陕西旅游 20260127 摘要 陕旅收入主要来自旅游演艺和索道，2024 年总收入 12.54 亿元，其中 演艺占比 59%，索道占比 38%。《长恨歌》是其核心演艺项目，2024 年收入达 6.8 亿元，上座率 88%，平均票价 273 元；华山西峰索道收 入 3.9 亿元，乘坐率 104%，利润率高达 49%。 陕西旅游集团是陕西省国资委旗下的文旅龙头企业，陕西旅游股份有限 公司是其唯一上市平台。集团虽资产规模超 500 亿，但主要利润集中在 资产体量仅 25 亿的上市公司，体现了集团对上市公司的重视。 在促消费政策背景下，陕旅凭借其在演艺和索道方面的品牌效应和可复 制性，具备较高的发展潜力。少华山索道、瑶光阁演艺等新项目以及泰 山秀城等项目显示出未来增长潜力。 陕西旅游的核心资产包括西峰索道（公司持股 51%，计划增持至 70%）和长恨歌演艺项目。长恨歌每年投入超 1,000 万元进行剧目改造， 2024 年实现收入 5,400 万元，利润近 2000 万元。 公司未来增长点包括收购少数股权（泰华索道 19%股权、瑶光阁演艺 49%股权），预计带来约 5,000 万元利润增量；推进泰山秀城二期项目， ...

公司为陕西省属国有文旅龙头企业，背靠陕西国资委，依托华清宫、华山等优质旅游资源，构建了索 道、演艺、旅游餐饮全产业文旅运营体系。2023年以来，公司收入规模及盈利能力快速提升，2024年公 司实现收入/归母净利润12.63/5.12亿元，同比分别增长16%/20%，归母净利率达41%，远超2019年的 23%。 公司演艺产品多样化，旗舰项目《长恨歌》体量庞大，商业模型优异。《长恨歌》为公司旗下标杆演艺 项目，其大小区位占优、演出内容高质量、文化IP稀缺且知名度高，2024年实际购票人次249万，上座 率高达88%，单项目收入占公司演艺业务的92%，毛利率高达87.77%。其他演艺项目收入体量较小，其 中《12.12》、《大唐女皇》上座率超80%，《泰山烽火》仍待爬坡。 募集资金使用及未来发展规划：此次上交所主板上市，公司发行股份数1933.33万股，发行价格为80.44 元/股，发行募资总额为15.55亿元，扣除发行费用后募资净额为15.22亿元，募集资金主要用于：1）泰 山秀城（二期）项目、少华山南线索道项目、太华索道服务中心项目及太华索道游客中心项目的建设； 2）太华索道股权项目、瑶光阁股权项目及少华山旅 ...

Core Insights - In 2025, various segments of the cultural tourism industry successfully accessed capital markets, with 8 companies raising over 14 billion RMB, while 4 others are awaiting listings in Hong Kong [1] - The A-share market saw a breakthrough with Shaanxi Tourism becoming the only tourism company listed in the A-share market in the past five years [5] - The Hong Kong market remains a primary channel for companies to go public, with a trend towards multi-market listings becoming the norm [1] Group 1: Company Listings - Shaanxi Tourism's successful listing was supported by its core assets, including the performance of the "Chang Hen Ge" show and the Huashan West Peak cableway, contributing over 90% of its revenue [6] - Impression Dahongpao listed in Hong Kong, raising approximately 1.48 billion HKD, but faced a significant drop in share price on its first day, closing down 35.28% [7][8] - Meiya Technology became the first tourism company to pass the review at the Beijing Stock Exchange, aiming to raise 200 million RMB [11] Group 2: Market Trends and Challenges - Despite the influx of companies into the Hong Kong market, many smaller tourism stocks face liquidity issues and low valuations, with most trading in a "仙股化" state [2] - The listing of Impression Dahongpao and others highlights the challenges of maintaining value recognition and liquidity in the market, especially for companies pursuing H-share listings [2] - The automatic driving sector saw significant activity with companies like WeRide and Pony.ai listing in Hong Kong, although they also face substantial losses [19][20] Group 3: Financial Performance - Shaanxi Tourism reported revenues of 1.244 billion RMB and a net profit of 503 million RMB in 2024, with a significant portion of income derived from tourism performances and cableway operations [6] - Impression Dahongpao's revenue from its main performance exceeded 91% of total income from 2022 to 2024, indicating a strong reliance on its core product [7] - Meiya Technology's revenue fluctuated from 457 million RMB in 2022 to 401 million RMB in 2024, with a net profit of 78 million RMB in 2024, reflecting a stabilization in its business model [12]

