证券代码： 300144 证券简称：宋城演艺 宋城演艺发展股份有限公司投资者关系活动记录表 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 ☑ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 13 日 (周二) 15:00-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 总裁商玲霞女士、常务副总裁兼董事会秘书赵雪璎女士、财务总 监陈胜敏先生、独立董事杨轶清先生 投资者关系活动 主要内容介绍 公司于 2025 年 5 月 13 日（周二）15:00-17:00 在全景网平 台参加了"2025 年浙江辖区上市公司投资者网上集体接待日暨 2024 年度业绩说明会"，主要问答情况如下： 1、公司旗下多个千古情景区业绩表现亮眼，如广东千古情 景区开业首年即盈利，三峡千古情景区开业百天收入破亿元，这 些新景区成功的关键因素是什么？公司如何将这些成功经验复 制到未来的项目中？ 答：您 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 06 日 星期二 研报精选 政治局会议强调持续稳定和活跃资本市场 3 月快递行业数据跟踪点评 五一档内容供给多元，《人生开门红》预测票房领跑 Q1 收入表现稳健，颐莲同比快速增长 公司业绩向好，奶油产品收入增速亮眼 产品力持续提升，2025Q1 归母净利润同比+44% 营收利润双增长，中高端及以上产品销量增速更高 新项目驱动增长，轻资产业务亮眼 [Table_Summary] 概览 核心观点 【市场回顾】 上周三 A 股三大指数涨跌不一，截止收盘，沪指收跌 0.23%，深成指 收涨 0.51%，创业板指收涨 0.83%。沪深两市成交额 11691.25 亿元。 申万行业方面，计算机、汽车、传媒领涨，银行、钢铁、建筑材料领 跌；概念板块方面，减速器、华为盘古、MLOps 概念涨幅居前，自由 贸易港、染料、天津自贸区跌幅居前。港股方面，5 月 2 日，恒生指 数收涨 1.74%，恒生科技指数收涨 3.08%；海外方面，5 月 5 日，美 国三大指数集体收跌，道指收跌 0.24%，标普 500 ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In 2024, the company achieved operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 1.049 billion yuan, turning from loss to profit. For Q1 2025, the company reported operating revenue of 561 million yuan, a slight increase of 0.26%, while the net profit attributable to shareholders was 246 million yuan, a decrease of 2.18% [2][6]. - The company is focusing on its core performing arts business, streamlining operations. Upgrades to existing projects are enhancing reception capacity and economic efficiency, while new projects are gradually maturing and generating new contracts, establishing a foundation for stable long-term growth. The projected net profits for 2025-2027 are 1.215 billion, 1.363 billion, and 1.477 billion yuan, with corresponding P/E ratios of 21, 18, and 17 times [2][6]. Summary by Sections Financial Performance - In 2024, the company's cultural and artistic business revenue from live performances and tourism services grew by 17.5% and 76.79% respectively, driven by the success of the Xi'an and Guangdong "Eternal Love" performances. The Xi'an venue achieved a record of 17 shows per day, while the Guangdong venue opened on February 10 and quickly became profitable [12]. - The company's net profit margin turned positive at 44.47% in 2024, compared to a negative margin in 2023 due to impairment losses. The gross margin increased by 1.26 percentage points to 67.61%, although operating expense ratios also rose [12]. Project Development - The company is actively upgrading existing projects and signing new ones. In 2024, it continued to enhance projects like Hangzhou Paradise and Sanya "Eternal Love". A new light-asset project, "Silk Road Eternal Love", is expected to open in July 2026, contributing to the company's growth [12]. Earnings Forecast - The company is expected to see net profits of 1.215 billion, 1.363 billion, and 1.477 billion yuan for 2025, 2026, and 2027 respectively, with P/E ratios of 21, 18, and 17 times. The focus on the performing arts sector and the successful execution of new projects are key drivers for this growth [2][12].