证券之星消息，10月31日体育板块较上一交易日上涨1.3%，力盛体育领涨。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。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) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 002858 | 力盛体育 | 14.82 | 2.21% | | 6.55万 | | 9701.80万 | | 600158 | 中体产业 | 9.30 | 1.09% | | 21.71万 | | 2.02 Z | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | | | | 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 | | | | | --- | --- | --- | --- | --- | --- | --- | | 002858 力盛体育 | -313.70万 | -3.23% | -1 ...

Company Overview - Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. is a leading automotive sports service provider in China, focusing on the marketization of sports events and the digital upgrade of the sports industry [2]. - The company’s main business includes sports event management, venue operation, marketing services, sports club management, and sports equipment manufacturing and sales [2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 380 million, a year-on-year increase of 14.34% [2]. - The net profit attributable to shareholders reached CNY 22.02 million, up 56.07% year-on-year [2]. - In Q3 2025, the company reported a revenue of CNY 109 million, a slight decline of 1.07% year-on-year, while the net profit attributable to shareholders surged by 1482.24% to CNY 6.70 million [2][3]. Business Dynamics - Revenue fluctuations in Q3 2025 were attributed to the seasonal distribution of events, with fewer races compared to Q2 2025 and Q3 2024 [3]. - Venue operations experienced a decline due to adjustments and suspensions of certain venue operations since Q3 2024, but overall growth was maintained in the first three quarters of 2025 [3]. Growth Drivers - The growth of the core event business is driven by multiple factors, including increasing the number of event IPs, enhancing event participation, and boosting ticket sales through improved event influence [4]. - The gross margin of event operations is expected to improve as the value of events increases, indicating potential for further enhancement [4]. Future Prospects - The company is optimistic about the commercialization of its golf events, which are still in the early stages of operation, and anticipates significant growth in the future [5]. - The national push for a CNY 7 trillion sports industry and the encouragement of event economy integration with cultural tourism are seen as beneficial for the company’s strategic direction [6]. Strategic Initiatives - The company has invested CNY 184 million in the construction of the Hainan International Circuit, expected to contribute revenue by 2027 [7]. - Future growth will focus on expanding event categories and investing in related sectors such as sports marketing, venue management, and sports technology [8].

标配（首次） 以赛事驱动本土体育万亿市场 体育行业深度报告 2025 年 10 月 30 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 证 券 研 究 报 告 消费者服务行业 体育及户外品牌指数走势 资料来源：iFind，东莞证券研究所 投资要点： 相关报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 ◼ 体育经济潜力大，中国体育产业快速发展。全球体育产业蓬勃发展，到 2033年全球体育市场规模有望达到8千亿美元级别。在体育赛事的全球 化、数字化与IP化推动下，体育产业已成为消费中增长最稳健的领域之 一。在当前全球错综复杂的宏观环境下，体育产业有望成为推动服务消 费、拉动经济增长的重要抓手。参照欧盟经验，2019年欧盟体育产业整 体GDP乘数效应达到1.62，同时，2019年欧盟体育产业创造的就业岗位 达到927.46万个，约占欧盟总就业的3.8%。相较 ...

Core Viewpoint - Lisheng Sports has experienced a decline in stock price recently, with a year-to-date increase of 27.01% and a notable drop in the last five trading days [1][2] Financial Performance - For the period from January to September 2025, Lisheng Sports achieved a revenue of 380 million yuan, representing a year-on-year growth of 14.34%, and a net profit attributable to shareholders of 22.02 million yuan, which is a 56.07% increase compared to the previous year [2] - The company has cumulatively distributed 16.42 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3] Stock Market Activity - As of October 30, Lisheng Sports' stock price was 14.53 yuan per share, with a market capitalization of 2.382 billion yuan [1] - The stock has seen a net outflow of 7.37 million yuan from major funds, with significant selling activity [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 29.86 million yuan on September 8 [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 19,200, with an average of 7,645 circulating shares per person, a decrease of 4.48% from the previous period [2] - Among the top ten circulating shareholders, Jin Ying Core Resource Mixed A increased its holdings by 600,000 shares [3]

