证券研究报告 风语筑 (603466 CH) 经营逐步回暖，积极拥抱具身智能 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 17 日│中国内地 | 文化娱乐 | 公司发布 24 年报&25Q1 季报：24 年营收 13.76 亿元（yoy-41.44%），归 母净亏损 1.35 亿元（yoy-147.97%），符合业绩预告（-1.35 至-0.9 亿元）； 25Q1 营收 3.82 亿元（yoy+29.81%），归母净利 0.40 亿元（yoy+368.25%）。 公司拟每 10 股派发现金红利人民币 2 元。内生经营已呈回暖趋势，维持"买 入"评级。 24 年营收&毛利率下行，25Q1 已好转 24 年营收下降主因行业经营环境偏弱，文旅类项目结算周期较长，部分项 目尚未结算，以及公司为降低回款风险，项目选择更为谨慎。24 年综合毛 利率为 22.98%，同降 6.9pct，主因营收下降同时部分成本刚性。销售/管理 / 研 发 / 财 务 费 用 率 6.08%/7.59%/4.67%/0.55% ，同比 +0.73/+3.19/ ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's revenue and profit have shown significant improvement in Q1 2025, with revenue reaching 382 million yuan, a year-on-year increase of 29.8%, and a net profit attributable to shareholders of 40 million yuan, marking a return to profitability [5] - The company is leveraging the "experience economy" to drive new business growth, focusing on upgrading existing projects and expanding into new cultural and technological consumption scenarios [6] - The establishment of the "Embodied Intelligence Research Institute" and strategic partnerships aim to enhance the company's capabilities in providing integrated solutions for cultural venues and new tourism projects [7][8] - Revenue forecasts for 2025-2027 are projected at 1.725 billion, 2.114 billion, and 2.490 billion yuan respectively, with net profits expected to be 208 million, 301 million, and 427 million yuan, indicating a strong growth trajectory [9][11] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 382 million yuan, a 29.8% increase year-on-year, and a net profit of 40 million yuan, indicating a turnaround from previous losses [5] - The gross margin and net margin for Q1 2025 were 31.49% and 10.53% respectively, showing continuous improvement [5] Business Strategy - The company is deepening its core business by integrating "IP + technology + operations" to drive growth through existing exhibition content updates and technological upgrades [6] - New cultural and technological consumption scenarios are being developed to stimulate domestic demand, with projects like "Dream Back to the Yuanmingyuan VR Large Space" and offline exhibitions of popular IPs [6] Market Outlook - The company is expected to benefit from the ongoing demand for immersive and interactive digital exhibitions, with a focus on enhancing digital technology capabilities and building a digital art IP matrix [9] - The projected PE ratios for 2025, 2026, and 2027 are 25.7, 17.7, and 12.5 respectively, indicating an attractive valuation as the company continues to recover and grow [9]

2025 年 04 月 17 日 主业向好 以体验经济为支点撬动业务新增量可 期 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2025-04-16 | | --- | --- | | 当前股价（元） | 8.96 | | 总市值（亿元） | 53 | | 总股本（百万股） | 595 | | 流通股本（百万股） | 595 | | 52 周价格范围（元） | 6.58-12.8 | | 日均成交额（百万元） | 213.68 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 风语筑 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《风语筑（603466）：业绩预告 落地 2025 年体验经济新需求与新供 给有望助力主业修复》2025-01-18 2、《风语筑（603466）：主业在手 订单充沛静待经营拐点》2024-04- 25 3、《风语筑（603466）：2023 主业 修复喜人 2024 年有望再创佳绩》 2024-01-25 —风语筑（603466.SH）公司事件点评报告 上海风语 ...

●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披露。 ●本次利润分配实施后，不会触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 上海风语筑文化科技股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日 召开第四届董事会第八次会议、第四届监事会第六次会议审议通过了《2024 年 度利润分配方案的议案》，有关事宜公告如下： 证券代码：603466 证券简称：风语筑 公告编号：2025－016 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 2024 年度利润分配方案的公告 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。 重要提示： ●以每 10 股派发现金红利人民币 2.00 元（含税），该事项尚需提请公司股东 大会审议。 一、利润分配方案的内容 （一）利润分配方案的具体内 ...

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025－013 | | --- | --- | --- | | 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 关于"风语转债"预计满足转股价格修正条件的 提示性公告 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。 一、 可转换公司债券基本情况 因公司实施 2023 年年度权益分派，"风语转债"转股价格自 2024 年 6 月 7 日起调整为 15.03 元/股，具体内容详见公司于 2024 年 6 月 1 日在指定信息披露 媒体披露的《上海风语筑文化科技股份有限公司关于可转债转股价格调整的提示 性公告》（公告编号：2024-032）。 二、可转债转股价格修正条款与可能触发情况 （一）转股价格修正条款 根据《上海风语筑文化科技股份有限公司公开发行可转换公司债券募集说明 书》的相关规定，在本次发行的可转换公司债券存续期间，当公司股票在任意连 续三十个交易日中至少有十五个交易日的收盘价格低于当期转股价格的 80%时， 公司 ...

