Songcheng Performance(SZ:300144) 市值风云·2025-12-01 10:10Core Viewpoint - The article raises concerns about the governance level of Songcheng Performance (300144.SZ) following its acquisition of 100% equity in Hangzhou Songcheng Industrial Co., Ltd. for 9.63 billion, suggesting potential conflicts of interest and financial mismanagement [3][4][6]. Summary by Sections Acquisition Details - Songcheng Performance announced the acquisition of Hangzhou Songcheng Industrial, which includes land and buildings adjacent to its theme park, previously leased for operations [5][9]. - The acquisition price of 9.63 billion is considered excessively high, given that Hangzhou Songcheng Industrial's net profit for 2024 is projected at only 2.03 million, implying a payback period of nearly 474 years [6][7]. Financial Concerns - The acquisition raises suspicions about the financial health of the controlling shareholder, Songcheng Group, especially during a downturn in the real estate market [5][6]. - There is a notable 31% pledge ratio of shares held by Songcheng Group, indicating potential liquidity issues [6]. Revenue Performance - Songcheng Performance's revenue from its theme park has declined from 769 million in 2018 to 530 million in 2024, highlighting operational challenges rather than a need for expansion [10][11]. - The article argues that the decision to acquire land and property should be based on increased revenue and visitor numbers, which are currently lacking [12]. Historical Context - The article references past financial mismanagement, including a significant impairment loss of 1.8 billion in 2021 related to the acquisition of the "Liujianfang" platform, raising further doubts about governance practices [16][18]. - Previous regulatory issues, including incomplete disclosures and accounting adjustments, have led to warnings from regulatory bodies, further questioning the company's governance [20][21]. Conclusion - The article concludes that the recent acquisition, combined with historical financial practices, necessitates a reevaluation of Songcheng Performance's governance and operational strategies [13][14].