视觉（中国）文化发展股份有限公司 证券代码：000681 证券简称：视觉中国 公告编号：2025-063 关于 2023 年限制性股票激励计划第二个解除限售期 解除限售股份上市流通的提示性公告 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。 重要内容提示： 1、本次解除限售涉及的激励对象 2 人，解除限售的限制性股票数量合计为 129,000 股，占公司目前总股本比例为 0.02%。 2、本次解除限售的限制性股票上市流通日期为 2025 年 12 月 29 日。 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 23 日召开第十届董事会第二十二次会议及第十届监事会第十五次会议，审议通 过了《关于 2023 年限制性股票激励计划第二个解除限售期归属条件成就的议案》。 鉴于公司 2023 年限制性股票激励计划（以下简称"本激励计划"）第二个解除限 售期解除限售条件已经成就，公司为符合条件的 2 名激励对象办理第二个解除限 售期限制性股票的解除限售相关事宜。现将相关事项公告如下： 一、 已履行的决策程序和信息披露情况 1、2023 年 9 ...

Market Performance - The digital media sector increased by 0.88% on December 24, with Vision China leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Stock Performance - Vision China (000681) closed at 21.98, up 1.62%, with a trading volume of 279,100 shares and a transaction value of 609 million yuan [1] - Other notable stocks included: - Zhangyue Technology (603533) at 19.22, up 1.59% [1] - Fengyuzhu (603466) at 9.11, up 1.56% [1] - Mango Super Media (300413) at 23.68, up 1.28% [1] - Zhaochuang Information (301299) at 52.91, up 1.07% [1] Capital Flow - The digital media sector experienced a net outflow of 45.89 million yuan from institutional investors and 22.75 million yuan from speculative funds, while retail investors saw a net inflow of 68.64 million yuan [2] - The capital flow for individual stocks showed: - Vision China had a net inflow of 36.66 million yuan from institutional investors [3] - Mango Super Media had a net inflow of 2.52 million yuan from retail investors [3] - Other stocks like ST Fanli (600228) and Zhaochuang Information (301299) faced net outflows from institutional investors [3]

● 本报记者 张佳琳 视觉中国图片 ...

Group 1 - The core point of the article is that the company Visual China has made a strategic investment in MiniMax through its wholly-owned subsidiary, Elephant Vision Technologies Limited, which aims to enhance collaboration in the generative video model ecosystem [1] - This investment is expected to strengthen the market competitiveness of both companies and positively impact the development of the company's main business and core competitiveness [1]

视觉（中国）文化发展股份有限公司 证券代码：000681 证券简称：视觉中国 公告编号：2025-062 关于 2023 年员工持股计划第二个锁定期届满 暨解锁条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）于 2025 年 4 月 23 日召开第十届董事会第二十二次会议及第十届监事会第十五次会议，审议通 过了《关于 2023 年员工持股计划第二个解锁期归属条件成就的议案》。鉴于公 司 2023 年员工持股计划（以下简称"本员工持股计划"）第二个锁定期于 2025 年 12 月 21 日届满，本员工持股计划第二个锁定期解锁条件已经成就。根据中国 证监会《关于上市公司实施员工持股计划试点的指导意见》以及《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，现将 有关事项公告如下： 一、 本员工持股计划批准及实施情况 （一）2023 年 9 月 28 日，公司召开第十届董事会第十一次会议及第十届监 事会第七次会议，审议通过了《关于公司<2023 年员工持股计划（草案 ...

证券之星消息，12月19日数字媒体板块较上一交易日上涨0.92%，视觉中国领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000681 | 视觉中国 | 22.06 | 3.42% | 49.94万 | 10.93亿 | | 300295 | 三六五网 | 13.19 | 3.21% | 10.67万 | 1.40亿 | | 300987 | 川网传媒 | 16.76 | 2.32% | 3.14万 | 5235.50万 | | 301313 | 凡拓数创 | 26.41 | 1.85% | 2.15万 | 5643.04万 | | 603466 | 风语筑 | 9.11 | 1.67% | 9.00万 | 8149.94万 | | 002095 | 生意宝 | 17.88 | 1.25% | 4.38万 | 7819.44万 | | 300413 | 芒果超媒 ...

Group 1 - Visual China experienced a stock price increase of 5.39%, reaching 22.48 CNY per share, with a trading volume of 747 million CNY and a turnover rate of 5.08%, resulting in a total market capitalization of 15.749 billion CNY [1] - The company, established on May 28, 1994, and listed on January 21, 1997, is primarily engaged in the production and distribution of television dramas, indoor smart entertainment in theme parks, special film projects, animation design, and the sale of creative and editorial visual materials (images, videos, etc.) [1] - The main revenue composition of Visual China is 99.92% from visual content and services, with only 0.08% from other sources [1] Group 2 - According to data, one fund from Guotai Fund has Visual China as a top ten holding, specifically the Guotai CSI Film and Television Theme ETF (516620), which increased its holdings by 37,800 shares in the third quarter, totaling 140,300 shares, representing 3.63% of the fund's net value [2] - The Guotai CSI Film and Television Theme ETF was established on October 20, 2021, with a latest scale of 79.1068 million CNY, achieving a year-to-date return of 11.98%, ranking 3258 out of 4197 in its category, and a one-year loss of 1.72%, ranking 4011 out of 4147 [2] - The fund manager of the Guotai CSI Film and Television Theme ETF is Wang Yu, who has been in the position for 5 years and 362 days, managing total assets of 24.238 billion CNY, with the best fund return during his tenure being 31.07% and the worst being -42.73% [3]