Core Insights - The event "2025 National Cultural and Tourism Listed Companies Shanghai Tour" highlighted the growing importance of the cultural and tourism industry in boosting consumer spending, with nearly 100 listed companies participating in the event [5][6] - Shanghai is positioning itself as a core area for future cultural and tourism industry development, with a focus on investment and consumption [5][6][13] Industry Development - Shanghai has developed a unique urban tourism resource over 40 years, characterized by urban, comprehensive, and international tourism [6] - The cultural and tourism sector in Xu Hui District is projected to exceed 150 billion yuan in revenue by 2024, accounting for over 20% of the city's total [6] - The Shanghai International Tourism Resort has established a "full-domain tourism" development model centered around Disneyland, enhancing the tourism industry in Shanghai and Pudong New Area [6] New Business Models - Companies are integrating "IP + AI + consumption" to drive growth in the cultural and tourism sector, with significant projects planned in Shanghai [7] - The Xu Hui District has introduced policies supporting cultural and creative industries, offering up to 30 million yuan in funding [8] - The industry is shifting from traditional tourism to a focus on lifestyle and emotional value, with an emphasis on technology integration [9] Investment Opportunities - The event underscored the importance of urban renewal projects in the cultural and tourism sector, with Shanghai's mature market and innovative environment facilitating new project development [11] - Companies are eager to collaborate on projects in micro-vacation, cultural creative districts, and digital tourism [11][12] - The discussion around investing in Shanghai's cultural and tourism sector has gained traction, with many companies expressing interest in future investments [13]

证券之星消息，10月29日体育板块较上一交易日下跌0.81%，力盛体育领跌。当日上证指数报收于 4016.33，上涨0.7%。深证成指报收于13691.38，上涨1.95%。体育板块个股涨跌见下表： 从资金流向上来看，当日体育板块主力资金净流出2532.98万元，游资资金净流入1554.84万元，散户资金 净流入978.14万元。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 | -752.57万 | -3.92% | 208.24万 | 1.08% | 544.34万 | 2.83% | | 002858 力盛体育 | -1780.41万 | -17.23% | 1346.60万 | 13.03% | 433.81万 | 4.20% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability improved year-on-year in Q3 2025, with a significant increase in net profit margin [7] - The company is deeply engaged in the sports industry, leveraging its strong sports event IP and venue resources [7] - The company has launched major racing and golf events, enhancing its media presence and public engagement [7] - The establishment of the first electric vehicle racing event in the Asia-Pacific region demonstrates the company's commitment to innovation in the sports sector [7] - The ongoing construction of the Hainan International Circuit is expected to further expand the company's business capabilities [7] - Future profit forecasts indicate substantial growth, with net profits expected to reach 0.61 billion RMB in 2025, 0.87 billion RMB in 2026, and 1.20 billion RMB in 2027 [7] Financial Summary - Revenue projections for the company are as follows: 405 million RMB in 2023, 441 million RMB in 2024, 560 million RMB in 2025, 699 million RMB in 2026, and 892 million RMB in 2027, with a growth rate of 56.86% in 2023 and 27.06% in 2025 [6][9] - The company is expected to achieve a net profit of 61 million RMB in 2025, with a year-on-year growth rate of 257.01% [6][9] - The company's return on equity (ROE) is projected to improve from -7.41% in 2024 to 10.42% in 2025 [8]

