Directed by Zhang Yimou, will the capital market be willing to buy it? ‍‍‍‍‍‍‍‍‍‍Author | Liu Qinwen‍‍‍Editor丨Gaoyuanshan Source|Yema Finance "Come to Wuyi Mountain to listen to the advice, you must come to the Impression Dahongpao performance! I was really shocked, the sky and m

Directed by Zhang Yimou, is the capital market willing to buy it? ‍‍‍‍‍‍‍‍

Author | Liu Qinwen ‍‍‍

Editor丨Gaoyuanshan

Source | Yema Finance

"Come to Wuyi Mountain to listen to advice, You must come to the Impression Dahongpao performance! You are really shocked. The sky and mountains are the background, and the scene is like a dream. Everyone speaks the same language and says "Wow". The 360-degree rotating stage follows the story of tea and introduces the tea culture of Wuyi Mountain from legend to modern times. I really recommend bringing your family to watch it~" said a Xiaohong Book bloggers shared their feelings about watching "Impression of the Dahongpao" on social platforms.

Source: Xiaohongshu

"Impression Dahongpao" is a large-scale real-life landscape performance in Wuyi Mountain at the junction of Jiangxi Province and Fujian Province. is the fifth in the "Impression" real-life series co-directed by Zhang Yimou, Wang Chaoge, and Fan Yue. . Nowadays, "Impression Dahongpao" has not only become one of the must-see tourist check-in spots in Wuyi Mountain, but also tries to make a name for itself in the capital market. The operating company behind "Impression Dahongpao" - Impression Dahongpao Co., Ltd. (referred to as: Impression Co., Ltd.) recently announced that it will officially start listing in Hong Kong.

"Impression Dahongpao" 14 years ago, it attracted business tycoons such as Jack Ma and Yu Feng to climb Wuyi Mountain to watch and spend huge sums of money to invest. Now, "Impression Dahongpao" is about to land on the capital market. Can it attract the attention of funds again?

After eight years of capital development, I finally chose the Hong Kong stock market

Wuyi Mountain - apart from mountains, the most popular thing is tea. Among them, Dahongpao is produced in Wuyi Mountain and is an oolong tea.

"Impression·Dahongpao" takes "tea culture" as the core and tells the love story of "Dawang Peak" and "Jade Girl Peak", from "listening to tea and reciting poems" to "two immortals fighting for tea", and ‌tea Elements such as history and tea-making technology are also interspersed with the story of how the "Dahongpao" tea got its name. Through live performances, the charm of Wuyi Mountain tea culture is demonstrated.

Picture source: Impression Dahongpao WeChat official account‍‍‍‍

"Impression·Dahongpao" has been published for many years since 2010, and Impression has been insisting on listing for many years. In 2016, Impression Holdings completed the shareholding reform and officially became the first enterprise in Nanping’s cultural tourism field to be listed on the New Third Board in early 2017.

In May 2020, just as the stock transfer system was deepening reform, Impression was selected into the innovation tier; in July of the same year, Impression issued a tender announcement for securities firms, accounting firms, and law firms to enter the selected tier, with a total amount of 2.01 million yuan. .

After the reform of the New Third Board, it is divided into three levels, namely the basic layer, the innovative layer and the selected layer. Among them, the selected layer has the highest threshold, and the innovative layer and the basic layer are the lowest. After being continuously listed on the Select Level for more than one year and meeting the current issuance conditions of the Science and Technology Innovation Board or GEM, the company can be transferred to A shares.

In the end, Industrial Securities won the bid and became the sponsor and guidance brokerage institution of Impression Shares. The accounting service institution was Grant Thornton Accounting Firm (Special General Partnership) Fuzhou Branch, and the lawyer service institution was Shanghai AllBright Law Firm. After the bidding was completed, Impression Stock began listing guidance. After the establishment of the Beijing Stock Exchange in 2021, Impression Stock intends to transfer to the Beijing Stock Exchange.

But after four years of tutoring, in May 2024, Impression Shares issued an announcement stating that it had signed a "Termination Agreement for the Tutoring Agreement" with Industrial Securities, and announced the termination of the Beijing Stock Exchange listing tutoring.

Source: Announcement

According to Impression Shares, the termination of the Beijing Stock Exchange listing guidance is because the financial data of the past two years still does not meet the financial conditions for listing on the Beijing Stock Exchange stipulated in Article 2.1.3 of the "Listing Rules".

