Core Viewpoint - Dalian Shengya (600593.SH), the only listed marine aquarium company in A-shares, is undergoing a significant change in control and financial restructuring to address its debt issues and enhance its operational capabilities [1][2][4] Group 1: Equity Issuance and Control Change - Dalian Shengya plans to issue up to 38.64 million shares at a price of 24.75 CNY per share, raising approximately 956 million CNY, which will be used for debt repayment and working capital [1] - After the issuance, Shanghai Tongcheng will hold 23.08% of Dalian Shengya's total shares, and the voting rights of existing shareholders will be irrevocably entrusted to Shanghai Tongcheng for 36 months [1] - The controlling shareholder will shift from Xinghai Bay Investment to Shanghai Tongcheng, resulting in Dalian Shengya having no actual controller due to the lack of a real controller at its indirect parent, Tongcheng Travel [1] Group 2: Strategic Cooperation and Industry Positioning - Dalian Shengya has signed a strategic cooperation agreement with Suzhou Longyue Tiancheng and Yang Ziping to transform the company into a global leader in the cultural tourism sector [2] - The collaboration aims to leverage Dalian Shengya as a platform for mergers and acquisitions in the cultural tourism industry, enhancing synergies and competitive advantages [2] - The shift in control from state-owned assets to Tongcheng Travel is intended to alleviate financial distress and focus on industry integration to establish Dalian Shengya as a leading enterprise in cultural tourism [2] Group 3: Financial Performance and Challenges - Dalian Shengya is facing declining profitability due to reduced visitor numbers and litigation costs, with projected net losses of 12.72 million to 19.08 million CNY for the first half of 2025 [2] - The company anticipates a significant decline in its net profit margin, with a year-on-year decrease of 97.54% to 98.36% for its non-recurring net profit [2] - Ongoing construction projects in Yingkou and Zhenjiang have been halted due to funding shortages, with a cumulative funding gap of approximately 800 million CNY [3] - As of March 2025, Dalian Shengya's debt-to-asset ratio reached 85.6%, highlighting the urgency of addressing its financial situation [4]

2025年7月21日晚间，大连圣亚（600593.SH）发布停牌公告，称正在筹划向特定对象发行 股票事项，若该事项进展顺利，可能导致公司控制权发生变更，因此自7月22日起停牌，预 计停牌时间不超过2个交易日。 不过，热度高峰过去之后，能否持续留住游客更加重要。 7月14日，大连圣亚发布的业绩预告显示，2025年上半年，公司扣非净利润预计仅为15.08万元至22.61万 元，同比减少97.54%到98.36%，业绩下降原因为"报告期景区客流下降，营业收入减少及确认投资损 失、按照诉讼判决计提诉讼迟延利息等原因。" 无独有偶，7月15日，东北地区另一家旅游业上市公司长白山（603099.SH）业绩预告显示，2025年上 半年，公司营业收入预计为2.35亿元，同比下降7.48%；归母净利润预计由盈转亏，亏损258万元至158 万元，原因为"受极端天气影响，景区关闭、景点关闭天数较去年同期增加，景区接待人数较上年有所 下降，营业收入减少"，以及"社保基数提高，保险金增加， 业务拓展外包和临时用工增加，导致人工 成本较去年同期有所增加。" 哈尔滨冰雪大世界场馆。 近两年，东北地区旅游火热，哈尔滨更是一度成为现象级旅游城 ...