Core Viewpoint - The company has reported its third-quarter financial results, emphasizing the accuracy and completeness of the information disclosed, and highlighting significant developments in its sports events and strategic partnerships [2][16]. Financial Data - The third-quarter financial report has not been audited [13]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a specific mention of the repurchase account holding 1,793,100 shares [5]. Business Developments - The company successfully hosted the CTCC and CGT racing events in September 2025, attracting over 40,000 attendees and enhancing media attention and public discussion [6]. - A strategic partnership with Langjiu Group was established for the China Men's Professional Golf Tour, marking a significant upgrade for the event and promoting the development of golf in China [7]. - The construction of the Hainan International Circuit is ongoing, with government support and attention, positioning it as a key project for the region's automotive and tourism industries [9]. Other Important Matters - The company has completed a capital increase and share structure change for its subsidiary, Hainan Smart New Energy Vehicle Development Center, increasing its registered capital to 245 million yuan [10].

Core Insights - Lisheng Sports reported a revenue of 380 million yuan for the first three quarters of 2025, marking a year-on-year increase of 14.34%, and a net profit attributable to shareholders of 22.02 million yuan, up 56.07% [1] - In Q3 alone, the company achieved a revenue of 109 million yuan and a net profit of 6.70 million yuan, reflecting a staggering year-on-year growth of 1482.24% [1] - The company is positioned to benefit from the Chinese government's policies aimed at enhancing the sports industry, particularly through the integration of sports with technology and other sectors [1] Company Developments - Lisheng Sports has been actively involved in operating significant events such as the 2025 CTCC China Automobile Circuit Professional League and the "China Tour Club Cup" amateur golf event, which have helped to enhance its influence [2] - The company is focusing on the construction of the Hainan International Circuit, leveraging Hainan's favorable policies and geographical advantages to promote growth in the racing industry [2] - With the upcoming implementation of zero-tariff policies in Hainan's free trade port, Lisheng Sports anticipates a boost in the automobile modification market, attracting more domestic and international teams to participate in races [2] Future Outlook - Lisheng Sports plans to deepen the integration of policy guidance and business innovation, focusing on multiple event IPs to foster collaboration across sports, culture, tourism, and industry development [2] - The company aims to increase investments in event IP creation, industry integration, and international expansion to enhance brand influence and market competitiveness, contributing to the high-quality development of China's sports industry [2]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 380 million yuan, a year-on-year increase of 14.34% [1] - The net profit attributable to shareholders reached 22.02 million yuan, up 56.07% year-on-year [1] - In the third quarter alone, the company reported operating revenue of 109 million yuan and a net profit of 6.70 million yuan, marking a staggering year-on-year increase of 1482.24% [1] Industry Position and Strategy - The company is recognized as a leading automotive sports service provider in China, focusing on event IP development, industry integration, and international expansion [1] - The company aligns with national policies aimed at promoting the sports industry, emphasizing innovation and integration across various sectors [1] Event Highlights - The 2025 CTCC China Automobile Circuit Professional League held in Shanghai attracted over 40,000 attendees, with tickets selling out within an hour, significantly enhancing the event's visibility [2] - The company effectively utilized celebrity endorsements to broaden the event's appeal and convert fan engagement into consumer spending [2] Innovation in Electric Racing - The company launched the first domestically produced electric racing car, the Dongfeng Yipai eπ007, in collaboration with Dongfeng Motor, marking a significant step in integrating electric vehicle technology into motorsports [3] - The inaugural CTCC Electric Racing Cup is set to take place from October 31 to November 2, 2025, aiming to fill a gap in the electric racing sector in China [3] Expansion Opportunities - The upcoming implementation of zero-tariff policies in Hainan Free Trade Port is expected to create significant growth opportunities for the automotive modification market and attract more domestic and international teams [4] - The company is focusing on the development of the Hainan International Circuit project, leveraging local policies and geographical advantages to drive growth in the racing industry [4] Future Outlook - The company plans to deepen the integration of policy guidance and business innovation, focusing on multiple event IPs to enhance collaboration across sports, culture, tourism, and consumption sectors [4] - Continued investment in event IP development, industry integration, and international expansion is expected to bolster the company's brand influence and market competitiveness [4]