Songcheng Performance(SZ:300144)2023-04-27 16:00Financial Performance - The company's operating revenue for 2022 was ¥457,814,963.29, a decrease of 61.36% compared to ¥1,184,864,639.25 in 2021[11]. - The net profit attributable to shareholders for 2022 was ¥9,657,950.15, down 96.94% from ¥315,130,771.75 in the previous year[11]. - The net cash flow from operating activities decreased by 55.77% to ¥331,954,693.02 in 2022, compared to ¥750,473,809.79 in 2021[11]. - The basic earnings per share for 2022 was ¥0.0037, a decline of 96.93% from ¥0.1205 in 2021[11]. - Total assets at the end of 2022 were ¥9,420,330,031.40, a decrease of 4.13% from ¥9,826,508,029.84 at the end of 2021[11]. - The net assets attributable to shareholders decreased by 1.25% to ¥7,549,175,760.62 at the end of 2022, compared to ¥7,644,770,822.36 at the end of 2021[11]. - The company reported a net profit excluding non-recurring gains and losses of -¥36,705,665.04 for 2022, a decline of 113.71% from ¥267,809,723.49 in 2021[11]. - The weighted average return on net assets for 2022 was 0.13%, down from 4.22% in 2021[11]. - The company's diluted earnings per share for 2022 was ¥0.0037, reflecting the challenging market conditions[13]. - Total revenue for 2022 was ¥457.81 million, a decrease of 61.36% compared to ¥1.18 billion in 2021[43]. - Revenue from the cultural and artistic industry (live performances) was ¥401.06 million, accounting for 87.60% of total revenue, down 60.28% from ¥1.01 billion in 2021[44]. - Revenue from tourism services was ¥56.75 million, representing 12.40% of total revenue, a decline of 67.60% from ¥175.15 million in 2021[43]. Operational Highlights - The company is positioned as a leading comprehensive cultural tourism service provider in China, operating over ten scenic spots and nearly a hundred performances nationwide[23]. - The company aims to enhance its brand recognition and market position through its unique "theme park + cultural performance" business model[23]. - The company is focused on leveraging technological innovations such as AI and big data to enhance the tourism experience and drive industry transformation[22]. - The company has established a nationwide chain operation, leading the market share and continuously enhancing resource allocation efficiency[27]. - The company has launched new local and surrounding travel products in Hangzhou Songcheng, targeting young audiences with night tour offerings, resulting in significant increases in visitor numbers and revenue[38]. - The company has optimized and upgraded the performance of "Xi'an Eternal Love," enhancing cultural recognition and increasing technological content, leading to a surge in audience attendance[39]. - The company operates under a unique "theme park + cultural performance" model, addressing traditional industry challenges such as high performance costs and low audience turnover[28]. - The company has prioritized expansion in key tourist destinations and commercial cities, solidifying its regional advantages and increasing barriers for potential competitors[30]. - The company emphasizes the integration of culture and technology, creating immersive experiences that enhance visitor engagement[34]. - The company has developed a comprehensive content matrix with multiple performances to cater to diverse visitor needs, maximizing operational resilience during market downturns[38]. - The company is committed to continuous improvement in content quality and audience experience, ensuring long-term growth and sustainability[39]. Cash Flow and Investment - Operating cash inflow decreased by 49.90% to ¥699,035,447.23 compared to ¥1,395,144,293.27 in the previous year[58]. - Operating cash outflow decreased by 43.06% to ¥367,080,754.21 from ¥644,670,483.48 year-on-year[58]. - Investment cash inflow increased by 7.18% to ¥1,679,855,685.21 compared to ¥1,567,301,139.38 in the previous year[58]. - Net cash flow from investment activities surged by 945.68% to ¥309,184,401.59, compared to a loss of ¥36,560,328.02 in the previous year[58]. - The company's net profit for the year was -¥17,322,798.36, a significant decline from ¥302,593,961.40 in the previous year[59]. - The company reported a total cash outflow from operating activities of 2,302,068,187.81 RMB in 2022, compared to 534,820,980.78 RMB in 2021, indicating a dramatic increase in cash outflows[195]. Research and Development - The company's R&D investment for 2022 amounted to ¥18,570,037.20, representing 4.06% of its operating revenue[57]. - The number of R&D personnel decreased by 19.39% from 196 in 2021 to 158 in 2022[57]. - The proportion of R&D personnel to total employees increased from 16.91% in 2021 to 18.81% in 2022[57]. - The company completed key technical indicators for multiple R&D projects aimed at enhancing the quality of performance products, achieving expected results[56]. - The R&D projects include advancements in stage machinery technology, sound amplification, and lighting design, all contributing to improved audience experience[56]. - The R&D expenditure capitalized amount remains at ¥0.00, indicating no capitalized R&D expenses for the reporting period[57]. - The company has implemented a ticket management system based on blockchain technology to improve efficiency and security in ticketing[56]. Corporate Governance - The board of directors consists of nine members, including three independent directors, ensuring a diverse and experienced leadership team[88]. - The company maintains independence from its controlling shareholder, with no instances of fund occupation or guarantees provided to the controlling shareholder or its subsidiaries[93]. - The management team is committed to transparent performance evaluation and incentive mechanisms to enhance operational efficiency and shareholder value[91]. - The company emphasizes the importance of information disclosure and investor relations, ensuring all shareholders have equal access to information[92]. - The company has revised 11 governance documents to improve its governance structure, ensuring compliance with relevant laws and regulations[85]. - The company is actively managing its corporate governance to ensure compliance and transparency following the changes in its board and supervisory committee[98]. Market Strategy and Future Outlook - The company plans to focus on content production and marketing promotion, enhancing brand strength and expanding marketing coverage[74]. - The company aims to strengthen organizational management and optimize labor structure to reduce costs and increase efficiency[75]. - The company will expand its business boundaries by investing in upstream and downstream industries related to performing arts[76]. - The company anticipates risks from public health events affecting tourism and cultural entertainment activities, impacting financial performance[77]. - The company is exploring potential acquisitions to enhance its portfolio, targeting a deal valued at approximately 300 million yuan[103]. - The company has outlined a revenue guidance of 1.2 billion yuan for the next fiscal year, representing a 20% increase compared to the previous year[102]. Social Responsibility - The company actively fulfills its social responsibility, contributing to employment and economic growth in rural areas through tourism[133]. - The company is exploring long-term mechanisms to support rural revitalization and employment[133]. Shareholder Information - The largest shareholder, Hangzhou Songcheng Group Co., Ltd., holds 27.72% of the shares, totaling 724,835,254 shares[162]. - The company reported a total of 400,164,170 shares held by directors and supervisors at the end of the reporting period, with a reduction of 77,000,000 shares due to an agreement transfer[97]. - The company has a total of 10 major unrestricted shareholders, with the top three holding a combined total of 1,014,868,765 shares[165].