法律意见书 浙江天册律师事务所 关于 法律意见书 浙江天册律师事务所 关于宋城演艺发展股份有限公司 2023 年年度股东大会的 法律意见书 宋城演艺发展股份有限公司 2023 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 编号：TCYJS2024H0665 号 致：宋城演艺发展股份有限公司 浙江天册律师事务所（以下简称"本所"）接受宋城演艺发展股份有限公司 （以下简称"宋城演艺"或"公司"）的委托，指派本所律师参加公司 2023 年年 度股东大会，并根据《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《上市公司股东大会 规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议 所审议的议案内容和该等议案中所表述的事实或数据的真实性和准 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The report is optimistic about the company's ability to complete potential impairment provisions for Huafang assets, allowing it to operate with a lighter burden. Existing projects are steadily recovering, while new projects are gradually maturing, establishing new growth momentum for the medium to long term [4][5]. Financial Performance Summary - In 2023, the company achieved operating revenue of 1.926 billion yuan, a year-on-year increase of 320.76%. The net profit attributable to the parent company was a loss of 110 million yuan, continuing the trend of losses. Excluding long-term equity investment income and impairment losses from Huafang Group, the net profit attributable to the parent company would have been 828 million yuan [4][5]. - In Q1 2024, the company reported revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit attributable to the parent company of 252 million yuan, a year-on-year increase of 317.33% [4][5]. Project Performance Summary - Among traditional projects, long-distance tourism destinations like the Qian Guqing scenic area are recovering more rapidly. Specific projects such as Guilin and Zhangjiajie have revenues exceeding 2019 levels, recovering to 118% and 105%, respectively. However, short-distance tourism projects like Hangzhou and Sanya have shown weaker recovery, at 71% and 49% of 2019 levels [5]. - New projects in Xi'an and Shanghai contributed revenues of 52.26 million yuan and 97.80 million yuan, accounting for 3% and 5% of total revenue in 2023 [5]. Profitability and Cost Management - The overall gross margin for 2023 was 66.35%, a decrease of 5.05 percentage points compared to 2019. The company has focused on enhancing management efficiency, optimizing labor structure, and leveraging digital capabilities to control costs effectively [5]. - The report forecasts net profits attributable to the parent company for 2024-2026 to be 1.280 billion, 1.545 billion, and 1.739 billion yuan, respectively, with corresponding price-to-earnings ratios of 21, 18, and 16 times [5].

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 （请文字说明其他活动内容） 参与单位名称及 投资者网上提问 人员姓名 时间 2024年5月16日 (周四) 下午15:00~17:00 公司通过全景网“投资者关系互动平台”（https://ir.p5w.net）采用网络远程的方 地点 式召开业绩说明会 上市公司 总裁商玲霞女士、常务副总裁兼董事会秘书赵雪璎女士、财务总监陈胜敏先生、 接待人员姓名 独立董事杨轶清先生 投资者提出的问题及公司回复情况 1、2023年西安千古情是3月 4号开业的，每天的场次也不少，请问西安 千古情 2023 年一共演出多少场次，为什么还是亏损的？西安的 2 号厅估计什 么时候可以开始演出？ ...

深 圳 证 券 交 易 所 关于对宋城演艺发展股份有限公司的 年报问询函 创业板年报问询函〔2024〕第 119 号 宋城演艺发展股份有限公司董事会 ： 我部在对你公司 2023 年度报告事后审查中关注到以下 情况： 1.年报显示，你公司 2023 年度对持有的联营企业 Huafang Group Inc.（以下简称"花房集团"）35.35%长期 股权投资计提减值准备 8.61 亿元。你公司主要根据花房集 团预计未来现金流量的现值确定其股东全部权益的可收回 金额。花房集团为港交所上市公司，股票交易自 2023 年 4 月 3 日起持续停牌。请你公司： （1）结合减值迹象的具体识别情况，补充说明上述长 期股权投资减值准备计提是否及时。 （2）补充说明你公司在确定上述长期股权投资可收回 金额时，对花房集团股票交易持续停牌状态下确定其公允价 值减去处置费用后的净额的具体方法、结论的合理性，以及 1 你公司主要根据花房集团预计未来现金流量的现值确定其 可收回金额的恰当性。 （3）补充说明在花房集团未公开披露未来经营业绩、 现金流量预测的情况下，你公司相关预测数据的获取来源及 可靠性。 （4）结合本次减值测试情况（包括 ...

