证券代码：300860 证券简称：锋尚文化 公告编号：2025-047 锋尚文化集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 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 10 月 15 日召开公司 2025 年第三次临时股东会，现将有关事项通知如下： 一、召开会议的基本情况 1、会议届次：2025 年第三次临时股东会 2、会议召集人：董事会。 （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统向 全体股东提供网络形式的投票平台，股东可在网络投票时间内通过上述系统行 使表决权。 股东会股权登记日登记在册的所有股东，均有权通过相应的投票方式行使 表决权，股东应选择现场投票、网络投票的一种方式，如果同一表决权出现重 复投票表决的，以第一次投票表决结果为准。 1 6、股权登记日：2025 年 10 月 10 日 7、会议出席对象： （1）截止 2025 年 10 月 10 日下午收市时，在中国证券登记结算公司深圳 分公司登记在册的本公司股东均有权出席本次股东会， ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-043 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《关于注销回购股份暨减少公司注册资本的议案》 监事会认为：公司本次注销回购股份暨减少公司注册资本事项符合《深圳证 券交易所上市公司自律监管指引第 9 号——回购股份》的规定以及公司《回购报 告书》的内容，并严格按照相关法律法规履行了必要的审议程序，不会对公司治 理结构、持续经营和财务状况等产生不利影响，也不存在损害公司及全体股东利 益的情形，同意本次注销回购股份暨减少注册资本事项。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《关于注销回购股份暨减少公司注册资本的公告》（公告编号：2025-045）。 表决结果：3 票赞成、0 票反对、0 票弃权，0 票回避表决。 锋尚文化集团股份有限公司 第四届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 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"） ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-042 锋尚文化集团股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《关于注销回购股份暨减少公司注册资本的公告》（公告编号：2025-045）。 表决结果：7 票赞成、0 票反对、0 票弃权，0 票回避表决。 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 事会第十二次会议通知及会议材料已于 2025 年 9 月 24 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 9 月 28 日下午 3:00 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，公司监事和高级管理人员列席本次会议。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。 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 ...

Core Points - On September 23, a total of 6 listed companies had their restricted shares unlocked, with a total market value of approximately 6.569 billion yuan [1] Group 1: Company Specifics - Shanghai Airport (Stock Code: 600009) had 128 million shares unlocked, categorized as newly issued A-shares for original shareholders [1] - Hualu Hengsheng (Stock Code: 600426) had 280,000 shares unlocked, classified under equity incentive restricted circulation [1] - Electric Science Digital (Stock Code: 600850) had 81.107 million shares unlocked, categorized as newly issued A-shares for institutional placement [1] - Top Point Software (Stock Code: 603383) had 162,000 shares unlocked, classified under equity incentive restricted circulation [1] - Fengshang Culture (Stock Code: 300860) had 19,900 shares unlocked, categorized under equity incentive restricted circulation [1] - Shouyao Holdings (Stock Code: 688197) had 6.4916 million shares unlocked, with no specific category mentioned [1]

Market Overview - On September 17, the professional services sector experienced a slight decline of 0.01%, with Anbang Huwei leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers in the professional services sector included: - Anche Detection (300572) with a closing price of 28.77, up 5.77% and a trading volume of 227,500 shares, totaling 648 million yuan [1] - Xince Standard (300938) closed at 27.28, up 5.33% with a trading volume of 209,400 shares, totaling 565 million yuan [1] - Other gainers included Shishi Testing (300416), Lihua Technology (002243), and Shengke Nano (688757) with respective increases of 2.86%, 1.53%, and 1.41% [1] - Conversely, the following stocks faced declines: - Anbang Huwei (603373) closed at 50.28, down 4.23% with a trading volume of 34,800 shares, totaling 177 million yuan [2] - Shicun Testing (301228) and Miao Exhibition (300795) also saw declines of 3.36% and 2.36% respectively [2] Capital Flow - The professional services sector saw a net outflow of 83.28 million yuan from institutional investors, while retail investors contributed a net inflow of 108 million yuan [2] - Detailed capital flow for selected stocks showed: - Anche Detection had a net inflow of 69.82 million yuan from institutional investors, while retail investors had a net outflow of 34.72 million yuan [3] - Lihua Technology and Xince Standard also experienced net inflows from institutional investors, but retail investors showed mixed results [3]

证券日报网讯锋尚文化（300860）9月15日在互动平台回答投资者提问时表示，截至2025年9月10日，公 司股东人数为15168户。 ...

