Summary of Key Points Core Viewpoint - Windy City has seen significant trading activity on July 21, with a total of 11 transactions amounting to 6.5647 million shares and a total transaction value of 61.3143 million yuan, indicating strong institutional interest in the stock [2]. Trading Activity - The average transaction price was 9.34 yuan, representing a discount of 10.96% compared to the closing price of the day [2]. - Institutional specialized seats participated in 8 of the transactions, with a total transaction value of 55.2433 million yuan, indicating a net buying position of the same amount [2]. - Over the past three months, Windy City has recorded a total of 29 block trades, with a cumulative transaction value of 110 million yuan [2]. Stock Performance - The closing price of Windy City on the day was 10.49 yuan, reflecting an increase of 3.86%, with a daily turnover rate of 8.27% and a total transaction value of 528 million yuan [2]. - The net inflow of main funds for the day was 1.2509 million yuan, and over the past five days, the stock has increased by 3.55% with a total net inflow of 1.3112 million yuan [2]. Margin Trading Data - The latest margin financing balance for Windy City is 268 million yuan, which has decreased by 11.4915 million yuan over the past five days, representing a decline of 4.12% [2].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

Core Viewpoint - The announcement details a change in the equity stake of the controlling shareholders of Shanghai Fengyuzhu Cultural Technology Co., Ltd., indicating a reduction in their combined shareholding from 47.20% to 46.22% due to a recent share reduction transaction [1][2]. Group 1: Shareholder Information - The controlling shareholders, Li Hui and Xin Haoying, along with their concerted action party, Shanghai Ligou Investment Partnership (Limited Partnership), have confirmed the accuracy and completeness of the information provided [1]. - The equity change was executed through block trading, where Li Hui reduced his holdings by 5,331,000 shares and Shanghai Ligou Investment Partnership reduced by 550,200 shares [1][2]. Group 2: Equity Change Details - The total shareholding before the change was 28,077,491.9 shares, representing 47.20%, which decreased to 27,489,371.9 shares, or 46.22%, after the transaction [2]. - The reduction in shareholding has not triggered any mandatory tender offer obligations and is consistent with previously disclosed plans and commitments by the shareholders [1][2]. Group 3: Regulatory Compliance - The company has adhered to relevant regulations regarding shareholder share reductions, including the Shanghai Stock Exchange's rules and guidelines [2]. - The ongoing share reduction plan has not been fully executed as of the announcement date, and it is stated that this change will not significantly impact the company's governance structure or ongoing operations [2].

| 证券代码：603466 | 证券简称：风语筑 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 控股股东李晖、辛浩鹰及其一致行动人上海励构投资合伙企业（有限 合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | 控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他 | 重要内容提示： 权益变动方向 比例增加□ 比例减少 权益变动前合计比例 47.20% 权益变动后合计比例 46.22% 本次变动是否违反已作出的承诺、意向、计划 是□ 否 是否触发强制要约收购 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 12 million and 18 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [1][2] - The net profit for the same period last year was approximately -108.13 million yuan, with an earnings per share of -0.23 yuan [1] - The main reasons for the profit increase include active expansion in urban renewal and new cultural tourism business areas, although the implementation cycle of project orders remains relatively long due to macroeconomic fluctuations [1][2] Group 2 - The company plans to enhance operational efficiency by continuing cost reduction and efficiency improvement efforts, as well as optimizing internal control and management mechanisms [2] - The company aims to strengthen its accounts receivable management system, focusing on high-risk receivables and long-aged accounts to improve turnover efficiency and overall profitability [2]

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a turnaround to profitability in H1 2025, with net profit attributable to shareholders projected between RMB 12 million and RMB 18 million, compared to a prior-year loss H1 2025 Performance Forecast vs. Prior Year | Indicator | H1 2025 (Estimated) | H1 2024 (Actual) | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | RMB 12 million to RMB 18 million | -RMB 134.30 million | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items)** | RMB 4 million to RMB 6 million | -RMB 108.13 million | | **Earnings Per Share** | N/A | -RMB 0.23 | - The financial data in this performance forecast is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) - The statistical period for this performance forecast is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) [Analysis of Performance Changes and Outlook](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8C%96%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The turnaround to profitability is primarily driven by expansion in urban renewal and new cultural tourism businesses, though macroeconomic factors and rigid fixed costs have constrained growth and gross margin, prompting future focus on cost reduction and accounts receivable management - Positive drivers include the company's active expansion into urban renewal and new cultural tourism businesses, leading to year-over-year growth in operating revenue and net profit[7](index=7&type=chunk) - Negative factors include prolonged project delivery cycles due to macroeconomic and external environmental impacts, coupled with rigid fixed costs like employee salaries, resulting in a relatively low comprehensive gross margin[7](index=7&type=chunk) - Future initiatives include continuous efforts to reduce costs and enhance efficiency, optimize internal management, and leverage policy opportunities to strengthen collection management for high-risk and long-aging accounts receivable, aiming to improve operational efficiency and profitability[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company emphasizes this performance forecast is a preliminary, unaudited estimate, though pre-communication with auditors confirms no material uncertainties affecting its accuracy - This performance forecast is a preliminary calculation by the company's finance department based on its professional judgment and has not yet been audited by a certified public accountant[8](index=8&type=chunk) - The company has pre-communicated with its annual audit firm regarding this performance forecast, confirming no material uncertainties affecting its accuracy[8](index=8&type=chunk) [Other Notes](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company advises investors that final accurate performance data will be disclosed in the 2025 semi-annual report, urging cautious decision-making and awareness of investment risks - The final detailed performance data will be subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk)

