如果要我形容青都旅游招股书，那大概率跑不出乏善可陈、平平无奇，味同嚼蜡这类词，居然连一个看不懂的专业词汇都没有，唯一能跟“新经济”扯上关系的，还是上古互联网词汇“OTA”。数字化转型网szhzxw.cn
但也正是资本市场分层的意义，青都旅游2022年三大费用，销售费用3200元，是的你没看错，单位是元；管理费用281.37万元，财务费用-139.1万元，对于长期投资者来说，这样的成本结构和现金流，相比收益有限、风险无限的金融，或者层出不穷的新概念，稳多了。数字化转型网szhzxw.cn
在峨眉山上市26年后，四川或迎来第二个景区旅游上市公司。
近日，成都市青城山都江堰旅游股份有限公司（以下简称“青都旅游”）向深交所递交了上市申请，中信建投担任保荐人。数字化转型网szhzxw.cn
青城山-都江堰景区距成都仅70公里，既包含我国著名的道教名山，又包括世界水利史上的明珠。2000年，青城山-都江堰景区还被评为世界文化遗产。
本次递交招股书的青都旅游，正是青城山-都江堰核心旅游资产的持有和运营公司。其主要业务是为青城前山和灌县景区提供索道和观光车服务。数字化转型网szhzxw.cn
自2018年引入中青旅红奇基金的战略投资后，青都旅游便开始了上市准备。但受疫情影响，其上市工作一再延宕。随着疫情结束，青都旅游正踩着文旅复苏的风口递交上市申请。不过根据招股书披露的经营数据，能否顺利上市还存在变数。
一、收入结构单一，上市未必顺利
先来看看经营数据。数字化转型网szhzxw.cn
2022年上半年，青都旅游营收1753.04万元，净利润仅为489.74万元；2021年营收7099.17万元，净利润4179.56万元；2020年5848.27万元，净利润2790.22万元。
不出所料，受疫情影响青都文旅过去三年的业绩受几乎腰斩。相比于2019年，2020年营业收入下降 50.24%，净利润下降 54.45%；2022年1-6月营业收入又同比下降54.75%，净利润同比下降82.49%。数字化转型网szhzxw.cn
如果比较疫情前的水平，青都旅游与A股同类上市公司的差距也不小。2019年，黄山旅游净利润3.64亿元，峨眉山A净利润2.26亿元。但青都文旅2019年仅有0.61亿元。约为黄山旅游的六分之一，峨眉山A的四分之一。数字化转型网szhzxw.cn
如果按照注册制施行后的主板上市标准来看，青都旅游的上市必将充满变数。
比如若按照标准一要求，三年内净利润为正，累计不低于1.5亿，且最近1年净利润不低于6000万元。若按照标准2执行，预估市值不应低于50亿元，最近一年营业收入不低于6亿元。若按照标准3申请，预计市值不低于80亿元，最近一年营业收入不低于8亿元。数字化转型网szhzxw.cn
如果按照正常年份，青都旅游的经营数据应该会满足上市标准一。2018-2019 年其营业收入分别为 1.19亿元、1.18亿元，净利润分别为 4998.42万元、6125.43万元。按照这个增长趋势，2020年就能够满足“三年内净利润为正，累计不低于1.5亿，且最近1年净利润不低于6000万元”的要求。数字化转型网szhzxw.cn
只可惜时运不济。如果考察2020/2021/2022的三年的数据，不论是按照哪一条标准，青都旅游都有较大距离。数字化转型网szhzxw.cn
盈利水平较低与青都旅游业务单一有很大关系。招股书显示，青城山-都江堰风景名胜区包括青城前山景区、青城后山景区、都江堰景区等7个景区。但青都旅游的主要业务只是依托青城前山景区和灌县古城景区为游客提供索道、观光车服务。
2019年，青都旅游索道、观光车业务收入占主营业务收入的比例分别约为69.20%、30.80%。2022年上半年，索道收入占比为63.11%，观光车收入占比为36.89%。收入结构过于单一。相比之下，黄山旅游主要业务包括景区、索道、酒店、旅行社、餐饮和智慧旅游6大版块。峨眉山A的业务也包括门票、索道、酒店和茶叶广告等。两家公司的业务远比青都旅游更多元。数字化转型网szhzxw.cn
而且对于青都旅游而言，索道和观光车两项业务的增长空间已经不大。青城前山景区游客最大承载量为3万人次/日（与行业平均水平持平，黄山、峨眉山等景区一般也为2.5-3万人次/人），已经进入成熟期。另外，不论是索道还是观光车，其收费标准均需要政府主管部门审批，公司不能自行提高收费标准。这些因素导致公司现有业务增长受到限制。数字化转型网szhzxw.cn
所以本次上市募资，主要目的就是拓展新业务。
据招股书披露，青都旅游上市募资3.456亿元，其中2.2亿用于投资“舞蹈青城”文艺演艺综合项目。拓展以旅游演艺为核心的文旅综合体运营项目和IP 开发。该项目将建成一座能容纳1200名观众的室内演艺中心，同时配套建设多媒体互动展馆、商业休闲等设施。据招股书称，其建设期2年、运营期10年。如果投资顺利，在运营期内将增加年均营收1.05亿元，年均净利润2106.79万元。数字化转型网szhzxw.cn
二、背后站着中青旅、红杉、IDG
拓展景区服务内容，就不得不提青都文旅背后的股东。
招股书显示，公司第一大股东为成都都江堰旅游集团有限责任公司，向上穿刺是都江堰国资金融局，占股为80%。而第二大股东则为中青旅和红奇基金，各占股10%。
早在2018年，青都旅游就引入了中青旅红奇基金的1.54亿元战略投资。而中青旅红奇基金是中青旅联合IDG资本和红杉中国一起成立的投资公司。2017年3月，中青旅、IDG资本、红杉中国三方共同发起设立和管理旅游产业投资基金。致力于在国内旅游产业资源端布局。数字化转型网szhzxw.cn
