上海君澜律师事务所 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 调整第二类限制性股票授予价格、 作废部分限制性股票及 首次授予部分第二个归属期归属条件成就 之 法律意见书 上 海 君 澜 律 师 事 务 所 法律意见书 上海君澜律师事务所 关于宋城演艺发展股份有限公司 2023 年限制性股票激励计划 调整第二类限制性股票授予价格、作废部分限制性股票及 首次授予部分第二个归属期归属条件成就之 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》（以下简称"《激励计划》"或"本 次激励计划"）的规定，就宋城演艺调整本次激励计划第二类限制性股票授予 价格、作废部分已授予但尚未归属的第二类限制性股票及第二类限制性股票首 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2025-050 宋城演艺发展股份有限公司 宋城演艺发展股份有限公司（以下简称"公司"）第九届董事会第三次会议 于 2025 年 9 月 24 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 9 月 22 日以邮件方式通知全体董事，经全体董事一致同意，本 次董事会豁免会议通知时限要求。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 （一）审议通过《关于调整 2023 年限制性股票激励计划第二类限制性股票 授予价格的议案》 鉴于公司 2024 年度权益分派已实施完成，根据《上市公司股权激励管理办 法》（以下简称"《管理办法》"）、公司《2023 年限制性股票激励计划（草案）》 （以下简称"《激励计划》"）的有关规定以及公司 2023 年第一次临时股东大会 对董事会的授权，同意将本次激励计划首次及预留授予部分第二类限制性股票授 予价格由 6.26 元/股调整为 6.06 元/股。 ...

Core Insights - The core viewpoint of the articles indicates that the tourism performance of listed companies, particularly in the performing arts sector, is under significant pressure, with many companies reporting declines in revenue and net profit compared to previous years [1][2][3]. Group 1: Company Performance - Songcheng Performance reported a revenue of 1.08 billion yuan, a year-on-year decrease of 8.3%, and a net profit of 400 million yuan, down 27.4% [2][3]. - The company's main revenue sources are live performance and tourism services, with the performance business accounting for over 80% of its revenue [2]. - Among the nine subsidiaries involved in live performances, major projects in Hangzhou, Lijiang, and Guangdong saw revenue declines of 0.48%, 12.06%, and 12.96% respectively, while Zhangjiajie saw its revenue halved [3][4]. Group 2: Industry Trends - The tourism performing arts sector is experiencing a bottleneck, with many companies facing significant operational challenges and declining visitor numbers [1][6]. - Other listed companies in the tourism performing arts sector, such as Lijiang Co. and Fengshang Culture, also reported substantial revenue declines of 14.47% and 35.01% respectively [4][5]. - The overall trend indicates a shift in consumer behavior towards more cost-effective and interactive experiences, leading to a decline in traditional large-scale performances [10][11]. Group 3: Market Dynamics - The tourism performing arts industry has become a "money-burning machine," with high operational costs and long return periods making it difficult for many projects to achieve profitability [19]. - The market is seeing a rise in smaller, interactive, and immersive performance formats that are more adaptable and have clearer return cycles [15][19]. - Newer projects are focusing on unique storytelling and cultural depth to attract audiences, contrasting with the traditional models that have become less appealing [13][19].

Core Insights - The social services sector experienced a significant decline, with a drop of 3.11% on September 23, 2023, and a net outflow of 1.608 billion yuan in capital [1] - Among the 78 stocks in the sector, only 2 saw an increase, while 76 declined, with 3 hitting the daily limit down [1] - The top three stocks with the highest net capital outflow were Yunnan Tourism, Zhonggong Education, and Songcheng Performance, with outflows of 226 million yuan, 191 million yuan, and 133 million yuan respectively [1] Sector Performance - The Shanghai Composite Index fell by 0.18% on the same day, with banking and coal sectors showing gains of 1.52% and 1.11% respectively [1] - The social services sector had the largest decline among all sectors, indicating a broader trend of capital withdrawal from this industry [1] Stock-Specific Data - Yunnan Tourism saw the largest drop at -10.01% with a turnover rate of 20.15% and a net outflow of approximately 225.8 million yuan [1] - Other notable declines included Zhonggong Education at -3.06% and Songcheng Performance at -3.64%, with respective net outflows of 191.2 million yuan and 133.6 million yuan [1] - The only stocks with net inflows were Guilin Tourism, Xueda Education, and ST Dongshi, with inflows of 9.6695 million yuan, 4.7822 million yuan, and 4.1165 million yuan respectively [3]

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [1] - The social services and beauty care sectors had the largest declines, falling by 2.04% and 1.36% respectively, with social services being the worst performer of the day [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 18.892 billion yuan, with only four sectors seeing net inflows [1] - The electronics sector had the highest net inflow of 9.357 billion yuan, corresponding with its 3.71% increase, while the computer sector saw a net inflow of 2.081 billion yuan with a 1.70% rise [1] - A total of 27 sectors experienced net capital outflows, with the power equipment sector leading with an outflow of 4.662 billion yuan, followed by the pharmaceutical and biological sector with an outflow of 3.371 billion yuan [1] Social Services Sector Performance - The social services sector declined by 2.04%, with a net capital outflow of 1.507 billion yuan [2] - Out of 78 stocks in the social services sector, 12 stocks rose, including one that hit the daily limit, while 66 stocks fell [2] - The top three stocks with the highest net outflows in the social services sector were Tianfu Culture Tourism, Songcheng Performance, and Zhongxin Tourism, with outflows of 133 million yuan, 131 million yuan, and 96.709 million yuan respectively [2] Individual Stock Performance in Social Services - The stock performance in the social services sector showed significant declines for several companies, with Tianfu Culture Tourism down by 9.65% and a net outflow of 133.05 million yuan [2][3] - Other notable declines included Songcheng Performance down by 3.72% and Zhongxin Tourism down by 4.93%, with respective net outflows of 131.44 million yuan and 96.709 million yuan [2][3] - The data indicates a challenging environment for the social services sector, with many companies experiencing substantial capital outflows and price declines [2][3]

