Core Viewpoint - The recent financial report of Fengshang Culture (300860) indicates a decline in revenue and profit, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - As of the latest report, the total revenue for the first half of 2025 was 191 million yuan, a decrease of 1.79% year-on-year [1]. - The net profit attributable to shareholders was 13.46 million yuan, down 33.56% compared to the previous year [1]. - In Q2 2025, total revenue was 96.98 million yuan, reflecting a significant decline of 39.22% year-on-year [1]. - The gross margin was reported at 25.03%, a decrease of 28.48% year-on-year, while the net margin was 6.94%, down 24.93% [1]. - The company's operating cash flow per share was -0.31 yuan, a drastic decline of 352.15% year-on-year [1]. Receivables and Cash Flow - The accounts receivable amount was substantial, with accounts receivable to net profit ratio reaching 622.21% [1][4]. - The average operating cash flow over the past three years relative to current liabilities was only 19.78%, indicating potential liquidity issues [4]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 0.93%, indicating weak capital returns, with a historical median ROIC of 12.46% since its listing [3]. - The net profit margin for the previous year was 6.83%, suggesting that the company's products or services have average added value [3]. Future Expectations - Analysts project that the company's performance for 2025 will reach approximately 119 million yuan, with an average earnings per share estimate of 0.62 yuan [4].

Group 1 - The fourth supervisory board meeting of Fengshang Culture Group Co., Ltd. was held on August 28, 2025, with all three supervisors present, and the meeting complied with relevant regulations [1] - The supervisory board approved the 2025 semi-annual report and summary, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The supervisory board also approved the special report on the use of raised funds for the first half of 2025, stating that it objectively reflects the storage and usage of the company's raised funds [2]

Market Overview - The professional services sector experienced a decline of 0.54% on August 29, with Fengshang Culture leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the professional services sector included: - Steel Research Nake (300797) with a closing price of 20.20, up 8.60% and a trading volume of 661,100 shares, totaling 1.341 billion yuan [1] - Zhonggang Tianyuan (002057) closed at 11.75, up 2.53% with a trading volume of 935,500 shares, totaling 1.104 billion yuan [1] - Major decliners included: - Fengshang Culture (300860) closed at 29.06, down 4.34% with a trading volume of 60,100 shares, totaling 177 million yuan [2] - Xince Standard (300938) closed at 24.78, down 4.18% with a trading volume of 101,400 shares, totaling 255 million yuan [2] Capital Flow - The professional services sector saw a net outflow of 435 million yuan from institutional investors, while retail investors contributed a net inflow of 308 million yuan [2] - The capital flow for specific stocks showed: - Lihua Kexin (002243) had a net inflow of 14.8246 million yuan from institutional investors, but a net outflow from retail investors of 14.4537 million yuan [3] - Jianyan Institute (603183) had a net inflow of 1.3253 million yuan from institutional investors and a net outflow of 243.05 thousand yuan from retail investors [3]

Group 1 - The company Fengshang Culture (SZ 300860) held its fourth board meeting on August 28, 2025, to review the 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Fengshang Culture is as follows: cultural tourism performances accounted for 60.83%, large cultural performance events accounted for 37.49%, other businesses accounted for 1.01%, and landscape art lighting and performances accounted for 0.67% [1] - The current market capitalization of Fengshang Culture is 5.8 billion yuan [2]

Group 1 - The company, Fengshang Culture (300860.SZ), reported a revenue of 191 million yuan for the first half of 2025, representing a year-on-year decrease of 1.79% [1] - The net profit attributable to shareholders of the listed company was 13.46 million yuan, down 33.56% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -8.37 million yuan, indicating a loss [1] - The basic earnings per share were 0.07 yuan [1]