Macro Economic Group - In 2025, GDP growth is projected to be 5%, consistent with 2024, while Q4 GDP growth is 4.5%, down 0.3 percentage points from Q3 [4] - The industrial added value in December increased by 5.2% year-on-year, exceeding the market expectation of 4.9% [5] - Fixed asset investment in 2025 is expected to decline by 3.8%, significantly lower than the market forecast of -2.4% [4] Industry Comprehensive Group - Huayi Electronics (688709.SH) forecasts a net profit attributable to shareholders between 213 million to 255 million, representing a year-on-year growth of 74.35% to 108.73% [9] - Dinglong Co., Ltd. (300054.SZ) anticipates a net profit of 700 million to 730 million, with a year-on-year increase of 34.44% to 40.20%, driven by strong growth in semiconductor materials [10] Advanced Manufacturing Group - Gansu has publicly announced key parameters for capacity compensation, indicating a storage capacity electricity price of 137.9 yuan/(KW·year) [12] - The new compensation mechanism is expected to reduce uncertainty in storage project returns and promote a new cycle of storage demand release across the country [12] Consumer Group - Shaanxi Tourism, a leader in the "scenic area + cultural tourism" integration, has shown strong profitability but has provided guidance for a decline in 2025 performance due to normalization of visitor flow and extreme weather disturbances [16]

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Viewpoints - Shaanxi Tourism is highlighted as a leading enterprise in the "scenic area + cultural tourism" sector, leveraging its rich historical and natural cultural resources to set a benchmark for cultural tourism integration. The company went public on the Shanghai Stock Exchange in January 2026, with main operations in tourism performances, cable cars, dining, and project investment and management [4][9] - In 2024, the company achieved a revenue of 1.263 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 512 million yuan, up 19.72% year-on-year [4][9] - The revenue primarily comes from tourism performances and cable car operations, with the 2024 contributions from "The Long Hate Song" and the Huashan West Peak cable car at 54% and 31%, respectively [4][10] - The company maintains a high profit margin, with a gross margin of 71.3% in 2024. The expected revenue for 2025 is projected to be between 951 million and 1.117 billion yuan, reflecting a year-on-year decline of 24.69% to 11.54% due to a return to normal market conditions and increased extreme weather events [4][14] - The company is controlled by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, with a fundraising target of 1.555 billion yuan for various projects [4][22] - The report emphasizes the rarity of Shaanxi Tourism as a public cultural tourism enterprise, being the first cultural tourism IPO in five years and the largest scenic area IPO in history [4][23] Summary by Sections Industry Trends - The report notes a decline of 1.47% in the Shenwan Commercial Retail Index during the week of January 12 to January 16, 2026, while the overall market indices showed mixed performance [26][30] Company Financials - In 2024, Shaanxi Tourism's main business revenue was 1.254 billion yuan, with tourism performances, cable cars, and dining contributing 58%, 38%, and 3% respectively [4][10] - The company’s gross margin for 2024 was 71.3%, with specific margins for tourism performances and cable cars at 79.4% and 65.3% respectively [14][20] Investment Recommendations - The report suggests focusing on companies with potential for capacity expansion or transportation improvements, including Shaanxi Tourism, Changbai Mountain, and others in the scenic area sector [4][25]

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]

