Core Viewpoint - The major shareholder of Shanghai Fengyuzhu Cultural Technology Co., Ltd., Mr. Li Hui, plans to reduce his shareholding in the company through a structured selling plan, which includes both centralized bidding and block trading methods [2]. Group 1: Major Shareholder Information - As of the announcement date, Mr. Li Hui holds 126,285,000 shares, representing approximately 21.23% of the company's total share capital [2]. Group 2: Share Reduction Plan Details - Mr. Li Hui intends to reduce his holdings by a maximum of 5,947,860 shares (up to 1% of total share capital) through centralized bidding and up to 11,895,720 shares (up to 2% of total share capital) through block trading within three months after 15 trading days from the announcement [2]. - The specific selling price will be determined based on market conditions at the time of the sale, and the number of shares to be sold may be adjusted in the event of corporate actions such as dividends or stock splits [2]. Group 3: Compliance and Commitments - Mr. Li Hui has made prior commitments regarding his shareholding, including a lock-up period of 36 months post-IPO during which he will not transfer or manage his shares, and a restriction on selling more than 25% of his holdings in any given year for two years after the lock-up period [2]. - The current reduction plan is consistent with previously disclosed commitments [3]. Group 4: Company Monitoring and Compliance - The company will monitor the implementation of the share reduction plan and fulfill its information disclosure obligations as required by regulations [4]. - The company confirms that there are no circumstances that would violate the regulations regarding shareholder reductions, and the reduction will not affect the company's governance or ongoing operations [4].

格隆汇1月30日丨风语筑(603466.SH)公布，自本公告披露之日起15个交易日后的3个月内，李晖先生通 过集中竞价交易方式减持股份数量不超过594.79万股，即不超过公司总股本的1%；通过大宗交易方式 减持股份数量不超过1189.57万股，即不超过公司总股本的2%。具体减持价格根据减持实施时的市场价 格确定。 ...

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2026-005 | | --- | --- | --- | | 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： | 一、减持主体的基本情况 | | --- | | 股东名称 | 李晖 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | √是 | □否 | | | 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 | | | | 持股数量 | 126,285,000股 | | | | 持股比例 | 21.23% | | | 1 大股东的基本情况: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 126,285,000 股，约占 公司总股本的 21.23% ...

Group 1 - The company Fengyuzhu announced a share reduction plan by Mr. Li Hui, intending to reduce up to approximately 5.95 million shares through centralized bidding, which accounts for no more than 1% of the total share capital [1] - Additionally, Mr. Li Hui plans to reduce up to approximately 11.9 million shares through block trading, representing no more than 2% of the total share capital [1] - The specific reduction price will be determined based on market prices at the time of the reduction, and any corporate actions such as dividends or stock splits will adjust the reduction quantities accordingly [1]

Group 1 - The core point of the article is that the shareholder Li Hui of Fengyuzhu plans to reduce his holdings by up to 17.84358 million shares, which is no more than 3% of the company's total share capital, between March 3, 2026, and June 2, 2026 [1] - The reduction will occur through two methods: a maximum of 5.94786 million shares via centralized bidding and up to 11.89572 million shares through block trading [1] - The reason for the reduction is stated as personal financial arrangements [1]

Market Overview - On January 30, the digital media sector experienced a slight decline of 0.05% compared to the previous trading day, with Fantawild leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the digital media sector included: - *ST Fanli: Closed at 5.75, up 4.17% with a trading volume of 196,400 shares and a turnover of 112 million yuan [1] - Zhidema: Closed at 74.50, up 3.20% with a trading volume of 299,800 shares and a turnover of 2.193 billion yuan [1] - Guomai Culture: Closed at 14.64, up 2.23% with a trading volume of 326,300 shares and a turnover of 474 million yuan [1] - Conversely, Fantawild Digital saw a significant decline, closing at 31.67, down 4.03% with a trading volume of 91,600 shares and a turnover of 293 million yuan [2] Capital Flow - The digital media sector experienced a net outflow of 96.72 million yuan from institutional investors, while retail investors saw a net inflow of 47.29 million yuan [2] - The capital flow for specific stocks showed: - Xinhua Net had a net inflow of 98.45 million yuan from institutional investors, but a net outflow of 92.79 million yuan from retail investors [3] - Guomai Culture had a net inflow of 38.31 million yuan from institutional investors, with a net outflow of 52.48 million yuan from retail investors [3] - Fantawild Digital had a net outflow of 6.79 million yuan from institutional investors, while retail investors contributed a net inflow of 6.83 million yuan [3]

