8月26日晚间，力盛体育（002858）发布2025年半年报。报告期内，公司实现营业收入2.72亿元，同比 增加21.94%；归母净利润1,532万元，同比增加11.97%。2025年第二季度，公司实现归母净利润与去年 同期相比暴涨319%。 上半年，力盛体育运营国际/亚洲级、国家级及区域级赛事共55场次，较去年同期增加10场次，主营业 务稳扎稳打。继续深耕赛车赛事IP的同时，公司积极探索大体育领域的新机遇，将IP运营拓展到高尔夫 领域。截至6月底，已成功举办7站赛事，吸引200多名国内外顶尖高尔夫选手参与。该赛事业务的拓展 将助力公司持续强化赛事运营能力，维护赛事品牌价值。 与此同时，随着海南自贸港封关进入倒计时，力盛体育加快推进海南国际赛车场项目的建设。未来，公 司将主导海南国际赛车场项目运营，力争实现社会效益与经济效益的双赢。 ...

Summary of Lisheng Sports Conference Call Company Overview - **Company**: Lisheng Sports - **Industry**: Sports Event Management and Operations Key Points and Arguments Financial Performance - Lisheng Sports achieved a record high total revenue of over 400 million yuan in 2024, despite facing long-term equity investment losses and goodwill impairment [2][8] - Core racing and event operations remained profitable, while emerging karting and digital sports businesses incurred losses [2][8] - The company expects improved performance in 2025 due to reduced risks and an employee stock ownership plan [2][8] Business Strategy and Expansion - The company is expanding its strategy from racing to a broader sports domain, having secured golf event authorization in 2025 and planning to extend into tennis, cycling, and marathons [2][4] - The golf business will encompass events, practice facilities, and equipment, with expected revenue contributions starting in 2025 and significant growth anticipated post-2026 [2][5] - The Haikou racetrack is projected to be completed by the end of 2026, contributing to revenue from 2026 to 2027, benefiting from Hainan's free trade zone operations and tourism consumption [2][6] Market Outlook - The company is optimistic about the golf market, predicting that a well-structured full industry chain could surpass the scale of its current racing business [2][7] - Long-term revenue target is set to exceed 1 billion yuan through a "5+4+2" model [2][7] Revenue Streams and Profitability - The commercial value of golf events includes sponsorship, registration fees, merchandise, and broadcasting rights, with significant profit potential once initial costs are covered [2][8] - The expected revenue for golf events is around 400 million yuan, with profits projected between 150 million to 200 million yuan [12] Future Developments - The company plans to explore other sports events like marathons and tennis in 2026, contingent on progress in 2025 [14] - Additional racetrack projects are planned outside Hainan, driven by the growing demand for performance cars in China [15] Challenges and Risks - The company faced challenges in the past year due to long-term equity investment losses and goodwill impairment, alongside losses in karting and digital sports due to high initial investments [8] - The focus for 2025 will be on ensuring profitability and avoiding large-scale loss-making investments, particularly in AI and digital sports [18] Market Comparison and Insights - Domestic golf event profitability is expected to improve through marketization, with potential comparisons to successful overseas models like the European Tour [9][10] - The company is analyzing the commercial viability of various sports events, considering market competition and audience characteristics [20] Important Milestones - Key milestones to watch in 2025 and 2026 include developments in the golf business, the construction of the Haikou racetrack, and the progress of the company's capital increase and buyback plans [21]