上海风语筑文化科技股份有限公司 2025 年第一季度报告 证券代码：603466 证券简称：风语筑 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 2025 年第一季度报告 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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 12 单位：元 币种：人民币 项目 本报告期 上年同期 本报告期比上 年同期增减变 动幅度(%) 营业收入 382,304,168.93 294,519,917.96 29.81 归属于上市公司股东的净利润 40,274,427.84 -15,013,945.70 368.25 归属于上市公司股东的扣除非经常 性损益的 ...

Financial Performance - In 2024, the company achieved operating revenue of RMB 1.376 billion, a decrease of 41.44% compared to 2023[20]. - The net profit attributable to shareholders was a loss of RMB 135.44 million, down 147.97% year-on-year[20]. - The cash flow from operating activities showed a net outflow of RMB 31.67 million, a significant decline from the previous year's inflow of RMB 2.46 million[20]. - Basic earnings per share were -0.23 yuan, a decrease of 148.94% compared to 2023[21]. - The weighted average return on equity was -5.80%, a decrease of 17.87 percentage points from the previous year[21]. - The company's sales revenue for the reporting period was approximately ¥1.38 billion, a decrease of 41.44% compared to the previous year[46]. - The company's cash collection from sales reached ¥1.81 billion, an increase of ¥59.56 million, with a sales cash collection ratio of 131.72%[33]. - Total assets at the end of 2024 were RMB 4.853 billion, a decrease of 1.23% from the previous year[20]. - The net assets attributable to shareholders were RMB 2.211 billion, down 10.21% compared to the end of 2023[20]. - The company's main business revenue from digital experience reached ¥1,376,388,874.26, with a gross margin of 22.98%, a decrease of 5.41 percentage points compared to the previous year[48]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares, amounting to approximately RMB 118,957,140.40 based on a total share capital of 594,785,702 shares as of March 31, 2025[6]. - The company reported a cash dividend of CNY 118,957,140.40, which represents 87.83% of the net profit attributable to ordinary shareholders in the consolidated financial statements, amounting to a net loss of CNY -135,444,608.36[111]. - Over the last three accounting years, the cumulative cash dividend amounted to CNY 258,729,826.97, with a cash dividend ratio of 364.48% based on the average annual net profit of CNY 70,985,531.35[113][114]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 21.0628 million[94]. - The company has a cash dividend policy that prioritizes cash distribution, ensuring that the total cash distributed over the last three years is not less than 30% of the average annual distributable profit[109]. Governance and Compliance - The company has received a standard unqualified audit report from Tianzhi International Accounting Firm[8]. - The company’s governance structure complies with the requirements set by the China Securities Regulatory Commission, with no significant discrepancies noted[83]. - The company has established a dedicated board secretary for information disclosure and investor relations, ensuring compliance with legal and regulatory requirements[83]. - The company’s supervisory board operates in accordance with laws and regulations, ensuring the protection of shareholders' rights[83]. - The company has not faced any penalties from securities regulatory agencies in the past three years[96]. - The company’s independent directors were elected during the recent board elections, indicating a governance transition[95]. Market and Strategic Focus - The company is focused on expanding its market presence and developing new technologies in the metaverse and interactive technology sectors[12]. - The company emphasizes the importance of immersive experiences and digital art in its future strategies[12]. - The company plans to leverage emerging technologies in the digital cultural industry, including AI, VR, and AR, to enhance creative design and digital content creation capabilities[65]. - The company will focus on expanding new cultural tourism consumption scenarios, particularly in economically vibrant regions like the Yangtze River Delta and the Greater Bay Area[68]. - The company aims to create a new service system that links cultural IP digital development, immersive scene operation, and consumer services[68]. - The company is positioned to capitalize on the growing digital cultural industry, which is supported by national policies promoting digital economy development[64]. Risk Management - The company has detailed risks related to industry policy changes, market competition, and project implementation in its report[7]. - The company faces risks from macroeconomic fluctuations, particularly as its main clients are government entities, which may reduce cultural investment during economic downturns[74]. - The company is experiencing increased competition from various sectors, necessitating a diversification strategy to enhance its core competitiveness in digital experience spaces[75]. - The company is addressing project implementation risks by enhancing pre-evaluation and contract management to mitigate uncertainties in project execution[79]. Research and Development - The total R&D expenditure amounted to ¥64,255,859.60, representing 4.67% of the total revenue[51]. - The company is increasing R&D investments to meet rising product demands and maintain a competitive edge in technology innovation[77]. - Investment in research and development has increased by 15% year-over-year, reflecting the company's commitment to innovation[89]. Employee and Talent Management - The total number of employees in the parent company and major subsidiaries is 1,492, with 1,422 in the parent company and 70 in subsidiaries[105]. - The company has established a comprehensive training system for employees, focusing on enhancing professional skills and management capabilities[107]. - The company emphasizes talent retention and development, implementing stock incentive plans to enhance employee cohesion and stability within its core team[76]. Financial Management and Investments - The company has a total of CNY 790,000,000 in entrusted financial management, with CNY 50,000,000 remaining unexpired[136]. - The company has invested CNY 160,000,000 in broker financial products from raised funds, with CNY 80,000,000 remaining unexpired[136]. - The company has a planned investment in various financial products with expected annualized returns ranging from 2.20% to 5.47%[136]. - The company has achieved a funding utilization rate of 52.09% for the convertible bonds issued in March 2022[140]. Future Outlook - Future outlook suggests a focus on expanding market presence and enhancing product offerings, with a projected revenue growth of 20% for the next fiscal year[89]. - New product development initiatives are underway, particularly in the areas of digital architecture and immersive technologies, aiming to launch at least three new products by Q2 2025[89]. - The management team is committed to improving overall financial performance and shareholder value in the upcoming fiscal year[200].