Group 1 - The digital media sector increased by 3.47% on January 29, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Key stocks in the digital media sector showed significant price increases, with "Zhi De Mai" rising by 8.20% to a closing price of 72.19 [1] Group 2 - The net inflow of main funds in the digital media sector was 446 million yuan, while retail investors experienced a net outflow of 127 million yuan [1] - "Ren Min Wang" had a main fund net inflow of 2.22 billion yuan, but retail investors saw a net outflow of 1.05 billion yuan [2] - "Xin Hua Wang" recorded a main fund net inflow of 192 million yuan, with retail investors experiencing a net outflow of 1.40 billion yuan [2]

Core Viewpoint - The report from Huaxin Securities indicates that in 2025, the company Fengyuzhu will focus on the innovative transformation of traditional cultural IP, driving revenue growth through immersive consumption scenarios and diversified business model transformation, despite facing rigid labor costs and period expenses leading to a net profit loss attributable to shareholders [1] Group 1: Financial Performance - In 2025, the company is expected to achieve an operating cash flow net amount of approximately 200 million yuan, ensuring stable operations for the future [1] - The company anticipates a net profit loss due to fixed labor costs and period expenses [1] Group 2: Strategic Focus - The company aims to deepen the integration of "culture + technology + consumption" by leveraging cutting-edge technologies such as AI hardware, robotics, aerospace, and brain science through collaborative efforts [1] - The company is positioned as a leading player in the digital creative industry, utilizing AI and IP to support the "expand domestic demand" strategy and create new interactive experience economic applications [1] Group 3: Future Outlook - The company is expected to open a new chapter in 2026 driven by new demand and supply dynamics [1] - The company maintains a "buy" investment rating, indicating confidence in its future growth potential [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is focusing on the transformation of traditional cultural IP through immersive consumption scenarios and diversified business models to drive revenue growth, despite facing losses in net profit due to rigid labor and operational costs in 2025 [4] - The company has established strategic partnerships with leading technology firms to enhance its AI and 3D strategy, aiming to integrate culture, technology, and consumption [5] - The company is expected to enter a new phase in 2026, leveraging technological advancements to create digital experience spaces and interactive IP-themed experiences, thus upgrading the industry from traditional displays to immersive and intelligent experiences [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 15.25 billion, 18.14 billion, and 21.60 billion yuan respectively, with corresponding EPS of -0.04, 0.27, and 0.36 yuan [7] - The company is projected to achieve a net profit of -0.26 billion, 1.63 billion, and 2.13 billion yuan for the years 2025, 2026, and 2027, indicating a significant recovery and growth trajectory [10] - The current stock price corresponds to a PE ratio of -208.8 for 2025, 33.4 for 2026, and 25.6 for 2027, reflecting the company's position as a leading player in the digital entrepreneurship sector [7][10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company is focusing on the transformation of traditional cultural IP through immersive consumption scenarios and diversified business models to drive revenue growth, despite facing operating losses in 2025 due to rigid labor and operational costs [4] - The company has established strategic partnerships with leading tech firms to enhance its AI and 3D strategy, aiming to integrate culture, technology, and consumption [5] - The company is expected to enter a new phase in 2026, leveraging technological advancements to create digital experience spaces and interactive IP-themed experiences, thus upgrading the industry from traditional displays to immersive and intelligent experiences [6] Financial Forecast - The company is projected to achieve revenues of 1.525 billion, 1.814 billion, and 2.160 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of -0.26 billion, 1.63 billion, and 2.13 billion yuan [7][10] - The earnings per share (EPS) are forecasted to be -0.04, 0.27, and 0.36 yuan for the years 2025, 2026, and 2027 respectively, indicating a recovery in profitability [7][10] - The current stock price corresponds to a price-to-earnings (P/E) ratio of -208.8 for 2025, 33.4 for 2026, and 25.6 for 2027, reflecting the company's position as a leader in the digital entrepreneurship sector [7][10]