Core Viewpoint - Impression Holdings, a cultural tourism service company, has re-applied for an IPO on the Hong Kong Stock Exchange after its previous application expired in January 2025, primarily driven by its flagship performance "Impression·Da Hong Pao" which generated over 1.3 billion yuan in revenue in a year [1][2]. Financial Performance - In 2023, the company's revenue reached approximately 1.3 billion yuan, marking a year-on-year growth of 128.25%, with net profit soaring from a loss of 259,900 yuan in 2022 to a profit of 47.5 million yuan in 2023, a 19.3-fold increase [4][5]. - The revenue for the years 2022 to 2025 is reported as approximately 63.04 million yuan, 144 million yuan, 137 million yuan, and 55.88 million yuan respectively, with profits of -259,900 yuan, 47.5 million yuan, 42.8 million yuan, and 677,500 yuan [2][4]. Revenue Sources - The majority of the company's revenue, approximately 90%, is derived from the "Impression·Da Hong Pao" performance, which generated 1.3 billion yuan in 2024 [5][9]. - The overall revenue of the national performance market in 2024 was 796.29 billion yuan, with ticket sales contributing 579.54 billion yuan, reflecting a year-on-year growth of 7.61% [5]. Audience Engagement - The "Impression·Da Hong Pao" performance has attracted over 9.4 million viewers since its premiere in March 2010, with over 6,700 performances held by October 2025 [6][7]. New Initiatives - To diversify its offerings, the company launched a new performance titled "Moonlight on Wuyi," which premiered in April 2025 but has yet to achieve profitability, recording a gross loss of 1.8 million yuan in the first half of 2025 [9][12]. - The company plans to use funds from the IPO to upgrade its flagship performance, develop the Impression Cultural Tourism Town, and explore acquisition opportunities for quality cultural tourism projects [12]. Market Position and Challenges - Impression Holdings ranks eighth in China's cultural tourism performance market as of 2024, but faces challenges in competing with leading IPs like "Song City" and "Long Hate Song," indicating a need for scale expansion and business diversification [2][5]. - The company has experienced fluctuations in gross profit margins, which were 27.2%, 57.8%, 54.6%, and 42.5% during the reporting periods, showing a downward trend [13].

Core Viewpoint - Impression Holdings, a cultural tourism service company, has re-applied for an IPO on the Hong Kong Stock Exchange after its previous application expired in January 2025, primarily driven by its flagship performance "Impression·Da Hong Pao" which generated over 1.3 billion yuan in revenue in a year [1][2] Company Overview - Impression Holdings is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, focusing on performance services, cultural tourism towns, and tea hotels [2] - The company has been listed on the New Third Board since January 20, 2017 [2] Financial Performance - The company reported revenues of approximately 63.04 million yuan, 144 million yuan, 137 million yuan, and 55.88 million yuan for the years 2022 to the first half of 2025, with net profits of -2.6 million yuan, 47.5 million yuan, 42.8 million yuan, and 6.78 million yuan respectively [2][3] - In 2023, the company's revenue grew by 128.25% year-on-year, with net profit increasing from -2.6 million yuan in 2022 to 47.5 million yuan in 2023, marking a 19.3-fold increase [2][3] Key Performance Drivers - The flagship performance "Impression·Da Hong Pao" accounts for approximately 90% of the company's revenue, generating 1.3 billion yuan in 2024 [3][4] - The overall revenue of the national performance market in 2024 was 79.629 billion yuan, with a year-on-year growth of 7.61% [3] Audience Engagement - "Impression·Da Hong Pao" has attracted over 9.4 million viewers since its premiere in March 2010, with over 6,700 performances held [4] - The company launched a new performance, "Moonlight Wuyishan," in April 2025, which has held over 230 performances and attracted more than 76,000 viewers by October 8, 2025 [4] Business Risks - The company faces risks due to its heavy reliance on a single performance for revenue, with potential impacts from changing audience preferences and competition from other entertainment options [6][7] - The new performance "Moonlight Wuyishan" has not yet turned a profit, recording a gross loss of 1.8 million yuan in the first half of 2025, with a projected payback period of about 10 years [5][6] Strategic Plans - The company plans to use funds from the IPO to upgrade "Impression·Da Hong Pao," develop the cultural tourism town, acquire performance management rights, enhance brand image, and improve operational systems [6][7] - Impression Holdings has identified two potential acquisition targets in Fujian Province to expand its performance offerings [7] Financial Metrics - The company's gross profit margins have fluctuated, recorded at 27.2%, 57.8%, 54.6%, and 42.5% during the reporting periods, indicating a downward trend [8]