Group 1 - On December 15, a total of 13 companies were investigated by institutions, with 6 companies being focused on by funds [1] - The most attention was given to Boin Special Welding, which had 5 participating funds, while Vision China and Chaojie Co., Ltd. had 5 and 1 funds respectively [1] - Among the companies investigated, there was 1 from the main board of the Shenzhen Stock Exchange, 2 from the ChiNext board, 2 from the main board of the Shanghai Stock Exchange, and 1 from the Sci-Tech Innovation Board [1] Group 2 - Three companies among those investigated had a total market capitalization of less than 10 billion yuan, specifically Jingsong Intelligent, Boin Special Welding, and Taihua New Materials [1] - In terms of market performance, 3 stocks among the investigated funds increased in the past 5 days, with Chaojie Co., Ltd., Boin Special Welding, and Jingsong Intelligent showing increases of 29.17%, 15.28%, and 2.94% respectively [1] - Conversely, 3 stocks experienced declines, with Vision China, Xinzuobiao, and Taihua New Materials showing decreases of 6.93%, 2.59%, and 0.67% respectively [1] Group 3 - In terms of capital flow, 4 stocks among the investigated funds saw net inflows in the past 5 days, with Boin Special Welding receiving a net inflow of 215 million yuan, the highest among them [1] - Other stocks with significant net inflows included Chaojie Co., Ltd. and Jingsong Intelligent, with net inflows of 175 million yuan and 19.7 million yuan respectively [1]

Group 1: Business Collaborations and Revenue Generation - The company has secured compliance data service business orders from major domestic and international AI model companies, including Alibaba, Tencent, and Microsoft, for model training purposes [2] - The company is a primary supplier of multimodal data for Tencent's mixed Yuan model and has established a partnership with Microsoft that includes both compliance data for exclusive model training and copyright material integration [2] - The company has launched a creative ToB custom service platform that integrates with top global models like Midjourney and nanobanana, facilitating various content generation services [2] Group 2: Data Resources and Industry Position - The company possesses over 700 million high-quality, copyright-compliant content data for AI model training, leading the industry [4] - It has a comprehensive structured metadata system with 3 million structured tags and industry knowledge graphs, providing a solid foundation for compliant training and commercial applications [4] - The company emphasizes that the demand for high-quality copyright data will continue to grow as AI models evolve, positioning itself as a key player in the generative AI value chain [4] Group 3: Content Monetization and IP Management - The company is actively exploring IP revenue-sharing models in collaboration with major platforms, recognizing the importance of high-quality compliant content for monetization opportunities [4][5] - Strategic partnerships have been established with platforms like Vidu and Jianying, allowing the company to provide authorized content to users beyond the Jianying platform [4] - The company aims to enhance its collaboration with generative AI platforms to explore IP licensing management and content revenue-sharing models [5]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Viewpoints - The AI competition landscape is deepening in multiple dimensions, accelerating the evolution of ecological applications [2] - AI creative and reasoning applications are entering a high growth phase, with programming and role-playing becoming core scenarios [7] - The report highlights the significant user growth and engagement in the AI creative sector, with active users exceeding one million for leading products [7] Summary by Relevant Sections Industry Performance - The relative return over 1 month is -0.86%, over 3 months is -7.8%, and over 12 months is -4.17% [6] - The absolute return over 1 month is -3.01%, over 3 months is -7.71%, and over 12 months is 9.95% [6] AI Creative Sector Insights - In November 2025, over 200 AI creative web products had a total visit count exceeding 27 million, with independent visitors surpassing 7.7 million [7] - Leading products like Jimeng AI and Gaoding AI have over one million active users, with significant growth in independent visitor numbers for Canva and Keling AI [7] - The average usage time for several products exceeds 8 minutes, indicating strong user engagement [7] AI Development Trends - The AI development is entering a "great divergence" phase, with open-source models capturing 30% of traffic globally, and Chinese open-source models leading in specific scenarios [7] - The report notes a shift from generating text to problem-solving capabilities in AI, with programming requests increasing from 11% to over 50% [7] - The multi-model ecosystem is becoming clearer, with closed-source models handling high-value tasks and open-source models focusing on low-cost, high-concurrency needs [7] Investment Recommendations - The report suggests focusing on companies such as BlueFocus, Kunlun Wanwei, Tianyu Digital Science, Yinsai Group, Visual China, and HuiLiang Technology as potential investment opportunities [7]