Core Viewpoint - Shaanxi Tourism is making its third attempt to go public on the A-share market after a lengthy and challenging journey that began in 2017, with the latest IPO application set for review on November 7, 2025 [2][4]. Group 1: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. operates popular projects such as the live performance "Long Hate Song" and the Huashan West Peak Cableway, with business segments including tourism performances, cableway operations, and dining services [2][4]. - The company plans to raise approximately 1.555 billion yuan through its IPO, with funds allocated to various projects including the Taishan Xiucheng Phase II project and the acquisition of cableway assets [2][4]. Group 2: Historical IPO Attempts - The company first listed on the National Equities Exchange and Quotations in January 2017 and initiated its A-share listing process in July of the same year, but faced significant delays and setbacks [4]. - After a brief revival in 2020, the IPO process was halted again due to investigations into its accounting and legal advisors, leading to a withdrawal of the application in July 2022 [4]. Group 3: Business Performance - The revenue from the "Long Hate Song" performance has been increasing, accounting for 33.50%, 50.12%, 54.28%, and 57.63% of total revenue from 2022 to the first half of 2025 [5]. - The cableway business, while still significant, saw a decline in revenue contribution, dropping from 39.56% to 29.51% over the same period [6]. - The dining segment, represented by the Tang Le Palace restaurant, has a smaller revenue share, fluctuating between 3.36% and 13.70% during the reporting period [6]. Group 4: Financial Performance and Challenges - The company reported revenues of 2.32 billion yuan, 10.88 billion yuan, 12.63 billion yuan, and 5.16 billion yuan from 2022 to the first half of 2025, with net profits showing a recovery after a loss in 2022 [9]. - However, the company anticipates a decline in revenue for 2025 due to adverse weather conditions, projecting a revenue drop of approximately 24.69% to 11.54% compared to 2024 [10]. - Long-term structural challenges include the impact of extreme weather on visitor numbers and operational capacity, particularly for mountain-based attractions like the Huashan scenic area [10][11].

Core Viewpoint - Shaanxi Tourism is making a third attempt to go public on the A-share market, with its IPO application set for review on November 7, 2025, after a lengthy and challenging journey since 2017 [1][2]. Business Overview - Shaanxi Tourism's business structure includes tourism performances, cableway operations, and dining services, leveraging high-profile attractions like the Huaqing Palace and Mount Huashan [1][3]. - The company plans to raise approximately 1.555 billion yuan, primarily for various cableway projects and acquisitions [1]. Historical IPO Attempts - The company first attempted to list in 2017 but faced multiple setbacks, including halted reviews due to investigations into its accounting and legal advisors [2]. - After a brief revival in 2022, the company withdrew its application, leading to the current attempt in 2025 [2]. Revenue Composition - The main revenue sources are tourism performances and cableway operations, with the "Chang Hen Ge" performance significantly contributing to total revenue, increasing from 33.50% in 2022 to 57.63% in the first half of 2025 [3][4]. - Cableway revenue has seen a decline in its share of total revenue, dropping from 39.56% in 2022 to 29.51% in the first half of 2025 [4]. Performance Analysis - The company reported revenues of 2.32 billion yuan in 2022, increasing to 12.63 billion yuan in 2024, but faced a decline in 2025 due to extreme weather conditions [6]. - The net profit fluctuated, with a loss of 720.73 million yuan in 2022, followed by profits in subsequent years, but projected a loss of 371 million to 436 million yuan in 2025 [6][7]. Weather Impact - Extreme weather events in 2025, including cold waves and strong winds, have negatively impacted visitor numbers and operational capacity, leading to a projected revenue decline of 24.69% to 11.54% compared to 2024 [7]. - The company anticipates that adverse weather conditions will continue to affect its performance, particularly in winter months when snow can reduce visitor flow [7]. Long-term Challenges - The company faces structural challenges due to the nature of its mountain tourism operations, which are sensitive to climate conditions and have long product profitability cycles [8]. - The heavy asset nature of its operations requires significant upfront investment, with returns taking longer to materialize, posing risks if market demands are not accurately assessed [8].