Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's profitability improved year-on-year in Q3 2025, with a significant increase in net profit margin [7] - The company is deeply engaged in the sports industry, leveraging its strong sports event IP and venue resources [7] - The company has launched major racing and golf events, enhancing its media presence and public engagement [7] - The establishment of the first electric vehicle racing event in the Asia-Pacific region demonstrates the company's commitment to innovation in the sports sector [7] - The ongoing construction of the Hainan International Circuit is expected to further expand the company's business capabilities [7] - Future profit forecasts indicate substantial growth, with net profits expected to reach 0.61 billion RMB in 2025, 0.87 billion RMB in 2026, and 1.20 billion RMB in 2027 [7] Financial Summary - Revenue projections for the company are as follows: 405 million RMB in 2023, 441 million RMB in 2024, 560 million RMB in 2025, 699 million RMB in 2026, and 892 million RMB in 2027, with a growth rate of 56.86% in 2023 and 27.06% in 2025 [6][9] - The company is expected to achieve a net profit of 61 million RMB in 2025, with a year-on-year growth rate of 257.01% [6][9] - The company's return on equity (ROE) is projected to improve from -7.41% in 2024 to 10.42% in 2025 [8]

Core Viewpoint - The company has reported its third-quarter financial results, emphasizing the accuracy and completeness of the information disclosed, and highlighting significant developments in its sports events and strategic partnerships [2][16]. Financial Data - The third-quarter financial report has not been audited [13]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a specific mention of the repurchase account holding 1,793,100 shares [5]. Business Developments - The company successfully hosted the CTCC and CGT racing events in September 2025, attracting over 40,000 attendees and enhancing media attention and public discussion [6]. - A strategic partnership with Langjiu Group was established for the China Men's Professional Golf Tour, marking a significant upgrade for the event and promoting the development of golf in China [7]. - The construction of the Hainan International Circuit is ongoing, with government support and attention, positioning it as a key project for the region's automotive and tourism industries [9]. Other Important Matters - The company has completed a capital increase and share structure change for its subsidiary, Hainan Smart New Energy Vehicle Development Center, increasing its registered capital to 245 million yuan [10].

Group 1 - The 2025 CTCC China Automobile Circuit Professional League was successfully held in Shanghai, featuring four major racing events and attracting over 40,000 spectators [1] - The event included participation from celebrity drivers, enhancing the visibility and appeal of motorsport [1] - The "ticket root economy" model was implemented, promoting tourism alongside the racing experience, allowing fans to explore local attractions [1] Group 2 - Lisheng Sports has developed various public events like the Lisheng Super Track Festival, creating a "festival for car enthusiasts" [2] - The company has a strong focus on the sports industry, particularly in motorsports, and has operated 55 sports events in the first half of the year, generating revenue of 192 million yuan, a 30.20% increase year-on-year [2] - Lisheng Sports holds exclusive operational promotion qualifications for multiple top-tier events, establishing a multi-level ecological matrix in the sports event industry [2]

Group 1: Event Overview - The 2025 CTCC China Automobile Circuit Professional League was held in Shanghai, featuring four major racing events and attracting over 40,000 spectators [1] - The event showcased top-tier racing teams and drivers, with notable performances from various teams and drivers across different competitions [1] Group 2: Sports Industry Growth - The sports industry in China has seen an average annual growth rate of over 10% in the past five years, becoming a significant driver of consumer spending [2] - The government aims to cultivate influential sports enterprises and events by 2030, targeting a total sports industry scale exceeding 7 trillion yuan [2] Group 3: Local Government Initiatives - Local governments are implementing incentive measures to promote sports consumption, with Shandong Province hosting numerous large-scale events that generated significant economic benefits [3] - Shanghai's government is focusing on developing sports event economies and integrating cultural tourism with major events [3] Group 4: Economic Model and Tourism Integration - CTCC is adopting a "ticket root economy" model, combining event attendance with tourism experiences, enhancing the overall visitor experience [4] - The series has successfully integrated local culture and tourism, converting event attendance into increased consumer spending [4] Group 5: Company Strategy and Performance - Lisheng Sports is a leading player in the automotive sports operation sector, focusing on market-oriented sports event management and digital upgrades [5] - The company operated 55 sports events in the first half of the year, achieving a revenue of 192 million yuan, a year-on-year increase of 30.20% [5] Group 6: Celebrity Engagement and Broader Impact - The participation of celebrity drivers in CTCC events has increased public interest and engagement, showcasing the sport's appeal beyond traditional racing fans [6] - The integration of sports events with tourism and cultural activities is expanding the value of sports events, contributing to urban branding and consumer engagement [6]