Core Viewpoint - The resurgence of the cultural tourism industry and the capital market is driving a new wave of IPOs among state-owned cultural tourism enterprises in China, with companies like Impression Dahongpao and Shouxihu Culture Tourism applying for listings in Hong Kong [2][6]. Group 1: Company Background - Impression Dahongpao and Shouxihu share a "state-owned gene," with Impression Dahongpao controlled by the Wuyishan State-owned Assets Management Center and Shouxihu controlled by the Yangzhou government, providing them with stable resource support and policy backing [3]. - Both companies have previously listed on the New Third Board, establishing governance and disclosure systems, which positions them for higher-level capital market entry [3]. Group 2: Business Models and Revenue Structures - Impression Dahongpao focuses on a "cultural performance + scenic area" model, with its main revenue coming from the large-scale performance "Impression Dahongpao," which accounted for 94.7% and 93.0% of its revenue in 2024 and the first half of 2025, respectively [4]. - Shouxihu adopts a "resource monopoly + comprehensive service" approach, with its boat tour services generating 86.2% and 85.6% of its total revenue in 2024 and the first half of 2025, respectively [5]. Group 3: Financial Performance - Impression Dahongpao's revenue decreased by 4.65% in 2024 to 137 million yuan, while its net profit fell by 9.78% to 42.86 million yuan due to less active tourism consumption and adverse weather [7]. - Shouxihu's revenue grew by 2.14% in 2024 to 111 million yuan, but its net profit declined by 7.66% to 42.87 million yuan; in the first half of 2025, revenue increased by 16.35% to 84.54 million yuan, with net profit rising by only 4.30% to 35.30 million yuan [7]. Group 4: IPO Plans and Industry Implications - Impression Dahongpao plans to use IPO proceeds to upgrade its performance and expand its business influence, while Shouxihu aims to develop new water-based projects and enhance its service offerings [8]. - The IPOs of these companies may signal a new phase of capitalizing state-owned cultural tourism enterprises, potentially leading to market reforms and resource integration in the industry [8][9].