Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing to enter the Hong Kong capital market, leveraging its unique waterway tourism operations in Yangzhou, which have shown significant revenue growth from RMB 0.31 billion in 2022 to RMB 1.11 billion in 2024, with net profit increasing from RMB 2.98 million to RMB 42.88 million [1][2] Company Overview - The company has a 20-year exclusive operating right for the Shugang-Shouxihu scenic area, expiring in 2035, and indefinite exclusive rights in the ancient canal area, which constitutes a significant competitive barrier [1][2] - The majority of the company's revenue, over 85%, comes from its waterway sightseeing services, which is expected to remain at 85.6% in the first half of 2025 [1] Business Risks - The company's revenue is highly concentrated in the Yangzhou area, making it vulnerable to regional economic fluctuations, adverse weather conditions, and local regulatory changes [2] - The expiration of the exclusive operating rights in 2035 poses a risk of increased renewal costs or changes in the operating model, which could significantly impact net profit margins [2] - The tourism industry is characterized by intense competition and rising customer service expectations, which could challenge profitability in the future [2] Business Structure - The core income source is from waterway sightseeing, with 206 boats in operation, including rowing boats and themed boats, and a maximum daily capacity of over 35,000 passengers during peak seasons [3] - The company has begun diversifying its revenue streams, with new services such as sightseeing bus operations contributing 11.6% of revenue in the first half of 2025, and a new immersive night tour project generating RMB 18.44 million, accounting for 21.8% of total revenue [3][4] Financial Considerations - The introduction of new services has increased fixed costs, with sales costs rising approximately 22% year-on-year in the first half of 2025 [4] - The company's light asset management service revenue is minimal, contributing only 5.1% of total revenue in 2024, with a significant drop in gross margin from 38.4% in 2023 to 16.4% in the first half of 2025 [4] Fundraising and Future Plans - The company plans to use the funds raised to develop more innovative immersive projects, upgrade facilities, and expand its light asset management services to create a nationwide waterway tourism management network [6] - The fundraising is seen as a critical step for the company to transition from a single scenic area operator to a comprehensive tourism service provider [6] Industry Landscape - The waterway tourism market in China is highly fragmented, with over 270 service providers and the top ten accounting for less than 30% market share [7] - Experts suggest that merely increasing assets and equipment will not significantly alter the competitive landscape; instead, strategic mergers and acquisitions of smaller operators are necessary for substantial market impact [7]

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][2]. Group 1: Business Overview - The company is the only licensed water sightseeing operator in Yangzhou, holding exclusive rights for 20 years in the Shugang-Shouxihu scenic area and indefinite rights in the Grand Canal region [2]. - Revenue from water sightseeing services has significantly increased from 31 million yuan in 2022 to 111 million yuan in 2024, with net profit rising from 2.98 million yuan to 42.88 million yuan during the same period [2]. - The main business segments include water sightseeing services, sightseeing vehicle services, and scenic area management services, with water sightseeing consistently contributing over 85% of total revenue [2]. Group 2: Business Diversification Efforts - To reduce reliance on a single business, the company launched the "Grand Canal Yangzhou Journey" performance project in October 2024, generating 18.448 million yuan in revenue in the first half of 2025, accounting for 21.8% of total income [3]. - The company also introduced value-added services such as tea experiences and corporate custom events, which contributed 35.3% to total revenue in 2024 [3]. - The company holds a 16% market share in Jiangsu's water sightseeing ticket sales, ranking second in the province, but only 1% nationally, ranking tenth [3]. Group 3: Leadership and Historical Context - Xu Shunmei, the 55-year-old chairman, has been pivotal in the company's development, transitioning from a tour guide to management roles since 2011 [4]. - The company launched the "University Student Shouxihu Boat Girl" brand in 2009, focusing on a younger workforce for its rowing services [4]. - In 2017, the company successfully listed on the New Third Board, marking its first step towards capitalization, but faces challenges in achieving a successful IPO in the Hong Kong market due to low valuations for tourism companies [5][6].