Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company's main business remains stable, with an improved ability to serve small and medium-sized enterprises, as evidenced by a 7.6% year-on-year revenue growth in H1 2024 [2]. - The integration of AI and 3D technologies is expected to empower the main business and create new growth opportunities [2]. Revenue Analysis - H1 2024 revenue reached 400 million RMB, a 7.6% increase year-on-year, with significant contributions from audio-visual sales and e-commerce platform transactions [2]. - The proportion of audio-visual sales in total revenue increased from 5.2% in H1 2023 to 32.0% in H1 2024, while e-commerce platform transaction sales rose from 15.7% to 29.2% in the same period [2]. Profitability Analysis - The net profit margin for H1 2024 was 12.8%, with a slight increase in Q2 2024 to 15.6% [2]. - The gross profit margin for H1 and Q2 2024 was 46.9% and 43.2%, respectively, reflecting a decrease due to changes in revenue structure following the consolidation of Guangchang Creative [2]. Future Outlook - The company is expected to achieve net profits of 130 million, 160 million, and 180 million RMB for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 61.0, 49.7, and 43.4 [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][5] Core Views - The company has shown an upward trend in non-net profit, with a 7.56% increase in revenue to 399 million yuan and a 44.04% decrease in net profit to 51 million yuan year-on-year for the first half of 2024. The adjusted net profit, excluding certain factors, increased by 11.79% to 49 million yuan [1][4] - The company is focusing on enhancing its content service capabilities and maintaining high customer retention, with significant growth in audio-visual and 3D content resources [1][4] - The strategic initiative "AI + Content + Scenarios" is being actively pursued, leveraging AI technology to enhance product experience and service capabilities [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 399 million yuan and a net profit of 51 million yuan, with respective year-on-year changes of 7.56% and -44.04%. The fully diluted EPS was 0.07 yuan. The adjusted net profit, excluding investment income effects, was 49 million yuan, reflecting an 11.79% increase [1][4] - For Q2 2024, the company reported a revenue of 224 million yuan and a net profit of 38 million yuan, with year-on-year changes of -6.1% and 2.2%, respectively [1][4] Business Strategy - The company is expanding its content offerings beyond images to include audio-visual and 3D resources, with over 46 million audio-visual materials and a revenue share from this segment increasing from 5.16% to 31.99% year-on-year [1][4] - The company has established strategic partnerships with major platforms such as Alibaba, Tencent, and Huawei, enhancing its B2B2C model through AI technology [1][4] Future Outlook - The company maintains its profit forecast, expecting net profits of 176 million yuan, 203 million yuan, and 221 million yuan for 2024, 2025, and 2026, respectively, with corresponding diluted EPS of 0.25 yuan, 0.29 yuan, and 0.32 yuan [1][5][7] - The current stock price corresponds to a PE ratio of 43, 38, and 35 for the years 2024, 2025, and 2026, indicating potential for resource value reassessment and business model innovation in the AIGC era [1][5][7]

Investment Rating - The investment rating for the company is "Accumulate - A" [3] Core Views - The company reported a revenue of 399 million yuan in the first half of 2024, representing a year-on-year growth of 7.56%, while the net profit attributable to the parent company was 51 million yuan, down 44.04% year-on-year due to increased investment income in the same period last year [1] - The company is transitioning from a cultural media enterprise to a cultural technology enterprise that emphasizes both content and technology, focusing on customer needs and exploring AI application scenarios [1] - The company has built a comprehensive content reserve from images and videos to 3D content, with audio content sales increasing from 5.16% of total revenue in the first half of 2023 to 31.99% in the first half of 2024 [1] - Strategic investments in 3D content manufacturing and creator communities are aimed at enhancing the company's service capabilities [1] - The company is exploring various AI application scenarios to improve its content ecosystem, with significant user engagement on its AI-related platforms [1] Financial Data and Valuation - The company’s projected revenue for 2024 is 905 million yuan, with a year-on-year growth of 15.9% [2] - The net profit attributable to the parent company is expected to remain stable at 146 million yuan for 2024, with a slight increase to 185 million yuan in 2025 and 220 million yuan in 2026 [2] - The projected EPS for 2024 is 0.21 yuan, with expected increases to 0.26 yuan in 2025 and 0.31 yuan in 2026 [2] - The company’s P/E ratio is projected to decrease from 52.1 in 2024 to 34.5 in 2026, indicating a potential improvement in valuation [2] Market Position - As of August 30, 2024, the company's stock price is 11.10 yuan, with a total market capitalization of approximately 7.78 billion yuan [3] - The company has a total share capital of 700.58 million shares, with a circulating market value of 7.50 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 399 million yuan in H1 2024, representing a year-on-year growth of 7.56%, while the net profit attributable to shareholders decreased by 44.04% to 51 million yuan [1] - The company has significantly enhanced