劲旅锐评：瘦西湖靠船票港股上市，船娘的摇橹能否在风险中摇出增长曲线？

Core Viewpoint - The company, Shouxihu, reported a revenue of 84.96 million yuan in the first half of 2025, marking a year-on-year increase of 16.23%, with a net profit attributable to shareholders of 35.30 million yuan, up 4.30% year-on-year [2]. Revenue Breakdown - In 2024, the main business segments of Shouxihu included boat services (85.52% of revenue), sightseeing car services (8.22%), and service fees (6.27%) [4]. - The boat service generated revenue of 96.05 million yuan, reflecting a slight increase of 0.99% year-on-year, with operating costs of 41.40 million yuan, up 10.18% year-on-year, resulting in a gross margin of 56.90%, down 3.59 percentage points from the previous year [8]. - The sightseeing car service achieved revenue of 9.23 million yuan, a year-on-year increase of 21.93%, with operating costs of 4.65 million yuan, up 41.01%, leading to a gross margin of 49.59%, down 6.82 percentage points year-on-year [12]. - Service fee revenue was 7.04 million yuan, showing a decline of 2.25% year-on-year [13]. Profitability Metrics - The overall gross margin for Shouxihu in the first half was 64.03%, down 1.64 percentage points year-on-year, while the net profit margin was 45.70%, down 0.61 percentage points year-on-year [15]. Business Model and Market Position - Shouxihu operates primarily in the tourism sector, providing various types of water-based sightseeing services in the scenic areas of Yangzhou, and is the only company in the region with exclusive operating rights for water-based sightseeing services [16]. - The company has expanded its offerings to include sightseeing car services and has entered into a management agreement for another scenic area, enhancing its revenue streams [16]. Growth Constraints - Yangzhou is not a top-tier tourist destination, ranking fourth in Jiangsu province for domestic tourist reception, which limits the potential customer flow to Shouxihu [17]. - The ticket pricing strategy, with adult tickets priced at 100 yuan, may restrict visitor numbers and consequently affect revenue from secondary consumption like boat rides [18]. - The company faces challenges in light asset output strategies, with many past cases yielding limited success and contributing minimally to overall performance [18]. - Multiple factors, including seasonality, weather, safety, and economic conditions, pose ongoing operational challenges for the company [19].