Industry Overview - Tennis is a sport typically played between two players or two pairs, aiming to hit a ball over a net using rackets, with the goal of making it difficult for opponents to return the ball [1] - The tennis events are categorized into ATP (men's professional tennis) and WTA (women's tennis), with ATP being the Association of Tennis Professionals and WTA being the Women's Tennis Association [1] Prize Money and Rankings - Grand Slam events, the highest level of tournaments, have a total prize pool exceeding $20 million, awarding 1000 ranking points [2] - ATP Masters events, the second highest level, offer around $3 million per event and 500 ranking points [2] - WTA events also have a similar structure, with Grand Slams offering approximately $3 million and various levels of tournaments providing different prize amounts and ranking points [3] Industry Chain Structure - The tennis industry chain consists of three main segments: upstream (equipment supply and venue construction), midstream (tennis services), and downstream (consumer spending) [5][7] - Upstream focuses on equipment suppliers, including brands like YONEX and DUNLOP, while midstream includes tennis clubs and training services [7] - Downstream encompasses ticket sales, equipment purchases, venue rentals, and media dissemination [5] Market Growth - The Chinese tennis market is experiencing rapid growth, with a market size of 37 billion yuan in 2024, reflecting a 14.4% increase from the previous year [18] - The market is expected to continue expanding, with projections indicating it could exceed 65 billion yuan by 2030, driven by increased participation and interest in the sport [27] Competitive Landscape - The tennis industry is concentrated in economically developed regions, particularly Guangdong and Beijing, which host a significant number of enterprises across the industry chain [18][22] - Guangdong is identified as a core area for production, while other provinces like Jiangsu and Zhejiang also have notable industry presence [22] Policy and Development Trends - Recent policies have shifted from focusing solely on competitive performance to supporting the entire industry chain, promoting infrastructure, event ecosystems, and talent development [11][13] - The industry is moving towards a more diversified participation model, aiming to attract various demographics through community programs and partnerships [23] - The government is actively encouraging the development of tennis through various initiatives, enhancing the sport's accessibility and integration into broader economic activities [13][16]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights the recent policy benefits in the service consumption sector, emphasizing the importance of optimizing and expanding service supply to foster new growth points in service consumption. The government's plan includes 12 measures across key and potential areas, aiming to enhance service quality and support economic development [1][3]. - The focus on supply-side structural reforms is expected to stimulate both short-term and long-term consumer demand, promoting a virtuous cycle of employment, income, and consumption, thereby providing long-term support for economic growth [3][7]. - Key areas of focus include transportation, domestic services, cultural tourism, and sports events, with potential areas such as performance services and experiential consumption also highlighted for their growth potential [3][7]. Summary by Relevant Sections Policy Support Areas - The report outlines three main policy support areas with twelve specific measures, including: 1. Transportation services aimed at integrating tourism and enhancing service quality [7]. 2. Domestic services focusing on innovation and skill training [7]. 3. Cultural tourism services that encourage infrastructure development and enhance consumer experiences [7]. Potential Growth Areas - The report identifies potential growth areas such as performance services, sports events, and experiential consumption, which are expected to drive demand in related sectors like accommodation and dining [3][7]. Financial and Structural Support - The report emphasizes the need for a robust support system, including the establishment of standards, credit building, and financial backing to ensure the stable development of service consumption [3][7].

证券代码：600158 证券简称：中体产业 公告编号：临2026-03 中体产业集团股份有限公司 关于计提资产减值准备的提示性公告 （一）房地产存货跌价准备 根据《企业会计准则》和公司相关会计政策，公司对成本高于可变现净值的存货，计提存货跌价准备。 （二）投资性房地产减值准备 根据《企业会计准则》和公司相关会计政策，公司于资产负债表日判断投资性房产是否存在可能发生减 值的迹象，存在减值迹象的，公司估计其可收回金额，进行减值测试，并依据减值测试的结果计提投资 性房地产减值准备。 （三）应收账款、其他应收款减值准备 根据《企业会计准则》和公司相关会计政策，公司以预期信用损失为基础，对应收账款、其他应收款进 行了分析和测试并相应计提减值准备。 （四）商誉减值准备 根据《企业会计准则》和公司相关会计政策，公司于资产负债表日对含商誉的资产组在评估基准日的可 收回金额进行评估，按照规定对含商誉的资产组在年度终了进行了减值测试，并依据减值测试的结果计 提商誉减值准备。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 中体产业集团股份有 ...

