Group 1: Company Overview and Performance - Lisheng Yundong (Shanghai) Sports Technology Co., Ltd. is a leading automotive sports operator in China, focusing on sports event management, venue operation, marketing services, and digital sports business [2] - In the first half of 2025, the company achieved a revenue of 272 million CNY, representing a year-on-year growth of 21.94% [3] - The net profit attributable to the parent company was 15.32 million CNY, with a year-on-year increase of 11.97% [3] - The core business of event revenue accounted for approximately 70%, while venue operation revenue made up about 25% [3] Group 2: Business Growth and Strategies - The second quarter saw a revenue of 163 million CNY, with a year-on-year growth of 38.53% [3] - The company is enhancing its event offerings by integrating with local cultural tourism and increasing participation from star athletes, leading to growth in ticket sales and registration fees [3] - The company plans to operate around 20 golf events in 2025, having already conducted 7 events in the first half of the year [3] Group 3: Future Projects and Investments - The Hainan International Circuit project has seen an investment of 184 million CNY, with expectations to contribute to revenue by 2027 [3] - The company is actively pursuing refinancing options, currently under review by the exchange [3] - The company holds a 49.1916% stake in the "Yuedong Circle" app, focusing on AI integration in sports and health sectors [3] Group 4: Market Opportunities and Celebrity Engagement - The participation of celebrities in racing events has positively impacted ticket sales and marketing, enhancing the visibility of motorsports in China [3] - The company aims to leverage market opportunities by increasing event value and attracting star athletes to boost commercial impact [3]

Core Viewpoint - BYD has opened its second racetrack in Zhengzhou and plans to establish more racetracks in the coming years, indicating a strategic expansion in motorsport facilities [1] Group 1: Racetrack Developments - The Zhengzhou racetrack opened on August 14, marking BYD's second facility of this kind [1] - BYD's General Manager of Brand and Public Relations, Li Yunfei, announced that the Shaoxing racetrack is expected to be completed by 2026 [1] - In January 2024, BYD Chairman Wang Chuanfu revealed an investment of 5 billion yuan to build the world's first professional all-terrain racetracks [1] Group 2: Future Plans - Li Yunfei emphasized that the current announcement includes only the first three racetracks, with more expected to open in the coming years [1] - BYD is also constructing a test track in Nanning, which is set to be completed by 2026 [1] - Upon completion, BYD will have racetracks in Hefei, Zhengzhou, and Shaoxing, along with test tracks in Xi'an, Shenzhen, and Nanning [1]