Economic Information - In May, the national futures market recorded a trading volume of 678,609,037 contracts and a transaction value of 5,472.99 billion yuan, representing a year-on-year decline of 4.51% and 1.55% respectively [2] - From January to May, the cumulative trading volume reached 3,336,834,307 contracts, with a cumulative transaction value of 28,693.44 billion yuan, showing year-on-year growth of 15.61% and 21.33% [2] - As of June 11, the wholesale price of 25-year Flying Moutai (bulk) was 1,990 yuan per bottle, down 30 yuan from the previous day, while the price of 25-year Flying Moutai (original) remained at 2,080 yuan per bottle [2] Company Alerts - Industrial Securities has not received any information regarding a merger with Huafu Securities [3] - *ST Yazhen has been suspended from trading for verification due to multiple instances of abnormal trading fluctuations [6] - Several companies, including Chaojie Co., Aikelan, and Fengyuzhu, have announced plans for share reductions by their shareholders, with reductions not exceeding 3% of total shares [8] Overseas Alerts - The US stock market saw all three major indices close lower, with the Nasdaq down 0.5% and Intel dropping over 6%, marking its largest single-day decline in two months [4] - In London, most base metals declined, with LME nickel down 1.13% at $15,145.00 per ton and LME copper down 1.12% at $9,647.00 per ton [5] - Jeffrey Gundlach, head of DoubleLine Capital, indicated that the US debt burden and interest payments have become unsustainable, suggesting that long-term US Treasuries are no longer considered truly risk-free investments [4]

Group 1 - The shareholder of Fengyuzhu plans to reduce its holdings by no more than 3% of the company's shares [1] - Tianqi Materials intends to invest approximately $280 million in building an electrolyte and raw materials base in Morocco [1] - Xingsen Technology plans to participate in the purchase of a 24% stake in its subsidiary Xinke Semiconductor [1] Group 2 - Dongshi Convertible Bonds will be suspended from trading on the Shanghai Stock Exchange starting June 20 due to the company's inability to complete rectification before the deadline [1] - The controlling shareholder, Dongfang Fashion Investment Co., Ltd., and its affiliates have returned 0 yuan of occupied funds [1] - The suspension period for the company's stock and Dongshi Convertible Bonds will not exceed 2 months [1]

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：113643 | 债券简称：风语转债 | | 上海风语筑文化科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： | 股东名称 | 李晖 | | | | --- | --- | --- | --- | | | 控股股东、实控人及一致行动人 | √是 | □否 | | 股东身份 | 直接持股 5%以上股东 | √是 | □否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：不适用 | | | 一、减持主体的基本情况 1 大股东持股的基本情况: 截至本公告披露日，李晖先生持有上海风语 筑文化科技股份有限公司（以下简称"公司"）股份 138,180,700 股， 约占公司总股本的 23.23%；上海励构投资合伙企业（有限合伙）（以下 简称"励构投资"）持有公司股份 19,418,388 股，约占公司总股本的 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [9]. Core Insights - The report emphasizes the significant potential of AI applications in driving new growth in the media industry, with a notable increase in monthly active users for AI products such as "Jimeng AI," which surpassed 30 million [5][4]. - The global generative AI market is projected to reach $208.8 billion by 2032, with a compound annual growth rate (CAGR) of 35.3% from 2024 to 2032, highlighting the robust growth potential in this area [7]. - The report identifies various sectors where AI can be integrated, including digital marketing, content creation, education, and more, suggesting a broad scope for investment [7]. Summary by Sections Industry Performance - The media sector has shown a 33% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which only increased by 8.4% [1]. AI Application Trends - AI applications are evolving from hardware to content, with significant advancements in commercial viability across various sectors, including 2G, 2B, and 2C [3]. - The report highlights the successful launch of China's first AIGC adapted sci-fi short drama, showcasing the potential of AI in content creation [4]. Company Focus and Earnings Forecast - Several companies are highlighted with a "Buy" rating, including Wanda Film, Shanghai Film, and Mango Super Media, with projected earnings per share (EPS) growth in the coming years [9]. - The report provides specific EPS and price-to-earnings (PE) ratios for these companies, indicating strong future performance expectations [9].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The box office for the Dragon Boat Festival in 2025 reached 136 million yuan, a year-on-year increase of 30%, with attendance increasing by 33% to 3.9 million people, indicating strong demand resilience driven by quality content supply [4][5] - The opening of the first immersive children's intellectual park in Shanghai, themed around classic animation IPs, is expected to enhance brand recognition and channel value [5] - Wanda Film's investment in 52TOYS aims to leverage IP and channel advantages, enhancing non-ticket revenue and capital appreciation through a "content + consumption + technology" business model [6][8] Summary by Sections Box Office Performance - The 2025 Dragon Boat Festival box office saw a significant increase, with the film "Mission: Impossible 8" contributing 46% of the total box office, showcasing the impact of quality content on audience turnout [4] New Business Opportunities - The launch of the popome children's park in Shanghai represents a new business avenue for cinemas, combining classic animation IPs with immersive experiences to attract families [5] - Wanda Film's strategic investment in 52TOYS is expected to enhance its non-ticket revenue and strengthen its market position in the IP toy sector [6][8] Market Trends - The demand for family-oriented experiences, as evidenced by the success of various IP-themed parks, highlights the resilience of the market amid evolving consumer preferences [9] - The integration of AI and innovative media is anticipated to amplify the commercial value of upstream IP and downstream channel enterprises [9]

