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]

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-033 | | --- | --- | --- | | 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 关于可转债转股价格调整的提示性公告 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： 证券停复牌情况：适用 因公司 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113643 | 风语转债 | 可转债转股复 | | | 2025/5/26 | 2025/5/27 | | | | 牌 | | | | | 调整前"风语转债"转股价格为：12.02 元/股 因此，本次 2024 年度利润分配派发现金红利后，"风语转债"转股价格将进行 调整，本次调整符合《上海风语筑文化科技股份有限公司公开发行可转换 ...

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：113643 | 债券简称：风语转债 | | 重要内容提示： 每股分配比例 A 股每股现金红利0.20元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/26 | － | 2025/5/27 | 2025/5/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 7 日的2024年年度股东大会审议通过。 上海风语筑文化科技股份有限公司2024年年度权益分派实施公告 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。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting the potential for growth driven by AI applications and consumer spending [6][19]. Core Insights - The media industry is supported by continuous policy backing, which includes urban renewal initiatives and the exploration of AI application scenarios. This is expected to stimulate new demand and enhance business growth [5][15][16]. - The upcoming e-commerce events, such as the 618 shopping festival, are anticipated to drive significant business activity within the media sector, leveraging technology to boost consumer engagement [18][19]. - Companies in the media sector are actively innovating and exploring new business models, particularly through AI integration, which is expected to enhance operational efficiency and create new revenue streams [16][19]. Summary by Sections Industry Review - The media sector has shown varied performance, with the e-commerce index experiencing significant gains while the smart TV index lagged behind. Notable stock performances included NetEase and Xunyou Technology, which saw increases of 16.07% and 14.26%, respectively [14][25]. Policy Support - Recent policies emphasize urban renewal and digital cultural development, aiming to enhance consumer infrastructure and promote new technologies. This is expected to create new opportunities for media companies [15][16][17]. Key Recommended Stocks - The report recommends several stocks within the media sector, including Mango Super Media (300413), Yaoji Technology (002605), and Wanda Film (002739), all of which are expected to benefit from upcoming events and innovations [6][9]. Market Dynamics - The report notes that the film market is recovering, with recent box office figures indicating a weekly revenue of 2.10 billion yuan. Upcoming films are expected to further stimulate audience engagement [30][32]. - In the television sector, popular shows are driving viewership, with top-rated series achieving significant market shares [34][35]. E-commerce Trends - Major e-commerce platforms like Alibaba and JD.com are gearing up for the 618 shopping festival, with strategies in place to enhance consumer engagement and drive sales growth [26][27].

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-031 | | --- | --- | --- | | 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 关于实施 2024 年度权益分派时"风语转债"停止转股 的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113643 | 风语转债 | 可转债转股停 | 2025/5/20 | | | | | | | 牌 | | | | | 权益分派公告前一交易日（2025 年 5 月 20 日）至权益分派股权登记日期间，上海风语 筑文化科技股份有限公司（以下简称"风语筑"）可转换公司 ...

