Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][11]. Core Insights - The company reported steady growth in Q1, with a revenue of 1.89 billion yuan, up 8.43% year-on-year, and a net profit of 178.17 million yuan, up 12.26% year-on-year [3]. - The company has a strong focus on AI-driven content solutions, leveraging its extensive library of high-quality content, which includes over 480 million audio-visual materials [3]. - The company is expanding its strategic investments in 3D content creation and has established partnerships with major tech firms to enhance its AI capabilities [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 811.18 million yuan, a year-on-year increase of 3.89%, and a net profit of 119.15 million yuan, a decrease of 18.17% due to prior investment gains [3][6]. - The company’s R&D expense ratio decreased to 8.96% in 2024, reflecting a strategic shift to focus on core business areas [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.20 yuan, 0.22 yuan, and 0.24 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 98x, 88x, and 81x [4][6]. Strategic Focus Summary - The company is committed to its "AI + Content + Scenarios" strategy, enhancing its service offerings through AI applications such as intelligent search and automated content generation [3]. - The company has seen over 80% growth in its B2B custom service clients and over 20% growth in AI-driven creative services [3]. - Collaborations with major companies like Microsoft and Baidu are aimed at expanding the company's reach in consumer applications [3].

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 ...

视觉中国2024年年报已发布，报告期内公司合并层面营业收入81,118.35万元，较2023年同比增长 3.89%；归属母公司股东净利润为11,914.66万元，较2023年同比下降18.17%。其中财务费用同比下降 68.60%，研发费用同比下降26.61%，这两项数据变化幅度较大，值得重点关注。以下将对视觉中国 2024年年报进行详细解读。 关键财务指标解读 营收稳健增长，净利润有所下滑营业收入：2024年公司营业收入为811,183,516.24元，较2023年的 780,829,818.58元增长3.89%。公司聚焦核心主业，深化与主流媒体合作，加强内容创作生态建设，通过 AI赋能提升产品服务能力，这些举措推动了业务发展，促进了营收增长。从业务构成看，互联网传媒 业务收入810,209,138.77元，占比99.88%，是营收的主要来源。净利润：归属于上市公司股东的净利润 为119,146,641.40元，较2023年的145,594,129.92元下降18.17%。主要原因是去年同期收购光厂创意导致 对比期增加投资收益，若剔除该因素影响，公司经营仍保持一定稳定性。扣非净利润：归属于上市公司 股东的扣 ...

视觉(中国)文化发展股份有限公司 内部控制审计报告 众环审字(2025)0800041号 电话 Tel: 027-86791215 fi Far: 027-85424329 内部控制审计报告 众环审字(2025)0800041 号 视觉(中国)文化发展股份有限公司全体股东: 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是视觉中国董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了祝 觉(中国)文化发展股份有限公司(以下简称视觉中国)2024年12月31日的财务报告内部控 制的有效性。 一、视觉中国对内都控制的责任 中国.武汉 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结 累推测未来内部控制的有效性具 ...

关于成都光厂创意科技有限公司 业绩承诺实现情况的专项审核报告 众环专字(2025)0800035号 目 曼 起始页码 专项审核报告 专项说明 关于业绩承诺实现情况的专项说明 l CCCALI CAS (信息都是会社 图: Tal 027 86791215 1 = 127-85424379 创意科技有限公司 清洗的专项目核报告 众环专字(2025)0800035 号 视觉(中国)文化发展股份有限公司全体股东: 我们接受委托,对后附的成都光厂创意科技有限公司(以下简称成都光厂公司)2024 年度《关于业绩承诺实现情况的说明》进行了专项审核。 按照《关于成都光厂创意科技有限公司之投资协议》并参考《上市公司重大资产重组管 理办法》的有关规定编制《关于业绩承诺实现情况的说明》,并其保证其真实性、完整性和 准确性,提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证育以及我们 认为必要的其他证据,是成都光厂公司管理层的责任。我们的责任是在执行审核工作的基础 上,对《关于业绩承诺实现情况的说明》发表审核意见。 我们按照《中国注册会计师其他签证业务准则第 3101 号 -- 历史财务信息审计或审阅 以外的鉴证业务》 ...

视觉(中国)文化发展股份有限公司 审计 报 告 众环审字(2025)0800040号 目 景 起始页码 审计报告 财务报表 合并资产负债表 l 合并利润表 3 合并现金流量表 4 5 合并股东权益变动表 资产负债表 7 9 利润表 10 现金流量表 股东权益变动表 11 财务报表附注 13 财务报表附注补充资料 112 审计报告 众环审字(2025)0800040 号 视觉(中国)文化发展股份有限公司全体股东: 一、审计意见 我们审计了视觉(中国)文化发展股份有限公司(以下简称视觉中国)财务报表,包括 2024 年 12 月 31 日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 视觉中国 2024年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 ...

汇总表 起始页码 专项审核报告 众环专字(2025)0800034号 目 录 关于视觉(中国)文化发展股份有限公司 非经营性资金占用及其他关联资金往来 情况汇总表的专项审核报告 非经营性资金占用及其他关联资金往来的情况汇总表 l ttps: 110077 0015 Tel: 027-86791215 te Eax: 027-85424329 t (中国)文化发展股份有限公司 也关联语金在采情况汇总表 众环专字(2025)0800034 号 视觉(中国)文化发展股份有限公司全体股东: 我们接受委托,在审计了视觉(中国)文化发展股份有限公司(以下简称视觉中国)2024 年 12月 31 日合并及公司的资产负债表,2024年度合并及公司的利润表、合并及公司的现 金流量表和合并及公司的股东权益变动衰以及财务报表附注的基础上,对后附的《上市公司 2024 年度非经营性资金占用及其他关联资金往来的情况汇总表》(以下简称《汇总表》)进 行了专项审核。按照中国证券监督管理委员会印发的《上市公司监管指引第8号 -- 上市公 司资金往来、对外担保的监管要求》的规定,编制和披露《汇总表》、提供真实、合法、完 整的审核证据是视觉中国 ...