Core Viewpoint - Shaanxi Tourism has successfully transformed static historical and cultural resources into high-quality dynamic experiences through professional operation and continuous innovation, marking a significant milestone by becoming the first cultural tourism enterprise to list on the A-share market in five years [5][6]. Group 1: Company Overview - Shaanxi Tourism started with world-class resources like Huaqing Palace and Mount Huashan and has developed a recognized brand in the performing arts industry with the show "The Long Song of Regret," which has been refined over 18 years [5][6]. - The company achieved a significant milestone by listing on the Shanghai Stock Exchange on January 6, which is seen as a strong indicator of the feasibility of connecting cultural tourism assets with the capital market [6]. Group 2: Financial Performance - The company reported revenues of 1.088 billion yuan, 1.263 billion yuan, and 516 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 427 million yuan, 512 million yuan, and 204 million yuan for the same periods [6]. - In 2024, the company expects to achieve a non-recurring net profit exceeding 500 million yuan, marking a historical peak [6]. Group 3: Business Model - The dual-driven business model of "performing arts + cableway" is the core support for the company's stable performance, with the performing arts segment, particularly "The Long Song of Regret," being a strong growth engine with an expected attendance rate of 87.77% in 2024 [7]. - The tourism cableway business, particularly the Taihua cableway, serves as a "heavy asset ballast," providing stable cash flow [7]. Group 4: Competitive Advantage - The company emphasizes that its core competitiveness lies in its professional operational management and continuous product innovation, rather than just the scarcity of resources [8]. - The ongoing innovation in the performing arts, such as the introduction of "Ice and Fire Long Song of Regret," showcases the company's ability to adapt and enhance visitor experiences [8]. Group 5: Future Strategy - The company aims to upgrade its core products and innovate experience scenarios to meet the evolving consumer demand for meaningful and immersive experiences [10]. - Plans include the construction of a cultural immersive experience theater at Mount Huashan, utilizing VR and AR technologies to enhance visitor engagement during wait times [9]. Group 6: Expansion Plans - The IPO aims to raise 1.555 billion yuan, which will be used for projects including the construction of the South Line cableway at Shaohua Mountain and the comprehensive service center for Taihua cableway, marking a key step in the company's national expansion [10]. - The project in Tai'an is not a simple replication but is based on deep cultural insights, aiming to create a unique nighttime cultural consumption experience for over 8.6 million annual visitors [11]. Group 7: Long-term Vision - The company’s long-term vision focuses on creating unique and profound memories for visitors, ensuring that the cultural heritage is experienced and passed on [12].

Core Viewpoint - The cultural tourism industry in Shaanxi is entering a new stage of high-quality development, aiming to build a trillion-level cultural tourism industry cluster, which is increasingly becoming a strategic pillar for the province's economic growth [1][20]. Group 1: Industry Development - The "14th Five-Year Plan" emphasizes the deep integration of culture and tourism, with Shaanxi aiming to become a leading cultural tourism province [1][6]. - The cultural tourism industry in Shaanxi is projected to exceed 790 billion yuan in revenue in the first three quarters of this year, marking a year-on-year growth of 15.82% [20]. - The cultural tourism industry's added value accounted for 6.81% of the province's GDP in the first half of the year, surpassing the real estate sector [20]. Group 2: Company Overview - Shaanxi Tourism Cultural Industry Co., Ltd. is set to become the first provincial-level cultural tourism A-share listed company, marking a significant milestone for the capital and cultural tourism market in Shaanxi [2]. - Shaanxi Tourism Group has grown from 15 subsidiaries at its inception in 1998 to over 100 today, with total assets increasing from 1.36 billion yuan to over 54 billion yuan [3]. - The group has established six core business systems, including tourism culture, tourism services, and tourism technology, and has a significant presence in various provinces [3]. Group 3: Strategic Initiatives - Shaanxi Tourism Group has signed strategic cooperation agreements to operate the Qian Kun Bay 5A scenic area, enhancing its multi-level cooperation system [5]. - The group is actively integrating technology into its operations, with initiatives in digital transformation and immersive experiences [12][14]. - The group has also expanded its international cooperation, leveraging its position along the Belt and Road Initiative to enhance cultural exchange and tourism [15]. Group 4: Future Outlook - The group aims to achieve a revenue of 9.307 billion yuan in 2024, reflecting a growth of 130.4% since the beginning of the "14th Five-Year Plan" [21]. - The company is positioned to become a leading player in the national cultural tourism sector, targeting a hundred billion-level revenue [21]. - The emphasis on cultural empowerment for economic and social development aligns with national strategies, indicating a promising future for the cultural tourism industry in Shaanxi [21][17].

