According to a research report by Yuanta Securities, Songcheng Performance's annual performance meets expectations, and new projects have performed exceptionally well. On a quarter-on-quarter basis, the revenue growth in Q4 is expected to turn positive, and the operational pressure on some pressured projects may ease; other existing projects are generally stable, with Xi'an Qian Guqing breaking the record for the number of performances. In addition, the newly launched Guangdong Qian Guqing relies on differentiated positioning and strong demand to maintain high-level operations. The company achieved a good start during the Spring Festival of 2025. According to the company's public account, during the Spring Festival holiday of 2025, the company achieved a good start, with 550 performances of the national "Qian Guqing" across 12 major locations, peaking at 91 performances in a single day and receiving 460,000 visitors in one day, with daily revenue exceeding 40 million. Considering the ramp-up of newly opened projects and the abundance of reserve projects, the company has ample growth space in the future, maintaining a "buy" rating