我们接受上海风语筑文化科技股份有限公司(以下简称"风语筑公司")委托,在审计 了风语筑公司 2024年 12月 31日的合并及母公司资产负债表,2024年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表附注的基础上, 对后附的由风语筑公司管理层编制的《2024 年度营业收入扣除情况表》（以下简称扣除情 况表)进行了专项核查。 上 海 风 语 筑 文 化 科 技 股 份 有 限 公 司 2024 年 度 营 业 收 入 扣 除 情 况 的 专 项 核 查 意 见 天 职 业 字 [2025]12528-4 号 2024 年度营业收入扣除情况的专项核查意见- 您可使用手机"扫一扫"或近入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查查 "教 目 关于对上海风语筑文化科技股份有限公司 2024 年度营业收入扣除情况的专项核查意见 天职业字[2025]12528-4 号 上海风语筑文化科技股份有限公司全体股东: 一、管理层的责任 根据《上海证券交易所股票上市规则》(以下简称上市规则)的要求,风语筑公司编制 了上述扣除情况表。设计、执行和维护与 ...

上 海 风 语 筑 文 化 科 技 股 份 有 限 公 司 募 集 资 金 存 放 与 实 际 使 用 情 况 鉴 证 报 告 天 职 业 字 [2025]12528-2 号 录 募集资金存放与实际使用情况鉴证报告- ] 募集资金存放与实际使用情况的专项报告- -3 . 您可使用手机"扫一扫"或近入"注册会计师行业统一监管平台（http://aconf.gov.cn）"进行查询 "红千机"扫一扫"或近入"注册会计师行业统一监管平台（http://aconf.gov.cn）"进行查询 "我 募集资金存放与实际使用情况鉴证报告 天职业字[2025]12528-2 号 上海风语筑文化科技股份有限公司全体股东: 我们审核了后附的上海风语筑文化科技股份有限公司(以下简称"风语筑"或"公司")《关 于公司募集资金存放与实际使用情况的专项报告》。 一、管理层的责任 风语筑管理层的责任是按照中国证监会《上市公司监管指引第2号 -- 上市公司募集资金 管理和使用的监管要求》、上海证券交易所颁布的《上海证券交易所上市公司自律监管指引第1 号 -- 规范运作》及相关格式指引规定编制《关于公司募集资金存放与实际使用情况的专项报 告》 ...

中信建投证券股份有限公司 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）为 上海风语筑文化科技股份有限公司（以下简称"风语筑"、"公司"） 可转债 上市的保荐人及持续督导机构，根据《证券发行上市保荐业务管理办法》《上市 公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等法规的有关规定，对风语筑使用部分闲置募集资金进行现金管理事项进 行了审慎核查，核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 12 月 23 日出具的《关于核准上海风语筑文化科技股份有限公司公开发行可转换公司 债券的批复》（证监许可[2021]4026 号），公司获准向社会公开发行 5 亿元可转 换公司债券，每张面值为人民币 100.00 元，发行数量 500 万张，按面值发行， 募集资金总额为人民币 500,000,000.00 元，扣除承销及保荐费用等与发行有关的 费用后募集资金净额为 491,643,396.23 元。上述募集资金到位情况业经天职国际 会 ...