Songcheng Performance(SZ:300144) Chang Jiang Shang Bao·2025-11-27 00:04Core Viewpoint - Songcheng Performance plans to purchase 100% equity of Songcheng Industrial from its controlling shareholder for 963 million yuan to expand its first "Eternal Song" scenic area from 67 acres to approximately 200 acres, enhancing its offerings from a single scenic spot to a comprehensive cultural tourism cluster [1][4]. Group 1: Acquisition Details - The transaction price for acquiring Songcheng Industrial is set at 963 million yuan [2]. - This acquisition is classified as a related party transaction and does not constitute a major asset restructuring as per regulations [3]. - After the transaction, Songcheng Industrial will become a wholly-owned subsidiary of Songcheng Performance and will be included in the consolidated financial statements [4]. Group 2: Scenic Area Expansion - The acquisition will allow the scenic area to expand its travel route from approximately 1 kilometer to 4 kilometers, addressing key issues such as land scarcity and operational limitations [4]. - The scenic area has received over 110 million visitors and hosted nearly 39,000 performances of "Eternal Song," making it the largest cultural theme park in terms of audience and performance count [4]. Group 3: Financial Performance - In the first three quarters of 2025, Songcheng Performance reported a revenue decline of 8.98% year-on-year, totaling 1.833 billion yuan, and a net profit decline of 25.22%, amounting to 754 million yuan [6][7]. - The revenue from the Songcheng scenic area for the first half of 2025 was 291 million yuan, accounting for approximately 27% of the company's total revenue [7]. Group 4: Future Strategy - The company aims to focus on its live performance business over the next 3-5 years, exploring new project layouts and potential overseas markets while continuing to expand existing successful projects [7].