Market Performance - The digital media sector increased by 0.9% on September 16, with Shengyibao leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Shengyibao (002095) closed at 21.20, up 3.21% with a trading volume of 104,400 shares and a turnover of 220 million yuan [1] - Zhidema (300785) closed at 41.83, up 2.57% with a trading volume of 133,400 shares [1] - Visual China (000681) closed at 21.27, up 2.41% with a trading volume of 372,300 shares and a turnover of 783 million yuan [1] - Other notable stocks include Fengyuzhu (603466) at 10.02, up 1.73%, and Zhangyue Technology (603533) at 20.22, up 1.46% [1] Capital Flow Analysis - The digital media sector saw a net inflow of 88.94 million yuan from institutional investors, while retail investors experienced a net outflow of 78.77 million yuan [2] - The main capital inflow was observed in Visual China with 65.01 million yuan, while Zhidema had a net inflow of 25.55 million yuan [3] - Conversely, *ST Fanli (600228) and Chuanwang Media (300987) experienced net outflows of 2.53 million yuan and 0.21 million yuan respectively [3]

Core Viewpoint - The Shanghai Fengyuzhu Cultural Technology Co., Ltd. held its first extraordinary general meeting of shareholders in 2025, where all proposed resolutions were approved without any objections [2][4][5]. Group 1: Meeting Details - The extraordinary general meeting was held on September 15, 2025, at the company's meeting room located at 191 Jiangchang 3rd Road, Shanghai [2]. - The meeting was conducted in compliance with the Company Law and the company's articles of association, utilizing a combination of on-site and online voting [2][3]. Group 2: Attendance - Out of the 7 current directors, 5 attended the meeting, while two directors were absent due to work commitments [3]. - The company secretary and several senior management personnel were also present at the meeting [3]. Group 3: Resolutions - The following resolutions were passed during the meeting: 1. The resolution to cancel the supervisory board and amend the articles of association and related attachments was approved [4]. 2. The resolution to amend the rules of procedure for shareholder meetings was approved [4]. 3. The resolution to amend the rules of procedure for board meetings was approved [5]. - All resolutions received more than two-thirds of the valid voting rights from shareholders present at the meeting, including those voting online [5]. Group 4: Legal Verification - The meeting was witnessed by lawyers from Shanghai Jintiancheng Law Firm, who confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [5].

证券代码：603466 证券简称：风语筑 公告编号：2025-049 上海风语筑文化科技股份有限公司 2025年第一次临时股东会决议公告 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)股东会召开的时间：2025 年 9 月 15 日 (二)股东会召开的地点：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 | 306 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 268,280,668 | | 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（%） | 45.1054 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，以现场会议和网络投票相结合的方式召开，董事长 主持会议，公司部分董事、监事以及高级管理人员出席了会议。本次会议的召开 ...

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 2025 年第一次临时股东会的 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 9/11/12 层 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 2025 年第一次临时股东会的法律意见书 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 2025 年第一次临时股东会（以下简 称本次股东会）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《上海风语筑文化科技股份有限公司章程》（以 下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则。本所经办律师对本次股东会所涉及的相关 事项进行了必要的核查和验证，审 ...

Market Overview - On September 12, the digital media sector experienced a slight decline of 0.1%, with Mango Excellent Media leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhi De Mai (300785) with a closing price of 40.39, up 5.02% [1] - ST Fan Li (600228) with a closing price of 4.92, up 3.80% [1] - Xinhua Net (603888) with a closing price of 20.43, up 1.59% [1] - Conversely, Mango Excellent Media (300413) saw a decline of 2.19%, closing at 29.42 [2] Capital Flow Analysis - The digital media sector saw a net inflow of 27.01 million yuan from institutional investors, while retail investors contributed a net inflow of 72.87 million yuan [2] - However, there was a significant net outflow of 99.87 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks and their capital flow included: - People's Daily (603000) had a net inflow of 39.58 million yuan from institutional investors, but a net outflow of 25.56 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 14.11 million yuan from institutional investors [3] - ST Fan Li (600228) had a net inflow of 13.85 million yuan from institutional investors [3]

Market Performance - On September 11, the digital media sector rose by 1.16%, with "值得买" leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - "值得买" (300785) closed at 38.46, with a gain of 9.45% and a trading volume of 340,600 shares, amounting to a transaction value of 1.3 billion yuan [1] - Other notable stocks included "川网传媒" (300987) with a closing price of 18.90 and a gain of 2.05%, and "新华网" (603888) which closed at 20.11, up 1.46% [1] Capital Flow - The digital media sector saw a net inflow of 23.18 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2] - The sector experienced a net outflow of 127 million yuan from speculative funds [2] Individual Stock Capital Flow - "值得买" had a net inflow of 67.56 million yuan from institutional investors, while it faced a net outflow of 58.28 million yuan from speculative funds [3] - "新华网" experienced a net inflow of 9.66 million yuan from institutional investors, but a net outflow of 1.13 million yuan from speculative funds [3]

