Investment Rating - The report gives a "Buy" rating for the company [3][10]. Core Viewpoints - The tourism industry is currently experiencing growth driven by multiple factors, with policies supporting service consumption and an increase in travel demand due to optimized holiday systems [5][22]. - Shaanxi Tourism, as the only provincial-level cultural tourism listed platform controlled by the Shaanxi State-owned Assets Supervision and Administration Commission, benefits from rich cultural tourism resources and strong IP tourism performances, particularly with the show "The Long Hate Song" and the Huashan West Peak cableway [3][6]. - The company is expected to see significant profit growth, with projected net profits of 412 million, 469 million, and 514 million yuan for 2025-2027, corresponding to a PE ratio of 25, 22, and 20 times at the current stock price [3][10]. Summary by Relevant Sections Industry Overview - The tourism industry is in a growth phase driven by various factors, including continuous policy benefits and accelerated industry consolidation. The optimization of holiday systems has effectively stimulated travel demand, leading to a steady increase in industry prosperity [5][22]. - Shaanxi Province, as a significant birthplace of Chinese civilization, boasts three UNESCO World Heritage Sites and 17 5A-level scenic spots, providing a solid customer base and regional advantages for the company's business expansion [5][37]. Company Overview - Shaanxi Tourism is the only cultural tourism listed platform controlled by the Shaanxi State-owned Assets Supervision and Administration Commission, with a strong provincial state-owned background and significant resource integration advantages. The company focuses on two core businesses: tourism performances and cableway operations, supported by tourism dining services [6][52]. - The company has shown rapid revenue growth, with projected revenues of 1.26 billion yuan and a net profit of 510 million yuan for 2024, representing year-on-year growth of 16% and 20%, respectively [6][10]. Tourism Performances - The tourism performance segment is centered around "The Long Hate Song," which has been operating steadily for over 18 years, with projected attendance of 2.49 million in 2024, capturing about 65% of visitors to the Huaqing Palace. This segment contributes over 50% of the company's total revenue [7][10]. - The company has successfully replicated its performance model in other regions, indicating its capability for cross-regional project expansion [7]. Cableway Operations - The cableway business is characterized by its essential demand and high profitability. The Huashan West Peak cableway achieved revenue of 390 million yuan in 2024, with a gross profit margin of 67%, forming a solid profit foundation for the company [8][10]. Fundraising Projects - The company's IPO fundraising projects focus on expanding core business capabilities and integrating key assets. Approximately 50% of the raised funds will be allocated to the construction of the Taishan Xiucheng (Phase II) project, enhancing the replication of performance models and brand output [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company is positioned as a leading player in the cultural tourism sector, driven by its dual business model of "performing arts + cable cars," with core assets including the live performance "Long Hate Song" and the Huashan cable car, creating a business loop and brand barrier [2][19] - The company is expected to achieve a revenue of 1.263 billion yuan in 2024, with a net profit of 511.73 million yuan, indicating stable growth in its main business [2][19] - The company benefits from supportive service consumption policies that promote the development of the cultural tourism industry [16][19] Financial Projections - Total revenue projections for the company are as follows: 1.088 billion yuan in 2023, 1.263 billion yuan in 2024, 1.052 billion yuan in 2025, 1.174 billion yuan in 2026, and 1.308 billion yuan in 2027 [1] - Net profit projections are: 427.45 million yuan in 2023, 511.73 million yuan in 2024, 394.30 million yuan in 2025, 513.89 million yuan in 2026, and 588.88 million yuan in 2027 [1] - The earnings per share (EPS) are projected to be 5.53 yuan in 2023, 6.62 yuan in 2024, 5.10 yuan in 2025, 6.65 yuan in 2026, and 7.61 yuan in 2027 [1] Business Segments - The performing arts segment is expected to generate 7.39 billion yuan in revenue in 2024, with the "Long Hate Song" contributing 6.81 billion yuan, reflecting a 26% year-on-year increase [25][36] - The cable car segment is projected to generate 4.73 billion yuan in revenue in 2024, with the Huashan cable car expected to carry 371 million passengers, reflecting a 10% increase [27][55] - The tourism catering segment is anticipated to generate 0.42 billion yuan in revenue in 2024, although it is expected to decline by 11% year-on-year [34][19] Group Support - The controlling shareholder, Shaanxi Tourism Group, is a significant player in the cultural tourism sector, with assets exceeding 54 billion yuan as of September 2025, providing comprehensive support to the company [57][60] - The group operates multiple 5A-level scenic spots and cultural performances, enhancing the company's operational capabilities and resource integration [60]

