此外，瘦西湖文旅还推出"游船+"增值服务，比如早茶体验项目、研学项目、企业定制活动等。这类增 值服务的收入在2024年占总营收的35.3%。 "烟花三月下扬州"，李白的一首诗，让扬州瘦西湖的湖光山色成了无数人心中的诗意与远方。如今，泛 舟这片国家5A级旅游景区的公司，正准备敲开资本市场的大门，用船桨"摇"出一个IPO（首次公开募 股）。 2025年9月，江苏瘦西湖文化旅游股份有限公司（以下简称瘦西湖文旅）向港交所递交了招股书。这家 年营收超1亿元的企业，核心收入主要来自"划船"——85%以上营收依赖水上游船观光服务。公司掌舵 者、55岁的董事长徐顺美，早年只是一名景点导游，但凭借对文旅行业的深耕，一路走向管理层，带领 企业打响了"瘦西湖船娘"这一招牌。 水上游船业务撑起业绩 作为扬州市内目前唯一一家持牌的水上游船观光运营商，瘦西湖文旅拥有蜀冈-瘦西湖风景区水上游船 观光20年独家经营权，并在古运河区域享有运营水上游船观光的无期限专营资格。 水上游船业务撑起瘦西湖文旅的业绩。2022~2024年，公司总营收从0.31亿元增长至1.11亿元，净利润 从298万元增长到4288万元。 瘦西湖文旅主营业务可以分为三大 ...

"烟花三月下扬州"，李白的一首诗，让扬州瘦西湖的湖光山色成了无数人心中的诗意远方。如今，泛舟这片国家5A级旅游景区的公司，正准备敲开资本市 场的大门，用船桨"摇"出一个IPO（首次公开发行）。 9月，江苏瘦西湖文化旅游股份有限公司（以下简称"瘦西湖文旅"）向港交所递交了招股书。这家年营收超1亿元的企业，核心收入主要来自"划船"——85% 以上营收依赖水上游船观光服务。公司掌舵者、55岁的董事长徐顺美，早年只是一名景点导游，但凭借对文旅行业的深耕，一路走向管理层，带领企业打响 了"瘦西湖船娘"这一招牌。 图片来源：公司招股书截图 作为扬州市内目前唯一一家持牌的水上游船观光运营商，瘦西湖文旅拥有蜀冈—瘦西湖风景区水上游船观光20年独家经营权，并在古运河区域享有运营水上 游船观光的无期限专营资格。 水上游船业务撑起了瘦西湖文旅的业绩。2022年至2024年，公司总营收从0.31亿元增长至1.11亿元，净利润从298万元增长到4288万元。 其主营业务可以分为三大板块：水上游船观光服务、观光车服务和景区管理服务。但后两项业务在总营收中占比较低。2022年至2024年及2025年上半年，瘦 西湖文旅水上游船观光服务的收 ...

Core Viewpoint - Qujiang Cultural Tourism is facing multiple crises, including continuous losses for three years, asset sales, and operational challenges, leading to significant regulatory scrutiny regarding its ongoing business viability [1][2]. Financial Performance - The company reported a revenue of 1.25 billion yuan in 2024, a decrease of 16.7% year-on-year, with a net profit loss of 131 million yuan [2]. - The company anticipates a continued loss in the first half of 2025, with a projected net profit loss of 69 million to 72.9 million yuan [1]. Operational Challenges - The management of scenic areas has seen a significant decline, with revenue from this segment dropping to 970 million yuan in 2024, a decrease of 32.6%, and a gross margin reduction of 13.57 percentage points [2]. - Specific scenic areas, such as Qujiang Ocean Polar Park and Qujiang Pool Relics Park, experienced revenue declines of 27.87% and 53.04%, respectively, due to reduced ticket sales and management fees [3]. Regulatory Scrutiny - The Shanghai Stock Exchange has raised concerns about the company's ability to continue operations, focusing on the impact of terminated management contracts and the overall financial health of the company [2][4]. - The company acknowledged that its negative net profit over three years has affected its operational activities and has outlined measures to improve its business situation [4]. Accounts Receivable and Asset Sales - As of 2024, the company reported accounts receivable of 1.18 billion yuan, with a bad debt provision of 360 million yuan, representing a 31% provision rate [6]. - The company transferred 100% of its subsidiary, Xi'an Qujiang Daming Palace National Heritage Park Co., Ltd., to a related party for 42.014 million yuan, raising questions about the decision-making process and compliance with internal controls [7].