瘦西湖文旅招股书解读：净利激增1458% 董事薪酬涨200%背后的隐忧

Business Model - The company operates as a state-owned comprehensive water tour service provider, primarily in the Yangzhou Shugang - Shouxihu Scenic Area and the Ancient Canal region, holding exclusive operational rights for water tours for 20 years and in the Ancient Canal area without time limits, capturing a 16.0% market share in Jiangsu's water tour service market [1] Diversified Business Collaboration - In addition to water tour services, the company offers sightseeing bus services and management services, with a fleet of 206 boats and 25 buses, and has introduced innovative service models such as "Boat+" and charter services [2] Financial Performance - The company's revenue has seen significant growth, with total revenues projected at approximately RMB 31 million, RMB 109 million, and RMB 111 million for 2022, 2023, and 2024 respectively, marking a 249.3% increase in 2023 compared to 2022 due to the rebound in tourism post-pandemic and the exclusive operation of sightseeing bus services starting August 2022 [3] - Net profit for the same period is projected at approximately RMB 3 million, RMB 46 million, and RMB 43 million, with a staggering increase of 1,458.1% in 2023 compared to 2022, but a decline of about 7.6% in 2024 due to rising costs [4] Profitability Metrics - Gross margin and net margin have shown volatility, with gross margins of 21.8%, 59.0%, and 54.4% for 2022, 2023, and 2024 respectively, and net margins of 9.5%, 42.6%, and 38.5% for the same years, indicating a significant rise in 2023 followed by a decrease in 2024 [5][6] Revenue Composition - Water tour services remain the primary revenue source, contributing approximately RMB 28 million, RMB 95 million, and RMB 96 million for 2022, 2023, and 2024 respectively, accounting for 88.3%, 87.2%, and 86.2% of total revenue [6][7] Management Team - The company's board consists of nine directors, including six executive directors with extensive experience in the cultural tourism industry, ensuring strong leadership and operational oversight [8] Compensation Growth - The total compensation for directors and senior management has increased significantly, with a 200% rise in 2023 compared to 2022, raising concerns about cost control despite the potential for attracting talent [9]