Group 1 - The A-share sports concept sector experienced a strong surge, with Lisheng Sports (002858) hitting the daily limit, achieving a transaction volume of 344 million yuan and a turnover rate of 15.59% [1] - The State Council released a document aiming to cultivate world-class sports enterprises and events by 2030, with the total scale of the sports industry expected to exceed 7 trillion yuan [1] - Lisheng Sports has over 20 years of experience in the automotive sports industry, forming a closed-loop ecosystem centered around major event IPs, racetracks, racing teams, technical modifications, equipment manufacturing, and brand marketing [1] Group 2 - Lisheng Sports is diversifying its sports layout, expanding beyond racing into broader sports fields, including the addition of the China Men's Professional Golf Tour, which has over 50% participation from foreign players, enhancing the event's value [2] - The Hainan project, if profitable by 2027, is expected to significantly contribute to the company's performance [2] - The combination of policy benefits and strategic depth positions Lisheng Sports to continue benefiting from the rising sports consumption, with its "racing + diversified sports" industrial layout poised for explosive growth [2]

Financial Performance - In 2024, the company achieved an operating revenue of 441 million yuan, a year-on-year increase of 8.77% [1] - The net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses significantly narrowed compared to the previous year [1] - The gross profit margin was 23.12%, an increase of 1.23 percentage points from 2023 [1] - The net cash flow from operating activities surged by 1168.76% to 105 million yuan [1] - In Q1 2025, the company reported an operating revenue of 108 million yuan, a year-on-year growth of 3.27%, with a gross profit margin rising to 30.08% [1] Strategic Development - The company is focusing on the "bringing in" and "going out" strategy to strengthen its market position in event IP operations [2] - It has successfully introduced and operated several international events, including the FE Shanghai Station and TCR Asia [2] - The company operated a total of 112 events at various levels throughout the year, adding 8 new events, including the "FIA Australian Formula 4 Championship" [2] - The company's self-owned event IP, GTSC, has been upgraded to "China GT" with official authorization, expanding its automotive event matrix [2] Technological Innovation - The company is advancing sustainable development through technological empowerment, showcasing innovations in electric racing and autonomous driving systems [3] - The electric racing car, Dongfeng Yipai eπ007, successfully completed its first track test, demonstrating excellent performance [3] - The company is also developing a new energy vehicle experience center and plans to launch the E-TCR electric racing championship in 2025 [3] Industry Outlook - The sports industry in China is projected to reach a total scale of 5 trillion yuan by 2025, supported by government policies promoting sports development [4] - Recent government initiatives encourage the integration of sports with tourism and the hosting of various sports events to stimulate consumption [4] - The company is well-positioned to leverage industry trends and enhance its competitive edge through strategic partnerships and resource integration [5] Future Prospects - With top-level policy support and the company's strategic initiatives, there is potential for significant market opportunities and performance growth [6]