近日，宋城演艺发布公告称，拟支付现金购买控股股东宋城集团持有的宋城实业100%股权，整体转让价格为9.63亿元。交易完成后，宋城实业将成为宋城 演艺的全资子公司并纳入合并报表范围。 宋城实业主要资产为杭州市之江路148号-1号的土地使用权约9.24万平方米，及地上11幢房屋合计约9.45万平方米。长期以来其大部分土地使用权和房屋租赁 给宋城景区作为停车场及景区运营场地，也就是说宋城实业的主要收入来源于上述租赁收入及酒店收入。 若此次交易顺利完成，宋城演艺旗下的宋城景区占地面积将从67亩拓展至约200亩。截至2025年10月31日，宋城实业的评估价值约为9.63亿元，较账面值预 估增值7.79亿元，增值率为422.74%。 针对评估价值和账面估值之间的差距问题，宋城演艺回复GPLP犀牛财经称，评估反映了宋城实业在基准日的市场价值，交易定价未超过评估值，交易价格 公允、公平、合理。本次评估采用资产基础法，宋城实业取得土地时间较早，该地区的土地价格有较大增长；同时主要建筑材料价格和人工价格相比建造时 有一定上升，亦导致房屋建筑物的重置成本有所增加。 公告中提到，成功收购宋城实业后，宋城演艺将打造多个不同类型的沉浸式 ...

（文章来源：证券日报） 证券日报网讯 12月4日晚间，宋城演艺发布公告称，公司已于近日完成注册资本变更的工商登记及《公 司章程》备案手续，并取得由浙江省市场监督管理局换发的《营业执照》，注册资本变更为贰拾陆亿贰 仟贰佰伍拾叁万柒仟玖佰肆拾元。 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2025-068 宋城演艺发展股份有限公司 关于完成工商变更登记并换发营业执照的公告 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，于2025年9月16日召开2025年第二次临时股东会，分别 审议通过了《关于变更注册资本及修改<公司章程>的议案》。具体内容详见公 司分别于2025年8月27日、2025年9月16日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于变更注册资本及修改<公司章程>的公告》（公告编号：2025-045） 和《2025年第二次临时股东会决议公告》（公告编号：2025-048）。 公司已于近日完成了上述工商变更登记及《公司章程》备案手续，并取得由 浙江省市场监督管理局换发的《营业执照》，现将相关事项公告如下： 6、类型：其他股份有限公司（上市） 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、新营业执照基本信息 1、名称：宋城演艺发展股份有限公司 2、成立日期：1994年09月21日 3、法定代表人：商玲霞 4、住所：浙江省 ...

中国经济网北京12月4日讯宋城演艺（300144）(300144.SZ)近日发布关于收购杭州宋城实业有限公司 100%股权暨关联交易的公告。 宋城演艺拟支付现金购买控股股东杭州宋城集团控股有限公司(以下简称"宋城集团")持有的杭州宋城实 业有限公司(简称"宋城实业"或"标的公司")100%股权(简称"本次交易")。本次交易以符合《证券法》规 定的评估机构出具的权益评估价值为定价参考，最终确定整体转让价格为人民币96,300万元。本次交易 完成后，宋城实业成为公司的全资子公司并纳入公司合并报表范围。 本次交易的对手方宋城集团为公司控股股东，根据《深圳证券交易所创业板股票上市规则》等有关规 定，宋城集团为公司的关联人，本次交易构成关联交易。 本次评估反映了交易标的资产在基准日的市场价值，但确认了较大幅度的评估增值，郑重提请投资者关 注投资风险。 2024年、2025年1-10月，宋城实业营业收入分别为3,928.91万元、3,496.14万元，净利润203.59万元、 550.13万元，经营活动产生的现金流量净额1,155.21万元、1,127.17万元。 | 项目 | 2024 年 12月 31 日/ 2024 ...

| 权益类证券大宗交易(协议交易) | | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-02 | 300144 | 宋城演艺 | 7.30 | 47.00 | | 343.10 民生证券股份有限 | 中泰证券股份有限 | | | | | | | | 公司北京第一分公 | 公司杭州湖暨南路 | | | | | | | | 리 | 证券营业部 | 12月2日，宋城演艺大宗交易成交47万股，成交额343.1万元，占当日总成交额的1.61%，成交价7.3元， 较市场收盘价8.07元折价9.54%。 ...

