Core Insights - Chaoyang District is promoting a series of summer cultural and artistic events under the theme "One Night in Beijing Chaoyang" for the summer of 2025, featuring concerts, music festivals, acrobatics, puppet shows, and modern dramas [1] - Five premium "performance routes" have been launched, focusing on nighttime cultural tourism and creating an immersive night economy experience [1] - The routes cover five themes: ecological art, international style, trendy culture, diverse arts, and urban leisure, integrating performances, commercial complexes, and cultural landmarks into a one-stop night consumption chain [1] Performance Routes - "Olympic Forest Park: Ecological Art Immersion Tour" emphasizes nature, allowing visitors to enjoy sports and attend large-scale concerts at night [2] - "Liangma River: International Style Experience Tour" features classic performances and outdoor shows, complemented by night boat tours and romantic spots [2] - "Sanlitun: Trendy Art Experience Tour" connects concerts, small theater performances, and fashionable shopping, creating a social nightlife experience [2] - "Wangjing: Diverse Art Exploration Tour" focuses on comedy and small theater performances, enhancing the artistic atmosphere with nearby art districts [2] - "Chaoyang CBD: Urban Art and Leisure Tour" showcases acrobatics and interactive performances, along with curated retail spaces [2] International Tourism Routes - Chaoyang District is promoting five premium inbound tourism routes, including experiences at Liangma River, 798 Art District, and themed night markets [3] - Collaborations with platforms like Trip.com and TripAdvisor are aimed at creating multilingual route pages to attract global tourists [3]

央视网消息：随着暑期到来，夜游热度持续升温，各地演艺市场也纷纷上新。在十三朝古都河南洛阳，当地依托盛唐历史文化 IP，创新推出了首部大型园林实景演出，层出不穷的新鲜感、体验感吸引着全国游客慕名而来。 总台记者 艾泽乐：这是隋唐洛阳城九洲池。一千多年前，这里是横跨隋、唐、宋三朝的皇家园林，如今，遗址上复原的水洲楼 阁让人能够沉浸式走入这座宫城御苑。白天临台观水，可以欣赏隋唐时期"广水无山"的造园艺术。而到了夜晚，现代的光影技术会 将整座园林变成了演绎历史故事的奇幻舞台。 除了《凤舞神都》，整个隋唐洛阳城遗址景区也在6月推出了《白居易的乐坊》等50多项夜间节目，丰富夜晚游园登楼的体验。 除了赏夜景、看演出，升温的夜游也带火了夜拍市场。 在应天门城楼高处，一些游客正在登楼夜拍。今年6月以来，登楼夜拍的游客逐渐增多。游客们热衷于追寻更具沉浸感的拍摄角 度，也折射出洛阳夜间文旅市场的提质升级。 近年来，河南洛阳大力推动发展"夜经济"，开展沉浸式游园，大型文化演出、夜间集市、消费购物节等，不断扩展消费场景， 助力激发消费新活力。 水雾升腾，光影流转，上百名演员身着唐代复原服饰，通过舞蹈、武术、杂技等演绎形式，生动重现了武 ...

因2022年度财报出现重大会计差错，宋城演艺（300144.SZ）收到浙江证监局的警示函。 警示函指出，因公司及相关责任人上述行为违反了《上市公司信息披露管理办法》（证监会令第182 号）的相关规定，浙江证监局决定对公司及相关责任人分别采取出具警示函的监督管理措施，并记入证 券期货市场诚信档案。 值得注意的是，此次差错源于公司对联营企业花房集团公司（下称"花房集团"）的投资核算问题。由于 花房集团参股公司涉案导致审计材料缺失，立信会计师事务所此前已对2022年报出具保留意见。 6月20日，宋城演艺方面接受《华夏时报》记者采访时表示："花房集团是公司参股企业，公司对其不具 有控制权，不参与其具体经营。" 宋城演艺还表示，受疫情影响，2022年公司利润总额和净利润均为千万元级别，远低于公司正常的盈利 水平（2019年及2024年公司利润总额和净利润均为十亿元级别），导致调减金额占更正前相关指标的比 华夏时报（www.chinatimes.net.cn）记者 王敬 北京报道 重较大，更正前后盈亏性质发生变化。本次会计差错更正调减金额放在除三年疫情外的任何年度，均不 足以导致公司更正前后盈亏性质发生变化，调减金额占更 ...

