Group 1 - The IP economy concept stocks experienced significant declines, with Fuchun Co., Ltd. (300299) falling over 9% [1] - Chuangyuan Co., Ltd. (300703) and Xinghui Entertainment (300043) both dropped more than 8% [1] - Deyi Cultural Creation (300640) and Fengshang Culture (300860) saw declines exceeding 7% [1] Group 2 - Other companies such as Ciweng Media (002343) and Yue Media (002181) also followed the downward trend [1] - There is a mention of dark pool fund flows revealing signals of stock accumulation by major players [1]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, and a net profit of 41.77 million yuan, with a proposed cash dividend of 2.1 yuan per 10 shares, down 68.94% year-on-year [2] - In Q1 2025, the company achieved a revenue of 94 million yuan, a significant increase of 171.12% year-on-year, but reported a net loss of 1.32 million yuan [2] - The company is focusing on cultural and technological innovation, exploring C-end business through immersive experiences and AR technology [4][5] Summary by Sections Revenue and Profitability - The company's gross margin in 2024 was 32.14%, down 5.23 percentage points year-on-year, with the gross margin for large cultural performances at 28.65% and cultural tourism performances at 34.22% [3] - The company had a total order backlog of 368 million yuan at the end of 2024, with 87.88 million yuan from large cultural performance projects and 280 million yuan from cultural tourism projects [3] Business Strategy - The company has been transitioning from B-end large events to C-end cultural tourism consumption since 2022, with projects like the Shanghai 632 project generating 32.20 million yuan in revenue and 7.67 million yuan in net profit in 2024 [4] - The company is leveraging technology in its projects, including the use of low-altitude drone performances and online cultural entertainment content [4] Market Outlook - The "first launch economy" has been identified as a key task by the central economic work conference, which is expected to boost domestic demand and benefit the cultural tourism sector [5] - The tourism economy index has shown a year-on-year increase of 2.1%, indicating a positive trend in the industry [5] Financial Forecast - Revenue projections for 2025-2027 are 693 million yuan, 783 million yuan, and 866 million yuan respectively, with net profits expected to be 140 million yuan, 153 million yuan, and 167 million yuan [6][9] - The report forecasts an EPS of 0.73 yuan, 0.80 yuan, and 0.87 yuan for the same period, with corresponding P/E ratios of 36, 33, and 30 times [6][9]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, and a net profit of 41.77 million yuan, with a proposed cash dividend of 2.1 yuan per 10 shares, a decrease of 68.94% year-on-year [2] - In Q1 2025, the company achieved a revenue of 94 million yuan, a year-on-year increase of 171.12%, but reported a net loss of 1.32 million yuan [2] - The company is focusing on cultural and technological innovation, exploring C-end business through immersive experiences and AR technology [4] Summary by Sections Revenue and Profitability - The company's gross margin in 2024 was 32.14%, down 5.23 percentage points year-on-year. The gross margin for large cultural performances was 28.65%, down 8.80 percentage points, while the cultural tourism performance margin was 34.22%, down 0.96 percentage points [3] - The company had a total order backlog of 368 million yuan at the end of 2024, with 87.88 million yuan from large cultural performance projects and 280 million yuan from cultural tourism performance projects [3] Business Strategy - The company has been transitioning from B-end large events to C-end cultural tourism consumption since 2022, with projects like the Shanghai 632 project generating 32.20 million yuan in revenue and 7.67 million yuan in net profit in 2024 [4] - The company is leveraging technology in cultural performances, including the use of AR, 3D technology, and drone shows to enhance user experience [4] Market Outlook - The "first launch economy" has been identified as a key task by the central economic work conference, which is expected to boost domestic demand and benefit the cultural tourism sector [5] - The tourism economy index has shown a year-on-year increase of 2.1%, indicating a positive trend in the industry [5] Financial Forecast - Revenue projections for 2025-2027 are 693 million yuan, 783 million yuan, and 866 million yuan respectively, with net profits expected to be 140 million yuan, 153 million yuan, and 167 million yuan [6] - The estimated EPS for 2025-2027 is 0.73 yuan, 0.80 yuan, and 0.87 yuan, with corresponding PE ratios of 36, 33, and 30 times [6]