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, leveraging its monopoly in water tourism in Yangzhou, but faces multiple risks including a single business structure, regional concentration, and uncertainties regarding its operating license [1][4]. Business Structure - The company's revenue is heavily reliant on its water tourism business, which accounted for over 85% of total income from 2022 to the first half of 2025, indicating a lack of diversification and vulnerability to risks [2][3]. - Other business segments contribute minimally, with sightseeing vehicle services making up 11.6% and management services dropping to 2.9% in the first half of 2025 [2]. Regional Concentration - All operational activities are confined to Yangzhou, with most revenue generated from the Shugang-Shouxihu Scenic Area and the Ancient Canal region, leading to a limited growth ceiling [3]. - The company holds a 1.0% market share nationally and 16% in Jiangsu, ranking second but significantly trailing the leader with a 34.2% share [3]. Operating License Risk - The exclusive operating license for water tourism in the Shugang-Shouxihu Scenic Area will expire in 2035, raising concerns about renewal and potential changes in operating conditions [4][5]. - If renewal costs increase or a revenue-sharing model is introduced, the company's net profit margin could face significant declines [5]. Seasonal Fluctuations - The company's performance is significantly affected by seasonal tourism trends, with peak seasons contributing 40% to 48.9% of annual revenue, while off-peak seasons account for less than 20% [6]. - In the first half of 2025, revenue from March to May represented 67.9% of total income, indicating a strong reliance on seasonal traffic [6]. Dependence on Third-Party Channels - Revenue from third-party sales channels has increased from 12.8% in 2023 to 33.2% in the first half of 2025, leading to higher commission costs and potential loss of pricing power [7]. - Major platforms include Meituan, Ctrip, Douyin, and Tongcheng, which could impact financial performance if promotional efforts falter or customer experiences decline [7]. Fundraising and Future Plans - The company aims to raise approximately HKD 200 million through the IPO to develop new tour routes, immersive projects, and asset upgrades, although this amount is considered limited for national market expansion [7]. - Post-IPO, the company plans to pursue mergers and acquisitions to overcome regional limitations and integrate fragmented operators in Jiangsu, targeting the broader Yangtze River Delta water tourism market [7].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu Culture and Tourism") is preparing for an IPO on the Hong Kong Stock Exchange, with over 85% of its revenue derived from water-based sightseeing services, primarily through boat rides on the Shouxihu Lake [1][4]. Business Overview - Shouxihu Culture and Tourism is the only licensed operator of water sightseeing boats in Yangzhou, holding exclusive rights for 20 years in the Shugang-Shouxihu scenic area and indefinite rights in the ancient canal region [3]. - The company's revenue has grown from 31 million yuan in 2022 to 111 million yuan in 2024, with net profit increasing from 2.98 million yuan to 42.88 million yuan during the same period [4]. - The main business segments include water sightseeing services, sightseeing vehicle services, and scenic area management services, with water sightseeing services consistently accounting for over 85% of total revenue [4][6]. Revenue Breakdown - In 2024, water sightseeing services accounted for 86.2% of total revenue, while the newly launched "Dayun Yangzhou" boat performance project generated 1.8448 million yuan, representing 21.8% of total revenue for the first half of 2025 [6][4]. - Value-added services related to boat rides, such as tea experiences and corporate events, contributed 35.3% to total revenue in 2024 [7]. Market Position - Shouxihu Culture and Tourism holds a 16% market share in Jiangsu's water sightseeing ticket sales, ranking second in the province, but only ranks tenth nationally with a 1% market share [7]. - The company has made attempts to diversify its business, including entering scenic area management, but this segment has not generated significant revenue [9]. Leadership and Brand Development - The company is led by Xu Shunmei, who has transitioned from a tour guide to the chairman, playing a crucial role in developing the "Shouxihu Boat Girl" brand and various water tourism routes [10][12]. - The company operates 206 boats, including 36 rowing boats, with a maximum daily capacity exceeding 35,000 passengers during peak seasons [15]. IPO Challenges - Despite previous success in listing on the New Third Board, the path to an IPO on the Hong Kong Stock Exchange is challenging due to generally low valuations for tourism companies and the absence of successful tourism IPOs since 2025 [17].