Songcheng Performance(SZ:300144) Chan Ye Xin Xi Wang·2026-01-19 01:29Core Viewpoint - The cultural tourism consumption in China is rapidly shifting from traditional sightseeing to immersive cultural experiences, driven by the younger consumer demographic that values emotional engagement and personalized, interactive performances [1][8]. Overview - Cultural tourism performances leverage specific regional natural landscapes, cultural heritage, and folk customs to provide immersive cultural experiences through artistic stage presentations and interactive designs [2][3]. Market Policies - The Chinese government has implemented various policies to support the development of the cultural tourism performance industry, creating a favorable environment for growth [5][6]. Industry Chain - The upstream of the cultural tourism performance industry includes venue resource suppliers, IP copyright holders, and performance equipment suppliers, while the midstream consists of service providers, and the downstream includes ticket sales channels and end consumers [6][7]. Current Development - The cultural tourism performance sector is evolving, with a projected audience of 95.7 million by 2025, reflecting a 12.1% year-on-year increase, and ticket revenue expected to reach 18.7 billion yuan, a 14.0% increase [1][9]. Competitive Landscape - The market is fragmented, with a CR10 market share of only 26.3% in 2024. Song City Performing Arts has established itself as a leader through its unique business model and high gross profit margins [10][11]. Development Trends - Future innovations in cultural tourism performances will be driven by digital technologies, enhancing immersive experiences and integrating local cultural elements into performance content [12][13][14][15].