Qingming Shanghe Garden sprints for Hong Kong listing: revenue and profit data

On October 12, 2026, Qingming Shanghe Garden filed with the Hong Kong Stock Exchange, sprinting to become Henan's first cultural tourism stock. Reports show that from 2023 to 2025, revenue was 673 million, 742 million, and 746 million yuan respectively, totaling about 2.161 billion yuan over the three years; profit fell from 285 million yuan to 212 million yuan, down about 23.6% year-on-year in 2025, and the gross margin fell from 67.6% to 51.8%. In 2025, the park received about 9.6 million visitors, and adjusted the regular ticket to allow multiple entries within three days after the first entry. Reports point out that how visitor flow translates into stable consumption and profit has become a new question it must face after listing.