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 ...

浙江六和律师事务所 关 于 宋城演艺发展股份有限公司 2025 年第二次临时股东会的法律意见书 中国 ● 杭州 ● 求是路 8 号公元大厦北楼 20F 电话：0571—87206788 传真：0571—87206789 电子信箱：liuhe@mail.hz.zj.cn 网 址：www.liuhelaw.com 浙江六和律师事务所 关于宋城演艺发展股份有限公司 2025 年第二次临时股东会的法律意见书 浙六和法意（2025）第 1718 号 2025 年 8 月 26 日，公司召开第九届董事会第二次会议的决议，审议通过了 《关于召开 2025 年第二次临时股东会的议案》。 2025 年 8 月 27 日，公司董事会在指定的信息披露网站刊登《宋城演艺发展 股份有限公司关于召开 2025 年第二次临时股东会的通知》。 上述公告就本次股东会召开时间、召开方式、出席对象、会议地点、审议事 项等内容作出说明。 （二） 本次股东会的召开 2 致：宋城演艺发展股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则》 ...

Market Performance - The tourism and scenic spots sector increased by 2.02% on September 16, with Caesar Travel leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Key Stocks in Tourism Sector - Caesar Travel (000796) closed at 7.12, up 7.07%, with a trading volume of 2.83 million shares and a transaction value of 2.008 billion [1] - Jiuhua Tourism (661809) closed at 39.78, up 4.25%, with a trading volume of 99,100 shares [1] - Tibet Tourism (600749) closed at 21.91, up 2.86%, with a trading volume of 226,400 shares and a transaction value of 491 million [1] - Emei Mountain A (000888) closed at 14.70, up 2.51%, with a trading volume of 291,000 shares and a transaction value of 422 million [1] Capital Flow Analysis - The tourism and scenic spots sector saw a net inflow of 144 million from institutional investors, while retail investors experienced a net inflow of 65.56 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors faced outflows [2][3] Individual Stock Capital Flow - Caesar Travel had a net inflow of 91.35 million from institutional investors, while retail investors saw a net outflow of 28.35 million [3] - Songcheng Performance (300144) experienced a net inflow of 69.40 million from institutional investors, but retail investors faced a net outflow of 28.35 million [3] - Yunnan Tourism (002059) had a net inflow of 20.63 million from institutional investors, with retail investors experiencing a net outflow of 15.07 million [3]

Market Overview - On September 15, the tourism and scenic spots sector rose by 0.12% compared to the previous trading day, with Xiyu Tourism leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Performers - Xiyu Tourism (300859) closed at 51.06, up 5.34% with a trading volume of 202,300 shares and a transaction value of 1.019 billion [1] - Songcheng Performance (300144) closed at 9.19, up 2.11% with a trading volume of 926,800 shares [1] - Other notable performers include Xi'an Tourism (000610) up 1.53%, Huangshan Tourism (600054) up 0.90%, and Guilin Tourism (000978) up 0.58% [1] Decliners - Longzi Mountain (603099) closed at 50.03, down 2.91% with a trading volume of 123,300 shares [2] - Dalian Shengya (600593) closed at 37.32, down 1.84% with a trading volume of 58,400 shares [2] - Other notable decliners include Lingnan Holdings (000524) down 1.43% and ST Zhangjiajie (000430) down 0.99% [2] Capital Flow - The tourism and scenic spots sector experienced a net outflow of 401 million in main funds, while retail investors saw a net inflow of 361 million [2] - Speculative funds had a net inflow of 39.31 million [2] Individual Stock Capital Flow - Songcheng Performance saw a main fund net outflow of 19.2 million, while retail investors had a net outflow of 23.37 million [3] - Qujiang Cultural Tourism (600706) had a main fund net inflow of 7.83 million, but a retail net outflow of 8.67 million [3] - Huangshan Tourism (600054) recorded a main fund net inflow of 7.2 million, with retail investors experiencing a net outflow of 4.23 million [3]

Company Overview - Songcheng Performance Development Co., Ltd. is located at 148 Zhijiang Road, Hangzhou, Zhejiang Province, established on September 21, 1994, and listed on December 9, 2010 [1] - The company's main business includes live performance and tourism services, with revenue contributions from various scenic areas [1] Financial Performance - For the first half of 2025, Songcheng Performance achieved operating revenue of 1.08 billion yuan, a year-on-year decrease of 8.30%, and a net profit attributable to shareholders of 400 million yuan, down 27.40% year-on-year [2] - The company has cumulatively distributed 2.412 billion yuan in dividends since its A-share listing, with 917 million yuan distributed in the last three years [3] Stock Performance - As of September 15, the stock price of Songcheng Performance increased by 2.00%, reaching 9.18 yuan per share, with a total market capitalization of 24.076 billion yuan [1] - Year-to-date, the stock price has risen by 0.99%, with a 5-day increase of 1.89%, a 20-day increase of 5.88%, and a 60-day increase of 11.81% [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 88,100, a decrease of 0.10% from the previous period, with an average of 26,727 circulating shares per person, an increase of 0.10% [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 65.5163 million shares, an increase of 25.1412 million shares from the previous period [3]

Group 1 - Zhejiang Province's cultural and tourism department has issued measures to promote high-quality development in cultural and tourism consumption, focusing on 20 key initiatives across four main areas [1] - The measures aim to enhance consumer demand for higher quality and culturally rich tourism experiences, while also integrating various sectors such as culture, tourism, technology, and rural development [1] - Local governments in Zhejiang are responding with supportive policies to drive growth in the cultural and tourism industry, such as streamlined funding application processes and specific support plans for tourism projects [1] Group 2 - The tourism industry in Zhejiang is experiencing growth, with 4.44 billion tourists recorded in the first half of 2025, a 10.2% increase year-on-year, and total tourism revenue reaching 606.17 billion yuan, up 11.2% [2] - Companies like Hengdian Film Co. and Xiangyuan Cultural Tourism have reported significant revenue increases, with Hengdian achieving 1.373 billion yuan (up 17.81%) and Xiangyuan reaching 500 million yuan (up 35.41%) [2] - Many listed companies are accelerating their development in new tourism scenarios, leveraging favorable policies to enhance their business operations [2] Group 3 - Xiangyuan Cultural Tourism is focusing on low-altitude and digital tourism growth, launching unique travel experiences such as low-altitude tours and smart tourism solutions at its scenic spots [3] - Experts suggest that listed companies in Zhejiang's cultural tourism sector can convert policy opportunities into performance growth through major project investments, innovation in consumer scenarios, and international brand expansion [3]

证券代码：300144 证券简称：宋城演艺 公告编号：2025-047 宋城演艺发展股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 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《关于召开2025年第二次临时股东会的议案》， 公司董事会决定于2025年9月16日（星期二）召开2025年第二次临时股东会，并 于2025年8月27日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于召开2025 年第二次临时股东会的通知》（公告编号：2025-046）。为确保公司股东充分了 解本次股东会的相关信息，现将相关事项提示如下： 4、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 （2）网络投票时间： ① 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； ② 通过深圳证券交易所互联网投票系统投 ...