Core Viewpoint - The company is experiencing a significant increase in cash flow and is focusing on expanding its business through innovative projects and international market opportunities while managing risks associated with goodwill impairment and external economic factors [2][3][5][7]. Financial Performance - The company reported a net profit loss of 38.86 million yuan for 2024, primarily due to impairment provisions for long-term equity investments and goodwill [2][5]. - Operating cash flow surged by 1168.76% year-on-year to 105 million yuan, attributed to improved credit risk management and aggressive collection of receivables [2][5]. - The company plans to repurchase shares worth 20 to 40 million yuan for employee stock ownership plans or equity incentives [10][11]. Business Development - The company is actively pursuing cross-industry collaborations in IP incubation, event promotion, and customer development to enhance its racing sports content ecosystem [2][3]. - The international business revenue accounted for 46.73% in 2024, indicating steady growth and potential for further expansion in global markets [3]. - The Hainan International Circuit project is under construction and is expected to be operational by the end of 2026, aiming to leverage the unique advantages of Hainan Free Trade Port [3][9]. Industry Trends - The company is capitalizing on the growing trend of digital sports and AI technology, focusing on both B2B and B2C opportunities in the digital sports sector [3][8]. - The domestic motorsport events are experiencing stable revenue growth, supported by national policies encouraging automotive consumption and events [4][7]. - The company is exploring innovative integrations of lottery business with sports events to enhance operational visibility and influence [9]. Strategic Initiatives - The company is enhancing its traditional event marketing through technological advancements in VR/MR and AI, aiming to improve event operations and audience engagement [8]. - The company is diversifying its sports event portfolio, including plans to host around 20 golf tournaments nationwide, expanding into other sports like tennis and marathons [7][8].

Core Insights - The company experienced a 1.8% year-over-year increase in total net revenue for 2H24, reaching US$45.9 million, primarily driven by a 92.6% increase in event production revenue [1] - The net loss for the period widened to US$8.0 million from US$2.0 million in 2H23, while adjusted EBITDA declined to negative US$7.3 million from positive US$1.0 million in the prior year [1] - The growth in event production was supported by a higher volume of events, although the gross profit margin for this segment fell to 9.9% due to lower average margins from new large-scale music events and upfront investments in staffing and marketing [1] - For the full year 2024, total revenue reached US$85.3 million, a 1.9% increase from US$83.7 million in 2023, but below the forecast of US$92 million, primarily due to a reduction in sponsorship and advertising revenue [1] - The revenue mix shifted from IP licensing of PC and console games to mobile game league revenue sharing, leading to a downward revision of the 2025 revenue forecast from US$108 million to US$90 million [1]

Core Insights - The article highlights the successful integration of sports events into urban development strategies in Yangzhou and Wuxi, showcasing their unique approaches to transforming sports consumption into economic growth [1][2][3]. Group 1: Sports Events and Economic Impact - Yangzhou's Jianzheng International Half Marathon attracted 30,000 participants, generating a record 252 million yuan in economic impact, while Wuxi Marathon brought in 445 million yuan from external visitors [2]. - Yangzhou's sports events are designed to reflect the city's strengths, connecting historical landmarks and modern attractions, thus converting transient event traffic into lasting economic benefits [2][3]. Group 2: Policy and Financial Support - Yangzhou established a funding pool of 3.5 million yuan to support sports events, leveraging government funds to attract high-quality competitions [4][6]. - Wuxi implemented a tiered subsidy system for events, providing up to 20% support for leading enterprises and 50% for significant events, fostering a comprehensive sports ecosystem [5][6]. Group 3: Infrastructure and Technological Integration - Yangzhou is enhancing its sports infrastructure, including a new water sports training base and a 300 million yuan international football training facility, to host international events [6][7]. - Wuxi's innovation in sports technology is exemplified by the development of electronic protective gear, showcasing the city's commitment to integrating technology into sports [8][9]. Group 4: Industry Diversification and Consumer Engagement - Yangzhou's sports industry is supported by over 300 manufacturing companies, aiming for a total output value exceeding 3 billion yuan [7]. - Wuxi is developing a complete ecosystem around esports, with projected industry growth surpassing 1 billion yuan by 2024, indicating a shift towards digital and experiential consumption [9].

