2025年12月20日，南京商旅（600250.SH）发布公告称，收购南京黄埔大酒店事项终止。消息公布后四 个交易日，公司股价合计下跌17.32%。12月25日，公司在上证路演中心召开投资者说明会，主要对公 司发展战略进行了强调说明。 南京商旅前身为南纺股份，以服装、纺织、机电、化工等产品的进出口为主营业务，同时拥有南京商厦 运营权。后经跨界并购，公司将南京秦淮风光旅游股份有限公司（下称"秦淮风光"）收入旗下，从而获 得了夫子庙-秦淮风光带游船观光的经营权。 2022年至2024年，南京商旅分别实现营业收入8.22亿元、8.56亿元、7.76亿元；扣非净利润-1.22亿元、 0.31亿元、0.06亿元。2025年前三季度，公司营业收入为5.52亿元，同比减少8.07%；扣非净利润为0.18 亿元，同比下降14%。 进一步分析，南京商旅多个核心业务业绩承压。2024年，公司"进出口贸易"业务收入1.94亿元，同比下 降11.75%；"国内贸易"业务收入1.04亿元，同比下降31.34%；零售百货业务收入0.59亿元，同比下降 49.87%。"旅游服务"业务营收为2.8亿元，虽然同比上升29.39%，但对应营收成 ...

Core Viewpoint - Jiangsu Shouxihu Cultural Tourism Co., Ltd. (Shouxihu Wenlv) has submitted its listing application to the Hong Kong Stock Exchange, with Everbright Securities International as the sole sponsor [1] Group 1: Company Overview - Shouxihu Wenlv is the only licensed operator of water sightseeing boats in Yangzhou and the designated transportation method within the Yangzhou water area [3] - The company has exclusive operating rights for water sightseeing services in the Shugang-Shouxihu scenic area for 20 years and operates without time restrictions in the ancient canal area until September 21, 2025 [3] - As of September 21, 2025, the company owns 206 boats, including 36 rowing boats, 106 self-driving boats, and 64 themed boats, with a total passenger capacity of 3,817 per trip and a maximum daily capacity exceeding 35,000 during peak tourist seasons [3] Group 2: Service Offerings - Shouxihu Wenlv provides a variety of sightseeing boat services, including standard sightseeing, value-added services, and evening performances [3] - The company collaborates with selected restaurants to offer innovative "boat + dining" services, such as traditional Yangzhou breakfast experiences, and provides exclusive charter services for corporate events [4] Group 3: Financial Performance - The company reported revenues of RMB 31.236 million, RMB 109.096 million, RMB 111.428 million, and RMB 84.542 million for the fiscal years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate of approximately 89% from 2022 to 2024 [4] - The net profit for the same periods was RMB 2.98 million, RMB 46.43 million, RMB 42.884 million, and RMB 38.823 million [4][5]