Core Viewpoint - The company, Vision China (000681.SZ), is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, although no specific timeline or plan has been confirmed yet [1] Group 1 - The company is currently in the process of planning an overseas share issuance [1] - The listing will be on the Hong Kong Stock Exchange [1] - As of now, the company has not finalized a specific timetable or detailed plan for the issuance [1]

Core Viewpoint - The company is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international brand image and support overseas business development [1] Group 1 - The company aims to implement a global strategic layout to boost its overseas business [1] - The initiative is intended to strengthen the company's financing capabilities abroad [1] - The specific timeline and plan for the share issuance have not yet been confirmed [1]

Group 1 - The company, Vision China (000681.SZ), announced plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange [1]

证券代码：000681 证券简称：视觉中国 公告编号：2025-055 视觉（中国）文化发展股份有限公司 关于筹划发行 H 股相关事项的说明公告 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。 视觉（中国）文化发展股份有限公司（以下简称"公司"）为进行全球化战略 布局，助力公司海外业务发展，增强公司在境外融资能力，进一步提升公司的国 际品牌形象，正在筹划境外发行股份（H 股）并在香港联合交易所有限公司（以 下简称"香港联交所"）上市事项。截至目前，公司尚未确认具体时间表，亦未 确定具体方案。 公司是否实施前述事项，以及具体方案、实施时间仍有重大不确定性，公司 将严格遵照《深圳证券交易所股票上市规则》等相关法律法规和规范性文件的要 求，及时履行信息披露义务。敬请投资者注意投资风险。 特此公告。 视觉（中国）文化发展股份有限公司 董 事 会 二〇二五年十一月四日 ...

Core Viewpoint - The company, Vision China (000681.SZ), is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange [1] Group 1 - The company has announced its intention to raise capital through an overseas share issuance [1] - The listing on the Hong Kong Stock Exchange is part of the company's strategy to expand its market presence [1]

Core Viewpoint - Visual China (000681.SZ) is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange, but has not yet confirmed a specific timeline or detailed plan [1] Company Summary - The company is currently in the process of preparing for the overseas share issuance and listing [1] - No specific timeline has been established for the issuance or listing [1] - The detailed plan for the issuance has not been determined yet [1]

Group 1 - The company is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to support its global strategic layout and enhance its overseas business development [1] - The initiative aims to strengthen the company's overseas financing capabilities and further improve its international brand image [1] - As of now, the company has not confirmed a specific timeline or detailed plan for the issuance [1]

Market Overview - The digital media sector experienced a decline of 0.16% on November 4, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable stock performances include: - Chuanwang Media (300987) closed at 18.61, up 1.69% with a trading volume of 60,200 shares and a turnover of 111 million yuan [1] - Mango Super Media (300413) closed at 29.89, up 0.91% with a trading volume of 271,300 shares and a turnover of 814 million yuan [1] - Guomai Culture (600640) closed at 14.24, down 1.39% with a trading volume of 142,300 shares and a turnover of 202 million yuan [2] Capital Flow - The digital media sector saw a net outflow of 265 million yuan from institutional investors, while retail investors contributed a net inflow of 290 million yuan [2][3] - Specific stock capital flows indicate: - Mango Super Media had a net inflow of 31.62 million yuan from institutional investors [3] - Guomai Culture experienced a net outflow of 29.33 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had significant movements: - Visual China (000681) closed at 22.30, down 0.84% with a trading volume of 554,600 shares and a turnover of 1.234 billion yuan [2] - ST Fanli (600228) closed at 6.50, down 1.07% with a trading volume of 159,300 shares and a turnover of 105 million yuan [2] - Zhi De Mai (300785) closed at 35.20, down 1.26% with a trading volume of 65,000 shares and a turnover of 227 million yuan [2]

Core Viewpoint - Visual China experienced a stock price decline of 2.00% on November 4, with a trading volume of 850 million yuan and a market capitalization of 15.441 billion yuan [1] Financial Performance - For the period from January to September 2025, Visual China reported a revenue of 610 million yuan, reflecting a year-on-year growth of 0.30%, while the net profit attributable to shareholders decreased by 9.03% to 74.314 million yuan [2] - The company has distributed a total of 205 million yuan in dividends since its A-share listing, with 47.586 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Visual China was 120,900, a decrease of 12.60% from the previous period, while the average number of circulating shares per person increased by 14.41% to 5,591 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.2011 million shares (an increase of 1.9764 million shares), and Southern CSI 1000 ETF, which holds 4.4820 million shares (a decrease of 38,900 shares) [3] Stock Market Activity - Visual China has seen its stock price increase by 5.98% year-to-date, with a 7.72% rise over the last five trading days and an 11.71% increase over the last 20 days [1] - The company has appeared on the stock market's "龙虎榜" (Dragon and Tiger List) nine times this year, with the most recent appearance on October 13 [1]

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]