约九成收入依赖单一演出！印象股份的大红袍故事还能讲多久？

Core Viewpoint - Impression Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with a focus on its main business of cultural tourism services, particularly the performance "Impression Da Hong Pao" which generates a significant portion of its revenue [1][3]. Financial Performance - For the reporting periods from 2022 to 2024 and the first half of 2025, the company reported revenues of approximately RMB 63.04 million, RMB 144 million, RMB 137.2 million, and RMB 55.88 million respectively [2]. - The net profit and total comprehensive income for the same periods were approximately RMB -2.6 million, RMB 47.5 million, RMB 42.8 million, and RMB 6.78 million respectively [2][4]. Revenue Sources - Approximately 90% of the company's revenue comes from the flagship performance "Impression Da Hong Pao," with ticket sales generating revenues of RMB 57.6 million, RMB 136 million, RMB 130 million, and RMB 49.1 million in the respective reporting periods [3][5]. - The company has also launched a new performance titled "Yue Ying Wuyi," which debuted in April 2025 but has been operating at a loss since its launch, recording a gross loss of RMB 1.8 million in the first half of 2025 [4][5]. Business Segments - The tea soup hotel business has reported gross losses of approximately RMB 6.5 million, RMB 5.5 million, RMB 6.2 million, and RMB 2.7 million over the reporting periods [5]. - The gross profit margin for the Impression Cultural Tourism Town business has shown a declining trend, with rates of 55.6%, 59.1%, 52.6%, and 40.3% respectively [5][6]. Operational Changes - As of May 31, 2025, the company has suspended operations at the Impression Market due to the termination of cooperation with its main operator, although this has not had a significant financial impact on the overall group [7].