从导游干到董事长，她掌舵的瘦西湖文旅冲刺港股上市：公司靠“划船”年入亿元，却“困”于扬州

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][3]. Group 1: Business Overview - The company has exclusive operating rights for water-based sightseeing in the Shouxi Lake scenic area for 20 years and indefinite rights in the ancient canal area [3]. - Revenue from water-based sightseeing services has significantly increased from 31 million RMB in 2022 to 111 million RMB in 2024, with net profit rising from 2.98 million RMB to 42.88 million RMB [3]. - The main business segments include water-based sightseeing services, sightseeing vehicle services, and scenic area management services, with the latter two contributing a smaller portion to total revenue [3][4]. Group 2: Revenue Breakdown - Water-based sightseeing services consistently contributed over 85% of total revenue from 2022 to the first half of 2025, with specific percentages of 88.3%, 87.2%, 86.2%, and 85.6% respectively [3][4]. - The company has introduced new projects such as the "Great Canal Yangzhou" performance, which generated 18.45 million RMB in revenue in the first half of 2025, accounting for 21.8% of total revenue [4]. - Value-added services, including tea experiences and corporate events, contributed 35.3% to total revenue in 2024 [4]. Group 3: Market Position - In the Jiangsu province water-based sightseeing ticket sales market, the company holds a 16% market share, ranking second, but only 1% nationally, placing it tenth [5][6]. - The top ten water-based sightseeing service providers account for 28.2% of the market, with the company generating 9.6 million RMB in ticket revenue [6]. Group 4: Management and Strategy - The company is led by 55-year-old Xu Shunmei, who has a background as a tour guide and has been instrumental in developing the "Shouxihu Boat Girl" brand [8][10]. - The company operates 206 boats, including 36 rowing boats, with a maximum daily capacity exceeding 35,000 passengers during peak seasons [8]. - The company has previously listed on the New Third Board in 2017 and is now attempting to enter the Hong Kong stock market, facing challenges due to low valuations for tourism companies [10].