印象股份二度递表港交所，业务依赖单一收入

Core Viewpoint - Impression Dahongpao Co., Ltd. has submitted its prospectus for the second time to the Hong Kong Stock Exchange, highlighting its reliance on a single revenue source from the "Impression Dahongpao" live performance, which poses potential risks to its financial stability [1][4]. Group 1: Financial Performance - The company's net profits for the years 2022, 2023, 2024, and the first half of 2025 are projected to be approximately -2.6 million, 47.5 million, 42.8 million, and 6.8 million respectively [1][3]. - The company's revenue for the same periods is estimated at around 63.0 million, 144.0 million, 137.0 million, and 55.9 million [3]. Group 2: Business Operations - Impression Co. is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market in 2024 based on sales revenue [2]. - The main business segments include performance and show services, Impression Cultural Tourism Town, and tea hotel services, with the flagship performance being "Impression Dahongpao" [2][4]. - The company has also launched a new performance titled "Moonlight Wuyishan," set to debut in May 2025, and offers customized performances for corporate clients [2]. Group 3: Revenue Dependency - The majority of the company's revenue comes from the "Impression Dahongpao" performance, accounting for approximately 91.4%, 94.3%, 94.6%, and 87.8% of total revenue from 2022 to the first half of 2025 [4][5]. - The company faces risks associated with its reliance on a single income source, including changes in audience preferences and competition from other entertainment options [4][5]. Group 4: Audience Engagement and Performance Metrics - Ticket sales for the "Impression Dahongpao" performance are projected to be approximately 399,900, 918,500, 822,500, and 311,700 for the years 2022, 2023, 2024, and the first half of 2025 respectively, with ticket prices ranging from 238 yuan for standard seats to between 268 and 688 yuan for VIP seats [3]. - The company has experienced seasonal fluctuations in performance attendance, with peak periods aligning with major holidays and school vacations, achieving an average attendance rate of about 84.6% during peak times [5].