财务视角：盈利扎实韧性足，投资价值凸显 印象大红袍的财务表现展现出极强的可靠性与投资潜力，核心优势体现在盈利韧性、盈利质量及现金流 健康度三大维度。 盈利层面，2022至2024年，公司营收分别为6303.9万元、1.44亿元、1.37亿元，自2023年凭借疫情放开 实现营收128.57%的同比激增，成功扭亏为盈并斩获4750.4万元净利润，2024年创造1.37亿元营收与 4280.9万元净利润的稳健规模，2025年上半年在行业淡季背景下仍实现0.56亿元营收与677.5万元净利 润，核心IP的盈利支撑作用稳固。 据港交所披露信息，印象大红袍股份有限公司(下称"印象大红袍"或"公司")顺利通过港交所聆讯，这家 扎根武夷山15年的国有文旅企业，距港股上市仅一步之遥。本次联席保荐人为兴证国际及铠盛资本。 核心业务：以实景演出为核心，盈利与IP变现能力突出 2010年，由"印象铁三角"张艺谋、王潮歌、樊跃三位总导演共同打造的《印象.大红袍》是绝对的营收 支柱与核心IP。该演出以武夷山真山真水为舞台，采用360度旋转观众席设计，融合茶文化历史，累计 演出超6700场、接待观众超900万人次，深度绑定武夷山茶文化，已 ...

核心业务：以实景演出为核心，盈利与IP变现能力突出 智通财经APP获悉，据港交所披露信息，印象大红袍股份有限公司(下称"印象大红袍"或"公司")顺利通 过港交所聆讯，这家扎根武夷山15年的国有文旅企业，距港股上市仅一步之遥。本次联席保荐人为兴证 国际及铠盛资本。 盈利质量上，公司毛利率表现亮眼，2023年、2024年分别达57.8%、54.6%，彰显核心演出业务轻资产 运营的高盈利特性；同时公司负债结构健康且无大额有息负债压力，叠加门票的现金流回笼模式，为日 常运营提供了充足保障。 随着核心业务升级与多元化布局，将进一步巩固核心IP竞争力、加速新增长曲线培育，结合武夷山2024 年全市旅游接待人数和收入均25%的年增速红利，未来盈利增长具备明确支撑，是财务可靠且值得长期 布局的文旅标的。 2010年，由"印象铁三角"张艺谋、王潮歌、樊跃三位总导演共同打造的《印象·大红袍》是绝对的营收 支柱与核心IP。该演出以武夷山真山真水为舞台，采用360度旋转观众席设计，融合茶文化历史，累计 演出超6700场、接待观众超900万人次，深度绑定武夷山茶文化，已成为当地旅游的知名项目。 募资用途清晰，聚焦核心升级与多元拓展 此 ...

Core Insights - The rise of live performances in tourist attractions has transformed the cultural tourism market, turning previously overlooked destinations into profitable hotspots [2][3][5] - Live performances enhance the marketing value of tourist sites by creating immersive cultural experiences that engage multiple senses [6][7] Group 1: Economic Impact - The introduction of large-scale live performances has significantly boosted revenue for attractions, exemplified by the Qingming Riverside Landscape Garden achieving 1 billion yuan in annual revenue and attracting 8 million visitors in 2024 [5] - The overall tourism revenue in Kaifeng reached 4.927 billion yuan during the recent holiday, marking a year-on-year increase of 10.03% [5] - A successful live performance can create a multiplier effect on local economies, with data indicating that every 1 yuan of ticket revenue can generate 7 yuan in surrounding consumption [13] Group 2: Characteristics of Successful Performances - Successful live performances share three key characteristics: deep localization that taps into local cultural IP, innovative presentation methods that blend traditional art with modern technology, and sustainable operational models that avoid homogenization [7][8] - The integration of advanced technologies such as AR and VR enhances the audience's experience, making traditional stories more engaging [7] Group 3: Investment and Returns - The high initial investment and long payback periods associated with live performances can deter some attractions, with costs often exceeding 1 billion yuan and a typical return period of 3-5 years [8][9] - However, projects that survive the initial phase often enter a rapid profit growth period, establishing a competitive advantage in the market [9] Group 4: Future Trends - The live performance sector is projected to grow significantly, with the market size expected to reach 12.73 billion yuan in 2024, reflecting an 89% increase since 2019 [13] - The tourism performance segment is anticipated to contribute 9.06 billion yuan in revenue, accounting for 71.2% of the market [13]