554 billion yuan [2] - Zhi Xin Co., which is set to go public on the Shanghai Main Board, specializes in automotive welding parts and has established itself as a primary supplier for major automotive manufacturers, aiming to raise 1.329 billion yuan [5][6] - Shaanxi Tourism, also seeking to go public on the Shanghai Main Board, integrates tourism performances, cable cars, and dining services, leveraging local attractions to enhance visitor experiences, with a fundraising goal of 1.555 billion yuan [6]

本文来自微信公众号"空间秘探"，作者：秦敏慧，36氪经授权发布。 终于，文旅IPO出现新人。11月7日，上交所通过陕西旅游文化产业股份有限公司（以下简称"陕西旅 游"）的IPO申请，打破了文旅股五年的平静。据了解，尽管去年创造了狂揽12.63亿的"业绩神话"，但 今年上半年却出现了净利润暴跌的现象，因此，陕西旅游闯入上市大门，能否帮助其重登盈利顶点？时 至今日，诸多上市旅企正面临着各种分化与转型，此次陕西旅游成功上市，又传来了怎样的信号？ 五年内首家文旅IPO 近期，上海证券交易所上市审核委员会发布2025年第50次审议会议结果公告，宣布陕西旅游首发符合发 行条件、上市条件和信息披露需求，成功过会，是近五年以来A股首家文旅类IPO过会企业。 陕西旅游成立至今已有38年历史，最早可追溯到1987年成立的陕西省旅游建筑规划设计所（以下简 称"设计所"），隶属于陕西省旅游局。2004年，陕西旅游局解除与设计所的行政隶属关系，将其整体移 交陕旅集团管理，建立现代企业制度，由事业型单位转为企业。 这也意味着，陕西旅游将成为继西安旅游、曲江文旅、西安饮食之后的第四家西安上市旅游企业，也是 唯一由陕西省国资委实际控制的旅游 ...

Core Insights - The national tourism performance in the first three quarters of this year has shown significant growth in terms of performance, box office revenue, and audience numbers, indicating a vibrant market [1] - The tourism performance market is characterized by a rich supply of products and continuous release of market vitality, with traditional formats like real-scene performances and themed parks undergoing quality upgrades [1] Industry Developments - The large-scale historical dance drama "The Longing Song," which premiered in 2006, has performed over 6,500 shows, attracting 12.9 million viewers and generating over 3 billion yuan in revenue [3] - Shaanxi province, a major tourism hub, has been a pioneer in the domestic tourism performance industry, with notable performances dating back to 1982 [4] - The Ministry of Culture and Tourism has issued guidelines to promote the healthy development of the tourism performance industry, emphasizing innovation in operational models [4][6] Technological Integration - The integration of technology in performances, such as the use of hidden LED screens and special effects, enhances audience immersion, as seen in the recent performances at the Huaqing Palace [2][5] - The upgraded version of "The Underground War" incorporates interactive elements, allowing audience participation and deepening emotional engagement [5] Cultural Significance - Tourism performances serve as a vibrant medium for the public to experience cultural beauty, with a focus on high-quality content and the fusion of traditional and modern elements [6][7] - The "Dragon and Phoenix Dance of China" has been innovated to appeal to younger audiences by combining traditional cultural elements with modern stage technology [8] Regional Highlights - The "Impression Liu Sanjie" performance has been a significant contributor to the tourism industry in Guilin, with over 9,000 shows and 22 million viewers, continuously evolving to maintain high standards [9] - In Dunhuang, performances like "Seeing Dunhuang" and "Dunhuang Melody" have become key attractions, enhancing the local tourism experience [10][11] Economic Impact - The "performance + tourism" model is expanding, becoming a new driving force for regional economic growth, as evidenced by the substantial audience numbers and revenue generated from various performances [12][13]

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]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is positioned as a leading tourism destination enterprise focusing on "scenic spots + cultural tourism," with its IPO approved on November 7, 2025 [3][8] - The company is expected to generate revenue of 1.26 billion yuan and a net profit of 512 million yuan in 2024 [3][8] - The primary revenue sources are tourism performances and cableway services, contributing 54% and 31% respectively [9][15] - The company operates in mature 5A scenic areas, with visitor numbers for Huashan and Huaqing Palace expected to reach 3.83 million and 3.55 million in 2024, showing year-on-year growth of 2% and 12% [15] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024 [19][20] Summary by Sections Industry Overview - Shaanxi Tourism has become a leading enterprise in the tourism sector, leveraging unique resources in Shaanxi Province [3][8] - The company’s main business segments include tourism performances, cableway services, and tourism dining [9][15] Financial Performance - In 2024, the company’s revenue is projected to be 1.26 billion yuan, with a net profit of 512 million yuan [3][8] - The revenue breakdown for 2024 is 310 million yuan from tourism performances, 180 million yuan from cableway services, and 20 million yuan from dining, accounting for 60%, 36%, and 4% respectively [9][15] - The company’s gross margin is expected to be 71.3% in 2024, with a slight decrease in 2025 due to market normalization and extreme weather conditions [19][20] Market Position - The company operates in key 5A scenic areas, ensuring a stable flow of visitors and revenue [15] - The expected visitor numbers for major attractions indicate a robust demand for the company’s services [15] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism and others in the sector [29][30]