The financial report shows that Impression Shares achieved revenue of 61 million yuan and 143 million yuan in 2022 and 2023 respectively, and net profits were -4.6904 million yuan and 47.9827 million yuan respectively. In addition, the weighted average return on equity of Impression Shares was -2.53% and 23.16% respectively.

According to Article 2.1.3 of the Beijing Stock Exchange's "Listing Rules", "the company's net profit in the past two years shall not be less than 15 million yuan and the average weighted average return on net assets shall not be less than 8%."

After abandoning the Beijing Stock Exchange, Impression Holdings immediately moved to the Hong Kong Stock Exchange. In June 2024, Impression Shares issued a bidding and procurement announcement for Hong Kong h-share listed securities firms, accountants, and Hong Kong lawyer services for securities firms.

In the end, Industrial Securities International Capital Co., Ltd. won the bid for sponsorship and underwriting services, with an amount of 4.3826 million yuan; Ashurst Law Firm won the bid for Hong Kong legal advisory services for IPO brokers, with an amount of 3.96 million yuan; Grant Thornton Accounting Firm won the bid for accounting services, The amount is 2.4 million yuan; Zhou Junxuan Law Firm won the bid for legal advisory services, the amount is 1.86 million yuan. totaled 12.6026 million yuan. Equivalent to about a quarter of its 2023 net profit.

Impression Stock has been on the New Third Board in 2017. Nearly 8 years have passed and it is still on the road to IPO.

was favored by Jack Ma,

relies on the "ticket" economy

Impression Shares is so persistent in listing, and it has its own confidence.

"Impression·Dahongpao" is the fifth Impression work created by the "Impression Triangle" Zhang Yimou, Wang Chaoge, and Fan Yue. On March 29, 2010, "Impression·Dahongpao" opened, which pioneered in terms of technical equipment. Multiple "firsts" : the world's first 360-degree rotating auditorium; 15 large-screen matrix linked projections; the first panoramic theater with a visual radius of 2 kilometers and a stage extension length of 12,000 meters.

In 2010, the year when

was launched, the bamboo raft tourism project in Wuyi Mountain Scenic Area received a total of 1.06 million Chinese and foreign tourists, while "Impression·Dahongpao" received 385,000 tourists. This means that for every 3 tourists who came to the main scenic area of ​​Wuyi Mountain, One person watched "Impression of Dahongpao".

Moreover, according to the "Southeast Express" report at the time, due to the audition of "Impression·Dahongpao", all the air tickets to Wuyi Mountain had been sold out. Jack Ma specially chartered a plane to come to watch the show. After watching the show, Ma Yun said, "This performance has a bit of a Chinese Avatar flavor. I think it is really worth the trip. As soon as I finished the show, I called my family and friends and asked everyone to come to Wuyi Mountain to watch it."

Watched on December 17 of the same year Yunfeng Fund, co-founded by 17 business tycoons including Jack Ma, Yu Feng, Shi Yuzhu, and Liu Yonghao, announced that it will invest in Beijing Impression Innovation Art Development Co., Ltd. (now renamed Guan Impression Art Development Co., Ltd., hereinafter referred to as "Impression Guan") invested US$50 million.This is also the first investment project of Yunfeng Fund. Jack Ma said that investing in impressions is not to make money, but impressions will definitely make money.

Source: Impression Dahongpao WeChat official account ‍‍‍‍

Impression is the second largest shareholder of Impression Shares. currently holds 15.27% of Impression shares.

has the impression of Zhang Yimou as a big "IP" and is also favored by many capitals. In July 2015, Sanxiang Co., Ltd. (000863.sz), a company listed on the Shenzhen Stock Exchange, announced that it would acquire 100% of the equity of Guanyin Impression at a premium of 1.864 times and 1.9 billion yuan, of which 50% would be paid in cash and the other half through the issuance of new shares. Upon payment and completion of the transaction, Guan Impression became a wholly-owned subsidiary of Sanxiang Co., Ltd.

Zhang Yimou indirectly holds a 25% stake in Guanyinxiang Investment Center (Limited Partnership) through Shanghai Guanyinxiang Investment Center (Limited Partnership). Through this merger and acquisition, he completed a cash-out of 237 million yuan. After the acquisition of , Zhang Yimou became the art director of Sanxiang Impression.

