Core Viewpoint - The company announced that its stock price experienced a cumulative decline of over 20% across three consecutive trading days, specifically on January 16, 19, and 20, 2026 [1] Group 1 - The company confirmed that there are no necessary corrections or supplements to previously disclosed information [1] - There have been no significant changes in the company's operational situation or external business environment [1] - The company, its controlling shareholders, and actual controllers have not engaged in any undisclosed significant matters or are in the planning stages of such matters [1] Group 2 - During the period of abnormal stock price fluctuations, the company did not buy or sell its own shares [1] - The company stated that it does not violate information fair disclosure regulations, and all disclosures are based on announcements published in designated media [1]

证券代码：000681 证券简称：视觉中国 公告编号：2026-006 视觉（中国）文化发展股份有限公司 股票交易异常波动公告 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、股票交易异常波动的情况介绍 视觉（中国）文化发展股份有限公司（以下简称"公司"或"本公司"）股票（证 券代码：000681，证券简称：视觉中国）于 2026 年 1 月 16 日、1 月 19 日、1 月 20 日连续 3 个交易日收盘价格跌幅偏离值累计达到 20%以上，根据《深圳证 券交易所交易规则》的相关规定，属于股票交易异常波动的情形。 2. 经核实，公司未发现近期公共传媒报道了可能或已经对公司股票交易价 格产生较大影响的未公开重大信息。 3. 经核实，近期公司经营情况及内外部经营环境未发生或预计将要发生重 大变化。 4. 经核实，公司、公司控股股东及其一致行动人、实际控制人不存在关于 本公司的应披露而未披露的重大事项或处于筹划阶段的重大事项。 二、公司关注并核实的相关情况 公司对需核实的情况进行了自查，并就相关问题向对公司控股股东及其一致 行动人、公司实际控制人进行了核实： ...

Market Overview - The digital media sector experienced a decline of 2.47% on January 20, with People's Daily leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable stock performances in the digital media sector included: - 365 Network (300295) closed at 13.39, up 1.13% with a trading volume of 106,000 shares and a turnover of 143 million yuan [1] - People's Daily (603000) closed at 23.51, down 5.88% with a trading volume of 1.8783 million shares and a turnover of 4.521 billion yuan [2] - Visual China (000681) closed at 26.80, down 5.77% with a trading volume of 1.6543 million shares and a turnover of 4.561 billion yuan [2] Capital Flow - The digital media sector saw a net outflow of 914 million yuan from institutional investors, while retail investors contributed a net inflow of 343 million yuan [2] - The capital flow for specific stocks included: -川网传媒 (300987) had a net inflow of 16.12 million yuan from institutional investors but a net outflow of 13.40 million yuan from retail investors [3] - 三六五网 (300295) saw a net inflow of 8.15 million yuan from institutional investors and a net outflow of 11.55 million yuan from retail investors [3] - *ST返利 (600228) experienced a significant net outflow of 16.80 million yuan from institutional investors, while retail investors had a net inflow of 9.53 million yuan [3]

Group 1 - Visual China experienced a decline of 5.17% on January 20, with a stock price of 26.97 yuan per share, a trading volume of 3.261 billion yuan, a turnover rate of 17.27%, and a total market capitalization of 18.895 billion yuan [1] - Visual China Cultural Development Co., Ltd. was established on May 28, 1994, and listed on January 21, 1997. The company's main business includes the production and distribution of TV dramas, indoor smart entertainment in theme parks, special film projects, animation design, and the sale of creative and editorial visual materials (images, videos, etc.) along with value-added services [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 - Among the top ten circulating shareholders of Visual China, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 38,900 shares in the third quarter, now holding 4.482 million shares, which accounts for 0.66% of the circulating shares. The estimated floating loss today is approximately 6.5885 million yuan [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 8.83%, ranking 1490 out of 5542 in its category; over the past year, returns are 43.44%, ranking 1752 out of 4235; and since inception, returns are 24.47% [2]

Group 1 - Beijing Chuangxin Zhiquan Cultural Creative Partnership (Limited Partnership) has been established, with the executive partner being Changzhou Shijuejia Information Technology Consulting Co., Ltd. [1] - The business scope of the partnership includes organizing cultural and artistic exchange activities, computer system services, information system integration services, and digital cultural creative software development [1] - The partnership is jointly held by Jin Xin and Changzhou Shijuejia Information Technology Consulting Co., Ltd., a wholly-owned subsidiary of Visual China [1]

Core Viewpoint - The AI marketing sector has experienced a significant downturn, with several companies facing sharp declines in stock prices, indicating a rapid cooling of investor enthusiasm and a shift in market focus towards companies with solid earnings. Group 1: Market Reaction - AI marketing stocks, including companies like Inry Media and Vision China, hit their daily trading limits, with declines of up to 10% for others like Zhejiang Wenlian and Xinhua Du, reflecting a broader market sell-off [1] - The rapid decline in stock prices comes after a period of excessive speculation, where stocks like Yidian Tianxia surged by 120% in just nine days, leading to inflated valuations and a bubble-like environment [3] Group 2: Underlying Issues - Several companies in the AI marketing space, such as Inry Media, have clarified that their GEO business is still in the planning stages and has not generated any revenue, indicating that much of the previous hype was unfounded and based on speculative narratives [3] - There has been a significant outflow of capital from high-flying stocks, with over 4 billion yuan exiting the sector in just three days, as investors shift their focus to sectors like semiconductors and non-ferrous metals that have strong earnings support [4] Group 3: Regulatory Environment - Recent inquiries from regulators into multiple AI concept companies signal a crackdown on "pseudo-concept" speculation, further contributing to the fear and selling pressure in the market [4] - The market is transitioning from a focus on speculative stories to a focus on actual performance, suggesting that stocks without fundamental support should be avoided [4] Group 4: Investment Strategy - Investors are advised to steer clear of AI marketing stocks that lack earnings and are merely riding on trends, especially those that have seen their prices double recently [4] - For those holding positions in these stocks, it is recommended to wait for stabilization in the sector before considering any additional investments [4] - The current investment focus has shifted towards hard technology sectors, particularly semiconductors and memory chips, which are supported by both policy and earnings [4]

