“一叶孤舟”冲港股：瘦西湖业务单一难破，扬州地域困局待解

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence and diversify its business model beyond its core water-based tourism services [2][10]. Group 1: Business Overview - The company was established in 2006, originally focusing on water-based sightseeing services at Shouxihu Scenic Area, and has since evolved into a comprehensive water tourism company [3]. - As of the reporting periods, the revenue generated from the water-based sightseeing business was approximately 27.566 million RMB, 95.099 million RMB, 96.046 million RMB, and 72.342 million RMB, accounting for about 88.3%, 87.2%, 86.2%, and 85.6% of total revenue respectively [5][9]. - The company has developed a diversified service model that includes standard sightseeing services, value-added services, and the upcoming "Grand Canal Yangzhou" night tour, which has seen a visitor increase of over 110% [5][8]. Group 2: Market Position and Competition - In the Jiangsu province, the company holds a market share of 16.0%, ranking second in the water sightseeing service market, while its national market share is only 1.0%, ranking 10th [6][7]. - The leading competitor in Jiangsu has a market share of 34.2%, indicating a significant gap that the company needs to address [6][7]. - The water-based sightseeing business is seen as a double-edged sword, providing stable cash flow but also exposing the company to risks due to its reliance on a single scenic area [6][11]. Group 3: Future Growth and Challenges - The company plans to use the funds raised from the IPO to explore new water tourism routes and projects in major cities in Jiangsu, as well as to develop partnerships with other scenic areas along the Grand Canal [10]. - The company’s growth is currently driven by the recovery of regional tourism post-COVID-19 and the popularity of related media, but there are concerns about the sustainability of this growth [8][9]. - The company faces challenges in expanding beyond its current operational limits, and its future success may depend on acquiring broader operational rights and integrating with other regional operators [7][11].