事件描述 2025 年上半年，公司实现营业收入10.8 亿元，同比下滑8.3%，实现扣非归母净利润3.84 亿元，同比下 滑29.8%。 2025 年二季度，公司实现营业收入5.19 亿元，同比下滑16.06%，实现扣非归母净利润1.45亿元，同比 下滑51.49%。 盈利预测及投资建议：看好公司聚焦演艺主业，轻装上阵。老项目升级改造，提升接待能力和经济效 益，新项目逐步培育成熟，不断新增签约，搭建中长期稳健成长新动能。预计2025-2027 年公司归母净 利润分别为11.87/13.40/14.52 亿，对应PE 分别为20/18/16X，维持"买入"评级。 风险提示 1、部分区域市场需求恢复不及预期； 2、行业竞争加剧导致产品价格下行； 3、产品迭代节奏缓慢，产品力回落。 事件评论 新项目方面，项目扩张与内容创新齐头并进。2025 年上半年，公司先后签订青岛"丝路千古情"和台 州"东海千古情"两个轻资产输出项目，分别预计于2026 年7 月、2028 年5 月开业，预计未来可为公司带 来服务收入合计5.2 亿元。同时，公司在内容创新方面稳步推进，目前正全新编创万人实景演出，未来 将在广东千古情景区上演，同 ...

丨证券研究报告丨 公司研究丨点评报告丨宋城演艺（300144.SZ） [Table_Title] 2025 年半年度报告点评：项目扩张与迭代并进， 营销推广多点开花 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 10.8 亿元，同比下滑 8.3%，实现扣非归母净利润 3.84 亿 元，同比下滑 29.8%。2025 年二季度，公司实现营业收入 5.19 亿元，同比下滑 16.06%，实 现扣非归母净利润 1.45 亿元，同比下滑 51.49%。看好公司聚焦演艺主业，轻装上阵。老项目 升级改造，提升接待能力和经济效益，新项目逐步培育成熟，不断新增签约，搭建中长期稳健 成长新动能。预计 2025-2027 年公司归母净利润分别为 11.87/13.40/14.52 亿，对应 PE 分别 为 20/18/16X，维持"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.co ...

Core Insights - The Qingdao Municipal Government has issued the "Qingdao Land Space Overall Plan (2021-2035)", which has been approved by the State Council, indicating the national strategic intent for Qingdao [1][2] - The plan designates ten districts in Qingdao as "national-level" urbanization areas, with Jiaozhou highlighted as a key development hub [1][2][4] Group 1: National-Level Urbanization Areas - The concept of "national-level urbanization areas" is newly introduced in this planning cycle, with Jiaozhou positioned as a significant support for Qingdao's overall development [2][4] - The plan emphasizes the promotion of strategic emerging industries and modern service industries, enhancing urban public services, and improving spatial land use [6][12] Group 2: Jiaozhou's Economic Development - Jiaozhou is forming a "3+2+1" emerging industry tier, focusing on new-generation electronic information manufacturing, new energy, and aerospace industries [7] - In Q1 of this year, Jiaozhou's GDP surpassed 40 billion yuan, supported by a robust industrial manufacturing sector, with a notable 8.7% growth in industrial added value [7] - The modern service industry in Jiaozhou accounted for over 50% of its GDP last year, with significant contributions from venture capital and cross-border e-commerce [7][9] Group 3: International Trade and Cooperation - Jiaozhou is positioned as a core area for the Shanghai Cooperation Organization (SCO) demonstration zone, which is crucial for enhancing international trade cooperation [11][12] - The SCO demonstration zone is expected to drive significant growth in trade and investment with SCO countries, with projected import-export values reaching 531.62 billion yuan by 2024, a 3.1-fold increase from 2018 [12] Group 4: Support Measures and Future Potential - The Shandong government has introduced 23 support measures to enhance the SCO demonstration zone, focusing on comprehensive reforms and improving the business environment [14] - Jiaozhou is also designated as one of three sub-center cities in the plan, with a focus on enhancing its role as an open gateway and supporting the development of air manufacturing [14][16]