在成立中青旅红奇基金之前，中青旅与IDG资本就在文旅投资上多次合作。比如，2009年，中青旅联手IDG资本投资乌镇旅游，将乌镇打造为集观光、休闲度假、商务会议于一体的国际化旅游目的地。特别是自2013年开始，连续举行9届乌镇戏剧节，成为中国戏剧史上标杆性文化节。2014年乌镇又被选定为世界互联网大会的永久会址，让其从中国众多古镇中脱颖而出。
又比如，2011年中青旅再次联合IDG资本，共同开发北京郊区景点古北水镇。2014年新建设完成的古北水镇一开业就吸引了超过100万游客，第二年就已经开始盈利。目前，古北水镇已经成为北京周边游的重要目的地。数字化转型网szhzxw.cn
中青旅和IDG资本在乌镇和古北水镇的合作，走出了一条景区更新、拓展旅游内容的路子。这奠定了2017年中青旅红奇基金成立。该基金成立后先后投资了四川绵阳九皇山景区、南京高淳雅园-颐养度假生活小镇、江西婺源篁岭旅游度假区等项目。
2018年，青都旅游在获得战略投资后，就有意借鉴乌镇和古北水镇的运营模式。从拓展景区内容，发掘夜间消费下手。这才有了“舞蹈青城”文艺演出项目的建设计划。不过仅从营收水平而言，要成为下一个乌镇旅游或古北水镇，青都旅游还有一段较长的路要走。数字化转型网szhzxw.cn
但青都旅游也有自己的独特优势，并在招股书中反复提及——青城山—都江堰风景名胜区旅游资源丰富、历史文化底蕴深厚，是代表世界水利文化及中国道教文化的旅游名片。2000年，青城山—都江堰景区获评世界文化遗产，全国仅38处景观获此殊荣，这一点远非一般景区可比拟。
所以用一句话总结青都旅游——“未来可期，但同志仍需努力”。
三、文旅投资走向细水长流
对于一级市场而言，过去5年在文旅赛道上的不断减少。疫情期间，文旅投资更是降至冰点。据此前《新旅界》报道，“市面上可能有一半以上的文旅投资基金现在都处在名存实亡的状况。”数字化转型网szhzxw.cn
青都旅游上市能否给冷清的文旅赛道添一把火？数字化转型网szhzxw.cn
可能未必。且不说能否顺利上市。即使青都旅游上市成功。至少目的地旅游的投资已经被风投机构排除在外。这一方面是因为目的地旅游的投资，资金需求量大，但当下不少机构（特别是投文娱产业的机构）都“囊中羞涩”；另一方面不少旅游目的地是自然景区，其开发趋势是既要突出公益性服务大众，又要防范过度开发减少生态破坏，所以并非机构最合适的标的。
不过无需悲观。近期旅游消费正逐步回归正常水平。2023年春节假期，全国国内旅游出游3.08亿人次，同比增长23.1%，恢复至2019年同期的88.6%；实现国内旅游收入3758.43亿元，同比增长30%，恢复至2019年同期的73.1%。
一级市场在文旅赛道的投资也开始有复苏迹象。据公开资料显示，2022年6月至今已有多家旅游酒店行业公司获得投资。数字化转型网szhzxw.cn
如巨象文旅在今年3月获得弘章资本、嘉城智慧文旅基金的数千万A轮融资；享梦游于今年2月获得国旅环球的战略投资；马蜂窝获得贵阳创投等机构的F轮融资；小鹭旅行获得工信资本pre-A轮融资。数字化转型网szhzxw.cn
2022年下半年，则有包括未来好宿、玩点旅行、日光旅行、无尽之夏、海南特区国旅、AsiaYo、十里一亭等10余家公司都获得投资。数字化转型网szhzxw.cn
所以虽与其他赛道相比，文旅投资的观望情绪依然浓烈，资本的信心恢复也滞后于旅游市场的恢复。但只要需求在增长，投资就会增长，只不过是从“汹涌澎湃”变为了“细水长流”。
翻译：
If I want to describe the Qingdu tourism prospectus, it is very likely to run out of boring, ordinary, tasteless and such words, even a do not understand the professional vocabulary, the only can be associated with the “new economy”, or the ancient Internet word “OTA”.数字化转型网szhzxw.cn
But it is also the meaning of the stratification of the capital market. The three major expenses of Qingdu Tourism in 2022 are sales expenses of 3,200 yuan. Yes, you read that right, the unit is yuan; Administrative expenses are 2,813,700 yuan, and financial expenses are 1,391,000 yuan. For long-term investors, such cost structure and cash flow are much more stable than finance with limited returns and unlimited risks, or emerging new concepts.数字化转型网szhzxw.cn
26 years after Mount Emei went public, Sichuan may welcome its second listed scenic tourism company.
Recently, Chengdu Qingcheng Shandu Jiangyan Tourism Co., LTD. (hereinafter referred to as “Qingdu Tourism”) submitted an application to the Shenzhen Stock Exchange for listing, with Citic Construction Investment as the sponsor.