Core Viewpoint - Shaanxi Tourism Cultural Industry Co., Ltd. is preparing for an IPO to raise 1.555 billion yuan, showcasing its profitability in the tourism sector despite challenges faced by peers in the industry [3][4]. Financial Performance - In 2024, the company reported revenue of 1.245 billion yuan and a net profit of 503 million yuan, making it one of the few profitable cultural tourism enterprises in the region [3]. - Revenue figures for the years 2022 to 2024 were 224 million yuan, 1.071 billion yuan, and 1.245 billion yuan, respectively, while net profits were -74.42 million yuan, 418 million yuan, and 503 million yuan [4]. Revenue Sources - The company heavily relies on the performance of the show "Chang Hen Ge," which contributed over 50% of its revenue in 2024, with ticket prices ranging from 198 yuan to 988 yuan [5][6]. - "Chang Hen Ge" had 947 performances in 2024, attracting 2.4935 million visitors and achieving an attendance rate of 87.77% [5]. Project Financing - The IPO proceeds of 1.555 billion yuan will be allocated to seven projects, with the largest investment of 729 million yuan going to the second phase of the Tai Mountain Show City project [4]. - The first phase of the Tai Mountain Show City project has not performed well, with the "Railway Guerrilla" show generating less than 1% of total revenue over the past three years [4]. Industry Comparison - Compared to peers like Huangshan Tourism and Lijiang Co., Shaanxi Tourism has lower liquidity ratios and higher debt ratios, indicating potential financial vulnerabilities [9][10]. - The company has a high asset-liability ratio of 34.45%, significantly above the industry average of 18.11% [10]. Operational Risks - The company acknowledges potential risks related to audience fatigue and declining market appeal, which could hinder its long-term innovation and growth [7]. - There are concerns regarding the stability of the performance venue for "Chang Hen Ge," as the operating rights are held by the Huaqing Palace Company until August 5, 2034, without rental payments required [12].

Group 1 - The core viewpoint emphasizes the integration of cultural and tourism industries in Henan province, showcasing various artistic performances and projects that enhance the tourism experience [1] - Six tourism performance projects have been selected for the Henan tourism performance boutique catalog, including "A Journey of Drama" in Zhengzhou and "Water Show" in Puyang, highlighting the province's cultural richness [1] - The shift from scenic tourism to immersive and interactive experiences is identified as a key driver for the development of the cultural tourism industry [1] Group 2 - The Henan Provincial Department of Culture and Tourism aims to position the province as a center for cultural heritage and innovation, and a world-class cultural tourism destination [2] - The strategy includes leveraging cultural resource advantages, promoting digitalization, and enhancing the quality of cultural tourism performances [2] - The focus is also on addressing weaknesses in cultural transformation, industry capacity, international outreach, and strengthening operational entities within the tourism sector [2]

证券代码： 300144 证券简称：宋城演艺 宋城演艺发展股份有限公司投资者关系活动记录表 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 ☑ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 13 日 (周二) 15:00-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 总裁商玲霞女士、常务副总裁兼董事会秘书赵雪璎女士、财务总 监陈胜敏先生、独立董事杨轶清先生 投资者关系活动 主要内容介绍 公司于 2025 年 5 月 13 日（周二）15:00-17:00 在全景网平 台参加了"2025 年浙江辖区上市公司投资者网上集体接待日暨 2024 年度业绩说明会"，主要问答情况如下： 1、公司旗下多个千古情景区业绩表现亮眼，如广东千古情 景区开业首年即盈利，三峡千古情景区开业百天收入破亿元，这 些新景区成功的关键因素是什么？公司如何将这些成功经验复 制到未来的项目中？ 答：您 ...

Core Insights - The rise of live performances in tourist attractions has transformed the cultural tourism market, turning previously overlooked destinations into profitable hotspots [2][3][5] - Live performances enhance the marketing value of tourist sites by creating immersive cultural experiences that engage multiple senses [6][7] Group 1: Economic Impact - The introduction of large-scale live performances has significantly boosted revenue for attractions, exemplified by the Qingming Riverside Landscape Garden achieving 1 billion yuan in annual revenue and attracting 8 million visitors in 2024 [5] - The overall tourism revenue in Kaifeng reached 4.927 billion yuan during the recent holiday, marking a year-on-year increase of 10.03% [5] - A successful live performance can create a multiplier effect on local economies, with data indicating that every 1 yuan of ticket revenue can generate 7 yuan in surrounding consumption [13] Group 2: Characteristics of Successful Performances - Successful live performances share three key characteristics: deep localization that taps into local cultural IP, innovative presentation methods that blend traditional art with modern technology, and sustainable operational models that avoid homogenization [7][8] - The integration of advanced technologies such as AR and VR enhances the audience's experience, making traditional stories more engaging [7] Group 3: Investment and Returns - The high initial investment and long payback periods associated with live performances can deter some attractions, with costs often exceeding 1 billion yuan and a typical return period of 3-5 years [8][9] - However, projects that survive the initial phase often enter a rapid profit growth period, establishing a competitive advantage in the market [9] Group 4: Future Trends - The live performance sector is projected to grow significantly, with the market size expected to reach 12.73 billion yuan in 2024, reflecting an 89% increase since 2019 [13] - The tourism performance segment is anticipated to contribute 9.06 billion yuan in revenue, accounting for 71.2% of the market [13]

