Core Viewpoint - The article highlights the significant transformation of rivers and lakes in Zibo, which injects new vitality into urban development through effective ecological governance and tourism enhancement [2][4][10]. Group 1: Ecological Governance Achievements - Zibo has successfully implemented river and lake governance, resulting in improved ecological conditions and enhanced urban landscapes, exemplified by the transformation of Honglian Lake and Matia Lake [4][6]. - The governance approach includes controlling pollution sources, reducing emissions, and promoting ecological protection, leading to a resurgence of local ecosystems and increased tourism [4][6]. Group 2: Economic and Social Impact - The improved ecological environment has positively impacted residents' quality of life and created economic value, demonstrating a win-win situation between ecological and economic benefits [6]. - The establishment of cultural and economic hubs, such as the Xi Culture Town, has fostered local employment and income growth, benefiting over 200 individuals and generating an additional 2 million yuan [6]. Group 3: Policy Support and Future Plans - The city has implemented a comprehensive river and lake governance strategy, with a goal to establish over 75 provincial-level happy rivers and lakes by the end of 2030, benefiting more than 1,000 villages [9]. - Recent policies, including the "Ten Thousand Villages and Thousand Rivers" initiative, aim to enhance the quality and scope of happy river and lake construction, reflecting the city's commitment to ecological improvement [9].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor, highlighting the growth of the tourism sector in China, particularly in Yangzhou [1][2]. Company Overview - Shouxihu, located in Yangzhou, is the second-largest water tourism service provider in Jiangsu Province, known for its scenic beauty and historical significance as a national 5A-level tourist attraction [2][3]. - The company was established in 2006 to unify the operation of water tourism services, which were previously fragmented [2]. Leadership - Xu Shunmei, the 55-year-old chairwoman, has been instrumental in the company's development, transitioning from a tour guide to various management roles before becoming the general manager in 2011 and later the chairwoman [3]. Business Development - Since its inception, Shouxihu has expanded its offerings, including the development of water tourism routes and immersive cultural tourism products such as "Night Tour Yangzhou" [3]. - The company has also diversified its services to include dining, retail, and event hosting, enhancing the overall tourist experience [5]. Financial Information - In June 2023, Shouxihu raised approximately 28.56 million yuan by issuing 280,000 shares at a price of 10.21 yuan per share, estimating its market value at around 300 million yuan [5]. - The major shareholders include Yangzhou Tourism Development Group and Yangzhou All-region Tourism Company, holding 65.24% and 24.75% of the shares, respectively, with the Yangzhou municipal government as the ultimate controller [5].

Core Insights - Jiangsu Shouxihu Cultural Tourism Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor [1][6] - The company is the second-largest water tourism service provider in Jiangsu Province, led by Chairwoman Xu Shunmei, who has a background as a tour guide [1][4] Company Overview - Shouxihu is recognized as the first national 5A-level tourist attraction in Yangzhou, with a history dating back to the Sui Dynasty [2][4] - The company was established in 2006 to unify the operation of water tourism services, initially offering basic sightseeing services [4][6] Business Development - The company has expanded its services to include various water tourism routes and immersive cultural tourism products since 2012 [4][6] - Xu Shunmei has been instrumental in developing the brand and enhancing the service offerings, including dining and retail experiences [4][6] Financial Performance - Revenue projections for 2022, 2023, and 2024 are approximately RMB 31.24 million, RMB 109.10 million, and RMB 111.43 million, respectively, with a compound annual growth rate of about 89% [7][8] - The net profit for the same years is projected to be RMB 2.98 million, RMB 46.43 million, and RMB 42.88 million [8] Revenue Breakdown - The water sightseeing service remains the primary revenue source, contributing approximately 88.3%, 87.2%, and 86.2% of total revenue over the past three years [9] - The company operates 206 boats, with a maximum daily capacity exceeding 35,000 passengers during peak seasons [9] Market Position - Shouxihu ranks second in Jiangsu's water tourism market, holding approximately 16% market share in ticket sales [9]

