证券代码：000681 证券简称：视觉中国 公告编号：2025-046 视觉（中国）文化发展股份有限公司 关于召开 2025 年第一次临时股东会通知的公告 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。 一、召开会议的基本情况 1．股东会届次：2025年第一次临时股东会 2．会议召集人：公司董事会 2025年9月8日召开的第十一届董事会第四次会议审议通过了《关于召开公司 2025年第一次临时股东会的议案》。 3．会议召开符合《公司法》《深圳证券交易所股票上市规则》及《公司章 程》等有关规定。 4．会议召开日期、时间： (1)现场会议召开时间：2025年9月24日（星期三）下午15:00。 (2)网络投票时间： 通过深圳证券交易所系统投票时间为2025年9月24日9:15-9:25,9:30-11:30和 13:00-15:00。 通过深圳证券交易所互联网投票系统投票的时间为：2025年9月24日 9:15-15:00。 5. 会议召开方式： 本次股东会采取现场投票与网络投票相结合方式召开。公司将通过深圳证券 交易所交易系统和互联网投票系统（http://wlt ...

视觉（中国）文化发展股份有限公司（以下简称"公司"）第十一届董事会第 四次会议于 2025 年 9 月 8 日上午在公司会议室以现场结合通讯方式召开，会议 通知于 2025 年 9 月 5 日以电子邮件方式送达全体董事。公司应到会董事 6 人， 实际到会董事 6 人，参与表决董事 6 人，其中董事吴斯远先生、李长旭先生，独 立董事陆先忠先生、张磊先生以通讯方式出席会议，公司高级管理人员列席了本 次会议，会议由董事长廖杰先生主持。本次会议的召集、召开和表决程序符合《公 司法》《证券法》及《公司章程》的规定。会议以现场及通讯表决方式审议通过 了以下议案： 二、董事会会议审议情况 1、审议通过了《关于调整公司董事会成员人数的议案》 证券代码：000681 证券简称：视觉中国 公告编号：2025-044 视觉（中国）文化发展股份有限公司 第十一届董事会第四次会议决议公告 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、董事会会议召开情况 表决结果：6 票同意，0 票反对，0 票弃权。 近日，公司收到非独立董事李长旭先生向公司董事会提交的辞职报告，李长 旭先生因个人 ...

Market Overview - On September 4, the digital media sector declined by 1.28%, with *ST Fanli leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable stock performances included: - 365.com (300295) closed at 13.42, up 1.59% with a trading volume of 66,500 shares [1] - ZhiDeMai (300785) closed at 33.29, up 1.49% with a trading volume of 156,900 shares [1] - ChuanWang Media (300987) closed at 17.78, up 0.97% with a trading volume of 44,100 shares [1] - *ST Fanli (600228) closed at 4.71, down 5.04% with a trading volume of 174,500 shares [2] Capital Flow - The digital media sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 190 million yuan [2] - The capital flow for individual stocks showed: - ZhiDeMai had a net outflow of 13.93 million yuan from institutional investors [3] - *ST Fanli had a significant net outflow of 18.63 million yuan from institutional investors, with a 22.49% net outflow ratio [3] - Retail investors contributed a net inflow of 864.71 million yuan to *ST Fanli [3]

Core Points - Visual China has experienced a stock price decline of 1.81% on September 4, with a total market value of 14.467 billion yuan and a cumulative drop of 9.47% over three consecutive days [1] - The company primarily engages in the production and distribution of television dramas, indoor smart entertainment in theme parks, and the sale of creative visual materials, with 99.92% of its revenue coming from visual content and services [1] - The Guotai Fund holds a significant position in Visual China, with the Guotai CSI Film and Television Theme ETF reducing its holdings by 5,900 shares in the second quarter, resulting in a floating loss of approximately 39,000 yuan today and a total floating loss of 221,400 yuan during the three-day decline [2] Company Overview - Visual China was established on May 28, 1994, and went public on January 21, 1997, with its headquarters located in Beijing [1] - The company’s main business segments include the production of television dramas, theme park entertainment, and the sale of visual materials such as images and videos [1] Fund Performance - The Guotai CSI Film and Television Theme ETF, managed by Wang Yu and Liu Fangyuan, has a total asset size of 222.75 billion yuan and has seen a best return of 30.18% and a worst return of -48.87% during Wang's tenure [3] - The fund has achieved a year-to-date return of 17.98% and a one-year return of 56.28%, ranking 2387 out of 4222 and 1380 out of 3789 respectively [2]