Core Insights - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.376 billion yuan, down 41.44% year-on-year, and a net loss of 135 million yuan, down 147.97% year-on-year. However, Q1 2025 showed a recovery with revenue of 382 million yuan, up 29.81% year-on-year, and a net profit of 40.27 million yuan, marking a turnaround with a growth of 368.25% year-on-year [1]. Financial Performance - In 2024, the company faced pressure on its performance due to external environment changes and reduced client demand, leading to fewer completed projects. The urban digital experience space business generated revenue of 448 million yuan, down 46.83%, accounting for 32.56% of total revenue. The cultural and brand digital experience space business generated 873 million yuan, down 37.40%, making up 63.44% of total revenue. The digital products and services business generated 55 million yuan, down 51.12%, accounting for 4.00% of total revenue [1]. - In 2024, the company achieved sales collections of 1.813 billion yuan, an increase of 59.56 million yuan from the previous year, with a sales cash collection ratio of 131.72% [3]. Strategic Initiatives - The company adheres to a "cash is king" financial philosophy, enhancing its accounts receivable management system to improve cash flow. It implements strict project selection criteria to avoid funding projects and optimizes resource allocation to high-return projects [2]. - The company established the Embodied Intelligence Research Institute to promote the application of robotics in new cultural tourism consumption scenarios. This initiative aims to integrate AI technology with practical applications, enhancing human-machine interaction [3]. - A strategic partnership with Songyan Power focuses on developing robotic solutions for new cultural tourism scenarios, leveraging both companies' strengths in design, content development, and robotics technology [4][5]. Future Outlook - The company expects to maintain its leadership in traditional industries while embracing embodied intelligence to drive growth in exhibition and cultural tourism experiences. Revenue projections for 2025-2027 are 1.736 billion yuan, 2.079 billion yuan, and 2.337 billion yuan, representing year-on-year growth of 26.12%, 19.77%, and 12.40%, respectively. Net profits are projected to be 194 million yuan, 252 million yuan, and 300 million yuan, with corresponding year-on-year growth of 243.02%, 30.13%, and 19.10% [6].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating that consumers are increasingly focused on well-being and life quality, which benefits the media sector [5][17]. - The report emphasizes the potential for domestic demand to drive growth in the media industry, supported by government policies and the integration of technology and content [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes significant fluctuations in individual stocks, with top gainers including Baotong Technology and Daocaoxiong Entertainment, while major losers included Wanda Film and Meiri Interactive [15]. Key Recommendations - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) focusing on experience economy - Mango Super Media (300413) benefiting from upcoming shows - Yaoyi Technology (002605) expected to recover due to card games [6][10]. - Other notable mentions include BlueFocus (300058), Wanda Film (002739), and Huace Film & TV (300133), all rated as "Buy" [10]. Market Trends - The report discusses the impact of the fifth consumption era on consumer preferences, emphasizing a focus on emotional resonance and value recognition rather than mere status symbols [17][19]. - It highlights the importance of the cinema line content sector, which is expected to benefit from government support and a growing domestic market [18]. Gaming Industry Insights - The gaming sector continues to thrive, with Tencent leading in mobile game revenues, and significant growth observed in titles like "Honor of Kings" [20]. - The report notes that 33 Chinese publishers ranked in the global top 100 for mobile game revenue, collectively earning $2 billion in April 2025 [20]. Upcoming Releases and Market Activity - The report outlines upcoming film releases, including "Chong·Zhuang," set to premiere on May 17, 2025, which is based on a true story [29][34]. - It also provides insights into the television ratings, with popular shows like "Cheng Jia" and "Man Hao De Ren Sheng" leading in viewership [35].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Core Viewpoint - The company has decided to lower the conversion price of its convertible bonds, "Wind Language Convertible Bonds," from 15.03 yuan per share to 12.02 yuan per share to ensure sustainable development and optimize its capital structure while protecting investor rights [2][22]. Group 1: Board Meeting and Resolutions - The fourth board meeting of the company was held on May 7, 2025, with all seven directors participating, and the resolutions made during the meeting were deemed legal and effective [1][3]. - The board approved the proposal to lower the conversion price of "Wind Language Convertible Bonds" [2][22]. - The voting results for the proposal showed unanimous support with 7 votes in favor and no opposition [3]. Group 2: Shareholder Meeting - The annual shareholder meeting took place on May 7, 2025, at the company's meeting room in Shanghai [6]. - All proposed resolutions at the shareholder meeting were passed, including the proposal to lower the conversion price of the bonds, which required a two-thirds majority [9][21]. - The meeting was conducted in compliance with the Company Law and the company's articles of association [7][10]. Group 3: Convertible Bond Details - The initial conversion price of the "Wind Language Convertible Bonds" was set at 22.15 yuan per share, later adjusted to 15.03 yuan per share due to annual profit distribution [15][16][22]. - The new conversion price of 12.02 yuan per share will take effect on May 9, 2025, following a temporary suspension of conversion on May 8, 2025 [18][22]. - The adjustment was triggered as the company's stock price fell below 80% of the previous conversion price for at least 15 trading days within a 30-day period [21].

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-028 | | --- | --- | --- | | 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年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 7 日 (二)股东大会召开的地点：上海市江场三路 191 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 450 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 285,029,160 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.9213 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场 ...