Core Viewpoint - The approval of Shaanxi Tourism's IPO marks a significant milestone as it is set to become the first cultural tourism company to list on the A-share market in five years, reflecting a potential recovery in the sector [1] Company Summary - Shaanxi Tourism's IPO application was accepted by the Shanghai Stock Exchange on May 30, 2023, and it passed the review on November 7, 2023, making it the first cultural tourism enterprise to be accepted since the "8·27 new policy" [1] - The company plans to raise 1.555 billion yuan through the IPO to fund various projects, including acquisitions of equity in Taihua Cableway and Shaohua Mountain tourism projects, as well as the construction of service centers [1] - Established in 1988 and listed on the New Third Board in January 2017, Shaanxi Tourism operates primarily in tourism performance, cableway services, and tourism dining, leveraging resources like Huaqing Palace and Mount Huashan [1] Financial Performance - Projected revenues for Shaanxi Tourism are 1.088 billion yuan in 2023, 1.263 billion yuan in 2024, and 516 million yuan in the first half of 2025, with net profits expected to be 427 million yuan, 512 million yuan, and 204 million yuan respectively, indicating strong profitability [2] Industry Context - The last cultural tourism company to go public was Xiyu Tourism, which listed on the Shenzhen Stock Exchange in August 2020. The industry has faced challenges in recent years, particularly due to the COVID-19 pandemic, which led to significant losses [3] - The difficulties in listing for cultural tourism companies are attributed to their reliance on ticket sales for revenue, low diversification of income, and high asset intensity, which contribute to weak sustainable profitability [3]

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration for Shaanxi Tourism Culture Industry Co., Ltd., which plans to raise 1.555 billion yuan on the Shanghai Stock Exchange [1][2]. Company Overview - Shaanxi Tourism was established in April 2011 and primarily engages in tourism operations focusing on tourism performances, cable cars, and dining [5]. - The company has become a leading enterprise in the "scenic area + cultural tourism" sector, leveraging rich tourism resources and years of operational experience [5]. - Its business integrates tourism performances, cable cars, and dining, relying on high-quality tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [5].

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the 70th company approved for listing this year, with a focus on leveraging high-quality tourism resources for enhanced visitor experiences [1][2]. Group 1: Company Overview - Shaanxi Tourism integrates various tourism-related services, including performance, cable cars, dining, and project investment and management, capitalizing on resources like Huaqing Palace and Huashan Mountain [1]. - The controlling shareholder of Shaanxi Tourism is Shaanxi Tourism Group Co., Ltd., which holds 47.59% of the shares directly and an additional 6.69% indirectly through Shaanxi Tourism Development Co., Ltd. [2]. Group 2: IPO Details - The company plans to publicly issue up to 19.333334 million shares on the Shanghai Stock Exchange, representing no less than 25% of the total share capital post-issuance [2]. - The IPO aims to raise approximately 1.5551279 billion yuan, which will be allocated to several projects, including the construction of the Taishan Xiucheng Phase II project and the expansion of cable car services at Shaohua Mountain National Forest Park [2]. Group 3: Market and Performance Inquiry - The listing committee raised inquiries regarding the sustainability of the company's products and revenue, the stability of its operating performance, and the adequacy of risk disclosures related to its key projects, including the "Chang Hen Ge" performance and cable car operations [3]. - Questions were also posed about the operational metrics such as attendance rates and profit margins for the Taishan Xiucheng Phase I project, assessing the rationale for further investment in the Phase II project [3].

Core Viewpoint - Shaanxi Tourism Culture Industry Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 1.555 billion yuan for its business expansion [1] Group 1: Company Overview - Shaanxi Tourism integrates various sectors including tourism performances, cable cars, dining, and project investment and management [1] - The company’s main board IPO was accepted on May 30, 2025, and entered the inquiry stage on June 26 of the same year [1] Group 2: Financial Aspects - The company plans to raise around 1.555 billion yuan through this IPO [1] Group 3: Regulatory Requirements - The listing committee has requested Shaanxi Tourism to explain the sustainability of its products and revenue, considering the domestic tourism market conditions and the performance of its key projects such as "The Longest Love" and cable car operations [1] - The committee also requires the company to justify the rationale and necessity for continued investment in the second phase of the Taishan Xiucheng project, including an analysis of attendance rates, gross margins, and market prospects [1]

Core Viewpoint - Lijiang Co., Ltd. (002033) is actively developing its presence in the IP economy, leveraging its natural and cultural assets to enhance tourism and related services [1] Company Developments - As of October 29, 2025, Lijiang Co., Ltd. closed at 8.69 yuan, with a slight increase of 0.35% and a trading volume of 85,000 shares, amounting to a transaction value of 73.5 million yuan [1] - The company has established a dual IP development framework, focusing on "Yulong Snow Mountain" as a natural IP and "Impression Lijiang" as a cultural IP, which are key to its branding strategy [1] Investment and Financial Insights - On October 29, the net outflow of main funds was 6.62 million yuan, indicating a cautious short-term attitude from major investors [1] - The fund flow analysis showed that retail investors contributed a net inflow of 1.61 million yuan, while speculative funds saw a net inflow of 5.01 million yuan [1]

Core Viewpoint - Lijiang Co., Ltd. is actively developing its IP economy, leveraging its natural and cultural assets to enhance tourism experiences and drive growth [2]. Group 1: Company Performance - As of October 13, 2025, Lijiang Co., Ltd. closed at 8.45 yuan, down 1.05%, with a turnover rate of 2.62%, a trading volume of 144,000 shares, and a transaction value of 121 million yuan [1]. - The company reported a net outflow of 9.7463 million yuan from main funds on October 13, indicating a trend of capital withdrawal [3]. Group 2: IP Economy Development - The company has established a dual IP framework, focusing on "Yulong Snow Mountain" as a natural IP and "Impression Lijiang" as a cultural IP, which are key to its branding and tourism strategy [2]. - Lijiang Co., Ltd. is expanding its offerings around these IPs, including tourism cable cars, dining, cultural products, and high-end resorts, to enhance visitor experiences and capitalize on its unique resources [2]. Group 3: Upcoming Financial Disclosure - The company plans to release its third-quarter report on October 25, 2025, with normal business operations reported for the third quarter [2].