公司的主营业务为在武夷山景区的《印象·大红袍》山水实景演出。根据招股书，2023年公司实现营收 1.44亿元，净利润4750万元；2024年营收为1.37亿元，净利润4280万元；2025年上半年营收0.56亿元， 净利润677.5万元，业绩呈现一定压力。 公司核心业务具备能产生稳定现金流的业务特征，毛利率长期保持在50%以上，净利率约30%，经营性 现金流健康。然而，其核心风险在于超过94%的收入依赖于单一场演出。虽然公司已尝试通过新演出项 目《月映武夷》及文旅配套业务寻求突破，但新业务尚处培育期，短期内难以贡献利润。 此外，公司需为演出IP向关联方支付授权费，且户外演出受天气影响显著，业绩存在明显的季节性波 动。截至2025年6月末，公司因新项目租赁产生的负债有所上升。 二、稀缺题材与极小盘面 印象大红袍是港股市场为数不多的纯正文旅演艺标的，具有一定稀缺性。本次IPO全球发售股份数目较 少，若以每手1000股计算，香港公开发售部分货量极为有限，属于典型的发行规模极小、流通盘极小的 新股。 此类发行结构（无基石投资者、无回拨机制），结合其独特的区域文旅概念，在特定市场环境下容易因 供需失衡而产生较大价格波动 ...

根据公开资料显示，印象大红袍计划发行3610万股H股，当中一成本港发售，余额国际发售。招股价为 每股3.47港元至4.10港元，预计净集资额为1.25亿港元至1.48亿港元。据百惠金控了解，印象大红袍预计 会在2025年12月22日在香港交易所主板上市。 印象大红袍股份有限公司（以下简称"印象大红袍"），股票代码2695.HK，于2025年12月12日至12月17 日期间招股，百惠金控团队担任联席账簿管理人及联席牵头经办人。 公司的代表作《印象·大红袍》为武夷山旅游体验的重要组成部分，除了确立市场的领导地位，亦为公 司主要收入来源。根据弗若斯特沙利文的资料，公司在国内文化旅游演出市场中持续位居前列，具备行 业核心竞争优势。2024年，演出的票房收入在中国所有旅游山水实景演出中排名第三。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | 人民幣千元 | ...

印象大红袍预计于2025年12月22日在主板上市，兴证国际融资有限公司、铠盛资本有限公司为联席保荐 人。 印象大红袍(02695.HK)发布公告，公司拟全球发售3610.00万股股份，其中香港发售股份361.00万股，国 际发售股份3249.00万股，另有541.50万股超额配股权。招股日期为12月12日至12月17日，最高发售价 4.10港元，每手买卖单位1000股，入场费约4141.35港元。 公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为4750.40万元、4285.90万元、 1022.60万元，同比变动幅度为1927.78%、-9.78%、-19.35%。（数据宝） 全球发售预计募资总额为1.37亿港元，募资净额1.10亿港元，募资用途为用于(i)于2025年进一步发展印 象建州美食主题街区；(ii)于2026年进一步发展公司的印象文旅小镇，优化周边景观；用于升级公司的 标誌性演出《印象·大红袍》山水实景演出；用于通过向现有文化旅游演出项目注入公司的管理经验和 创新的运营模式，取得另一个优质文化旅游演出项目；用于提升品牌形象及扩大业务影响力的宣传工 作，特别是提高升级 ...

公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为4750.40万元、4285.90万元、 1022.60万元，同比变动幅度为1927.78%、-9.78%、-19.35%。（数据宝） 印象大红袍预计于2025年12月22日在主板上市，兴证国际融资有限公司、铠盛资本有限公司为联席保荐 人。 公司主营业务为营业性演出；演出经纪；演出场所经营；其他文化艺术经纪代理；组织文化艺术交流活 动；票务代理服务；以自有资金从事投资活动；旅游开发项目策划咨询；旅游业务；游览景区管理；非 居住房地产租赁；住房租赁。(依法须经批准的项目，经相关部门批准后方可开展经营活动)。 印象大红袍(02695.HK)发布公告，公司拟全球发售3610.00万股股份，其中香港发售股份361.00万股，国 际发售股份3249.00万股，另有541.50万股超额配股权。招股日期为12月12日至12月17日，最高发售价 4.10港元，每手买卖单位1000股，入场费约4141.35港元。 全球发售预计募资总额为1.37亿港元，募资净额1.10亿港元，募资用途为用于(i)于2025年进一步发展印 象建州美食主题街区；(ii)于 ...

