0:00 华灯初上，神州大地的夜色画卷徐徐展开。吉林白山的游客纵情冰雪、品尝人参美食，山东周村古商城推出沉浸式夜间活动，河南浚县古城将运 河文化与夜间消费场景融合，福建武夷山用温润的光影为茶乡的冬夜添加暖意，云南昆明正以夜色为幕、鲜花为笔，绘就经济活力与文化内涵兼 具的文旅名片…… 这股升腾的夜间烟火气，不仅勾勒出人民群众美好生活的图景，更成为撬动消费升级、激发市场潜能的经济新引擎，为高质量发展注入持续不竭 的夜间动能。 ■吉林 白山 新雪季、新玩法、新体验。今年雪季，吉林省白山市依托独特的冰雪资源优势和深厚的人参文化底蕴，带游客体验全新玩法，为游客带来一场沉 浸式的文旅盛宴。 近日，一场以"人参文化+冰雪魅力"为主题的特色体验活动在长白山华美胜地精彩启幕，人参美食、东北特产亮相景区，吸引着八方游客驻足打 卡。 今年雪季，白山市将持续深化"文化+旅游+产业"融合发展模式，深挖特色资源潜力，让更多优质文化资源走出深闺、走向大众，以文旅融合之力 激活地方经济发展新动能。 华灯初上，周村古商城悄然变身冬日浪漫胜地。雪花机喷洒出纷扬的"雪花"，身着精美汉服的舞者翩翩起舞，在光影交织中演绎出一幅富有诗意 的国风画卷。 ...

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 - The project "Impression Dahongpao" is a large cultural tourism performance project operated by a subsidiary of the company, integrating natural scenery, tea culture, and folk customs into an immersive cultural experience [1] Group 1 - The project is set against the backdrop of Wuyishan, combining live performances with scenic landscapes, lighting art, and dance [1] - The company encourages investors to follow official announcements for updates on the listing progress of Impression Dahongpao Co., Ltd. [1]

Core Insights - The upcoming National Day and Mid-Autumn Festival have prompted various regions to launch diverse new consumption scenarios and activities, particularly in cultural tourism, sports economy, and creative consumption, attracting significant public interest [1][7][8]. Group 1: Cultural Tourism Innovations - Chongqing has introduced a unique "Hot Pot Special Train" to enhance holiday consumption, featuring cultural elements and interactive experiences that resonate with local identity [7]. - Beijing plans to host over 2,400 distinctive cultural tourism activities, including a lantern festival and various performances, to celebrate the dual festivals [8]. - Fujian's Wuyishan city has developed a series of cultural tourism products and policies to enhance the autumn travel experience, including night economy events and immersive tea experiences [8]. Group 2: Sports and Events Integration - The 2025 Qilu Football Super League in Shandong has integrated local culture and tourism with sports, creating a platform for diverse economic benefits through events [12][13]. - The "City Super" football invitation tournament in Guiyang aims to convert sports traffic into economic growth by promoting local tourism and business [13]. - Zhejiang's Zhuji city is leveraging a basketball event to create a multi-faceted market platform, combining sports, culture, and local products to stimulate consumption [13]. Group 3: Creative Consumption Trends - The National Library's commercial store in Beijing has successfully blended traditional culture with modern consumer products, attracting significant interest from the public [16]. - The city of Pinghu has gained attention for its unique watermelon lanterns, showcasing local culture and creativity, which has become a popular attraction [16][17]. - The integration of AR technology in cultural events in Pinghu demonstrates a successful fusion of local history and modern technology, enhancing visitor engagement [17].

Group 1 - The company reported a revenue of 377 million yuan and a net profit of 5.92 million yuan for the first half of 2025 [1] - The core performing arts projects continued stable operations, with "Impression Dahongpao" hosting 25 shows for nearly 50,000 attendees during the Spring Festival [1] - The company completed upgrades for its first integrated performing arts project "Impression Mazu" and introduced an outdoor immersive blessing ceremony, establishing it as a new cultural tourism landmark [1] Group 2 - The company has decided not to initiate new real estate development projects and will focus on liquidating existing assets [2] - Most commercial projects in Shanghai achieved nearly 100% occupancy, and the Hebei Yanjiao project accelerated capital recovery [2] - The company aims to accelerate the development of cultural industries, expedite the liquidation of existing assets, and actively layout strategic emerging industries and future industries [2]

Group 1 - The company reported a revenue of 377 million yuan and a net profit of 5.92 million yuan for the first half of 2025, focusing on digital innovation in the cultural tourism sector and asset liquidation to support long-term strategies [1][2] - The core performing arts projects continued stable operations, with "Impression Dahongpao" hosting 25 shows for nearly 50,000 attendees during the Spring Festival, and "Again Pingyao" adding up to 5 shows in a single day during the May Day holiday due to high demand [1] - The company completed upgrades for its first integrated performing arts project "Impression Mazu" and introduced an outdoor immersive blessing ceremony, establishing it as a new cultural tourism landmark in Meizhou Island [1] Group 2 - The company has decided not to initiate new real estate development projects, focusing instead on liquidating existing assets, with commercial project occupancy rates in Shanghai nearing 100% and accelerated capital recovery from the Hebei Yanjiao project [2] - The company aims to accelerate the development of cultural industries, expedite asset liquidation, and actively layout strategic emerging industries and future industries as part of its three core strategies [2] - The company plans to enhance sales and delivery of the Yanjiao project and revitalize existing assets in Shanghai to inject substantial financial resources for new productive forces [2]