New stock news | Impression Dahongpao has conducted a hearing at the Hong Kong Stock Exchange, and the "first stock of live performance" is about to be listed on the Hong Kong stock market

According to information disclosed by the Hong Kong Stock Exchange, the Impress Da Hong Pao Limited Company (referred to as "Impress Da Hong Pao" or "the Company") has successfully passed the hearing at the Hong Kong Stock Exchange, and this state-owned cultural and tourism enterprise rooted in Wuyi Mountain for 15 years is one step closer to listing on the Hong Kong Stock Exchange. The joint sponsors for this listing are CISI FIN and Kai Sheng Capital. Core Business: Strong profitability and IP monetization capabilities centered around live performances In 2010, the performance "Impression, Dahongpao" jointly created by the "Impression Iron Triangle" directors Zhang Yimou, Wang Chaoge, and Fan Yue, is an absolute pillar of revenue and core IP. This performance is staged on the real mountains and waters of Wuyi Mountain, with a 360-degree rotating audience seat design, integrating the history of tea culture. With over 6,700 performances and over 9 million audience members, it is deeply linked to the tea culture of Wuyi Mountain and has become a well-known tourism project in the area. With its unique appeal, this performance ranked third in ticket sales for China's landscape live performances in 2024, driving the company to eighth place in the Chinese cultural and tourism performance market during the same period. Financial data shows that over the past few years, this single performance has contributed to about 90% of the company's total revenue and has been the core source of its profits. In addition to the core performance, the company also operates two major business segments, Impress Culture and Tourism Town and Tea Soup Hotel, creating a consumption scene of "performance + tour + accommodation". Furthermore, in 2025, the company launched a new performance themed around Zhu Xi culture called "Yue Ying Wuyi," aiming to create a second growth curve. Financial Perspective: Strong profitability, resilience, and investment value Impress Da Hong Pao's financial performance demonstrates strong reliability and investment potential, with core strengths in profitability resilience, profit quality, and healthy cash flow. In terms of profitability, from 2022 to 2024, the company's revenue was RMB 63.039 million, RMB 144 million, and RMB 137 million respectively. In 2023, revenue increased by 128.57% year-on-year following the relaxation of pandemic restrictions, turning losses into profits with a net profit of RMB 47.504 million. In 2024, the company achieved a stable scale of RMB 137 million in revenue and RMB 42.809 million in net profit, and in the first half of 2025, despite the off-season background in the industry, it still achieved revenue of RMB 56 million and net profit of RMB 6.775 million. The profitable support role of the core IP remains solid. In terms of profit quality, the company's gross profit margin is impressive, reaching 57.8% and 54.6% in 2023 and 2024 respectively, demonstrating the high profitability characteristics of the core performance business operating with light assets. Additionally, the company's debt structure is healthy and there is no significant pressure from interest-bearing debts. Coupled with the cash flow recycling model of ticket sales, this provides sufficient support for daily operations. With the upgrade of core business and diversified layout, the company will further consolidate its core IP competitiveness, accelerate the cultivation of new growth curves, and benefit from the 25% annual growth rate dividend in the number of tourists and revenue in Wuyi Mountain in 2024, providing clear support for future profit growth. It is a reliable and worthy long-term investment target in the cultural and tourism sector. Clear fundraising purposes, focusing on core upgrades and diversified expansion The proceeds from Impress Da Hong Pao's IPO this time are clear, focusing on upgrading existing business and expanding new business. Specifically, the funds will be mainly used in three areas: first, to upgrade the quality of the "Impression, Dahongpao" performance, including hardware updates, content iteration, and theater maintenance, further consolidating the core IP competitiveness; second, to promote diversified layout, focusing on the development of Impress Culture and Tourism Town, upgrading the Impress Jianzhou Food-themed Street, and planning to acquire new high-quality cultural and tourism performance projects to replicate the existing operating model and achieve management output; third, to strengthen operational support, including brand promotion, ticket management system upgrades, and additional operating funds for general business purposes. From the "bold attempt" that the Wuyi Mountain local government invested heavily in to the tourism "business card" with over 6,700 performances, "Impression, Dahongpao" has deeply integrated into the cultural and tourism bloodline of Wuyi Mountain. With the successful challenge of the Hong Kong stock market this time, it will fill the gap in the Hong Kong stock market's live performance sector. The company is expected to leverage the power of the capital market to improve the closed-loop consumer ecosystem of "performance + culture and tourism + hotel," expand its brand influence, and inject new energy into the regional cultural and tourism industry.