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][3]. Business Overview - The company has exclusive operating rights for water-based sightseeing in the Shugang-Shouxihu scenic area for 20 years and indefinite rights in the ancient canal area [3]. - Revenue from water-based sightseeing services has grown from 31 million RMB in 2022 to 111 million RMB in 2024, with net profit increasing from 2.98 million RMB to 42.88 million RMB during the same period [3]. - The main business segments include water-based sightseeing services, sightseeing vehicle services, and scenic area management services, with the latter two contributing a smaller portion of total revenue [3]. Revenue Breakdown - Water-based sightseeing services consistently represent over 85% of total revenue from 2022 to the first half of 2025, with specific percentages of 88.3%, 87.2%, 86.2%, and 85.6% respectively [3]. - The company introduced a new project, the Grand Canal Yangzhou performance cruise, which generated 18.44 million RMB in revenue in the first half of 2025, accounting for 21.8% of total revenue [3]. - Value-added services, such as tea experiences and corporate events, contributed 35.3% to total revenue in 2024 [3]. Market Position - In the Jiangsu province water-based sightseeing ticket sales market, the company holds a 16% market share, ranking second, but only 1% in the national market, placing it tenth [4][5]. Management and Leadership - The company is led by Xu Shunmei, who has a background as a tour guide and has been instrumental in developing the "Shouxihu Boat Girl" brand [7][10]. - Xu has emphasized the importance of training for the boat girls, ensuring they are skilled in various areas, including rowing and customer interaction [8]. Challenges and Future Outlook - The company previously listed on the New Third Board in 2017 but faces challenges in achieving a successful IPO in the Hong Kong market, where tourism companies have low valuations [10].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu Culture and Tourism") is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][5]. Company Overview - Shouxihu Culture and Tourism submitted its prospectus to the Hong Kong Stock Exchange in September, with annual revenue exceeding 100 million yuan [1]. - The company is the only licensed operator of water-based sightseeing boats in Yangzhou, holding exclusive operating rights for 20 years in the Shugang-Shouxihu scenic area and indefinite rights in the ancient canal area [5]. Financial Performance - From 2022 to 2024, total revenue increased from 31 million yuan to 111 million yuan, while net profit rose from 2.98 million yuan to 42.88 million yuan [5]. - The revenue from water-based sightseeing services consistently maintained over 85% of total revenue during 2022 to the first half of 2025, specifically 88.3%, 87.2%, 86.2%, and 85.6% respectively [5][6]. Business Segments - The main business segments include water-based sightseeing services, sightseeing vehicle services, and scenic area management services, with the latter two contributing a smaller portion of total revenue [5]. - In 2025, the newly launched "Grand Canal Yangzhou Performance" project generated 18.44 million yuan, accounting for 21.8% of total revenue [6]. Market Position - In the Jiangsu province water-based sightseeing ticket sales market, Shouxihu Culture and Tourism holds a 16% market share, ranking second, but only 1% in the national market, ranking tenth [6][7]. Management and Leadership - The company is led by 55-year-old Chairman Xu Shunmei, who began her career as a tour guide and has significantly contributed to the development of the "Shouxihu Boat Girl" brand [1][10]. - Under her leadership, the company has developed multiple water tourism routes and a young team of boat operators, known as "boat girls" [10][11]. Challenges and Future Prospects - Despite previous success in the New Third Board, the path to an IPO in Hong Kong is challenging due to low valuations for tourism companies and a lack of successful IPOs in the sector since 2025 [13].