瘦西湖赴港IPO，超8成收入来自水上游船业务，行业竞争激烈

Core Insights - The tourism consumption in China is projected to reach 5.8 trillion yuan in 2024, with expectations to exceed 10 trillion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 12% from 2024 to 2029 [1] Company Overview - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu") has submitted an IPO application to the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor [2] - Shouxihu operates water sightseeing services primarily in the famous scenic area of Shouxihu in Yangzhou, which is distinct from Hangzhou's West Lake [2][3] Revenue Sources - Over 80% of Shouxihu's revenue comes from water sightseeing services, with the signature rowing boat being a key offering [3] - The company provides various types of watercraft services, including rowing boats, self-driving boats, and themed boats, with rowing boats being the most popular among tourists [4][7] - In 2022, 2023, and 2024, water sightseeing services contributed more than 85% of the company's revenue, indicating a heavy reliance on this segment [8] Financial Performance - Shouxihu's revenue has shown an upward trend, with figures of approximately 31 million yuan in 2022, 109 million yuan in 2023, and 111 million yuan in 2024, while net profits have fluctuated [16] - The gross profit margin has varied, with rates of 21.8% in 2022, 59% in 2023, and 54.4% in 2024, reflecting the impact of operational costs and market conditions [16] Market Dynamics - The water sightseeing service market in China is expected to grow from 10.2 billion yuan in 2024 to 18.8 billion yuan by 2029, with a CAGR of approximately 13% [18] - In Jiangsu province, the market is projected to grow from 650 million yuan in 2024 to about 976 million yuan by 2029, with a lower CAGR of 8.5% compared to the national average [20] - Shouxihu ranks second in Jiangsu's water sightseeing market with a market share of about 16% and is ranked tenth nationally with a market share of approximately 1% [20] Operational Challenges - The company faces challenges due to its reliance on ticket sales and the potential for shifts in consumer preferences or increased competition from alternative entertainment options [8][18] - The operational focus is primarily in Yangzhou, making the company susceptible to regional economic fluctuations and regulatory changes [18] Management and Ownership - Shouxihu is controlled by the Yangzhou government, which holds approximately 89.99% of the shares, indicating strong local government support [23] - The management team has extensive experience in the cultural tourism industry, with key executives having backgrounds in various relevant roles [25]