Group 1 - The State Council of China is implementing a package policy to promote domestic demand through fiscal and financial collaboration, focusing on enhancing consumer capacity and supporting private investment [1] - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, which is expected to help stabilize foreign market prices and reduce trade friction risks [1] - The State Administration for Market Regulation is conducting an investigation into the competitive status of the food delivery service industry, with major platforms like Meituan and JD Express expressing their willingness to cooperate [1] Group 2 - Baogang Co. announced an adjustment in the related transaction price for rare earth concentrate to 26,834 yuan per ton (excluding tax), reflecting a 2.4% increase from the previous quarter [3] - The company Tongfu Microelectronics plans to raise no more than 4.4 billion yuan through a private placement [3] - Zhongchao Technology expects a net profit increase of 149.61% to 196.88% year-on-year for 2025 [3]

Core Viewpoint - Visual China (000681.SZ) announced that its wholly-owned subsidiary, Elephant Vision Technologies Limited, has invested in MiniMax Group Inc., which is set to be listed on the Hong Kong Stock Exchange on January 9, 2026, with an initial public offering of 25,389,220 shares priced at HKD 165 per share, closing at HKD 345 on the listing day [1] Group 1 - The fair value change of the shares held by the company in MiniMax is estimated to be CNY 67.35 million, accounting for approximately 56.53% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1][2] - The shares held in MiniMax are classified as "financial assets measured at fair value with changes recognized in profit or loss" and reported under "trading financial assets" [2] - The estimated impact of the MiniMax shares on the company's net profit attributable to shareholders for the fiscal year 2025 is approximately CNY 14 million, representing about 11.81% of the audited net profit for 2024 [2]

Core Viewpoint - Visual China (000681) announced that its wholly-owned subsidiary's investment, MiniMax Group Inc., was listed on the Hong Kong Stock Exchange on January 9, 2024, which is expected to significantly impact the company's financials [1] Financial Impact - The fair value change of the shares held by the company in MiniMax is estimated at 67.35 million yuan, accounting for 56.53% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] - The expected impact on the company's net profit attributable to shareholders for the fiscal year 2025 from this investment is approximately 14 million yuan, representing 11.81% of the audited net profit for 2024 [1]

证券代码：000681 证券简称：视觉中国 公告编号：2026-004 视觉（中国）文化发展股份有限公司 公司通过全资子公司 Elephant Vision Technologies Limited 持有 MiniMax 330,222 股，禁售期为 MiniMax 上市后 6 个月。 三、对公司的影响 关于参股公司首次公开发行股票并在香港联合交易所上市 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"或"本公司"）通过全 资子公司 Elephant Vision Technologies Limited 参股的 MiniMax Group Inc.（以下 简称"MiniMax"）于 2026 年 1 月 9 日在香港联合交易所主板上市。MiniMax 本 次全球发售 25,389,220 股，上市股份类别为普通股（H 股），发行价格为 165 港 元/股，2026 年 1 月 9 日收盘价为 345 港元/股。以 MiniMax 2026 年 1 月 9 日收 盘价为基准初步估算，公司持有的股份累计公 ...

证券代码：000681 证券简称：视觉中国 公告编号：2026-003 视觉（中国）文化发展股份有限公司 关于公司为子公司提供担保的进展公告 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。 一、担保情况概述 1. 担保事项的基本情况 近日，视觉（中国）文化发展股份有限公司（以下简称"公司"或"视觉中 国"）全资子公司汉华易美视觉科技有限公司（以下简称"子公司"或"汉华易 美"）与兴业银行股份有限公司北京分行（以下简称"兴业银行"）签订额度授信 合同，公司与兴业银行签订《最高额保证合同》，为子公司在兴业银行融资合同 项下所欠债务余额承担连带保证责任。 2. 担保额度的审批情况 2025 年 4 月 23 日，公司第十届董事会第二十二次会议审议通过了《关于 2025 年度公司对子公司担保额度预计的议案》，同意公司对全资子公司提供担保，其 中为北京华夏视觉科技集团有限公司提供担保额度为人民币 10,000 万元，为汉 华易美（天津）图像技术有限公司提供担保额度为人民币 10,000 万元，为汉华 易美视觉科技有限公司提供担保额度为人民币 10,000 万元，上述担保 ...

