Investment Rating - The report maintains a "Buy" rating for the media industry [6][10][22] Core Viewpoints - The media sector is expected to benefit from AI applications, with policies supporting the development of AI technologies [5][20] - The first quarter of 2025 shows a recovery trend in the media sector, with a significant year-on-year increase in net profit [16][18] - The film market is projected to face challenges, with lower ticket sales compared to previous years, emphasizing the need for quality content to drive audience engagement [17][31] Summary by Sections Industry Overview and Dynamics - The media industry has experienced a mixed performance, with the AI wearable device index showing significant gains while the Disney index has declined [15] - The overall net profit for the A-share media and internet sector decreased by 57% in 2024, but a 46% increase was observed in the first quarter of 2025 [16] Key Recommendations - Specific stocks recommended include: - Windy Zhi (603466) - Strong performance in Q1 2025 - Mango Super Media (300413) - Upcoming show "Singer 2025" scheduled for May 16 - BlueFocus Communication Group (300058) - Benefiting from Microsoft's digital marketing initiatives [6][10] Film Market Insights - The film market's performance during the May Day holiday showed a significant decline in both box office revenue and ticket sales compared to the previous year [17][31] - The report highlights the importance of quality content in driving audience demand, with upcoming summer releases being crucial for recovery [17] Game Industry Progress - The Chinese gaming market generated revenues of 857.04 billion yuan in Q1 2025, with a year-on-year growth of 17.99% [21] - New game releases are expected to contribute positively to market growth [21] AI Applications in Media - The integration of AI technologies is seen as a transformative factor for various sectors, including digital marketing and content creation [20] - Companies like Tencent and Alibaba are heavily investing in AI, which is expected to enhance their operational capabilities [20]

Core Viewpoint - The company experienced a significant decline in revenue and profit in 2024, primarily due to a reduction in completed projects, but showed signs of recovery in Q1 2025 with increased revenue and profit [2][5][6]. Financial Performance - In 2024, the company's revenue dropped by 41.44% to 1.376 billion yuan, and the net profit attributable to shareholders was a loss of 135 million yuan, a decrease of 147.97% [5]. - The first quarter of 2025 saw a revenue increase of 29.81% to 382 million yuan, with a net profit of 40.27 million yuan, marking a turnaround with a growth of 368.25% [6]. Business Segments - Revenue from urban digital experience space decreased by 46.83% to 449 million yuan, while cultural and brand digital experience space revenue fell by 37.40% to 873 million yuan, and digital products and services revenue declined by 51.12% to 54.79 million yuan [5]. - The gross margin for urban digital experience space and cultural and brand digital experience space decreased by 11.89% and 2.49%, respectively, while the gross margin for digital products and services increased by 14.29% [5]. Strategic Initiatives - The company is focusing on the "cultural + technology + consumption" integration strategy to expand into new cultural tourism consumption scenarios [2]. - A "Embodied Intelligence Research Institute" was established, and a strategic partnership was formed with Songyan Power to enhance the integration of artificial intelligence and digital scenarios [3][7]. Technological Development - The company aims to leverage embodied intelligence technology to enhance the smart upgrade of exhibition displays and cultural tourism experiences [8]. - Plans include developing innovative products such as smart guide robots and emotional interactive virtual characters for cultural tourism consumption scenarios [8][9]. Challenges and Outlook - High accounts receivable, amounting to 1.392 billion yuan at the end of 2024, poses financial risks, potentially affecting cash flow and strategic investments [6][10]. - The commercialization of embodied intelligence projects is expected to take 2 to 5 years, with significant R&D investment required and uncertain market acceptance [9][10].

上海风语筑文化科技股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 7 日 目 录 2 一、上海风语筑文化科技股份有限公司 2024 年年度股东大会议程 二、上海风语筑文化科技股份有限公司 2024 年年度股东大会议案 1. 《2024 年年度报告及摘要》 2. 《2024 年度董事会工作报告》 3. 《2024 年度监事会工作报告》 4. 《2024 年度财务决算报告》 5. 《2024 年度利润分配方案的议案》 6. 《关于提请股东大会授权董事会决定公司 2025 年中期利润分配方案的 议案》 7. 《关于董事、高级管理人员 2024 年度报酬执行情况及 2025 年度报酬方 案的议案》 8. 《关于监事 2024 年度报酬执行情况及 2025 年度报酬方案的议案》 9. 《关于 2025 年度申请银行授信的议案》 10. 《关于使用部分闲置募集资金进行现金管理的议案》 11. 《2024 年度募集资金存放与实际使用情况的专项报告》 12. 《关于续聘会计师事务所的议案》 13. 《关于向下修正"风语转债"转股价格的议案》 上海风语筑文化科技股份有限公司 2024 年年度股东大会议程 ...

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-027 | | --- | --- | --- | | 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2024年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603466 | 风语筑 | 2025/4/28 | 二、 增加临时提案的情况说明 2. 股东大会召开日期：2025 年 5 月 7 日 3. 股权登记日 1. 提案人：李晖 2. 提案程序说明 公司已于2025 年 4 月 17 日公告了股东大会召开通知，单独或者合计持有 23.23%股份的股东李晖，在2025 年 4 月 23 日提出临时提案并书面提交股东大 会召集人。股东大会召集人按照《上市公司股东大会规则》有关 ...

