Core Insights - Xi'an is emerging as a significant tourism hub, with a reported 20.08 million visitors and a tourism revenue of 19.96 billion yuan during the recent National Day and Mid-Autumn Festival holidays, marking year-on-year increases of 28% and 38.7% respectively [1] - Shaanxi Tourism is advancing its IPO process, moving from the acceptance stage to substantive review, indicating a step closer to listing on the Shanghai Stock Exchange [2] - If Shaanxi Tourism successfully lists, it will join two other local tourism companies in the A-share market, enhancing the competitive landscape in Xi'an's tourism sector [3] Company Performance - Shaanxi Tourism's main business includes tourism performances like "The Longest Love," cableway operations, and dining services, with significant revenue contributions from these segments [4] - The company reported revenues of 232 million yuan, 1.088 billion yuan, and 1.263 billion yuan for 2022 to 2024, with net profits of -72.07 million yuan, 427 million yuan, and 512 million yuan respectively [4] - "The Longest Love" performance contributed 764.11 million yuan, 542 million yuan, and 680 million yuan to total revenues from 2022 to 2024, accounting for 33.5%, 50.12%, and 54.28% of total revenue [5] Market Dynamics - Xi'an's tourism market has seen explosive growth, with 278 million visitors and total tourism revenue of 335 billion yuan in 2023, placing it among the top cities in China [9] - Local companies like Qujiang Culture and Tourism, Xi'an Tourism, and Shaanxi Tourism hold key tourism resources and services in the region [9] - Despite high visitor numbers, companies like Qujiang Culture and Tourism have struggled with profitability, reporting losses for three consecutive years [10] Competitive Landscape - Shaanxi Tourism's business model, focusing on high-margin tourism performances and cableway operations, contrasts with Qujiang Culture and Tourism's asset-light approach, which has limited profitability [12] - Shaanxi Tourism's cableway operations have shown strong performance, with over 100% utilization rates, contributing approximately 30% to total revenue [7] - The competitive dynamics among the three local tourism companies are expected to intensify if Shaanxi Tourism successfully enters the A-share market [14]

Core Insights - The company, Shouxihu Cultural Tourism, is the only licensed operator for water-based sightseeing boats in Yangzhou, holding exclusive operational rights for over 20 years in the Shugang-Shouxihu scenic area and the ancient canal region without any time restrictions until September 21, 2025 [2][3] Financial Performance - The company reported revenues of RMB 31.236 million, RMB 109.096 million, RMB 111.428 million, and RMB 72.659 million for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate (CAGR) of approximately 89.0% from 2022 to 2024 [3][4] - The net profit for the same periods was RMB 2.98 million, RMB 46.43 million, RMB 42.884 million, and RMB 33.85 million, indicating a strong growth trajectory [3][4] Service Offerings - The company provides a variety of sightseeing boat services, including standard sightseeing, value-added services, and evening performances, aiming to enhance visitor experiences and maximize revenue [2][3] - Unique offerings include "boat + dining" experiences in collaboration with selected restaurants and exclusive charter services for corporate events [3]

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv) has submitted its listing application to the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor [1] Group 1: Company Overview - Shouxihu Wenlv is the only licensed operator of water sightseeing boats in Yangzhou and the designated transportation method within the Yangzhou water area [3] - The company has exclusive operating rights for water sightseeing services in the Shugang-Shouxihu scenic area for 20 years and operates without time restrictions in the ancient canal area until September 21, 2025 [3] - As of September 21, 2025, the company owns 206 boats, including 36 rowing boats, 106 self-driving boats, and 64 themed boats, with a total passenger capacity of 3,817 per trip and a maximum daily capacity exceeding 35,000 during peak tourist seasons [3] Group 2: Service Offerings - Shouxihu Wenlv provides a variety of sightseeing boat services, including standard sightseeing, value-added services, and evening performances [3] - The company collaborates with selected restaurants to offer innovative "boat + dining" services, such as traditional Yangzhou breakfast experiences, and provides exclusive charter services for corporate events [4] Group 3: Financial Performance - The company reported revenues of RMB 31.236 million, RMB 109.096 million, RMB 111.428 million, and RMB 84.542 million for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate of approximately 89% from 2022 to 2024 [4] - The net profit for the same periods was RMB 2.98 million, RMB 46.43 million, RMB 42.884 million, and RMB 38.823 million [4][5]