Group 1 - C Shaanxi Travel (C陕旅) saw a 64.10% increase on its first trading day, with a turnover rate of 74.41% and a transaction volume of 1.971 billion yuan [2] - The stock's first-day financing purchase amounted to 261 million yuan, accounting for 13.25% of the total trading volume, with a latest financing balance of 241 million yuan, representing 9.45% of the circulating market value [2] - The company integrates tourism performance, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [3] Group 2 - On the first trading day, the stock experienced a net inflow of 661 million yuan from main funds, with large orders contributing 439 million yuan and special large orders adding 222 million yuan [3] - The top five trading departments on the first day had a total transaction of 308 million yuan, with a net purchase of 152 million yuan after accounting for sales [4] - The company has developed notable tourism performance works, including the large-scale historical dance drama "Chang Hen Ge" and the large-scale red performance "Tai Shan Feng Huo," which serve as carriers for the transmission of Chinese history and traditional culture [3]

Group 1 - The core viewpoint of the article highlights that Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first new stock of the year, with an opening price of 131.15 CNY per share, representing a 63.04% increase from the issue price of 80.44 CNY per share [1] - On its first trading day, the stock reached a peak of 152 CNY per share and closed at 132 CNY, resulting in a total increase of 64.10%, allowing investors to earn 25,780 CNY per share [1] - Shaanxi Tourism primarily engages in tourism performances, cable cars, and dining services, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan, with a strong cultural foundation and stable business operations [1] Group 2 - The company’s notable performances include popular shows like "Chang Hen Ge" and "12·12 Xi'an Incident," which have gained significant recognition and a good reputation among consumers [1] - "Chang Hen Ge," recognized as China's first large-scale historical dance drama, has been performed at Huaqing Palace since 2007 and has consistently ranked among the "Top Ten Real Scene Tourism Performances in China," achieving both social and economic benefits [1] - Shaanxi Tourism is the first cultural tourism company to be listed on the A-share market in the past five years, reflecting the capital market's support for consumer enterprises with stable profitability and mature business models [1][2] Group 3 - The IPO involved a public offering of 19,333,334 shares, utilizing a direct pricing method without offline inquiries or allocations, marking it as the first company in the Shanghai market to adopt this method under the registration system [2] - Despite the initial surge, the stock's performance was considered lackluster compared to the average first-day increase of approximately 260% for 116 new stocks listed in 2025, with no stocks experiencing a decline [2] - The company's profit forecast for December 18, 2025, indicated an expected net profit attributable to shareholders of 37.1 million to 43.6 million CNY, reflecting a decline of 14.80% to 27.50% [2]

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for 2026 and the first cultural tourism company to list in the past five years [1][2]. Company Overview - Shaanxi Tourism engages in tourism performances, cable cars, and dining services, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan, with a strong cultural heritage and stable business operations [1]. - The company is known for popular performances like "The Song of Everlasting Regret" and "12.12 Xi'an Incident," which have a good reputation among consumers [1]. - The cable car business is recognized for its technical indicators and industry reputation, ranking among the top in China [1]. Market Context - The Central Economic Work Conference in December 2025 emphasized the importance of domestic demand and consumer spending as a priority for economic work in 2026, aiming to boost consumption and release service consumption potential [1]. - A joint guideline issued by the China Securities Regulatory Commission and other departments in June 2025 supports quality enterprises in the consumption industry to raise funds through public offerings and listings [1]. IPO Details - Shaanxi Tourism's IPO was approved by the CSRC on November 19, 2025, with the issuance of 19.33334 million shares at a price of 80.44 yuan per share, corresponding to a P/E ratio of 12.37 for 2024 [2]. - The total fundraising amount was 1.555 billion yuan, aligning with the expected fundraising scale disclosed in the prospectus [2]. - Upon listing, the opening price was 131.15 yuan, reflecting a 63.04% increase from the issuance price [2].

Group 1 - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, 2026, marking it as the first new listing in A-shares for the year and the first cultural tourism company to list in nearly five years [1][2] - The company engages in tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan, with stable operations and high consumer recognition for its performances like "The Song of Everlasting Regret" [1] - The listing reflects the capital market's support for consumer enterprises with stable profitability and mature business models, indicating a positive trend in domestic tourism consumption driven by rising income and upgraded consumption structures [1] Group 2 - The initial public offering (IPO) involved the issuance of 19.333334 million shares at a price of 80.44 yuan per share, corresponding to a price-to-earnings ratio of 12.37 for 2024, raising a total of 1.555 billion yuan [2] - On its first trading day, Shaanxi Tourism opened at 131.15 yuan, representing a 63.04% increase from the issuance price [2]

