中证报中证网讯(记者王辉)8月26日晚间，力盛体育（002858）发布2025年半年报。2025年上半年，公 司实现营业收入2.72亿元，同比增加21.94%；公司实现归属于上市公司股东的净利润1532万元，同比增 长11.97%。 分业务看，公司核心业务体育赛事经营上半年实现营业收入1.92亿元，同比增长30.20%，占营业收入的 比例进一步提升至70.62%。上半年，公司运营国际/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。 其次，上半年公司体育场馆经营实现营业收入6717万元，同比增长22.74%，营业收入占比提升至 24.72%。在现有上海、株洲两大赛车场布局的基础上，力盛体育进一步开发海南地区业务发展潜力， 各项业务正有序推进中。 具体来看，海南国际赛车场项目作为世界新能源汽车体验中心项目一期工程的核心，建成后将成为海南 汽车产业、旅游经济、消费升级与全面开放的先导与标杆。力盛体育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。 此外，力盛体育还通过投资等方式探索体育产业外延发展。公司通过上海体育产业投资基金持有鲸鱼机 器人5.047%的股份， ...

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]