瘦西湖景区 王敬/摄 本报（chinatimes.net.cn）记者王敬 北京报道 9月26日，江苏瘦西湖文化旅游股份有限公司（下称"瘦西湖"，871343.NQ）正式向港交所递交招股 书，开启赴港上市征程。 然而，过度依赖此项业务，也让其未来的航程暗藏风浪。招股书显示，瘦西湖正向水陆联动的综合旅游 商转型，但报告期内其水上游船仍占营收85%以上，依赖未减。 对此，国际注册创新管理师、鹿客岛科技创始人兼CEO卢克林接受《华夏时报》记者采访时表示，单一 业务是景区类公司通病。"瘦西湖真正的麻烦是特许期限——瘦西湖水域2035年到期，若续期成本跳升 或改为分成制，净利率面临大幅下滑的风险。" 就瘦西湖港股IPO，《华夏时报》记者发送采访函至公司年报中披露的邮箱，被提示"邮箱地址无效"。9 月30日，记者通过电话联系到瘦西湖方面，相关工作人员婉拒了采访，表示"暂时没有接受媒体采访的 计划，以对外披露为准"。 游船撑篙，驶向港股 招股书显示，瘦西湖的历史可追溯至2006年甚至更早。2006年，瘦西湖的前身公司——扬州市古运河旅 游有限责任公司成立，主营瘦西湖景区的水上游船观光业务，其发展成为一家综合水上游览公司。 历 ...

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu") is seeking to go public in Hong Kong, highlighting its significant growth in tourism revenue, particularly from water-based sightseeing services, which have seen a substantial increase in recent months [2][3]. Revenue Growth - In June 2023, Shouxihu's revenue from water-based sightseeing nearly doubled year-on-year to 14.6 million RMB, attributed to new projects like boat performances launched in May [3][5]. - The company reported a 16.4% year-on-year revenue growth in the first half of 2025, primarily due to the popularity of the new boat performance [6]. Business Model and Revenue Sources - Shouxihu has exclusive operational rights for water-based sightseeing services in the Shugang-Shouxihu Scenic Area until September 2035, with this segment accounting for approximately 85% of total revenue in recent years [5][12]. - The company generates nearly one-third of its revenue from online travel agencies (OTAs) such as Meituan and Ctrip, indicating a reliance on third-party sales channels [9][10]. Market Position and Risks - The company faces significant operational risks, including strong seasonality in its business, heavy reliance on a single revenue stream, and intense competition in the tourism sector [10][13]. - Shouxihu's revenue is highly seasonal, with peak periods typically occurring in spring and major holidays, which may lead to fluctuations in financial performance [10][12]. Future Expansion Plans - Shouxihu plans to expand its service offerings by exploring new water tourism routes and projects in major cities across Jiangsu Province, aiming to diversify its revenue sources and mitigate risks associated with regional economic fluctuations [12][13].

近三分之一收入来自互联网平台。 9月26日，江苏瘦西湖文化旅游股份有限公司（下称"瘦西湖"，871343）在港交所披露招股书，冲刺香港上市。 诗人李白名作《黄鹤楼送孟浩然之广陵》当中有"烟花三月下扬州"名句，上半年往往是扬州旅游旺季。 苏超的火爆也很可能是上半年业绩靓丽的关键因素。第一财经记者发现，招股书披露瘦西湖6月单月水上游船观光的收入同比接近翻倍增至1460万元，瘦西 湖推出的游船演艺等更多新项目，今年5月开始让收入同比增速加快。 有业内人士认为，这种旅游收入大幅增长，某种程度上跟苏超的火爆有关，不过这种收入快速增长是否可持续则存在疑问。瘦西湖潜在的其他风险，还包括 经营有较强季节性，收入依然依赖单一项目，行业竞争激烈，收入近三分之一来自美团（03690.HK）、携程（09961.HK）等OTA平台。 苏超火爆助推？ 瘦西湖表示，水上游船观光业务是公司主要收入来源。公司2022年、2023年、2024年全年以及2025年上半年，瘦西湖的水上游船观光业务分部产生的收入约 为2760万元、9510万元、9600万元及7230万元，分别占有关期间总收入的约88.3%、87.2%、86.2%及85.6%。其余收 ...

