Market Overview - On August 28, the digital media sector rose by 0.12% compared to the previous trading day, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - The following stocks in the digital media sector showed notable performance: - *ST Fanli (600228) closed at 4.73, up 4.19% with a trading volume of 227,300 shares and a turnover of 108 million yuan [1] - Zhangyue Technology (603533) closed at 22.20, up 1.98% with a trading volume of 196,800 shares and a turnover of 433 million yuan [1] - Mango Super Media (300413) closed at 25.90, up 1.17% with a trading volume of 283,500 shares and a turnover of 727 million yuan [1] - Other stocks like Xinhua Net (603888) and Shining Technology (301313) also saw slight increases [1] Capital Flow - The digital media sector experienced a net outflow of 396 million yuan from institutional investors, while retail investors saw a net inflow of 362 million yuan [2][3] - The following stocks had significant capital flow: - *ST Fanli had a net inflow of 13.37 million yuan from institutional investors, but a net outflow from retail investors [3] - Other stocks like Mango Super Media and Zhangyue Technology faced net outflows from institutional investors but had varying net inflows from retail investors [3]

Group 1 - The company Visual China announced on August 28 that its 11th third board meeting will be held on August 27, 2025, combining in-person and communication methods [1] - The meeting will review the proposal regarding the full text and summary of the company's 2025 semi-annual report [1]

Group 1 - The core viewpoint of the article highlights Visual China’s semi-annual performance report, indicating a slight increase in revenue but a decrease in net profit and earnings per share [1] Group 2 - Visual China reported an operating revenue of approximately 399 million yuan for the first half of 2025, representing a year-on-year increase of 0.05% [1] - The net profit attributable to shareholders of the listed company was approximately 43.78 million yuan, showing a year-on-year decrease of 13.91% [1] - The basic earnings per share were 0.0625 yuan, which is a year-on-year decrease of 14.15% [1]

Group 1 - The company held its 22nd meeting of the 10th Board of Directors on August 23, 2025, where a proposal for profit distribution was approved with a unanimous vote of 6 in favor, 0 against, and 0 abstentions [1] - The profit distribution plan includes a net profit attributable to shareholders of 43,778,821.53 yuan and a total distributable profit of 77,699,689.19 yuan after deducting cash dividends of 9,094,522.27 yuan for the 2024 fiscal year [1] - The company plans to distribute a cash dividend of 0.11 yuan (including tax) per 10 shares, totaling 7,695,365.00 yuan, based on a total share capital of 700,577,436 shares, excluding shares held in the repurchase account [1] Group 2 - The profit distribution ratio will be adjusted accordingly if there are changes in the total share capital due to convertible bonds, share buybacks, stock incentives, or refinancing before the implementation of the profit distribution plan [2] - The rationale for the cash dividend proposal considers the external environment, the company's development plans, profitability, and investor return needs, complying with relevant regulations [2] - The financial statement items related to trading financial assets, derivative financial assets, debt investments, and other financial assets for the fiscal years 2023 and 2024 are reported to be 76,772,300 yuan [2]

Group 1 - The company achieved operating revenue of 399 million yuan, representing a year-on-year growth of 0.05% [2] - The net profit attributable to shareholders of the listed company was 43.78 million yuan, a year-on-year decrease of 13.91% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 41.74 million yuan, a year-on-year decrease of 15.03% [2] - The basic earnings per share were 0.0625 yuan [2]

Core Viewpoint - Visual China (000681.SZ) reported a decline in net profit for the first half of 2025, indicating challenges in maintaining profitability despite a slight increase in revenue [1] Financial Performance - The company achieved operating revenue of 399 million yuan, representing a year-on-year growth of 0.05% [1] - The net profit attributable to shareholders was 43.78 million yuan, showing a year-on-year decrease of 13.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 41.74 million yuan, down 15.03% year-on-year [1] - Basic earnings per share were reported at 0.0625 yuan [1]

Core Insights - Visual China (000681.SZ) reported a revenue of 399 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.05% [1] - The net profit attributable to shareholders decreased by 13.91% to 43.78 million yuan [1] - The net profit excluding non-recurring gains and losses fell by 15.03% to 41.74 million yuan [1] - Basic earnings per share were reported at 0.0625 yuan [1] - The company proposed a cash dividend of 0.11 yuan per 10 shares (tax included) to all shareholders [1]

Core Insights - Visual China reported a revenue of 399.03 million yuan and a net profit attributable to shareholders of 43.78 million yuan for the first half of 2025, with a focus on AI technology development and application [1] - The company's AI creative customization business grew by over 20% year-on-year, reinforcing its competitive advantage [1] Group 1: AI Technology and Services - The company has launched various AI features such as inspiration recommendations, image quality aesthetic models, smart tagging, and smart image matching to enhance user creativity and improve content management efficiency [1] - A one-stop creative generation service platform was internally tested, providing a closed-loop service for creative reference, content generation, Lora training, and intelligent modification [1] - Visual China introduced a full-link AIGC customization service covering demand, generation, rights, and delivery, successfully serving major clients like Huawei, Honor, Vivo, and Mercedes-Benz [1] Group 2: Content Ecosystem Expansion - The company is expanding its content ecosystem by enhancing its content matrix, including images, videos, music, 3D, and AI-assisted creative content, with audio and video sales accounting for over 32% of total revenue [2] - The strategic investment in CG model network has surpassed 2 million registered users, with over 1 million tradable 3D assets [2] - The company has signed over 9,000 AI creators, with more than 11 million AI-assisted creative images and videos recorded, generating sales exceeding 27 million yuan [2] Group 3: Copyright Protection and Compliance - Visual China prioritizes copyright compliance, having launched an AI plagiarism detection system that has intercepted over 100,000 risky works and terminated cooperation with over 600 non-compliant contributors [3] - The company has improved the review efficiency of video and image works by 5 times and 15 times, respectively, using AI technology [3] - Future plans include deepening the integration of AI technology with copyright data to build a sustainable digital cultural ecosystem [3]

| 前控股股东、实际控 制人及其附属企业 | | | | | | | | | 非经营性占 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 用 | | 小计 | - | - | - | | | | | | - | | 其他关联方及其附 | | | | | | | | | 非经营性占 | | 属企业 | | | | | | | | | 用 | | 小计 | - | - | - | | | | | | - | | 总计 | - | - | - | | | | | | - | | 其他关联资金往来 | 资金往来 方名称 | 往来方与上 市公司的关 | 上市公司核 算的会计科 | 2025年期 初往来资 | 2025年半年 度往来累计 发生金额（ | 2025年半年 度往来资金 的利息（如 | 2025年半年 度偿还累计 | 2025年半年 往来形 度期末往来 | 往来性质（ 经营性往来 、非经营性往 成原因 | | | | 联关系 | 目 | 金余额 | 不含利息） | 有） | 发生金额 | 资金 ...

视觉（中国）文化发展股份有限公司 单位：元 2025 年半年度财务报告 2025 年 8 月 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：视觉（中国）文化发展股份有限公司 2025 年 06 月 30 日 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 440,064,890.58 | 533,519,752.08 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 30,744,140.59 | 189,730.35 | | 衍生金融资产 | | | | 应收票据 | 534,225.00 | 1,192,750.00 | | 应收账款 | 183,068,736.52 | 164,437,112.92 | | 应收款项融资 | | | | 预付款项 | 25,794,229.00 | 17,523,209.53 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 ...