Company Overview - Lisheng Sports was established on October 16, 2002, and went public on March 24, 2017. The company is located in Changning District, Shanghai [2] - The main business segments include sports event management (70.62% of revenue), sports venue management (24.72%), marketing services (2.24%), sports club management (1.30%), sports equipment manufacturing and sales (0.63%), and other (0.35%) [2] Financial Performance - For the first half of 2025, Lisheng Sports reported revenue of 272 million yuan, a year-on-year increase of 21.94%, and a net profit attributable to shareholders of 15.32 million yuan, up 11.97% year-on-year [2] - The company has distributed a total of 16.42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Stock Performance - As of September 22, Lisheng Sports' stock price was 15.24 yuan per share, with a market capitalization of 2.498 billion yuan. The stock has increased by 33.22% year-to-date but has decreased by 4.99% over the last five trading days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of 29.86 million yuan on September 8, accounting for 14.15% of total trading volume [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 18,400, a decrease of 15.86% from the previous period, with an average of 8,004 circulating shares per shareholder, an increase of 18.85% [2] - New institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund (third largest shareholder) and Golden Eagle National Emerging Mixed Fund (sixth largest shareholder) [3]

Core Insights - Lisheng Sports held its 2025 Shanghai-listed company collective reception day and mid-year performance briefing on September 19, highlighting its operational strategy and ongoing projects [1] Group 1: Company Operations - Lisheng Sports currently operates three racetracks: Shanghai Tianma Racetrack (owned), Hunan Zhuzhou Racetrack (operated), and Hainan International Racetrack (under construction) [1] - The Tianma Racetrack is located in the Yangtze River Delta and attracts customers through unique projects like Tianma Lunji [1] - The Zhuzhou Racetrack integrates cultural tourism features to expand its audience [1] - The Hainan International Racetrack is expected to leverage tax-free policies upon completion to reach a broader demographic and offer diverse services [1] Group 2: Project Management and Development - The Hainan International Racetrack project is progressing steadily, with the company implementing strict project management to ensure timely construction [1] - Upon completion, the racetrack aims to achieve both social and economic benefits through high-quality management and operations [1] Group 3: Industry Position - Lisheng Sports is recognized as a leader in China's digital sports and mass fitness sectors, focusing on automotive sports operation services [1] - The company specializes in various sports-related businesses, including event management, club operations, venue management, equipment manufacturing and sales, and marketing services [1]

Group 1: Event Operations and Revenue - The company emphasizes enhancing brand value in event operations, with a focus on increasing the commercial licensing revenue share from core event IPs [2][3] - Currently, the proportion of event copyright revenue to total event income is relatively low compared to mature international events like F1 [2][3] - The company plans to expand media partnerships through platforms like Douyin, Xiaohongshu, and Bilibili to increase event coverage and brand exposure [3] Group 2: Venue Management and Regional Strategies - The company operates several racetracks, including Shanghai Tianma and Zhuzhou, with ongoing development of the Hainan International Circuit [3][4] - Each venue adopts tailored operational strategies to leverage local advantages, with Hainan expected to benefit from tax-free policies to attract a broader audience [3][4] - The company is committed to strict project management to ensure timely completion of the Hainan project, aiming for both social and economic benefits [3] Group 3: International Expansion and Sponsorship - The company has seen significant growth in core business revenue from sports events, with notable contributions from overseas events [4][7] - The overseas events team focuses on maintaining profitability through quality service and brand reputation, primarily expanding in the Asia-Pacific region [4] - Commercial sponsorship is recovering, with automotive brands being the primary sponsors, while efforts are made to attract a wider range of brands [7] Group 4: Youth Sports Development - The company is enhancing its youth sports training programs in response to national policies, providing services and facilities for youth events [6] - The recruitment scale for youth sports training has seen changes this year, reflecting the company's commitment to youth development [6] Group 5: Financial and Regulatory Updates - The company is in the process of issuing shares to specific investors, currently under review by the Shenzhen Stock Exchange [8] - Information regarding the share issuance will be disclosed in accordance with regulatory requirements [8] Group 6: Innovation in Sports Complex Operations - The company is exploring new profit models for sports complex operations, focusing on IP-based management and digital upgrades [9] - Strategies include creating innovative self-owned IPs and enhancing local life area management through data sharing and joint marketing [9]