its ability to serve small and medium-sized enterprises (SMEs) and has entered the 3D content service market [1] - The e-commerce platform's sales revenue as a percentage of total revenue increased by 13.55% to 29.21% [1] - The company is strengthening its API open platform to serve a large number of end-users, collaborating with major platforms like Alibaba, Tencent, and Baidu [1] - The revenue from audio and video business has increased, accounting for 31.99% of total revenue, up by 26.83 percentage points year-on-year [1] - The company is leveraging its copyright data advantages to provide compliant services for AI model companies [1] - The profit forecast has been adjusted, with expected revenues of 830 million, 950 million, and 1.09 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 6.0%, 15.0%, and 14.0% [1] Financial Summary - In H1 2024, the company reported a net profit of 51 million yuan, down 44.04% year-on-year, while the net profit excluding non-recurring items was 49 million yuan, up 11.79% [1] - The company expects to achieve net profits of 130 million, 150 million, and 170 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -12.4%, 16.3%, and 17.3% [2][1] - The company's current market capitalization corresponds to price-to-sales ratios of 11, 9, and 8 for the years 2024, 2025, and 2026 respectively [1]

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：2024-003 | --- | --- | --- | --- | |-----------------------|-------|-------------------------------------------------------|--------------------------------------------------------------| | | | □ 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 | | 2024 年 8 月 30 日 | 15:00-16:00 | | 地 点 | | 公司会议室，线上会议 | | | | | 公司董事、总裁：柴继军先生 | | | 上市公司接待 人员姓名 | | 公司副总裁、财务负责人：陈春柳女士 公司董秘：李淼先生 | | | | | 公司投资 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥398,832,694.65, representing a 7.56% increase compared to ¥370,806,542.91 in the same period last year[13]. - Net profit attributable to shareholders decreased by 44.04% to ¥50,851,018.40 from ¥90,871,675.47 year-on-year[13]. - The net profit after deducting non-recurring gains and losses increased by 11.79% to ¥49,130,505.05 compared to ¥43,949,172.04 in the previous year[13]. - The net cash flow from operating activities was ¥34,835,885.57, down 25.48% from ¥46,749,453.27 in the same period last year[13]. - Basic earnings per share decreased by 43.87% to ¥0.0728 from ¥0.1297 year-on-year[13]. - Total assets at the end of the reporting period were ¥4,190,336,717.72, a slight increase of 0.29% from ¥4,178,394,531.02 at the end of the previous year[13]. - Net assets attributable to shareholders increased by 0.71% to ¥3,492,224,413.77 from ¥3,467,539,609.44 at the end of the previous year[13]. - The company's consolidated revenue for the reporting period reached 398.83 million yuan, representing a year-on-year increase of 7.56% compared to H1 2023[34]. - The net profit attributable to the parent company's shareholders was 50.85 million yuan, a year-on-year decrease of 44.04%, primarily due to increased investment income in the same period last year[34]. - The net profit attributable to the parent company's shareholders, excluding non-recurring gains and losses, was 49.13 million yuan, reflecting a year-on-year increase of 11.79%[34]. Market and Industry Insights - The AIGC industry in China is projected to grow from approximately CNY 14.3 billion in 2023 to CNY 720.2 billion by 2028, indicating a significant market expansion[17]. - The global creator royalty income reached €12.1 billion in 2022, a record high with a year-on-year growth of 26.7%, while digital royalties accounted for €4.2 billion, doubling from €2.1 billion in 2019[18]. - As of December 2022, China's online audio-visual user base reached 1.04 billion, with a usage rate of 97.4%, reflecting a 1.4% year-on-year increase[19]. - The market size of the pan-network audio-visual industry was CNY 727.44 billion in 2022, growing by 4.4% compared to 2021[19]. - The advertising market in 2023 saw a year-on-year increase of 6.0%, with significant growth in elevator LCD, elevator posters, and cinema video ads[19]. - The core copyright industry's added value in China was CNY 5.66 trillion in 2022, representing a year-on-year growth of 5.76%[18]. Company Strategy and Operations - The company is focusing on the "AI + content + scenarios" strategy, emphasizing the development of audio and video business and expanding its market share among small and medium-sized enterprises[33]. - The company has established itself as an industry leader in visual content digital copyright transactions, leveraging over 20 years of experience in copyright trading and content operation[32]. - The company is enhancing its service delivery capabilities by providing a wide range of content and technology services, including high-quality images, videos, music, and 3D materials[32]. - The company is actively participating in the national cultural digitization strategy, signing strategic cooperation agreements with major entities to promote high-quality development in the animation industry[36]. - The company is deepening strategic cooperation with mainstream media to support government and media work, contributing to various cultural and media initiatives[35]. - The company is committed to improving its content security system, ensuring the accuracy and legality of the content provided to clients[35]. - The company is focusing on copyright protection to promote healthy industry development, advocating for the principle of "authorization first, usage