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]

Financial Performance - In 2024, the company reported operating revenue of 579.19 million yuan, a decrease of 14.42% year-on-year [1][2] - The net profit attributable to shareholders was 41.77 million yuan, down 68.94% compared to the previous year [1][2] - The net profit excluding non-recurring gains and losses was -9.48 million yuan, a decline of 113.36% from the previous year's 70.98 million yuan [1][2] - The net cash flow from operating activities was 126.52 million yuan, a significant increase of 402.85% from -41.78 million yuan in the previous year [1][2] Q1 2025 Performance - In the first quarter of 2025, the company achieved operating revenue of 93.63 million yuan, representing a year-on-year increase of 171.12% [2][3] - The net profit attributable to shareholders was -1.32 million yuan, an improvement from -5.86 million yuan in the same period last year [2][3] - The net profit excluding non-recurring gains and losses was -12.28 million yuan, also an improvement from -18.79 million yuan year-on-year [2][3] - The net cash flow from operating activities was -26.60 million yuan, compared to 15.70 million yuan in the previous year [2][3] Dividend Distribution - The company announced a dividend distribution plan for 2024, proposing to distribute 2.10 yuan per 10 shares to all shareholders, totaling an estimated cash distribution of 39.57 million yuan [3] Company Background - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 24, 2020, with an initial offering price of 138.02 yuan per share [4] - The stock reached a peak price of 242.00 yuan on its first trading day but is currently in a state of decline [4] - The total funds raised during the IPO amounted to 2.487 billion yuan, with a net amount of 2.272 billion yuan after deducting issuance costs [4]

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]

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 ...