华西证券研报指出，风语筑上半年实现归母净利润1695.21万元，同比扭亏为盈。上半年实现销售回款8.45亿元，较去年同期增加1.09万元，经营活动现金净流量6,087.51万元，连续多期保 ...

行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 5.6 | 19.9 | 72.7 | | 沪深 300 | 8.4 | 15.1 | 38.0 | 以 AI 为支点撬动国产应用新增量可期 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 2025 年 09 月 07 日 ▌本周观点更新 在 AI 加持下文化传媒互联网应用的商业价值有望再次增强， AI 从硬件到应用的螺旋震荡向上发展趋势不变。企业端，9 月阿里云栖大会将举办，将构建 AI 驱动的技术基座、开拓 AI 应用场景的无限边界；政策端，2025 年 8 月国务院推出深入 实施"人工智能+"行动的意见。到 2030 年，我国人工智能 全面赋能高质量发展，新一代智能终端、智能体等应用普及 率超 90%，政策护航有助于推动企业端的 AI 模型与应用迭 代，后续也可关注 DeepSeek 新进展如 AI 智能体模型等，在 AI 应用端，可持续关注在陪伴板块、数字营销板块、内容板 块的新品进展。 ▌本周重点推荐个股及逻辑 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 09 月 08 日 [Table_Title] 战略布局具身智能，加大场景运营推动新消费 [Table_Title2] 风语筑(603466) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603466 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 13.28/6.52 | | 目标价格： | | 总市值(亿) | 60.31 | | 最新收盘价： | 9.80 | 自由流通市值(亿) | 60.31 | | | | 自由流通股数(百万) | 594.79 | [Table_Summary] ►事件概述 根据公司披露的 2025 年半年报，公司上半年实现营业收入 7.75 亿元，同比增加 33.97%；实现归母净利润 1695.21 万元，同比扭亏为盈。 ►销售回款持续增加，费用率显著下降 2025 年上半年，公司整体毛利率为 26.09%，较去年同期提升 9.58pct。费用率方面，2025 年上半年公司销 售费用率较去年同期下降 4.11p ...

Core Viewpoint - Fengyuzhu (603466) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 775 million yuan, a year-on-year increase of 33.97% [1] - Net profit attributable to shareholders was 16.95 million yuan, up 112.62% year-on-year [1] - In Q2 2025, total revenue was 392 million yuan, reflecting a 38.3% increase year-on-year [1] - Q2 net profit attributable to shareholders was -23.32 million yuan, an improvement of 80.45% year-on-year [1] Profitability Metrics - Gross margin increased to 26.09%, a year-on-year rise of 58.03% [1] - Net margin improved to 2.19%, up 109.42% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 87.84 million yuan, accounting for 11.34% of revenue, a decrease of 35.23% year-on-year [1] Cash Flow and Earnings - Operating cash flow per share was 0.1 yuan, an increase of 125.91% year-on-year [1] - Earnings per share rose to 0.03 yuan, reflecting a 113.04% increase year-on-year [1] - The company's net asset value per share decreased to 3.48 yuan, down 4.73% year-on-year [1] Historical Performance and Investment Return - The company's historical median Return on Invested Capital (ROIC) is 16.43%, indicating good investment returns [3] - The worst year for ROIC was 2024, at -4.52%, suggesting a need for further investigation into that period [3] Debt and Cash Flow Health - The company maintains a healthy cash position, with cash assets being robust [3] - The average operating cash flow over the past three years is only 5.71% of current liabilities, indicating a need for monitoring cash flow status [4]

Core Points - The company held its 11th meeting of the 4th Board of Directors on August 28, 2025, where all 7 directors participated in the voting, confirming the legality and validity of the resolutions made [1][2] - The board approved the 2025 semi-annual report and its summary, ensuring that the information is truthful, accurate, and complete [1][2] - The board also approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulatory requirements [2][3] - A resolution was passed regarding the provision for asset impairment, with all directors voting in favor [3] - The board approved the cancellation of the supervisory board and the revision of the company's articles of association, with the audit committee taking over the supervisory responsibilities [4][5] - Several governance documents, including rules for shareholder meetings, board meetings, and audit committee work, were revised and approved [5][6] - The company scheduled its first extraordinary general meeting for 2025 on September 15, 2025, to further discuss the resolutions [6]

证券代码：603466 证券简称：风语筑 公告编号：2025－043 上海风语筑文化科技股份有限公司 第四届监事会第七次会议决议公告 公司监事会及全体监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。 上海风语筑文化科技股份有限公司（以下简称"公司"）第四届监事会第七 次会议于 2025 年 8 月 28 日以现场结合通讯方式召开。会议由监事会主席召集， 会议应参加表决监事 3 名，实际参加表决监事 3 名，本次会议的召集、召开符合 《中华人民共和国公司法》和本公司《公司章程》的有关规定，所作决议合法有 效。 一、 审议通过《2025 年半年度报告及摘要》。 公司监事会对公司 2025 年半年度报告发表如下审核意见： 《公司章程》 和本公司内部管理制度的各项规定； 海证券交易所的各项规定，所包含的信息能够从各个方面真实地反映出公司 债券代码：113643 债券简称：风语转债 二、 审议通过《2025 年半年度募集资金存放与实际使用情况的专项报告》。 《2025 年半年度募集资金存放与使用情况的专项报告》内容与格式符合中 国证监会和上海证券交易 ...

