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 Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. is preparing for an IPO in Hong Kong, aiming to raise funds for various projects, including innovative water-based experiences and service expansion [3][4]. Company Overview - Shouxihu is a state-owned comprehensive water tourism service provider based in Yangzhou, Jiangsu Province, with over 20 years of experience in the industry [5]. - The company operates the only licensed water sightseeing boats in Yangzhou, holding exclusive operational rights for the Shugang-Shouxihu scenic area and the Grand Canal region [5]. Business Model and Services - The company has developed a diversified service system, including boat tours, sightseeing vehicles, and cultural performances, with a focus on enhancing visitor experiences [6]. - In 2024, Shouxihu plans to launch a new immersive boat performance to showcase the historical significance of Yangzhou and the Grand Canal [6]. Financial Performance - From 2022 to the first half of 2025, the company's total revenue showed significant growth, with a compound annual growth rate of 89% [7]. - The revenue from the water sightseeing business accounted for approximately 85.6% of total revenue in the first half of 2025 [7]. - The gross profit margin improved significantly in 2023 due to a surge in travel demand post-pandemic, while net profit figures for the same period were approximately 4.6 million yuan [8].

Group 1 - The China Securities Regulatory Commission (CSRC) has published supplementary material requirements for overseas listing applications, including a request for Jiangsu Shouxihu Cultural Tourism Co., Ltd. to clarify its business operations and data protection measures [1] - Shouxihu Cultural Tourism is the only licensed operator of waterborne sightseeing boats in Yangzhou, holding exclusive operational rights for over 20 years in the Shugang-Shouxihu scenic area [2] - The company operates under an indefinite exclusive arrangement for waterborne sightseeing services in the ancient canal area, with no time restrictions on its operations since its establishment [2] Group 2 - The CSRC has requested Shouxihu Cultural Tourism to provide details on its subsidiaries' business scope, including publishing, advertising, and performance, and to confirm compliance with foreign investment policies [1] - The company must also disclose information regarding its websites, apps, and mini-programs, including user data collection practices and measures for personal information protection [1]

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].