Group 1 - The core viewpoint is that the popularity of film and television shooting locations has led to a surge in tourism, with more visitors traveling to cities specifically for a movie or TV show [1] - The city of Le Ling in Dezhou, Shandong Province, has launched a summer cultural tourism consumption activity called "Immersive Film and Television, Check-in Le Ling," attracting a large number of tourists to experience new activities [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company's main business remains stable, with a recovery in gross margin and significant revenue growth in Q1 2025. The company reported a revenue of 1.939 billion yuan in 2024, a year-on-year decrease of 14.48%, but saw a substantial increase in Q1 2025 with a revenue of 586 million yuan, a year-on-year growth of 231.96% [4][5]. Company Overview - The latest closing price is 7.51 yuan, with a total share capital of 1.901 billion shares and a market capitalization of 14.3 billion yuan [3]. - The company has a debt-to-asset ratio of 28.0% and a price-to-earnings ratio of 57.77 [3]. Financial Performance - In 2024, the company achieved a net profit of 243 million yuan, down 36.41% year-on-year. However, the first quarter of 2025 showed a net profit of 92 million yuan, up 206.9% year-on-year [4][5]. - The company’s gross margin for 2024 was 31.07%, an increase of 2.57 percentage points, indicating a recovery trend [5]. Project Pipeline - The company has a robust project pipeline for 2024, with plans to produce multiple TV series and films, which supports stable growth for 2025 [6]. - The company has also entered the short drama market, which has been growing rapidly since 2022, and plans to expand its international market presence [7]. Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 are 3 billion yuan, 3.327 billion yuan, and 3.657 billion yuan respectively, with corresponding net profits of 449 million yuan, 504 million yuan, and 565 million yuan [9][10].

Core Points - The second Tianzi Peony Festival at Sun Palace Park opened on April 19, featuring over 50,000 peonies that will bloom until May 5 [1] - The peony garden spans 60 acres and includes ten rare varieties, including a century-old peony tree named "Wanjuanshu" [3] - The garden has been enhanced with over 1,000 new peony plants across 25 varieties and nine color schemes, prepared six months in advance for optimal viewing [5] Summary by Sections - **Event Details** - The festival will last from April 19 to May 5, showcasing a total of 50,000 peonies [1] - The blooming period is expected to last around 20 days, with early varieties starting to bloom from April 10 [7] - **Peony Varieties** - The garden features rare varieties such as "Green Curtain Hidden Jade," "Erjiao," and "Black Panther," which are not commonly seen [5] - Notable historical peonies include "Mingyue," "Phoenix Seeking the Phoenix," "Luoshen," and "Dianjiangchun," all nearly a century old [3] - **Collaborations and Developments** - Strategic cooperation agreements were signed with Heze Zhongke Agricultural and Forestry Technology Co., Ltd. and Huace Film & TV for peony cultivation and IP development related to the drama "Guose Fanghua" [7] - The park has recreated classic scenes from the drama, enhancing the visitor experience with themed events and rentals [9]