In addition, the three core directors Zhang Yimou, Wang Chaoge, and Fan Yue promised to continue to serve at Impression for a period of 3 years from the date of signing of the relevant commitment letter. But after the three-year service period expired, in May 2019, all three directors left. Yunfeng Fund also exited.

Without Zhang Yimou and others, the "Impression" series has not been updated yet, but classics are classics. "Impression Dahongpao" still makes a lot of money by "resting on its laurels".

Public information shows that the price of watching "Impression Dahongpao" ranges from 238 yuan/person/time to 688 yuan/person/time. The financial report shows that The ticket revenue from "Impression Dahongpao" ranks first in Impression Holdings. The major revenue sources are 59 million yuan, 58 million yuan, and 130 million yuan respectively from 2021 to 2023, and the revenue proportions are 98.75%, 94.64%, and 91.35% respectively.

Source: Xiaohongshu‍‍‍‍

"The company mainly relies on the ticket sales of performing arts projects to obtain income, and the business structure is relatively simple. On the one hand, as a special form of performing arts, real-life landscape performances are closely related to the tourism resources, weather and geography of the project location. Conditions and other factors are closely related; on the other hand, once the market conditions of the project business change adversely, the company will be more vulnerable to the impact, resulting in a significant reduction in operating income or even a loss," Impression said in the financial report.

At the end of 2019, the “black swan” suddenly arrived. Affected by the global COVID-19 epidemic, Impression's revenue was nearly halved from 2020 to 2022, with losses for three consecutive years. revenue dropped from 97.0031 million yuan in 2019 to 50.0506 million yuan in 2020. Although it increased to 60.8569 million yuan, but there is still a certain gap with the level in 2019. In terms of net profit, Impression Shares lost 2.5261 million yuan, 922.9 million yuan, and 4.6904 million yuan respectively from 2020 to 2022..

Picture source: wind

Fortunately, by 2023, the situation has changed. Impression Shares achieved revenue of 143 million yuan, a year-on-year increase of 135.19%; net profit was 47.9827 million yuan, turned a loss into a profit. The "Impression Dahongpao" public account shows that in 2023, Impression Dahongpao performed a total of 567 performances and received more than 920,000 viewers.

In addition to the single revenue structure, as of now, Impression shares still have to pay creative and maintenance fees to Guan Impression every year.’s financial report shows that from 2021 to 2023, these expenses are 5.869 million yuan, 5.9323 million yuan, and 13.467 million yuan respectively, which is equivalent to 636%, 126.47%, and 28.06% of its net profit for that year.

Getting rid of the “ticket economy” has become the primary issue facing Impression Shares. "An important step to get rid of the ticket economy is to diversify sources of income. Scenic spots can increase other income channels by developing specialty products and providing value-added services such as specialty catering. At the same time, develop cultural and creative industries related to tourism, promote tourism, agriculture, handicrafts, etc. Industrial integration can also create more economic benefits for scenic spots. In addition, strengthening joint promotion with other scenic spots and rationally arranging tourist routes can also help reduce dependence on ticket revenue. The most important thing is that scenic spots should focus on increasing tourists. Experience, provide high-quality services, improve the attraction and competitiveness of scenic spots, thereby attracting more tourists to visit " said financial commentator Zhang Xuefeng.

Many travel companies are rushing to go public.

The capital market doesn’t love “travel”?

In fact, in addition to Impression Shares, many scenic spots across the country are also sprinting towards IPOs.

For example, Yuntai Mountain Tourism Co., Ltd. (hereinafter referred to as "Yuntai Mountain") located in Henan, signed a coaching agreement with CITIC Securities in September 2022 to prepare for the A-share sprint. If Yuntai Mountain is successfully listed, it will become the first tourist attraction in Henan to be listed on the A-share market.

Public information shows that Yuntai Mountain is located in Xiuwu County, Jiaozuo City, Henan Province. The total scenic area is 50 square kilometers, including Hongshi Gorge, Tanpu Gorge, Quanpu Gorge, Zhuyu Peak, Diecai Cave, Macaque Valley, and Zifang Lake. , Wanshan Temple and other eight major attractions. According to data from the Jiaozuo Municipal Bureau of Culture and Tourism, Yuntai Mountain will receive more than 6 million tourists in 2021, and its comprehensive tourism revenue will exceed 700 million yuan.

