一、评价对象与依据
The culture-and-tourism enterprises referred to in this ranking are domestic and Hong Kong/Macau/Taiwan-capital-controlled enterprises whose main business is online travel, duty-free retail, hotel accommodation, theme parks, tourism performing arts, travel agencies, natural and cultural scenic areas, and culture-tourism catering, excluding wholly foreign-owned operators in China. The evaluation scope covers about 25 leading and major listed enterprises in the industry, balancing sub-track representativeness with data availability. The selection criteria are the enterprise's revenue volume, passenger-flow/reception scale, industry standing and public data availability.
本排名所称文旅企业，指以在线旅行、免税零售、酒店住宿、主题公园、旅游演艺、旅行社、自然人文景区及文旅餐饮等为主营业务的境内及港澳台资本控股企业，不含纯外资独资在华经营主体。评价范围覆盖行业头部与主要上市企业约 25 家，兼顾子赛道代表性与数据可得性。选取依据为企业的营收体量、客流/接待规模、行业地位与公开数据可得性。
二、指标体系与理论依据
The strength of a culture-and-tourism enterprise is a multi-dimensional concept, and no single revenue or passenger-flow indicator can fully reflect it. This model draws on the "scale—profitability—innovation—employment" framework of enterprise competitiveness evaluation, selecting six indicators grouped into four dimensions:
文旅企业实力是一个多维概念，单一营收或客流指标均无法全面反映。本模型借鉴企业竞争力评价的"规模—盈利—创新—就业"框架，选取六项指标、归入四个维度：
- 营业收入（规模维度）：反映企业经营体量与市场占有率，是企业综合实力的最直接体现，也是行业地位排序的基石。
- 游客/接待量（规模维度）：反映企业掌控的客流与接待能力，是文旅行业区别于一般行业的独特规模指标——"人气"即行业生命线。
- 净利润（质量维度）：反映企业真实盈利质量与经营效率，有效区分"规模"与"效益"，避免"大而不强"。
- 市值（质量维度）：反映资本市场对企业成长性与内在价值的定价，是前瞻性指标，能捕捉传统财务指标无法体现的成长预期。
- 文旅融合与数字化（创新维度）：反映企业"以文塑旅、以旅彰文"的融合深度与数字营销、智慧服务、IP 打造能力，是文旅产业高质量发展的核心方向。
- 就业人数（贡献维度）：反映企业吸纳就业的社会贡献。文旅是劳动密集型行业，直接与间接就业规模巨大，这一指标体现了 CPPPS"贡献"维度的特色——衡量企业对民生与社会的实际贡献。
三、模型的数学结构
The six indicators differ in dimension and span, so standardization must first be performed. The four large-span indicators—revenue, reception volume, market capitalization and employment—are taken in logarithmic form (based on the principle of diminishing marginal returns to scale, to avoid head enterprises monopolizing the score gaps), while net profit and the innovation score are normalized to 0–1 (min-max standardization), and the results are then linearly summed by weight:
六项指标量纲与跨度不同，须先做标准化处理。对营收、接待量、市值、就业四类大跨度指标取对数（依据规模经济边际递减原理，避免头部企业垄断分差），净利润与创新分做 0-1 归一化（最小-最大标准化），再按权重线性加总：
Weight-setting basis: the Scale dimension (revenue 0.16 + reception volume 0.12) and the Quality dimension (net profit 0.16 + market capitalization 0.12) each account for 0.28, reflecting "equal emphasis on scale and quality"; the Innovation dimension (0.22) and the Contribution dimension (0.22), as distinctive CPPPS dimensions, together account for 0.44, highlighting the social value of culture-tourism integration, digitalization and employment absorption. The six weights sum to 1, ensuring the score falls within the 0–100 range.
