New Stocks Outlook | Qingming Shanghe Garden heads south to Hong Kong in search of a breakthrough, with the landing effect of the "second picture" waiting to be evaluated against the background of profit pressure.

Not long ago, the Ministry of Culture and Tourism released the 2025 Cultural and Tourism Development Statistical Bulletin, once again giving outsiders a glimpse of the strong development momentum of the Chinese cultural and tourism market. The data shows that in 2025, domestic residents made 6.522 billion domestic trips, an increase of 16.2% compared to the previous year; domestic residents spent 6.30 trillion yuan on domestic trips, an increase of 9.5% compared to the previous year. Behind these impressive numbers is the fact that cultural and tourism consumption, driven by diversification of consumption types and policy dividends, is increasingly becoming an important engine driving domestic demand. In this historical process, residents' travel demand has also transitioned from superficial sightseeing to deep experiential travel. Immersive and experiential cultural tourism new formats are emerging endlessly, and related theme parks are experiencing great development and prosperity. GMTEight has noticed that recently, Kaifeng Qingming Shanghe Garden Co., Ltd. (hereinafter referred to as "Qingming Shanghe Garden") submitted an application for listing to the Hong Kong Stock Exchange. Qingming Shanghe Garden is the only 5A-level tourist attraction in Kaifeng city, based on the famous Song Dynasty painting "Qingming Shanghe Tu" by the painter Zhang Zeduan, it is a large-scale Song Dynasty historical and cultural theme park restored and reproduced at a 1:1 scale. According to Zokui Consulting's data, in 2025, Qingming Shanghe Garden received a total of 9.6 million visitors, ranking fourth among all single theme parks in the country and first among all 5A-level tourist attractions in Henan Province. Is the fundamental of Qingming Shanghe Garden solid as it seeks to go public in Hong Kong? Looking at the financial data, although the company's revenue continued to grow in 2025, the net profit indicator actually declined for the second consecutive...