本期业绩预亏的主要原因：2025年公司体育本体业务保持稳定，房地产板块受市场环境的影响，价格持 续下跌，公司对部分存在减值迹象的房地产项目进行了审慎评估，并拟计提资产减值准备。 格隆汇1月30日丨中体产业(600158.SH)公布，经公司财务部门初步测算，预计2025年年度实现归属于母 公司所有者的净利润-1.5亿元到-2.2亿元。预计 2025年年度实现归属于母公司所有者的扣除非经常性损 益后的净利润-1.4亿元到-2.1亿元。 ...

（记者 曾健辉） 每经AI快讯，中体产业1月30日晚间发布公告称，中体产业集团股份有限公司（以下简称"公司"）根据 《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，对截至2025年12月31日合并报表范围 内可能存在减值迹象的资产进行了全面的清查和分析，拟计提减值准备，预计减少公司2025年年度归属 于母公司所有者的净利润1.9亿元~2.5亿元。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 ...

（记者 王晓波） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，中体产业1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利 润-1.5亿元到-2.2亿元。业绩变动主要原因是，2025年公司体育本体业务保持稳定，房地产板块受市场 环境的影响，价格持续下跌，公司对部分存在减值迹象的房地产项目进行了审慎评估，并拟计提资产减 值准备。 ...

南财智讯1月30日电，中体产业发布业绩预亏公告，经公司财务部门初步测算，预计2025年年度实现归 属于母公司所有者的净利润-15000万元到-22000万元。2025年公司体育本体业务保持稳定，房地产板块 受市场环境的影响，价格持续下跌，公司对部分存在减值迹象的房地产项目进行了审慎评估，并拟计提 资产减值准备。 ...

证券代码：600158 证券简称：中体产业 公告编号：临 2026-03 中体产业集团股份有限公司 关于计提资产减值准备的提示性公告 一、计提资产减值准备的原因 （一）房地产存货跌价准备 根据《企业会计准则》和公司相关会计政策，公司对成本高于可变现净值的 存货，计提存货跌价准备。 （二）投资性房地产减值准备 根据《企业会计准则》和公司相关会计政策，公司于资产负债表日判断投资 性房产是否存在可能发生减值的迹象，存在减值迹象的，公司估计其可收回金额， 进行减值测试，并依据减值测试的结果计提投资性房地产减值准备。 （三）应收账款、其他应收款减值准备 根据《企业会计准则》和公司相关会计政策，公司以预期信用损失为基础， 对应收账款、其他应收款进行了分析和测试并相应计提减值准备。 （四）商誉减值准备 根据《企业会计准则》和公司相关会计政策，公司于资产负债表日对含商誉 的资产组在评估基准日的可收回金额进行评估，按照规定对含商誉的资产组在年 度终了进行了减值测试，并依据减值测试的结果计提商誉减值准备。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别 ...

证券代码：600158 证券简称：中体产业 公告编号：临 2026-02 中体产业集团股份有限公司 2025 年年度业绩预亏公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1. 本业绩预告的具体适用情形：净利润为负值。 2. 经公司财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的 净利润-15,000 万元到-22,000 万元。 3.预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润-14,000 万元到-21,000 万元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年公司体育本体业务保持稳定，房地产板块受市场环境的影响，价格 持续下跌，公司对部分存在减值迹象的房地产项目进行了审慎评估，并拟计提资 产减值准备。 四、风险提示 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 1.经公司财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的 净利润-15,000 万元到-22,000 万元。 2.预计 ...

中体产业公告，预计2025年年度实现归属于母公司所有者的净利润-1.5亿元到-2.2亿元，上年同期净利 润为6278.86万元。2025年公司体育本体业务保持稳定，房地产板块受市场环境的影响，价格持续下 跌，公司对部分存在减值迹象的房地产项目进行了审慎评估，并拟计提资产减值准备。 ...