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO, primarily relying on its water-based sightseeing services, which account for over 85% of its revenue [1][3]. Group 1: Business Overview - The company has exclusive operating rights for water-based sightseeing in the Shouxi Lake scenic area for 20 years and indefinite rights in the ancient canal area [3]. - Revenue from water-based sightseeing services has significantly increased from 31 million RMB in 2022 to 111 million RMB in 2024, with net profit rising from 2.98 million RMB to 42.88 million RMB [3]. - The main business segments include water-based sightseeing services, sightseeing vehicle services, and scenic area management services, with the latter two contributing a smaller portion to total revenue [3][4]. Group 2: Revenue Breakdown - Water-based sightseeing services consistently contributed over 85% of total revenue from 2022 to the first half of 2025, with specific percentages of 88.3%, 87.2%, 86.2%, and 85.6% respectively [3][4]. - The company has introduced new projects such as the "Great Canal Yangzhou" performance, which generated 18.45 million RMB in revenue in the first half of 2025, accounting for 21.8% of total revenue [4]. - Value-added services, including tea experiences and corporate events, contributed 35.3% to total revenue in 2024 [4]. Group 3: Market Position - In the Jiangsu province water-based sightseeing ticket sales market, the company holds a 16% market share, ranking second, but only 1% nationally, placing it tenth [5][6]. - The top ten water-based sightseeing service providers account for 28.2% of the market, with the company generating 9.6 million RMB in ticket revenue [6]. Group 4: Management and Strategy - The company is led by 55-year-old Xu Shunmei, who has a background as a tour guide and has been instrumental in developing the "Shouxihu Boat Girl" brand [8][10]. - The company operates 206 boats, including 36 rowing boats, with a maximum daily capacity exceeding 35,000 passengers during peak seasons [8]. - The company has previously listed on the New Third Board in 2017 and is now attempting to enter the Hong Kong stock market, facing challenges due to low valuations for tourism companies [10].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv) has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, highlighting significant revenue and profit growth in the context of the ongoing cultural tourism boom [3][6][10]. Financial Performance - From 2022 to 2024, Shouxihu Wenlv's revenue is projected to grow from 31.236 million RMB to 111.428 million RMB, with a compound annual growth rate (CAGR) of 88.87%. Net profit is expected to increase from 3 million RMB to 43 million RMB, with a CAGR of 279.35% [6][9]. - In the first half of 2025, the company estimates revenue of 84.542 million RMB [9]. Business Segments - The company operates primarily in three segments: water sightseeing boat services, sightseeing vehicle services, and management services. The water sightseeing boat service is the core revenue driver, contributing approximately 88.3% to total revenue from 2022 to 2024 [8][10]. - In the first half of 2025, revenue from water sightseeing boat services accounted for 85.6% of total revenue [9]. Market Position - Shouxihu Wenlv is the only licensed water sightseeing operator in Yangzhou, holding a 20-year exclusive operating right in the Shugang-Shouxihu scenic area. It occupies the second position in Jiangsu's water sightseeing market, with a market share of 16% [10][9]. Unique Selling Proposition - The company leverages the unique cultural experience provided by its boatwomen, who not only row but also narrate stories and sing, enhancing the tourist experience [11][13]. - The company has diversified its offerings by introducing value-added services, such as educational tours and corporate events, which have seen revenue growth from 5.526 million RMB in 2022 to 39.297 million RMB in 2024 [20][17]. Future Prospects - Shouxihu Wenlv is expanding its operations beyond the Shouxihu area, launching a new project along the Grand Canal that combines sightseeing with cultural performances, aiming to enhance its market presence [22][23]. - The company is also exploring management service opportunities in other tourist areas, indicating a strategy to diversify its revenue streams [23][20]. Industry Context - The trend of scenic spots going public is not new, with companies like Zhangjiajie and Emei Mountain already listed. However, Shouxihu Wenlv's approach focuses on leveraging its unique scenic resources and related services to adapt to regulatory constraints [24][26]. - Despite the overall recovery in the cultural tourism sector, many listed tourism companies are still facing profitability challenges, highlighting the need for effective business strategies to convert tourism growth into financial success [29][30].