Core Viewpoint - Impression Dahongpao (02695.HK) is launching a global offering of approximately 36.1 million shares from December 12 to December 17, with an expected listing date of December 22 [1] Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market by sales revenue in 2024 according to Frost & Sullivan [2] - The company has three main service segments: (i) the iconic performance "Impression Dahongpao" landscape show, (ii) a new performance "Moonlight Wuyi" set to launch in May 2025, and (iii) customized performances for corporate clients [2] - The flagship performance "Impression Dahongpao" is the first large-scale outdoor landscape show in Fujian Province and has historically been the main source of revenue for the group [2] Financial Overview - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 0.63 billion, RMB 1.44 billion, RMB 1.37 billion, and RMB 0.56 billion respectively, with corresponding net profits of RMB -2.599 million, RMB 47.504 million, RMB 42.809 million, and RMB 6.775 million [3][4] - Revenue growth from 2022 to 2023 was approximately 128% while the net profit turned from a loss in 2022 to a profit in 2023 [3][4] Fundraising Purpose - The net proceeds from the global offering are expected to be approximately HKD 110.4 million, assuming the over-allotment option is not exercised, based on a median offer price of HKD 3.79 [5] - The intended use of the funds includes: approximately 23% for upgrading the iconic performance "Impression Dahongpao," about 28.6% for innovating the Impression Cultural Tourism Town, around 20% for acquiring another cultural tourism performance project, approximately 11% for enhancing brand image and expanding business influence, about 7.4% for upgrading the ticket management system and other software, and around 10% for working capital and other general corporate purposes [5]

Core Viewpoint - The company, a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, is set to launch an IPO from December 12 to December 17, 2025, aiming to raise approximately HKD 110 million through the issuance of 36.1 million H-shares [1] Group 1: IPO Details - The global offering consists of 36.1 million H-shares, with approximately 10% allocated for public sale in Hong Kong and 90% for international sale, including a 15% over-allotment option [1] - The price range for each share is set between HKD 3.47 and HKD 4.1, with trading expected to commence on December 22, 2025 [1] Group 2: Company Overview - The company ranks eighth in the Chinese cultural tourism performance market based on revenue from performance sales as of 2024 [1] - Key business segments include performance and show services, cultural tourism town operations, and tea hotel services [1] Group 3: Fund Utilization - Assuming the median offering price and no exercise of the over-allotment option, the net proceeds are expected to be approximately HKD 110 million [1] - Allocation of funds includes approximately 23% for upgrading the "Impression Dahongpao" performance, 28.6% for developing a food-themed street and optimizing cultural tourism towns, 20% for acquiring quality cultural tourism performance projects, 11% for brand enhancement and business promotion, 7.4% for upgrading ticket management systems, and 10% for working capital and other general corporate purposes [1]

假设发售价为每股H股3.79港元(即指示性发售价范围的中位数)且超额配股权未获行使，经扣除包销佣 金及集团就全球发售应付的其他估计开支，集团估计集团将从全球发售中获得所得款项净额约1.1亿港 元。董事拟将全球发售所得款项净额作以下用途：(1)约23.0%，将用于升级集团的标志性演出《印象‧大 红袍》山水实景演出;(2)约28.6%，将适用于(i)于2025年进一步发展印象建州美食主题街区，将其转化为 一个充满活力的景点，向旅客提供现有服务项目以外的演出艺术体验。(ii)于2026年进一步发展集团的 印象文旅小镇，优化周边景观，包括引入滨江大道。(iii)于2026年全面改造武夷茶博馆4A级景区;(3)约 20.0%，将用于通过向现有文化旅游演出项目注入集团的管理经验和创新的运营模式，取得另一个优质 文化旅游演出项目。(4)约11.0%，将用于提升品牌形象及扩大业务影响力的宣传工作。(5)约7.4%，将用 于升级集团的票务管理系统及软件。(6)约10.0%，将用作营运资金和其他一般企业用途。 智通财经APP讯，印象大红袍(02695)于2025年12月12日-2025年12月17日招股，公司拟全球发售3610万 ...

