Songcheng Performance Development Co., Ltd. (“Songcheng” for short, stock code: 300144), hailed as China’s No.1 performing arts stock, has been named one of “China’s Top 30 Cultural Enterprises” for thirteen times. It has also received numerous national honors including the National Cultural Industry Demonstration Base and the National Spiritual Civilization "Five-One Project" Award. Centered on cultural performances and supported by tourist scenic spots, the company has built two iconic brands: “Songcheng” and “Romance Shows”. Boasting profound cultural heritage and innovative performance formats, it stands firmly as a benchmark in the integrated cultural tourism sector.

Currently, Songcheng operates 75 theaters of various types nationwide with over 175,000 seats. It ranks first globally in five key indicators of the performance industry: number of theaters, total seating capacity, annual performances, annual visitor attendance and annual performance profits, demonstrating its unmatched industrial leadership and market competitiveness with solid strength.

Upholding its original cultural aspiration and adhering to sound value orientation, Songcheng tells compelling Chinese stories through performances and profound cultural connotations. It continuously creates high-quality works eulogizing the Party, the motherland, the people and national heroes, and has shaped a host of deeply impressive artistic images. The company achieves perfect integration of ideological value, artistic appeal and market viability, reaping fruitful gains in both social and economic benefits.

At present, Songcheng has built and is building high-end performance parks and Romance Show parks in dozens of cities including Hangzhou, Shanghai, Xi’an, Foshan, Sanya, Lijiang, Jiuzhaigou, Guilin, and Zhangjiajie, launching over 100 distinctive Romantic Shows and diverse theatrical performances. Going forward, the company will continue its people-centered creative approach, innovate cultural expression through a rich variety of performance forms, and stand as a dedicated guardian and outstanding communicator of fine culture in this new era, fulfilling its brand promise “Give me one day, and I’ll give you a thousand years”! 

Looking Back at 2025

The year 2025 marked the 29^th anniversary of Songcheng’s foundation and also a pivotal year in which the company broke through challenges with resilience, empowered development through innovation, and deepened its commitment to sustainable development. Despite a complex external environment and cyclical industry challenges, the company remained focused on its core cultural performance business, consolidated its development foundation through upholding tradition and pursuing innovation, created long-term value with pragmatic commitment, integrated social responsibility deeply into corporate development, and fueled high-quality growth with cultural power.

In 2025, Songcheng further consolidated its benchmark status and added more accolades to its honor list. It was named one of China’s Top 30 Cultural Enterprises for the 13th time, and the Romantic Show of Shanghai was selected into the second National List of Premium Tourist Performances among other honors. The Romantic Shows continued to lead the industry, with the Romantic Show of Songcheng and Romantic Show of Xi’an setting new records of 22 and 20 daily shows respectively. Light-asset projects such as the Romantic Show of Silk Road and Romantic Show of Donghai were officially signed and launched.

As a leading cultural enterprise, Songcheng fulfilled social responsibilities across multiple dimensions and achieved remarkable results in 2025. It delved deep into Chinese cultural heritage to create more popular and acclaimed performances close to public life; explored new frontiers of live entertainment and pioneered a new model of immersive cultural tourism experiences; advanced green and low-carbon operation by embedding environmental concepts into the entire process of scenic spot construction and management; leveraged the comprehensive driving force of performance parks to boost consumption, stabilize employment, engage in public welfare and care for employees; and strengthened the modern governance system under Party building leadership to underpin the company’s steady and long-term development.

I. Culture at the Core: A Practitioner of Telling China’s Stories

Rooted in cultural performance, the company regards inheriting and promoting fine traditional Chinese culture as its core social responsibility. It explores profound historical heritage, revitalizes history and interprets the times via innovative stage presentation, striving to be an innovative narrator of authentic Chinese stories.

(1) Rooted in urban heritage, building cultural landmarks 

In 2025, Guangdong Romance Park deeply interpreted the spirit of the Greater Bay Area through a grand live show involving over 10,000 participants, emerging as a new cultural landmark for Guangdong, Hong Kong and Macao. The newly signed project “Silk Road Romance Park” focuses on Qilu culture, Silk Road culture and SCO elements to build a platform for cross-regional cultural tourism exchanges. The “Donghai Romance Park” recreates the harmony culture, marine culture, and Silk Road culture, reproducing the magnificent chapter of the Maritime Silk Road. Every layout revives local cultural heritage, and every performance serves as a spiritual dialogue across time and space. With immersive performances as a bridge, the company inherits millennial cultural heritage in a vivid way and creates iconic symbols that showcase urban cultural confidence. 

