女导游携船娘闯关港交所，扬州瘦西湖能否靠摇橹船撑起IPO？

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu Culture and Tourism") has submitted its IPO application to the Hong Kong Stock Exchange, led by a female chairman with a background in tour guiding, aiming to leverage its unique brand and market position to attract investors [1][3]. Group 1: Company Overview - Shouxihu Culture and Tourism is the only licensed operator of water-based sightseeing boats in Yangzhou, with its boats being the only designated mode of transport in the scenic area [3][6]. - The company has developed a business model that includes water-based sightseeing services, sightseeing vehicle services, and management services, with a projected revenue growth rate of nearly 89% from 2022 to 2024 [3][6]. Group 2: Financial Performance - In the first half of 2023, Shouxihu scenic area received 15.23 million visitors, a year-on-year increase of 10.1%, generating total ticket revenue of 292 million yuan [3]. - The company expects to achieve revenues of approximately 31.24 million yuan, 109 million yuan, 111 million yuan, and 84.54 million yuan for the years 2022, 2024, and the first half of 2025, respectively [3][6]. Group 3: Leadership and Brand Development - The chairman, Xu Shunmei, has over 20 years of experience in the tourism industry and has been instrumental in creating the unique "boatwoman" brand, which combines traditional boat rowing with local opera performances [4][6]. - The company operates 206 boats and has five main water tourism routes, with a maximum daily capacity exceeding 35,000 passengers during peak periods [6]. Group 4: Market Position and Challenges - The company is supported by the Yangzhou government, with significant ownership stakes held by local tourism development entities [7]. - However, the company faces risks related to revenue concentration, as nearly 90% of its income is derived from water-based tourism, and potential competition or changes in consumer preferences could impact its financial stability [7][9]. - The company plans to use the funds raised from the IPO to explore new water tourism routes and projects in major cities in Jiangsu Province, aiming for regional expansion [7][9].