Core Viewpoint - Songcheng Performance's financial performance in the first half of 2025 showed a decline in both revenue and net profit, attributed to reduced income from light asset output and increased advertising expenses [1][6]. Financial Performance - The company reported a revenue of 1.08 billion yuan, a year-on-year decrease of 8.3% [1]. - Net profit attributable to shareholders was 400 million yuan, down 27.4% year-on-year [1]. - Sales expenses reached 78.7 million yuan, an increase of 48.6% compared to the previous year, primarily due to higher advertising investments [1]. Marketing and Advertising - The company has seen a continuous rise in sales expenses over the years, with a significant increase from 8.15 million yuan in the first half of 2022 to 52.96 million yuan in the first half of 2024 [3]. - In 2023 and 2024, the company focused on both online and offline marketing strategies, utilizing major social media platforms and organizing themed events [3][6]. Project Performance - Major "Eternal Love" projects experienced a decline in net profit, with the Zhangjiajie project suffering a loss that expanded over 160% [2][8]. - Revenue from key projects such as Hangzhou, Lijiang, and Guangdong saw declines of 0.48%, 12.60%, and 12.96% respectively, with corresponding gross margin reductions [7]. - The Zhangjiajie project reported a revenue drop of over 40%, while the Sanya project revenue was halved to less than 200 million yuan [8]. Industry Competition - The company faces intense competition from both offline and online sectors, with low-cost competition and digital entertainment options eroding market share and profit margins [7][9]. - The audience for the company's performances is aging and lacks high retention, making it challenging to maintain customer loyalty during economic downturns [9].

Core Viewpoint - Songcheng Performance's revenue and net profit declined in the first half of 2025, attributed to reduced income from light asset output and increased advertising expenses [1][3]. Financial Performance - In the first half of 2025, the company reported revenue of 1.08 billion yuan, a year-on-year decrease of 8.3% [1]. - The net profit attributable to shareholders was 400 million yuan, down 27.4% year-on-year [1]. - Sales expenses reached 78.7 million yuan, an increase of 48.6% compared to the previous year, primarily due to higher advertising investments [1]. Marketing and Advertising Strategy - The company has significantly increased its sales expenses over the years, with 2022's sales expenses at 8.15 million yuan, rising to 19.98 million yuan in 2023, and further to 52.96 million yuan in 2024 [2]. - In 2023, the company focused on promotional activities for its major projects in Xi'an, Hangzhou, and Shanghai, while in 2024, it emphasized online and offline marketing strategies [2]. - The company is leveraging influencer marketing and live streaming to enhance its promotional efforts, reporting record highs in live streaming sessions and total transaction volume [2]. Competitive Landscape - The company faces intense competition, both offline and online, with low-cost competition and digital entertainment options eroding its market share [4]. - Key projects such as Hangzhou, Lijiang, and Guangdong saw revenue declines of 0.48%, 12.60%, and 12.96% respectively, with significant drops in gross margins [4]. - The Zhangjiajie project experienced a revenue cut of over 50%, with net losses increasing by more than 160% [4]. Industry Insights - Experts suggest that the decline in audience engagement is due to increased competition and evolving consumer preferences, which demand higher quality performances [5]. - The "Qian Gu Qing" performances, while popular, are facing challenges in retaining audience loyalty, particularly among older demographics who may not have high repeat visitation rates [5].

Core Viewpoint - The company is navigating a challenging international environment while focusing on enhancing its market position through innovative strategies and project expansions, despite experiencing a decline in revenue and profit during the reporting period [5][6]. Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3]. Financial Performance - The company reported a revenue of 1,079.65 million yuan, a decrease of 8.30% year-on-year - The net profit attributable to shareholders was 399.56 million yuan, down 27.40% year-on-year - The net profit after deducting non-recurring gains and losses was 384.13 million yuan, a decline of 29.80% year-on-year - The net cash flow from operating activities was 722.10 million yuan, an increase of 3.84% year-on-year [6]. Key Business Developments Scenic Area Operations - The company focused on quality improvement in scenic area operations, enhancing visitor experiences through content upgrades, hardware improvements, and service optimizations - Despite a challenging market environment, the company maintained a strong market presence, with significant increases in visitor numbers during peak holiday periods [7]. Project Expansion - The company signed two light asset output projects, "Silk Road Eternal Love" in Qingdao and "East China Sea Eternal Love" in Taizhou, which are expected to enhance its brand value and industry position - These projects will contribute to sustained revenue growth as service fees are gradually recognized [9]. Marketing and Promotion - The company implemented innovative marketing strategies, including influencer collaborations and live streaming, to enhance brand visibility and drive sales - Various promotional events and campaigns successfully attracted significant visitor traffic and increased sales [10]. Content Innovation - The company focused on innovative performance formats and immersive experiences, utilizing new technologies and creative storytelling to engage visitors - New projects are in development, aiming to showcase cultural narratives and enhance audience interaction [11]. Hardware Upgrades - The company is upgrading its scenic areas to improve visitor experiences, including the transformation of outdoor theaters and the introduction of new attractions - Continuous enhancements in safety, comfort, and aesthetic appeal are being prioritized across various locations [12].

