11月25日，宋城演艺发展股份有限公司（宋城演艺，300144.SZ）发布公告称，拟支付现金购买控股股 东杭州宋城集团控股有限公司（下称"宋城集团"）持有的杭州宋城实业有限公司（下称"宋城实业"） 100%股权，整体转让价格约9.63亿元（人民币，下同）。 交易完成后，宋城实业成为宋城演艺的全资子公司并纳入公司合并报表范围。 宋城演艺在公告中表示，公司旗下宋城景区于1996年5月18日开园，是第一个开业运营的千古情景区。 30年来，宋城景区累计接待游客达1.1亿人次，累计上演《宋城千古情》近3.9万场，是世界上迄今为止 演出场次最多、接待观众人数最多的大型旅游演出和文化主题公园，推动杭州成为全国乃至全球游客向 往的旅游目的地之一。但土地资源的瓶颈直接制约了产品线升级与业态丰富。大量面向年轻人、亲子客 群、沉浸式娱乐、新科技演艺等新内容，因缺乏用地而无法落地；游客停留时间、二次消费空间也受到 限制，宋城景区在"深度游、长时间、高客单"的趋势下存在先天短板。加上近年同类产品加速扩张，宋 城景区客流与营收已连续几年下滑，若不扩容升级，趋势难以扭转。 宋城演艺表示，本次拟收购比邻的宋城实业，将把景区从67亩拓展至约2 ...

Core Viewpoint - The company plans to acquire 100% equity of Hangzhou Songcheng Industrial Co., Ltd. from its controlling shareholder, Hangzhou Songcheng Group, for a total transfer price of 963 million yuan, which will enhance its operational scale and content offerings, potentially reversing recent declines in performance [1] Group 1: Acquisition Details - The acquisition price for the 100% equity stake is set at 963 million yuan [1] - Following the transaction, Hangzhou Songcheng Industrial will become a wholly-owned subsidiary and will be included in the company's consolidated financial statements [1] Group 2: Strategic Implications - This transaction addresses the company's land use shortfall in its scenic areas and is a proactive step towards future content and business model expansion [1] - The expansion of the scenic area will significantly increase operational space, enrich performance and interactive content, and improve tourism facilities, thereby enhancing visitor attraction [1] Group 3: Expected Outcomes - The company anticipates that the expanded operational scale and enriched content will lead to an increase in visitor numbers and higher per capita spending [1] - The scenic area will serve as a testing ground for various planning and design initiatives, allowing the company to refine and replicate successful strategies across its numerous scenic spots nationwide [1]

Core Viewpoint - Songcheng Performance announced the acquisition of 100% equity in Songcheng Industry for a cash payment of RMB 963 million, enhancing operational synergy and scale advantages [1] Group 1: Acquisition Details - The acquisition involves Songcheng Performance purchasing 100% of Songcheng Industry, which has been leasing land and facilities to support the operations of the adjacent Songcheng Scenic Area [1] - The final transfer price for the acquisition is set at RMB 963 million, based on the equity valuation provided by a qualified appraisal agency [1] - Upon completion of the transaction, Songcheng Industry will become a wholly-owned subsidiary of Songcheng Performance and will be included in the consolidated financial statements of the company [1]

Core Viewpoint - Songcheng Performance experienced a slight decline of 0.85% on November 17, with a trading volume of 227 million yuan, indicating a high level of market activity and investor interest [1] Financing Summary - On November 17, Songcheng Performance had a financing buy-in amount of 30.28 million yuan and a financing repayment of 26.84 million yuan, resulting in a net financing buy of 3.45 million yuan [1] - As of November 17, the total financing and securities lending balance for Songcheng Performance was 1.058 billion yuan, with the financing balance of 1.049 billion yuan accounting for 4.91% of the circulating market value, which is above the 80th percentile level over the past year [1] - The company repaid 42,700 shares in securities lending and sold 15,500 shares on the same day, with a selling amount of 126,300 yuan, while the remaining securities lending volume was 1.1367 million shares, with a balance of 9.264 million yuan, also above the 80th percentile level over the past year [1] Business Overview - Songcheng Performance Development Co., Ltd. was established on September 21, 1994, and listed on December 9, 2010, with its main business involving live performance and tourism services [2] - The revenue composition includes: Hangzhou Songcheng Tourist Area (25.36%), e-commerce service fees (12.56%), Lijiang Eternal Love Scenic Area (9.88%), Guangdong Eternal Love Scenic Area (9.44%), Sanya Eternal Love Scenic Area (8.50%), Guilin Eternal Love Scenic Area (8.41%), Xi'an Eternal Love Scenic Area (7.09%), Shanghai Eternal Love Scenic Area (5.80%), design and planning fees (4.70%), and other businesses (4.17%) [2] - For the period from January to September 2025, the company reported a revenue of 1.833 billion yuan, a year-on-year decrease of 8.98%, and a net profit attributable to the parent company of 754 million yuan, down 25.22% year-on-year [2] Dividend and Shareholder Information - Since its A-share listing, Songcheng Performance has distributed a total of 2.412 billion yuan in dividends, with 917 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 40.953 million shares (a decrease of 24.563 million shares), and E Fund's Growth ETF, which held 34.0885 million shares (a decrease of 5.8088 million shares) [3]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price set at 11.1 RMB based on a 30x PE for 2025 [8][11]. Core Insights - The company faced revenue pressure in the first three quarters of 2025, with total revenue of 1.83 billion RMB, down 8.98% year-on-year. Net profit attributable to shareholders was 754 million RMB, a decrease of 25.22% year-on-year [12][15]. - The decline in revenue is attributed to reduced income from light asset businesses and fluctuations in project performance due to changes in the consumer environment, regional tourism demand, and increased competition [13][15]. - The company is implementing strategic adjustments, including enhancing brand influence through various marketing initiatives, which are expected to drive future growth [12][14]. Financial Summary - For Q3 2025, the company's revenue was 753 million RMB, down 9.94% year-on-year, and net profit was 354 million RMB, down 22.6% year-on-year [15]. - The gross profit margin for Q3 2025 was 72.14%, a decrease of 3.5 percentage points compared to the same period last year [3][15]. - The company projects net profit attributable to shareholders for 2025-2027 to be 971 million, 1.04 billion, and 1.11 billion RMB, with EPS of 0.37, 0.40, and 0.42 RMB respectively [8][11].

