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 Points - A tragic accident occurred at the Qidong Yuantuojiao Tourist Resort in Jiangsu Province, where a sightseeing vehicle overturned and fell into the water due to strong winds, resulting in 4 fatalities [1] - The incident involved a violation of safety protocols by Jiangsu Golden Beach Tourism and Culture Co., Ltd., which operated the vehicle despite a wind-related suspension notice [1] - The local government and emergency services responded promptly to the scene, and the responsible parties have been detained by the police as investigations continue [1] Summary by Sections - **Accident Details** - On October 18, a sightseeing vehicle carrying 17 tourists was struck by strong winds, leading to its overturning and subsequent fall into the water, causing 4 deaths [1] - Among the deceased, one person died after being taken to the hospital, while three others were found deceased later that day [1] - **Company Responsibility** - Jiangsu Golden Beach Tourism and Culture Co., Ltd. is under scrutiny for disregarding a notice that mandated the suspension of operations during high wind conditions [1] - The company’s actions have led to legal consequences, with relevant personnel being detained by law enforcement [1] - **Aftermath and Response** - The local government has completed the initial response and cleanup efforts following the incident [1] - The tourist resort has expressed deep condolences to the victims' families and acknowledged the gravity of the situation [1]

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its brand influence and attract strategic investors and funding [2][9]. Group 1: Company Overview - Shouxihu, established in August 2006, is the only licensed operator of water sightseeing boats in Yangzhou, providing various types of water tour services [3][4]. - The company operates 206 boats, with a total passenger capacity of 3,817 per trip, and can accommodate over 35,000 visitors during peak tourist seasons [3][4]. Group 2: Business Diversification - Shouxihu has diversified its services to include sightseeing bus services and has signed a management agreement with the Qing Shui Tan scenic area to generate additional revenue [3][6]. - The company reported a compound annual growth rate of approximately 89.0% in total revenue from 2022 to 2024, with revenues of approximately 31.24 million yuan, 109 million yuan, and 111 million yuan for the years 2022, 2023, and 2024, respectively [6][7]. Group 3: Financial Performance - In 2023, Shouxihu's revenue increased by 249.3% year-on-year, driven by the rebound in tourism following the lifting of COVID-19 restrictions [6][7]. - The revenue from sightseeing bus services has been growing, accounting for 2.3%, 6.9%, 8.3%, and 11.6% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [7]. Group 4: Government Support and Capitalization - The company has received significant support from the Yangzhou government, which has implemented policies to assist companies with clear listing intentions [9][10]. - Shouxihu's capital structure has been strengthened through a share issuance that raised approximately 28.56 million yuan, with the Jiangsu Grand Canal (Yangzhou) Cultural Tourism Development Fund acquiring a 10% stake [8].