证券代码：002858 证券简称：力盛体育 力盛云动(上海)体育科技股份有限公司 投资者关系活动记录表 编号：2025-002 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 20 日 (周二) 下午 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 1、董事长夏青 2、董事、总经理夏南 3、董事、副总经理兼董事会秘书马笑 4、董事、财务负责人陈平 5、独立董事顾鸣杰 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司前些年收购产生的商誉计提已经影响公司业绩 2 年 了，请问今年对公司经营业绩还有负面影响吗？ 公司于2023年和2024年对长期股权投资及商誉因联营企业 或子公司经营不达预期根据减值测试结果计提了较大金额的减 值准备，该减值准备金额较为充分，预计以后 ...

Core Viewpoint - Lisheng Sports has successfully organized three major national-level sports events within the same week, showcasing its strong capabilities in sports event management and enhancing the value of sports IP in China [1][4]. Group 1: Event Highlights - The China Professional Golf Tour Chongqing Open, exclusively operated by Lisheng Sports, featured 144 top players from 17 countries, with local champion Zhou Yihan winning the title and becoming the first "Four-time Champion" in the tour's history [2]. - The China GT Supercar Championship held at the Shanghai International Circuit showcased 29 cars and over 50 drivers, concluding with a dramatic finish decided by just 0.2 seconds, highlighting the excitement of motorsport [2]. - The CKC China Karting Championship in Guangzhou attracted nearly 100 participants across various age groups, demonstrating the growing popularity and competitive spirit in karting [3]. Group 2: Company Strategy and Market Position - Lisheng Sports is recognized as a leading operator in automotive sports and a pioneer in the marketization and digital transformation of the sports industry in China, managing high-profile events and developing a comprehensive sports IP ecosystem [4]. - Recent government policies aimed at supporting the high-quality development of the sports industry present new opportunities for growth, which Lisheng Sports is actively pursuing through strategic partnerships and resource integration [4]. - The company has entered a strategic partnership with the China Golf Association to exclusively promote the China Men's Professional Golf Tour, capitalizing on the expanding market for golf, projected to grow from approximately $13.12 billion in 2025 to $19.7 billion by 2034, with a CAGR of 4.15% [5]. Group 3: Upcoming Events - Lisheng Sports is set to host the FIA Formula E World Championship in Shanghai from May 31 to June 1, 2025, which is expected to attract significant attention due to its focus on environmental sustainability and innovation in motorsport [5].

明星效应带来价值提升；公司还通过员工计划激励团队提升凝聚力促进业务发展，拟 通过回购稳定资本市场预期维护公司价值。 证券代码：002858 证券简称：力盛体育 力盛云动（上海）体育科技股份有限公司 投资者关系活动记录表 二、交流问答环节： Q1:请介绍我们新增的高尔夫赛事情况？ A1:公司在 2025 年第一季度获得了中国高尔夫球协会的授权，成为中国男子职业高尔 夫球巡回赛的独家官方运营推广机构，这是公司在体育赛事多元化布局上迈出的重要 一步。公司的赛事体系，从赛车摩托车卡丁车，成功延伸到大体育类高尔夫职业赛事。 公司今年计划在全国各地举办 20 场左右赛事。我们重庆站的赛事，吸引了 17 个国家 和地区的 144 名球手参赛。公司对高尔夫的赛事预期比较高，但也要一步一步去打实 基础，打造出赛事品牌价值。我们很期待高尔夫，能为公司贡献新增的营收和利润规 模。 Q2:公司定增和海南赛车场进展情况如何？ 编号：2025-001 | 投资者关系活动 | √ 特定对象调研□分析师会议 | | | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | ...

Group 1 - The third "Yanchang Petroleum Cup" three-on-three basketball league in Shaanxi Province was launched on May 18, with the theme "National Fitness, Sports in Sanqin" [1] - The league is organized by the Shaanxi Provincial Sports Bureau and sponsored by Shaanxi Yanchang Petroleum (Group) Co., Ltd., with support from various provincial departments [1][2] - This year's league features an upgraded event system with five levels: village/community, town/street, county/district, city, and province, divided into eight categories, allowing over 10,000 teams to participate [1] Group 2 - The league aims to create a brand event that is well-known domestically and has international influence, adopting a model that involves government leadership, association management, corporate operation, and social participation [2] - The event will focus on developing sports economy and integrating culture, tourism, and commerce, aiming to combine Shaanxi's intangible cultural heritage with the league [2]