（一） 募集资金金额及到位时间 经中国证监会"证监许可〔2020〕1565 号"文《关于同意锋尚文化集团股份有限公 司首次公开发行股票注册的批复》核准，向社会公开发售人民币普通股股票（A 股） 1,802.00 万股，每股面值人民币 1 元，发行价格为每股人民币 138.02 元，应募集资金 合计 248,712.04 万元，扣除发行费用后实际募集资金净额为 227,233.14 万元。该募集 资金已于 2020 年 8 月 10 日到位，上述资金到位情况业经信永中和会计师事务所验证， 并出具〔XYZH/2020BJA70342〕号《验资报告》。本公司对募集资金采取了专户储存管理。 截止 2020 年 8 月 10 日，专户存储余额为 228,815.07 万元。 本公司在北京银行股份有限公司东直门支行、招商银行股份有限公司北京清华园科 技金融支行对募集资金实行了专户存储，具体情况如下： | 专户银行 | 专户账号 | 用途 | 状态 | | --- | --- | --- | --- | | 北京银行股份有限公司东 | 2000000219480003587 | 超募资金项目 | 正常使用 | | 直门支行 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-041 锋尚文化集团股份有限公司 关于 2025 年半年度计提减值损失的公告 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。 锋尚文化集团股份有限公司（以下简称"公司"或"锋尚文化"）根据《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深 圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》《企业会计 准则》 和公司相关会计政策的规定，基于谨慎性原则，为真实准确的反映公司 的财务、资产和经营状况，对合并报表范围内截至 2025 年 06 月 30 日的各类存 货、应收账款、应收票据、合同资产、其他应收款、长期股权投资、固定资产、 在建工程、无形资产、商誉等资产进行了全面清查。对各项资产减值的可能性进 行了充分的评估和分析，判断存在可能发生减值的迹象，确定了需计提的减值损 失。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等相关规定，本次计提减值无需提交公司董事会或股东会审议。 一、本次计提减值损失的资产范围和总金额 本次计提 ...

锋尚文化集团股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金占用 资金占用 方名称 占用方与上市 公司的关联关 系 上市公司核 算的会计科 目 2025 年期初 占用资金余 额 2025 半年度占 用累计发生金 额（不含利息） 2025 半年度 占用资金的利 息（如有） 2025 半年度 偿还累计发 生金额 2025年6月末 占用资金余 额 占用形 成原因 占用性质 控股股东、实际控制人及其 附属企业 无 - - 非经营性占用 小计 - - - - 前控股股东、实际控制人及 其附属企业 无 非经营性占用 小计 - - - - 其他关联方及其附属企业 无 非经营性占用 小计 - - - - 总计 - - - - | 其他关联资金往来 | 资金往来方名称 | 往来方与 上市公司 | 上市公司 核算的会 | 2025年期 初往来资 | 2025 半 年度往 来累计 | 2025 半年 度往 来资 | 2025 半 年度偿 还累计 | 2025 年 6 月末往来 | 往来形成 | 往来性质 （经营性往 | | --- | --- | --- | --- | --- ...

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 年半年度报告及摘要》 证券代码：300860 证券简称：锋尚文化 公告编号：2025-038 锋尚文化集团股份有限公司 第四届监事会第七次会议决议公告 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 事会第七次会议通知及会议材料已于 2025 年 8 月 19 日以邮件的形式送达公司全 体监事。本次会议于 2025 年 8 月 28 日上午 11:00 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。 1、第四届监事会第七次会议决议 特此公告。 锋尚文化集团股份有限公司 监事会 监事会认为，《2025 年半年度报告及摘要》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 ...

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 证券代码：300860 证券简称：锋尚文化 公告编号：2025-037 第四届董事会第十一次会议决议公告 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《2025 年半年度报告及摘要》 董事会认为，公司编制和审核《2025 年半年度报告及摘要》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 年半年 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。 表决结果：7 票赞成、0 票反对、0 票弃权，0 票回避表决。 2、审议通过《2025 年半年度募集资金存放与使用情况的专项报告》 董事会认为公司 2025 年上半年募集资金的存放与使用符合中国证监会、深 圳证券交易所关于上市公司募集资金存放与使用的相关规定，不存在违规使用募 集资金的情形。本议案已经董事会审计委员会审议通过。 具体内容详见公司同日刊登在巨潮资讯网（http://www.cninfo.com.cn）上 ...