表决结果：赞成 7 票，反对 0 票，弃权 0 票。 上海风语筑文化科技股份有限公司 第四届董事会第九次会议决议公告 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"）第四届董事会第九 次会议于 2025 年 4 月 23 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《关于向下修正"风语转债"转股价格的议案》。 截至 2025 年 4 月 23 日，公司股价触发"风语转债"向下修正转股价格条款。 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，并提交公司股东大会审议，同时提请股东大 会授权董事会根据《上海风语筑文化科技股份有限公司公开发行可转换公司债券 募集说明书》中相关条款办理本次向下修正转股价格相关事宜，包括确定本次修 正后的转股价格、生效日期以 ...

重要内容提示： ● 截至 2025 年 4 月 23 日，上海风语筑文化科技股份有限公司（以下简称"公 司"）股价已出现任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转 股价格的 80%（12.02 元/股）之情形，触及"风语转债"转股价格向下修正条款。 ● 经公司第四届董事会第九次会议提议向下修正"风语转债"的转股价格。 ● 本次向下修正"风语转债"转股价格尚需提交公司股东大会审议。 | 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025－026 | | --- | --- | --- | | 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 关于董事会提议向下修正"风语转债"转股价格的公告 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个别及连带责任。 一、转换公司债券基本情况 经中国证券监督管理委员会《关于核准上海风语筑文化科技股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]4026 号）的核准，公司于 2022 年 3 月 25 日公开发行了 5 ...

分析师：乔琪 登记编码：S0730520090001 传媒 qiaoqi@ccnew.com 021-50586985 业绩迎来回暖，政策护航业务增长 ——风语筑(603466)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 9.48 | | --- | --- | | 一年内最高/最低(元) | 12.80/6.58 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.55 | | 流通市值(亿元) | 56.39 | | 基础数据(2025-03-31) | | 《风语筑(603466)年报点评：在手订单规模充 沛，项目周期影响 Q1 业绩》 2024-04-30 联系人：李智 公司 2024 年营业收入 13.76 亿元，同比减少 41.44%，归母净利润-1.35 亿元，同 比减少 147.97%，扣非后归母净利润-1.16 亿元，同比减少 154.25%。2025 年第 一季度营业收入 3.82 亿元，同比增加 29.81%，归母净利润 4027.44 万元，上年 同期为-1501.39 万元，扣非后归母净利润 39 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.376 billion yuan in 2024, a year-on-year decrease of 41.44%, and a net profit attributable to shareholders of -135.45 million yuan, a year-on-year decrease of 147.97%. However, in Q1 2025, the company achieved a revenue of 382 million yuan, a year-on-year increase of 29.81% [7][8] - The company is actively expanding its consumer cultural tourism business and investing in IP incubation and technology, which has led to a decrease in gross margin by 6.90 percentage points to 22.98% in 2024. Despite this, the company has a significant increase in contract liabilities, which grew by 333 million yuan to 813 million yuan by the end of 2024, indicating potential for future revenue growth [7][8] - The company is focusing on the experience economy, integrating culture, technology, and consumption to create new business opportunities. Projects like the "Hefei City Memory Museum" have attracted many visitors, showcasing the company's innovative approach [7][8] Financial Summary - The company's total revenue is projected to be 1.805 billion yuan in 2025, with a year-on-year growth of 31.14%, and a net profit of 175.62 million yuan [1][8] - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with corresponding price-to-earnings (P/E) ratios of 32.11 for 2025, 22.17 for 2026, and 17.67 for 2027 [1][8] - The company’s gross margin is expected to improve to 28.01% in 2025, with a net profit margin projected to be 9.73% [8]

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][14]. Core Insights - The company's performance is showing signs of recovery, with a significant increase in revenue and profit in Q1 2025 compared to the same period in 2024, driven by improved project completion rates and external market conditions [6][7]. - The company is actively expanding into new cultural tourism consumption scenarios, focusing on high-quality projects in economically developed areas, which is expected to enhance its market position [9]. - The management has strengthened its accounts receivable management system, leading to improved cash flow and collection efficiency, particularly from government clients [9][10]. Financial Performance Summary - In 2024, the company reported a revenue of 1.376 billion yuan, a year-on-year decrease of 41.44%, and a net profit loss of 135 million yuan, a decline of 147.97% [6]. - For Q1 2025, the company achieved a revenue of 382 million yuan, a year-on-year increase of 29.81%, and a net profit of 40.27 million yuan, compared to a loss in the same quarter of the previous year [6][7]. - The gross profit margin for 2024 was 22.98%, down 6.91 percentage points from the previous year, but it rebounded to 31.49% in Q1 2025 [7]. Market and Policy Alignment - The company's business direction aligns well with national policies advocating for immersive experiences and the digitalization of the cultural industry, which is expected to provide long-term growth opportunities [10][11]. - The focus on AI and embodied intelligence technology applications is set to enhance the company's offerings in cultural venues and tourism projects, creating a comprehensive solution for smart experiences [11]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.31 yuan in 2025, 0.39 yuan in 2026, and 0.46 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 30.34, 24.43, and 20.66 respectively [11][12].

2024 年年报及 2025 年一季报点评：Q1 表现 亮眼，体验经济驱动增长 买入（维持） 证券研究报告·公司点评报告·数字媒体 风语筑（603466） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,350 | 1,376 | 1,805 | 2,080 | 2,344 | | 同比（%） | 39.75 | (41.44) | 31.14 | 15.22 | 12.68 | | 归母净利润（百万元） | 282.36 | (135.45) | 175.62 | 254.31 | 319.03 | | 同比（%） | 327.53 | (147.97) | - | 44.81 | 25.45 | | EPS-最新摊薄（元/股） | 0.47 | (0.23) | 0.30 | 0.43 | 0.54 | | P/E（现价&最新摊薄） | 19.97 | - | 32.11 | 22.17 | 17.67 | [Tabl ...