印象大红袍通过港交所聆讯，“实景演出第一股”即将登陆港股

Core Insights - Impression Dahongpao Co., Ltd. has successfully passed the Hong Kong Stock Exchange hearing, moving closer to its IPO, with joint sponsors being Xingsheng International and Kaisheng Capital [1] Business Overview - The core business revolves around live performances, with the flagship show "Impression Dahongpao" being a significant revenue driver and core IP, having generated over 6,700 performances and attracted more than 9 million visitors [2] - The show ranks third in box office revenue for China's tourism live performances in 2024 and positions the company eighth in the Chinese cultural tourism performance market [2] - The company also operates Impression Cultural Tourism Town and Tea Soup Hotel, creating a comprehensive consumption scenario of "performance + sightseeing + accommodation" [2] - A new performance themed around Zhuzi culture, "Moonlight Wuyi," is set to launch in 2025 to establish a second growth curve [2] Financial Perspective - The financial performance of Impression Dahongpao demonstrates strong reliability and investment potential, characterized by profitability resilience, quality, and healthy cash flow [3] - Revenue figures for 2022 to 2024 are projected at 63.04 million, 144 million, and 137 million yuan, respectively, with a 128.57% year-on-year revenue surge in 2023, leading to a net profit of 47.5 million yuan [3] - The company achieved a gross margin of 57.8% in 2023 and 54.6% in 2024, reflecting the high profitability of its core performance business [3] - The company maintains a healthy debt structure with no significant interest-bearing debt pressure, ensuring sufficient operational support [3] Fundraising Purpose - The IPO fundraising will focus on upgrading existing business and expanding new ventures, including enhancing the quality of the "Impression Dahongpao" performance, diversifying operations, and strengthening operational support [4] - Funds will be allocated to improve performance quality, develop Impression Cultural Tourism Town, and upgrade the food-themed street, along with acquiring new quality cultural tourism performance projects [4] - The successful IPO will fill a gap in the Hong Kong live performance sector and enhance the company's brand influence, contributing to the regional cultural tourism industry's development [4]