Core Insights - The company reported a revenue of 579 million yuan in 2024, a year-on-year decrease of 14.42%, with a net profit attributable to shareholders of 41.77 million yuan, proposing a cash dividend of 2.1 yuan per 10 shares, a decline of 68.94% compared to the previous year [1] - In Q1 2025, the company achieved a revenue of 94 million yuan, a significant year-on-year increase of 171.12%, but reported a net loss of 1.32 million yuan [1] Financial Performance - The gross margin for 2024 was 32.14%, down by 5.23 percentage points year-on-year; the gross margin for large cultural performance business was 28.65%, down by 8.80 percentage points, while the cultural tourism performance business gross margin was 34.22%, down by 0.96 percentage points [2] - The expense ratios increased, with sales expense ratio at 3.51% (up 1.31 percentage points), management expense ratio at 8.61% (up 1.53 percentage points), and R&D expense ratio at 6.52% (up 0.81 percentage points) [2] - As of the end of 2024, the company had an order backlog of 368 million yuan, including 87.88 million yuan for large cultural performance projects and 280 million yuan for cultural tourism performance projects [2] Business Strategy - The company has been optimizing its revenue structure by expanding into C-end businesses since 2022, focusing on immersive experiences and live performances [3] - In 2024, the Shanghai Liusan project generated revenue of 32.20 million yuan with a net profit of 7.67 million yuan; other projects included the Hangzhou immersive performance and Qingdao panoramic show [3] - The company is integrating technology into its offerings, utilizing AR, 3D technology, and drone performances to enhance user experience and create new online cultural entertainment content [3] Industry Outlook - The "first launch economy" has been identified as a key task in the 2024 Central Economic Work Conference, which aims to boost domestic demand through innovative consumption scenarios, positioning cultural tourism as a prime area for growth [4] - The performance industry is seen as a crucial driver for deepening the integration of culture and tourism, with a strong recovery in tourism consumption positively impacting related investments and innovations [4] - The tourism economic prosperity index increased by 2.1% year-on-year, indicating a steady upward trend in the industry [4] Investment Perspective - The company is recognized as a leading player in the digital performance content production sector, with a highly skilled team and project qualifications [5] - Revenue projections for 2025-2027 are estimated at 693 million, 783 million, and 866 million yuan, with net profits of 140 million, 153 million, and 167 million yuan respectively [5] - The estimated EPS for 2025-2027 is projected to be 0.73, 0.80, and 0.87 yuan, with corresponding PE ratios of 36, 33, and 30 times based on the closing price of 26.19 yuan per share on May 21, 2025 [5]

2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 锋尚文化集团股份有限公司（以下简称"公司"或"锋尚文化"）2024 年 年度权益分派方案已获2025年5月12日召开的2024年年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过本次权益分派方案的情况 1、2024 年年度股东大会审议通过的 2024 年年度权益分派方案为：以股权 登记日的总股本为基数（扣除回购账户中的股份），向全体股东每 10 股派发现 金股利人民币 2.10 元（含税），不送红股，不以资本公积转增股本。本次权益 分派共预计派发现金 39,574,651.83 元。本次利润分配预案公布后至实施前，如 公司总股本中因可转债转股，股份回购，股权激励或员工持股计划等原因而发生 变化时，按照分配比例不变的原则，分红金额相应调整。实际分派结果以中国证 券登记结算有限公司核算的结果为准。 2、本次实施的分配方案与 2024 年年度股东大会审议的分配方案一致。 3、本次分配方案的实施距离 2024 年年度股东大会审议通过的时间未超过 两个月。 证券代码：3 ...

