Core Viewpoint - The controlling shareholder of the company has changed to Xinjiang Cultural Tourism Investment, with the Xinjiang Autonomous Region State-owned Assets Supervision and Administration Commission becoming the actual controller. The rich industrial resource layout of Xinjiang Cultural Tourism Investment, including several core 5A and 4A scenic spots, hotels, travel agencies, and theaters, aligns well with the company's core business. As the only listed cultural tourism company in Xinjiang, the company is expected to benefit from this change in control, leveraging the resources of the State-owned Assets Supervision and Administration Commission and Xinjiang Cultural Tourism Investment for sustained business development. The company's performance in the performing arts business has begun to gain momentum this year, and it is well-positioned in the low-altitude economy, pending local policy implementation in Xinjiang [1]. Financial Performance - In 2024, the company achieved an operating income of 304 million yuan, a year-on-year decrease of 0.51%, with the fourth quarter generating 34 million yuan, down 7.57% year-on-year. - The net profit attributable to shareholders for 2024 was 87 million yuan, a decline of 18.06%, while the net profit excluding non-recurring items was 86 million yuan, down 18.46%. In the fourth quarter of 2024, the net profit attributable to shareholders was -29 million yuan, an increase of 50.59% year-on-year, with a similar increase of 54.83% for the net profit excluding non-recurring items. - In the first quarter of 2025, the company reported an operating income of 16 million yuan, a decrease of 0.74%, and a net profit attributable to shareholders of -30 million yuan, an increase of 147.22%, with the net profit excluding non-recurring items also at -30 million yuan, up 145.96% [2]. Industry Outlook - In 2024, Xinjiang received 302 million tourists, a year-on-year increase of 14%, with total tourist spending reaching 359.542 billion yuan, up 21%, setting historical highs across various metrics. Cultural tourism has become a new strategic pillar industry for Xinjiang. The company's immersive performance project "Meet Kashgar" and the performance project at the West Sea Grassland scenic area are expected to welcome the first tourism peak during the May Day holiday, facilitating the company's business expansion outside Urumqi [3]. - The Civil Aviation Administration of China has completed the OC certification process over nine months, with EHang Intelligent obtaining OC certificates in Hefei and Guangzhou, potentially marking the beginning of commercial low-altitude manned flight in 2025. The company has established deep cooperation with EHang Intelligent in 2023, and the rich tourism resources and natural geographical advantages in Xinjiang are expected to provide a leading edge for the company's development in the low-altitude economy [4]. Investment Recommendations - The company's cable car business is expected to decline due to maintenance cycles but is projected to return to normal this year. The newly added performance project business may incur initial operating costs, with expected net profits attributable to shareholders of 102 million yuan, 136 million yuan, and 188 million yuan from 2025 to 2027, respectively. The current stock price corresponds to PE ratios of 59X, 44X, and 32X for those years, maintaining a "buy" rating [4].