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. (referred to as "Shouxihu Culture and Tourism") is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][5]. Company Overview - Shouxihu Culture and Tourism submitted its prospectus to the Hong Kong Stock Exchange in September, with annual revenue exceeding 100 million yuan [1]. - The company is the only licensed operator of water-based sightseeing boats in Yangzhou, holding exclusive operating rights for 20 years in the Shugang-Shouxihu scenic area and indefinite rights in the ancient canal area [5]. Financial Performance - From 2022 to 2024, total revenue increased from 31 million yuan to 111 million yuan, while net profit rose from 2.98 million yuan to 42.88 million yuan [5]. - The revenue from water-based sightseeing services consistently maintained over 85% of total revenue during 2022 to the first half of 2025, specifically 88.3%, 87.2%, 86.2%, and 85.6% respectively [5][6]. Business Segments - 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 of total revenue [5]. - In 2025, the newly launched "Grand Canal Yangzhou Performance" project generated 18.44 million yuan, accounting for 21.8% of total revenue [6]. Market Position - In the Jiangsu province water-based sightseeing ticket sales market, Shouxihu Culture and Tourism holds a 16% market share, ranking second, but only 1% in the national market, ranking tenth [6][7]. Management and Leadership - The company is led by 55-year-old Chairman Xu Shunmei, who began her career as a tour guide and has significantly contributed to the development of the "Shouxihu Boat Girl" brand [1][10]. - Under her leadership, the company has developed multiple water tourism routes and a young team of boat operators, known as "boat girls" [10][11]. Challenges and Future Prospects - Despite previous success in the New Third Board, the path to an IPO in Hong Kong is challenging due to low valuations for tourism companies and a lack of successful IPOs in the sector since 2025 [13].