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 2024 年年度股东大会决议公告 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。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开时间：2025 年 5 月 12 日下午 14:00 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 2、出席本次股东大会的股东及股东授权委托代表 103 人，代表股份 123,228,337 股，占公司有表决权股份总数的 65.3902%。（公司表决权数量已扣 除回购账户中的股份）。 特别提示： 1、本次股东大会未出现否决议案的情形； 其中，中小股东表决结果：同意 775,714 股，占出席会议中小股东所持股份 的 76.6426%；反对 227,372 股，占出席会议中小股东所持股份的 22.4650%；弃 权 9,032 股（其中，因未投票默认弃权 5,800 股） ...

锋尚文化集团股份有限公司 第四届董事会第九次会议决议公告 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 证券代码：300860 证券简称：锋尚文化 公告编号：2025-028 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： 1、审议通过《关于聘任公司证券事务代表的议案》 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 于同日披露在巨潮资讯网（www.cninfo.com.cn）的相关公告。 表决结果：7 票赞成、0 票反对、0 票弃权，0 票回避表决。 三、备查文件 1、第四届董事会第九次会议决议； 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 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company reported a decrease in revenue and profit for the year 2024, with total revenue of RMB 579 million, down 14.42% year-on-year, and a net profit attributable to shareholders of RMB 41.77 million, down 68.94% year-on-year. The first quarter of 2025 showed a significant revenue increase of 171.12% year-on-year, indicating a potential recovery [3][8] - The report maintains an "Accumulate" rating, anticipating growth driven by the recovery of B&G market demand and the expansion of C-end business [5][8] Financial Summary - For 2024, the company achieved total revenue of RMB 579 million, with a year-on-year growth rate of -14.4%. The EBITDA was RMB 28 million, and the net profit attributable to shareholders was RMB 42 million, reflecting a significant decline [7][11] - The forecast for 2025 estimates revenue to be RMB 577 million, with a slight decrease of 0.3%, and a net profit of RMB 141 million, representing a growth of 237.2% compared to 2024 [7][11] - The company has a projected EPS of RMB 0.74 for 2025, with a P/E ratio of 34.3 times [5][11] Order Backlog and Market Position - As of the end of 2024, the company had an order backlog of approximately RMB 368 million, which has decreased from RMB 550 million at the end of 2023. This backlog includes RMB 87.88 million from large cultural performance projects and RMB 280 million from cultural tourism performance projects [8][11] - The company has demonstrated its competitive advantage in large event creative planning, successfully completing significant projects in 2024, and is focusing on expanding its C-end business to enhance overall business stability [8][11]

Financial Performance - The company achieved operating revenue of 57,918.77 million yuan, a decrease of 14.42% compared to the same period last year [3] - The net profit attributable to shareholders was 4,177.25 million yuan, down 68.94% year-on-year, primarily due to increased credit impairment losses and declining operating revenue [3] Project Updates - The opening ceremony project for the 2025 Asian Winter Games was successfully premiered on February 7, 2025, with a project amount of 8,788 million yuan, recognized in Q1 2025 [3] - The large-scale performance project "Dreaming Dazhong" is valued at 8,990 million yuan, with expected revenue recognition in Q2 2025 [3] C-end Business Operations - The company has several C-end operational projects, including: - "Sky632" located on the 126th floor of Shanghai Tower, with a 60% ownership stake [4] - "Xianghu Yuyun" in Hangzhou, with a 75% ownership stake, set to premiere on June 30, 2024 [4] - "On the Sea of Qingdao" in Shandong, with a 30% ownership stake, scheduled to premiere on July 12, 2024 [5] - The focus on C-end business is expected to provide more opportunities and enhance business stability and sustainability [5] Strategic Initiatives - The company plans to expand its business scope to include import and export activities, responding to the "cultural going global" strategy [5] - The company is actively exploring the integration of AI and performance arts, considering strategic mergers and acquisitions to diversify its business [9] Financial Management - The company has accumulated cash dividends of 193 million yuan and share repurchases of 100 million yuan from 2020 to 2024 [11] - As of December 31, 2024, the accounts receivable amounted to 613 million yuan, with a bad debt provision of 307 million yuan, representing a provision rate of approximately 50.08% [12] Shareholder Engagement - The company plans to offer limited edition performance tickets for specific cultural tourism projects as a gesture of appreciation to shareholders [11] - As of April 18, 2025, the number of shareholders was 14,419 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company experienced a significant revenue increase in Q1 2025, driven by the completion of the Harbin Winter Games project, which contributed 87.88 million yuan to revenue. The net loss for Q1 2025 was reduced by 77.58% year-on-year [4] - The company is optimistic about the continuous expansion of its C-end projects, which are expected to provide growth opportunities [4] Financial Performance Summary - In 2024, the company's operating revenue was 579 million yuan, a decrease of 14.42% year-on-year, while the net profit attributable to the parent company was 41.77 million yuan, down 68.94% year-on-year. For Q1 2025, the operating revenue was 94 million yuan, an increase of 171.12% year-on-year, with a net loss of 1.32 million yuan [4][5] - The company forecasts net profits for 2025-2027 to be 117 million, 168 million, and 204 million yuan respectively, with corresponding EPS of 0.61, 0.88, and 1.07 yuan [4][7] Revenue Structure and Profitability - The revenue from large-scale performance activities in 2024 was 217 million yuan, a decrease of 52.06% year-on-year, while the revenue from cultural tourism performances was 352 million yuan, an increase of 65.45% year-on-year, accounting for 60.83% of total revenue [5] - The gross profit margin for cultural tourism performances was 34.22%, showing a slight decrease of 0.96 percentage points year-on-year [5] Order Backlog and Technological Innovation - As of the end of 2024, the company had a total order backlog of 368 million yuan, including several significant projects [6] - The company is leveraging innovative technologies such as motion capture and 3D displays to enhance its performance offerings, which is expected to improve the immersive experience [6] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 40.4, 28.2, and 23.2 respectively, indicating a potential for valuation improvement as earnings grow [7]

Financial Performance - The company reported a basic earnings per share of -0.0100 yuan for Q1 2025, an improvement of 66.67% compared to -0.0300 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 0.94 billion yuan, representing a significant increase of 168.57% from 0.35 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.01 billion yuan, showing an improvement of 83.33% from -0.06 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 was -0.04%, an improvement of 77.78% compared to -0.18% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 55.8497 million shares, accounting for 49.9% of the circulating shares, with a decrease of 3.9755 million shares from the previous period [2] - Notable shareholders include Sha Xiaolan with 20.1102 million shares (17.97%), and Xizang Shenglan Cultural Communication Partnership with 16.8378 million shares (15.05%), both remaining unchanged [3] - The report indicates that several shareholders have exited the top ten list, including Jianxin Fund and Hong Kong Central Clearing Limited [3] Dividend Policy - The company has announced that it will not distribute dividends or bonuses this time [4]

证券代码：300860 证券简称：锋尚文化 公告编号：2025-026 锋尚文化集团股份有限公司 关于公司 2024 年年度股东大会增加临时议案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 3、会议召开的合法、合规性：本次股东大会会议的召开符合上市公司相关 法律、行政法规、部门规章、规范性文件和公司章程的有关规定 锋尚文化集团股份有限公司（以下简称"公司"）董事会决定于2025年5 月12日召开公司2024年年度股东大会，并于2025年4月19日在巨潮资讯网披露了 《关于召开2024年年度股东大会的通知》（公告编号：2025-019）。 公司于 2025 年 4 月 24 日召开第四届董事会第八次会议，审议通过《关于 增加经营范围、修改公司章程及进行工商登记变更的议案》，尚需提交公司股东 大会审议。同日，为提高会议效率，减少召开会议的成本，直接持有公司股份 42.13%的公司控股股东、实际控制人沙晓岚先生向公司董事会提交《关于公司 2024 年年度股东大会增加临时提案的提案函》，书面提请将《关于增加经营范 围、修改公司章程及进行 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-024 锋尚文化集团股份有限公司 第四届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、监事会会议召开情况 锋尚文化集团股份有限公司（以下简称"公司"或"锋尚文化"）第四届监 事会第五次会议通知及会议材料已于 2025 年 4 月 21 日以邮件的形式送达公司全 体监事。本次会议于 2025 年 4 月 24 日下午 14:00 在公司会议室召开。会议由监 事会主席李建召集并主持，应出席监事 3 名，实际出席监事 3 名，董事会秘书列 席了会议。本次监事会会议的召集、召开和表决程序符合《公司法》和《公司章 程》等有关规定。 二、监事会会议审议情况 本次会议经过与会监事的认真讨论，投票表决，形成如下决议： 1、审议通过《2025 年第一季度报告》 监事会认为，公司编制和审核《2025 年第一季度报告》的程序符合法律、 行政法规和中国证监会相关规范性文件的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：3 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-023 锋尚文化集团股份有限公司 二、董事会会议审议情况 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： 1、审议通过公司《2025 年第一季度报告》 董事会认为，公司编制和审核《2025 年第一季度报告》程序符合法律、行 政法规和中国证监会有关规范性文件的规定，且董事会保证公司 2025 年第一季 度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 董事会审计委员会通过了该议案。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）刊登的 《2025 年第一季度报告》。 表决结果：7 票赞成、0 票反对、0 票弃权，0 票回避表决。 