C陕旅（603402）上市首日上涨64.10%，换手率达74.41%，成交额为19.71亿元。 公司业务集旅游演艺、旅游索道、旅游餐饮、旅游项目投资及管理为一体，依托华清宫、华山等优质旅 游资源，充分发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新优势，为游客提供高品质的 旅游产品及服务体验。在旅游演艺业务方面，公司打造了中国首部大型实景历史舞剧《长恨歌》、大型 实景影画《12·12西安事变》、大型红色实景演艺《泰山烽火》等优质旅游演艺作品，以演艺为基础、 持续打造中国历史与传统文化传承的载体；在旅游索道业务方面，公司于华山景区建设和运营了西峰索 道及华威滑道，西峰索道拥有世界顶尖的索道建设技术及国内领先的运营能力，于陕西省少华山国家森 林公园运营了奥吉沟索道；在旅游餐饮业务方面，公司下属剧院式餐厅唐乐宫以"仿唐歌舞+宫廷晚 宴"为特色经营模式，是陕西省对外文化推广的重要窗口，被誉为"东方红磨坊"。凭借丰富的旅游资源 及多年运营积淀，公司已成为以"景区+文化旅游"为核心业务的旅游目的地企业龙头。 从资金流向来看，上市首日该股获主力资金净流入6.61亿元，其中，特大单净流入2.22亿元，大单净流 入4.3 ...

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 ...

根据发行安排，本周（12月22日—12月26日），A股市场将有3只新股申购，为沪市主板的陕西旅游、 创业板的新广益和北交所的蘅东光，其中陕西旅游、新广益将于本周一开启申购，蘅东光将于周二申 购。 值得注意的是，陕西旅游的发行价为80.44元/股，是今年以来发行的主板新股中发行价位列第二高的新 股。 资料显示，陕西旅游是以"景区+文化旅游"为核心业务的旅游目的地企业龙头，新广益是抗溢胶特种膜 国内细分龙头厂商，蘅东光是AI数据中心光器件细分龙头企业。 具体来看，陕西旅游的发行价为80.44元/股，公司单一账户申购上限为19000股，顶格申购需持沪市市 值19万元。 招股书显示，陕西旅游业务集旅游演艺、旅游索道、旅游餐饮、旅游项目投资及管理为一体，依托华清 宫、华山等优质旅游资源，充分发挥旅游资源整合优势、专业化运营管理优势、旅游产品创新优势，为 游客提供高品质的旅游产品及服务体验。在旅游演艺业务方面，公司打造了中国首部大型实景历史舞剧 《长恨歌》、大型实景影画《12·12西安事变》、大型红色实景演艺《泰山烽火》等优质旅游演艺作 品；在旅游索道业务方面，公司于华山景区建设和运营了西峰索道及华威滑道，西峰索道拥有世 ...

Group 1: New IPOs - This week (December 22 to 26), there are three new stocks available for subscription: one on the Shanghai Stock Exchange, one on the ChiNext, and one on the Beijing Stock Exchange [1] - The IPOs include Shaanxi Tourism (603402) with an issue price of 80.44 yuan and a price-to-earnings (P/E) ratio of 12.37, New Guangyi (301687) with an issue price of 21.93 yuan and a P/E ratio of 28.59, and Hengdongguang with an issue price of 31.59 yuan and a P/E ratio of 14.99 [2] Group 2: Shaanxi Tourism - Shaanxi Tourism integrates tourism performance, cable cars, dining, and project investment and management, leveraging resources like Huaqing Palace and Mount Hua to create high-quality cultural tourism experiences [3] - The company aims to raise 1.555 billion yuan through its IPO, primarily for projects such as the expansion of the Taishan Xiucheng (Phase II) and Shaohua Mountain National Forest Park cableway, as well as acquiring related equity and assets [3] Group 3: New Guangyi - New Guangyi focuses on the research, production, and sales of high-performance special functional materials, with products including anti-overflow adhesive special films and strong resistance special films [4] - The company plans to raise 638 million yuan through its IPO to fund functional material projects [4] Group 4: Upcoming IPOs - Nine companies are scheduled for IPO meetings this week, including Fuen Co. and Shenglong Co. on the Shenzhen Main Board, Shiya Technology on the Sci-Tech Innovation Board, and Sanrui Intelligent, Dapu Micro, and others on the ChiNext and Beijing Stock Exchange [5] - Dapu Micro will be the first unprofitable company to attend an IPO meeting on the ChiNext, focusing on enterprise-level SSD products and aiming to raise 1.878 billion yuan for R&D and production projects [5]

