Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Viewpoint - Songcheng Performance announced the convening of its ninth fifth board meeting on November 17, 2025, to review the conditions for the second unlock period of the first grant of restricted stock incentive plan for 2023 [1] Company Summary - The revenue composition of Songcheng Performance for the first half of 2025 is as follows: live performance in the cultural and arts sector accounts for 78.58%, tourism services account for 17.26%, and other businesses account for 4.17% [1] - As of the report date, the market capitalization of Songcheng Performance is 21.2 billion yuan [1]

证券简称：宋城演艺 证券代码：300144 上海荣正企业咨询服务（集团）股份有限公司 关于 宋城演艺发展股份有限公司 2023 年限制性股票 激励计划第一类限制性股票首次授予部分 第二个解除限售期解除限售条件成就相关事项 2025 年 11 月 | 一、 释义 3 | | | --- | --- | | 二、声明 | 5 | | 三、基本假设 | 6 | | 四、本次股权激励计划的审批程序 | 7 | | 五、独立财务顾问意见 | 9 | | 限售期解除限售条件成就的情况 （二）本次第一类限制性股票可解除限售的具体情况 11 | 9 | 一、释义 | 宋城演艺、公司、 | 指 | 宋城演艺发展股份有限公司（含下属子公司） | | --- | --- | --- | | 上市公司 | | | | 本激励计划、本计 | 指 | 年限制性股票激励计划 2023 | | 划 | | | | 独立财务顾问、财 务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 限制性股票 | 指 | 第一类限制性股票和/或第二类限制性股票 | | 第一类限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予 ...

（2）最近 12 个月内被中国证券监督管理委员会及其派出机构认定为不适当 人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； 宋城演艺发展股份有限公司 董事会薪酬与考核委员会关于 2023 年限制性股票激励计划第一类限 制性股票首次授予部分第二个解除限售期解除限售名单的核查意见 宋城演艺发展股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股权激励 管理办法》（以下简称《管理办法》）、《深圳证券交易所创业板上市公司自律 监管指南第 1 号——业务办理》等法律法规、规范性文件及《公司章程》的有关 规定，对公司 2023 年限制性股票激励计划（以下简称"本次激励计划"或《激 励计划》）第一类限制性股票首次授予部分第二个解除限售期解除限售名单进行 审核，发表核查意见如下： 1、公司符合《激励计划》规定的实施股权激励计划的情形，具备实施股权 激励计划的主体资格，符合《激励计划》《管理办法》中对第一类限制性股票第 二个解除限售期解除限售条件的要求，未发生不得解除限售的情形。 2、经审核，董事会薪酬 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2025-062 宋城演艺发展股份有限公司 关于 2023 年限制性股票激励计划第一类限制性股票 首次授予部分第二个解除限售期解除限售条件成就的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、本次符合解除限售条件的激励对象人数：42 人。 2、本次第一类限制性股票解除限售数量：2,132,000 股，占当前公司总股本 2,624,680,340 股的 0.08%。 3、本次限制性股票在相关部门办理完解除限售手续后、上市流通前，公司 将发布相关解除限售暨上市流通的公告，敬请投资者关注。 宋城演艺发展股份有限公司（以下简称"公司"）2023 年限制性股票激励 计划（以下简称"本次激励计划"）规定的第一类限制性股票首次授予部分第二 个解除限售期解除限售条件已经成就，根据公司 2023 年第一次临时股东大会的 授权，公司于 2025 年 11 月 17 日召开第九届董事会第五次会议，审议通过《关 于 2023 年限制性股票激励计划第一类限制性股票首次授予部分第二个解除限售 期解除限售条件成就的议 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：300144 证券简称：宋城演艺 公告编号：2025-061 宋城演艺发展股份有限公司 第九届董事会第五次会议决议公告 宋城演艺发展股份有限公司（以下简称"公司"）第九届董事会第五次会议于 2025 年 11 月 17 日在公司会议室以现场结合通讯的方式召开。本次董事会会议 通知已于 2025 年 11 月 14 日以邮件方式通知全体董事。本次会议由董事长张娴 女士主持，应到董事 9 人，实到董事 9 人，公司高级管理人员列席了会议。本次 会议召开符合《中华人民共和国公司法》和《公司章程》的相关规定，合法有效。 二、董事会会议审议情况 2025 年 11 月 18 日 公司董事商玲霞、黄鸿鸣、赵雪璎、葛琛为 2023 年限制性股票激励计划的 首次激励对象，对本议案回避表决。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 1 三、备查文件 特此公告。 宋城演艺发展股份有限公司董事会 （一）审议通过《关于 2023 年限制性股票激励计划第一类限制性股票首次 授予部分第二个解除限售期 ...