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv) has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, following its previous listing on the New Third Board in 2017. The company has shown significant revenue and profit growth, indicating a strong business performance in the cultural tourism sector [2][5]. Financial Performance - From 2022 to 2024, Shouxihu Wenlv's revenue increased from 31.236 million RMB to 111.428 million RMB, with a compound annual growth rate (CAGR) of 88.87%. During the same period, net profit rose from 3 million RMB to 43 million RMB, achieving a CAGR of 279.35% [5][6]. - The company's gross profit margin has shown a decline from 21.8% in 2022 to 54.4% in 2024, indicating a shift in cost structure and pricing strategy [6][8]. Business Segments - Shouxihu Wenlv operates primarily in three segments: water-based sightseeing services, sightseeing vehicle services, and management services. The water-based sightseeing services are the main revenue driver, contributing approximately 88.3% to total revenue in 2022, 87.2% in 2023, and 86.2% in 2024 [7][8]. - The company holds a 20-year exclusive operating right for water-based sightseeing in the Shugang-Shouxihu scenic area, making it the only licensed operator in the region [9]. Market Position - In 2024, Shouxihu Wenlv ranked second in Jiangsu Province's water-based sightseeing market, capturing 16% of the market share in ticket sales [8][9]. - The company is leveraging its unique cultural assets, such as the "Shouxihu boat women," to enhance the tourist experience and differentiate itself from competitors [10][11]. Growth Strategies - Shouxihu Wenlv is diversifying its offerings beyond traditional boat services by introducing value-added services, such as educational tours and corporate events, which have seen revenue growth from 5.526 million RMB in 2022 to 39.297 million RMB in 2024 [25][28]. - The company has also launched a new project, the Grand Canal Yangzhou Journey, which combines boat tours with cultural performances, aiming to expand its market reach beyond Shouxihu [28][27]. Industry Context - The cultural tourism sector is experiencing a resurgence, with several companies attempting to go public. However, many are still struggling with profitability despite increased revenue [39][40]. - Shouxihu Wenlv's IPO attempt reflects a broader trend in the industry, where companies are seeking to capitalize on the growing interest in cultural and heritage tourism [30][36].

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (referred to as "Shouxihu Culture and Tourism") has submitted its IPO application to the Hong Kong Stock Exchange, led by a female chairman with a background in tour guiding, aiming to leverage its unique brand and market position to attract investors [1][3]. Group 1: Company Overview - Shouxihu Culture and Tourism is the only licensed operator of water-based sightseeing boats in Yangzhou, with its boats being the only designated mode of transport in the scenic area [3][6]. - The company has developed a business model that includes water-based sightseeing services, sightseeing vehicle services, and management services, with a projected revenue growth rate of nearly 89% from 2022 to 2024 [3][6]. Group 2: Financial Performance - In the first half of 2023, Shouxihu scenic area received 15.23 million visitors, a year-on-year increase of 10.1%, generating total ticket revenue of 292 million yuan [3]. - The company expects to achieve revenues of approximately 31.24 million yuan, 109 million yuan, 111 million yuan, and 84.54 million yuan for the years 2022, 2024, and the first half of 2025, respectively [3][6]. Group 3: Leadership and Brand Development - The chairman, Xu Shunmei, has over 20 years of experience in the tourism industry and has been instrumental in creating the unique "boatwoman" brand, which combines traditional boat rowing with local opera performances [4][6]. - The company operates 206 boats and has five main water tourism routes, with a maximum daily capacity exceeding 35,000 passengers during peak periods [6]. Group 4: Market Position and Challenges - The company is supported by the Yangzhou government, with significant ownership stakes held by local tourism development entities [7]. - However, the company faces risks related to revenue concentration, as nearly 90% of its income is derived from water-based tourism, and potential competition or changes in consumer preferences could impact its financial stability [7][9]. - The company plans to use the funds raised from the IPO to explore new water tourism routes and projects in major cities in Jiangsu Province, aiming for regional expansion [7][9].