later" in copyright practices[36]. - The company is actively exploring new business models in the AI office sector through partnerships with design firms, enhancing its AI capabilities for end users[40]. Content and Technology Development - The company has aggregated over 540 million high-quality digital content assets, including images, videos, music, and 3D models, enhancing its content trading platform[20]. - The company has developed AI capabilities, including scene application models and AI agents, to enhance user experience and service capabilities, transitioning from a B2B to a B2C subscription model[27]. - The company launched a blockchain-based digital art trading platform in December 2021, allowing for the transformation of digital works into digital assets[25]. - The company offers a visual content management service that supports various content types and provides a systematic approach to managing digital assets[24]. - The company has developed AIGC-PAS, a unique identification service for AI-generated images, enhancing content traceability and compliance[42]. - The AI-powered intelligent search feature has been launched on the company's websites, allowing users to search using natural language, significantly improving user interaction and service delivery[39]. - The company has developed AI image editing tools that allow users to create derivative works from copyrighted images, enhancing user experience and monetization efficiency[40]. Financial Management and Investments - The company has paid over 2.474 billion RMB in copyright licensing and service fees to global content suppliers from 2014 to mid-2024, promoting a healthy content ecosystem[29]. - The company has established partnerships with nearly 300 professional copyright and media organizations globally[43]. - The total investment during the reporting period was ¥31,490,622.39, a decrease of 56.74% compared to ¥72,800,000.00 in the same period last year[53]. - The investment income accounted for 27.20% of the total profit, amounting to ¥17,041,513.62[48]. - The company has ongoing investments in new product development and technology, with a focus on enhancing user engagement and market expansion strategies[120]. - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its portfolio[120]. Corporate Governance and Compliance - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable legal environment[78]. - The company has not engaged in any significant related party transactions or non-operating fund occupation during the reporting period[80]. - The company has not experienced any penalties or corrective actions during the reporting period, indicating compliance with regulations[80]. - The company emphasizes the importance of copyright protection and has actively participated in initiatives to promote copyright compliance[77]. - The company has established a strong corporate culture that integrates social responsibility into its core values, encouraging employee participation in public welfare activities[77]. - The company’s financial statements reflect a commitment to transparency and adherence to regulatory requirements set by the China Securities Regulatory Commission[144]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and sustainable development, operating as a green and environmentally friendly enterprise[75]. - The company donated a total of 450,000 yuan in the poverty alleviation sector through the Shanghai Visual Public Welfare Foundation during the reporting period[76]. - The company actively promotes green development by implementing resource-saving measures, including the use of LED lighting and encouraging paperless offices[76]. - The company participated in various cultural and social initiatives, including the "Happiness China" micro-video collection activity, showcasing diverse aspects of life in China[77]. - The company has implemented waste classification measures in its offices to promote sustainable community and environmental development[76]. Shareholder Information - The company plans to distribute a cash dividend of ¥0.08 per 10 shares (including tax) to all shareholders[4]. - The annual shareholders' meeting held on June 28, 2024, had an investor participation rate of 31.16%[66]. - The company has a total of 700,577,436 shares, and the cash dividend distribution is based on this total share count[68]. - The employee stock ownership plan includes 30 employees holding a total of 1,400,000 shares, representing 0.20% of the company's total equity[71]. - The company has canceled 3,579,750 stock options from the 2021 stock option incentive plan due to unmet exercise conditions and employee departures[70]. - The first unlock period of the 2023 restricted stock incentive plan has been achieved, allowing 172,000 shares to be unlocked, which is 0.02% of the total shares[70]. - The company’s employee stock ownership plan received a profit distribution amounting to 29,400 yuan for the year 2023[72]. Risk Management - The company has detailed the risks and countermeasures it faces in its operations, which investors should pay attention to[4]. - The company is actively addressing copyright protection risks by improving its copyright management system and collaborating with government and industry bodies[58]. - The company is enhancing its content safety measures in response to the challenges posed by new technologies like AIGC, ensuring compliance and quality control[59]. - The company anticipates facing foreign exchange risks in 2024 and plans to manage foreign currency exposure to mitigate these risks[64].

