Core Viewpoint - Impression Dahongpao (02695) has made its debut on the stock market with an initial share price of HKD 3.6, issuing 36.1 million shares and raising approximately HKD 104 million in net proceeds. As of the report, the stock has dropped by 9.44% to HKD 3.26 with a trading volume of HKD 88.14 million [1] Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province. According to Frost & Sullivan, the company ranks eighth in the Chinese cultural tourism performance market based on revenue generated from performance programs in 2024 [1] Business Segments - The company's performance and entertainment services division includes three main offerings: the flagship performance "Impression Dahongpao" scenic show, a new performance titled "Moonlight Wuyi" set to launch in May 2025, and customized performances for corporate clients, typically for special events such as team-building activities and annual meetings [1] - The primary focus of the company is the flagship performance "Impression Dahongpao," which is recognized as Fujian Province's first large-scale outdoor scenic performance and has historically been the main source of revenue for the group [1]

财务状况方面，2022年-2024年，以及2025年上半年，印象大红袍的营收分别为0.63亿、1.44亿、1.37亿 和0.56亿元，同期净利润分别为-259.9万、4750.4万、4280.9万和677.5万元。 印象大红袍(2695.HK)今日首日上市，盘初跳水跌20%，至2.88港元，市值跌至4.14亿港元。该股IPO定 价3.6港元，公开发售获3397.48倍认购，国际配售获1.91倍认购。 印象大红袍是一家国有文旅服务企业，总部位于福建省武夷山。根据弗若斯特沙利文的资料，按文旅演 出节目产生的销售收入计，公司在2024年中国文旅演出市场排名第八。 ...

Core Viewpoint - The listing of Wuyishan Impression Dahongpao Co., Ltd. on the Hong Kong Stock Exchange marks a significant shift in the capital landscape of China's cultural tourism industry, reflecting strong market interest and the potential for capital-driven growth in experiential tourism [1][4]. Company Overview - Wuyishan Impression Dahongpao has submitted its IPO prospectus to the Hong Kong Stock Exchange, aiming to become the first stock in the "live performance" sector in Hong Kong [1]. - The company has achieved a subscription amount of approximately 37.8 billion RMB, with an oversubscription rate exceeding 2,555 times, indicating robust market demand for its IPO [1][4]. Performance and Recognition - Since its premiere on March 29, 2010, the "Impression Dahongpao" performance has become a renowned tourist attraction in Wuyishan, integrating tea culture, historical legends, and artistic performances [2][12]. - According to Frost & Sullivan, by 2024, the performance ranks third in ticket revenue among all tourism-based live performances in China and tenth among all cultural tourism performances [2][12]. - The performance was recognized as an excellent project in the national performance market for balancing social and economic benefits in 2023 and was included in the national tourism performance excellence list by the Ministry of Culture and Tourism of the People's Republic of China [2][12]. Strategic Expansion - The company plans to expand its performance offerings with the debut of "Moonlight on Wuyishan" on May 1, 2025, and is strategically developing the Impression Cultural Tourism Town, which includes various attractions and leisure options for visitors [3][13]. - This strategy aims to break the limitations of a single scenic area and achieve scalable replication of the "Impression model" as a cultural IP product [3][13]. Industry Trends - The listing reflects a new trend in the capitalization of the cultural tourism industry in China, moving from reliance on government support and large tourism group investments to attracting capital market interest in unique IPs with sustainable profitability [4][14]. - The transformation of tourism projects from mere sightseeing to experiential consumption scenarios is evident, with successful cultural IPs driving not only ticket sales but also activating the entire value chain, including dining, accommodation, and merchandise sales [4][14]. Revenue Structure - The company is diversifying its revenue streams by extending its "tea culture" IP into tea product sales, cultural experiences, and creative product development, establishing a multi-faceted revenue structure of "performance + products + experiences" [5][15]. - Revenue figures for the company show a trend of growth, with total revenues of approximately 63 million RMB in 2022, 143 million RMB in 2023, and projected revenues of 137 million RMB in 2024, indicating a solid foundation for valuation in the capital market [5][15]. Cultural Integration - The company's unique advantage lies in its role as both a performance provider and a tea culture promoter, creating a traceable system of tea culture that converts performance audiences into tea product consumers [7][18]. - The strategic direction of "deep integration of tea culture and tourism" aligns with consumer trends, as visitors increasingly seek immersive and participatory cultural experiences [7][17]. Future Outlook - The IPO of Impression Dahongpao is seen as a benchmark for the transformation of the cultural tourism industry in China, coinciding with the "14th Five-Year Plan" which emphasizes the promotion of cultural tourism integration [8][19]. - The involvement of capital markets is expected to inject new momentum into the industry, leading to more projects achieving transformation and upgrading through capital operations [8][19].

