图源：《只有峨眉山》官网 本报（chinatimes.net.cn）记者王敬 北京报道 近期文旅演艺相关上市公司陆续披露半年报，多家企业文旅演艺业务业绩承压明显，多项经营指标出现 回落。宋城演艺（300144.SZ）上半年归母净利润同比降低27.4%，旗下多个景区收入与毛利率均出现下 滑，张家界项目仍亏损1972.91万元；丽江股份（002033.SZ）旗下《印象·丽江》营收下降14.47%，接待 游客量减少17.96%；锋尚文化（300860.SZ）文化旅游演艺业务营业收入较去年同期减少35.01%；三湘 印象（000863.SZ）的文化演艺业务营收同比降低2.52%，毛利率降低9.79个百分点至26.10%；桂林旅游 （000978.SZ）参股公司桂林漓江千古情演艺发展有限公司上半年实现净利润2513.22万元，同比下降 7.10%；西域旅游（300859.SZ）旗下"遇见喀什""遇见赛湖"等旅游演艺项目仍处于市场培育初期，相关 人工、折旧及摊销成本增加约1600万元。 总投资超8亿元、由知名导演王潮歌打造的大型文旅演艺项目《只有峨眉山》，在运营不到六年后，因 持续亏损宣告停摆。不久前峨眉山脚下的剧场灯光 ...

近期文旅演艺相关上市公司陆续披露半年报，多家企业文旅演艺业务业绩承压明显，多项经营指标出现 回落。宋城演艺（300144.SZ）上半年归母净利润同比降低27.4%，旗下多个景区收入与毛利率均出现下 滑，张家界项目仍亏损1972.91万元；丽江股份（002033.SZ）旗下《印象·丽江》营收下降14.47%，接待 游客量减少17.96%；锋尚文化（300860.SZ）文化旅游演艺业务营业收入较去年同期减少35.01%；三湘 印象（000863.SZ）的文化演艺业务营收同比降低2.52%，毛利率降低9.79个百分点至26.10%；桂林旅游 （000978.SZ）参股公司桂林漓江千古情演艺发展有限公司上半年实现净利润2513.22万元，同比下降 7.10%；西域旅游（300859.SZ）旗下"遇见喀什""遇见赛湖"等旅游演艺项目仍处于市场培育初期，相关 人工、折旧及摊销成本增加约1600万元。 总投资超8亿元、由知名导演王潮歌打造的大型文旅演艺项目《只有峨眉山》，在运营不到六年后，因 持续亏损宣告停摆。不久前峨眉山脚下的剧场灯光最后一次熄灭，演职人员退场，演出正式落幕。尽管 上半年运营主体亏损同比收窄1107万元， ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to reduced income from light asset output and increased advertising expenses, but anticipates stabilization and improvement in operations through project expansions and a robust performance in core locations [1][2][3]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 1.08 billion, a year-on-year decrease of 8.3%, and a net profit attributable to shareholders of 400 million, down 27.4% year-on-year [1]. - The second quarter of 2025 saw revenue of 519 million, reflecting a year-on-year decline of 16.06%, with net profit attributable to shareholders at 153 million, down 48.66% year-on-year [1]. - The company's gross profit margin was 65.7%, with a net profit margin of 37.0%, indicating a decrease of 9.7 percentage points year-on-year [3]. Group 2: Project Performance - The revenue from live performances across nine major ancient cultural theme parks totaled 848 million in 1H25, a year-on-year decrease of 3.1% [2]. - Specific project performances varied, with the Hangzhou project stable, while Shanghai, Guilin, and Xi'an projects showed significant growth of 40%, 11%, and 9% respectively [2]. - Older projects like Sanya, Lijiang, and Zhangjiajie faced operational pressure, with revenue declines of 16%, 13%, and 51% respectively, attributed to intensified competition and changes in tourism consumption habits [2]. Group 3: Future Outlook - The company is actively expanding and renovating older projects to stabilize operations, with core projects in Hangzhou and Shanghai performing well [1]. - The light asset business is expected to accelerate, potentially becoming a new growth driver for the company [1]. - The company signed a contract for the Silk Road Ancient Culture project, expected to open in July 2026, which could generate service fees of approximately 260 million [3]. Group 4: Valuation and Rating - The target price is set at 10.25 yuan, maintaining a "buy" rating, reflecting a 25 times price-to-earnings ratio for 2025 [4]. - The earnings per share (EPS) estimates for 2025-2027 have been revised down by 7%, 8%, and 5% to 0.41, 0.47, and 0.52 yuan respectively [4]. - The company’s ability to replicate its scenic area and performance model is considered strong, with new projects expected to catalyze growth despite short-term pressures from existing project renovations [4].