Company Overview - Windy Zhi, established on August 12, 2003, and listed on October 20, 2017, is located at 191 Jiangchang 3rd Road, Jing'an District, Shanghai. The company specializes in planning, designing, implementing, and maintaining digital cultural display experience systems [2]. Financial Performance - For the first half of 2025, Windy Zhi achieved operating revenue of 775 million yuan, representing a year-on-year growth of 33.97%. The net profit attributable to shareholders was 16.95 million yuan, with a significant year-on-year increase of 112.62% [2]. - Since its A-share listing, Windy Zhi has distributed a total of 744 million yuan in dividends, with 259 million yuan distributed over the past three years [3]. Stock Performance - As of September 9, Windy Zhi's stock price decreased by 2.09%, trading at 9.82 yuan per share, with a total market capitalization of 5.841 billion yuan. The trading volume was 88.6484 million yuan, with a turnover rate of 1.50% [1]. - Year-to-date, Windy Zhi's stock price has increased by 7.68%, but it has seen a decline of 3.16% over the last five trading days and 7.36% over the last 20 days [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Windy Zhi was 41,200, a decrease of 8.55% from the previous period. The average circulating shares per person increased by 9.35% to 14,437 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 5.7232 million shares, an increase of 1.4728 million shares from the previous period [3]. Business Segments - Windy Zhi's main business revenue composition includes: 63.41% from cultural and brand digital experience spaces, 32.61% from urban digital experience spaces, and 3.98% from digital products and services [2]. - The company operates within the Shenwan industry classification of Media - Digital Media - Other Digital Media, and is associated with concepts such as internet celebrity economy, data elements, aerial imaging, 3D modeling, and small-cap stocks [2].

Core Viewpoint - The report from Huaxi Securities indicates that Fengyuzhu achieved a net profit attributable to shareholders of 16.95 million yuan in the first half of the year, marking a turnaround from losses in the previous year [1] Financial Performance - In the first half of the year, Fengyuzhu realized sales receipts of 845 million yuan, an increase of 1.09 million yuan compared to the same period last year [1] - The net cash flow from operating activities was 60.88 million yuan, maintaining positive performance over multiple periods [1]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth driven by AI applications [4][8]. Core Insights - The integration of AI is expected to enhance the commercial value of cultural media internet applications, with a continuous upward trend in AI development from hardware to applications [3][14]. - The Chinese government has launched initiatives to implement "Artificial Intelligence +" actions, aiming for over 90% penetration of new intelligent terminals and applications by 2030, which will support the iteration of AI models and applications in enterprises [3][14]. - Key companies in the media sector are recommended for investment, including Oriental Pearl, Mango Super Media, BlueFocus, Wanda Film, and others, with specific growth drivers identified for each [4][8]. Summary by Sections Industry Review - The media sector has shown significant performance, with the media index rising by 72.7% over the past 12 months, outperforming the CSI 300 index [1][3]. - The report notes a recovery in the film industry, with the summer box office reaching 11.966 billion yuan, surpassing the previous year's total [28]. Key Company Recommendations - Companies such as Oriental Pearl (600637), Mango Super Media (300413), and BlueFocus (300058) are highlighted for their potential growth in the AI-driven market [4][8]. - Specific forecasts for earnings per share (EPS) and price-to-earnings (PE) ratios are provided for various companies, indicating strong growth prospects [8]. AI and Technology Trends - The report emphasizes the importance of AI in driving new business models and applications, particularly in the fields of digital marketing and content creation [14][18]. - The upcoming Alibaba Cloud Summit is expected to showcase advancements in AI technology and its applications across various sectors [14]. Market Dynamics - The report discusses the evolving landscape of e-commerce and digital marketing, with companies like Alibaba and JD.com leveraging AI to enhance user experience and operational efficiency [25][26]. - The gaming sector is also highlighted, with Tencent's integration of social media and gaming platforms indicating a trend towards deeper user engagement [24]. Future Outlook - The report anticipates continued growth in the media sector, driven by AI innovations and supportive government policies, with a focus on companies that are well-positioned to capitalize on these trends [3][4][14].

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Insights - The company achieved a revenue of 775 million yuan in the first half of 2025, representing a year-on-year increase of 33.97%, and reported a net profit of 16.95 million yuan, marking a turnaround from losses [2] - The overall gross margin for the first half of 2025 was 26.09%, an increase of 9.58 percentage points compared to the same period last year. The sales expense ratio decreased by 4.11 percentage points to 4.03%, while the management expense ratio fell by 2.64 percentage points to 6.54% [3] - The company is investing in embodied intelligence technology, providing integrated solutions for cultural venues and new tourism projects, including personalized humanoid robots and AR-enhanced AI glasses [4] - The government has encouraged the creation of new consumption scenarios, supporting the company in developing a "cultural experience + digital consumption" ecosystem, which has already shown promising results in visitor numbers and revenue generation [5] - The revenue forecasts for 2025-2027 have been adjusted to 16.46 billion yuan, 18.84 billion yuan, and 20.56 billion yuan, respectively, with net profit estimates revised to 1.19 billion yuan, 1.60 billion yuan, and 2.02 billion yuan [6][8]