Market Overview - The tourism and scenic spots sector experienced a decline of 1.43% on September 17, with Xiyu Tourism leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers included Yunnan Tourism, which rose by 9.96% to a closing price of 6.07, with a trading volume of 1.29 million shares and a transaction value of 770 million [1] - Other stocks like Tibet Tourism and Emei Mountain A also showed slight increases, while several stocks, including Xiyu Tourism and Zhenfu Cultural Tourism, saw declines of 3.95% and 1.52%, respectively [2][1] Capital Flow - The tourism and scenic spots sector saw a net outflow of 717 million from main funds, while retail investors contributed a net inflow of 653 million [2] - The capital flow data indicates that Yunnan Tourism had a net inflow of 96.73 million from main funds, while Emei Mountain A and Tibet Tourism also experienced positive net inflows [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the service consumption sector, including Gu Ming, Mi Xue, Cha Bai Dao, Xiao Cai Yuan, Da Shi, and others [7][8]. Core Insights - The recent policy measures aimed at expanding service consumption are expected to boost the service sector, particularly in areas such as cultural tourism, IP consumption, and elderly care [1][2]. - The report highlights the potential for significant growth in China's service consumption, with the current contribution of service industry value added to GDP at 57%, compared to around 70% in developed countries, indicating room for expansion [1][2]. - The report emphasizes the importance of high-quality service supply and the integration of new technologies and business models to enhance the service sector [1][4]. Summary by Sections Policy Measures - The report outlines five key areas with 19 specific measures to promote service consumption, including the cultivation of service consumption platforms and the enhancement of high-quality service supply [3][4]. - Specific initiatives include optimizing cultural product offerings, extending operating hours for tourist attractions, and promoting long-term care insurance [3]. Market Performance - As of August 2025, retail and catering revenue reached 449.6 billion yuan, showing a year-on-year growth of 2.1%, indicating a recovery from previous lows [4]. - Domestic travel during the first half of 2025 saw 3.285 billion trips, a 20.6% increase year-on-year, with spending reaching 3.15 trillion yuan, up 15.2% [4]. Company Recommendations - The report suggests focusing on leading companies with growth potential and strong market positions, such as Gu Ming, Mi Xue, and others, which are expected to benefit from policy support and industry consolidation [5][8]. - Specific companies highlighted for their growth potential include Gu Ming (1364 HK), Mi Xue Group (2097 HK), and others, with target prices set for each [8][12]. Financial Performance - Gu Ming reported a 34.4% year-on-year increase in GMV to 14.1 billion yuan in the first half of 2025, with a net profit of 1.625 billion yuan, reflecting a 121.5% increase [13]. - Mi Xue Group's revenue for the first half of 2025 was 14.87 billion yuan, a 39.3% increase year-on-year, with a net profit of 2.69 billion yuan, up 42.9% [15]. Growth Outlook - The report anticipates that as the new measures are implemented, the service sector will experience a surge in high-quality supply and innovative business models, driving domestic demand growth [4][5].

Core Points - Songcheng Performance Development Co., Ltd. announced the repurchase and cancellation of part of its restricted stock due to the departure of an incentive target [1][2] - The repurchase involves 75,000 shares of the first category of restricted stock that were granted but not yet released from restrictions [2] - Following the repurchase, the total share capital will decrease from 2,622,612,940 shares to 2,622,537,940 shares, and the registered capital will change from RMB 2,622,612,940 to RMB 2,622,537,940 [3] Share Capital and Registered Capital Changes - After the completion of the repurchase, the total share capital will be adjusted to 2,622,537,940 shares [3] - The registered capital will also be reduced to RMB 2,622,537,940 [3] - The final share capital structure will be confirmed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [3] Creditor Notification - Creditors can request debt repayment or provide corresponding guarantees within 45 days from the announcement date, which is September 16, 2025 [4] - Required documents for creditors include original and photocopies of contracts proving the existence of the debt relationship, and additional documents for legal entities and individuals [4] - Creditors can submit claims in person, via email, or by mail, with specific submission times and locations provided [4]

证券代码：300144 证券简称：宋城演艺 公告编号：2025-049 宋城演艺发展股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人 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。 一、通知债权人的原因 宋城演艺发展股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第九届董事会第二次会议，审议通过了《关于 2023 年限制性股票激励计划回购 注销部分第一类限制性股票的议案》，并于 2025 年 9 月 16 日经公司 2025 年第 二次临时股东会审议通过。 鉴于 2023 年限制性股票激励计划第一类限制性股票预留授予的 1 名激励对 象已离职，根据公司《2023 年限制性股票激励计划（草案）》的有关规定，其 已获授但尚未解除限售的第一类限制性股票 7.5 万股由公司回购注销。具体内容 详见公司于 2025 年 8 月 27 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 2023 年限制性股票激励计划调整回购价格及回购注销部分第一类限制性股票的 公告》（公告编号：2025-044）。 本次限制性股票回 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2025-048 宋城演艺发展股份有限公司 2025 年第二次临时股东会决议公告 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、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会 2、会议召开时间： （1）现场会议召开时间：2025 年 9 月 16 日（星期二）15:00 通过现场和网络投票的股东 796 人，代表股份 1,021,272,741 股，占公司有 表决权股份总数的 38.9410％。其中：通过现场投票的股东 11 人，代表股份 964,093,779 股，占公司有表决权股份总数的 36.7608％。通过网络投票的股东 785 1 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025 年 9 月 16 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2025 年 ...