Group 1 - The Sora concept (text-to-video) sector is experiencing a surge, with companies like Yuanlong Yatu (002878) hitting the daily limit up, while Zhejiang Shuju Culture (600633), Aorui De (600666), Fengyuzhu (603466), Huayang Lianzhong (603825), and Borui Chuanbo (600880) also seeing significant gains [1] - There is an influx of dark pool funds entering these stocks, indicating increased investor interest and potential for further price movements [2]

风语筑 20250522 摘要 风语筑受益于上海市提振消费政策，通过拓展科技馆、博物馆等场景， 实现业务增长，并推出梦回圆明园等 XR 产品，以新供给拉动需求，积 极拓展新文旅消费场景。 公司 2024 年收入 13.8 亿元，预计 2025 年和 2026 年收入分别达到 17-21 亿元，利润方面，预计今年 2 亿多元，明年 3 亿多元，目前估值 对应 20 多倍至 30 倍 PE，有估值提升空间。 风语筑通过引入机器人、成立巨升智能研究院等方式积极布局 AI 领域， 推进交互式数字内容应用，如元宇宙和 MR 技术，并探索"在水一方" 等前沿项目。 公司从一次性交付转向参与后端运营，新文旅成为提振内需的重要抓手， 通过建筑模型博物馆、3D 数字广告及沉浸式体验验证竞争力，并利用存 量物理空间赋予更多内容。 风语筑在城市数字化体验空间领域具有优势，契合城市更新和人工智能 加消费理念，通过文化和科技赋能，成为 AI 应用加新消费的代表，并积 极承接数字人和 AR 秀等 AI 相关应用。 Q&A 风语筑如何应对风险并保持成长性？ 风语筑作为一家上海的公司，始终伴随着新技术进行自我迭代，从建筑公司转 型为文化科技 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company reported a significant decline in revenue for 2024, with total revenue of 1.376 billion, down 41.44% year-on-year, and a net loss of 135 million. However, in Q1 2025, the company achieved a revenue of 382 million, marking a 29.81% year-on-year increase, and returned to profitability with a net profit of 40 million [2] - The overall gross margin for 2024 was 22.98%, a decrease of 5.41 percentage points from the previous year. The gross margin for the digital experience space business was 20.68%, down 11.89 percentage points, while the digital products and services business saw an increase in gross margin to 67.51%, up 14.29 percentage points [3] - The company is embracing "IP + Technology + Operations" model, integrating embodied intelligence technology to provide comprehensive solutions for cultural venues and new tourism projects, including personalized guide robots and AR glasses [4][5] - The company is expected to benefit from favorable consumption policies and the digital tourism industry's growth, with a focus on reducing costs and improving operational efficiency through AI and digital transformation [5] Financial Summary - The company adjusted its revenue forecasts for 2025-2027 to 1.686 billion, 1.930 billion, and 2.107 billion respectively, and net profit forecasts to 134 million, 184 million, and 229 million respectively. The adjusted EPS for the same period is projected to be 0.23, 0.31, and 0.39 [6][8] - The financial summary indicates a recovery in profitability with a projected net profit growth rate of 199.1% in 2025 and 37.1% in 2026 [8][10] - The company’s total assets are projected to grow from 4.853 billion in 2024 to 5.180 billion in 2027, with a decrease in the debt-to-equity ratio from 54.4% to 46.1% over the same period [10]

