BJCT(SZ:000802) Zheng Quan Shi Bao Wang·2025-12-23 14:33Core Viewpoint - The domestic cultural industry is accelerating its high-quality development driven by consumer recovery and policy support, with the performance market becoming a core driver of consumption growth [2] Group 1: Industry Overview - The performance market in China is experiencing rapid growth, with ticket revenue for concerts and music festivals expected to reach 29.636 billion yuan in 2024, a year-on-year increase of 66%, accounting for 51.1% of total performance market revenue [2] - The cross-city attendance ratio has exceeded 67%, indicating a trend where consumers travel to different cities for performances, promoting the integration of "performance + cultural tourism" as a mainstream market model [2] - The industry consensus indicates a multiplier effect of 1:4.8, meaning that every 1 yuan spent on tickets can drive 4.8 yuan in related consumption [2] Group 2: Company Strategy - Beijing Culture is positioning its performance business as a core development area, leveraging a full industry chain strategy, rich project reserves, and comprehensive market coverage to capitalize on industry growth [2][3] - The company's 2025 performance lineup includes a diverse range of high-profile events, such as concerts by international bands and popular artists, targeting various consumer demographics and preferences [3] - The domestic performance market is characterized by diversification, upgraded experiences, and industry interlinkages, with Beijing Culture actively participating in value co-creation while enhancing its market position [3] Group 3: Future Outlook - Beijing Culture plans to strengthen its core competitiveness by integrating quality industry resources and deepening collaborations with top artists and well-known IPs, while optimizing layouts in lower-tier cities to tap into emerging market potential [4] - The company aims to embrace technological empowerment by exploring immersive and interactive performance models, enhancing operational and marketing professionalism [4] - By leveraging its full industry chain advantages, Beijing Culture will explore cross-industry integration paths between performance and cultural tourism, expanding new consumption scenarios and uncovering value increments [4]