Only 70 kilometers away from Chengdu, Qingcheng-Dujiangyan scenic area contains both the famous Taoist mountains in China and the pearl in the history of water resources in the world. In 2000, the Qingcheng-Dujiangyan scenic area was named a World Cultural Heritage site.
Qingdu Tourism, which submitted the prospectus this time, is the company that holds and operates the core tourism assets of Qingcheng Mountain and Dujiangyan. Its main business is to provide cableway and sightseeing car services for Qingcheng Mountain and Guanxian scenic spots.
Since the introduction of strategic investment from China Youth Travel Hongqi Fund in 2018, Qingdu Tourism has begun to prepare for listing. However, due to the impact of the epidemic, its listing work has been delayed. With the end of the epidemic, Qingdu Tourism is stepping on the cusp of cultural tourism recovery to submit an application for listing. However, according to the prospectus disclosed operating data, whether successful listing is still uncertain.
First, the income structure is single, listing may not be smooth
Let’s start with the operating data.数字化转型网szhzxw.cn
In the first half of 2022, the revenue of Qingdu tourism was 17.530,400 yuan, and the net profit was only 4.897,400 yuan; In 2021, the revenue was 70.991,700 yuan and the net profit was 41,795,600 yuan; In 2020, 58.4827 million yuan, net profit 27.9022 million yuan.
Not surprisingly, the performance of Qingdu Cultural Tourism in the past three years has been almost halved due to the impact of the epidemic. Compared with 2019, the operating revenue and net profit decreased by 50.24% and 54.45% in 2020; From January to June 2022, the operating revenue and net profit decreased by 54.75% and 82.49% respectively.数字化转型网szhzxw.cn
If we compare the level before the epidemic, there is also A large gap between Qingdu Tourism and similar A-share listed companies. In 2019, the net profit of Huangshan tourism was 364 million yuan, while that of Mount Emei A was 226 million yuan. But Qingdu Cultural Tourism in 2019 only 61 million yuan. It is about one-sixth that of Huangshan and one-fourth that of Mount Emei A.
According to the main board listing standard after the implementation of the registration system, the listing of Qingdu Tourism will be full of uncertainties.
