Songcheng Performance(SZ:300144) Xin Jing Bao·2025-06-27 02:57Core Viewpoint - Songcheng Performance received a warning letter from the Zhejiang Securities Regulatory Bureau due to accounting errors in its 2022 annual report, leading to significant adjustments in reported profits [1][2]. Group 1: Accounting Errors and Regulatory Actions - The company adjusted its 2022 total profit and net profit downwards by 57.404 million yuan, which represented a decrease of 414.75% and 594.37% respectively from the previously reported figures [1]. - The errors were attributed to issues related to the investment accounting of its associate company, Huafang Group, which faced police investigation, preventing it from providing audited financial results [2]. - The Zhejiang Securities Regulatory Bureau issued a warning letter, marking the company's actions as violations of the disclosure management regulations [1][2]. Group 2: Impact of Huafang Group - Huafang Group's financial troubles led to a significant loss of 155 million yuan and an investment fair value loss of approximately 1.991 million yuan, necessitating corrections in Songcheng's financial statements [2]. - The company recorded an impairment provision of 861 million yuan for its long-term equity investment in Huafang Group due to industry downturns and regulatory pressures [3]. Group 3: Financial Performance - In 2024, Songcheng achieved revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and net profit of 1.049 billion yuan, marking a substantial turnaround with a growth of 1054.18% [5]. - Excluding the impact from Huafang Group, the adjusted net profit was 1.039 billion yuan, reflecting a 25.24% increase year-on-year [5]. Group 4: Business Model and Revenue Sources - The company's business model combines "theme parks + cultural performances," focusing on live performances as the primary revenue source, which generated nearly 2 billion yuan in 2024 with a gross margin of 60.84% [6]. - The tourism services segment, including light asset output and online ticket sales, contributed approximately 460 million yuan in revenue with a gross margin of 96.52% [6]. Group 5: Recent Developments and Future Outlook - In the first quarter of 2025, despite a significant increase in performance events, revenue only slightly increased by 0.26%, and net profit declined by 2.18% due to increased advertising expenditures [7]. - The company remains focused on its core business and has no immediate plans to diversify into other industries, expressing confidence in its development and industry prospects [5].