Market Performance - The primary economic sector increased by 1.6% compared to the previous trading day, with Kai Run Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers - Kai Run Co., Ltd. (300577) closed at 23.80, up 6.77% with a trading volume of 66,200 shares and a transaction value of 156 million [1] - Da Feng Industrial (603081) closed at 13.03, up 5.08% with a trading volume of 205,000 shares and a transaction value of 265 million [1] - Feng Shang Culture (300860) closed at 29.03, up 4.12% with a trading volume of 48,400 shares and a transaction value of 2.66 million [1] Market Capital Flow - The primary economic sector saw a net inflow of 56.27 million from main funds, while retail funds experienced a net outflow of 30.30 million [2] - The main funds' net inflow for Li Ya De (300296) was 63.49 million, while retail funds had a net outflow of 44.87 million [3] Individual Stock Performance - Li Ya De (300296) had a main fund net inflow of 63.49 million, representing 5.27% of its total trading volume [3] - Kai Run Co., Ltd. (300577) experienced a main fund net inflow of 19.48 million, accounting for 12.50% of its trading volume [3] - Da Feng Industrial (603081) had a main fund net inflow of 13.34 million, which is 5.04% of its trading volume [3]

Core Insights - The tourism and performance industry is facing significant challenges, with many companies reporting declining performance metrics and increased operational costs [2][3][15] - The project "Only Emei Mountain" has been suspended due to ongoing losses, highlighting the difficulties faced by large-scale cultural tourism projects [3][11][15] Company Performance - Song City Performing Arts reported a 27.4% decrease in net profit for the first half of 2025, with total revenue down 8.3% to 1.08 billion yuan [4][5] - The company’s cultural tourism performance saw a revenue drop of 35.01%, while its major projects experienced varying degrees of revenue decline [5][7] - Fengshang Culture's revenue decreased by 1.79%, with a significant drop in net profit by 33.56%, while its cultural tourism segment saw a 35.01% revenue decline [7] - Sanxiang Impression's revenue fell by 37.37%, with a 50.32% drop in net profit, indicating a struggle in the cultural performance sector [8] Industry Trends - The industry is witnessing a shift from capital-intensive models to a focus on content and efficiency, as companies face increased competition and changing consumer preferences [15][14] - Many companies are exploring the integration of AI and new technologies to enhance their offerings, although these initiatives are still in the early stages [8][9] - The overall sentiment in the tourism market remains cautious, with companies emphasizing the need for innovation and differentiation in their cultural offerings [13][14]

Core Viewpoint - The performance of various listed companies in the cultural tourism and performance industry has significantly declined, with many reporting decreased revenues and profits due to high operational costs and market challenges [1][2][12]. Financial Performance - Song City Performing Arts reported a 27.4% year-on-year decrease in net profit, with total revenue down 8.3% to 1.08 billion yuan [3][4]. - Lijiang Co. saw a 14.47% drop in revenue from its "Impression Lijiang" project, with visitor numbers down 17.96% [1][9]. - Fengshang Culture's cultural tourism performance revenue decreased by 35.01% year-on-year, while its overall revenue fell by 1.79% [5][6]. - Sanxiang Impression's cultural performance revenue declined by 2.52%, with a gross margin drop of 9.79 percentage points to 26.10% [5][7]. Project Challenges - The large-scale cultural tourism project "Only Emei Mountain" has been suspended after continuous losses, with a net loss of 16.14 million yuan reported [2][10]. - Many projects face high operational costs and a lack of unique cultural connection, leading to consumer dissatisfaction and reduced attendance [10][11]. Market Trends - The industry is experiencing a shift towards content-driven strategies rather than capital-intensive models, as companies seek to innovate and differentiate their offerings [12][11]. - The competitive landscape is characterized by high saturation and price competition, which may negatively impact product quality and consumer experience [11][12]. Future Outlook - Companies are exploring new growth areas, including AI and robotics, but many are still in the early stages of development [7]. - The focus is shifting towards optimizing existing assets and improving operational efficiency to adapt to changing consumer preferences [12].

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]