江苏瘦西湖文化旅游股份有限公司（以下简称"瘦西湖"）于2025年9月26日向港交所递交招股书，拟在香港主板上市。 根据资料，瘦西湖2025年上半年实现营业收入8496.14万元，同比增长16.23%。归属于上市公司股东的净利润3530.44万 元，同比增长4.30%。 2024年，瘦西湖主营业务中，游船业务、观光车业务、服务费分别占营业收入85.52%、8.22%、6.27%。 瘦西湖的商业模式并不复杂，财报显示，其主要业务系依托扬州市瘦西湖风景区水域、古运河水域、宋夹城风景区水 域、大运河水域等优 质旅游资源，为游客提供各种类型的水上游船观光服务。公司目前是扬州市唯一一家水上游船观光 服务企业，并且取得蜀冈-瘦西湖风景名胜区内部水上游船独家经营服务许可，以船票收入作为主要收入来源获得收益。 2022年起，公司新增为游客提供景区观光车服务以获得收益；公司与高邮清水潭景区签订托管协议，获取景区托管业务 收入。2024年公司成立子公司运通公司，正式运营"大运扬州" 行进式游船演艺项目。 其中，游船业务实现营业收入为9604.51万元，同比增长0.99%。营业成本为4139.90万元，同比增长10.18%。毛利率为 ...

Core Viewpoint - The company, Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv), is preparing for an IPO on the Hong Kong Stock Exchange, focusing on its water tourism services, which have shown growth potential despite recent profit fluctuations [1][2]. Financial Performance - In 2022, 2023, and 2024, the company's revenue was approximately 31.46 million, 109.09 million, and 111.43 million RMB, respectively, with net profits of 2.98 million, 46.43 million, and 42.87 million RMB [5]. - The company experienced an 8% decline in net profit in 2024 despite a slight revenue increase of about 2% [5]. - The revenue from water tourism services accounted for 88.3%, 87.2%, 86.2%, and 85.6% of total revenue from 2022 to the first half of 2025 [5]. Business Segments - The company's operations are primarily divided into three segments: water sightseeing services, sightseeing vehicle services, and scenic area management services [3]. - Water sightseeing services remain the core revenue source, with ticket sales in Jiangsu province accounting for approximately 16% of the market, ranking second in the province [3][5]. Market Trends - The water tourism market in China is projected to grow from approximately 10.2 billion RMB in 2024 to 18.8 billion RMB by 2029, with a compound annual growth rate of about 13% [1]. - The company has been diversifying its offerings, including the introduction of sightseeing vehicle services and cultural performances [3][5]. Cost Structure - The company's sales costs increased by approximately 22% in the first half of 2025, reaching 31 million RMB, impacting the gross margin, which fell from 59% in 2023 to 54% in 2024 [6]. - The management service revenue remains low, accounting for only 5.1% of total revenue in 2024, with a declining gross margin [6][9]. Sales Channels - The company has increased its reliance on third-party sales channels, with ticket sales through these platforms rising from 12.8% in 2023 to 33.2% in the first half of 2025 [9]. - Key third-party platforms include Meituan, Ctrip, Douyin, and Tongcheng, which are crucial for ticket sales and brand exposure [9]. Risks and Challenges - The company's operations are heavily concentrated in Jiangsu province, making it vulnerable to regional economic fluctuations and environmental changes [8]. - Seasonal fluctuations in tourist traffic significantly impact cash flow and profitability, with peak seasons contributing 40-50% of annual revenue [7][8].