Summary of Visual China Conference Call Company Overview - **Company**: Visual China - **Industry**: Visual content services, AI technology Key Points and Arguments Financial Performance - Visual China reported a stable revenue performance, with a year-on-year decline in net profit attributable to shareholders (non-GAAP) of 9.03%, although this was an improvement compared to the first half of the year [2][3] - The decline in profit was primarily due to macroeconomic conditions and adjustments within the advertising and marketing sector [3] Strategic Focus - The company adheres to a strategy of "AI intelligence + content data + application scenarios," which has led to the emergence of AI-driven creative customization as a new growth point [2][3] - Visual China has built a high-quality dataset of over 700 million compliant content items, including images, audio, video, and 3D data, enhancing its competitive edge in the industry [2][5] AI Technology Implementation - AI technologies have been integrated into the copyright trading platform, improving material matching and review efficiency, with image review efficiency increasing nearly 15 times [2][6][7] - The company has developed AI features such as search recommendations, content creation assistance, and content review, which streamline the creative process and enhance operational efficiency [6][7] Growth in AI-Driven Services - The AI-driven creative customization business has seen a year-on-year growth of 25%, with partnerships established with major brands like Huawei and Mercedes-Benz [2][8] - Visual China is actively exploring collaborations with leading AI platforms to provide visual content licensing services, similar to the partnership model between Getty Images and Perceptual [4][13] Strategic Investments - The company has made strategic investments in companies like Lingchuan Technology and Shenshu Technology to enhance its capabilities in AI visual chips and multimodal model training [9][10] - A significant investment of 100 million yuan was secured for Daxiang Visual to advance its AI strategic goals [9][10] Market Opportunities and Challenges - The company recognizes the opportunities presented by the AI era, particularly in the video processing chip sector, with a focus on the development of new chips for large model adaptation expected to be mass-produced by 2026 [11][12] - Challenges in AI content generation include ensuring compliance and accuracy of content sources, which the company addresses through partnerships and high-quality data provision [14][19] Future Business Plans - Visual China plans to expand its core business areas while exploring new business opportunities, including: 1. Increasing market share of high-quality copyright content among SMEs and C-end markets [22] 2. Transforming traditional image libraries into dynamic, multi-purpose data assets using generative AI technology [22] 3. Providing more licensed character models for large model training [22] 4. Ensuring all new business complies with copyright and ethical standards [22] Conclusion - Visual China aims to enhance its market competitiveness and deliver greater returns to investors through strategic initiatives and the integration of AI technologies into its business model [23]

视觉（中国）文化发展股份有限公司 投资者关系活动登记表 编号：2025-005 | | □特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 详见附件。 | | 时 间 | 年 月 日 2025 11 3 15:00-16:00 | | 地 点 | 公司会议室，线上会议 | | 上市公司接待 | 公司董事、总裁：柴继军先生 | | 人员姓名 | 公司副总裁、财务负责人：陈春柳女士 | | | 公司董事会秘书：李淼先生 | | | 一、公司总裁柴继军先生解读公司 2025 年前三季度业务进展情况 | | | 各位投资者、分析师朋友们，下午好！非常感谢大家在百忙之 | | | 中拨冗参与本次交流会，与我们共同探讨公司发展动态。 | | | 年前三季度，公司围绕"主营业务深化拓展"与"AI 创新 2025 | | | 战略落地"两大核心方向，取得了阶段性显著进展。一方面，我们 | | | 牢牢巩固了多年积累的市场领先地位与核心竞争优势；另一方面， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301313 | 凡拓数创 | 29.18 | -3.06% | 6.48万 | 1.89亿 | | 66ZI0E | 卓创资讯 | 56.92 | -0.14% | 7964.0 | 4531.91万 | | 300785 | 值得买 | 35.65 | 0.28% | 10.71万 | 3.81亿 | | 300987 | 川网传媒 | 18.30 | 0.49% | 4.48万 | 8172.88万 | | 603466 | 风语筑 | 9.82 | 0.72% | 15.60万 | 1.53亿 | | 300413 | 芒果超媒 | 29.62 | 0.82% | 22.89万 | 6.71亿 | | 002095 | 生意宝 | 20.23 | 0.90% | 4.09万 | 8245.12万 | | 300295 | 三六五网 | 13.10 | 1.08% | 6.37万 | 8337.04万 | | 603000 | 人民网 | 2 ...