到了2025年，公司又紧跟潮流，以网红孵化和职人直播为抓手，形成网红矩阵和网红梯队，职人直播持 续发力。公司称，直播场次、直播时长、观看人数叠创新高，直播总成交额大幅提升。 前两年的营销投入确实换来了增长，2023年上半年和2024年上半年，宋城演艺的营收和净利润均实现了 增长，但到了今年，营销似乎失效了。归母净利润同比下降27.4%，公司将广告费用增加视为重要原因 之一。 宋城演艺表示，公司面临着多方位的高饱和竞争。线下方面，资本携同质化产品开展低价化竞争对行业 秩序和长期发展产生不利影响；线上方面，短视频、影视、游戏、综艺、直播等数字娱乐不断占领用户 心智和时间。 言外之意，行业竞争激烈导致客源分流，侵蚀了利润空间。从公司半年报披露的数据来看确实如此，今 年上半年，宋城演艺主要千古情项目业绩下滑趋势不减。 在总营收占比超过10%的产品中，杭州、丽江、广东千古情景区营收分别下滑0.48%、12.60%、 12.96%，后两者的毛利率分别下滑3.55个、6.04个百分点。 每经记者｜舒冬妮 每经编辑｜董兴生 8月26日晚，宋城演艺（300144.SZ，股价9.06元，市值237.61亿元）发布2025年半年报 ...

Group 1 - The company reported a revenue of 1.08 billion yuan and a net profit of 400 million yuan for the first half of 2025, showing a decline year-on-year. The net cash flow from operating activities increased to 722 million yuan [1] - The decline in revenue was primarily due to a decrease of approximately 86.1 million yuan in light asset output business income, while revenue from live performances and e-commerce fees remained stable compared to the previous year. The net profit decrease was attributed to the decline in light asset output income and a 7.98% increase in total operating costs [1] Group 2 - The company is focusing on enhancing its projects, with the Hangzhou project achieving a record of 22 performances in a single day during the May Day holiday. Plans for overall project upgrades in Hangzhou are underway, emphasizing cultural elements and expanding play areas [2] - The Shanghai project turned profitable in the first half of the year, while the Foshan project is set to open in early 2024, showing long-term growth potential despite short-term revenue decline [2] - The company is also enhancing its marketing strategies and optimizing performance across various projects, including the development of new attractions and partnerships with travel agencies [2] Group 3 - The overall visitor structure is becoming more diversified and younger, with stable average spending per visitor. The company plans to distribute a cash dividend of 0.2 yuan per share for 2024, doubling the total cash dividend to 525 million yuan compared to 2023 [3] Group 4 - The company has established a management system for internet celebrities and signed contracts with artists to enhance brand exposure and convert traffic into sales [4] Group 5 - In the first half of the year, the company signed two new light asset projects in Qingdao and Taizhou, with a total order value of 520 million yuan. The company is also exploring international expansion, including a project in Thailand [5] Group 6 - The company is adapting to a rational consumer market by enhancing content, building marketing matrices, and optimizing pricing strategies. The company aims for high-quality development over the next 3-5 years, focusing on project upgrades and international market exploration [6]

证券代码：300144 证券简称：宋城演艺 宋城演艺发展股份有限公司投资者关系活动记录表 | □ | 特定对象调研 分析师会议 □ | | --- | --- | | □ | 媒体采访 □ 业绩说明会 | | 投资者关系 □ | 新闻发布会 路演活动 □ | | 活动类别 □ | 现场参观 | | ☑ | 其他 （投资者交流会） 中信证券、兴业证券、国盛证券、国信证券、国泰海通、中金公司、银河国际、 | | | 中信建投、平安证券、东北证券、国海证券、长江证券、申万宏源、汇丰银行、 | | 参与单位名称及 | 上海明河投资、星石投资、华西证券、中银证券、方正证券、东吴证券、民生 | | 人员姓名 | 证券、国联证券、花旗银行、广发证券、太平养老、华夏人寿、高盛、富国基 | | | 金、本心实业投资、思晔投资、雪石资产、仁桥资产、深圳景从资产、睿富基 | | | 金、博裕资本、朴易资产、英大保险资管、混沌投资、西部利得基金、平安理 | | | 财、浪石投资及个人投资者等合计约 63 人。 | | 时间 | 2025 年 8 月 26 日 20:00-20:50 | | 地点 | 电话会议 | | | 董事、总裁 ...

Group 1 - The company announced the approval of multiple proposals during the second meeting of the ninth board of directors, including the repurchase and cancellation of part of the first category of restricted stock under the 2023 restricted stock incentive plan [2]

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 financial performance [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.08 billion yuan, a year-on-year decrease of 8.30% [1] - The net profit attributable to shareholders of the listed company was 400 million yuan, down 27.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 384 million yuan, reflecting a year-on-year decrease of 29.80% [1] - Basic earnings per share were 0.1523 yuan [1]

Group 1 - The core viewpoint of the article is that Songcheng Performance Development Co., Ltd. reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in the company's financial performance [1] Group 2 - For the reporting period, the company achieved an operating income of 1.08 billion yuan, which represents a year-on-year decrease of 8.3% [1] - The net profit attributable to shareholders of the listed company was 400 million yuan, reflecting a year-on-year decline of 27.4% [1]

宋城演艺发展股份有限公司 董事会战略与可持续发展委员会工作细则 第一章 总则 第一条 为适应宋城演艺发展股份有限公司（以下简称"公司"）战略与可 持续发展需要，增强公司核心竞争力和可持续发展能力，确定公司发展规划， 健全决策程序，加强决策科学性，提高重大决策的效益和决策的质量，完善公 司治理结构，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第2号——创业板上市公司规范运作》等有关法律法规、 规范性文件及《宋城演艺发展股份有限公司章程》（以下简称《公司章程》） 的规定，公司设立董事会战略与可持续发展委员会，并制定本工作细则。 第二条 战略与可持续发展委员会是董事会根据《公司章程》设立的专门工 作机构，对董事会负责，向董事会报告工作。战略与可持续发展委员会主要负 责对公司长期发展战略、重大投资决策和可持续发展规划进行研究并提出建议。 第二章 人员组成 第五条 战略与可持续发展委员会设召集人一名，负责主持委员会工作；召 集人由董事会在委员会成员内选举产生。 第六条 战略与可持续发展委员会成员任期与其本人的董事任期 ...