Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is seeking to go public in Hong Kong, with nearly one-third of its revenue coming from online travel agencies (OTAs) [1][6]. Revenue Sources - The company reported that in June, its water tour revenue nearly doubled year-on-year to 14.6 million yuan, driven by new projects like boat performances launched in May [2][3]. - For the first half of 2025, revenue grew by 16.4% year-on-year, largely due to the popularity of the new boat performance, contributing approximately 18.4 million yuan, which is over 20% of total revenue [4]. Business Operations - Shouxihu operates under a 20-year exclusive right for water tour services in the Shugang-Shouxihu Scenic Area, effective from September 2015 until September 2035 [3]. - The water tour business has been the primary revenue source, accounting for about 88.3% to 85.6% of total revenue from 2022 to the first half of 2025 [3]. Market Dynamics - The company acknowledges significant operational risks, including strong seasonality, reliance on OTAs for nearly one-third of its revenue, and intense industry competition [6][9]. - The revenue from third-party sales channels, including OTAs like Meituan and Ctrip, has increased from 12.8% in 2023 to 33.2% in the first half of 2025 [6][8]. Future Plans - The company plans to expand its water tour offerings to other major cities in Jiangsu Province, aiming to diversify its revenue sources and reduce dependence on a single location [8].