申万宏源发布研报称，根据巨量引擎8月的分享，近半年漫剧流水规模翻12倍；相关企业数量正呈指数 级扩张，预计将突破数十万家；市场规模预计有望将突破200亿量级。技术突破方面，多模态大模型在 角色一致性、动作连贯性等进步明显，当前AI技术已应用于漫剧制作全链条，大幅压缩制作周期和成 本。内容扩容上，加速将更多优质小说、漫画、真人短剧资源改编为漫剧，并积极拓展稀缺题材，实现 内容多元化、精品化，以吸引更广泛圈层用户。标的上，建议关注AI漫剧产业链环节的优势公司。 申万宏源主要观点如下： 漫剧市场25年迎来爆发 漫剧是动画形式的微短剧，包括表情包类微短剧、漫画类微短剧、AIGC类微短剧。根据巨量引擎8月的 分享，近半年漫剧流水规模翻12倍；相关企业数量正呈指数级扩张，预计将突破数十万家；市场规模预 计有望将突破200亿量级。 申万宏源认为，漫剧市场爆发主要有三个原因：1)增量需求。漫剧兼具短剧和传统动画的内容特点，满 足用户强情节、高爽点、碎片化的内容需求，同时题材更丰富。当前以高线城市年轻男性为主，与以中 年女性为主的真人短剧错位竞争。2)技术突破。多模态大模型在角色一致性、动作连贯性等进步明显， 当前AI技术已应 ...

Core Insights - The AI corpus concept has seen a rise of 3.42%, ranking fourth among concept sectors, with 45 stocks increasing in value, including Fushi Holdings and 360, which both hit the daily limit up [1][2] Market Performance - The top-performing concept sectors today include: - Recombinant proteins: +3.72% - Cultivated diamonds: -2.96% - Cell immunotherapy: +3.58% - National big fund holdings: -2.96% - Sora concept (text-to-video): +3.51% - AI corpus: +3.42% [2] Capital Flow - The AI corpus sector attracted a net inflow of 3.646 billion yuan, with 36 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow. The leading stock in net inflow is 360, with 1.908 billion yuan, followed by Vision China and Chinese Online with 454 million yuan and 360 million yuan respectively [2][3] Stock Performance - Key stocks in the AI corpus sector include: - 360: +10.02%, net inflow rate of 37.89% - Vision China: +7.20%, net inflow rate of 17.00% - Chinese Online: +8.15%, net inflow rate of 9.97% - Fushi Holdings: +20.09%, net inflow rate of 36.64% [3][4] Declining Stocks - Notable declining stocks include: - Kaipu Cloud: -1.15%, net outflow of 49.602 million yuan - Tonghuashun: -1.04%, net outflow of 271.768 million yuan [5]

Core Insights - The digital media sector experienced a significant increase of 3.47% on October 31, with Vision China leading the gains [1] - In contrast, the Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Digital Media Sector Performance - Vision China (code: 000681) closed at 21.60, up 7.20%, with a trading volume of 1.237 million shares and a transaction value of 2.672 billion [1] - Other notable performers included: - Zhangyue Technology (code: 603533) at 20.80, up 6.72%, with a transaction value of 671 million [1] - Zhidema (code: 300785) at 35.55, up 4.74%, with a transaction value of 616 million [1] - Mango Super Media (code: 300413) at 29.38, up 3.67%, with a transaction value of 812 million [1] Capital Flow Analysis - The digital media sector saw a net inflow of 650 million from institutional investors, while retail investors experienced a net outflow of 453 million [1] - Specific stock capital flows included: - Vision China had a net inflow of 452.1 million from institutional investors, but a net outflow of 284 million from retail investors [2] - Mango Super Media had a net inflow of 68.9 million from institutional investors, with a net outflow of 14 million from retail investors [2] - Zhangyue Technology had a net inflow of 42.8 million from institutional investors, but a net outflow of 19.8 million from retail investors [2]

