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]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0100 | -0.0300 | 66.67 | -0.0200 | | 每股净资产（元） | 16.64 | 23.73 | -29.88 | 23.15 | | 每股公积金(元) | 11.79 | 16.94 | -30.4 | 16.99 | | 每股未分配利润(元) | 4.02 | 5.86 | -31.4 | 4.98 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.94 | 0.35 | 168.57 | 0.16 | | 净利润(亿元) | -0.01 | -0.06 | 83.33 | -0.03 | | 净资产收益率(%) | -0.04 | -0.18 | 77.78 | -0.11 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5584.97万股， ...

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]

证券代码：300860 证券简称：锋尚文化 公告编号：2025-025 锋尚文化集团股份有限公司 关于增加经营范围、修改公司章程及进行工商登记变更的公告 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。 锋尚文化集团股份有限公司（以下简称"公司"）第四届董事会第八次会 议审议通过了《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》， 具体情况如下： 一、增加经营范围 根据公司业务发展的需要，公司拟在目前经营范围中增加"货物进出口， 技术进出口，进出口代理"。 二、修改公司章程 根据上述公司经营范围的变更，以及《中华人民共和国证券法》、《深圳证 券交易所创业板股票上市规则》、《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》等有关规定，公司结合实际情况，拟对《公司 章程》进行相应修订，具体修订内容如下： | 修订前 | 修订后 | | --- | --- | | 第十三条 经营范围：一般项目：组 | 第十三条 经营范围：一般项目：组 | | 织文化艺术交流活动；工程管理服务；礼仪 | 织文化艺术交流活动；工程管理服务；礼仪 | | ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-022 锋尚文化集团股份有限公司 欢迎广大投资者积极参与本次网上说明会。 锋尚文化集团股份有限公司（以下简称"公司"）2024 年年度报告全文及 其摘要已于 2025 年 4 月 19 日刊登于创业板信息披露媒体（巨潮资讯网 http://www.cninfo.com.cn）。为加强与投资者的深入交流，使投资者更加全 面、深入地了解公司情况，公司计划于 2025 年 4 月 28 日（星期一）下午 15:30-17:30 在全景网举办 2024 年度业绩说明会，本次年度业绩说明会将采用 网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次年度业绩说明会。 公司董事长、总经理沙晓岚先生；副总经理李岩先生；董事会秘书、财务 总监李勇先生；独立董事周煊先生参会。 为充分尊重投资者、提高交流效率，公司现提前向投资者征集相关问题， 广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 25 日（星期五）17:00 时前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入 ...

4月18日晚间，锋尚文化（300860）发布2024年年报，2024年营业收入5.79亿元；归属于母公司所有者的净利润4177.25万元；经营活动产生的现金流量净额 达到1.27亿元，同比暴增逾4倍。 作为文化演艺龙头，锋尚文化正以独特的姿态书写着属于自己的篇章。事实上，除了经营现金流指标的显著改善，锋尚文化在多个关键领域取得了令人瞩目 的成绩，比如分红率的突破以及在文旅演艺全产业链打造上的积极探索，都使其成为行业内备受关注的焦点。 锋尚文化大手笔回购也彰显了发展信心。根据公告，锋尚文化于2024年2月启动回购计划，拟使用自有资金通过集中竞价方式回购部分社会公众股，回购资 金总额不低于5000万元且不超过1亿元，回购价格上限为65.49元/股。后因实施2023年年度权益分派，回购价格上限调整为46.55元/股。截至回购期限届满， 锋尚文化实际回购股份154.62万股，成交总金额为5010.19万元，回购均价为32.40元/股。 "大鹏一日同风起，扶摇直上九万里"经营现金流创五年来新高 2024年，锋尚文化的经营活动现金流量净额呈现出爆发式增长，达到了1.27亿元，而2023年这一数据为-4177.72万元，同 ...