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].