Group 1 - The core viewpoint of the article highlights a surge in AI concept stocks, particularly with Vision China (000681) hitting the daily limit up, indicating strong investor interest and market momentum [1] - Donghua Software (002065) also reached the daily limit up, showcasing a similar trend among AI-related stocks [1] - Other companies such as Caixun Co. (300634), Huayu Software (300271), and Haitai Ruisheng (688787) experienced significant price increases, reflecting a broader rally in the sector [1] Group 2 - There is a notable influx of dark pool capital into these stocks, suggesting increased institutional interest and potential for further price appreciation [1]

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：2025-003 | | □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 | 通过"互动易"平台参与公司本次 年度网上业绩说明会的投 2024 | | | 资者。 | | 时 间 | 2025 年 4 月 30 日 15:00-16:00 | | 地 点 | "互动易"平台，线上会议 | | | 公司董事、总裁：柴继军先生 | | 上市公司接待 | 公司独立董事：陆先忠先生 | | 人员姓名 | 公司副总裁、财务负责人：陈春柳女士 | | | 公司董秘：李淼先生 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1.公司针对语料图片资源未来进一步商业化变现想法？ 答：图片、音视频、3D 等内容数据是公司的核心优势，公司凭 | | | 借 AI 技术，持续挖掘优质数据价值，经过基础视觉、创作技法、实 | | | 体识别、人物属性、时空背景、显性意图、隐性意图、应用场景 ...

证券代码：000681 证券简称：视觉中国 公告编号：2025-015 特此公告。 关于持股 5%以上股东减持股份触及 1%整数倍的公告 股东梁军女士保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 视觉（中国）文化发展股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日收到持股 5%以上股东梁军女士的《关于减持公司股份的告知函》，获悉梁 军于 2025 年 4 月 28 日通过集中竞价方式减持公司股份 5,526,800 股，占公司总 股本的 0.79%，持有公司股份比例由 9.56%减少至 8.77%，变动触及 1%的整数 倍。具体情况如下： | 1.基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 梁军 | | | | | | 住所 | 北京市朝阳区酒仙桥北路甲 号院 10 204 2 | | 号楼 | 层东区 | | /5 | 层 | | | | | 权益变动时间 2025 | 年 4 月 28 日 股东因自身资金需求于 2 ...

Core Viewpoint - The "2025 Yuekai Cup" Stock and ETF Real Trading Competition, organized by 21st Century Business Herald and Yuekai Securities, aims to create a professional competitive platform for investors by integrating intelligent investment tools with practical investment scenarios [1]. Group 1: Competition Structure - The competition features independent tracks for stocks and ETFs, employing a "monthly breakthrough + annual victory" dual-track system [3]. - The personal competition focuses on total asset return rate, with monthly contests emphasizing short-term trading and annual contests testing long-term endurance [3]. - A unique "asset turnover rate" mechanism prioritizes trading efficiency and capital size when return rates are equal [3]. Group 2: Incentives and Rewards - The competition has established an incentive system valued at over 500,000 yuan, combining material rewards with resource empowerment [3]. - The annual champion in the stock track will receive a prize package worth 68,000 yuan, including a bottle of high-end liquor, media interview opportunities, and access to exclusive events [4]. - Monthly winners will receive various prizes, including liquor and VIP seats at investment strategy meetings [4][5]. Group 3: Participation and Engagement - Participants can register for the competition starting from now, with the event running from May 6, 2025, to October 31, 2025 [1][8]. - A lucky draw is available for all registrants, offering immediate physical rewards with a 100% winning rate [6].

