Group 1 - The company Shanghai Fengyuzhu Culture Technology Co., Ltd. issued convertible bonds totaling 500 million yuan, with a net fundraising amount of 491.64 million yuan after deducting issuance costs [3][12][18] - The bonds have a maturity period of six years, with an annual interest rate that increases from 0.3% in the first year to 2.5% in the sixth year [3][4][5] - The initial conversion price for the bonds is set at 22.15 yuan per share, with provisions for adjustments based on various corporate actions [5][6][26] Group 2 - In 2024, the company reported a revenue of 1.376 billion yuan, a decrease of 41.44% compared to the previous year, and a net loss attributable to shareholders of 135.44 million yuan, down 147.97% year-on-year [16][22] - The company's total assets as of the end of 2024 were approximately 485.25 billion yuan, showing a slight decrease of 1.23% from the previous year [16][22] - The company maintains a credit rating of AA- for both its long-term credit and the convertible bonds, with a stable outlook [13][22][24] Group 3 - The company has utilized approximately 336.11 million yuan of the raised funds for various projects, with a remaining balance of about 173.59 million yuan in the dedicated fundraising account [18][19][20] - The company has not provided any guarantees for the bonds, as its net assets exceed 1.5 billion yuan [22][24] - The company has a strong willingness to repay debts, having made timely interest payments without any defaults [21][22]

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

证券代码：603466 股票简称：风 语 筑 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 限公司公开发行可转换公司 债券受托管理事务报告 （2024年度） 债券受托管理人 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《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之受托管理协议》 （以下简称《受托管理协议》）、《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》（以下简称《募集说明书》）、《上海风语筑文化 科技股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机 构出具的专业意见等，由本期债券受托管理人中信建投证券股份有限公司（以下 简称中信建投证券）编制。中信建投证券对本报告中所包含的从上述文件中引述 内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完 整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，投资者依据本报告所进行 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - GPT-5 is expected to be released this summer, marking a significant step towards achieving Artificial General Intelligence (AGI). The integration of natural language capabilities and scientific reasoning will enhance model performance and improve application sentiment [2][24] - The Chinese gaming market experienced a year-on-year growth of 9.86% in May 2025, reaching a market size of 28.051 billion yuan. Mobile games grew by 11.96%, driven by new and mature products [2][24] - The report suggests a cautious outlook on trade negotiations, emphasizing AI as a key investment direction amid global macroeconomic fluctuations. It highlights the importance of technology innovation and self-sufficiency for long-term development [3][25] - Recommended investment opportunities include leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, with specific companies identified as beneficiaries [3][25] Summary by Sections Market Overview - During the 24th week of 2025, major indices such as the Shanghai Composite Index and the Hang Seng Index saw declines of 0.51% and 2.25%, respectively. The SW Media Index fell by 1.81% [12][17] Sub-industry Data Gaming Industry - The gaming market in China is showing robust growth, with significant contributions from new releases and established products. The resilience of the overseas market is highlighted, with localization becoming a core competitive barrier [2][24] - The top three iOS games are "Honor of Kings," "Peacekeeper Elite," and "Genshin Impact," while the top three Android games are "Heart Town," "Sword and Legend," and "Genshin Impact" [30][31] Film Industry - The top three films by box office revenue are "Sauce Garden Case" (76.669 million yuan), "New Dragon Trainer" (48.016 million yuan), and "Breakup List" (25.714 million yuan) [27][28] TV Series Industry - The top three TV series based on viewership index are "Ling Jiang Xian" (82.1), "Seven Roots Heart Simple" (76.6), and "Chang'an's Lychee" (81) [33][34] Variety and Animation - The leading variety show is "Infinite Overcoming Class Season 3," followed by "Mahua Special Happiness Season 2" and "Hahaha Season 5" [35] - The top animation series includes "Cang Yuan Tu" and its related series, with a viewership index of 328.9 [36]

