Group 1 - The difficulty of listing cultural tourism companies is significant due to structural contradictions between the purpose of listing and the current state of real business operations [20] - Most cultural tourism enterprises, approximately 99.99%, do not need to consider listing as a development goal, nor should they view secondary markets like REITs as a target for growth [20] - Existing listed cultural tourism companies have engaged in disorderly expansion, effectively blocking the path to a viable listing business model [20] Group 2 - Single scenic spots have the potential for listing if they meet two necessary conditions: having a top-tier brand and avoiding blind cross-industry expansion [20] - The number of domestic cultural tourism scenic spots that can meet these standards is limited, and success depends on subjective initiative and appropriate land use procedures [20] - The prosperity of capital markets is contingent upon excellent real business performance; relying on listing as a development goal can only provide temporary relief, as unsustainable practices will eventually be exposed [21] Group 3 - The current listing requirements for companies include being a joint-stock company, having stable shareholders and core management, meeting financial indicators, ensuring legal compliance, and adhering to capital and issuance ratios [6] - Cultural tourism companies face unique challenges as their core products, such as tourist attractions, are fixed and cannot be relocated, making expansion reliant on supplementary business models [9][11] - The only cultural tourism company that has successfully listed and meets the requirements is Songcheng Performance [12]

Core Viewpoint - The control change plan for Sanxiang Impression has been terminated after a year and a half of complications, as the major shareholder, Shanghai Sanxiang Investment Holdings, received a request from Wuhan Lian Investment Real Estate to terminate the equity transfer agreement, indicating that the plan for Hubei Provincial State-owned Assets Supervision and Administration Commission to take over has completely failed [2][5]. Group 1: Control Change and Equity Transfer - Wuhan Lian Investment Real Estate has requested the termination of the equity transfer agreement for the second time, previously issuing a notice in May stating that the agreement had triggered termination conditions [2][7]. - The equity transfer agreement involved Lian Investment acquiring approximately 295 million shares, representing 25% of Sanxiang Impression's total shares, with specific share transfers from Sanxiang Holdings and its actual controller Huang Hui [4][5]. - The first installment of the equity transfer payment, amounting to 173 million yuan, was deposited into a joint account but has not progressed further due to the termination request [6][8]. Group 2: Financial Performance and Business Challenges - In 2024, Sanxiang Impression reported revenue of 1.21 billion yuan, a 9.46% increase from 2023, with the real estate sales segment contributing significantly [10]. - The cultural performance segment, however, saw a decline in revenue by 39.40%, indicating challenges in this area [10]. - The company has faced difficulties in its real estate business, with no new land reserves since 2018, and the remaining project in Yanjiao facing long sales cycles and thin profit margins [11][12].