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on September 15, 2025, at 14:30 in the company's conference room located at 191 Jiangchang 3rd Road, Shanghai [1][3] - The meeting will utilize the Shanghai Stock Exchange's online voting system for shareholder voting [3][4] Voting Procedures - Shareholders can vote through both on-site and online methods, with specific time slots for online voting on the day of the meeting [3][4] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts for the same category of shares [4] Attendance and Registration - Shareholders registered by the close of trading on September 8, 2025, are eligible to attend the meeting [4][5] - Shareholders must submit a written response to confirm attendance by September 14, 2025 [5][6] Additional Information - The meeting is expected to last no more than half a working day, and attendees will bear their own travel and accommodation costs [7] - No gifts will be distributed at the meeting, in accordance with relevant regulations [7]

本报讯 （记者张文湘 见习记者占健宇）8月29日，上海风语筑文化科技股份有限公司（以下简称"风语筑"）发布2025年半 年报。报告期内，公司实现营业收入7.75亿元，同比增长33.97%；实现归属于上市公司股东的净利润0.17亿元，同比扭亏为 盈。上半年，公司持续强化应收账款管理，加大款项催收力度，公司销售回款8.45亿元，较去年同期增加1.09亿元，经营活动 现金净流量6087.51万元，连续多期保持正向流入，公司现金流状况明显改善。 半年报显示，今年上半年，公司双线并进，一方面高标准交付"晋城城市展览馆""长安云•一带一路城市展示体验中心""深 圳市规划馆改造提升""海螺集团企业展厅"等城市、品牌数字化体验空间，持续巩固在城市馆、规划馆、企业馆赛道的领先地 位；另一方面，积极顺应客户结构变化和下游需求升级，深度聚焦城市更新和文旅消费等新增长点，全力开拓数字新文旅业 务。 （编辑 郭之宸） 报告期内，公司以"寿县二十四节气馆""苏州•未来科幻馆""淮北老电厂工业博物馆""上海在水一方科幻馆"为示范，将传统 文化和潮流科幻IP与沉浸式交互技术深度融合，构建"文化体验+数字消费"复合场景生态。同时，报告期内，公 ...

上海风语筑文化科技股份有限公司 2025 年第一次临时股东会 会议材料 2025 年 9 月 15 日 目 录 2 一、上海风语筑文化科技股份有限公司 2025 年第一次临时股东会议程 二、上海风语筑文化科技股份有限公司 2025 年第一次临时股东会议案 1. 《关于取消监事会并修订<公司章程>及相关附件的议案》 2. 《关于修订<上海风语筑文化科技股份有限公司股东会议事规则>的议案》 3. 《关于修订<上海风语筑文化科技股份有限公司董事会议事规则>的议案》 上海风语筑文化科技股份有限公司 2025 年第一次临时股东会议程 一、会议基本情况 5． 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票 平 台 的 投 票 时 间 为 股 东 会 召 开 当 日 的 交 易 时 间 段 9:15-9:25,9:30-11:30,13:00-15:00；通过互联网投票平台的投票时间为股东会召开 当日的 9:15-15:00。 二、会议议程： | 序号 | 议 题 | | --- | --- | | 1 | 《关于取消监事会并修订<公司章程>及相关附件的议案》 | | 2 | 《关于修订<上海风语筑文化科技 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 775 million yuan, a year-on-year growth of 33.97%, and net profit attributable to shareholders amounting to 16.95 million yuan, up 112.62% compared to the same period last year [1][2] Group 1: Business Performance - The company's strong performance is attributed to a notable increase in project delivery and effective cost control, showcasing a positive development trend [1] - Key projects completed include the "Jincheng City Exhibition Hall" and the "Chang'an Cloud Belt and Road City Display Experience Center," which have received high recognition from clients and provided digital display platforms for important activities [1] - In the digital new cultural tourism sector, the company is leveraging industry opportunities with innovative projects like the "Shouxian Twenty-Four Solar Terms Museum" and the "Suzhou Future Sci-Fi Museum," merging traditional culture with trendy sci-fi elements to create a new business model of "cultural experience + digital consumption" [1] Group 2: Technological Innovation and Financial Health - Continuous investment in R&D for technologies such as holographic imaging, naked-eye 3D, and CGI effects has been a core driver of the company's development, enhancing project quality and user experience [2] - The company is also exploring cutting-edge technologies like AI and embodied intelligence, aiming for deep integration with the cultural and creative industries [2] - Financially, the company emphasizes stability, achieving sales receipts of 845 million yuan, significantly higher than the previous year, and maintaining positive cash flow from operating activities, which supports healthy development [2] Group 3: Future Outlook - The company plans to adhere to the "culture + technology" development philosophy, aligning with national policy directions and market trends to strengthen its leading position in the digital culture sector [2] - With the ongoing advancement of digital China and the flourishing cultural industry, the company is expected to encounter broader development opportunities [2]