Core Insights - Xi'an is emerging as a significant tourism hub, with a reported 20.08 million visitors and a tourism revenue of 19.96 billion yuan during the recent National Day and Mid-Autumn Festival holidays, marking year-on-year increases of 28% and 38.7% respectively [1] - Shaanxi Tourism is advancing its IPO process, moving from the acceptance stage to substantive review, indicating a step closer to listing on the Shanghai Stock Exchange [2] - If Shaanxi Tourism successfully lists, it will join two other local tourism companies in the A-share market, enhancing the competitive landscape in Xi'an's tourism sector [3] Company Performance - Shaanxi Tourism's main business includes tourism performances like "The Longest Love," cableway operations, and dining services, with significant revenue contributions from these segments [4] - The company reported revenues of 232 million yuan, 1.088 billion yuan, and 1.263 billion yuan for 2022 to 2024, with net profits of -72.07 million yuan, 427 million yuan, and 512 million yuan respectively [4] - "The Longest Love" performance contributed 764.11 million yuan, 542 million yuan, and 680 million yuan to total revenues from 2022 to 2024, accounting for 33.5%, 50.12%, and 54.28% of total revenue [5] Market Dynamics - Xi'an's tourism market has seen explosive growth, with 278 million visitors and total tourism revenue of 335 billion yuan in 2023, placing it among the top cities in China [9] - Local companies like Qujiang Culture and Tourism, Xi'an Tourism, and Shaanxi Tourism hold key tourism resources and services in the region [9] - Despite high visitor numbers, companies like Qujiang Culture and Tourism have struggled with profitability, reporting losses for three consecutive years [10] Competitive Landscape - Shaanxi Tourism's business model, focusing on high-margin tourism performances and cableway operations, contrasts with Qujiang Culture and Tourism's asset-light approach, which has limited profitability [12] - Shaanxi Tourism's cableway operations have shown strong performance, with over 100% utilization rates, contributing approximately 30% to total revenue [7] - The competitive dynamics among the three local tourism companies are expected to intensify if Shaanxi Tourism successfully enters the A-share market [14]