Group 1 - The sports sector experienced a slight increase of 0.0% on September 19, with Zhongti Industry leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down by 0.3%, while the Shenzhen Component Index closed at 13070.86, down by 0.04% [1] - Zhongti Industry's closing price was 9.26, with a gain of 0.22%, while Lisheng Sports closed at 15.56, down by 0.83% [1] Group 2 - The net outflow of main funds in the sports sector was 7.8371 million yuan, while retail funds saw a net outflow of 863,300 yuan [1] - Lisheng Sports had a main fund net outflow of 3.3435 million yuan and a retail fund net inflow of 939,570 yuan [1] - Zhongti Industry experienced a main fund net outflow of 4.4936 million yuan, with a retail fund net outflow of 1,025,900 yuan [1]

Core Viewpoint - Lisheng Sports has experienced a decline in stock price recently, with a year-to-date increase of 34.18% and a slight drop of 0.26% over the past five trading days [1] Company Overview - Lisheng Sports was established on October 16, 2002, and went public on March 24, 2017. The company operates in sports event management, sports club management, sports venue management, sports equipment manufacturing and sales, and marketing services [2] - The revenue composition of Lisheng Sports includes 70.62% from sports event management, 24.72% from sports venue management, 2.24% from marketing services, 1.30% from sports club management, 0.63% from sports equipment manufacturing and sales, and 0.14% from digital sports [2] Financial Performance - For the first half of 2025, Lisheng Sports reported revenue of 272 million yuan, representing a year-on-year growth of 21.94%, and a net profit attributable to shareholders of 15.32 million yuan, up 11.97% year-on-year [2] - The company has distributed a total of 16.42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of June 30, 2025, Lisheng Sports had 18,400 shareholders, a decrease of 15.86% from the previous period, with an average of 8,004 circulating shares per shareholder, an increase of 18.85% [2] - Notable new institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund A, holding 1.98 million shares, and Golden Eagle National Emerging Mixed Fund A, holding 1.17 million shares [3]

Core Viewpoint - Lisheng Sports has experienced a stock price increase of 37.67% year-to-date, with recent trading activity showing a slight decline of 2.05% on September 18, 2023, indicating potential volatility in the market [1] Company Overview - Lisheng Sports was established on October 16, 2002, and went public on March 24, 2017. The company operates in various sectors including sports event management, sports club operations, venue management, sports equipment manufacturing and sales, and marketing services [2] - The revenue composition of Lisheng Sports is as follows: sports event management (70.62%), venue management (24.72%), marketing services (2.24%), sports club operations (1.30%), sports equipment manufacturing and sales (0.63%), and other (0.35%) [2] Financial Performance - For the first half of 2025, Lisheng Sports reported a revenue of 272 million yuan, representing a year-on-year growth of 21.94%. The net profit attributable to shareholders was 15.32 million yuan, reflecting an increase of 11.97% compared to the previous year [2] - The company has distributed a total of 16.42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Structure - As of June 30, 2025, Lisheng Sports had 18,400 shareholders, a decrease of 15.86% from the previous period. The average number of circulating shares per shareholder increased by 18.85% to 8,004 shares [2] - Notable new institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund (third largest shareholder with 1.98 million shares), and Golden Eagle National Emerging Mixed Fund (sixth largest with 1.17 million shares) [3]