Source: Can Gallery

According to "Dajiang.com", in January 2021, the Jiujiang Municipal Government of Jiangxi Province established a "Listing Work Coordination Group" to promote the listing of Lushan. Liu Ping of the Lushan Administration Bureau said that the listing of Lushan requires the integration of high-quality resources from Lushan's core scenic spots and non-core scenic spots, such as Sandiequan Cable Car Company, Meilu Villa, etc.

At present, Lushan Tourism has begun to receive listing guidance from Guoyuan Securities and plans to complete the listing in 2024.

Qingcheng Mountain Dujiangyan Tourism Co., Ltd. (hereinafter referred to as "Qingdu Tourism") from Chengdu disclosed the "Prospectus" to the Shenzhen Stock Exchange Main Board in 2022. Qingdu Tourism mainly provides Qingcheng Qianshan cableway and sightseeing bus services, and Dujiangyan Scenic Area And Guanxian Ancient City sightseeing bus business, etc.

Outside of the natural scenic spots, the main company of Guangzhou "Xiaomanyao" - Canton Tower Tourism and Culture Development Co., Ltd. ("Canton Tower" for short) is receiving listing guidance from CITIC Securities.

Source: Can Gallery

In addition, public market information shows that Taishan Cultural Tourism, Kaifeng Cultural Tourism, Tianzhushan Cultural Tourism, Jinggangshan Tourism, Yinji Cultural Tourism, Qingyuan Shares, etc. have all proposed listing plans and have been advancing them. among.

Although many travel companies are sprinting towards IPOs, very few have succeeded. According to the new media "New Travel World" in the cultural and tourism consumer industry, Since 2020, 25 tourism companies of various types have tried to hit the IPO, but so far only 4 have successfully gone public.

Zhou Mingqi, founder of Jingjian Think Tank, said, "It is difficult for tourism companies to go public for several reasons. The first is the threshold restriction. Since relevant regulations have been proposed, ticket income cannot be used as the income of listed companies in scenic spots recognized by the State Council. It is difficult for scenic spots with ticket income to meet the listing conditions, and many scenic spots in my country basically rely on ticket income. In addition, China's tourism industry has always been in a relatively traditional model, and it is difficult for pure tourism companies to obtain recognition from the capital market. Tourism companies have divested themselves of the ticket business and successfully obtained admission tickets. Their income structure is also relatively simple, mainly relying on traditional income such as cableways and sightseeing buses. The future profit potential is limited. The difficulty of listing related companies has become an industry consensus in recent years. On the one hand, most scenic spot companies still stick to the traditional business model, relying on resource endowments and taking passenger transportation services such as cableways and sightseeing buses as their core businesses, without truly utilizing their profound history. heritage and cultural resources to innovate business models; on the other hand, the capital market also needs 'good stories'. Most scenic spots companies have not deeply explored and utilized IP resources, so their appeal to the capital market is limited. " Financial Blogger" Investment Bank. Taishan" said.

Scenic area enterprises have long relied on their unique natural resources or cultural heritage. It is difficult to meet the changing needs of the market and the growing experience expectations of tourists by relying solely on traditional business models. Especially in areas with rich cultural IP background, how to fully Utilizing and innovating these cultural resources has become an important issue faced by scenic area enterprises.

For example, "Black Myth: Wukong", a domestic game, has 36 real scenes, 27 of which are from Shanxi. It has successfully transformed the charm of the virtual world into real tourism attraction, driving the development of tourism in Shanxi; another example is Xinjiang "Internet celebrity deputy director" He Jiaolong sparked heated discussions on the Internet through a video of riding a horse and bathing in a river, effectively raising local visibility and promoting the growth of the cultural tourism industry.

Source: "Black Myth: Wukong" official website screenshot

‍‍‍‍

" The 'cultural tourism +' model should focus on adapting to local conditions, by taking stock of local tourism resources and characteristics Advantages, starting from 'professional, precise, special and new' to create differentiation Projects cannot be copied and copied, and local adaptability issues must be considered in order to win the attention of consumers. Culture and Tourism + is a cross-border integration system, not a simple superposition of business formats. Culture is the soul and tourism is the carrier. , What is added is resource support. From the supply side, we need to explore more in-depth and thematic gameplay based on the target group and play something different (young)," said Zhang Dexin, editor-in-chief of the China Cultural Tourism Innovation and Entrepreneurship Think Tank Series.

