Core Viewpoint - The performance of "Only Emei Mountain" has been suspended for two months due to significant financial losses, confirmed by the latest half-year report from Emei Mountain Tourism Co., Ltd. [1][3] Financial Performance - The subsidiary responsible for the project, Emei Mountain Cloud Tourism Investment Co., Ltd., reported revenue of only 8.47 million yuan and a net loss of 16.14 million yuan in the first half of the year [4][5] - Despite a total of 2.1 million visitors to the Emei Mountain scenic area, fewer than 30,000 paid to see the performance, indicating a severe shortfall in expected revenue [4][5] Project Background - "Only Emei Mountain" was launched on September 6, 2019, with an investment of 819 million yuan, aiming to create an innovative theatrical experience across three different venues [3][4] - The ticket pricing strategy includes a base price of 298 yuan per venue, with total costs for a complete experience reaching approximately 500-600 yuan per person [3][4] Audience Reception - Audience feedback has been mixed, with some finding the price too high and the experience lacking in engagement, while others appreciated the artistic direction and production quality [5][6] - The project has faced challenges in attracting a broader audience, particularly among casual tourists who may not resonate with the artistic content [5][6] Industry Context - The financial struggles of "Only Emei Mountain" reflect broader issues in the live performance industry, where high initial investments and ongoing operational costs can lead to unsustainable business models [9][10] - Successful models in the industry, such as Song City Performing Arts, have shifted towards a light asset model, focusing on creative and operational flexibility to mitigate financial risks [10][11]

Investment Rating - The industry is rated as "stronger than the market" with an expected relative increase of over 10% compared to the market index in the next six months [38]. Core Insights - The heavy holding ratio for the social service industry in Q2 2025 is 0.09%, a decrease of 0.03 percentage points from the previous quarter, ranking 30th among 31 first-level industries, indicating a position at the bottom of the industry [11][35]. - The current heavy holding ratio is significantly below the five-year historical average of 0.49%, suggesting substantial room for rebound [11][35]. - The education sector shows a rebound in interest, while the hotel and restaurant sector remains at a low holding ratio [18][35]. - The implementation and optimization of the national visa-free policy is expected to continue boosting the tourism market, alongside new opportunities arising from the establishment of duty-free shops [35]. Summary by Sections Heavy Holding Ratio Analysis - In Q2 2025, there are 344 funds heavily invested in the social service industry, a decrease of 59 funds from the previous quarter, with a total market value of 6.225 billion yuan, down by 1.786 billion yuan [11][35]. - The heavy holding ratio for the hotel and restaurant sector is at 0.02%, down 0.01 percentage points, while the tourism and scenic area sector is at 0.03%, showing a slight decline [18][35]. Sector Performance - The professional services sector has seen a decrease in heavy holding ratio to 0.03%, while the education sector has slightly increased to 0.01% [18][35]. - The hotel and restaurant sector's heavy holding ratio has been declining since reaching a peak in Q2 2022 [18][35]. Individual Stock Performance - The top ten stocks in the social service sector have a combined heavy holding ratio of 0.072%, down 0.03 percentage points from Q1 2025 [27][28]. - Notable increases in heavy holding ratios were observed for stocks such as Dou Shen Education and Changbai Mountain, while significant decreases were noted for Huace Detection and Su Shi Testing [30][31].

Group 1 - The company, Songcheng Performance, stated on August 18 that its controlling shareholder has a good credit status [2] - The proportion of pledged shares held by the controlling shareholder is relatively low [2] - There is currently no risk of forced liquidation for the pledged shares [2]

证券日报网讯宋城演艺8月18日在互动平台回答投资者提问时表示，公司持续关注市场机会，将结合市 场环境、新项目考察评估及经营和发展节奏，稳步拓展新项目。如有相关投建意向，公司会及时发布公 告。 （文章来源：证券日报） ...

Group 1 - The company, Songcheng Performance, announced on August 18 that it will use up to RMB 3 billion of its idle self-owned funds for investment and wealth management activities by 2025 [2] - The investment strategy focuses on bank principal-protected and extremely low-risk deposit/wealth management products, ensuring that normal production and operations are not affected [2] - The company emphasized that there are no issues of fund misappropriation and that the operations are legal and compliant [2]

Group 1 - The company is targeting the foreign visitor market by utilizing online channels for content exposure through overseas influencers, simplifying the ticket purchasing process, and offering special ticket types for foreign guests [2] - Offline strategies include enhancing market promotion and product exposure in source markets, as well as increasing advertising touchpoints related to accommodation, dining, and shopping [2]

Core Viewpoint - The company emphasizes that sustainable and stable development is the foundation of its investment value and an important aspect of market capitalization management [1] Group 1: Company Strategy - The company focuses on its core business and operates in a prudent manner, continuously improving operational levels and development quality [1] - The company aims to enhance its overall quality through various initiatives [1] Group 2: Market Engagement - The company is committed to strengthening investor communication and implementing a proactive and stable dividend policy as part of its market capitalization management efforts [1] Group 3: Market Dynamics - The company's stock price fluctuations in the secondary market are influenced by multiple factors, and it encourages rational investment and awareness of investment risks [1]

Core Viewpoint - Songcheng Performance announced on August 18 that the company will utilize idle self-owned funds for investment and wealth management, with a limit of up to 3 billion yuan for the year 2025 [1] Group 1 - The investment decision was approved by the company's board of directors [1] - The current implementation focuses on bank principal-protected and extremely low-risk deposit/wealth management products to ensure the safety and steady appreciation of funds [1]

证券日报网讯宋城演艺8月18日在互动平台回答投资者提问时表示，截至2025年8月8日，公司含信用账 户合并股东总户数为86193户。 （文章来源：证券日报） ...

证券日报网讯宋城演艺8月18日在互动平台回答投资者提问时表示，公司高度重视企业经营管理，持续 专注主业发展，不断夯实核心竞争力，同时也结合自身情况做好市值管理工作。 （文章来源：证券日报） ...