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。 视觉（中国）文化发展股份有限公司 证券代码：000681 证券简称：视觉中国 公告编号：2024-040 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（天津）图像技术有限公司（以下简称"子公司"或 "汉华易美"）与招商银行股份有限公司天津分行（以下简称"招商银行"）签订 《授信协议（适用于流动资金贷款无需另签借款合同的情形）》，授信总额为人民 币叁仟万元整。公司与招商银行签订《最高额不可撤销担保书》，为子公司在《授 信协议》项下所欠招商银行所有债务承担连带保证责任。 2. 担保额度的审批情况 2024 年 4 月 25 日，公司第十届董事会第十六次会议审议通过了《关于 2024 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。上 述担保授权期限为自 2023 年年度股东大会审议通过该议案 ...

证券代码：000681 证券简称：视觉中国 公告编号：2024-039 视觉（中国）文化发展股份有限公司 关于股份回购进展情况的公告 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）公司以集中竞价交易方式回购股份未在下列期间内实施： 1、自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； 视觉（中国）文化发展股份有限公司（以下简称"公司"）于 2023 年 8 月 31 日召开的第十届董事会第十次会议，审议通过了《关于回购公司股份方案的 议案》，同意公司使用自有或自筹资金以集中竞价交易方式回购部分公司已在境 内发行的人民币普通股（A 股）股票，用于实施员工持股计划或股权激励。本次 回购金额不低于人民币 3,500 万元（含本数）不超过 7,000 万元（含本数），回 购价格不超过人民币 25.75 元/股（含本数），回购股份实施期限为自股东大会审 议通过本回购方案之日起 12 个月内。2023 年 9 月 18 日，上述议案已经公司 2023 年第二次临时股东大会审议通过。 具体内容详见公司分别于 ...

投资建议：公司拥有多品类全球化的内容生态以及丰富优质版权内容。针对其各个 领域客户使用场景及需求布局，成为整合数据、版权、链接产业上下游的关键中枢 平台。基于优质版权内容数据集，探索 AI 相关创新业务场景与商业模式。我们预 测公司2024年至2026年归母净利润为1.60/1.95/2.36亿元；EPS为0.23/0.28/0.34 元；PE 为 48.7/40.1/33.0；给予"增持-A"建议。 分析师 倪爽 SAC 执业证书编号：S0910523020003 nishuang@huajinsc.cn | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|-------| | 会计年度 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 698 | 781 | 921 | 1,040 | 1,176 | | YoY(%) | 6.1 | 11.9 | 17.9 | 13.0 | 13.0 | | 归母净利润 (百 ...

证券代码：000681 证券简称：视觉中国 公告编号：2024-038 视觉（中国）文化发展股份有限公司 2023年年度权益分派实施公告 本次权益分派股权登记日为：2024年8月1日，除权除息日为：2024年8月2日。 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")2023 年年度权益分派方案已获2024年6月28日召开的2023年年度股东大会审议通过， 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 2024年6月28日，公司2023年年度股东大会审议通过了2023年度利润分配方 案：以公司总股本700,577,436股扣除存放于公司回购专用证券账户的股份数为 基数，按照每10股派现金0.21元（含税）向全体股东实施利润分配，共计分配利 润14,691,151.36元。除此之外，不再进行送股或资本公积金转增股本。若在公 司2023年度利润分配预案实施前，公司总股本由于可转债转股、股份回购、股权 激励行权、再融资新增股份上市等原因而发生变化的，分配比例将按分派总额不 变的原则相 ...