Group 1 - The core viewpoint of the article is that Impression Dahongpao (02695) has made its debut on the stock market, with an initial share price of HKD 3.6 and a total issuance of 36.1 million shares, raising approximately HKD 104 million in net proceeds [1] - As of the report, the stock has decreased by 9.44%, trading at HKD 3.26 with a transaction volume of HKD 88.14 million [1] - Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, and ranks eighth in China's cultural tourism performance market based on sales revenue for 2024 according to Frost & Sullivan [1] Group 2 - The company's performance and service division includes three main offerings: the signature performance "Impression Dahongpao" scenic show, a new performance "Moonlight Wuyi" set to launch in May 2025, and customized performances for corporate clients [1] - The primary focus of the company is the signature performance "Impression Dahongpao," which is recognized as Fujian's first large-scale outdoor scenic performance and has historically been the main source of revenue for the group [1]

智通财经APP获悉，印象大红袍(02695)将于12月22日(星期一)在香港挂牌。截至收盘，利弗莫尔证券暗 盘交易显示报价3.44港元，较招股价3.6港元下跌4.44%，每手1000股，不计手续费，每手亏160港元。 该信息由智通财经网提供 ...

Core Viewpoint - The company, Impression Da Hong Pao (02695), has successfully completed its global offering, raising a net amount of HKD 104 million through the issuance of approximately 36.1 million H shares at a price of HKD 3.6 per share [1] Group 1: Offering Details - The global offering consisted of approximately 36.1 million H shares, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 22, 2025, at 9:00 AM Hong Kong time [1] Group 2: Subscription Results - The Hong Kong public offering was oversubscribed by 3,397.48 times, indicating strong demand from local investors [1] - The international offering received a subscription rate of 1.91 times, reflecting a solid interest from international investors [1]

其中，香港公开发售获3397.48倍认购，国际发售获1.91倍认购。 印象大红袍(02695)公布配发结果，公司全球发售约3610万股H股，香港公开发售占10%，国际发售占 90%。每股发售价3.6港元，全球发售净筹1.04亿港元。每手1000股H股，预期股份将于2025年12月22日 上午九时正(香港时间)开始在联交所买卖。 ...

格隆汇12月19日丨印象大红袍(02695.HK)公告，公司全球发售36,100,000股H股，每股H股3.60港元，所 得款项净额1.04亿港元。香港公开发售股份数目占全球发售股份数目10.00%，获认购3397.48倍；国际 发售股份数目占全球发售股份90.00%，获认购倍1.91倍。 假设全球发售于2025年12月22日(星期一)上午八时正(香港时间)或之前成为无条件，则预期H股将于 2025年12月22日(星期一)上午九时正开始在联交所买卖。H股将以每手1,000股H股为买卖单位进行买 卖。H股的股份代号将为2695。 ...

量:0 分时量 124.10万 3.400 31000( 3.390 2800( 3.380 1500( 3.370 MACD MACD(12,26,9):0.002 DIF :- 0.018 DEA :- 0.019 3.360 3.350 3.340 3.330 16:15 18:30 分时 5分 1分 日K 立即买入 立即卖出 • 行情来源: 利弗莫尔证券 • 印象大红袍(02695)将于12月22日(星期一)在香港挂牌。截至收盘，利弗莫尔证券暗盘交易显示报价3.44港元，较招股价3.6港元下跌4.44%，每手1000股，不 计手续费，每手亏160港元。 | 18:32 | | | | ·Il 5G CD | | --- | --- | --- | --- | --- | | 首页 | | | 印象大红袍 ▲ HK 02695 暗盘 | Q C | | 行情 | 板块 | 评论 | 券商持仓 | 实时数: | | 3.440 | | 成交 1534.90万股 最高 7.530 | | 今开 6.000 | | -4.44% -0.160 | | 换手 42.52% | 最低 3.300 | 总市 1.2 ...

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