2024年，公司实现营业收入8.11亿元，同比+3.89%；实现归母净利润1.19亿元，同比-18.17%，系去年同期 收购光厂创意导致对比期增加投资收益所致；实现扣非后归母净利润1.13亿元，同比+3.80%。公司24年全 年销售/管理/研发费用率为10.13%/14.09%/8.96%，同比分别-1.20/+1.23/-3.73pct，公司对研发人员架构进 行调整，缩减低效需求，专注核心主业相关研发，研发费用率有所下降。25Q1，公司实现营业收入1.89亿 元，同比+8.43%，归母净利润1781.7万元，同比+12.26%，扣非归母净利润1637.1万元，同比+0.92%。公 司公布2024年年度利润分配预案，按照每10股派现金0.13元(含税)向全体股东分红，共计分配利润909.5万 元。 深耕优势业务场景，推进"AI智能+内容数据+应用场景"核心战略公司作为全球领先的高质量版权素材 库，拥有近5.4亿的优质内容数据，其中音视频内容素材总量超4800万，2024年音视频业务销售额占总营 收的34%，较上年增加8%。2024年，公司加快在3D资产的布局，年内战略投资3D内容制造企业景致三维 及其子公司觅 ...

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 视觉中国(000681)公司点评报告 2025 年 04 月 25 日 [Table_Title] 业绩稳健，AI 持续赋能 ——视觉中国（000681）2024 年年报及 2025 年一季报点评 [Table_Summary] 事件： 公司发布 2024 年年报及 2025 年一季报。 点评： Q1 业绩稳健增长，连续 8 年分红回馈股东 2024 年，公司实现营业收入 8.11 亿元，同比+3.89%；实现归母净利润 1.19 亿元，同比-18.17%，系去年同期收购光厂创意导致对比期增加投资收益所 致；实现扣非后归母净利润 1.13 亿元，同比+3.80%。公司 24 年全年销售 /管理/研发费用率为 10.13%/14.09%/8.96%，同比分别-1.20/+1.23/- 3.73pct，公司对研发人员架构进行调整，缩减低效需求，专注核心主业相 关研发，研发费用率有所下降。25Q1，公司实现营业收入 1.89 亿元，同比 +8.43%，归母净利润 1781.7 万元，同比+12.26%，扣非归母净利润 1637.1 万元，同比+0. ...

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：2025-002 | | □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 4 24 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 2024 年及 2025 年一季度业务进 | | | 展情况 | | | 各位投资者及分析师下午好。感谢大家参与我们今天的交流会。 | | | 2024 年，公司在战略布局和业务拓展的两方面都有不小的变化， | | | 同时也很高兴我们继续维持住了视觉中国多年以来积累的市场地位 | | | 及竞争优势。总的来说我们稳步推进了"AI 智能+内容数据+应用场 | | 资者关系活动主 | ...

Summary of Visual China Conference Call Company Overview - **Company**: Visual China - **Industry**: Digital Content and AI Technology Key Points and Arguments Business Transformation and AI Integration - Visual China is transforming its core business through AI technology, upgrading copyright data into multidimensional metadata, accumulating approximately 540 million digital content pieces, and developing proprietary AI models for intelligent applications like smart search and image matching [2][4][5] - The company has seen a significant increase in its audio-visual business, which now accounts for 34% of total revenue, up from 26% in 2023 [2][11] Financial Performance - In 2024, Visual China reported a revenue of 811 million yuan, a year-on-year increase of 3.89%, while net profit attributable to shareholders was 119 million yuan, down 18.17% due to a high base effect from the previous year [2][11] - For Q1 2025, the company achieved a revenue of 189 million yuan, an increase of 8.43%, and a net profit of 17.81 million yuan, up 12.26% [2][11] AI-Driven Customization Services - The company has effectively utilized AI to enhance its content customization services, launching technologies like text-to-image and image-to-image generation, resulting in over 80% growth in B2B client numbers and a 20% increase in revenue [2][6][15] - Visual China emphasizes the importance of copyright compliance in AI-assisted content creation, ensuring that all generated content meets legal requirements [16] Strategic Investments - Visual China is strategically investing in the 3D content sector, including partnerships with leading 3D content manufacturers and platforms, expanding its service offerings to include comprehensive 3D solutions [2][8][28] - The company has also invested in Pixel Bloom, which has rapidly gained market competitiveness, ranking first in the domestic PPT tool market and second globally [9][10] Market Position and Future Outlook - The company is positioning itself as a comprehensive service provider rather than just a content supplier, integrating API interfaces and digital asset management systems to enhance client engagement and revenue generation [17][18] - Visual China anticipates significant growth in the next two to three years, projecting a potential revenue increase of 20% to 30% driven by AI technology and strategic investments [23] Industry Collaboration and Innovation - Visual China collaborates with various media organizations and technology companies to provide digital asset management solutions and innovative content licensing [7][21] - The company is exploring new business models in the AIGC era, focusing on virtual production and AI-driven content creation to enhance efficiency and reduce costs [24][25][30] Challenges and Adaptation - The 3D content market is still in its early stages, facing challenges such as high technical barriers and compatibility issues with existing software [28] - Visual China is adapting to technological changes in the content industry by leveraging its strengths in copyright compliance and operational experience to transition into a technology-driven cultural company [30][31] Additional Important Insights - The company has seen a significant increase in new customer acquisition for its AI-generated content tools, with an 80% rise in new clients contributing approximately 20% to revenue [4][13] - Visual China's strategic focus on both B2B and C2D markets aims to create differentiated advantages through AI technology and data resources [19][23]

