Summary of Key Points Core Viewpoint - Windy Build (603466.SH) announced a share reduction plan by major shareholders, which may impact the stock's performance and investor sentiment [1][2]. Group 1: Shareholder Reduction Plan - Li Hui plans to reduce his holdings by up to 11,895,700 shares, representing no more than 2% of Windy Build's total share capital, through block trading [1]. - Shanghai Ligou Investment Partnership intends to reduce its holdings by up to 5,947,800 shares, accounting for no more than 1% of the total share capital, via centralized bidding [1]. - As of the announcement date, Li Hui holds 138,180,700 shares (23.23% of total shares), while Ligou Investment holds 19,418,388 shares (3.26% of total shares) [1]. Group 2: Financial Performance - In Q1 2025, Windy Build achieved revenue of 382 million yuan, a year-on-year increase of 29.81%, and a net profit attributable to shareholders of 40.27 million yuan, compared to a loss of 15.01 million yuan in the same period last year [2]. - For the year 2024, Windy Build reported revenue of 1.376 billion yuan, a year-on-year decrease of 41.44%, and a net loss attributable to shareholders of 135 million yuan, down from a profit of 282 million yuan the previous year [2]. - The company recorded a net cash flow from operating activities of 23.44 million yuan in Q1 2025, a significant improvement from a negative cash flow of 220 million yuan in the previous year [2].

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]

Summary of Windy Zhi's Conference Call Company Overview - Windy Zhi is a Shanghai-based company transitioning from a construction firm to a cultural technology company, focusing on digital cultural experiences and AI applications [2][3][12]. Industry Insights - The company benefits from Shanghai's consumer stimulus policies, expanding into new cultural tourism scenarios such as science museums and immersive experiences [2][6]. - The new cultural tourism sector is seen as a crucial driver for domestic demand, leveraging existing physical spaces for enhanced content delivery [2][9]. Financial Projections - Revenue is projected to reach 1.38 billion yuan in 2024, with expectations of 1.7 to 2.1 billion yuan in 2025 and 2026 [2][7]. - Profit forecasts indicate over 200 million yuan for the current year and over 300 million yuan for the next year, with a valuation corresponding to a PE ratio of 20 to 30 times [2][7]. Technological Advancements - Windy Zhi is actively investing in AI, establishing the JuSheng Intelligent Research Institute, and developing interactive digital content applications, including XR and MR technologies [2][4][12]. - The company is exploring advanced projects like "In Water One Side" and collaborating with Horizon Robotics to create an AI brain for cultural tourism scenarios [4][14]. Market Position and Strategy - Windy Zhi has established a strong presence in urban digital experience spaces, aligning with urban renewal and AI-driven consumer trends [2][10][12]. - The company has over 3,000 offline venues, providing significant advantages for business expansion and leveraging existing spaces for new consumer experiences [10][11]. Risk Management - The company maintains sufficient provisions for accounts receivable, minimizing risks associated with business operations [8]. - Continuous innovation and technology iteration are key strategies for sustaining growth and adapting to market changes [8][11]. Future Outlook - The company views 2025 as a year for core business recovery, with 2026 marking a critical period for growth [16]. - Windy Zhi aims to capitalize on new media, AI, and IP opportunities, positioning itself as a leader in the new cultural tourism and consumption sectors [16]. Policy Impact - The company emphasizes the importance of top-down policy guidance, which is expected to positively influence its development in urban renewal and cultural technology [13]. Key Projects - Notable projects include "Dream Back to the Old Summer Palace" and "Mysterious Castle," showcasing the company's capabilities in cultural technology and urban renewal [4][13]. This summary encapsulates the key points from the conference call, highlighting Windy Zhi's strategic direction, financial outlook, technological advancements, and market positioning within the cultural technology industry.

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]