每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 每经AI快讯，天府文旅（SZ 000558，收盘价：5.51元）11月24日晚间发布公告称，公司第十一届第三 十九次董事会会议于2025年11月21日在四川省成都市高新区府城大道西段399号天府新谷10栋5楼506号 公司会议室以现场加通讯表决的方式召开。会议审议了《关于公司签署股权投资意向协议的议案》等文 件。 2025年1至6月份，天府文旅的营业收入构成为：文化旅游占比51.88%，影视业务占比35.03%，出租收 入占比7.45%，会务会展业务占比4.8%，体育收入占比0.83%。 截至发稿，天府文旅市值为71亿元。 （记者 曾健辉） ...

Group 1 - The stock price of Tianfu Cultural Tourism increased by 2.25% on November 10, reaching 5.45 CNY per share, with a trading volume of 2.58 billion CNY and a turnover rate of 3.75%, resulting in a total market capitalization of 70.26 billion CNY [1] - Year-to-date, Tianfu Cultural Tourism's stock price has risen by 59.82%, with a 3.42% increase over the last five trading days, a 5.42% increase over the last 20 days, and an 8.86% decline over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 22, where it recorded a net buy of -3.04 million CNY [1] Group 2 - Chengdu New Tianfu Cultural Tourism Development Co., Ltd. was established on March 31, 1988, and listed on May 9, 1994, with its main business activities including cultural tourism, film and television, and real estate [2] - The revenue composition of Tianfu Cultural Tourism is as follows: cultural tourism 51.88%, film and television 35.03%, real estate leasing 7.45%, conference and exhibition 4.80%, sports 0.83%, and merchandise sales 0.00% [2] - As of September 30, the number of shareholders of Tianfu Cultural Tourism increased to 151,900, a rise of 96.43%, while the average circulating shares per person decreased by 49.09% [2] Group 3 - Tianfu Cultural Tourism has distributed a total of 1.12 billion CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3]

Group 1 - Tianfu Culture and Tourism (SZ 000558) announced that as of the announcement date, Rhine Holdings Group has pledged a total of 70.83 million shares, accounting for 99.99% of its holdings [1] - For the first half of 2025, the revenue composition of Tianfu Culture and Tourism is as follows: cultural tourism 51.88%, film and television business 35.03%, rental income 7.45%, conference and exhibition business 4.8%, and sports income 0.83% [1] - As of the report, the market capitalization of Tianfu Culture and Tourism is 8.5 billion yuan [1]

Group 1 - The core viewpoint of the article is that Tianfu Culture and Tourism (SZ 000558) has signed cooperation framework agreements with various cultural and tourism authorities to promote the integration of film and tourism [2] - The agreements were signed with the Dazhou Cultural Sports and Tourism Bureau, Yibin Cultural Tourism Exhibition Group Co., Ltd., and Ziyang Cultural Tourism Development Group Co., Ltd. [2] - For the year 2024, the revenue composition of Tianfu Culture and Tourism is projected to be: 52.51% from film business, 32.82% from cultural tourism, 8.53% from rental income, 2.94% from conference and exhibition business, and 1.97% from sports income [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of JPY 4,400 [8][9]. Core Insights - The company's FY3/25 revenue is projected at JPY 12,957.1 billion, a slight decrease of 0.5% year-on-year, while operating profit is expected to grow by 16.4% to JPY 1,407.2 billion, exceeding the company's guidance of JPY 1,335 billion [1][2]. - The gaming and semiconductor businesses are anticipated to continue driving performance, with gaming business operating profit guidance exceeding expectations despite the delay of GTA6 [2][3]. - The impact of tariffs on operating profit is estimated at around 8%, but the actual effect may be more limited due to diversified production locations and increased inventory in the U.S. [3][4]. - The financial division spin-off is expected to be completed in October, which is viewed positively as it allows the company to focus more on its creative entertainment vision [4][5]. Revenue and Profit Forecast - For FY3/26, the company expects revenues of JPY 11,700 billion and operating profit of JPY 1,380 billion, with gaming and network services projected to grow by 15.7% year-on-year [2][3]. - The forecast for FY3/26 to FY3/28 net profit is JPY 10,743 billion, JPY 12,630 billion, and JPY 13,690 billion respectively, reflecting a downward adjustment of 11% and 2% for FY3/26 and FY3/27 due to tariff impacts [5][16]. Segment Performance - The gaming and network services segment is expected to generate significant revenue, with a projected operating profit of JPY 4,086 billion for FY3/26, driven by strong first-party game sales [17]. - The music segment is also expected to perform well, with an operating profit margin higher than comparable companies, projected at JPY 3,698 billion for FY3/26 [17]. - The imaging and sensing solutions segment is anticipated to see improvements in profit margins due to cautious investments and market share growth in the automotive sector [17].