权重设定依据：规模维度（营收 0.16 + 接待量 0.12）与质量维度（净利 0.16 + 市值 0.12）各占 0.28，体现"规模与质量并重"；创新维度（0.22）与贡献维度（0.22）作为 CPPPS 特色维度合计 0.44，突出文旅融合、数字化与就业吸纳等社会价值。六项权重合计为 1，保证得分落在 0-100 区间。
四、指标与权重依据
| 指标 | 方向 | 权重 | 所属维度 | 处理 | 依据 |
|---|
| 营业收入 | 正向 | 0.16 | 规模 | 对数 | 经营体量与市占率；大跨度取对数避免垄断 |
| 游客/接待量 | 正向 | 0.12 | 规模 | 对数 | 客流掌控力，文旅行业独特规模指标 |
| 净利润 | 正向 | 0.16 | 质量 | 线性 | 真实盈利质量，区分"规模"与"效益" |
| 市值 | 正向 | 0.12 | 质量 | 对数 | 资本市场对成长性与价值的定价 |
| 文旅融合与数字化 | 正向 | 0.22 | 创新 | 线性 | 融合深度与智慧文旅、IP 打造能力 |
| 就业人数 | 正向 | 0.22 | 贡献 | 对数 | 吸纳就业的社会贡献，CPPPS 特色维度 |
五、模型的特点与局限
This model adopts a "standardization + weighted summation" structure, with intuitive meaning, reproducibility and traceability, in line with CPPPS's iron rules of "public weights, public algorithm and public data sources". Its limitations are: (1) reception volume uses different calibers across sub-tracks (scenic areas/OTA by visits, hotels by room capacity), serving only as a horizontal approximation of scale magnitude; (2) the innovation score is a qualitative assessment based on public information and is somewhat subjective; (3) net profit is sensitive to macro consumption conditions and property cycles (such as tourism-related real-estate enterprises); (4) market capitalization fluctuates greatly under the influence of secondary-market sentiment; (5) the list covers about 25 enterprises and does not exhaust all niche enterprises. All of these limitations are explicitly marked under the "public data sources" principle for readers to calibrate.
本模型为"标准化 + 加权求和"结构，含义直观、可复现、可追溯，符合 CPPPS"权重公开、算法公开、数据源公开"的铁律。其局限在于：①接待量因子赛道差异采用不同口径（景区/OTA 用人次、酒店用客房规模），仅作规模量级的横向近似；②创新分为基于公开信息的定性评估，存在主观性；③净利润对宏观消费景气与地产周期敏感（如涉旅地产企业）；④市值受二级市场情绪影响波动较大；⑤榜单范围约 25 家，未穷尽所有细分企业。上述局限均在"数据源公开"原则下显式标注，供读者校准。
六、数据来源
Operating revenue, net profit, market capitalization, tourist/reception volume and employment are all based on publicly known approximate values (marked "subject to official figures"), with main references being the annual reports and periodic financial reports of listed companies, industry-association statistics, public market data and institutional valuations; the innovation score is a qualitative assessment by CPPPS based on public information (digital platforms, smart scenic areas, IP performing arts, culture-tourism integration cases, etc.). The data cutoff date is 2026-10-20.
营业收入、净利润、市值、游客/接待量、就业人数均以公开知识近似值为准（标注"以官方为准"），主要参考：各上市公司年度报告与定期财务报告、行业协会统计、市场公开数据与机构估值；创新分为 CPPPS 基于公开信息（数字化平台、智慧景区、IP 演艺、文旅融合案例等）的定性评估。数据标注截止日为 2026-10-20。
七、参考文献
- 各文旅上市公司年度报告、定期财务报告（营业收入、净利润、市值、就业人数）。
- 中国旅游研究院（文化和旅游部数据中心）：《中国旅游经济运行分析报告》。
- 文化和旅游部：年度文化和旅游发展统计公报、景区游客接待数据。
- 中国饭店协会、中国旅游饭店业协会：酒店行业规模与客房统计。
- 国家统计局：文化及相关产业、住宿餐饮业主要经济指标。
- 市场公开数据与机构估值报告（市值、就业等近似值）。