With the liberalization of national policies related to the cultural industry and the increasing improvement of China's market economy system, the cultural, sports and entertainment industry rose rapidly and developed rapidly, making a lot of contributions to the improvement of the national economy, the prosperity of the capital market and the optimization of the supply structure. In order to study the operating performance of listed companies in the cultural industry in Shanghai and Shenzhen, 51 cultural listed companies were selected as samples, and SPSS 23 software was used to conduct factor analysis and K‐means cluster analysis, focusing on the factors with great influence on the operating performance of enterprises. The research results show that the operating performance gap of listed Chinese cultural companies is large, and the overall operating performance is not very optimistic, and the suggestions are put forward based on different factors.