国庆假期临近，又到了旅游旺季，许多人都准备出门游山玩水了。 旅游公司是怎样赚钱的？现在的水上游览服务生意好做吗？不妨通过瘦西湖来一探究竟。 1 超8成收入来自水上游船业务，摇橹船为标志性游船 瘦西湖的收入主要来自提供水上游船观光服务、观光车服务、管理服务。 公司主要在蜀冈—瘦西湖风景区、古运河等区域运营，拥有"瘦西湖船娘"品牌，其提供的水上游船服务分为摇橹船、 自驾船、主题船三类。 2024年我国旅游消费总额达到5.8万亿元，随着推出特色旅游产品、发展夜间文化旅游经济等举措的实施，预计到2029 年中国旅游消费总额将超过10万亿元，2024年至2029年的复合年增长率为12%。 如今国内已有不少旅游上市公司，最近有做水上游船观光服务的公司冲击IPO。 格隆汇获悉，近日，江苏瘦西湖文化旅游股份有限公司（简称"瘦西湖"）向港交所递交招股书，拟在香港主板上市， 光大证券国际为独家保荐人。 瘦西湖主要在扬州的知名景区运营水上游船观光服务，也许有人会误以为瘦西湖就是杭州西湖，其实他俩并不是同一 个景区。 杭州西湖以"自然山水+人文遗迹"著称，有雷峰塔、岳王庙、三潭印月等景点；而扬州瘦西湖以"狭长曲水+精巧园 林"为特色 ...

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Business Model - The company operates as a state-owned comprehensive water tour service provider, primarily in the Yangzhou Shugang - Shouxihu Scenic Area and the Ancient Canal region, holding exclusive operational rights for water tours for 20 years and in the Ancient Canal area without time limits, capturing a 16.0% market share in Jiangsu's water tour service market [1] Diversified Business Collaboration - In addition to water tour services, the company offers sightseeing bus services and management services, with a fleet of 206 boats and 25 buses, and has introduced innovative service models such as "Boat+" and charter services [2] Financial Performance - The company's revenue has seen significant growth, with total revenues projected at approximately RMB 31 million, RMB 109 million, and RMB 111 million for 2022, 2023, and 2024 respectively, marking a 249.3% increase in 2023 compared to 2022 due to the rebound in tourism post-pandemic and the exclusive operation of sightseeing bus services starting August 2022 [3] - Net profit for the same period is projected at approximately RMB 3 million, RMB 46 million, and RMB 43 million, with a staggering increase of 1,458.1% in 2023 compared to 2022, but a decline of about 7.6% in 2024 due to rising costs [4] Profitability Metrics - Gross margin and net margin have shown volatility, with gross margins of 21.8%, 59.0%, and 54.4% for 2022, 2023, and 2024 respectively, and net margins of 9.5%, 42.6%, and 38.5% for the same years, indicating a significant rise in 2023 followed by a decrease in 2024 [5][6] Revenue Composition - Water tour services remain the primary revenue source, contributing approximately RMB 28 million, RMB 95 million, and RMB 96 million for 2022, 2023, and 2024 respectively, accounting for 88.3%, 87.2%, and 86.2% of total revenue [6][7] Management Team - The company's board consists of nine directors, including six executive directors with extensive experience in the cultural tourism industry, ensuring strong leadership and operational oversight [8] Compensation Growth - The total compensation for directors and senior management has increased significantly, with a 200% rise in 2023 compared to 2022, raising concerns about cost control despite the potential for attracting talent [9]