Summary of Conference Call Records Industry Overview - The service consumption in China is significantly lower than in developed countries, currently at approximately 30% compared to 70% in the US, indicating substantial growth potential [1][2] - The new policies aim to enhance service consumption, particularly in the cultural and tourism sectors, with local governments actively improving service quality [1][2] Key Policy Insights - Five major increments in the new policy include: 1. Optimizing student holiday arrangements to explore spring and autumn breaks, benefiting tourism [1][4] 2. Encouraging IP collaborations to promote cross-industry partnerships [1][4] 3. Linking sports events with cultural tourism to boost consumer engagement [1][4] 4. Promoting AI applications in various sectors such as e-commerce and education [1][4] 5. Regulating non-academic training institutions to encourage market-oriented vocational training [1][4] Impact on Specific Sectors - **Tourism and Hospitality**: - The expansion of the visa-free entry policy is expected to significantly boost inbound tourism, particularly benefiting major cities like Beijing and Shanghai, as well as OTA platforms and hotels [3][9][12] - **Cultural and Sports Events**: - The policy encourages the introduction of international sports events and supports local sports activities, which will benefit event organizers and related industries, enhancing investor expectations [1][6] - **Education and Training**: - The new regulations for non-academic training institutions will favor companies like New Oriental and others in the vocational training sector [7][8] Financial and Economic Support - The government plans to utilize central budget investments and local special bonds to support cultural tourism and elderly care facilities, which will attract social capital investment [13] - Financial tools will be employed to increase credit availability, directly benefiting companies involved in consumer lending, such as Chongqing Department Store [13] Additional Considerations - The adjustment of student holiday schedules is anticipated to increase tourism frequency while alleviating congestion during peak seasons [11][12] - The integration of AI in service sectors is expected to enhance operational efficiency and reduce costs, indicating a significant trend in future consumption development [10]

证券之星消息，9月17日体育板块较上一交易日上涨0.02%，中体产业领涨。当日上证指数报收于 3876.34，上涨0.37%。深证成指报收于13215.46，上涨1.16%。体育板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 600158 | 中体产业 | 9.56 | 0.95% | | 64.94万 | | 6.26 Z | | 002858 | 力盛体育 | 16.08 | -3.42% | | 18.25万 | | 2.9867 | 从资金流向上来看，当日体育板块主力资金净流出507.35万元，游资资金净流入2132.42万元，散户资金 净流出1625.08万元。体育板块个股资金流向见下表： | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | | 600158 中体产业 2685.80万 4.29% | 1726.5 ...

Core Viewpoint - Lisheng Sports has experienced a stock price increase of 42.48% year-to-date, with recent trading activity showing a slight decline in share price and net outflow of funds [1][2]. Company Overview - Lisheng Sports, established on October 16, 2002, and listed on March 24, 2017, is based in Shanghai and operates in sports event management, club operations, venue management, equipment manufacturing, and marketing services [2]. - The company's revenue composition includes 70.62% from sports event management, 24.72% from venue management, 2.24% from marketing services, 1.30% from club operations, 0.63% from equipment manufacturing, and 0.14% from digital sports [2]. Financial Performance - For the first half of 2025, Lisheng Sports reported revenue of 272 million yuan, reflecting a year-on-year growth of 21.94%, and a net profit attributable to shareholders of 15.32 million yuan, up 11.97% [2]. - The company has cumulatively distributed 16.42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, Lisheng Sports had 18,400 shareholders, a decrease of 15.86% from the previous period, with an average of 8,004 circulating shares per shareholder, an increase of 18.85% [2]. - Notable new institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund, holding 1.98 million shares, and Golden Eagle National Emerging Mixed Fund, holding 1.17 million shares [3].

Group 1 - The sports sector increased by 0.53% on September 16, with Lisheng Sports leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] - Lisheng Sports (002858) closed at 16.65, with a rise of 3.80%, and a trading volume of 231,200 shares, amounting to 378 million yuan [1] Group 2 - The net inflow of main funds in the sports sector was 3.6581 million yuan, while retail investors experienced a net outflow of 2.819 million yuan [1] - Lisheng Sports had a net inflow of 28.5409 million yuan from main funds, accounting for 7.55% of the total, while it saw a net outflow of 23.9031 million yuan from retail investors [1] - Zhongti Industry (600158) experienced a net outflow of 24.8828 million yuan from main funds, with a net inflow of 3.7987 million yuan from speculative funds [1]