Have you seen the live-action drama of the "Impression" series? How was the viewing experience? Welcome to leave a message below for discussion.

Directed by Zhang Yimou, is the capital market willing to buy it? ‍‍‍‍‍‍‍‍

Author | Liu Qinwen ‍‍‍

Editor丨Gaoyuanshan

Source | Yema Finance

"Come to Wuyi Mountain to listen to advice, You must come to the Impression Dahongpao performance! You are really shocked. The sky and mountains are the background, and the scene is like a dream. Everyone speaks the same language and says "Wow". The 360-degree rotating stage follows the story of tea and introduces the tea culture of Wuyi Mountain from legend to modern times. I really recommend bringing your family to watch it~" said a Xiaohong Book bloggers shared their feelings about watching "Impression of the Dahongpao" on social platforms.

Source: Xiaohongshu

"Impression Dahongpao" is a large-scale real-life landscape performance in Wuyi Mountain at the junction of Jiangxi Province and Fujian Province. is the fifth in the "Impression" real-life series co-directed by Zhang Yimou, Wang Chaoge, and Fan Yue. . Nowadays, "Impression Dahongpao" has not only become one of the must-see tourist check-in spots in Wuyi Mountain, but also tries to make a name for itself in the capital market. The operating company behind "Impression Dahongpao" - Impression Dahongpao Co., Ltd. (referred to as: Impression Co., Ltd.) recently announced that it will officially start listing in Hong Kong.

"Impression Dahongpao" 14 years ago, it attracted business tycoons such as Jack Ma and Yu Feng to climb Wuyi Mountain to watch and spend huge sums of money to invest. Now, "Impression Dahongpao" is about to land on the capital market. Can it attract the attention of funds again?

After eight years of capital development, I finally chose the Hong Kong stock market

Wuyi Mountain - apart from mountains, the most popular thing is tea. Among them, Dahongpao is produced in Wuyi Mountain and is an oolong tea.

"Impression·Dahongpao" takes "tea culture" as the core and tells the love story of "Dawang Peak" and "Jade Girl Peak", from "listening to tea and reciting poems" to "two immortals fighting for tea", and ‌tea Elements such as history and tea-making technology are also interspersed with the story of how the "Dahongpao" tea got its name. Through live performances, the charm of Wuyi Mountain tea culture is demonstrated.

Picture source: Impression Dahongpao WeChat official account‍‍‍‍

"Impression·Dahongpao" has been published for many years since 2010, and Impression has been insisting on listing for many years. In 2016, Impression Holdings completed the shareholding reform and officially became the first enterprise in Nanping’s cultural tourism field to be listed on the New Third Board in early 2017.

In May 2020, just as the stock transfer system was deepening reform, Impression was selected into the innovation tier; in July of the same year, Impression issued a tender announcement for securities firms, accounting firms, and law firms to enter the selected tier, with a total amount of 2.01 million yuan. .

After the reform of the New Third Board, it is divided into three levels, namely the basic layer, the innovative layer and the selected layer. Among them, the selected layer has the highest threshold, and the innovative layer and the basic layer are the lowest. After being continuously listed on the Select Level for more than one year and meeting the current issuance conditions of the Science and Technology Innovation Board or GEM, the company can be transferred to A shares.

In the end, Industrial Securities won the bid and became the sponsor and guidance brokerage institution of Impression Shares. The accounting service institution was Grant Thornton Accounting Firm (Special General Partnership) Fuzhou Branch, and the lawyer service institution was Shanghai AllBright Law Firm. After the bidding was completed, Impression Stock began listing guidance. After the establishment of the Beijing Stock Exchange in 2021, Impression Stock intends to transfer to the Beijing Stock Exchange.

But after four years of tutoring, in May 2024, Impression Shares issued an announcement stating that it had signed a "Termination Agreement for the Tutoring Agreement" with Industrial Securities, and announced the termination of the Beijing Stock Exchange listing tutoring.

Source: Announcement

According to Impression Shares, the termination of the Beijing Stock Exchange listing guidance is because the financial data of the past two years still does not meet the financial conditions for listing on the Beijing Stock Exchange stipulated in Article 2.1.3 of the "Listing Rules".