一、事件：国庆长假 2025国庆中秋假期讲连休共计8天。 黄山9月1日起购买"黄山旅游一卡通（全国版）"自动赠送200元文旅消费券礼包，发放至"黄山旅游官方平台"小程序； 杭州西湖区："2025杭州西湖文旅消费券"，9月4日10:00-9月6日23:59为新一期，全国用户可参与，后续轮次持续至12月 30日。 出境游强劲复苏 据去哪儿平台数据显示，今年暑期，热门城市的国际机票预订量已回升至疫情前的五成以上。同时，文旅部公布的恢复 出境团队游第三批名单中，日本和韩国成为了暑期热门目的地，其预订量相比年初激增近10倍，且机票价格较之前下降 了大约四成。 此外，飞猪数据显示，7月平台上的签证办理量同比激增13倍以上。其中，日本等目的地的签证办理量已超越2019年同 期，而韩国、印度、芬兰、卢森堡、瑞典等地的本地玩乐服务日均履约量也已全面恢复至疫情前水平。 据文旅部数据显示，2025年上半年，国内居民出游人次32.85亿，同比增长20.6%；国内居民出游花费3.15万亿元，同比 增长15.2%。据中国旅游研究院预测，2025年暑期国内旅游人次有望突破25亿人次，总消费规模预计达1.8万亿元。 多地将在9月发放文旅消费 ...

Core Viewpoint - Songcheng Performance (300144.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its business operations amid a competitive market environment [2][4]. Financial Performance - The company achieved operating revenue of 1.08 billion yuan, a year-on-year decrease of 8.30% [3]. - The net profit attributable to shareholders was 400 million yuan, down 27.40% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was 384 million yuan, reflecting a 29.80% decline [3]. - Basic and diluted earnings per share were both 0.1523 yuan, a decrease of 27.58% [3]. - The weighted average return on equity fell to 4.80%, down from 7.30% [3]. - Total assets at the end of the reporting period were approximately 9.69 billion yuan, a decrease of 1.06% from the previous year [3]. Business Operations - Songcheng Performance primarily engages in live performance and tourism services, utilizing a unique "theme park + cultural performance" business model [4]. - The decline in performance was largely attributed to a reduction of 86.1 million yuan in revenue from light asset output business; excluding this, core business revenue remained stable [4]. - The company increased advertising expenditures to address market challenges, contributing to the decline in net profit [4]. Market Position and Strategy - Despite the decline, Songcheng Performance remains a leader in revenue and net profit among A-share tourism companies [5]. - The company is enhancing its brand image and market recognition through various new media marketing strategies, including collaborations with influencers and themed events [5]. - Future plans include focusing on core performance business, enriching performance content, increasing hardware investment, and optimizing advertising strategies to convert online engagement into offline sales [5]. - The company acknowledges that performance fluctuations are normal due to various factors such as city popularity, consumer trends, and policies [5].

Core Viewpoint - Songcheng Performance places high importance on providing reasonable returns to investors and actively implements cash dividends, with an increasing trend in cash dividend levels over the past three years [1] Summary by Categories Company Performance - The company has shown an upward trend in cash dividend levels over the last three years [1] Future Outlook - The company will consider operational performance, financial status, and strategic development needs to formulate a scientific, reasonable, and sustainable dividend plan in the future [1]

Core Viewpoint - Songcheng Performance's summer activities, including the "Qian Gu Qing Music Festival" and high-quality study tours, have significantly boosted traffic, sales, reputation, and operations across various scenic spots [1] Company Performance - The company reported a strong market response to its summer offerings, which positively impacted the performance of its scenic spots [1] - Ticket prices for the company's scenic spots remained relatively stable compared to the same period last year [1]