Core Viewpoint - Shaanxi Tourism (603402.SH) has initiated its subscription with an issue price of 80.44 yuan per share and a price-to-earnings ratio of 12.37 times, aiming to become a leading provider in the cultural tourism industry [1] Company Overview - Established in April 2011, Shaanxi Tourism focuses on tourism performance, cable cars, and dining, striving to be a top-quality cultural tourism service provider [1] - The company leverages rich tourism resources and years of operational experience to become a leading enterprise in the "scenic area + cultural tourism" sector [1] 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," emphasizing the transmission of Chinese history and culture [2] - The cable car business includes the operation of the Xifeng Cableway and Huawai Slideway at Huashan Scenic Area, utilizing top-notch construction technology and leading operational capabilities [2] - The dining segment features the Tang Le Palace, known for its "Tang-style song and dance + royal banquet" model, serving as an important cultural promotion window for Shaanxi Province [2] Financial Performance - The company has shown stable growth in revenue and net profit over the years, with revenues of 2.32 billion yuan in 2022, 10.88 billion yuan in 2023, and projected 12.63 billion yuan in 2024 [3] - Net profits have improved from a loss of 1.02 billion yuan in 2022 to a profit of 5.30 billion yuan in 2023, and are expected to reach 2.47 billion yuan in the first half of 2025 [3] - The total assets have increased significantly from 971.52 million yuan in 2022 to 2.14 billion yuan in the first half of 2025, indicating robust financial health [3]

Summary of Upcoming IPOs - Three new stocks will be available for subscription next week, including one from the ChiNext, one from the Shanghai Main Board, and one from the Beijing Stock Exchange [1][2] Group 1: New Stock Details - On Monday, December 22, investors can subscribe to the ChiNext stock "Xinguangyi" (subscription code: 301687) priced at 21.93 CNY per share with a P/E ratio of 28.59, and the Shanghai Main Board stock "Shaanxi Tourism" (subscription code: 732402) priced at 80.44 CNY per share with a P/E ratio of 12.37 [2][3] - On Tuesday, December 23, the Beijing Stock Exchange stock "Hengdongguang" (subscription code: 920045) will be available at a price of 31.59 CNY per share with a P/E ratio of 14.99 [2][6] Group 2: Company Profiles Xinguangyi - Xinguangyi is a leading domestic manufacturer of anti-overflow adhesive special films, focusing on high-performance functional materials for flexible circuit board (FPC) manufacturing and consumer electronics [3] - The company has established deep partnerships with several top global FPC manufacturers and has projected revenues of 4.55 billion CNY, 5.16 billion CNY, and 6.57 billion CNY from 2022 to 2024, with net profits of 0.82 billion CNY, 0.83 billion CNY, and 1.16 billion CNY respectively [3] Shaanxi Tourism - Shaanxi Tourism is a leading provider of quality cultural tourism services, focusing on tourism performances, cable cars, and dining [4] - The company has projected revenues of 2.32 billion CNY, 10.88 billion CNY, and 12.63 billion CNY from 2022 to 2024, with net profits of -0.72 billion CNY, 4.27 billion CNY, and 5.12 billion CNY respectively [5] Hengdongguang - Hengdongguang is a leading enterprise in the AI data center optical device segment, specializing in the R&D, manufacturing, and sales of passive optical devices [6] - The company has projected revenues of 4.75 billion CNY, 6.13 billion CNY, and 13.15 billion CNY from 2022 to 2024, with net profits of 0.55 billion CNY, 0.65 billion CNY, and 1.48 billion CNY respectively [6]