Core Viewpoint - The company, Impression Dahongpao (02695.HK), plans to globally offer 36.1 million H-shares, with a price range of HKD 3.47 to 4.10 per share, aiming to raise approximately HKD 110.4 million from the offering [1][3]. Group 1: Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market in 2024 based on sales revenue from performances [1]. - The company has been listed on the New Third Board since January 20, 2017, under the stock code 870608 [1]. Group 2: Business Segments - The company operates three main business segments: (i) performance and show services; (ii) Impression Cultural Tourism Town business; and (iii) tea soup hotel business [1]. - The performance and show services segment includes three main offerings: (i) the iconic performance "Impression Dahongpao" scenic show; (ii) a new performance "Moonlight Wuyi" launching in May 2025; and (iii) customized performances for corporate clients [2]. Group 3: Use of Proceeds - Assuming a mid-point offering price of HKD 3.79 per share and no exercise of the over-allotment option, the estimated net proceeds of approximately HKD 110.4 million will be allocated as follows: - 23.0% for upgrading the iconic performance "Impression Dahongpao" by 2027 - 28.6% for innovating the Impression Cultural Tourism Town by 2026 - 20.0% for acquiring another cultural tourism performance project by 2027 - 11.0% for enhancing brand image and expanding business influence by 2027 - 7.4% for upgrading ticket management systems and other software by 2027 - 10.0% for working capital and other general corporate purposes by 2027 [3].

聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 Impression Dahongpao Co., Ltd. 印象大紅袍股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席賬簿管理人及聯席牽頭經辦人 | Ne招银国际 | 中 中 銀 國 際 BOCI | ICBC (窍) 工银国际 | 维奇 图 你 | ABCI ( )農 銀 國 際 | | --- | --- | --- | --- | --- | | >華福國際 | (1) 百惠金控 PATRONS | ■ 酸達證券 | 塞升證券 | GLAM Capital | | 富深談券 | ● 酒商贸際 | TradeGo Markets | USMART Securities 盈立 證券 | 一 輝立証券 Phillip Securit | 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而 ...

Core Viewpoint - Impression Dahongpao Co., Ltd. has passed the main board listing hearing and will become the first publicly listed company in China's cultural tourism performance industry focused on live performances [1][8] Group 1: Company Overview - The company is rooted in Wuyishan and has been directed by the "Impression Iron Triangle" since its first performance in 2010, with the large-scale live performance "Impression Dahongpao" becoming a cultural landmark [1][8] - The performance has been staged over 6,700 times and has received more than 9 million audience members, showcasing tea culture through a unique 360-degree rotating audience seating [1][10] Group 2: Industry Position - In 2024, "Impression Dahongpao" is ranked third in China's mountain water live performance box office and has helped the company rank eighth in the national cultural tourism performance market [2][10] - The performance has contributed approximately 90% of the company's revenue in recent years, serving as the core driver of its growth [2][10] Group 3: Business Expansion - The company is actively expanding its business by operating "Impression Cultural Tourism Town" and "Tea Soup Hotel," gradually building an integrated cultural tourism scene of "performance viewing + sightseeing experience + accommodation leisure" [4][11] - In 2025, the company plans to launch a new performance themed around Zhuzi culture, titled "Moon Reflecting Wuyi," aimed at creating a second growth curve and diversifying its business structure [4][11] Group 4: Financial Performance - The company has demonstrated strong profitability and cash flow, with revenues of 63.04 million yuan, 144 million yuan, and 137 million yuan from 2022 to 2024, respectively [7][14] - In 2023, the company achieved a significant revenue growth of 128.57% year-on-year, turning a profit with a net profit of 47.50 million yuan, and is expected to maintain a net profit of 42.81 million yuan in 2024 [7][14] - Even in the traditional off-season of 2025, the company achieved revenue of 5.6 million yuan and a net profit of 677.5 thousand yuan [7][14] - The company maintains a high gross margin, a healthy debt structure with no significant interest-bearing debt, and ample cash flow [7][14] Group 5: Future Plans - The funds raised from the listing will be primarily used for upgrading the hardware and content presentation of the core performance "Impression Dahongpao," promoting diversified project layouts, and enhancing brand promotion and operational optimization for long-term development [7][14] - The move to the Hong Kong stock market fills a gap for live performance companies in the capital market and signifies a confident step for Chinese cultural performance enterprises in building an ecosystem of "performance + cultural tourism + hotels" [7][14]