Core Viewpoint - 500px China, a subsidiary of Visual China, has introduced management regulations for AI-generated content (AIGC) to regulate its dissemination and maintain the community's focus on "real photography" while complying with national policies [1] Group 1: Regulations on AI-Generated Content - The platform will restrict the display of images that are entirely generated by AI [1] - Newly uploaded AI content must be labeled with an "AIGC" option, while existing AI content requires users to clearly indicate this in the title and description or delete the work [1] - A reporting channel has been established for users to report AI content that is not properly labeled or is misleading [1] Group 2: Community and Compliance - The initiative aims to preserve the unique culture of the 500px community centered around authentic photography [1] - The regulations are also designed to ensure adherence to relevant national policies regarding content management [1]

Core Viewpoint - Visual China has completed the upgrade of its websites vcg.com and cfp.cn, implementing legal identification for all AI-generated content (AIGC) [1] Group 1 - The websites have updated user operation processes, allowing users to filter and find AIGC works [1] - Users can choose whether to retain explicit identification based on actual usage scenarios when downloading [1]

Market Overview - On September 1, the digital media sector rose by 0.64%, with Vision China leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Vision China (000681) closed at 22.81, with a gain of 5.60% and a trading volume of 1,158,800 shares [1] - ST Fanli (600228) closed at 4.87, up 4.96%, with a trading volume of 126,100 shares [1] - Other notable performers include Chuanwang Media (300987) at 18.86 (+1.29%) and Xinhua Net (603888) at 21.32 (+0.95%) [1] Capital Flow - The digital media sector saw a net inflow of 319 million yuan from institutional investors, while retail investors experienced a net outflow of 135 million yuan [2] - The main capital inflow was primarily directed towards Vision China, which had a net inflow of 340 million yuan [3] Individual Stock Capital Flow - Vision China had a net institutional inflow of 340 million yuan, representing 12.83% of its trading volume, while retail investors had a net outflow of 165 million yuan [3] - Mango Super Media (300413) experienced a net institutional inflow of 38.82 million yuan, with retail investors also showing a net outflow of 14.52 million yuan [3] - Xinhua Net (603888) had a net institutional inflow of 20.04 million yuan, while retail investors faced a net outflow of 8.02 million yuan [3]

Core Insights - The company reported a revenue of 399 million yuan in the first half of 2025, a year-on-year increase of 0.05%, while the net profit attributable to shareholders was 44 million yuan, a decrease of 13.91% due to the impact of the macro environment on the advertising and marketing industry [1] - The company is leveraging AI technology to enhance its core business, having launched a "Copyright Review and Plagiarism Detection System" that intercepted over 100,000 materials and terminated contracts with 616 contributors [1] - The company aims to create a global visual content ecosystem, having signed over 9,000 AI creators and generated sales exceeding 27 million yuan from AI-assisted creative works [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 399 million yuan, with a net profit of 44 million yuan, reflecting a decline in profitability [1] - The company plans to distribute a cash dividend of 0.11 yuan per 10 shares (tax included), without any stock bonus [1] - The projected net profits for 2025-2027 are estimated to be 143 million, 155 million, and 169 million yuan respectively, with corresponding EPS of 0.20, 0.22, and 0.24 yuan per share [2] AI and Innovation - The company has developed an internal AI toolbox that is in the beta testing phase, which is expected to become a new growth point for revenue and profit [1] - The AI product AiPPT achieved over 20 million visits in May, ranking first in the domestic AI native PPT tool market and second globally [1] - The company has established partnerships with domestic and international copyright and media organizations, enhancing its creator community that serves over 37 million registered users globally [2] Market Position and Strategy - The company is focusing on the "AI Intelligence + Content Data + Application Scenarios" development strategy to capitalize on AI growth opportunities [2] - The audio and video business accounts for over 32% of total revenue, indicating a significant contribution to the company's financial performance [2] - The company has paid over 2.9 billion yuan in royalties to contributors, promoting a healthy creator ecosystem [2]

