新股前瞻｜印象大红袍再闯港交所：“一碗茶”撑起一个IPO

Core Viewpoint - Impression Dahongpao Co., Ltd. is re-entering the Hong Kong stock market after a nine-month hiatus, with updated prospectus documents filed on October 14, 2023, indicating a continuation of its capital market journey [1] Financial Performance - The company experienced a V-shaped recovery in its financial performance, with revenues for the years 2022 to the first half of 2025 reported as approximately CNY 63.04 million, CNY 144 million, CNY 137.2 million, and CNY 55.88 million respectively [2][3] - In 2023, the company saw a dramatic revenue increase of 128.3% year-on-year, reflecting a surge in pent-up tourism demand following adjustments in pandemic control policies [2] - However, a slight revenue decline of approximately 4.7% is projected for 2024 compared to 2023, suggesting a return to normal growth rates in the tourism market [2] Profitability - The company successfully reversed a loss of CNY 2.6 million in 2022, achieving net profits of CNY 47.5 million and CNY 42.8 million in 2023 and 2024 respectively, indicating a significant recovery in profitability [3][4] - Gross profit improved from CNY 17.18 million in 2022 to CNY 83.12 million in 2023 and CNY 74.89 million in 2024, highlighting enhanced profitability [3] - The gross margin surged from 27.3% in 2022 to 57.8% in 2023, maintaining a high level of 54.6% in 2024, showcasing the operational leverage in the tourism industry [4] Business Model and Risks - The company's business model heavily relies on its flagship product, the outdoor performance "Impression Dahongpao," which has contributed to over 87.8% of its revenue in recent periods [6][7] - This dependency poses risks, including vulnerability to external shocks such as extreme weather or public health events, which could disrupt performances and revenue [7] - The company is exploring diversification through "Impression Cultural Town" and "Tea Soup Hotel" to mitigate risks associated with its single IP reliance, although these new ventures currently contribute only about 12.2% of total revenue [8]