For example, if the net profit is positive in three years according to the requirements of Standard I, the cumulative net profit is not less than 150 million yuan, and the net profit in the latest year is not less than 60 million yuan. If it is implemented according to Standard 2, the estimated market value should not be less than 5 billion yuan, and the operating income of the latest year should not be less than 600 million yuan. If applied according to standard 3, the market value is expected to be no less than 8 billion yuan, and the operating income of the latest year is no less than 800 million yuan.数字化转型网szhzxw.cn
If according to normal years, Qingdu Tourism’s operating data should meet listing standard 1. In 2018-2019, its operating revenue was 119 million yuan and 118 million yuan respectively, and its net profit was 49.9842 million yuan and 61.2543 million yuan respectively. According to this growth trend, the requirements of “positive net profit in three years, no less than 150 million yuan accumulated, and no less than 60 million yuan net profit in the latest one year” can be met in 2020.
It’s just bad luck. If we examine the data of 2020/2020/2022, no matter according to any standard, Qingdu tourism has a large distance.
The low level of profitability has much to do with the single business of Qingdu tourism. According to the prospectus, the Qingcheng-Dujiangyan scenic area includes seven scenic spots, including Qingcheng Front Mountain Scenic spot, Qingcheng Back Mountain Scenic spot and Dujiangyan Scenic spot. However, the main business of Qingdu tourism is to provide cableway and sightseeing car services for tourists relying on Qingcheng Qianshan scenic spot and Guanxian Ancient City scenic spot.数字化转型网szhzxw.cn
In 2019, the revenue of ropeway and sightseeing car accounted for 69.20% and 30.80% of the main business revenue of Qingdu Tourism respectively. In the first half of 2022, ropeway revenue accounted for 63.11 percent and sightseeing car revenue for 36.89 percent. The income structure is too simple. In contrast, the main business of Huangshan tourism includes six sections:. Scenic spot, ropeway, hotel, travel agency, catering and smart tourism. The business of Mount Emei A also includes tickets, cableway, hotel and tea advertising. The businesses of both companies are far more diversified than Qingdu Travel.
And for Qingdu tourism, ropeway and sightseeing car two business growth space has been small. Qingcheng Qianshan Scenic Spot has a maximum carrying capacity of 30,000 tourists per day (the same as the industry average level, Huangshan, Mount Emei and other scenic spots are generally 25,000-30,000 tourists per person), which has entered the mature stage. In addition, whether it is a ropeway or a sightseeing car. Its fee standards need to be approved by the competent government departments, and the company cannot raise the fee standards by itself. These factors have led to constraints on the growth of the company’s existing business.
Therefore, the main purpose of this listing is to expand new business.
According to the prospectus, Qingdu Tourism raised 345.6 million yuan, of which 220 million yuan will be invested in the “Dance Qingcheng” arts and performance project. Expand the operation project and IP development of cultural and tourism complex with tourism and performing arts as the core. The project will build an indoor performing arts center with a capacity of 1,200 spectators. As well as multi-media interactive pavilions, commercial and leisure facilities. According to the prospectus, the construction period is two years and the operation period is 10 years. If the investment goes well, the average annual revenue will increase by 105 million yuan and average annual net profit by 210.679 million yuan during the operation period.
Second, standing behind the China Youth Travel Service, Sequoia, IDG数字化转型网szhzxw.cn
To expand the service content of scenic spots, we have to mention the shareholders behind Qingdu Cultural Tourism.数字化转型网szhzxw.cn
According to the prospectus, the largest shareholder of the company is Chengdu Dujiangyan Tourism Group Co., LTD. And the upward entry is Dujiangyan State-owned Assets Finance Bureau, accounting for 80% of the shares. The second largest shareholder is China Youth Travel and Hongqi Fund, with 10 percent each.
As early as 2018, Qingdu Tourism introduced a strategic investment of 154 million yuan from China CYTS Hongqi Fund. And CYTS Hongqi Fund is an investment company jointly established by CYTS IDG Capital and Sequoia China. In March 2017, China Youth Travel Services, IDG Capital and Sequoia China jointly initiated the establishment and management of tourism industry investment fund. Committed to the domestic tourism industry resource layout.
Before the establishment of China Youth Travel Hongqi Fund, China Youth Travel and IDG Capital on cultural investment cooperation. For example, in 2009, China Youth Travel Services and IDG Capital invested in Wuzhen tourism, building Wuzhen into an international tourist destination integrating sightseeing, leisure vacation and business conference. Especially since 2013, Wuzhen Theater Festival has been held for 9 consecutive times. Becoming a benchmark cultural festival in the history of Chinese theater. In 2014, Wuzhen was selected as the permanent site of the World Internet Conference, making it stand out from many ancient towns in China.