历史文化名城泰安同样注重构建"时空穿越"的文化新体验。《中华泰山·封禅大典》大型实景演出经升 级改版后，于"五一"假期全新亮相。演出突出科技与传统的深度交融，引入数字化灯光设备及整套灯光 操控系统，让观众置身于历史与现实交织的奇妙空间。 随着"团长"一声令下，游客们跳出掩体，拿着道具，发起"解放县城"的最后冲锋……在红色革命圣地山 东临沂，"网红"旅游体验项目"跟着团长打县城"假日火爆依旧。该项目还原了1941年抗战时期的情景， 每场演出吸引千余名游客参与。 在泉城济南，融合非遗、国风和现代科技元素的大型国风实景秀《梦回西楼》在小长假期间开启2025年 度首演，以双线叙事呈现大宋史诗。观众在"一种相思，两处闲愁""醉里挑灯看剑"的叙事中感知济 南"二安"文化的魅力。 中新网济南5月6日电(记者赵晓)据山东省文化和旅游厅5月6日消息，今年"五一"假期，该省重点监测的 200家旅游景区，累计接待游客2561.6万人次，同比增长8.2%；营业收入12.5亿元人民币，同比增长 8.3%。各地演艺市场"热度"拉满，深度融入科技元素，让游客沉浸式体验齐鲁文化的深厚与鲜活。 作为2025山东省文旅产业高质量发展大会的主会场 ...

"五一"佳节，处处洋溢着欢乐与活力，幸福的气息如春风般吹拂大地。景区内，游客们欢声笑语，在山水间留下美好回忆，共享自然馈赠的 惬意。 2025年5月4日，游客在天津市东丽区蔡园子农场参加捞鱼比赛。人民网记者 崔新耀摄 2025年5月4日，吉林省敦化市北山公园内，不少市民游客拾级而上，登上革命烈士纪念塔，缅怀先烈。他们在行走中聆听革命故事，感受红色文 化。人民网记者 王海跃摄 2025年5月4日，在吉林省长春市南湖公园景区，游客们在湖中划船度假。人民网记者 李洋摄 2025年5月4日，河南林州太行大峡谷，游客在绿水青山之间乐享假期。人民网 霍亚平摄 2025年5月3日，河南安阳殷墟博物馆内，游客驻足在甲骨文展区。3000年前的龟甲历经岁月打磨，仍清晰可见苍劲的刻痕。人民网记者 单芳摄 2025年5月3日，在黑龙江省哈尔滨市南岗新华书店内，家长带着孩子畅享阅读的美好时光。人民网记者 苏靖刚摄 2025年5月3日，在北京通州北运河畔，不少市民游客前来露营休闲，欣赏运河美景，亲近自然，乐享"五一"假期。人民网记者 翁奇羽摄 2025年5月2日，一场别开生面的藏式婚礼在西藏拉萨市城关区岗堆小区里举行。人民网记者 次仁罗 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In 2024, the company achieved operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 1.049 billion yuan, turning from loss to profit. For Q1 2025, the company reported operating revenue of 561 million yuan, a slight increase of 0.26%, while the net profit attributable to shareholders was 246 million yuan, a decrease of 2.18% [2][6]. - The company is focusing on its core performing arts business, streamlining operations. Upgrades to existing projects are enhancing reception capacity and economic efficiency, while new projects are gradually maturing and generating new contracts, establishing a foundation for stable long-term growth. The projected net profits for 2025-2027 are 1.215 billion, 1.363 billion, and 1.477 billion yuan, with corresponding P/E ratios of 21, 18, and 17 times [2][6]. Summary by Sections Financial Performance - In 2024, the company's cultural and artistic business revenue from live performances and tourism services grew by 17.5% and 76.79% respectively, driven by the success of the Xi'an and Guangdong "Eternal Love" performances. The Xi'an venue achieved a record of 17 shows per day, while the Guangdong venue opened on February 10 and quickly became profitable [12]. - The company's net profit margin turned positive at 44.47% in 2024, compared to a negative margin in 2023 due to impairment losses. The gross margin increased by 1.26 percentage points to 67.61%, although operating expense ratios also rose [12]. Project Development - The company is actively upgrading existing projects and signing new ones. In 2024, it continued to enhance projects like Hangzhou Paradise and Sanya "Eternal Love". A new light-asset project, "Silk Road Eternal Love", is expected to open in July 2026, contributing to the company's growth [12]. Earnings Forecast - The company is expected to see net profits of 1.215 billion, 1.363 billion, and 1.477 billion yuan for 2025, 2026, and 2027 respectively, with P/E ratios of 21, 18, and 17 times. The focus on the performing arts sector and the successful execution of new projects are key drivers for this growth [2][12].