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]

| 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 ...

| 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 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 ...

上海市锦天城律师事务所 关于上海风语筑文化科技股份有限公司 2024 年年度股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海风语筑文化科技股份有限公司 2024 年年度股东大会法律意见书 致：上海风语筑文化科技股份有限公司 上海市锦天城律师事务所（以下简称本所）接受上海风语筑文化科技股份有 限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司 法》"）等法律、法规和规范性文件以及公司章程的有关规定，出具本法律意见 书。 2025 年 4 月 23 日，股东李晖提出临时提案；公司于 2025 年 4 月 24 日在上 海证券交易所网站（www.sse.com.cn）上刊登《上海风语筑文化科技股份有限公 司关于 2024 年年度股东大会增加临时提案的公告》（以下简称"《临时提案公 告》"）。除增加临时提案外，本次股东大 ...

| 证券代 | 证券简 | | | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 码 | | 称 | | | | 期间 | | | | 113643 | 风 | 语 | 转 | 可转债转股停牌 | 2025/5/8 | 全天 | 2025/5/8 | 2025/5/9 | | | 债 | | | | | | | | 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 1、修正前转股价格：15.03 元/股 | 证券代码：603466 | 证券简称：风语筑 公告编号：2025-030 | | --- | --- | | 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 关于向下修正"风语转债"转股价格暨转股停牌的公告 因"风语转债"实施转股价格修正条款,本公司的相关证券停复牌情况如下： 2、修正后转股价格：12.02 元/股 ...

证券代码：603466 证券简称：风语筑 公告编号：2025－029 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 第四届董事会第十次会议决议公告 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。 上海风语筑文化科技股份有限公司（以下简称"公司"）第四届董事会第十 次会议于 2025 年 5 月 7 日以现场结合通讯方式召开。本次会议由董事长召集， 应参加表决董事 7 人，实际参加表决董事 7 人，本次会议的召集、召开符合《中 华人民共和国公司法》和本公司《公司章程》的有关规定，所作决议合法有效。 一、 审议通过《关于确定向下修正"风语转债"转股价格的议案》。 为保障公司持续健康发展，优化资本结构，充分保护投资者权益，公司董事 会提议向下修正"风语转债"的转股价格，将"风语转债"转股价格由当前的 15.03 元/股向下修正为 12.02 元/股。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《上 海风语筑文化科技股份有限公司关于向下修正"风语转债"转股价格暨转股 ...