Investment Rating - The report indicates a positive outlook for the tourism industry, highlighting a strong recovery and growth potential [51][52]. Core Insights - The tourism market is experiencing a robust rebound, with domestic tourist visits and revenue projected to reach 5.62 billion visits and 5.75 trillion RMB in 2024, reflecting year-on-year growth of 14.8% and 17.11% respectively [51][52]. - In Shaanxi province, the integration of cultural tourism is yielding significant results, with 2024 domestic tourist visits expected to reach 0.31 billion and revenue at 376 billion RMB, marking increases of 16.5% and 12.3% year-on-year [51][52]. - The company is focusing on its core business in cultural tourism, enhancing its performance and cableway transport offerings, and aims to create new growth poles through strategic investments totaling 1.86 billion RMB [53][52]. Summary by Sections 1. Tourism Industry Recovery - Nationally, the tourism market is recovering strongly, with significant increases in both visitor numbers and revenue, particularly during holiday periods [6][10]. - In Shaanxi, the tourism sector is showing resilience, with notable growth in visitor numbers and revenue, especially in key cities like Xi'an [10][13]. 2. Diverse Business Model - The company's revenue is primarily derived from tourism performance, cableway operations, and dining services, with tourism performance contributing over 50% of total revenue [18][22]. - The governance structure is robust, supported by state-owned capital, ensuring compliance and risk management [19][22]. 3. Financial Performance - The company has turned profitable, with revenue reaching 1.26 billion RMB and net profit at 0.51 billion RMB in 2024, reflecting year-on-year growth [52][33]. - The gross profit margin has stabilized around 70%, indicating improved profitability and operational efficiency [34][33]. 4. Investment Projects - The company plans to invest in several key projects, including the Taishan Show City and various cableway services, to enhance capacity and service quality [46][53]. - A total investment of 1.86 billion RMB is planned, with 1.56 billion RMB to be raised through fundraising efforts [53][46].

Core Viewpoint - The capitalized process of high-quality tourism assets is gaining attention in the context of deep integration of the cultural tourism industry and consumption upgrades, with Shaanxi Tourism Cultural Industry Co., Ltd. showcasing its unique value as a "large-cap blue chip" in the capital market through its mature business model and stable operating performance [1] Group 1: Financial Performance - In 2023 and 2024, the company is projected to achieve operating revenues of 1.088 billion yuan and 1.263 billion yuan, respectively, with net profits attributable to shareholders reaching 427 million yuan and 512 million yuan, demonstrating exceptional profitability and operational resilience [1] - In the first half of 2025, the company maintained a steady development trend, achieving operating revenue of 516 million yuan and net profit of 204 million yuan, highlighting the stability of its "scenic area + cultural tourism" core business [2] Group 2: Business Segments - The company has established a resilient business structure through deep operations of scarce tourism resources such as Huaqing Palace and Mount Huashan, positioning itself as a leader in the domestic cultural tourism industry [1] - In the tourism performance segment, the company has created the phenomenon-level cultural product "The Song of Everlasting Regret," which has been operating steadily for over ten years and has set industry standards for live performances in China [2] - The company's operation of the Huashan West Peak Cableway has become a crucial transportation hub for the Huashan scenic area, recognized for its high single-direction capacity and unique design, contributing to stable cash flow [2] Group 3: Future Prospects - The IPO funds will primarily be used for projects such as the second phase of Taishan Xiucheng, the south line cableway project of Shaohua Mountain, and the acquisition of equity in Taihua Cableway and Yaoguang Pavilion, aimed at enhancing the company's comprehensive competitive strength [3] - Continued investment in the Taishan Xiucheng project and the expansion of the Shaohua Mountain cableway will help the company overcome physical space limitations and explore new growth points [3] - The company aims to become a "national first-class all-round leisure tourism lifestyle provider," leveraging the power of the capital market to achieve this goal [3]