Core Insights - The national tourism performance in the first three quarters of this year has shown significant growth in terms of performance, box office revenue, and audience numbers, indicating a vibrant market [1] - The tourism performance market is characterized by a rich supply of products and continuous release of market vitality, with traditional formats like real-scene performances and themed parks undergoing quality upgrades [1] Industry Developments - The large-scale historical dance drama "The Longing Song," which premiered in 2006, has performed over 6,500 shows, attracting 12.9 million viewers and generating over 3 billion yuan in revenue [3] - Shaanxi province, a major tourism hub, has been a pioneer in the domestic tourism performance industry, with notable performances dating back to 1982 [4] - The Ministry of Culture and Tourism has issued guidelines to promote the healthy development of the tourism performance industry, emphasizing innovation in operational models [4][6] Technological Integration - The integration of technology in performances, such as the use of hidden LED screens and special effects, enhances audience immersion, as seen in the recent performances at the Huaqing Palace [2][5] - The upgraded version of "The Underground War" incorporates interactive elements, allowing audience participation and deepening emotional engagement [5] Cultural Significance - Tourism performances serve as a vibrant medium for the public to experience cultural beauty, with a focus on high-quality content and the fusion of traditional and modern elements [6][7] - The "Dragon and Phoenix Dance of China" has been innovated to appeal to younger audiences by combining traditional cultural elements with modern stage technology [8] Regional Highlights - The "Impression Liu Sanjie" performance has been a significant contributor to the tourism industry in Guilin, with over 9,000 shows and 22 million viewers, continuously evolving to maintain high standards [9] - In Dunhuang, performances like "Seeing Dunhuang" and "Dunhuang Melody" have become key attractions, enhancing the local tourism experience [10][11] Economic Impact - The "performance + tourism" model is expanding, becoming a new driving force for regional economic growth, as evidenced by the substantial audience numbers and revenue generated from various performances [12][13]

Core Viewpoint - Songcheng Performance plans to launch a series of themed activities during major holidays such as New Year's Day and Spring Festival, aiming to provide unique cultural tourism experiences that convey festive blessings to visitors [2] Group 1 - The company emphasizes the importance of holiday-themed events to enhance visitor experience [2] - The activities are designed to align with the festive themes, creating a warm atmosphere for guests [2]

Core Viewpoint - Songcheng Performance stated that as of October 31, 2025, the total number of shareholders, including credit accounts, is expected to reach 87,209 [2] Summary by Category - **Company Information** - The company has provided an update on its shareholder count, indicating a significant engagement with investors [2] - The total number of shareholders is projected to be 87,209, which reflects the company's growth and investor interest [2] - **Industry Context** - The increase in shareholder numbers may suggest a positive trend in the entertainment and performance industry, indicating potential growth opportunities [2] - The company's focus on expanding its shareholder base could be a strategic move to enhance its market presence and investor relations [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters, primarily due to the timing of revenue recognition in its light asset business and the impact of the overall consumption environment, regional tourism market changes, and competition [1] Group 1: Financial Performance - Revenue decreased year-on-year, influenced by the revenue recognition schedule of light asset projects and external market conditions [1] - Net profit declined due to reduced revenue and a temporary increase in costs and expenses [1] Group 2: Strategic Initiatives - The company plans to steadily advance existing light asset projects and strictly adhere to revenue recognition standards [1] - Efforts are being made to enhance the attractiveness of scenic spots through hardware upgrades, content innovation, and targeted marketing [1] - Investments in talent acquisition, content updates, and brand building are seen as necessary measures to respond to market changes and strengthen competitiveness [1] Group 3: Future Outlook - The company aims to optimize marketing strategies, strengthen resource collaboration, and drive content diversification and traffic conversion to promote sustainable growth [1]

（编辑 袁冠琳） 证券日报网讯 宋城演艺11月13日在互动平台回答投资者提问时表示，公司在新项目开发时会综合考量 地理区位、基础配套、市场基数及项目成本效益等多重因素，进行系统性地选址分析、市场调研和全面 评估。未来如涉及具体项目计划，公司将严格按照监管要求履行信息披露义务。 ...