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]

Group 1: Core Initiatives - Beijing's "Beijing Service" initiative aims to address key pain points for businesses and citizens by proposing over 200 reform tasks across 46 areas by 2025 [1][4] - The initiative includes the establishment of over 200 "Small and Micro Enterprise Homes" and expanding financial support through special loans and discounts [1][2] Group 2: Financial Support and Economic Growth - The balance of inclusive microloans in Beijing has exceeded 1 trillion, with direct financing ranking first in the country, resulting in tax reductions and refunds exceeding 150 billion [2] - Beijing's economic and information bureau plans to cultivate 1,000 specialized and innovative small and medium enterprises by 2025 [12][13] Group 3: Transportation and Public Services - The city has achieved full subway coverage and introduced 352 dedicated lines for education, healthcare, and tourism, with a 90% transfer rate between public transport and rail [3][5] - A unified appointment platform for medical services covers all secondary and higher medical institutions, with 481 test results recognized across the city [3] Group 4: Market Regulation and Business Environment - Non-site inspections are expected to account for over 50% of total inspections by 2025, with a focus on "no disturbance" policies for businesses [6][7] - The number of registered businesses in Beijing reached 2.6862 million, with a 5.08% year-on-year growth, and nearly 40% of these are technology-based enterprises [6] Group 5: Cultural and Tourism Development - Beijing plans to host 40,000 cultural events in 2025, building on its status as a national cultural center [14][15] - The city aims to enhance its tourism industry with significant financial support, including 150 billion in credit for cultural and tourism enterprises over the next five years [14] Group 6: Digital Governance and Services - The "Jing Tong" platform has over 44 million registered users, facilitating efficient government services with a monthly processing volume of 542,000 cases [10] - The city has implemented a "Three Deliveries" service model to provide integrated policy, digital, and hotline services to small and micro enterprises [11] Group 7: International Trade and Logistics - Beijing's import and export volume reached 3.61 trillion in 2024, maintaining a steady growth trend for three consecutive years [8][9] - The city is enhancing its logistics capabilities with the construction of multi-modal transport facilities at major airports [9] Group 8: Payment Services for Foreign Visitors - The city has implemented a comprehensive payment solution for foreign visitors, with 18,000 merchants accepting foreign cards and 11,400 ATMs supporting cash withdrawals [17][18] - A new "two-card" product combining communication and payment functions is set to enhance the travel experience for international tourists [17][18]