第四届董事会第八次会议决议公告 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"）第四届董 事会第八次会议通知及会议材料已于 2025 年 4 月 21 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 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥93,632,914.93, representing a significant increase of 171.12% compared to the same period last year, which was ¥34,535,255.35[5] - The net profit attributable to shareholders was a loss of ¥1,315,075.43, an improvement of 77.58% from a loss of ¥5,864,567.47 in the previous year[5] - The net loss for the period was ¥1,690,634.56, compared to a net loss of ¥6,688,552.95 in the previous year, showing an improvement of approximately 74.7%[28] - The company's basic earnings per share improved to -0.01 from -0.04, reflecting a 66.67% increase[5] - Basic and diluted earnings per share were both reported at -0.01, improving from -0.03 in the previous year[29] Cash Flow and Investments - The net cash flow from operating activities was negative at ¥26,601,757.24, a decline of 269.42% compared to a positive cash flow of ¥15,701,460.63 in the same period last year[10] - The company reported a significant increase in investment income of ¥16,327,596.30, up 66.12% from ¥9,828,666.59 in the previous year, due to changes in the disposal of financial assets[9] - The company’s cash flow from investing activities saw a dramatic increase of 4675.50%, reaching ¥143,101,611.21, due to changes in wealth management funds[10] - Cash inflow from investment activities increased to $2.23 billion, up from $1.64 billion, reflecting strong investment recovery[32] - Cash outflow for investment activities rose to $2.09 billion from $1.64 billion, indicating increased investment spending[32] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥3,594,395,134.48, a decrease of 2.07% from the end of the previous year[5] - The company's total assets decreased to ¥3,594,395,134.48 from ¥3,670,308,283.68, reflecting a decline of about 2.1%[27] - Total liabilities decreased to ¥394,011,945.48 from ¥462,655,901.29, a reduction of approximately 14.8%[27] - The total equity attributable to shareholders of the parent company was ¥3,177,831,643.21, slightly down from ¥3,185,225,277.47[27] Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 14,493[12] - The largest shareholder, Sha Xiaolan, holds 42.13% of the shares, totaling 80,440,919 shares[12] - The second-largest shareholder, Wang Fangyun, owns 13.06% of the shares, amounting to 24,937,500 shares[12] - The top 10 shareholders collectively hold significant stakes, with the largest three shareholders controlling over 63% of the company[12] - The company has not disclosed any changes in the top 10 shareholders due to securities lending activities[14] Share Repurchase Plans - The company plans to repurchase shares using its own funds, with a total repurchase amount between RMB 50 million and RMB 100 million[15] - The maximum repurchase price is set at RMB 65.49 per share[15] - The repurchase period will last for 12 months from the date of the shareholders' meeting approval[15] - The company will use repurchased shares for equity incentive plans or employee stock ownership plans[15] - The company repurchased 56,400 shares on March 11, 2024, accounting for 0.0411% of total share capital, with a total transaction amount of ¥2,130,358.38[16] - As of February 28, 2025, the company completed a share repurchase of 1,546,200 shares, representing 0.8098% of total share capital, with a total transaction amount of ¥50,101,871.78[17] Operational Costs and Expenses - Total operating costs amounted to ¥108,193,388.67, up from ¥58,314,154.87, indicating an increase of about 85.6% year-over-year[28] - The company’s research and development expenses decreased by 8.80% to ¥8,875,161.49 compared to ¥9,731,677.76 in the previous year[9] - Research and development expenses for the quarter were ¥8,875,161.49, compared to ¥9,731,677.76 in the same period last year, indicating a decrease of about 8.8%[28] Cash and Equivalents - The company reported cash and cash equivalents of ¥647,781,509.89 as of March 31, 2025, an increase from ¥537,768,761.32 at the beginning of the period[25] - The ending cash and cash equivalents balance was $642.05 million, a decrease from $751.39 million year-over-year[33] Other Information - The company continues to employ the accounting firm Xinyong Zhonghe for the 2024 annual audit[23] - The company has appointed two new non-independent directors, effective from the date of the shareholders' meeting[21] - The company did not report any new product or technology developments, market expansions, or acquisitions during this period[34]