印象大红袍(2695.HK)今日起至下周三(17日)招股，发售3610万股H股，香港公开发售占10%，其余为国 际配售，每股招股价介乎3.47港元至4.1港元，集资最多1.48亿港元。一手1000股，入场费4141.35港元。 该股预期12月22日挂牌买卖。兴证国际及铠盛为联席保荐人。 公司计划将所得款项净额中，23%将用 于升级标志性演出《印象·大红袍》山水实景演出；28.6%将适用于进一步发展印象建州美食主题街区； 20%将用于通过向现有文化旅游演出项目，取得另一个优质文化旅游演出项目；11%将用于提升品牌形 象及扩大业务影响力的宣传工作；7.4%将用于升级票务管理系统及软件；10%将用作营运资金和其他一 般企业用途。 ...

Core Insights - Recent surge in companies from the New Third Board, such as Jintian Animation, Bama Tea, and Shenghuo Technology, seeking to list in Hong Kong, indicating a trend towards international capital markets [1][2] - Successful transitions of companies like Pop Mart and Smoore International to Hong Kong have set benchmarks for others, showcasing the potential value of such moves [4] Company Developments - Jintian Animation has submitted its IPO application to the Hong Kong Stock Exchange, focusing on IP-based fun food products, with projected revenues of 596 million RMB in 2022, increasing to 877 million RMB by 2024 [2] - Bama Tea is set to list at a maximum price of 50 HKD, with a strong market position in the Chinese tea industry, particularly in oolong and black tea, and has received backing from major investment firms [3] - Pop Mart has demonstrated significant growth since its Hong Kong listing, with a revenue increase of 245%-250% year-on-year, and a market capitalization reaching 309.4 billion HKD [4] Market Trends - The "New Third Board + H-share" model is gaining traction, allowing companies to leverage both domestic and international capital markets simultaneously [6][7] - Companies like Tian Tu Investment have successfully utilized this model, maintaining flexibility in financing while gaining international recognition [7] Expert Opinions - Experts suggest that while listing in Hong Kong can enhance brand visibility and resource integration, some companies may resort to this option due to challenges in listing on domestic exchanges [8]

Core Viewpoint - Impression Dahongpao heavily relies on the single IP "Impression Dahongpao," which accounts for approximately 90% of its revenue, raising concerns about its sustainability and growth potential [2][3][7]. Revenue Dependence - The company's revenue is predominantly generated from the "Impression Dahongpao" performance, with ticket sales for this show contributing 91.4% to 94.6% of total revenue from 2022 to 2024 [7]. - The performance has reached a saturation point, with an average of around 600 shows per year, and ticket price increases have limited growth potential [8][9]. Financial Performance - In 2023, the company reported a revenue of 144 million yuan, a year-on-year increase of 128.57%, and achieved profitability with a net profit of approximately 47.5 million yuan [8]. - However, projections for 2024 indicate a decline in both revenue and net profit, with expected figures of 137 million yuan and 42.8 million yuan, respectively [8]. Diversification Efforts - The company has attempted to diversify its business by launching tea-themed hotels and a new performance "Moonlight Wuyi," but these initiatives have yet to become profitable [10][11]. - The average occupancy rates for the tea hotels have been low, with figures around 10.2% to 24.8% from 2022 to 2025 [11]. Financial Risks - Impression Dahongpao's total liabilities have increased significantly, from approximately 57.9 million yuan at the end of 2022 to about 166 million yuan by August 2025, primarily due to rising lease liabilities [14]. - The company has no bank loans, and its cash flow situation is becoming a concern, with a notable decline in operating cash flow from about 69.3 million yuan to 16 million yuan in 2025 [14]. Market Position - Despite being a leader in regional cultural tourism, the company's market share remains low at 0.8% in the broader cultural tourism performance market, indicating limited competitive strength compared to peers [8][9]. - The company's reliance on a single performance and the challenges in expanding beyond its current geographic limitations raise questions about its long-term viability [17].

