瘦西湖文旅冲刺港交所上市 靠“划船”年入亿元
Mei Ri Jing Ji Xin Wen·2025-10-27 14:21

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][2]. Group 1: Business Overview - The company is the only licensed water sightseeing operator in Yangzhou, holding exclusive rights for 20 years in the Shugang-Shouxihu scenic area and indefinite rights in the Grand Canal region [2]. - Revenue from water sightseeing services has significantly increased from 31 million yuan in 2022 to 111 million yuan in 2024, with net profit rising from 2.98 million yuan to 42.88 million yuan during the same period [2]. - The main business segments include water sightseeing services, sightseeing vehicle services, and scenic area management services, with water sightseeing consistently contributing over 85% of total revenue [2]. Group 2: Business Diversification Efforts - To reduce reliance on a single business, the company launched the "Grand Canal Yangzhou Journey" performance project in October 2024, generating 18.448 million yuan in revenue in the first half of 2025, accounting for 21.8% of total income [3]. - The company also introduced value-added services such as tea experiences and corporate custom events, which contributed 35.3% to total revenue in 2024 [3]. - The company holds a 16% market share in Jiangsu's water sightseeing ticket sales, ranking second in the province, but only 1% nationally, ranking tenth [3]. Group 3: Leadership and Historical Context - Xu Shunmei, the 55-year-old chairman, has been pivotal in the company's development, transitioning from a tour guide to management roles since 2011 [4]. - The company launched the "University Student Shouxihu Boat Girl" brand in 2009, focusing on a younger workforce for its rowing services [4]. - In 2017, the company successfully listed on the New Third Board, marking its first step towards capitalization, but faces challenges in achieving a successful IPO in the Hong Kong market due to low valuations for tourism companies [5][6].