Core Viewpoint - Impression Dahongpao Co., Ltd. has submitted its prospectus for the second time to the Hong Kong Stock Exchange, highlighting its reliance on a single revenue source from the "Impression Dahongpao" live performance, which poses potential risks to its financial stability [1][4]. Group 1: Financial Performance - The company's net profits for the years 2022, 2023, 2024, and the first half of 2025 are projected to be approximately -2.6 million, 47.5 million, 42.8 million, and 6.8 million respectively [1][3]. - The company's revenue for the same periods is estimated at around 63.0 million, 144.0 million, 137.0 million, and 55.9 million [3]. Group 2: Business Operations - Impression Co. 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 [2]. - The main business segments include performance and show services, Impression Cultural Tourism Town, and tea hotel services, with the flagship performance being "Impression Dahongpao" [2][4]. - The company has also launched a new performance titled "Moonlight Wuyishan," set to debut in May 2025, and offers customized performances for corporate clients [2]. Group 3: Revenue Dependency - The majority of the company's revenue comes from the "Impression Dahongpao" performance, accounting for approximately 91.4%, 94.3%, 94.6%, and 87.8% of total revenue from 2022 to the first half of 2025 [4][5]. - The company faces risks associated with its reliance on a single income source, including changes in audience preferences and competition from other entertainment options [4][5]. Group 4: Audience Engagement and Performance Metrics - Ticket sales for the "Impression Dahongpao" performance are projected to be approximately 399,900, 918,500, 822,500, and 311,700 for the years 2022, 2023, 2024, and the first half of 2025 respectively, with ticket prices ranging from 238 yuan for standard seats to between 268 and 688 yuan for VIP seats [3]. - The company has experienced seasonal fluctuations in performance attendance, with peak periods aligning with major holidays and school vacations, achieving an average attendance rate of about 84.6% during peak times [5].

Core Viewpoint - Impression Holdings has submitted a new listing application to the Hong Kong Stock Exchange, with the company being a state-owned cultural tourism service provider based in Wuyishan, Fujian Province [1][4]. Business Overview - Impression Holdings operates in three main segments: performance and show services, Impression cultural tourism town business, and tea soup hotel business [4]. - The company has been listed on the New Third Board since January 20, 2017 [4]. - According to Frost & Sullivan, Impression Holdings ranks eighth in China's cultural tourism performance market by revenue in 2024, with its flagship performance "Impression Da Hong Pao" being a significant revenue source [4]. Revenue Generation - The revenue from "Impression Da Hong Pao" for the years ending December 31 for 2022, 2023, and 2024, and for the six months ending June 30, 2024, and 2025, was approximately RMB 57.6 million, RMB 136 million, RMB 130 million, RMB 47.9 million, and RMB 49.1 million, respectively, accounting for about 91.4%, 94.3%, 94.6%, 93.0%, and 87.8% of total revenue for those years [4]. Financial Performance - The company reported revenues of approximately RMB 63.04 million, RMB 144 million, RMB 137.2 million, and RMB 55.88 million for the years ending June 30 for 2022, 2023, 2024, and 2025, respectively [5][8]. - The corresponding profits for the same periods were approximately RMB -2.6 million, RMB 47.5 million, RMB 42.8 million, and RMB 6.78 million [5][8]. - The company has a high dependency on performance and show services, which, while stable, still carries certain risks [5].

Core Viewpoint - Impression Holdings has re-submitted its listing application to the Hong Kong Stock Exchange, with the company being a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province [1][4]. Group 1: Company Overview - Impression Holdings operates in three main business segments: performance and show services, Impression cultural tourism town business, and tea soup hotel business [4]. - The company has been listed on the New Third Board since January 20, 2017 [4]. Group 2: Market Position - According to Frost & Sullivan, Impression Holdings ranks eighth in China's cultural tourism performance market by revenue generated from performance programs in 2024 [4]. - The company's flagship performance, "Impression · Dahongpao," is the first large-scale outdoor landscape performance in Fujian Province and has historically been its primary source of revenue [4]. Group 3: Revenue and Financial Performance - Revenue from "Impression · Dahongpao" for the years ending December 31 and the six months ending June 30 is as follows: - 2022: RMB 57.6 million (91.4% of total revenue) - 2023: RMB 136 million (94.3% of total revenue) - 2024: RMB 130 million (94.6% of total revenue) - 2024 (six months): RMB 47.9 million (93.0% of total revenue) - 2025 (six months): RMB 49.1 million (87.8% of total revenue) [4]. - Financial performance for the years ending June 30 shows the following revenues and profits: - 2022: Revenue of RMB 63.04 million, net loss of RMB 2.6 million - 2023: Revenue of RMB 144 million, net profit of RMB 47.5 million - 2024: Revenue of RMB 137.2 million, net profit of RMB 42.8 million - 2025 (six months): Revenue of RMB 55.88 million, net profit of RMB 6.78 million [5][8].

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申請版本的內容概不負責，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申請版本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） 的申請版本 警 告 本申請版本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。 本申請版本為草擬本，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： 本申請版本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。 本申請版本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或銷售的司法權區出售或招攬購 ...