The financial report shows that Impression Shares achieved revenue of 61 million yuan and 143 million yuan in 2022 and 2023 respectively, and net profits were -4.6904 million yuan and 47.9827 million yuan respectively. In addition, the weighted average return on equity of Impression Shares was -2.53% and 23.16% respectively.

According to Article 2.1.3 of the Beijing Stock Exchange's "Listing Rules", "the company's net profit in the past two years shall not be less than 15 million yuan and the average weighted average return on net assets shall not be less than 8%."

After abandoning the Beijing Stock Exchange, Impression Holdings immediately moved to the Hong Kong Stock Exchange. In June 2024, Impression Shares issued a bidding and procurement announcement for Hong Kong h-share listed securities firms, accountants, and Hong Kong lawyer services for securities firms.

In the end, Industrial Securities International Capital Co., Ltd. won the bid for sponsorship and underwriting services, with an amount of 4.3826 million yuan; Ashurst Law Firm won the bid for Hong Kong legal advisory services for IPO brokers, with an amount of 3.96 million yuan; Grant Thornton Accounting Firm won the bid for accounting services, The amount is 2.4 million yuan; Zhou Junxuan Law Firm won the bid for legal advisory services, the amount is 1.86 million yuan. totaled 12.6026 million yuan. Equivalent to about a quarter of its 2023 net profit.

Impression Stock has been on the New Third Board in 2017. Nearly 8 years have passed and it is still on the road to IPO.

was favored by Jack Ma,

relies on the "ticket" economy

Impression Shares is so persistent in listing, and it has its own confidence.

"Impression·Dahongpao" is the fifth Impression work created by the "Impression Triangle" Zhang Yimou, Wang Chaoge, and Fan Yue. On March 29, 2010, "Impression·Dahongpao" opened, which pioneered in terms of technical equipment. Multiple "firsts" : the world's first 360-degree rotating auditorium; 15 large-screen matrix linked projections; the first panoramic theater with a visual radius of 2 kilometers and a stage extension length of 12,000 meters.

In 2010, the year when

was launched, the bamboo raft tourism project in Wuyi Mountain Scenic Area received a total of 1.06 million Chinese and foreign tourists, while "Impression·Dahongpao" received 385,000 tourists. This means that for every 3 tourists who came to the main scenic area of ​​Wuyi Mountain, One person watched "Impression of Dahongpao".

Moreover, according to the "Southeast Express" report at the time, due to the audition of "Impression·Dahongpao", all the air tickets to Wuyi Mountain had been sold out. Jack Ma specially chartered a plane to come to watch the show. After watching the show, Ma Yun said, "This performance has a bit of a Chinese Avatar flavor. I think it is really worth the trip. As soon as I finished the show, I called my family and friends and asked everyone to come to Wuyi Mountain to watch it."

Watched on December 17 of the same year Yunfeng Fund, co-founded by 17 business tycoons including Jack Ma, Yu Feng, Shi Yuzhu, and Liu Yonghao, announced that it will invest in Beijing Impression Innovation Art Development Co., Ltd. (now renamed Guan Impression Art Development Co., Ltd., hereinafter referred to as "Impression Guan") invested US$50 million.This is also the first investment project of Yunfeng Fund. Jack Ma said that investing in impressions is not to make money, but impressions will definitely make money.

Source: Impression Dahongpao WeChat official account ‍‍‍‍

Impression is the second largest shareholder of Impression Shares. currently holds 15.27% of Impression shares.

has the impression of Zhang Yimou as a big "IP" and is also favored by many capitals. In July 2015, Sanxiang Co., Ltd. (000863.sz), a company listed on the Shenzhen Stock Exchange, announced that it would acquire 100% of the equity of Guanyin Impression at a premium of 1.864 times and 1.9 billion yuan, of which 50% would be paid in cash and the other half through the issuance of new shares. Upon payment and completion of the transaction, Guan Impression became a wholly-owned subsidiary of Sanxiang Co., Ltd.

Zhang Yimou indirectly holds a 25% stake in Guanyinxiang Investment Center (Limited Partnership) through Shanghai Guanyinxiang Investment Center (Limited Partnership). Through this merger and acquisition, he completed a cash-out of 237 million yuan. After the acquisition of , Zhang Yimou became the art director of Sanxiang Impression.

