Impression Dahongpao (2695) investor relations material

Executive summary

• H1 revenue fell 15.92% YoY to RMB47.14m; gross profit declined 52.16% to RMB11.66m, and total profit swung to a RMB1.24m loss from RMB10.10m profit.

• Profit attributable to shareholders was RMB2.54m, down 75.12%; consolidated net loss was RMB4.52m, including RMB7.07m attributable to non-controlling interests.

• Results were pressured by extreme rainfall, fewer organized group visits and the anniversary-year cost comparison for Moonlight over Mount Wuyi.

Financial highlights

• Revenue was RMB47.14m versus RMB56.07m YoY; operating costs rose to RMB49.43m from RMB46.18m.

• Selling expenses rose 29.19% to RMB5.37m, administrative expenses fell 30.27% to RMB5.97m, and finance expenses rose 63.23% to RMB2.18m.

• Operating cash flow was RMB6.79m, down 64.23% YoY; cash and cash equivalents were RMB114.35m at period-end versus RMB195.41m at year-end 2025.

Outlook and guidance

• Priorities include upgrading the signature show, strengthening core IP, developing the cultural tourism town, replicating the business model in new markets, and improving efficiency and visitor experience.

• Remaining Global Offering proceeds are expected to be used by end-2027, subject to market conditions; town expansion allocations are scheduled for use by end-2026.