证券研究报告 | 年报点评报告 2024年05月13日 宋城演艺（300144.SZ） 2023 年业绩符合预告，2024Q1 表现超预期 事件：4月25日，公司发布2023年报及2024年一季度业绩报告，2023年，公司 买入（维持） 实现营业收入19.26亿元/同比+320.8%，归母净亏损1.10亿元/上年同期亏损0.48 股票信息 亿元，扣非归母净亏损0.88亿元/上年同期亏损0.94亿元。2023Q4，公司实现营业 收入3.09亿元/同比+343.0%，归母净亏损8.97亿元/上年同期亏损1.24亿元，扣 行业 旅游及景区 非归母净亏损8.64亿元/上年同期亏损1.21亿元。2024Q1，公司实现营业收入5.60 前次评级 买入 亿元/同比+138.7%，归母净利润 2.52 亿元/同比+317.3%，扣非归母净利润 2.49 5月10日收盘价(元) 10.70 亿元/同比+349.1%。2023年业绩符合预告，2024Q1表现超预期。 总市值(百万元) 28,035.01 2023 年营收强势恢复，还原后业绩大幅扭亏，保留意见已消除。1）2023 年，公 总股本(百万股) 2,620.09 司旗下 ...

证券代码：300144 证券简称：宋城演艺 公告编号：2024-034 宋城演艺发展股份有限公司 关于举行 2023 年度网上业绩说明会的公告 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。 宋城演艺发展股份有限公司（以下简称"公司"）2023 年年度报告及摘要 已于 2024 年 4 月 26 日披露，为了让广大投资者能进一步了解公司经营情况，公 司将举行 2023 年度网上业绩说明会，现将相关事项公告如下： 公司定于 2024 年 5 月 16 日（星期四）15:00-17:00 举办 2023 年度网上业 绩说明会，本次业绩说明会将采用网络远程的方式举行，投资者可登陆全景网 "投资者关系互动平台"（https://ir.p5w.net）参与本次业绩说明会或者直接 进入公司路演厅（https://ir.p5w.net/c/300144.shtml）参与本次业绩说明会。 出席本次说明会的人员有：公司总裁商玲霞女士、常务副总裁兼董事会秘书 赵雪璎女士、独立董事杨轶清先生、财务总监陈胜敏先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度网上业绩说明 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 12.00 per share, based on a 25x PE for 2024 [4][12]. Core Insights - The company reported a revenue of RMB 1.93 billion in 2023, representing a year-on-year growth of 320.8%, recovering to 73.8% of the same period in 2019. However, the net loss attributable to shareholders was RMB 110 million, a decline of 130.2% year-on-year [3][10]. - For Q1 2024, the company achieved a revenue of RMB 560 million, up 138.7% year-on-year, with a net profit attributable to shareholders of RMB 250 million, reflecting a growth of 317.3% year-on-year [3][10]. Financial Performance Summary - In 2023, the company experienced a significant increase in operating cash flow, reaching RMB 1.42 billion, up 327.4% year-on-year. The diluted EPS for 2023 was -RMB 0.04 [3][10]. - The period expense ratio decreased by 76.6 percentage points in 2023, indicating improved operational efficiency. The sales expense ratio decreased to 4.6%, while the general and administrative expense ratio dropped to 7.6% [3][11]. - The company plans to continue developing new projects, with the Guangdong 'Eternal Love' project opening in February 2024 and the Three Gorges 'Eternal Love' project expected to open in summer 2024 [12]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant revenue growth of 320.8% year-on-year in 2023, reaching 1.926 billion yuan, recovering to 73.8% of the level in 2019 [6][10] - The net profit attributable to shareholders was -110 million yuan, a decline of 130.2% year-on-year, with a diluted EPS of -0.04 yuan [6][10] - The operating cash flow showed a strong increase of 327.4% year-on-year, amounting to 1.42 billion yuan [6] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [6] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.7%, and a net profit of 250 million yuan, up 317.3% [7] - The number of performance events in 2023 reached 8,172, with significant increases in visitor numbers during key holidays [7] - The company’s expense ratio decreased significantly, with the sales expense ratio down to 4.6% and management expense ratio down to 7.6% [7] Growth Strategy - The company is actively developing new projects, with the Guangdong "Eternal Song" project opening in February 2024, expected to enhance profit margins [7] - The unique business model combining theme parks and cultural performances has positioned the company well in major tourist destinations [7] Profit Forecast - The forecasted net profit for 2024-2026 is 1.265 billion, 1.554 billion, and 1.667 billion yuan, representing year-on-year growth rates of 1250.5%, 22.9%, and 7.3% respectively [7][10] - The estimated EPS for the same period is projected to be 0.48, 0.59, and 0.64 yuan [10] - The company is expected to benefit from the recovery of the domestic tourism market, with a reasonable valuation range of 10.56 to 12.00 yuan per share based on a PE ratio of 22-25 times for 2024 [7][10]

