Core Viewpoint - The ninth edition of the "Happy Ice and Snow Season" at Zizhuyuan Park officially opened on December 26, 2025, featuring a blend of classic and innovative attractions to enhance visitor experience [1] Group 1: Event Overview - The ice and snow season utilizes approximately 27,000 square meters of space in the park's south and north lake areas, creating a snow-themed amusement park through artificial snow [3] - This year's event retains popular classic attractions while incorporating cutting-edge technology and immersive experiences, aiming to create a magical winter wonderland for visitors [3] Group 2: Attractions and Activities - Nearly 20 classic fun activities are available, including a giant snow mountain slide with 16 tracks and a large ice slide, both designed to provide exhilarating experiences [5] - The return of the penguin observation project, featuring charming "ice and snow little spirits," adds a delightful visual element to the winter landscape [5] Group 3: Experience Enhancements - Three major upgrades have been implemented: interactive technology with smart robotic dogs and interactive robots, cultural performances including Sichuan opera and magic shows, and unique environmental design featuring the park's IP character [7] - Cartoon character decorations have been strategically placed in the snow area, providing excellent photo opportunities for visitors [9] Group 4: Visitor Services and Ticketing - The event has optimized ticketing and services, offering both online and offline purchasing options, including single and group tickets to cater to diverse visitor needs [11] - Service enhancements include mobile customer service stations, expanded dining and shopping areas, and additional facilities to improve visitor convenience during peak times [11] Group 5: Visitor Information - The ice and snow season runs from December 26, 2025, to mid-February 2026, with daily operating hours from 9:00 AM to 5:00 PM [13] - Flexible ticket purchasing options are available, with prices ranging from 50 to 238 yuan depending on the number of visitors [13]

Core Viewpoint - The 27th Harbin Ice and Snow World will open on December 17, 2025, featuring a theme of "Ice and Snow Fairy Tale" and the largest scale in its history, covering an area of 1.2 million square meters [1] Group 1: Event Details - The total amount of ice and snow used will reach 400,000 cubic meters, creating a "winter dream feast" that integrates ice and snow art, cultural performances, technology interaction, and ultimate experiences [1] - The park will feature three major scenic axes, a new large-scale themed parade, an outdoor stage, and a 5,000 square meter air film pavilion, incorporating smart lighting and AI interaction technology [1] Group 2: Activities and Services - The Harbin International Ice and Snow Festival opening ceremony, international ice sculpture competition, snow soccer matches, ice hockey games, and a New Year's concert will be held in the park [1] - A scenic service mini-program will be launched, covering ticket purchases, attraction information, and queue inquiries to meet visitor needs [1] - Tickets can be purchased in advance through various online platforms including the official WeChat account of Harbin Ice and Snow World, Trip.com, Douyin, Meituan, and Alipay [1]

Core Viewpoint - The company, Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv), is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its water tourism services, which have shown growth potential despite recent profit fluctuations [1][2]. Financial Performance - In 2022, 2023, and 2024, the company's revenue was approximately 31.46 million, 109.09 million, and 111.43 million RMB, respectively, with net profits of 2.98 million, 46.43 million, and 42.87 million RMB [5]. - The company experienced an 8% decline in net profit in 2024 despite a slight revenue increase of about 2% [5]. - The revenue from water tourism services accounted for 88.3%, 87.2%, 86.2%, and 85.6% of total revenue from 2022 to the first half of 2025 [5]. Business Segments - The company's operations are primarily divided into three segments: water sightseeing services, sightseeing vehicle services, and scenic area management services [3]. - Water sightseeing services remain the core revenue source, with ticket sales in Jiangsu province accounting for approximately 16% of the market, ranking second in the province [3][5]. Market Trends - The water tourism market in China is projected to grow from approximately 10.2 billion RMB in 2024 to 18.8 billion RMB by 2029, with a compound annual growth rate of about 13% [1]. - The company has been diversifying its offerings, including the introduction of sightseeing vehicle services and cultural performances [3][5]. Cost Structure - The company's sales costs increased by approximately 22% in the first half of 2025, reaching 31 million RMB, impacting the gross margin, which fell from 59% in 2023 to 54% in 2024 [6]. - The management service revenue remains low, accounting for only 5.1% of total revenue in 2024, with a declining gross margin [6][9]. Sales Channels - The company has increased its reliance on third-party sales channels, with ticket sales through these platforms rising from 12.8% in 2023 to 33.2% in the first half of 2025 [9]. - Key third-party platforms include Meituan, Ctrip, Douyin, and Tongcheng, which are crucial for ticket sales and brand exposure [9]. Risks and Challenges - The company's operations are heavily concentrated in Jiangsu province, making it vulnerable to regional economic fluctuations and environmental changes [8]. - Seasonal fluctuations in tourist traffic significantly impact cash flow and profitability, with peak seasons contributing 40-50% of annual revenue [7][8].

Financial Performance - In the first half of 2025, the company achieved revenue of 1.08 billion CNY and a net profit of 400 million CNY, showing a year-on-year decline [2] - The decline in revenue is primarily due to a decrease of approximately 86.1 million CNY in light asset output business income [2] - Operating cash flow increased to 722 million CNY, maintaining growth year-on-year [2] - Total operating costs rose by 7.98% year-on-year, driven by increased advertising and labor costs [2] Strategic Initiatives - The company is focusing on enhancing visitor experience through high-interaction activities and content innovation, including influencer collaborations and high-end family programs [1][2] - A significant upgrade of the Hangzhou project is underway, integrating Song culture with modern elements to create a comprehensive cultural performance kingdom [3][4] - The company plans to expand its offerings with diverse performances and enhance the overall visitor experience [3][4] Market Positioning - The company is targeting key consumer demographics, including families, women, and Gen Z, adapting to the trend of increasing individual and younger visitors [8] - The company maintains a stable pricing strategy, avoiding low-price competition to protect brand integrity [8][9] Future Growth Prospects - The company has signed two new light asset projects in Qingdao and Taizhou, with a total order value of 520 million CNY, expected to open in 2026 and 2028 [12][13] - The company is exploring international expansion opportunities, particularly in Thailand, while considering various investment strategies [13][15] - The company aims to achieve long-term sustainable growth by enhancing performance quality and expanding its market presence [15] Dividend Policy - The planned cash dividend for 2024 is 0.2 CNY per share, with a total cash dividend amount of 525 million CNY, reflecting a 100% increase from 2023 [10]