Core Viewpoint - Impression Dahongpao Co., Ltd. is re-entering the Hong Kong stock market after a nine-month hiatus, with updated prospectus documents indicating a continuation of its capital market journey [1] Financial Performance - The company experienced a V-shaped recovery in its financial performance, with revenues for the years 2022 to the first half of 2025 showing significant fluctuations, including a 128.3% year-on-year increase in 2023, followed by a projected 4.7% decline in 2024 [2][3] - Revenue figures for the reporting period are approximately RMB 63.04 million in 2022, RMB 144 million in 2023, RMB 137.2 million in 2024, and RMB 55.88 million in the first half of 2025 [3] - The company successfully reversed a loss of RMB 2.6 million in 2022 to achieve net profits of RMB 47.5 million in 2023 and RMB 42.8 million in 2024, with a net profit of RMB 6.78 million in the first half of 2025 [3] Profitability and Margins - The gross profit margin saw a significant increase from 27.3% in 2022 to 57.8% in 2023, maintaining a high level of 54.6% in 2024, indicating strong operational leverage in the tourism industry [4] - However, there are signs of cost rigidity, with a projected decline in gross profit and margin in 2024 and the first half of 2025, suggesting that rising costs may erode profit margins [4] Business Model and Risks - The company's business model heavily relies on its flagship product, the "Impression Dahongpao" outdoor performance, which accounted for over 87% of total revenue in recent periods [6][7] - This dependency poses risks, including vulnerability to external shocks such as extreme weather or public health events, and a growth ceiling due to the fixed capacity of the performance [7] Diversification Efforts - In response to the risks associated with its single-IP reliance, the company is exploring diversification through the "Impression Cultural Town" and "Tea Soup Hotel" initiatives, aiming to enhance visitor experiences and increase revenue per customer [8] - Despite these efforts, the new business segments currently contribute only about 12.2% of total revenue, indicating that the diversification strategy is still in its early stages [8]

Core Viewpoint - Impression Dahongpao Co., Ltd. is re-entering the Hong Kong stock market after a nine-month hiatus, with updated prospectus documents filed on October 14, 2023, indicating a continuation of its capital market journey [1] Financial Performance - The company experienced a V-shaped recovery in its financial performance, with revenues for the years 2022 to the first half of 2025 reported as approximately CNY 63.04 million, CNY 144 million, CNY 137.2 million, and CNY 55.88 million respectively [2][3] - In 2023, the company saw a dramatic revenue increase of 128.3% year-on-year, reflecting a surge in pent-up tourism demand following adjustments in pandemic control policies [2] - However, a slight revenue decline of approximately 4.7% is projected for 2024 compared to 2023, suggesting a return to normal growth rates in the tourism market [2] Profitability - The company successfully reversed a loss of CNY 2.6 million in 2022, achieving net profits of CNY 47.5 million and CNY 42.8 million in 2023 and 2024 respectively, indicating a significant recovery in profitability [3][4] - Gross profit improved from CNY 17.18 million in 2022 to CNY 83.12 million in 2023 and CNY 74.89 million in 2024, highlighting enhanced profitability [3] - The gross margin surged from 27.3% in 2022 to 57.8% in 2023, maintaining a high level of 54.6% in 2024, showcasing the operational leverage in the tourism industry [4] Business Model and Risks - The company's business model heavily relies on its flagship product, the outdoor performance "Impression Dahongpao," which has contributed to over 87.8% of its revenue in recent periods [6][7] - This dependency poses risks, including vulnerability to external shocks such as extreme weather or public health events, which could disrupt performances and revenue [7] - The company is exploring diversification through "Impression Cultural Town" and "Tea Soup Hotel" to mitigate risks associated with its single IP reliance, although these new ventures currently contribute only about 12.2% of total revenue [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].