Core Viewpoint - Impression Dahongpao Co., Ltd. is preparing for a listing on the Hong Kong Stock Exchange, focusing on its position in the cultural tourism industry and its notable performances in the market [1][4]. Business Overview - Impression Dahongpao operates in three main business segments: (i) performance and show services; (ii) Impression Cultural Tourism Town; and (iii) tea hotel business [4]. - The flagship performance, "Impression Dahongpao," is a large outdoor show that has been a significant revenue source and ranks third in ticket sales among all tourism performances in China for 2024 [4][5]. Performance Highlights - The company has performed over 6,700 shows since its debut in 2010, attracting over 9.4 million audience members [5]. - A new performance titled "Moonlight Wuyi" is set to debut on May 1, 2025, expanding the company's offerings to cater to a broader audience [5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 63.04 million, RMB 144 million, RMB 137.2 million, and RMB 55.88 million respectively [8][9]. - The net profit for the same periods was approximately RMB -2.6 million, RMB 47.5 million, RMB 42.8 million, and RMB 6.78 million respectively [8][9].

Core Viewpoint - Impression Dahongpao Co., Ltd. is preparing for a main board listing on the Hong Kong Stock Exchange, with a focus on its cultural tourism services and performance segments, ranking eighth in China's cultural tourism performance market in 2024 [1]. Business Overview - Impression Dahongpao operates three main business segments: (i) performance and show services; (ii) Impression Cultural Tourism Town; and (iii) tea soup hotel business [2]. - The flagship performance, "Impression Dahongpao," is a large outdoor show that has been a significant revenue source since its inception, ranking third in ticket sales among all tourism performances in China for 2024 [3][4]. Performance Highlights - The company has conducted over 6,700 performances since its first show in 2010, attracting over 9.4 million audience members [4]. - A new performance titled "Moonlight Wuyi" is set to debut on May 1, 2025, aiming to expand the performance offerings and cater to a broader audience [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company reported revenues of approximately RMB 63.04 million, RMB 144.39 million, RMB 137.20 million, and RMB 55.88 million respectively [5][6]. - The net profit for the same periods was approximately RMB -2.60 million, RMB 47.50 million, RMB 42.81 million, and RMB 6.78 million respectively, indicating a recovery trend in profitability [5][6].

本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向印象大紅袍股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司的聯席保薦 人、整體協調人、顧問或包銷團成員表示同意： 香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或依賴該等內容而引致的任何損失承擔任何責任。 Impression Dahongpao Co., Ltd. 印象大紅袍股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在 根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本聆訊後資料集及當中所載資料均非於美國或任何其他禁止進行有關要約 ...

Core Insights - The tourism market in Hainan is experiencing significant growth, with a total of 75.51 million visitors in the first three quarters of the year, representing an 8% year-on-year increase [3] - The total expenditure by tourists reached 164.71 billion yuan, marking a 9.5% increase compared to the previous year [3] - The hotel occupancy rate in Sanya remains high, with over 90% occupancy and an average rate of 94% last year, indicating strong demand from international tourists [2] Tourism Trends - The winter tourism season has prompted airlines to increase flight frequencies to Sanya and Haikou, with ticket bookings for Sanya and Haikou rising by 79% and 42% respectively [3] - Various cultural and sports events are being organized to attract visitors, including the AI concept national style musical "Heart of Dongpo" and multiple concerts featuring popular artists [4] - Hainan is actively promoting its tourism offerings internationally, with events held in London and Xinjiang to engage with European and Northwest Chinese markets [4] Market Strategy - The provincial tourism and cultural department aims to enhance the integration of cultural and tourism sectors, leveraging Hainan's warm winter climate and high-quality services to establish it as an international tourist destination [4] - The focus is on creating a vibrant tourism environment through diverse activities and events, appealing to a wide range of visitors [4]