Market Overview - The A-share market experienced an overall decline on October 31, with major indices showing slight decreases. The Shanghai Composite Index fell by 0.63%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 1.49% [4][5]. Sector Performance - The media and biopharmaceutical sectors saw significant gains, with the media sector rising over 3% and individual stocks hitting the daily limit up. Notable stocks included Fushi Holdings and Rongxin Culture, both reaching the 20% limit up [5][6]. - The biopharmaceutical sector also performed well, with a nearly 2% increase and several stocks, including Sanofi and Lianhuan Pharmaceutical, hitting the daily limit up [5][7]. Notable Stocks - In the media sector, key stocks included: - Fushi Holdings: Current price 5.08, up 0.85, a rise of 20.09% - Rongxin Culture: Current price 39.60, up 6.60, a rise of 20.00% - Visual China: Current price 22.17, up 2.02, a rise of 10.02% [6]. - In the biopharmaceutical sector, notable stocks included: - Sanofi: Current price 72.96, up 12.16, a rise of 20.00% - Lianhuan Pharmaceutical: Current price 21.77, up 1.98, a rise of 10.01% [7]. Declining Stocks - Several previously popular stocks, such as Yizhongtian, experienced significant declines. For instance, Xinyi Sheng fell by 6.44%, and Tianfu Communication dropped by 7.76% after a previous decline of 11.56% [9]. Hong Kong Market - The Hong Kong market also saw a general decline, with the Hang Seng Index approaching the 26,000-point mark. Notable declines were observed in stocks like SMIC and BYD [11]. - However, Fosen Pharmaceutical experienced a surge, with its stock price increasing by over 80% after announcing the approval of its drug Enzalutamide soft capsules for prostate cancer treatment [10][12].

Core Points - The Shanghai Composite Index closed at 3961.62 points, above the six-month moving average, with a decline of 0.63% [1] - The total trading volume of A-shares reached 157.92 billion yuan [1] - A total of 259 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3961.62 points, indicating a slight decline of 0.63% [1] - The total trading volume for A-shares today is reported at 157.91 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 259 A-shares have broken through the six-month moving average, with the highest deviation rates observed in stocks such as: - Yatong Precision Engineering (8.20%) - Excellent New Energy (7.57%) - Deyuan Pharmaceutical (7.38%) [1] - Other stocks with smaller deviation rates include: - New Hope - Shanghai Phoenix - Angli Education, which have just crossed the six-month line [1] Notable Stocks and Their Metrics - Top stocks with significant price changes and their metrics include: - Yatong Precision Engineering: +9.76%, turnover rate 31.45%, six-month line 23.27 yuan, latest price 25.18 yuan, deviation rate 8.20% [1] - Excellent New Energy: +9.90%, turnover rate 2.44%, six-month line 45.62 yuan, latest price 49.07 yuan, deviation rate 7.57% [1] - Deyuan Pharmaceutical: +11.83%, turnover rate 8.02%, six-month line 38.03 yuan, latest price 40.84 yuan, deviation rate 7.38% [1]

Core Viewpoint - Visual China has shown significant stock performance, reaching a limit-up price of 22.17 yuan, an increase of 10.02% on October 31 [1] Financial Performance - For the first three quarters of 2025, Visual China reported operating revenue of 610 million yuan, a year-on-year increase of 0.30% [1] - The net profit attributable to shareholders was 74.314 million yuan, reflecting a year-on-year decrease of 9.03% [1] AI Developments - Visual China has been actively engaging in the AI sector, highlighting a significant partnership with ByteDance's Jianying, which has already generated revenue [1] - The company is collaborating with leading domestic AIGC content generation service providers to implement a commercial model combining AI generation and copyright [1] - A strategic cooperation agreement was signed with Lingchuan Technology, focusing on AI visual chips, multi-modal large model training and inference, and intelligent computing solutions [1]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 半年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 603190 | 亚通精 | 9.98 | 27.37 | 23.27 | 25.23 | 8.41 | | | 工 | | | | | | | 600666 | 奥瑞德 | 9.88 | 8.56 | 3.33 | 3.56 | 6.91 | | 688196 | 卓越新 能 | 8.71 | 1.83 | 45.61 | 48.54 | 6.42 | | 301027 | 华蓝集 团 | 7.58 | 9.79 | 16.83 | 17.75 | 5.49 | | 600715 | 文投控 股 | 5.71 | 2.38 | 2.46 | 2.59 | 5.09 | | | 华联控 | | | | | | | 000036 | 股 | 6.22 | 2.22 | 3.92 | 4.10 | 4.53 | | 920627 | 力王股 份 | ...