Group 1 - The digital watermark concept sector experienced a decline of 2.15%, ranking among the top losers in the concept sector, with major stocks like Hongbo Co., Ltd. hitting the limit down, while a few stocks like Xinghuan Technology and ST Lingnan saw gains of 3.61% and 1.19% respectively [1][2] - The digital watermark sector faced a net outflow of 1.271 billion yuan, with 22 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 50 million yuan, led by Hongbo Co., Ltd. with a net outflow of 574 million yuan [2][3] - The top stocks with net outflows included Tianrongxin, Vision China, and Dongfang Guoxin, with net outflows of 227 million yuan, 132.66 million yuan, and 65.30 million yuan respectively [2][3] Group 2 - The concept sectors with the highest gains included the military equipment restructuring concept at 3.57%, sodium-ion batteries at 2.41%, and graphite electrodes at 2.32%, while the digital watermark concept was among the top losers [2] - The main stocks with net inflows in the digital watermark sector included Ruike Laser, Xinghuan Technology, and ST Yilianzhong, with net inflows of 44.65 million yuan, 43.82 million yuan, and 7.78 million yuan respectively [2][3]

Summary of Visual China Conference Call Company Overview - **Company**: Visual China - **Industry**: AI and Digital Content Management Key Points and Arguments 1. **Core Strategy**: Visual China is steadily advancing its core strategy of "AI Intelligence + Data" and "Content + Application Scenarios" [2][3] 2. **Financial Performance**: - Revenue remained stable at 399 million RMB, unchanged from the previous year [2][16] - Non-recurring net profit decreased by 15.03% year-on-year to 41.74 million RMB, primarily due to the impact of the macroeconomic environment on the advertising and marketing industry [2][3][16] 3. **AI Data Services**: - The company has over 700 million compliant content data available for AI model training, positioning it as a leader in the industry [2][5] - It has developed a comprehensive data service solution covering data collection, annotation, review, certification, and authorization [5][19] 4. **Growth in AI-driven Customization**: - Revenue from AI-driven creative customization services grew by over 20% year-on-year, becoming a new growth point [2][3][8] - The company has signed over 9,000 creators, with more than 11 million works uploaded, generating sales of 27 million RMB in the first half of the year [2][11] 5. **Efficiency Improvements**: - AI technology has been integrated into the copyright review process, significantly enhancing operational efficiency: video review efficiency improved nearly 5 times, and image review efficiency improved nearly 15 times [2][12] 6. **Cultural Digital Asset Management**: - The company launched AI smart media asset solutions to support national cultural database strategies, providing digital asset management services to various clients [9][10] 7. **Market Positioning**: - Visual China is focusing on expanding its high-quality compliant data service range and types, converting compliance advantages into competitive advantages [20][24] 8. **Future Development Strategy**: - The company aims to continue promoting its core strategies while expanding its market share in the C-end market for small and medium enterprises [24] Additional Important Content 1. **AI Technology Applications**: - The company has developed AI search, assisted creation, and AI review functions on its copyright trading platform, enhancing user experience and operational efficiency [6][17] 2. **Digital Content Tokenization**: - The company is exploring digital content market tokenization, considering regulatory frameworks and providing SaaS platform services for digital asset management [22] 3. **IP Monetization**: - Monetization of cultural IP is achieved through self-sourced data supply and a comprehensive data asset management system, enhancing content production and creation efficiency [23] This summary encapsulates the key insights from the conference call, highlighting Visual China's strategic direction, financial performance, and advancements in AI technology and digital content management.