Core Viewpoint - The article highlights the innovative approach of the company Fengyuzhu in merging technology, culture, and commerce through its latest project, the "In Water One Side" Sci-Fi Museum, which is centered around the popular Chinese sci-fi IP "The Three-Body Problem" [2][3][4]. Group 1: Project Overview - The "In Water One Side" Sci-Fi Museum is a flagship project under Fengyuzhu's strategy of integrating technology with cultural and commercial elements [2][3]. - The museum features an immersive experience where visitors engage in interactive games to learn about the "Three-Body" universe, utilizing advanced technologies such as AR, XR, and AIGC [3][4]. - The venue is designed to be more than a traditional exhibition space; it aims to create a comprehensive cultural tourism destination that includes various interactive and commercial spaces [4]. Group 2: Company Philosophy and Culture - The founder and chairman, Li Hui, emphasizes a "fun" philosophy that permeates the company's culture and product logic, aiming to create enjoyable experiences for both employees and audiences [2][6]. - Fengyuzhu's transformation from a traditional architectural model company to a leader in the new cultural tourism sector reflects its commitment to innovative experiences and technology integration [6][7]. Group 3: Future Directions and Innovations - The company is focusing on "dislocated competition" to maintain its competitive edge, avoiding homogenization in the market [8]. - Fengyuzhu has established a research institute for embodied intelligence to enhance its digital operations and integrate AI technologies into cultural experiences [8]. - The company plans to leverage robotics in future projects, potentially replacing NPCs in performances and enhancing visitor engagement through immersive storytelling [8].

Investment Rating - The industry rating is "Recommended" indicating a positive outlook for the sector [4]. Core Insights & Investment Recommendations - The report highlights the upcoming deadline for tariff negotiations, which may increase external trade uncertainties. However, there remains a cautious optimism regarding the substantive implementation of existing trade agreements [2][23]. - The film box office for the first half of 2025 reached 29.231 billion yuan, marking a 22.91% year-on-year increase and the best performance in six years. The top five films were all domestic productions, showcasing the resilience of domestic entertainment consumption and the strengthening of the content ecosystem [2][24]. - The report suggests focusing on investment opportunities in the following areas: 1) Hong Kong internet leaders, 2) the gaming industry, and 3) the film and cultural tourism sector, driven by consumption policies that promote recovery [3][24]. Summary by Sections Market Overview - In the week of June 30 to July 4, 2025, the Shanghai Composite Index rose by 1.4%, while the SW Media Index increased by 2.7%, ranking 6th among 31 industries [10][16]. Sub-industry Data Film Industry - The top three films for the week were "Jurassic World: Rebirth" with a box office of 18.175 million yuan, "Detective Conan: The Lone Eye's Residue" with 8.402 million yuan, and "F1: Speeding" with 7.569 million yuan [25][26]. Gaming Industry - The top three iOS games were "Honor of Kings," "Peacekeeper Elite," and "Delta Force," while the top three Android games were "Heartbeat Town," "Honkai: Star Rail," and "Staff Sword Legend" [25][26]. TV Series - The top three TV series based on broadcast index were "In the Name of the Law," "Splendid Blossoms," and "Book Roll Dream" [28][29]. Variety Shows & Animation - The top variety show was "Ha Ha Ha Ha Season 5," followed by "Run, Brother Season 9" and "New Rap 2025" [30]. The leading animation was "Cang Yuan Tu: The Beauty Award" [31].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10]. Core Insights - The media industry is expected to benefit from the integration of AI applications, particularly with the launch of GPT-5 and AI glasses, which are anticipated to drive new consumption patterns and enhance content creation across various sectors [5][17]. - The report emphasizes the importance of leveraging IP (Intellectual Property) to stimulate consumer spending and highlights the potential of AI to improve operational efficiency and create innovative applications [5][16]. Summary by Sections 1. Industry Review - The media sector has shown significant performance, with a 47.3% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 indices [2][15]. - The gaming index has seen substantial growth, while the animation index has experienced a decline [15][24]. 2. Key Recommendations - The report recommends several stocks within the media sector, including Tianzhou Culture, Wanda Film, and Mango Super Media, highlighting their potential for financial recovery and growth through AI integration [6][10]. 3. AI Glasses and Applications - AI glasses are positioned as a new focus for the summer season, with companies like Xiaomi and Rokid launching new products that enhance user interaction and content consumption [5][16]. - The report discusses the potential market expansion for AI glasses as they reach a technological tipping point, with applications in daily life and creative processes [16]. 4. Upcoming Market Trends - The report anticipates a surge in AI applications across various fields, including digital marketing, education, and entertainment, driven by the release of GPT-5 and advancements in AI technology [17][18]. - The summer box office is projected to benefit from new film releases, with total box office earnings exceeding 2 billion yuan as of early July 2025 [28][31]. 5. Company Performance and Forecasts - The report provides detailed earnings forecasts for key companies, indicating a positive outlook for several firms in the media sector, with expected EPS growth in the coming years [10][18].

证券代码：603466 证券简称：风语筑 公告编号：2025－036 上海风语筑文化科技股份有限公司 关于可转债转股结果暨股份变动的公告 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。 重要提示： ●累计转股情况：风语转债于 2022 年 10 月 10 日开始转股，截至 2025 年 6 月 30 日，累计已有 221,000 元风语转债转换为公司股份，因转股形成的股份数 量为 14,601 股，占风语转债转股前公司已发行股份总数的 0.002440%。 ●未转股风语转债情况：截至 2025 年 6 月 30 日，尚未转股的风语转债金额 为 499,779,000 元，占风语转债发行总额的 99.9558%。 债券代码：113643 债券简称：风语转债 ●本季度转股情况：本季度，风语转债转股金额为 2,000 元，因转股形成的 股份数量为 149 股。 一、风语转债发行上市概况 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 ...