二、董事会会议审议情况 一、董事会会议召开情况 锋尚文化集团股份有限公司（以下简称"公司"或"锋尚文化"）第四届董 事会第九次会议通知及会议材料已于 2025 年 5 月 7 日以邮件的形式送达公司全 体董事、监事及高级管理人员。本次会议于 2025 年 5 月 12 日上午 10:00 在公司 会议室召开。会议由董事长沙晓岚先生召集并主持，应出席董事 7 名，实际出席 董事 7 名。独立董事李仁玉先生、周煊先生、钟凯先生采取通讯表决方式，公司 监事和高级管理人员列席了本次董事会。本次董事会会议的召集、召开和表决程 序符合《公司法》和《公司章程》等有关规定。 证券代码：300860 证券简称：锋尚文化 公告编号：2025-028 锋尚文化集团股份有限公司 本公司及董事会全体成员保证信息披露的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 表决结果：7 票赞成、0 票反对、0 票弃权，0 票回避表决。 本次会议经过与会董事的认真讨论，投票表决，形成如下决议： 公司董事会同意聘丛嘉志先生为证券事务代表，协助董事会秘书履行职责， 任期自本次会议审议通过之日起至第四届董事会届满之日止。具体内容详见公司 于 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-030 锋尚文化集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 召开地点：北京东城区青龙胡同一号歌华大厦 A 座 16 层公司会议室 召开方式：本次会议采取现场表决与网络投票相结合的方式 召集人：公司董事会 主持人：公司董事长沙晓岚先生 除回购账户中的股份）。 其中：出席现场会议的股东及股东授权委托代表 5 人，代表的股份总数 股东授权委托代表 98 人，代表的股份总数 1,011,978 股，占公司有表决权股份 总数的 0.5370%。 出席本次股东大会的中小股东及股东授权委托代表 100 人，代表的股份 律师现场出席了本次股东大会，并对会议进行见证。 性文件和《公司章程》的规定。 二、 议案审议表决情况 本次股东大会采取现场投票与网络投票相结合的方式。 表决情况：同意 122,991,933 股，占出席本次股东大会有效表决权股份总数 的 99.8082%；反对 227,372 股，占出席本次股东大会有效表决权股份总数的 东大会有效表决权股份 ...

联系地址：北京市东城区青龙胡同 1 号歌华大厦 A 座 16 层 证券代码：300860 证券简称：锋尚文化 公告编号：2025-029 锋尚文化集团股份有限公司 关于证券事务代表辞职暨聘任证券事务代表的公告 本公司及董事会全体成员保证信息披露的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 锋尚文化集团股份有限公司（以下简称"公司"或"锋尚文化"）董事会于 近日收到证券事务代表勾雅鑫女士提交的书面辞职报告，勾雅鑫女士因个人原因 辞去公司证券事务代表职务。上述辞职报告自送达公司董事会之日起生效。 勾雅鑫女士在担任公司证券事务代表期间恪尽职守、勤勉尽责，公司对勾雅 鑫女士在任职期间为公司所做的贡献表示衷心感谢！ 公司于 2025 年 5 月 12 日召开第四届董事会第九次会议，审议通过了《关于 聘任公司证券事务代表的议案》，同意聘任丛嘉志先生为公司证券事务代表（简 历详见附件），任期自本次董事会审议通过之日起至第四届董事会届满。 丛嘉志先生已取得深圳证券交易所颁发的《上市公司董事会秘书培训证明》， 具备担任证券事务代表所需的专业知识。其任职资格符合《中华人民共和国公司 法》《 ...

北京市中咨律师事务所 致：锋尚文化集团股份有限公司 北京市中咨律师事务所（以下简称"本所"）接受锋尚文化集团股份有限公 司（以下简称"锋尚文化"或"公司"）委托，指派彭亚峰、冯昊君律师（以下 简称"承办律师"）担任锋尚文化于2025年5月12日召开的2024年年度股东大会 （以下简称"本次股东大会"）的特别法律顾问，出席会议，并出具本法律意见 书。 本法律意见书系依据《中华人民共和国证券法》（以下简称"证券法"）、 《中华人民共和国公司法》（以下简称"公司法"）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称"股东会规则"）、《上市公司证券发行注 册管理办法》（以下简称"发行注册管理办法"）、《深圳证券交易所创业板股 票上市规则》（以下简称"上市规则"）等法律、行政法规和规范性文件以及《北 京锋尚文化传媒集团股份有限公司章程》（以下简称"公司章程"），并结合《锋 尚文化集团股份有限公司第四届董事会第七次会议决议公告》、《锋尚文化集团 股份有限公司第四届董事会第八次会议决议公告》、《锋尚文化集团股份有限公 司关于召开2024年年度股东大会的通知》、《锋尚文化集团股份有限公司关于公 司2024年年度股东 ...