(2) Integrating technology and art to boost performance powerSongcheng continued to deepen its integrated model of “culture + tourism + technology”, empower artistic expression through technological innovation, and applies cutting-edge technologies such as AR, VR, holographic projection and intelligent stage machinery throughout the creation process. Seamless integration of stage special effects and historical narratives transforms static traditional culture into a dynamic audio-visual feast, greatly enhancing the appeal and influence of stage art. Technology is never a mere fancy showcase on stage, but an innovative bridge to revitalize traditional culture, injecting sustained impetus into the upgrading of cultural tourism performance industry.

II. Customer First: A Guardian of Quality Service

Songcheng regards “providing customers with warm on-site experience” as its long-term pursuit. In 2025, the company closely addressed the needs of visitors of all ages, continuously improving its service system, upgrading the park experience, and refining service details to fulfill its commitment to quality service on all fronts

 (1) Ever-fresh experiences, joy for all ages 

In 2025, all the parks of Songcheng closely followed diverse visitor needs, steadily improving supporting facilities, optimizing spatial layouts, and refining content details.  For families and studytour groups, they launched handson intangible cultural heritage experiences such as shadow puppetry, lacquered fans, and incense making. For senior visitors, they customized familyfriendly cultural tourism products and services, continually activating the silverhaired travel market. For younger crowds, they brought in crossborder influencers, partnered with wellknown artists, and created trending content like classic IP character reenactments and nostalgic goldenoldie concerts, striking deep emotional chords with visitors. At the same time, all parks continuously upgraded signage, lighting, and accessibility facilities, added new cultural photo spots, and introduced both timehonored brands and trendy F&B options. This comprehensive effort meets all visitor needs in eating, lodging, travel, sightseeing, shopping, and entertainment, creating a convenient, comfortable, and humancentered environment that truly enables “joy for young and old, coexistence across generations.”

(2) Digital empowerment for full-link experience

As a pioneer in the digital transformation of cultural tourism, Songcheng always puts visitor experience first, embedding smart technology into the entire tour service process. In 2025, the company upgraded its digital services, including smart entry, AIpowered panoramic navigation, and personalized route recommendations, significantly reducing waiting times. Leveraging a bigdata crowd warning system, it dynamically adjusted park flow and show schedules to effectively ease peakhour congestion. Meanwhile, convenient features such as smart customer service and onetap assistance were launched, enabling rapid response and closedloop handling of visitor requests. Adhering to the philosophy of “invisible technological empowerment for seamless experience”, the company will continue to deepen its smart initiatives, using technology to elevate service quality and continuously expand the horizons of visitor experience.

III. Green Foundations: A Practitioner of Low-Carbon Operations

Songcheng’s green development philosophy is deeply rooted in its entire strategic operation process. Aiming to build an environmentally friendly benchmark enterprise, it keeps exploring sustainable development paths for harmonious coexistence between cultural tourism and natural ecology, and fulfills its social responsibility of ecological protection with practical action

(1)Systematic promotion of energy conservation and emission reduction

The company set up a special working group for dual carbon goals, formulated an action plan for carbon peaking, and built a full-scenario energy conservation and carbon reduction management system. In 2025, Hangzhou Songcheng Romance Park passed ISO 14001 Environmental Management System Certification, and Lijiang Romance Park obtained ISO 50001 Energy Management System Certification, marking a new leap in standardized environmental and energy management. In view of large passenger flow and multi-scenario operation, the company carried out comprehensive energy-saving technological transformation, widely adopting advanced energy-saving equipment such as magnetic suspension water chillers, solar-air source heat pump energy supply systems and distributed photovoltaic power generation. Annual greenhouse gas emissions were effectively controlled with solid carbon reduction achievements.