Group 1 - Kuaishou concept declined by 1.52%, ranking among the top declines in the concept sector, with stocks like Ingravity Media and Vision China hitting the limit down [1] - The concept sector saw a net outflow of 2.762 billion yuan, with 39 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 100 million yuan [2] - The top net outflow stock was BlueFocus, with a net outflow of 555 million yuan, followed by Shengguang Group and Zhejiang Wenlian [2][3] Group 2 - Among the stocks in the Kuaishou concept, the top gainers included Baina Qiancheng, Tian Di Online, and Lishang Guochao, with increases of 12.81%, 9.99%, and 6.04% respectively [4] - The stocks with the largest net outflows included BlueFocus, Shengguang Group, and Zhejiang Wenlian, with net outflows of 555 million yuan, 409 million yuan, and 379 million yuan respectively [2][3] - The overall market performance showed that 15 stocks within the Kuaishou concept sector experienced price increases, while others faced significant declines [1][2]

Group 1 - Visual China experienced a limit down today with a trading volume of 28.59 billion yuan and a turnover rate of 14.81%, reflecting a price fluctuation of 2.39% [2] - The stock was listed on the Shenzhen Stock Exchange's watchlist due to a daily price deviation of -10.50%, with net selling from the Shenzhen Stock Connect amounting to 40.44 million yuan [2] - The top five trading departments accounted for a total transaction of 688 million yuan, with a buying amount of 266 million yuan and a selling amount of 423 million yuan, resulting in a net selling of 157 million yuan [2] Group 2 - The stock's main funds saw a net outflow of 281 million yuan today, with large orders contributing to a net outflow of 121 million yuan and 159 million yuan respectively [2] - Over the past five days, the main funds have experienced a net outflow of 38.90 million yuan [2] - The stock has appeared on the watchlist eight times in the past six months, with an average price drop of 0.31% the next day and an average decline of 8.19% over the following five days [2] Group 3 - As of January 16, the margin trading balance for the stock was 1.317 billion yuan, with a financing balance of 1.311 billion yuan and a margin balance of 6.45 million yuan [3] - In the last five days, the financing balance increased by 213 million yuan, representing a growth of 19.42%, while the margin balance rose by 900,100 yuan, a growth of 16.21% [3] - The top buying and selling departments included the Shenzhen Stock Connect, which was both the largest buyer and seller, with buying and selling amounts of 97.20 million yuan and 138 million yuan respectively [3][4]

Core Viewpoint - The digital media sector experienced a significant decline of 4.86% on January 19, with Visual China leading the drop, while the overall market indices showed slight increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4114.0, up 0.29%, and the Shenzhen Component Index closed at 14294.05, up 0.09% [1]. - Visual China saw a drastic decline of 10.00%, closing at 28.44, with a trading volume of 1,001,400 shares and a transaction value of 2.859 billion [2]. Group 2: Stock Performance - Notable stocks in the digital media sector included: - Zhi De Mai (300785) closed at 63.71, up 1.35% with a transaction value of 1.287 billion [1]. - Zhangyue Technology (603533) remained unchanged at 25.54, with a transaction value of 591 million [1]. - Mango Super Media (300413) closed at 26.31, down 0.11%, with a transaction value of 562 million [1]. - Other stocks like *ST Fanli (600228) and Guomai Culture (600640) also experienced declines of 2.09% and 2.02%, respectively [1]. Group 3: Capital Flow - The digital media sector saw a net outflow of 478 million from institutional investors, while retail investors contributed a net inflow of 326 million [2]. - The capital flow for specific stocks indicated: - Zhangyue Technology had a net outflow of 37.44 million from institutional investors [3]. - Visual China faced a significant net outflow of 173.45 million, representing a 26.46% decrease [3]. - Guomai Culture also experienced a net outflow of 17.34 million, with a 2.02% decline [3].

1月19日，视觉中国跌停，截至发稿，报28.44元/股，成交1.92亿元，换手率1.00%，总市值199.24亿 元。 资料显示，视觉(中国)文化发展股份有限公司位于北京市朝阳区酒仙桥北路甲10号院204号楼2层/3层， 成立日期1994年5月28日，上市日期1997年1月21日，公司主营业务涉及电视剧的摄制出品业务,主题公 园室内智能娱乐和特种影视项目动漫设计,创意类和编辑类视觉素材(图片、视频等)的销售及增值服务业 务。主营业务收入构成为：视觉内容与服务99.92%，其他0.08%。 从视觉中国十大流通股东角度 数据显示，汇丰晋信基金旗下1只基金位居视觉中国十大流通股东。汇丰晋信中小盘股票（540007）三 季度新进十大流通股东，持有股数292.03万股，占流通股的比例为0.43%。根据测算，今日浮亏损失约 922.81万元。 汇丰晋信中小盘股票（540007）基金经理为郑小兵。 截至发稿，郑小兵累计任职时间2年197天，现任基金资产总规模28.79亿元，任职期间最佳基金回报 89.33%， 任职期间最差基金回报81.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信 ...