Core Insights - Visual China reported a total revenue of 811 million yuan for 2024, reflecting a year-on-year growth of 3.89%, a significant slowdown compared to the 11.94% growth in 2023 [4] - The net profit attributable to shareholders was 119 million yuan, down 18.17% year-on-year, primarily due to increased investment income from the acquisition of Guangchang Creative in the previous year [4][5] - The company achieved a non-recurring net profit of 113 million yuan, which represents a year-on-year increase of 3.80%, indicating an improvement in core business profitability [4] Revenue and Profitability - The gross profit for Visual China was 380 million yuan, showing a decline of 5% year-on-year, indicating pressure on cost control [4] - The main business remains focused on visual content copyright trading and creative customization services, with AI technology enhancing service capabilities and user experience [4][5] AI Technology and Business Expansion - Visual China actively advanced its AI strategy in 2024, establishing a development strategy of "AI intelligence + content data + application scenarios" [5] - The sales revenue from the audio-visual business increased from 26% of total revenue in 2023 to 34% in 2024, becoming a new growth engine for the company [5] - The company entered the 3D content service market through strategic investments, with over 2 million registered users on CG Model Network and more than 1 million tradable 3D model assets [5][6] Content Security and Copyright Protection - Visual China faces significant challenges in content security and copyright protection, establishing a content security committee and implementing a tiered review mechanism [7] - The company launched a copyright review system that intercepted nearly 200,000 risky works, but the number of complaints increased by 66.1% year-on-year, indicating ongoing pressure in copyright protection [7] - Increased investments in content security have raised operational costs, with 37,000 violations removed and 453 violators dealt with during the reporting period [7]

在AI的助推下，如何突破现有业务格局，实现从B端主导向B+C双轮驱动的战略转型，成为公司下一步 发展的关键课题。 4月23日晚间，视觉中国（000681）（000681.SZ）发布2024年年报及2025年一季报。 2024年，公司实现营业收入8.11亿元，同比增长3.89%；归母净利润1.19亿元，同比下降18.17%，主要 系2023年同期收购光厂创意导致对比期增加投资收益所致；扣非后归母净利润1.13亿元，同比增长 3.80%。 今年第一季度，公司营业收入1.89亿元，同比增长8.43%，归母净利润0.18亿元，同比增长12.26%；扣 非后归母净利润0.16亿元，同比增长0.92%。 4月24日，21世纪经济报道记者从视觉中国方面获悉，去年公司持续深化"AI智能+内容数据+应用场 景"核心战略，推动业务模式创新升级。 这家老牌图库平台的转型逻辑，或许揭示了内容产业在AI时代的生存法则。 AI冲击下的战略转型 2024年，一张由AI生成的"太空歌剧院"数字画作在拍卖行以300万元成交时，整个内容产业听到了冰层 断裂的脆响。 对于靠"囤积版权"盈利的视觉中国而言，这场冲击来得更为直接——客户开始用DALL ...