Core Viewpoint - The article raises concerns about the governance level of Songcheng Performance (300144.SZ) following its acquisition of 100% equity in Hangzhou Songcheng Industrial Co., Ltd. for 9.63 billion, suggesting potential conflicts of interest and financial mismanagement [3][4][6]. Summary by Sections Acquisition Details - Songcheng Performance announced the acquisition of Hangzhou Songcheng Industrial, which includes land and buildings adjacent to its theme park, previously leased for operations [5][9]. - The acquisition price of 9.63 billion is considered excessively high, given that Hangzhou Songcheng Industrial's net profit for 2024 is projected at only 2.03 million, implying a payback period of nearly 474 years [6][7]. Financial Concerns - The acquisition raises suspicions about the financial health of the controlling shareholder, Songcheng Group, especially during a downturn in the real estate market [5][6]. - There is a notable 31% pledge ratio of shares held by Songcheng Group, indicating potential liquidity issues [6]. Revenue Performance - Songcheng Performance's revenue from its theme park has declined from 769 million in 2018 to 530 million in 2024, highlighting operational challenges rather than a need for expansion [10][11]. - The article argues that the decision to acquire land and property should be based on increased revenue and visitor numbers, which are currently lacking [12]. Historical Context - The article references past financial mismanagement, including a significant impairment loss of 1.8 billion in 2021 related to the acquisition of the "Liujianfang" platform, raising further doubts about governance practices [16][18]. - Previous regulatory issues, including incomplete disclosures and accounting adjustments, have led to warnings from regulatory bodies, further questioning the company's governance [20][21]. Conclusion - The article concludes that the recent acquisition, combined with historical financial practices, necessitates a reevaluation of Songcheng Performance's governance and operational strategies [13][14].

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Group 1 - The tourism sector stocks have shown strong performance, with China Duty Free Group rising over 6%, and Songcheng Performance, China Southern Airlines, and Air China each increasing by over 2% [1] - The tourism ETF, which tracks the CSI Tourism Theme Index, has also risen by more than 2% due to market influences [1] Group 2 - The CSI Tourism Theme Index includes no more than 50 listed companies involved in various aspects of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and travel services, reflecting the overall performance of tourism-related stocks [2] - From a supply perspective, all segments of the tourism industry, including scenic spots, hotels, travel agencies, and retail, are experiencing a comprehensive recovery [2] - The government continues to implement policies to support the tourism industry, focusing on regulating industry development, enhancing the supply of quality tourism products and services, optimizing infrastructure investment, improving transportation services, and broadening financing channels [2] - The upcoming New Year and extended Spring Festival holidays, along with the rising popularity of winter tourism and the introduction of duty-free and visa-free policies, have significantly boosted interest in the tourism sector recently [2]

Group 1: Market Trends and Challenges - The Sanya tourism market is undergoing a significant transformation, shifting from traditional sightseeing to a focus on deeper experiences and personalized exploration [2][3] - Despite an increase in inbound visitors, there has been a decline in foot traffic at competing attractions, performance of entertainment competitors, and duty-free shopping [2] - The upcoming Hainan closure policy is expected to bring substantial changes to the Sanya tourism market, particularly in inbound tourism and consumer behavior [2] Group 2: Strategic Initiatives - Since 2024, the Sanya project has adopted a strategy of "internal cultivation, experience first, and business integration" to adapt to the new market environment [2][3] - New offerings include culturally themed performances and immersive experiences targeting younger demographics, such as the "Hainan Island Battle" and "Haunted Hospital" shows [2][3] - The project aims to enhance visitor experience through interactive zones and social media sharing points [2][3] Group 3: Financial Performance and Projections - The company reported stable performance across various attractions in Q4, with self-operated venues maintaining or slightly increasing performance compared to the previous year [5] - The acquisition of Songcheng Industrial at a valuation of 9.63 billion yuan is deemed fair, with the company ensuring compliance with auditing standards [6][7] - The company plans to invest approximately 5 billion yuan in upgrades post-acquisition, with a construction period of about two years [10] Group 4: Visitor Demographics and Marketing Strategies - As of October, foreign visitors accounted for 13% of total visitors, with significant representation from Russian-speaking countries (over 50%) and Southeast Asia (over 30%) [3] - The marketing strategy focuses on innovative "entertainment+" collaborations to drive cultural and commercial consumption [3][12] - The company is enhancing its online presence and diversifying marketing channels to attract both domestic and international tourists [12] Group 5: Operational Efficiency and Future Plans - The company is transitioning from a rental model to ownership of land and facilities to address operational constraints and enhance growth potential [13][14] - The "Central Kitchen" model aims to standardize content creation and management across locations, facilitating efficient replication of successful projects [12] - Future capital expenditures are expected to support ongoing improvements and maintain competitive positioning in the market [15][18]

Core Insights - The tourism and scenic spots sector increased by 0.46% on November 28, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Sector Performance - Caesar Travel (Code: 000796) closed at 6.93, up 3.74% with a trading volume of 992,900 shares and a transaction value of 676 million yuan [1] - Other notable performers included: - Three Gorges Tourism (Code: 002627) at 6.52, up 2.19% [1] - SanTe Cableway (Code: 002159) at 15.58, up 1.50% [1] - Western Region Tourism (Code: 300859) at 36.16, up 1.49% [1] - Tianfu Cultural Tourism (Code: 000558) at 5.91, up 1.37% [1] Decliners - Yunnan Tourism (Code: 002059) closed at 5.64, down 2.42% with a trading volume of 593,000 shares and a transaction value of 331 million yuan [2] - Other notable decliners included: - Xi'an Tourism (Code: 000610) at 12.46, down 2.35% [2] - Qujiang Cultural Tourism (Code: 600706) at 10.91, down 1.45% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 57.08 million yuan from main funds, with retail investors contributing a net inflow of 101 million yuan [2]