Core Viewpoint - Impression Dahongpao, a cultural tourism service company, made its debut on the Hong Kong Stock Exchange but faced a disappointing first day, with shares dropping 35.27% from the issue price [1][2]. Company Overview - Impression Dahongpao is headquartered in Wuyishan and is primarily engaged in performance and show services, with its flagship being the large-scale landscape performance "Impression Dahongpao" [1]. - The company has performed over 6,700 shows and received 10 million visitors since its premiere in 2010 [1]. Market Performance - The stock opened at HKD 3.26, down 9.4% from the issue price of HKD 3.60, and closed at HKD 2.33, marking a significant decline of 35.27% [2]. - The initial public offering (IPO) was highly oversubscribed, with a subscription rate of nearly 3,398 times, but the high demand led to a low allocation rate of only 0.8% for investors [2]. Future Plans - The company aims to leverage its listing as a new starting point to enhance brand recognition and expand into international tourism markets [3]. - Future initiatives include exporting performance management expertise, developing night-time activities in Wuyishan, and enhancing the immersive cultural experience [3]. Fundraising and Utilization - Impression Dahongpao raised approximately HKD 130 million globally, with plans to use the net proceeds for upgrading performances, developing cultural tourism projects, enhancing brand image, and improving operational systems [4].

招股书显示，印象股份成立于2009年1月21日，是一家国有文旅服务企业，总部位于福建省武夷山，主营业务包括演出及表演服务、印象文旅小镇及茶汤酒 店。 近日，港交所披露的信息显示，印象大红袍股份有限公司（以下简称"印象股份"）通过港交所IPO聆讯，兴证国际及铠盛为其联席保荐人，或将很快完成上 市。 这并非印象股份第一次寻求在资本市场上市。2017年1月，该公司成功在新三板挂牌，此后计划转至北交所上市，然而经过4年的辅导，于2024年5月宣布终 止北交所上市辅导。2025年1月15日，该公司向港交所主板提交上市申请书，申请失效后于10月14日再次向港交所提交上市申请书。 印象股份的业务布局涵盖演出及表演服务、印象文旅小镇和茶汤酒店三大板块。招股书披露的数据显示，2022-2024年度以及2025年上半年，印象股份收入 分别约为6303.9万元、1.44亿元、1.37亿元、5588.4万元，期内溢利及全面收益总额分别约为-259.9万元、4750.4万元、4280.9万元、677.5万元。 值得一提的是，印象股份约九成收入来自于《印象·大红袍》的演出。从数据来看，《印象·大红袍》山水实景演出2022-2024年度产 ...

Core Viewpoint - Impression Dahongpao Co., Ltd. is set to launch an IPO with a target fundraising amount of HKD 125 million to HKD 148 million, indicating strong market interest in cultural tourism services [1][5]. Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, focusing on cultural tourism performances and comprehensive tourism services [3]. - The company operates three core business segments: performance and show services, Impression Cultural Tourism Town business, and tea hotel business [3]. Performance and Revenue - The primary revenue source for the company is its flagship performance "Impression Dahongpao," which is a significant part of the Wuyishan tourism experience [3]. - The company ranks third in box office revenue among all tourism landscape performances in China for 2024, showcasing its competitive advantage in the cultural tourism market [3]. Financial Performance - The company has shown steady operational performance with net profits recorded for the years ending 2022, 2023, and 2024, as well as for the first half of 2025 [5]. - The net profits for the respective years are as follows: RMB -2.599 million (2022), RMB 47.504 million (2023), RMB 42.809 million (2024), and RMB 6.775 million (2025) [4][5]. - The gross profit margin and operating profit margin have shown positive trends, indicating robust financial health [5].

Core Viewpoint - Impression Dahongpao Co., Ltd. is set to launch an IPO from December 12 to December 17, 2025, aiming to raise between HKD 125 million and HKD 148 million through the issuance of 36.1 million H-shares priced between HKD 3.47 and HKD 4.10 per share [1][6] Company Overview - Impression Dahongpao is a state-owned cultural tourism service enterprise based in Wuyishan, Fujian Province, focusing on cultural tourism performances and comprehensive tourism services [3] - The company operates three core business segments: performance and show services, Impression Cultural Tourism Town business, and tea hotel business [3] Performance Highlights - The flagship performance "Impression Dahongpao" is a key component of the Wuyishan tourism experience, establishing market leadership and serving as the primary revenue source [4] - According to Frost & Sullivan, the company ranks among the top in China's cultural tourism performance market, with a strong competitive advantage [4] - In 2024, the box office revenue from performances ranked third among all tourism landscape performances in China [4] Financial Performance - The company has shown steady operational performance, particularly in the cultural tourism performance market, with recorded profits in the fiscal years ending 2022, 2023, 2024, and the first half of 2025 [5] - The net profits for the respective years were RMB -2.599 million, RMB 47.504 million, RMB 42.809 million, and RMB 6.775 million [5] - The gross profit margin and operating profit margin have shown positive trends, indicating robust financial health [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]

Core Viewpoint - The company, Impression Da Hong Pao, is set to launch an IPO from December 12 to December 17, 2025, aiming to issue 36.1 million H-shares with a price range of HKD 3.47 to HKD 4.1 per share, targeting a net proceeds of approximately HKD 110 million from the global offering [1][2]. Group 1: Company Overview - Impression Da Hong Pao is a state-owned cultural tourism service enterprise headquartered in Wuyishan, Fujian Province, ranking eighth in China's cultural tourism performance market by revenue in 2024 [1][3]. - The company operates three main business segments: (i) performance and show services, (ii) Impression Cultural Tourism Town business, and (iii) tea hotel business [1]. Group 2: Financial Projections and Use of Proceeds - Assuming a mid-point offering price of HKD 3.79 per share, the estimated net proceeds of approximately HKD 110 million will be allocated as follows: (1) 23% for upgrading the flagship performance "Impression Da Hong Pao," (2) 28.6% for developing the Impression Jianzhou food-themed street and enhancing the Impression Cultural Tourism Town, (3) 20% for acquiring another quality cultural tourism performance project, (4) 11% for brand promotion, (5) 7.4% for upgrading ticketing management systems, and (6) 10% for working capital and general corporate purposes [2]. Group 3: Revenue Performance - The company's total revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2024, and 2025, were approximately RMB 63 million, RMB 144 million, RMB 137 million, RMB 51.5 million, and RMB 55.9 million, respectively [3].

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 - 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].

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 ...

Group 1 - The core idea of the articles revolves around the integration of traditional culture with digital technology to create immersive experiences that make history engaging and accessible [1][10][16] - Various locations in Fujian are utilizing digital activation techniques to bring cultural heritage to life, such as AR and VR experiences that allow visitors to interact with historical narratives [3][5][7] - The use of popular game IPs and immersive performances is transforming how cultural heritage is experienced, allowing for a blend of entertainment and education [9][12][14] Group 2 - The development of the "Digital Twin" concept in places like Gulangyu Island is creating a virtual environment that enhances tourism through interactive storytelling and augmented reality [7] - Large-scale immersive performances, such as "Moon Reflecting Wuyi," are employing advanced technologies like AI holography to present cultural narratives in a visually stunning manner [12] - The trend of combining cultural heritage with modern technology is seen as a way to preserve and promote traditional culture while attracting a younger audience [10][16]