公司主要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，并取得了蜀冈——瘦西湖风景名胜区内部水上游船独家 经营服务许可，目前是扬州市唯一一家水上游船观光服务企业。上述景区也均为大运河联合国教科文组 织世界遗产的组成部分。 瘦西湖作为扬州唯一的水上游船观光持牌运营商，其游船是扬州水域内唯一指定交通方式。2025年9月4 日，公司董事会审议通过了拟发行H股的议案，成为今年继印象大红袍之后，第二家开启赴港上市的新 三板文旅企业。 虽然今年以来尚未有文旅企业成功在港交所IPO，但文旅企业赴港上市热潮依旧。此次拟赴香港上市， 瘦西湖能够提升公司的知名度和品牌影响力，并为公司引入更多的战略投资者和资金。 瘦西湖业务"增肥" 瘦西湖成立于2006年8月，前身为扬州市古运河旅游有限责任公司，在瘦西湖区经营水上游船观光， 2016年4月改制为股份公司并更名。2017年5月9日起，瘦西湖在全国中小企业股份转让系统挂牌公开转 让。2018年11月9日，瘦西湖在新三板挂牌上市，股票代码为871343.NQ。 扬州市唯一一家水上游船观光服务企业正式递表港交所。 ...

Business Model - The company operates as a state-owned comprehensive water tour service provider, primarily in the Yangzhou Shugang - Shouxihu Scenic Area and the Ancient Canal region, holding exclusive operational rights for water tours for 20 years and in the Ancient Canal area without time limits, capturing a 16.0% market share in Jiangsu's water tour service market [1] Diversified Business Collaboration - In addition to water tour services, the company offers sightseeing bus services and management services, with a fleet of 206 boats and 25 buses, and has introduced innovative service models such as "Boat+" and charter services [2] Financial Performance - The company's revenue has seen significant growth, with total revenues projected at approximately RMB 31 million, RMB 109 million, and RMB 111 million for 2022, 2023, and 2024 respectively, marking a 249.3% increase in 2023 compared to 2022 due to the rebound in tourism post-pandemic and the exclusive operation of sightseeing bus services starting August 2022 [3] - Net profit for the same period is projected at approximately RMB 3 million, RMB 46 million, and RMB 43 million, with a staggering increase of 1,458.1% in 2023 compared to 2022, but a decline of about 7.6% in 2024 due to rising costs [4] Profitability Metrics - Gross margin and net margin have shown volatility, with gross margins of 21.8%, 59.0%, and 54.4% for 2022, 2023, and 2024 respectively, and net margins of 9.5%, 42.6%, and 38.5% for the same years, indicating a significant rise in 2023 followed by a decrease in 2024 [5][6] Revenue Composition - Water tour services remain the primary revenue source, contributing approximately RMB 28 million, RMB 95 million, and RMB 96 million for 2022, 2023, and 2024 respectively, accounting for 88.3%, 87.2%, and 86.2% of total revenue [6][7] Management Team - The company's board consists of nine directors, including six executive directors with extensive experience in the cultural tourism industry, ensuring strong leadership and operational oversight [8] Compensation Growth - The total compensation for directors and senior management has increased significantly, with a 200% rise in 2023 compared to 2022, raising concerns about cost control despite the potential for attracting talent [9]

Company Overview - Shouxihu, a company listed on the New Third Board, plans to issue H-shares in Hong Kong, becoming the second New Third Board tourism enterprise to do so after Yanjing Shares [1] - Established in 2006, Shouxihu primarily offers various types of water sightseeing services based on high-quality tourism resources in Yangzhou, including the Shouxihu Scenic Area and the Grand Canal [1] - The company is the only water sightseeing service provider in Yangzhou and holds exclusive operating rights for water sightseeing services in the Shugang-Shouxihu Scenic Area [1] Financial Performance - Shouxihu's revenue has fluctuated significantly in recent years, with a reported revenue of 112 million yuan in the previous year, of which 96.04 million yuan came from boat ticket sales [1] - In 2017, when the company entered the New Third Board, boat revenue was approximately 41.26 million yuan, accounting for over 96% of total revenue [1] - For 2024, the boat revenue is projected to reach 96.04 million yuan, while other revenue streams include 9.23 million yuan from sightseeing vehicles and 7.04 million yuan from management operations [1] Investment and Valuation - The chairman of Shouxihu, Xu Shunmei, is a female executive born in July 1970, who also serves as the director of Yangzhou Shouxihu Tourism Development Group [2] - In June 2023, Shouxihu raised approximately 28.56 million yuan by issuing about 2.8 million shares at a price of 10.21 yuan per share, primarily for employee salaries and procurement [2] - The investment was backed by the Jiangsu Grand Canal (Yangzhou) Cultural Tourism Development Fund, which acquired a 10% stake in Shouxihu, estimating the company's market value at around 300 million yuan [2] - The financing round includes a performance agreement requiring Shouxihu to achieve an IPO by December 31, 2027, or face a potential buyback mechanism [2]