In addition, the three core directors Zhang Yimou, Wang Chaoge, and Fan Yue promised to continue to serve at Impression for a period of 3 years from the date of signing of the relevant commitment letter. But after the three-year service period expired, in May 2019, all three directors left. Yunfeng Fund also exited.

Without Zhang Yimou and others, the "Impression" series has not been updated yet, but classics are classics. "Impression Dahongpao" still makes a lot of money by "resting on its laurels".

Public information shows that the price of watching "Impression Dahongpao" ranges from 238 yuan/person/time to 688 yuan/person/time. The financial report shows that The ticket revenue from "Impression Dahongpao" ranks first in Impression Holdings. The major revenue sources are 59 million yuan, 58 million yuan, and 130 million yuan respectively from 2021 to 2023, and the revenue proportions are 98.75%, 94.64%, and 91.35% respectively.

Source: Xiaohongshu‍‍‍‍

"The company mainly relies on the ticket sales of performing arts projects to obtain income, and the business structure is relatively simple. On the one hand, as a special form of performing arts, real-life landscape performances are closely related to the tourism resources, weather and geography of the project location. Conditions and other factors are closely related; on the other hand, once the market conditions of the project business change adversely, the company will be more vulnerable to the impact, resulting in a significant reduction in operating income or even a loss," Impression said in the financial report.

At the end of 2019, the “black swan” suddenly arrived. Affected by the global COVID-19 epidemic, Impression's revenue was nearly halved from 2020 to 2022, with losses for three consecutive years. revenue dropped from 97.0031 million yuan in 2019 to 50.0506 million yuan in 2020. Although it increased to 60.8569 million yuan, but there is still a certain gap with the level in 2019. In terms of net profit, Impression Shares lost 2.5261 million yuan, 922.9 million yuan, and 4.6904 million yuan respectively from 2020 to 2022..

Picture source: wind

Fortunately, by 2023, the situation has changed. Impression Shares achieved revenue of 143 million yuan, a year-on-year increase of 135.19%; net profit was 47.9827 million yuan, turned a loss into a profit. The "Impression Dahongpao" public account shows that in 2023, Impression Dahongpao performed a total of 567 performances and received more than 920,000 viewers.

In addition to the single revenue structure, as of now, Impression shares still have to pay creative and maintenance fees to Guan Impression every year.’s financial report shows that from 2021 to 2023, these expenses are 5.869 million yuan, 5.9323 million yuan, and 13.467 million yuan respectively, which is equivalent to 636%, 126.47%, and 28.06% of its net profit for that year.

Getting rid of the “ticket economy” has become the primary issue facing Impression Shares. "An important step to get rid of the ticket economy is to diversify sources of income. Scenic spots can increase other income channels by developing specialty products and providing value-added services such as specialty catering. At the same time, develop cultural and creative industries related to tourism, promote tourism, agriculture, handicrafts, etc. Industrial integration can also create more economic benefits for scenic spots. In addition, strengthening joint promotion with other scenic spots and rationally arranging tourist routes can also help reduce dependence on ticket revenue. The most important thing is that scenic spots should focus on increasing tourists. Experience, provide high-quality services, improve the attraction and competitiveness of scenic spots, thereby attracting more tourists to visit " said financial commentator Zhang Xuefeng.

Many travel companies are rushing to go public.

The capital market doesn’t love “travel”?

In fact, in addition to Impression Shares, many scenic spots across the country are also sprinting towards IPOs.

For example, Yuntai Mountain Tourism Co., Ltd. (hereinafter referred to as "Yuntai Mountain") located in Henan, signed a coaching agreement with CITIC Securities in September 2022 to prepare for the A-share sprint. If Yuntai Mountain is successfully listed, it will become the first tourist attraction in Henan to be listed on the A-share market.

Public information shows that Yuntai Mountain is located in Xiuwu County, Jiaozuo City, Henan Province. The total scenic area is 50 square kilometers, including Hongshi Gorge, Tanpu Gorge, Quanpu Gorge, Zhuyu Peak, Diecai Cave, Macaque Valley, and Zifang Lake. , Wanshan Temple and other eight major attractions. According to data from the Jiaozuo Municipal Bureau of Culture and Tourism, Yuntai Mountain will receive more than 6 million tourists in 2021, and its comprehensive tourism revenue will exceed 700 million yuan.