 (2) Remarkable progress in water recycling

To address the water usage characteristics of performance scenes, the company equipped core shows such as the Romantic Show of Songcheng with storage tanks and highefficiency filtration and disinfection systems, enabling efficient internal water recycling. Meanwhile, all parks widely adopted watersaving fixtures, and drip irrigation, microsprinkling, and other efficient methods were used for landscaping, continuously improving wateruse intensity.

 (3) Full-chain green operations and ecological protection

The company infuses lowcarbon principles across its entire chain of office work, procurement, construction, and operations: paperless offices, priority purchasing of ecocertified products, official green travel guides at each park, and a “carbon credit” incentive mechanism to encourage green visitor travel. During the upgrade of Yangshuo Ancient Village in Guilin, the project widely used green materials such as grey bricks, wooden grilles, and imitation thatch, and installed over 200 distinctive trash bins made of bambooweave and wood composites, bringing lowcarbon details to life.

On ecological protection, all the parks consistently adhere to the principle of ecology first. Through measures like replanting native species, restoring wetland flats, and demarcating core habitat areas, they protect biodiversity both inside and around the parks. Xi’an Romance Park introduced an “EcoEye” intelligent monitoring system that identifies wildlife activity trails in real time and dynamically adjusts visitor flow, minimizing human disturbance to the ecological environment. With these meticulous measures, the company safeguards biodiversity and strengthens the green foundation for highquality cultural tourism development.

IV. Responsibility as Foundation: A Partner to Society and Employees 

Songcheng has deeply embedded social responsibility into its corporate DNA. It empowers local development through cultural tourism, conveys human warmth through cultural public welfare, and regards its employees as the core foundation for longterm stability. The company strives to build an equal, inclusive, and diverse workplace ecosystem, moving forward in sync with society and walking handinhand with its employees – writing its accountability answer sheet for sustainable development. 

 (1) Industrial empowerment and public welfare returning

In 2025, the company continued to broaden the boundaries of philanthropy and deepen practical dimensions, conveying the power of cultural kindness through diverse measures. In terms of cultural benefit for the public, nearly a hundred charity performances were held throughout the year, with local preferential access launched to offer premium viewing benefits for medical staff, educators and other public service practitioners. In education support, Lijiang Romance Park deepened its commitment to education, partnering with professional institutions to run targeted talent training classes, and was named “Model Enterprise for DonationSupported Education” and “Advanced Collective in Social Education Assistance.” 

Since its establishment in 2018, the Zhejiang Songcheng Performance Art Development Foundation has focused on art public welfare, with total donations exceeding 10 million yuan benefiting people across multiple provinces nationwide. In 2025, it made continuous efforts in art creation, talent cultivation and public welfare communication, linking university and enterprise resources to build a growth platform for art talents and support the inheritance and innovation of fine traditional Chinese culture. In addition, all the parks carried out regular volunteer services. Among them, Guangdong Romance Park launched diverse community welfare activities and was titled "Caring Enterprise", effectively bridging the last mile of public services with performances as a bond.

(2) Employee rights and diversity & inclusion

The company strictly complies with labor laws and regulations, adhering to the core principle of fair employment. It eliminates employment discrimination, prohibits child labor, and resists any form of forced labor, comprehensively protecting the legitimate rights and interests of employees. As of the end of 2025, female employees accounted for nearly half of the workforce, and ethnic minority employees accounted for over 10%. This diverse employee structure has become an important source of vitality for the company's innovative development.

The company keeps fostering a friendly and inclusive workplace. Regular physical examinations and cervical and breast cancer screenings are organized for female employees to safeguard their physical and mental health. Regular mental health assessments are conducted for all staff with early warning and intervention mechanisms established. Diverse cultural and sports activities such as basketball games and reading salons are held to protect employees’ physical and mental well-being and enhance their sense of happiness.

Work safety is the bottom line for protecting employees’ rights and interests. The company has established a scientific and sound safety management framework and a special safety committee, covering the implementation of work safety responsibilities, hidden danger investigation and rectification, and emergency response management to consolidate the safety defense line. In 2025, no serious injury, death or major fire accidents occurred. A total of 1,146 safety training sessions and 490 emergency drills were held, with full coverage of training and 100% rectification rate of hidden dangers, creating a safe and secure workplace for all employees.