5月14日，2025中国巡回赛·重庆公开赛新闻发布会在重庆上邦酒店新闻发布厅隆重举行。 中国高尔夫球协会理事、重庆市体育总会常务副主席张欣，重庆市体育局副局长杜学勇，西部科学城重庆高新区党工委委员、管委会副主任王松光，中国 高尔夫球协会男子职业赛事部部长李今亮，重庆市社会体育指导中心主任王艽，重庆高新区政务服务和社会事务中心副主任蒋坤，重庆市社会体育指导中 心副主任罗萍，重庆上邦体育俱乐部总经理孔令辉，力盛云动（上海）体育科技股份有限公司董事长夏青，北京力盛体育文化发展有限公司总经理曹杉等 嘉宾出席了本次新闻发布会。 强强联合，共绘赛事蓝图 重庆市体育局副局长杜学勇则从城市发展的角度诠释赛事价值："重庆公开赛是'体育+'战略的生动实践，以赛事为纽带，推动体旅融合、产业升级。"自 2022年重庆公开赛IP创办以来，赛事连续四年落地山城，不仅培育了周彦含等本土新星，更以竞技水平国际化和多元化产业联动，助力重庆建设国际体育 消费中心城市。 西部科学城重庆高新区管委会副主任王松光以"体育赋能城市"为关键词，分享了高新区的战略布局："我们以顶级赛事为窗口，吸引人才与资源，打造科 技创新与人文活力并重的未来之城。"作为赛 ...

5月5日，成都凤凰山体育公园迎来2025中超联赛第十一轮比赛，热情的成都球迷现场助威。记者 华小峰 摄 4月28日，四川省体育局印发《四川省引进国际重大体育赛事活动激励奖补实施细则》的通知（以下简称通 知），对在2025年1月1日至2025年12月31日期间，引进在川举办纳入名录库的国际重大体育赛事的举办单位，将 按标准给予一次性奖补，最高可达600万元。 足球世界杯预选赛、奥运会预选赛、中国杯国际足球赛，篮球五人制世界杯（含预选赛）、奥运会预选赛、 攀岩世界锦标赛，轮滑世界锦标赛等，可享受一次性最高300万元的奖补。电子竞技全球总决赛需同时满足现场观 赛人数10000人以上且票房收入1000万元以上的条件，可申请最高300万元的奖补。 四川省体育局相关负责人表示，四川各地体育行政部门要积极思考如何以更丰富的形式和内涵，为百姓美好 运动生活增色添彩；把扩大消费摆在优先位置，鼓励和支持各级体育组织和体育企业举办各类观赏性强、参与度 高的赛事活动，促进体育、商务、文旅深度融合发展，将赛事活动带来的"流量"转换为经济的"增量"；将体育赛 事融入百姓的日常生活，将体育赛事从传统场馆拓展到新型消费地，融入公园景区、购物 ...

Core Insights - The "Spartan Race" is emerging as a popular niche sport among the middle class in China, characterized by its high challenge and social media appeal [1][3][4] - The race involves overcoming various obstacles in a long-distance run, with the "Super Beast" race exceeding marathon distances at 50 kilometers and featuring 60 obstacles [3][9] - The event has seen rapid growth since its introduction in China in 2016, attracting participants from various age groups, including children and middle-aged parents [4][6][20] Pricing and Revenue Model - Registration fees for adult races range from 439 to 1699 yuan, while children's races cost between 499 and 599 yuan, indicating a lucrative business model [4][18] - The Spartan Race generates significant revenue from ticket sales, sponsorships, and merchandise, with ticket sales alone reaching approximately 2.195 billion yuan by 2020 [18][24] - The event's commercial success is attributed to its ability to attract middle-class consumers, with a focus on social media marketing and community engagement [20][24] Market Appeal and Demographics - The primary audience for the Spartan Race consists of middle-class individuals in major cities like Beijing, Shanghai, and Hangzhou, making it a target for various brands [20][24] - The race has become a social currency among participants, with many using it as a family activity or a way to bond with friends [10][12][34] - The event's accessibility, with categories for beginners and team participation, has broadened its appeal beyond traditional athletes [9][12] Cultural Impact and Social Media - The Spartan Race has leveraged social media platforms for promotion, with significant engagement on platforms like Xiaohongshu, where related content has garnered millions of views [7][18] - Participants often share their experiences and achievements online, contributing to the race's popularity and creating a community around the event [10][12] - The race's branding and merchandise, including training gear and event memorabilia, have further solidified its status as a cultural phenomenon among the middle class [22][24] Challenges and Future Outlook - Despite its growth, the Spartan Race faces challenges such as safety concerns and logistical issues during events, which could impact participant satisfaction [31][34] - The event's future success will depend on balancing commercialization with broader public participation, as it seeks to transition from a niche activity to a more mainstream phenomenon [34]