Core Viewpoint - Shanghai Fengyuzhu Cultural Technology Co., Ltd. maintains a stable credit rating of AA- for its long-term credit and for its convertible bonds, indicating a solid financial position despite recent operational challenges [1][3][5]. Company Overview - The company specializes in digital cultural display experience systems, providing planning, design, implementation, and maintenance services across various sectors including digital exhibitions, urban cultural experiences, and digital marketing [3][12]. - As of the end of 2024, the company had total assets of 48.53 billion yuan and equity of 22.11 billion yuan, with a revenue of 13.76 billion yuan and a net loss of 1.64 billion yuan [9][12]. Financial Performance - In 2024, the company experienced a significant decline in total revenue by 41.44% year-on-year, primarily due to a reduction in completed projects and rigid labor costs [6][19]. - However, in the first quarter of 2025, the company turned a profit with a total revenue of 3.82 billion yuan and a profit of 0.48 billion yuan, driven by an increase in completed projects and reduced labor costs [3][19]. Industry Analysis - The digital cultural display industry is highly competitive, with increasing pressure from both domestic and international players, leading to a decrease in demand from government clients and budget cuts [5][12][13]. - The CG (Computer Graphics) industry, which encompasses the company's services, is rapidly developing in China, with a market size expected to continue growing due to increasing demand in various sectors such as film, gaming, and advertising [12][14]. Competitive Advantages - The company holds a strong competitive position due to its creative design capabilities, technological research and development, and resource integration within the industry [5][12]. - As of the end of 2024, the company had a substantial order backlog, which is expected to support future growth despite current market challenges [5][19]. Risks and Challenges - The company faces risks related to long accounts receivable periods and high provisions for bad debts, which could impact cash flow and operational stability [6][19]. - The overall economic environment and reduced cultural investment from government clients pose additional challenges to the company's growth and profitability [5][12].

债券代码：113643 债券简称：风语转债 证券代码：603466 证券简称：风语筑 公告编号：2025－035 上海风语筑文化科技股份有限公司 关于可转换公司债券跟踪评级结果的公告 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。 重要内容提示： 联合资信在对公司经营状况及相关行业进行综合分析与评估的基础，于 2025 年 6 月 16 日出具了《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 2025 年跟踪评级报告》，本次公司主体长期信用等级评级结果为"AA-", 评级展望为"稳定"；"风语转债"信用等级评级结果为"AA-"。本次评级结果 较前次没有变化。 本次跟踪评级报告详见同日在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公开发行可转换公司债券 2025 年跟踪评 级报告》。 前次债券评级："AA-",主体评级："AA-"，评级展望：稳定 本次债券评级："AA-",主体评级："AA-"，评级展望：稳定 特此公告。 上海风语筑文化科技股份有限公司 董事会 根据中国 ...

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 2025 年跟踪评级报告 1 www.lhratings.com . 联合〔2025〕4413 号 联合资信评估股份有限公司通过对上海风语筑文化科技股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持上海风语筑文化科技股份有限公司主体长期信用等级为 AA-，维 持"风语转债"信用等级为 AA-，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十六日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信基 于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事实 陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真实、客 观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告在资料信 息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受上海风语筑文化科技股份有限公司（以下简称 "该公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - The recent US-China trade negotiations in London have reached a principled framework, indicating substantial progress in managing differences and stabilizing economic relations, which may support global supply chain recovery [2][21] - OpenAI has launched the new o3-pro model, reducing its price by 80% and input/output costs by 87%, reflecting a shift towards efficiency optimization in large model technology and accelerating AI technology penetration into small and medium enterprises [2][21] - The report maintains a cautious optimism regarding trade negotiations and highlights AI as a key investment direction amid global macroeconomic volatility, emphasizing the importance of technological innovation and self-sufficiency for long-term development [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "How to Train Your Dragon: The Hidden World" with 58.175 million yuan (25.6% market share), "Mission: Impossible 8" with 54.90 million yuan (24.2%), and "Time Son" with 28.366 million yuan (12.5%) [24][25] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Endless Winter," while the top three Android games by popularity are "Heart Town," "Sword Legend," and "My Leisure Time" [27][28] TV Series Industry - The top three TV series by broadcast index are "The Cang Hai Chuan," "Lin Jiang Xian," and "The Lychee of Chang'an," with indices of 85.3, 84.2, and 82.2 respectively [30][31] Variety Shows & Animation - The top variety show is "Ha Ha Ha Ha Season 5" with a broadcast index of 80.6, followed by "Run, Brother Season 9" and "Unlimited Exceeding Class Season 3" [32] - The top three animated shows by viewership index are "Cang Yuan Tu," "Xian Ni," and "Perfect World," with indices of 340.2, 225, and 222.5 respectively [34]