Source: Can Gallery

According to "Dajiang.com", in January 2021, the Jiujiang Municipal Government of Jiangxi Province established a "Listing Work Coordination Group" to promote the listing of Lushan. Liu Ping of the Lushan Administration Bureau said that the listing of Lushan requires the integration of high-quality resources from Lushan's core scenic spots and non-core scenic spots, such as Sandiequan Cable Car Company, Meilu Villa, etc.

At present, Lushan Tourism has begun to receive listing guidance from Guoyuan Securities and plans to complete the listing in 2024.

Qingcheng Mountain Dujiangyan Tourism Co., Ltd. (hereinafter referred to as "Qingdu Tourism") from Chengdu disclosed the "Prospectus" to the Shenzhen Stock Exchange Main Board in 2022. Qingdu Tourism mainly provides Qingcheng Qianshan cableway and sightseeing bus services, and Dujiangyan Scenic Area And Guanxian Ancient City sightseeing bus business, etc.

Outside of the natural scenic spots, the main company of Guangzhou "Xiaomanyao" - Canton Tower Tourism and Culture Development Co., Ltd. ("Canton Tower" for short) is receiving listing guidance from CITIC Securities.

Source: Can Gallery

In addition, public market information shows that Taishan Cultural Tourism, Kaifeng Cultural Tourism, Tianzhushan Cultural Tourism, Jinggangshan Tourism, Yinji Cultural Tourism, Qingyuan Shares, etc. have all proposed listing plans and have been advancing them. among.

Although many travel companies are sprinting towards IPOs, very few have succeeded. According to the new media "New Travel World" in the cultural and tourism consumer industry, Since 2020, 25 tourism companies of various types have tried to hit the IPO, but so far only 4 have successfully gone public.

Zhou Mingqi, founder of Jingjian Think Tank, said, "It is difficult for tourism companies to go public for several reasons. The first is the threshold restriction. Since relevant regulations have been proposed, ticket income cannot be used as the income of listed companies in scenic spots recognized by the State Council. It is difficult for scenic spots with ticket income to meet the listing conditions, and many scenic spots in my country basically rely on ticket income. In addition, China's tourism industry has always been in a relatively traditional model, and it is difficult for pure tourism companies to obtain recognition from the capital market. Tourism companies have divested themselves of the ticket business and successfully obtained admission tickets. Their income structure is also relatively simple, mainly relying on traditional income such as cableways and sightseeing buses. The future profit potential is limited. The difficulty of listing related companies has become an industry consensus in recent years. On the one hand, most scenic spot companies still stick to the traditional business model, relying on resource endowments and taking passenger transportation services such as cableways and sightseeing buses as their core businesses, without truly utilizing their profound history. heritage and cultural resources to innovate business models; on the other hand, the capital market also needs 'good stories'. Most scenic spots companies have not deeply explored and utilized IP resources, so their appeal to the capital market is limited. " Financial Blogger" Investment Bank. Taishan" said.

Scenic area enterprises have long relied on their unique natural resources or cultural heritage. It is difficult to meet the changing needs of the market and the growing experience expectations of tourists by relying solely on traditional business models. Especially in areas with rich cultural IP background, how to fully Utilizing and innovating these cultural resources has become an important issue faced by scenic area enterprises.

For example, "Black Myth: Wukong", a domestic game, has 36 real scenes, 27 of which are from Shanxi. It has successfully transformed the charm of the virtual world into real tourism attraction, driving the development of tourism in Shanxi; another example is Xinjiang "Internet celebrity deputy director" He Jiaolong sparked heated discussions on the Internet through a video of riding a horse and bathing in a river, effectively raising local visibility and promoting the growth of the cultural tourism industry.

Source: "Black Myth: Wukong" official website screenshot

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" The 'cultural tourism +' model should focus on adapting to local conditions, by taking stock of local tourism resources and characteristics Advantages, starting from 'professional, precise, special and new' to create differentiation Projects cannot be copied and copied, and local adaptability issues must be considered in order to win the attention of consumers. Culture and Tourism + is a cross-border integration system, not a simple superposition of business formats. Culture is the soul and tourism is the carrier. , What is added is resource support. From the supply side, we need to explore more in-depth and thematic gameplay based on the target group and play something different (young)," said Zhang Dexin, editor-in-chief of the China Cultural Tourism Innovation and Entrepreneurship Think Tank Series.

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