Financial Performance - The company achieved operating revenue of 57,918.77 million yuan, a decrease of 14.42% compared to the same period last year [3] - The net profit attributable to shareholders was 4,177.25 million yuan, down 68.94% year-on-year, primarily due to increased credit impairment losses and declining operating revenue [3] Project Updates - The opening ceremony project for the 2025 Asian Winter Games was successfully premiered on February 7, 2025, with a project amount of 8,788 million yuan, recognized in Q1 2025 [3] - The large-scale performance project "Dreaming Dazhong" is valued at 8,990 million yuan, with expected revenue recognition in Q2 2025 [3] C-end Business Operations - The company has several C-end operational projects, including: - "Sky632" located on the 126th floor of Shanghai Tower, with a 60% ownership stake [4] - "Xianghu Yuyun" in Hangzhou, with a 75% ownership stake, set to premiere on June 30, 2024 [4] - "On the Sea of Qingdao" in Shandong, with a 30% ownership stake, scheduled to premiere on July 12, 2024 [5] - The focus on C-end business is expected to provide more opportunities and enhance business stability and sustainability [5] Strategic Initiatives - The company plans to expand its business scope to include import and export activities, responding to the "cultural going global" strategy [5] - The company is actively exploring the integration of AI and performance arts, considering strategic mergers and acquisitions to diversify its business [9] Financial Management - The company has accumulated cash dividends of 193 million yuan and share repurchases of 100 million yuan from 2020 to 2024 [11] - As of December 31, 2024, the accounts receivable amounted to 613 million yuan, with a bad debt provision of 307 million yuan, representing a provision rate of approximately 50.08% [12] Shareholder Engagement - The company plans to offer limited edition performance tickets for specific cultural tourism projects as a gesture of appreciation to shareholders [11] - As of April 18, 2025, the number of shareholders was 14,419 [16]

高盛研究部早前预计， 2035年全球人形机器人市场或将达到380亿美元的规模 。人工智能加速演进、技术突破、研发及资本支出投资加大，进一步 推动人形机器人市场的发展。 从目前的进展来看， 行业可能在2025年从研发阶段步入量产阶段 。众多供应链上市公司，尤其在亚洲，已公开披露了进军或进一步推进人形机器人相关 业务的计划。高盛研究部认为一个 全方位的生态系统正在成型 ，在我们的基本情景假设下，迅速增长的全球人形机器人需求到2035年可能释放380亿美 元的潜在市场规模。此外，考虑到人形机器人仍处于早期发展阶段且存在各种潜在技术方案，我们认为 竞争格局将持续演进 。 高盛研究部认为 供应链零部件仍最具吸引力 。团队推出了 高盛独家产品品类偏好排名(GS proprietary product category preference rank) ，以评估我们在 人形机器人供应链覆盖范围内的主要投资机会。我们 更看好谐波减速机供应商和执行器总成商 ，因其技术壁垒更高，或产品被采用的确定性更强。 2. 市场已经计入了哪些因素？ 高盛研究部所覆盖的人形机器人供应链股年初至今 已平均上涨48% （沪深300指数持平），这表 ...