Core Viewpoint - Impression Dahongpao Co., Ltd. is set to launch an IPO from December 12 to December 17, 2025, aiming to raise between HKD 125 million and HKD 148 million through the issuance of 36.1 million H-shares priced between HKD 3.47 and HKD 4.10 per share [1][6] Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, focusing on cultural tourism performances and comprehensive tourism services [3] - The company operates three core business segments: performance and show services, Impression Cultural Tourism Town business, and tea hotel business [3] Performance Highlights - The flagship performance "Impression Dahongpao" is a key component of the Wuyishan tourism experience, establishing market leadership and serving as the primary revenue source [4] - According to Frost & Sullivan, the company ranks among the top in China's cultural tourism performance market, with a strong competitive advantage [4] - In 2024, the box office revenue from performances ranked third among all tourism landscape performances in China [4] Financial Performance - The company has shown steady operational performance, particularly in the cultural tourism performance market, with recorded profits in the fiscal years ending 2022, 2023, 2024, and the first half of 2025 [5] - The net profits for the respective years were RMB -2.599 million, RMB 47.504 million, RMB 42.809 million, and RMB 6.775 million [5] - The gross profit margin and operating profit margin have shown positive trends, indicating robust financial health [5]