Core Viewpoint - The company announced that its wholly-owned subsidiary, HanHua YiMei Visual Technology, has signed a credit limit contract with Industrial Bank, providing a joint guarantee of 30 million yuan [1] Group 1: Financial Performance - As of December 31, 2024, HanHua YiMei reported revenue of 296.89 million yuan and a net profit of 25.81 million yuan [1] - As of September 30, 2025, the revenue was 156.12 million yuan with a net profit of 8.85 million yuan [1] Group 2: Guarantee and Risk Management - The company has previously approved a guarantee limit of 300 million yuan for its subsidiary, which was ratified by the shareholders' meeting [1] - After this guarantee, the total guarantee balance for the subsidiary is 45 million yuan, representing 1.26% of the most recent audited net assets, with no other external or overdue guarantees [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary MiniMax will be listed on the Hong Kong Stock Exchange on January 9, 2026, with a global offering of 25.3892 million shares at an issue price of 165 HKD per share, closing at 345 HKD per share on the first day of trading [1] Financial Impact - The company holds 330,200 shares of MiniMax, with a lock-up period of 6 months, resulting in an estimated fair value change of 67.35 million RMB, which accounts for 56.53% of the audited net profit attributable to the parent company for the fiscal year 2024 [1] - The expected impact on the net profit attributable to the parent company for the fiscal year 2025 is approximately 14 million RMB, representing 11.81% of the fiscal year 2024 net profit [1] - There is uncertainty regarding the subsequent performance impact following the listing [1]

Market Performance - The digital media sector increased by 4.87% on January 9, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 52.20, up 12.14%, with a trading volume of 411,300 shares and a transaction value of 2.06 billion [1] - "Xin Hua Wang" (603888) closed at 22.24, up 7.91%, with a trading volume of 386,500 shares and a transaction value of 830 million [1] - "Mango Super Media" (300413) closed at 26.34, up 5.15%, with a trading volume of 430,300 shares and a transaction value of 1.11 billion [1] - "Ren Min Wang" (603000) closed at 21.05, up 4.88%, with a trading volume of 413,400 shares and a transaction value of 855 million [1] - "Shi Jie Zhong Guo" (000681) closed at 26.02, up 4.50%, with a trading volume of 1,395,300 shares and a transaction value of 3.56 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 219 million from institutional investors, while retail investors experienced a net outflow of 111 million [2] - "Zhi De Mai" had a net inflow of 99.46 million from institutional investors, but a net outflow of 61.19 million from retail investors [3] - "Mango Super Media" experienced a net inflow of 72.86 million from institutional investors, with a net outflow of 41.86 million from retail investors [3]

Core Viewpoint - Visual China (000681.SZ) announced that its wholly-owned subsidiary, Beijing Huaxia Visual Technology Group Co., Ltd., plans to jointly establish a limited partnership named "Tianjin Fund" with Beijing Huagai Chuangying Private Equity Fund Management Co., Ltd. [1] Group 1 - The Tianjin Fund is expected to have a total subscription scale of 500 million RMB, with an initial subscription of 50.5 million RMB [1] - Beijing Huaxia will act as a limited partner in the Tianjin Fund, contributing 50 million RMB, which accounts for 99% of the total subscription [1] - Huagai Chuangying will serve as the general partner of the Tianjin Fund, contributing 500,000 RMB, which represents 1% of the total subscription [1]

Core Viewpoint - Visual China (000681.SZ) announced that its wholly-owned subsidiary, Beijing Huaxia Visual Technology Group Co., Ltd., plans to jointly establish a limited partnership called "Tianjin Fund" with Beijing Huagai Chuangying Private Fund Management Co., Ltd. [1] Group 1 - The Tianjin Fund is expected to have a total subscription scale of 500 million yuan, with an initial subscription of 50.5 million yuan [1] - Beijing Huaxia will act as a limited partner in the Tianjin Fund, contributing 50 million yuan, which accounts for 99% of the fund [1] - Huagai Chuangying will serve as the general partner of the Tianjin Fund, contributing 500,000 yuan, which accounts for 1% of the fund [1] Group 2 - The fund will specifically invest in Beijing Shenshu Technology Co., Ltd. [1]