Core Insights - The tourism performance in China has shown significant growth in the live performance sector, with increases in the number of shows, box office revenue, and audience attendance compared to previous years [4][5][6] - Major performances like "Impression Liu Sanjie" and "Again Dunhuang" have become key attractions, contributing to local tourism and economic growth [10][12] Group 1: Market Performance - In the first three quarters of this year, the national tourism performance market has achieved year-on-year growth in terms of the number of performances, box office revenue, and audience numbers, indicating strong market vitality [4] - The cumulative performances of four major shows in Dunhuang during the "14th Five-Year Plan" period reached 7,901, attracting over 3.75 million visitors and significantly boosting local economic sectors such as accommodation and dining [12] Group 2: Product Innovation and Upgrades - The tourism performance market is experiencing a rich supply of products, with traditional formats like mountain water performances and themed park shows undergoing continuous upgrades to enhance their appeal [5][7] - The 2025 revamped version of "Tunnel Warfare" will include interactive elements for tourists, allowing them to engage directly with the performance, thus deepening emotional connections [7] Group 3: Cultural Integration and Technology - The integration of traditional culture and modern technology is crucial for the development of tourism performances, with a focus on creating high-quality content and expanding industry boundaries [8][9] - Performances like "Dragon and Phoenix Dance China" have been updated to appeal to younger audiences by incorporating modern aesthetics and technology, showcasing traditional culture in a contemporary context [9] Group 4: Audience Engagement - The immersive experience in performances such as "Long Hate Song" and "Again Dunhuang" allows audiences to feel a deeper connection to the cultural narratives being presented, enhancing their overall experience [6][11] - The use of advanced technologies like large-scale stage machinery and 3D imaging in performances has transformed the audience's experience, making it more engaging and interactive [11]

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has successfully passed the listing review and will be listed on the Shanghai Stock Exchange, marking a significant step in the acceleration of the listing process in Shaanxi Province [1] Company Overview - Shaanxi Tourism integrates tourism performances, cable cars, dining, and project investment and management, leveraging resources like Huaqing Palace and Mount Huashan to create high-quality cultural tourism experiences [2] - The company plans to issue up to 19.33 million shares, raising approximately 1.555 billion yuan for projects including the expansion of Taishan Xiucheng and Shaohua Mountain National Forest Park cable cars, as well as acquisitions related to tourism assets [2] Financial Performance - The company reported revenues of 1.088 billion yuan, 1.263 billion yuan, and 889 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively, with net profits of 427 million yuan, 512 million yuan, and 369 million yuan, indicating steady growth [3] - Shaanxi Tourism ranks among the top two in net profit within the tourism and scenic area sector, showcasing strong profitability compared to the industry median [3] Industry Context - The domestic tourism market is experiencing significant growth, with a reported 4.998 billion trips taken by residents in the first three quarters of 2025, a year-on-year increase of 18% [5] - The cultural and tourism integration market in China is projected to grow from approximately 600 billion yuan in 2022 to 2.32 trillion yuan by 2024, highlighting the increasing importance of cultural consumption in tourism spending [5] - Shaanxi Tourism is enhancing its cultural tourism integration, with projects like "Chang Hen Ge" setting industry standards and filling gaps in the market for red cultural tourism performances [5]

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is set to go public on the Shanghai Stock Exchange after passing the listing review, marking it as the first cultural tourism enterprise to be approved under the new policy since May 2025 [1][3]. Group 1: Listing Process - The company's IPO application was accepted on May 30, 2025, and it underwent two rounds of inquiries, taking only five months from acceptance to the review meeting [3][4]. - This approval makes Shaanxi Tourism the first cultural tourism IPO to pass in the A-share market in the past five years [3][4]. Group 2: Financial Performance - The company reported revenues of CNY 1.088 billion, CNY 1.263 billion, and CNY 516 million for the years 2023, 2024, and the first half of 2025, respectively, with net profits of CNY 427 million, CNY 512 million, and CNY 204 million [4]. - From 2017 to 2024, the average annual compound growth rate of the company's main business revenue was nearly 15%, while net profit grew at over 20% [5]. Group 3: Business Operations - Shaanxi Tourism focuses on tourism performances, cableway operations, and dining, leveraging resources from attractions like Huaqing Palace and Huashan Mountain [4][8]. - The company has developed notable tourism performances, including the large-scale historical dance drama "Chang Hen Ge" and other significant cultural productions [7]. Group 4: Fundraising and Investment Plans - The company aims to raise CNY 1.555 billion through the IPO to fund projects such as the acquisition of cableway assets and the expansion of performance projects [12][14]. - The planned investments are expected to enhance the company's profitability and market competitiveness, with all targeted projects already showing profitability in 2024 [14][17].

Core Viewpoint - This week (November 3 to 7), there are three new stocks available for subscription, including one from the Sci-Tech Innovation Board, one from the ChiNext, and one from the Beijing Stock Exchange [1] Group 1: New Stock Offerings - The Beijing Stock Exchange new stock, Beikang Testing, has an issue price of 6.7 yuan and a price-to-earnings ratio of 14.99, compared to the industry average dynamic P/E ratio of 38.04 over the past month [2] - The Sci-Tech Innovation Board new stock, Hengkang New Materials, focuses on the research and industrial application of key materials in the integrated circuit field, being one of the few domestic companies capable of R&D and mass production of 12-inch integrated circuit wafer manufacturing key materials. The IPO aims to raise 1.007 billion yuan for projects related to integrated circuit precursors and advanced materials [2] - Nanjing Digital, also launching on November 7, aims to provide comprehensive digital construction solutions for clients in the power and energy sectors, with plans to raise 2.554 billion yuan through its IPO [2][3] Group 2: Upcoming IPO Meetings - Four companies are scheduled for IPO meetings this week: Shaanxi Tourism and Zhixin Co., Ltd. for the Shanghai Stock Exchange, and Haisheng Medical and Qilong Ocean for the Beijing Stock Exchange [4] - Zhixin Co., Ltd. specializes in the development, processing, production, and sales of automotive welding parts and related molds, with plans to raise 1.329 billion yuan through its IPO [4] - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging high-quality tourism resources like Huaqing Palace and Huashan. The company aims to raise 1.555 billion yuan through its IPO [5]