Core Points - The company announced a cash dividend distribution of 0.20 CNY per share for the fiscal year 2024, totaling approximately 118.96 million CNY [2][4] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 7, 2025 [2][16] - The record date for shareholders eligible for the dividend is set for May 26, 2025, with the ex-dividend date on May 27, 2025 [19] Dividend Distribution Details - The total number of shares for the dividend distribution is based on the company's total share capital of 594,785,851 shares [4] - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [3][5] - The company will not implement any differential dividend distribution or stock bonus [6] Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.20 CNY per share [8] - For individual shareholders holding shares for one year or less, the tax implications will be calculated based on their holding period, with a maximum tax rate of 20% for those holding for one month or less [8] - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10%, resulting in a net dividend of 0.18 CNY per share [9][10] Convertible Bond Adjustment - Following the cash dividend distribution, the conversion price for the company's convertible bonds ("风语转债") will be adjusted from 12.02 CNY to 11.82 CNY per share [19][20] - The adjustment is in accordance with the company's bond issuance regulations and will take effect on May 27, 2025 [17][19] - The suspension of bond conversion will occur from May 20, 2025, until the resumption on May 27, 2025 [19]

Summary of Conference Call Notes Industry Overview - The conference call discusses the **Chinese consumer market**, highlighting its transition into a new consumption era characterized by emotional consumption and the integration of AI applications. [1][2][5] Key Insights and Arguments - The **fifth consumption era** in China emphasizes "well-being," which includes both physical and emotional health, leading to a diversification of emotional consumption patterns, especially in first-tier cities. [1][7] - The **media sector** is positioned as a dual attribute of technology and discretionary consumption, benefiting from both new consumer trends and AI applications, which are expected to drive valuation reassessment. [1][6][10] - **Policy support** from the government is crucial in driving market growth, with a focus on urban renewal and the application of new technologies to stimulate economic activity. [1][9] - The **Japanese experience** in transitioning through consumption eras serves as a model for China, particularly in understanding consumer behavior and the importance of emotional value in purchasing decisions. [2][3][6] Emerging Trends - Emotional consumption is gaining traction as it reflects changes in social and economic cycles, aligning with the "well-being" concept introduced in Japan's fifth consumption era. [8] - The **rise of new consumer demands** in sectors such as beauty care, fitness, and card games is noted, particularly in lower-tier markets, indicating potential growth opportunities. [1][5] Important but Overlooked Content - The **impact of AI and new media** on the media sector is highlighted, with a focus on the integration of AI applications in enhancing consumer engagement and content delivery. [3][10] - The **China Securities Regulatory Commission's** policies on mergers and acquisitions are expected to invigorate the market, allowing companies to leverage strategic partnerships for growth. [3][11] - Specific **media sector companies** to watch include cinema chains like Wanda Film and Hengdian Film, as well as companies involved in IP derivatives and digital marketing, indicating a diverse investment landscape. [12][13] Conclusion - The conference call emphasizes the importance of understanding the evolving consumer landscape in China, driven by emotional values and supported by government policies, while also recognizing the potential of AI applications in reshaping the media sector. [1][2][10]