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, reflecting the booming cultural tourism industry in China, particularly highlighted by the recent surge in domestic travel during the Golden Week holiday [4][15]. Company Overview - Shouxihu, located in Yangzhou, is the second-largest water tourism service provider in Jiangsu Province, founded in 2006 to unify the operation of water tourism services [4][7]. - The company is led by Xu Shunmei, who has transitioned from a tour guide to the chairwoman, significantly contributing to the brand's development and operational management [5][7]. Business Development - The company has evolved from basic sightseeing services to a comprehensive water tourism experience, including themed boat tours and immersive cultural products [7][12]. - Shouxihu's revenue has shown significant growth, with projections of CNY 0.31 billion, CNY 1.09 billion, and CNY 1.11 billion from 2022 to 2024, reflecting a compound annual growth rate of approximately 89% [12][13]. Revenue Sources - The primary revenue source remains the water sightseeing service, contributing approximately 88.3%, 87.2%, and 86.2% of total revenue over the past three years [12][13]. - The company operates 206 boats, including 36 rowing boats, with a maximum daily capacity exceeding 35,000 visitors during peak seasons [13]. Market Position - As of 2024, Shouxihu ranks second in Jiangsu's water tourism market, holding approximately 16.0% of the ticket sales market share [14]. - The company has diversified its offerings, including a new performance-based boat tour launched in October 2024, which has already contributed significantly to revenue growth [14]. Industry Trends - The recent Golden Week holiday saw unprecedented travel activity, with over 1.24 billion people traveling, indicating a strong recovery and growth potential in the tourism sector [15][16]. - Young travelers are increasingly driving tourism trends, seeking personalized and experiential travel options, which aligns with Shouxihu's offerings [16][17].

Core Insights - The tourism consumption in China is projected to reach 5.8 trillion yuan in 2024, with expectations to exceed 10 trillion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 12% from 2024 to 2029 [1] Company Overview - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu") has submitted an IPO application to the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor [2] - Shouxihu operates water sightseeing services primarily in the famous scenic area of Shouxihu in Yangzhou, which is distinct from Hangzhou's West Lake [2][3] Revenue Sources - Over 80% of Shouxihu's revenue comes from water sightseeing services, with the signature rowing boat being a key offering [3] - The company provides various types of watercraft services, including rowing boats, self-driving boats, and themed boats, with rowing boats being the most popular among tourists [4][7] - In 2022, 2023, and 2024, water sightseeing services contributed more than 85% of the company's revenue, indicating a heavy reliance on this segment [8] Financial Performance - Shouxihu's revenue has shown an upward trend, with figures of approximately 31 million yuan in 2022, 109 million yuan in 2023, and 111 million yuan in 2024, while net profits have fluctuated [16] - The gross profit margin has varied, with rates of 21.8% in 2022, 59% in 2023, and 54.4% in 2024, reflecting the impact of operational costs and market conditions [16] Market Dynamics - The water sightseeing service market in China is expected to grow from 10.2 billion yuan in 2024 to 18.8 billion yuan by 2029, with a CAGR of approximately 13% [18] - In Jiangsu province, the market is projected to grow from 650 million yuan in 2024 to about 976 million yuan by 2029, with a lower CAGR of 8.5% compared to the national average [20] - Shouxihu ranks second in Jiangsu's water sightseeing market with a market share of about 16% and is ranked tenth nationally with a market share of approximately 1% [20] Operational Challenges - The company faces challenges due to its reliance on ticket sales and the potential for shifts in consumer preferences or increased competition from alternative entertainment options [8][18] - The operational focus is primarily in Yangzhou, making the company susceptible to regional economic fluctuations and regulatory changes [18] Management and Ownership - Shouxihu is controlled by the Yangzhou government, which holds approximately 89.99% of the shares, indicating strong local government support [23] - The management team has extensive experience in the cultural tourism industry, with key executives having backgrounds in various relevant roles [25]

Core Viewpoint - Shouxihu Cultural Tourism has submitted an application for listing on the Hong Kong Stock Exchange, with Everbright Securities International as its sole sponsor [1] Company Overview - The company is the only licensed operator of water sightseeing boats in Yangzhou, with its boats being the only designated mode of transportation in the Yangzhou water area [1] - Shouxihu Cultural Tourism holds exclusive operating rights for water sightseeing in the Shugang-Shouxihu Scenic Area for 20 years, as well as unlimited operating rights in the ancient canal area [1] Service Offerings - The company provides standard water sightseeing services, including rowing boats, self-driving boats, and themed boats [1] - As of September 21, 2025, the company will have a total of 206 boats, comprising 36 rowing boats, 106 self-driving boats, and 64 themed boats, with a total passenger capacity of 3,817 per trip [1]