本报讯 （记者殷高峰）12月18日，陕西旅游（603402）文化产业股份有限公司（以下简称"陕西旅 游"）发布首次公开发行股票并在主板上市招股说明书提示性公告。陕西旅游首次公开发行人民币普通 股并在主板上市的申请已经上海证券交易所主板上市委员会审议通过，并已经中国证券监督管理委员会 证监许可〔2025〕2568号同意注册。 根据同日披露的首次公开发行股票并在主板上市招股说明书，预计将于12月22日开启申购，证券简称： 陕西旅游，证券代码：603402。 作为一家主要从事旅游演艺、旅游索道和旅游餐饮的综合性文旅运营企业，陕西旅游完美契合了主 板"大盘蓝筹"的定位——业务模式成熟、经营业绩稳定、规模较大且具有显著的行业代表性。 数据显示，公司2023年度、2024年度及2025年1月—6月分别实现营业收入10.88亿元、12.63亿元和5.16 亿元，实现归属于母公司所有者的净利润4.27亿元、5.12亿元和2.04亿元，表现出了较强的盈利能力及 长期竞争力。 在文旅行业整体复苏的背景下，陕西旅游凭借其不可复制的资源禀赋和精细化的运营管理能力，展现出 了极强的盈利韧性和阿尔法（Alpha）收益潜力。公司不仅是陕西 ...

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) application of Shaanxi Tourism Culture Industry Co., Ltd., which plans to raise 1.555 billion yuan through the issuance of no more than 19.333 million shares on the Shanghai Stock Exchange [1]. Fundraising Allocation - The funds raised will be allocated to several projects, including: - Shaanxi Shaohua Mountain National Forest Park cableway expansion project with a total investment of 300 million yuan, utilizing 139.0588 million yuan from the raised funds [2]. - Taihua Cableway Comprehensive Service Center project with a total investment of 81.8344 million yuan, utilizing 45.6128 million yuan from the raised funds [2]. - Acquisition of Shaanxi Taihua Tourism Cableway Co., Ltd. equity project with a total investment of 370.0341 million yuan, fully funded by the raised capital [2]. - Other acquisition projects totaling 185.77062 million yuan, with 155.51279 million yuan funded by the raised capital [2]. Business Overview - Shaanxi Tourism primarily operates in tourism performance, cableway services, and tourism dining, establishing itself as a leading destination enterprise with a focus on "scenic spots + cultural tourism" [3]. - The company has developed notable tourism performances such as the large-scale historical dance drama "Chang Hen Ge" and operates cableway projects in the Huashan scenic area [3]. - The company is controlled by Shaanxi Tourism Group, which holds 47.59% of the shares directly and is a wholly-owned subsidiary of the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [3]. Financial Performance - The company's revenue is projected to grow from 232 million yuan in 2022 to 1.263 billion yuan in 2024, with a turnaround from a net loss of 76.059 million yuan in 2022 to a profit exceeding 500 million yuan in 2024 [3]. - The core revenue sources are the performances of "Chang Hen Ge" and the Huashan West Peak cableway, while the tourism dining segment continues to face challenges [3].

Core Insights - The successful IPO of Shaanxi Tourism marks the first tourism-related IPO in A-shares in five years, indicating a potential revival in the tourism sector [1][5][11] - Despite a strong performance in 2022 with a revenue of 1.263 billion, the company faced a significant drop in net profit in the first half of 2023, raising questions about its future profitability [1][6] - The company has heavily relied on its flagship performance, "The Longest Love," which has seen explosive growth but also shows signs of audience fatigue [6][7][11] Company Overview - Shaanxi Tourism was established 38 years ago, evolving from a planning and design institute to a modern enterprise under the management of Shaanxi Travel Group [2][3] - The company underwent significant restructuring in 2016, integrating various tourism-related assets and achieving a turnaround from a loss of 566,000 to a profit of 23.67 million [3][5] - The company has made multiple attempts to go public, with the latest effort resulting in a successful IPO application after overcoming previous setbacks [4][10] Financial Performance - The company's revenue grew from 232 million in 2022 to 1.263 billion in 2024, showcasing a strong recovery and growth trajectory [5][10] - However, the gross profit margin declined by 5.2 percentage points to 41.3% in the first half of 2025, indicating potential profitability challenges [6][9] - The performance of the core business segments, particularly the "The Longest Love" show and the Huashan West Peak cableway, has been mixed, with the latter experiencing a 20.81% drop in revenue [8][9] Market Position and Strategy - The IPO aims to raise 1.555 billion for various acquisitions and projects, including expanding into new markets, particularly in Shandong [10][11] - The company faces competition from other cableway operators and must address operational efficiency and cost control issues to maintain profitability [9][10] - Shaanxi Tourism's reliance on a single IP for revenue generation poses risks, as audience interest may wane over time, necessitating diversification of its offerings [6][11] Industry Context - The tourism industry is undergoing significant changes, with consumer preferences shifting towards more immersive and diverse experiences, challenging traditional performance models [12][14] - Other tourism companies are also facing similar challenges, highlighting a broader trend of resource dependency and the need for innovation in the sector [12][14] - The success of Shaanxi Tourism's IPO may signal a renewed interest in tourism investments, but the company must navigate a complex landscape of evolving consumer demands and competitive pressures to sustain growth [11][12]

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 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].

Core Insights - The article discusses the rising popularity and profitability of cable cars in tourist destinations, highlighting their role as a significant revenue source for various listed companies in the tourism sector [1][3][5]. Industry Overview - The cable car business has become a "cash cow" for many scenic spots, with profit margins reaching up to 80% [1]. - The average ticket prices for cable cars can be quite high, with some prices nearing or exceeding entrance fees, such as the Huashan West Peak cable car priced at 140 yuan per person, close to the 160 yuan entrance fee [1]. - Major listed companies in the A-share market, such as Huangshan Tourism, SanTe Cableway, and Lijiang Co., report significant revenues from their cable car operations, with Huangshan Tourism's cable car revenue reaching 718 million yuan [3][5]. Financial Performance - The cable car business often has higher gross profit margins compared to other segments, with Huangshan's cable car business achieving a gross margin of 87.56% [5]. - For example, the gross margin for Emei Mountain A's cable car business is 83.88%, while other segments like hotel services have much lower margins [5]. - The revenue from cable cars constitutes a substantial portion of total revenues for companies, with SanTe Cableway's cable car revenue accounting for 79.6% of its total income [3][5]. Market Dynamics - The cable car market is characterized by relatively few competitors, leading to better profit margins due to its monopolistic nature [6]. - The increasing number of cable cars in China, nearly 900, reflects their growing importance in enhancing tourist experiences [6]. - The demand for cable cars is driven by the need for convenience and the immersive experience they provide, especially among younger tourists [6]. Customer Sentiment - Visitor reviews indicate a generally positive sentiment towards cable cars, with convenience and scenic views being highlighted as key benefits [13][15]. - However, there are notable negative sentiments regarding high prices and operational inefficiencies, particularly during peak seasons, leading to long wait times and customer dissatisfaction [17][18][19].