Group 1 - The company N Shanlv (603402) was listed today, opening with a rise of 63.04%, and by the end of the morning session, the increase expanded to 78.98%, with a trading volume of 10.8183 million shares and a turnover of 1.485 billion yuan, resulting in a turnover rate of 55.96% [2] - The company's business integrates tourism performances, cable cars, dining, and project investment and management, leveraging high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [2] - In the tourism performance sector, the company has created major works such as the large-scale historical dance drama "Chang Hen Ge" and the large-scale red performance "Tai Shan Feng Huo," focusing on the transmission of Chinese history and traditional culture [2] Group 2 - The total number of shares issued by the company is 19.3333 million, with an online issuance of 19.3330 million shares at a price of 80.44 yuan per share, resulting in a price-to-earnings ratio of 12.37, compared to the industry average of 26.90 [3] - The funds raised from the initial public offering amount to 1.555 billion yuan, which will be primarily allocated to projects such as the second phase of Taishan Xiucheng, acquisition of Taihua Cableway equity, and several other cableway and tourism projects [3] - The company's latest stock price is 143.97 yuan, with a morning session increase of 78.98% and a half-day turnover rate of 55.96% [3]

Core Viewpoint - Shaanxi Tourism officially listed on the Shanghai Stock Exchange on January 6, marking a significant milestone for the company as it aims to enhance its core business and expand nationally with the funds raised from its IPO [1] Group 1: Business Overview - Shaanxi Tourism focuses on tourism performance, cable cars, and dining, leveraging top-tier resources like Huaqing Palace and Mount Huashan to create a competitive barrier through deep integration and specialized operations [2] - The company has developed renowned cultural performances, including the large-scale historical dance drama "Chang Hen Ge," which has been a significant success since its debut in 2007, contributing to both social and economic benefits [2] - The Huashan West Peak Cableway is recognized as an industry benchmark, enhancing visitor experience and serving as a major profit source for the company [2] Group 2: Financial Performance - For the fiscal year 2024, Shaanxi Tourism is projected to achieve a revenue of 1.263 billion yuan and a net profit of 512 million yuan, with a net profit margin and return on equity (ROE) significantly higher than peers like Huangshan Tourism and Lijiang Shares [4] - The company has demonstrated strong operational resilience, maintaining robust financial metrics despite external challenges such as extreme weather [4] Group 3: Strategic Plans - The funds raised from the IPO will primarily be used for acquiring stakes in Taihua Cableway and Yaoguang Pavilion, as well as for the construction of the second phase of Taishan Xiucheng and the South Line Cableway of Shaohua Mountain [5][6] - These strategic acquisitions and projects are aimed at enhancing net profit, improving management efficiency, and expanding the company's footprint nationally, transitioning from a regional player to a leading provider of comprehensive leisure tourism services [5][6] - The company aims to leverage capital market resources for both organic growth and external expansion, aspiring to become a top-tier provider of leisure tourism experiences across the country [6]

Group 1 - The article discusses the IPO of two companies, including their issuance prices, market capitalizations, and industry comparisons [1][2][3] - The first company, ZhiXin Co., has an issuance price of 21.88 yuan, a total market value of 37.20 billion, and an issuance P/E ratio of 26.85 [2][3] - ZhiXin Co. is a major supplier for leading automotive brands such as Chang'an, Geely, and BYD, with a complete industrial chain and a significant market share in its core products [3] Group 2 - The second company, KeMa Materials, has an issuance price of 11.66 yuan and an industry P/E ratio of 14.2 [4] - KeMa Materials ranks second in the domestic dry friction plate market and has a comprehensive product range with over 8,000 models [4] - The company plans to use the raised funds for upgrading its environmentally friendly clutch friction materials technology [4] Group 3 - Another company mentioned, with an issuance price of 80.44 yuan and a total market value of 62.21 billion, focuses on tourism and cultural performances in Shaanxi province [7] - This company is recognized as a leading tourism destination operator and has a strong connection with local cultural heritage [7] - The controlling shareholder is Shaanxi Tourism Group, marking it as the first company to go public in A-shares in five years [7]

股票简称：陕西旅游 股票代码：603402 Shaanxi Tourism Culture Industry Holding Co.,Ltd. （陕西省西安市长安区航天基地航创路 1 号陕旅豪布斯卡 16 楼 A 区） 首次公开发行股票主板上市公告书 保荐人（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二六年一月五日 陕西旅游文化产业股份有限公司 陕西旅游文化产业股份有限公司 上市公告书 特别提示 陕西旅游文化产业股份有限公司（以下简称"陕西旅游"、"本公司"、"发行人" 或"公司"）股票将于 2026 年 1 月 6 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市 初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 2 陕西旅游文化产业股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准确、完整， 承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担法律责任。 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上 ...