Songcheng Performance(SZ:300144) 光大证券研究·2025-10-28 23:08Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in its operational performance [4]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.833 billion yuan, a year-on-year decrease of 8.98%, and a net profit attributable to shareholders of 754 million yuan, down 25.22% year-on-year [4]. - In Q3 2025 alone, the company recorded revenue of 753 million yuan, a decline of 9.94% year-on-year, and a net profit of 354 million yuan, down 22.60% year-on-year [4]. Group 2: Project Performance - The performance of the company's projects varied, with the Shanghai project achieving significant revenue growth and profitability through content updates, marketing activities, and business expansion [5]. - The Hangzhou project maintained stable development through brand activities and influencer collaborations, with plans to create a "super performance park" model [5]. - The Xi'an project focused on competitive content and pricing to maintain market leadership in a challenging environment [5]. - The Guilin project saw revenue growth through deeper cooperation with key travel agencies, while the Jiuzhai project benefited from improved transportation and diversified marketing [5]. - Projects in Foshan, Sanya, and Lijiang faced operational fluctuations due to regional tourism conditions and consumer spending pressures [5]. Group 3: Cost and Profitability Challenges - The company's performance was pressured by both revenue and cost factors, with a slowdown in revenue recognition from light asset businesses [6]. - In the first three quarters, the company recognized 100 million yuan in project design fees for Qingdao and Taizhou, compared to 170 million yuan in the same period last year [6]. - Increased marketing expenditures to enhance brand influence led to a rise in the sales expense ratio from 4.9% to 7.6% year-on-year [6]. - The establishment of a new influencer management department and increased labor costs, along with reduced interest income due to declining deposit rates, negatively impacted net profit [6]. - The net profit margin for the first three quarters of 2025 was 41.1%, a decrease of 8.9 percentage points year-on-year [6]. Group 4: Strategic Focus - The company is focusing on its core business, with mature projects being optimized for growth and new projects being developed with a combination of light and heavy asset strategies [7]. - The Qingdao project, including the Grand Theatre and complex, is on track for completion, with preparations for opening in July 2026 [8]. - The Taizhou project is progressing well and may open ahead of the planned date in May 2028, which will support the company's revenue recognition prior to opening [8].