上海君澜律师事务所 宋城演艺发展股份有限公司 2023 年限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就 之 法律意见书 二〇二五年十一月 上 海 君 澜 律 师 事 务 所 法律意见书 上海君澜律师事务所 关于 | 上 | 海 | 君 | 澜 | 律 | 师 | 事 | 务 | 所 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 法律意见书 | | | | | | | | | 关于宋城演艺发展股份有限公司 2023 年限制性股票激励计划 首次授予部分第二个解除限售期解除限售条件成就之 法律意见书 致：宋城演艺发展股份有限公司 上海君澜律师事务所（以下简称"本所"）接受宋城演艺发展股份有限公 司（以下简称"公司"或"宋城演艺"）的委托，根据《上市公司股权激励管 理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）、《深圳证券交易所创业板上市公司自 律监管指南第 1 号—业务办理》（以下简称"《监管指南》"）、《宋城演艺 发展股份有限公司 2023 年限制性股票激励计划》 ...

Core Viewpoint - Songcheng Performance experienced a slight decline of 0.85% on November 17, with a trading volume of 227 million yuan, indicating a high level of market activity and investor interest [1] Financing Summary - On November 17, Songcheng Performance had a financing buy-in amount of 30.28 million yuan and a financing repayment of 26.84 million yuan, resulting in a net financing buy of 3.45 million yuan [1] - As of November 17, the total financing and securities lending balance for Songcheng Performance was 1.058 billion yuan, with the financing balance of 1.049 billion yuan accounting for 4.91% of the circulating market value, which is above the 80th percentile level over the past year [1] - The company repaid 42,700 shares in securities lending and sold 15,500 shares on the same day, with a selling amount of 126,300 yuan, while the remaining securities lending volume was 1.1367 million shares, with a balance of 9.264 million yuan, also above the 80th percentile level over the past year [1] Business Overview - Songcheng Performance Development Co., Ltd. was established on September 21, 1994, and listed on December 9, 2010, with its main business involving live performance and tourism services [2] - The revenue composition includes: Hangzhou Songcheng Tourist Area (25.36%), e-commerce service fees (12.56%), Lijiang Eternal Love Scenic Area (9.88%), Guangdong Eternal Love Scenic Area (9.44%), Sanya Eternal Love Scenic Area (8.50%), Guilin Eternal Love Scenic Area (8.41%), Xi'an Eternal Love Scenic Area (7.09%), Shanghai Eternal Love Scenic Area (5.80%), design and planning fees (4.70%), and other businesses (4.17%) [2] - For the period from January to September 2025, the company reported a revenue of 1.833 billion yuan, a year-on-year decrease of 8.98%, and a net profit attributable to the parent company of 754 million yuan, down 25.22% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Songcheng Performance has distributed a total of 2.412 billion yuan in dividends, with 917 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 40.953 million shares (a decrease of 24.563 million shares), and E Fund's Growth ETF, which held 34.0885 million shares (a decrease of 5.8088 million shares) [3]

Core Viewpoint - On November 17, a total of 17 listed companies will have their restricted shares unlocked, with a total market value of approximately 22.745 billion yuan [1] Summary by Category Restricted Shares Unlocking - The total number of restricted shares unlocking on this date is significant, with a total market value of about 22.745 billion yuan [1] - Specific companies and their respective unlocking details include: - Yingte Group (000411): 273,600 shares from equity incentive [1] - East China Pharmaceutical (000963): 1,630,300 shares from equity incentive [1] - Innovation New Materials (600361): 2.867 billion shares from other types [1] - Fida Environmental Protection (600526): 152 million shares with extended lock-up period [1] - New Mileage (002219): 8.7 million shares from equity incentive [1] - Anke Bio (300009): 12.3941 million shares from equity incentive [1] - Songcheng Performance (300144): 2.16 million shares from equity incentive [1] - Keheng Co., Ltd. (300340): 511,400 shares from equity incentive [1] - Haoxiangni (002582): 1 million shares from equity incentive [1] - Zhongzhi Technology (301361): 2.252 million shares from pre-issue [1] - Jack Co., Ltd. (603337): 2.4576 million shares from equity incentive [1] - Tian'ao Electronics (002935): 105,400 shares from equity incentive [1] - Huatuo Cable (605196): 556,000 shares from equity incentive [1] - Yongshuntai (001338): 266 million shares from pre-issue [1] - New World (301277): 149 million shares from pre-issue [1] - Yongxi Electronics (688362): 130 million shares [1] - Kangxi Communication (688653): 3.184 million shares [1]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price set at 11.1 RMB based on a 30x PE for 2025 [8][11]. Core Insights - The company faced revenue pressure in the first three quarters of 2025, with total revenue of 1.83 billion RMB, down 8.98% year-on-year. Net profit attributable to shareholders was 754 million RMB, a decrease of 25.22% year-on-year [12][15]. - The decline in revenue is attributed to reduced income from light asset businesses and fluctuations in project performance due to changes in the consumer environment, regional tourism demand, and increased competition [13][15]. - The company is implementing strategic adjustments, including enhancing brand influence through various marketing initiatives, which are expected to drive future growth [12][14]. Financial Summary - For Q3 2025, the company's revenue was 753 million RMB, down 9.94% year-on-year, and net profit was 354 million RMB, down 22.6% year-on-year [15]. - The gross profit margin for Q3 2025 was 72.14%, a decrease of 3.5 percentage points compared to the same period last year [3][15]. - The company projects net profit attributable to shareholders for 2025-2027 to be 971 million, 1.04 billion, and 1.11 billion RMB, with EPS of 0.37, 0.40, and 0.42 RMB respectively [8][11].