Core Viewpoint - The actual controller of Fengyuzhu (603466.SH), a leading company in China's digital display industry, has announced a share reduction plan, indicating potential liquidity needs amidst declining financial performance [1][3]. Share Reduction Plans - On June 12, Fengyuzhu disclosed that shareholder Li Hui plans to reduce his holdings by up to 11.89 million shares (2% of total shares) within three months, while Shanghai Ligou Investment intends to reduce by up to 5.95 million shares (1% of total shares) [1]. - If both shareholders fully execute their plans at the closing price of 10.52 yuan per share on June 11, they could collectively cash out approximately 188 million yuan [1]. Financial Performance - Fengyuzhu's revenue grew from 1.499 billion yuan in 2017 to 2.940 billion yuan in 2021, with net profit increasing from 166 million yuan to 439 million yuan during the same period, marking five consecutive years of growth [3]. - However, the company faced a downturn starting in 2022, with revenue and net profit dropping to 1.682 billion yuan and 66 million yuan, respectively, representing declines of 42.79% and 84.95% year-on-year [3]. - In 2023, the company reported a revenue of 2.350 billion yuan and a net profit of 282 million yuan, showing year-on-year growth of 39.75% and 327.53% [3]. - Projections for 2024 indicate a revenue decline to 1.376 billion yuan (down 41.44%) and a net loss of 135 million yuan, marking the first annual loss since 2013 [3]. - The first quarter of 2023 showed a net profit of 40.27 million yuan, a significant increase of 358.25% year-on-year, but still lower than previous years' figures [3]. Historical Share Reductions - Since 2021, Li Hui and associated parties have been reducing their stakes in the company, with cumulative cash outs estimated at around 1 billion yuan [2]. - Specific reductions include 6.1904 million shares sold by Ligou Investment for approximately 118 million yuan from December 2020 to June 2021, and 8.4392 million shares sold by Xin Haoying for about 186 million yuan from September 2021 to January 2022 [2]. - Li Hui sold 20.6383 million shares between March and July 2023, cashing out approximately 230 million yuan [2].

Summary of Key Points Core Viewpoint - Windy Build (603466.SH) announced a share reduction plan by major shareholders, which may impact the stock's performance and investor sentiment [1][2]. Group 1: Shareholder Reduction Plan - Li Hui plans to reduce his holdings by up to 11,895,700 shares, representing no more than 2% of Windy Build's total share capital, through block trading [1]. - Shanghai Ligou Investment Partnership intends to reduce its holdings by up to 5,947,800 shares, accounting for no more than 1% of the total share capital, via centralized bidding [1]. - As of the announcement date, Li Hui holds 138,180,700 shares (23.23% of total shares), while Ligou Investment holds 19,418,388 shares (3.26% of total shares) [1]. Group 2: Financial Performance - In Q1 2025, Windy Build achieved revenue of 382 million yuan, a year-on-year increase of 29.81%, and a net profit attributable to shareholders of 40.27 million yuan, compared to a loss of 15.01 million yuan in the same period last year [2]. - For the year 2024, Windy Build reported revenue of 1.376 billion yuan, a year-on-year decrease of 41.44%, and a net loss attributable to shareholders of 135 million yuan, down from a profit of 282 million yuan the previous year [2]. - The company recorded a net cash flow from operating activities of 23.44 million yuan in Q1 2025, a significant improvement from a negative cash flow of 220 million yuan in the previous year [2].