Another example is that in 2011, CYTS cooperated with IDG Capital again to jointly develop Gubei Water Town, a scenic spot in the suburbs of Beijing.
The newly built Gubei Water Town, completed in 2014, attracted more than 1 million visitors when it opened and was already profitable the following year. At present, Gubei Water Town has become an important tourist destination around Beijing.
The cooperation between China Youth Travel Service (CYTS) and IDG Capital in Wuzhen and Gubei Water Town has taken a path of updating scenic spots and expanding tourism content. This laid the foundation for the establishment of CYTS Hongqi Fund in 2017. Since its establishment, the fund has successively invested in Jiuhuangshan Scenic spot in Mianyang, Sichuan Province, Gaochun Yahuayuan – Retirement Resort Town in Nanjing, Huangling Tourism Resort in Wuyuan, Jiangxi, and other projects.
In 2018, after obtaining strategic investment, Qingdu Tourism intends to learn from the operation model of Wuzhen and Gubei Water Town. Start by expanding the contents of scenic spots and exploring night consumption. Thus came the construction plan of “Dancing Qingcheng” artistic performance project. However, only from the revenue level, to become the next Wuzhen tourism or Gubei water town, Qingdu tourism still has a long way to go.
However, Qingdu Tourism also has its own unique advantages. And it is repeatedly mentioned in the prospectus that Qingcheng-Dujiangyan scenic spot has rich tourism resources and profound historical and cultural deposits, which is a tourism name card representing the world water conservancy culture and Chinese Taoist culture. In 2000, Mt. Qingcheng and Dujiangyan scenic spots were listed as World Cultural Heritage sites. Only 38 scenic spots in China were awarded this honor, which is far from comparable to other scenic spots.数字化转型网szhzxw.cn
Therefore, we can sum up Qingdu tourism in one sentence:. “The future is promising, but comrades still need to work hard”.
Third, cultural and tourism investment to a long stream
For the primary market, the past 5 years in the cultural travel track of continuous reduction. Investment in culture and tourism has dropped to freezing point during the pandemic. “More than half of the cultural and tourism investment funds in the market are no longer in existence.” The New Travel Industry reported earlier.
Can the listing of Qingdu Tourism add a fire to the quiet cultural travel track?
Probably not. Let alone a successful IPO. Even if the Qingdu tourism listing success. At least investment in destination travel has been ruled out by venture capital firms. On the one hand, it is because destination tourism investment, capital demand is large. But at present many institutions (especially investment in the cultural and entertainment industry) are “short of money”. On the other hand, many tourist destinations are natural scenic spots, whose development trend is not only to highlight public welfare services. But also to prevent excessive development and reduce ecological damage. So it is not the most appropriate target for the organization.数字化转型网szhzxw.cn
But don’t be pessimistic. Recently, tourism consumption is gradually returning to normal levels. During the 2023 Spring Festival holiday. 308 million domestic trips were made, up 23.1% year on year, recovering to 88.6% in 2019. Domestic tourism revenue reached 375.843 billion yuan, up 30% year on year, recovering to 73.1% in the same period of 2019.数字化转型网szhzxw.cn
The primary market in the travel circuit investment also began to show signs of recovery.
According to public data, since June 2022, a number of tourism and hospitality industry companies have received investment.
For example, in March this year, Giant Elephant Culture Travel obtained tens of millions of A-round financing from Hongzhang Capital and Jiacheng Wisdom Culture Travel Fund. Xiang Somnambula received strategic investment from CITS Global in February this year. Hornet’s Nest obtained the F round financing from Guiyang Venture Capital and other institutions. Little Egret Travel obtained pre-A round of financing from Industrial Capital.
In the second half of 2022, more than 10 companies, including Future Good Night, Playpoint Travel, Daylight Travel, Endless Summer, Hainan Special Zone International Travel, AsiaYo, and Ten Miles One Ting, have received investment.数字化转型网szhzxw.cn
Therefore, although compared with other tracks. The wait-and-see mood of cultural and tourism investment is still strong. And the recovery of capital confidence also lags behind the recovery of the tourism market. But as long as demand is growing, investment will grow, just from a “surge” to a “trickle”.数字化转型网szhzxw.cn
本文由数字化转型网（www.szhzxw.cn）转载而成，来源于投中网，作者：杨博宇；编辑/翻译：数字化转型网宁檬树。
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