Core Points - The Shanghai International Arts Festival has successfully hosted outdoor concerts at the Shanghai Exhibition Center, attracting significant audience interest and enhancing the city's cultural profile [1][3] - The recent concert featured performances by the Shanghai Opera Symphony Orchestra and Choir, showcasing works by Prokofiev and Carl Orff, providing a unique artistic experience [1] - The event was fully booked, with nearly 3,000 tickets reserved, indicating strong public demand for cultural events [3] Industry Impact - The concerts are part of a broader initiative to promote cultural tourism in Shanghai, with local businesses offering discounts and parking benefits to concertgoers, thereby stimulating local economic activity [3] - Visitor numbers in Jing'an District increased by over 20% year-on-year during the event, exceeding 3 million, highlighting the positive impact of cultural events on tourism [5]

Core Insights - The trend of using performance tickets as a means to unlock various discounts and benefits in cities has become a new wave in cultural tourism consumption during the recent holiday season [1][15] - The booming "ticket root economy" reflects significant changes in China's cultural tourism consumption patterns, with tickets serving as a "universal pass" for various activities and services [10][15] Cultural Performance Highlights - The "Great Wall Cultural Festival" in Beijing's Huanghuacheng Water Great Wall saw a 75% increase in visitor numbers and an 80% rise in revenue compared to the previous year [3] - Chengdu's Wuhou Shrine featured the immersive performance "Scroll of the Three Kingdoms," attracting 100,000 visitors on the first day of the holiday [5] - Traditional Chinese aesthetics gained popularity, with numerous performances showcasing national styles and themes [6] Ticket Root Economy - In Yinchuan, visitors can enjoy discounts at over 150 retail stores and 230 dining and accommodation establishments by presenting valid performance tickets [10] - The ticket root economy has evolved beyond simple discounts to include more personalized and emotional experiences, such as dedicated transportation services for concert-goers [13] - In Zhejiang, ticket holders can access various benefits, including free admission to 19 scenic spots and discounts at 39 hotels [14] Industry Trends - The integration of cultural, sports, and tourism sectors is leading to a more diversified consumption experience, moving away from traditional sightseeing to a focus on lifestyle and cultural engagement [17] - The growth of the ticket root economy is seen as a strategic move by local governments and businesses to enhance visitor retention and expand consumption opportunities [15][17]

Core Insights - RWA (Real World Assets) tokenization is gaining traction in the financial sector, particularly in tourism financing, offering new avenues for capital raising and reducing reliance on traditional bank loans [1][2][5] Group 1: Understanding RWA - RWA refers to the tokenization of real-world assets, enabling them to be traded and fractionalized like cryptocurrencies, thus enhancing liquidity and investment accessibility [4][6] - The RWA model allows tourism assets to be converted into digital certificates, enabling investors to receive dividends without affecting ownership [4][6] Group 2: Advantages of RWA in Tourism Financing - RWA provides innovative financing channels for tourism assets, allowing large, illiquid assets to be divided into smaller tokens for global investors, thus lowering costs and increasing liquidity [6][7] - It democratizes investment opportunities, enabling ordinary investors to participate in high-value tourism assets with lower capital requirements [6][7] Group 3: Market Potential of RWA - The global RWA market is projected to reach $255 billion by June 2025, with significant growth expected in the asset tokenization sector, potentially reaching $16.1 trillion by 2030 [8][22] - RWA is seen as a bridge connecting tourism assets with global capital, providing new financing possibilities and revitalizing the industry [8][22] Group 4: RWA Case Studies in Tourism - The first RWA digital island project in Dalian, China, aims to revitalize idle tourism resources, showcasing the potential of RWA in local tourism development [10] - The "Swordsman Panda" IP asset RWA project in Hong Kong demonstrates the ability to tokenize cultural IP rights, attracting a younger demographic and international investors [11] Group 5: RWA Applications in Tourism - RWA can be applied to ticket revenue rights of major tourist attractions, allowing investors to hold tokens and receive dividends based on ticket sales [12] - The model can also be utilized for vacation rental and hotel management rights, enabling fractional ownership and investment in high-end properties [12][13] Group 6: Challenges and Solutions in RWA - Compliance issues pose significant challenges for RWA in tourism financing, particularly regarding the classification of tokens as securities [14][16] - Solutions include clearly defining asset attributes to avoid securities classification, limiting investor access to qualified individuals, and adhering to regulatory frameworks [16][19] Group 7: Technological Support for RWA - Blockchain technology underpins RWA by ensuring transparent and immutable records of asset ownership and revenue rights [21][22] - Smart contracts automate revenue distribution and token transfers, enhancing efficiency and reducing human error in transactions [21][22]

Group 1 - The China Securities Regulatory Commission (CSRC) issued a notice regarding the overseas issuance and listing of Impression Dahongpao Co., Ltd., allowing the company to issue up to 41,515,000 overseas listed ordinary shares on the Hong Kong Stock Exchange [3]. - The company must report any significant events to the CSRC during the period from the issuance of the notice until the completion of the overseas listing [3]. - After the overseas listing, the company is required to report the listing status to the CSRC within 15 working days [3]. Group 2 - Impression Dahongpao Co., Ltd. is headquartered in Wuyishan, Fujian Province, and was established in 2009, focusing on cultural tourism services and the performance of "Impression Dahongpao" [6]. - The company ranks eighth in China's cultural tourism performance market based on sales revenue generated from cultural performances in 2023 [6]. - The company was listed on the New Third Board on January 20, 2017, with the stock code 870608.NQ, and submitted its prospectus to the Hong Kong Stock Exchange on January 15, 2025, with Everbright Securities as the sole sponsor [6].