(3) Employee growth and care system

The company has built a full-lifecycle talent management system covering selection, appointment, training and retention, and launched dual career development paths for management and professional posts, offering equal promotion opportunities and growth platforms for employees with different career aspirations. In 2025, a total of 3,120 training sessions were held with a total duration of over 54,000 hours and full training coverage. The management trainee program has recruited more than 90 outstanding young talents, and the in-house trainer team has exceeded 200 members, continuously injecting internal talent momentum into the company’s high-quality development.

V. Rule-Based Governance: A Devoted Practitioner of Integrity 

Songcheng always regards compliant operation and integrity-based management as the fundamental principle and lifeline of its corporate development. It takes Party building as the guiding compass, consolidates development foundation via standardized governance, safeguards brand reputation through integrity operation, and strengthens defense via information security. The company continuously improves the modern corporate governance structure, builds a well-defined, standardized, balanced and efficient governance system, and underpins long-term steady development with high-quality governance.

  (1) Party building as the foundation for development

The company consistently integrates Party building into every aspect of its operations, using highquality Party building as the “red engine” of corporate governance. It continues to strengthen its standardized Party organization system: the General Party Branch has six subordinate Party branches with a total of 118 members, covering all core business segments and effectively converting the Party’s organizational strengths into competitive advantages. “Party Member Vanguard Posts” have been set up at each park’s visitor center – showing identity, making commitments, setting examples, and enhancing service – giving full play to the exemplary role of Party members and rooting red power on the front lines of cultural tourism service.

The General Party Branch attaches great importance to ideological and political construction and establishes a regular learning mechanism to strengthen Party members’ ideological refinement and Party spirit cultivation. In 2025, through special Party lectures, warning education screenings and study tours to red education bases, all Party members consolidated their ideological foundation and translated learning achievements into practical results for improving corporate efficiency and fulfilling social responsibilities.

  (2) Standardized governance for quality and efficiency

Songcheng continually improves its modern corporate governance structure, optimizing the power boundaries and operational processes among the shareholders’ meeting, board of directors, and management, and establishing a modern governance mechanism with clear responsibilities, smooth coordination, and effective checks and balances. The company convenes board committee meetings, board meetings, and shareholders’ meetings in accordance with regulations, and all proposals are carefully reviewed. In the meantime, it continuously revises its internal control system and regularly conducts compliance training on internal controls.

  (3) Integrity management and investor rights protection

The company always adheres to business ethics and market rules, following the principle of “punishment and prevention in parallel, prevention first.” It has established a sound antifraud, antibribery, and whistleblowing mechanism covering the entire business chain, with multiple anonymous reporting channels and a strict informant protection system – building a longterm mechanism that makes corruption impossible, unthinkable, and unacceptable. In 2025, there were no major corruption or business ethics violations, and zero antiunfair competition infractions.

The company actively fulfills its information disclosure obligations, adhering to the core principles of truthfulness, accuracy, completeness, timeliness, and fairness. In 2025, it disclosed a total of 126 periodic and interim reports in accordance with regulations. At the same time, it maintains diverse and smooth investor communication channels, including investor meetings, onsite institutional research, investor hotlines, and the Shenzhen Stock Exchange’s Interactive Easy platform, ensuring regular, efficient twoway communication with both retail and institutional investors. In 2025, the company held 5 investor meetings, hosted nearly 40 institutional research sessions, answered more than 800 investor hotline calls, and achieved a 98.69% response rate on the Interactive Easy platform – fully safeguarding all investors’ rights to know, participate, and supervise. Moreover, the company actively practices value return, launching a share repurchase program in which all repurchased shares will be canceled to reduce registered capital – taking concrete action to maintain corporate value, boost market confidence, and effectively protect the legitimate rights and interests of all shareholders.

Steady progress leads to lasting success. Going forward, Songcheng will continue to deepen Party building, improve its governance system, uphold the bottom line of integrity, and strengthen safety defenses. Through highquality corporate governance, it will empower highquality enterprise development, fulfill its responsibilities as a public company with even more solid actions, and move in step with the times, advance together with the industry, and join hands with all stakeholders to create a bright future of highquality development for the cultural tourism industry.