| | 下周新股申购安排 | | | | | --- | --- | --- | --- | --- | | 日期 | 新股 | 发行价/股 | 发行市盈率 | 上市板 | | 昌一 | 新广益 (申购代码: 301687) | 21.93元 | 28.59 | 创业板 | | (12月22日) | 陕西旅游 (申购代码:732402) | 80.44元 | 12.37 | 沪市主板 | | 周二 | 衛东光 | | | | | (12月23日) | (申购代码: 920045) | 31.59元 | 14.99 | 北交所 | 根据目前的发行安排，下周有三只新股申购，创业板、沪市主板、北交所新股各有一只。 从日程安排看，周一（12月22日）可申购创业板新股新广益、沪市主板新股陕西旅游，周二（12月23日）可申购北交所新股蘅东光。 陕西旅游主要从事以旅游演艺、旅游索道和旅游餐饮为核心的旅游产业运营。旅游演艺方面，陕西旅游打造了中国首部大型实景历史舞剧《长恨 歌》、大型红色实景演艺《泰山烽火》等旅游演艺作品；在旅游索道业务方面，公司在华山景区建设和运营了西峰索道及华威滑道等项目；旅游餐 饮业务方面，其下属剧院式 ...

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. plans to raise 1.555 billion yuan through an IPO on the Shanghai Stock Exchange, despite facing declining revenues and ongoing losses from subsidiaries [2][3][4]. Financial Performance - In the first half of 2025, the company's revenue is expected to decline compared to the same period in 2024, with the core revenue source, the performance of "The Long Hate Song," accounting for over 50% of total income but experiencing a nearly 10 percentage point drop in attendance [2][4][6]. - The total number of visitors for the tourism cable car business was only 1.8495 million in the first half of 2025, significantly lower than the 4.6476 million for the entire year of 2024 [2][6]. - The attendance rates for "The Long Hate Song" and "12·12 Xi'an Incident" dropped to 77.98% and 54.72%, respectively, from 87.77% and 85.31% in the previous year [6]. Business Structure and Governance - The company's shares are highly concentrated, with Shaanxi Tourism Development Co., Ltd. holding 47.59% directly and an additional 6.69% indirectly, raising concerns about governance independence [3][7]. - Frequent related-party transactions and potential competition with subsidiaries pose risks to the company's operational independence [7][8][9]. Investment Plans - The company intends to allocate 729 million yuan of the raised funds to the second phase of the Taishan Show City project, which aims to build a cultural performance theater [9][10]. - The Taishan Show City project is part of a strategy to expand and upgrade operations nationally, although the operating entity, Tai'an Cultural Tourism, has been continuously losing money since 2024 [10][11].

Group 1 - The core viewpoint of the news is that Shaanxi Tourism Cultural Industry Co., Ltd. has initiated its IPO on the Shanghai Stock Exchange, aiming to raise 1.555 billion yuan [1] - The company integrates tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and experiences [4] - Shaanxi Tourism has developed notable tourism performances including the large-scale historical dance drama "Chang Hen Ge" and other significant cultural performances, establishing itself as a leader in the tourism destination sector [4] Group 2 - The tourism industry is expected to continue its growth trend, with significant increases in domestic travel and spending during holidays in 2025, indicating a strong recovery and consumer willingness to travel [5] - Shaanxi Province's tourism market has shown steady growth, with a notable increase in visitor numbers and revenue during the 2025 Spring Festival, highlighting the province's importance in the tourism performance and stage show market [5] - The company has shown stable growth in performance from 2017 to 2019, and after overcoming external challenges, it has reported increasing revenues and profits from 2022 to 2024, indicating a positive financial trajectory [6] Group 3 - The company plans to use the proceeds from the IPO to invest in several construction projects and acquisitions, including the second phase of Taishan Xiucheng and the acquisition of equity in Taihua and Yaoguangge [6] - The controlling shareholder of Shaanxi Tourism is Shaanxi Travel Group, which is fully owned by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, indicating strong government backing [6]