公司报告 | 年报点评报告 宋城演艺（300144） 证券研究报告 2024年05月 09日 投资评级 24Q1 业绩积极释放，看好旅游β景气延续 行业 社会服务/旅游及景区 6个月评级 买入（维持评级） 当前价格 10.64元 事件：公司发布 23年年报及24年一季报。（1）23年：实现营业收入19.3 目标价格 元 亿元/yoy+320.8%，较19年恢复度73.8%，归母净利润-1.1 亿元/yoy-130.2%， 扣非归母净利润-0.9亿元/yoy+6.2%。若不考虑持有花房集团公司的长期股 基本数据 权投资形成的投资收益以及减值损失，则归母净利润8.3亿元，较22年同 A股总股本(百万股) 2,620.09 期口径扭亏为盈并大幅提升。（2）单 Q4：实现营业收入 3.1 亿元 流通A股股本(百万股) 2,271.88 /yoy+343.0%，较19年恢复度76.1%，归母净利润-9.0亿元，扣非归母净利 A股总市值(百万元) 27,877.80 润-9.0亿元。（3）24Q1：实现营业收入5.6 亿元/yoy+138.7%，归母净利润 流通A股市值(百万元) 24,172.81 2.5亿元/yoy+ ...

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Views - The company's performance has shown a significant recovery in the performing arts sector, with a revenue increase of 320.76% year-on-year in 2023, reaching 1.926 billion yuan. The net profit attributable to shareholders was -110 million yuan, but excluding the impact of long-term equity investment losses, the net profit was 830 million yuan, indicating a turnaround from a loss in the previous year [3][4]. - In Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, up 317.33% year-on-year, reflecting strong growth momentum [3][4]. - The recovery of the company's main performing arts business has varied across different parks, with total revenue from the main business reaching 1.667 billion yuan in 2023, recovering to 95% of the 2019 level [4][11]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.926 billion yuan, with a year-on-year growth rate of 320.76%. The net profit attributable to shareholders was -110 million yuan, while the adjusted net profit, excluding investment losses, was 830 million yuan, compared to -130 million yuan in the previous year [3][4]. - For Q1 2024, the company achieved a revenue of 560 million yuan, a year-on-year increase of 138.70%, and a net profit of 252 million yuan, reflecting a growth of 317.33% year-on-year [3][4]. Business Recovery - The recovery of the performing arts business has been uneven across different locations, with revenue from various scenic spots such as Hangzhou, Lijiang, and Sanya showing different recovery rates compared to pre-pandemic levels [4][11]. - The company has seen a strong rebound in tourism demand, with significant increases in visitor numbers and spending during the recent holiday periods, surpassing 2019 levels in several metrics [4][11]. Cost Management and Profitability - The company's gross margin improved to 66.35% in 2023, up 16.21 percentage points year-on-year, and further increased to 68.75% in Q1 2024, up 17.73 percentage points year-on-year [4][11]. - The sales expense ratio decreased to 4.59% in 2023, while the management expense ratio significantly dropped to 7.61% due to a high base effect from the previous year [11]. Future Outlook - The company is expected to benefit from the ongoing recovery in the tourism and performing arts sectors, with projected net profits for 2024-2026 estimated at 1.286 billion yuan, 1.570 billion yuan, and 1.796 billion yuan respectively [11][12]. - The company is positioned as a leading player in the performing arts industry in China, with strong growth potential as it focuses on its core business [11][12].