Core Viewpoint - Songcheng Performance expects to achieve a net profit attributable to shareholders of 400 million yuan in the first half of 2025, indicating a year-on-year decline in profit due to several factors [1] Group 1: Profit Decline Factors - The decrease in profit is primarily influenced by a reduction in revenue recognition from light asset output business [1] - Increased investment in new media marketing and brand promotion has contributed to the profit decline [1] - Rising costs associated with project talent reserves and decreased interest income due to interest rate cuts have also impacted profitability [1] Group 2: Strategic Response - The company plans to enhance operational efficiency through innovative event planning and precise market marketing [1] - Cost structure optimization is a key initiative aimed at improving performance [1] - The company is committed to striving for better performance growth despite current challenges [1]

证券日报网讯宋城演艺（300144）9月1日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司含信用账户合并股东总户数为88219户。 ...

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3864.71 points, above the annual line, with a change of 0.18% [1] - The total trading volume of A-shares today is 138.21 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Energy Iron Han (节能铁汉) with a deviation rate of 14.24% and a daily increase of 14.69% [1] - Qidi Environment (启迪环境) with a deviation rate of 7.10% and a daily increase of 10.26% [1] - ST Quanwei (ST泉为) with a deviation rate of 6.60% and a daily increase of 9.06% [1] Detailed Stock Performance - The following table summarizes the performance of selected stocks that have recently broken the annual line: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Annual Line (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 300197 | 节能铁汉 | 14.69 | 5.66 | 2.12 | 2.42 | 14.24 | | 000826 | 启迪环境 | 10.26 | 8.19 | 2.01 | 2.15 | 7.10 | | 300716 | ST泉为 | 9.06 | 3.95 | 10.05 | 10.71 | 6.60 | | 001215 | 千味央厨 | 3.57 | 2.39 | 29.19 | 30.19 | 3.43 | | 601882 | 海天精工 | 5.10 | 1.67 | 20.52 | 21.02 | 2.45 | | 601298 | 青岛港 | 2.59 | 0.45 | 8.54 | 8.72 | 2.09 | | 002771 | 真视通 | 3.22 | 3.18 | 17.64 | 17.97 | 1.85 | | 600653 | 申华控股 | 2.56 | 1.44 | 1.97 | 2.00 | 1.76 | | 300141 | 和顺电气 | 1.77 | 1.04 | 9.07 | 9.22 | 1.63 | | 002390 | 信邦制药 | 2.75 | 1.17 | 3.68 | 3.73 | 1.46 | | 600189 | 泉阳泉 | 1.49 | 1.23 | 7.38 | 7.48 | 1.41 | | 601328 | 交通银行 | 1.51 | 0.53 | 7.28 | 7.38 | 1.40 | | 600518 | 康美药业 | 4.41 | 2.72 | 2.10 | 2.13 | 1.25 | | 300318 | 博晖创新 | 1.18 | 0.45 | 5.92 | 5.98 | 1.08 | | 300144 | 宋城演艺 | 1.49 | 1.35 | 8.82 | 8.88 | 0.72 | | 600916 | 中国黄金 | 1.83 | 2.15 | 8.27 | 8.33 | 0.71 | | 300067 | 安诺其 | 1.48 | 1.87 | 5.44 | 5.47 | 0.61 | | 600272 | 开开实业 | 1.36 | 1.09 | 13.39 | 13.45 | 0.48 | | 603310 | 巍华新材 | 0.61 | 0.69 | 17.96 | 18.05 | 0.47 | | 603718 | 海利生物 | 0.70 | 0.66 | 7.17 | 7.20 | 0.41 | | 603768 | 常青股份 | 0.95 | 0.80 | 12.72 | 12.76 | 0.35 | | 600062 | 华润双鹤 | 1.08 | 0.71 | 19.60 | 19.66 | 0.30 | | 300784 | 利安科技 | 2.40 | 3.84 | 56.62 | 56.78 | 0.29 | | 600236 | 桂冠电力 | 0.32 | 0.05 | 6.32 | 6.34 | 0.28 | | 300076 | GQY视讯 | 1.71 | 1.47 | 6.54 | 6.56 | 0.25 | | 601898 | 中煤能源 | 0.97 | 0.11 | 11.42 | 11.45 | 0.24 | [1]