视觉（中国）文化发展股份有限公司 董事和高级管理人员 持有和买卖本公司股票管理制度（草案） （H 股发行上市后适用） 第一章 总 则 第一条 为加强视觉（中国）文化发展股份有限公司（以下简称"公司"或 "本公司"）对董事、高级管理人员持有和买卖本公司股票的管理工作，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司董事和高级管理人员所持本公司股份 及其变动管理规则》、《深圳证券交易所上市公司自律监管指引第10号——股份 变动管理》、《香港联合交易所有限公司证券上市规则》（以下简称"《香港上 市规则》"）、香港《证券及期货条例》（香港法例第571章）（以下简称"《证 券及期货条例》"）等法律法规和规范性文件，结合公司实际情况，制定本制度。 第二条 本公司董事、高级管理人员应当遵守本制度，其所持本公司股份是 指登记在其名下和利用他人账户持有的所有本公司股份；董事、高级管理人员从 事融资融券交易的，其所持本公司股份还包括记载在其信用账户内的本公司股份。 根据《证券及期货条例》，除了直接持有的权益和淡仓以外，董事和高级管 理人员也被视为对下述人士 ...

视觉（中国）文化发展股份有限公司 董事会议事规则 第一章 总则 第一条 为了确保董事会落实股东会决议，提高工作效率，保证科学决策维护公司、 股东和债权人的合法权益，规范公司董事会的运作，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《深圳证券交易 所股票上市规则》（以下简称《上市规则》）和《视觉（中国）文化发展股份有限公司章 程》（以下简称《公司章程》）的规定，制定本规则。 第二条 董事会是公司的常设机构，是公司的经营决策和业务领导机构，是股东会 决议的执行机构，并直接对股东会负责并报告工作。 第二章 董事 第一节 董事的选举和更换 第三条 公司董事为自然人。 第四条 公司董事分为非独立董事和独立董事。 第五条 有下列情形之一的，不得担任公司的董事： (一)无民事行为能力或者限制民事行为能力； (二)因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判处 刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓刑的，自缓刑考验期 满之日起未逾二年； (三)担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业的破产负 有个人责任的， ...

视觉（中国）文化发展股份有限公司 内幕信息知情人登记管理制度（草案） （H股发行上市后适用） 第一章 总则 第四条 未经董事会批准同意，公司任何部门和个人不得向外界泄露、报道、 传送涉及公司内幕信息及拟披露信息的内容。 第五条 公司董事、高级管理人员和公司各部门、各下属分（子）公司都应 做好内幕信息的保密工作，不得泄露内幕信息，不得进行内幕交易或配合他人操 纵证券交易价格。 第二章 内幕信息及其范围 第六条 本制度所称内幕信息，是指：（1）根据《证券法》规定，证券交易 活动中，涉及公司的经营、财务或者对公司股票及其衍生品种交易价格有重大影 1 响的尚未公开的信息；或（2）根据《证券及期货条例》规定，关于公司的、公 司股东或高级人员的，或公司上市证券的或该等证券的衍生工具的，并非普遍为 惯常（或相当可能会）对公司上市证券进行交易的人所知，但该等消息或资料如 普遍为他们所知，则相当可能会对该等证券的价格造成重大影响，其范围包括但 不限于： （一）公司的经营方针和经营范围的重大变化； （二）公司的重大投资行为，公司在一年内购买、出售重大资产超过公司资 产总额 30%； 第一条 为完善公司内幕信息的管理，加强内幕信息 ...

视觉（中国）文化发展股份有限公司 董事会议事规则（草案） （H 股发行上市后适用） 第一章 总则 第一条 为了确保董事会落实股东会决议，提高工作效率，保证科学决策维护公司、 股东和债权人的合法权益，规范公司董事会的运作，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券 交易所股票上市规则》（以下简称"《上市规则》"）、《香港联合交易所有限公司证券上市 规则》（以下简称"《香港上市规则》"）和《视觉（中国）文化发展股份有限公司章程》 （以下简称"《公司章程》"）的规定，制定本规则。 第二条 董事会是公司的常设机构，是公司的经营决策和业务领导机构，是股东会 决议的执行机构，并直接对股东会负责并报告工作。 第二章 董事 第一节 董事的选举和更换 第三条 公司董事为自然人。 第四条 公司董事分为非独立董事（包括《香港上市规则》中的执行董事和非执行 董事）和独立董事（含义与《香港上市规则》中"独立非执行董事"的含义一致）。 第五条 有下列情形之一的，不得担任公司的董事： (一)无民事行为能力或者限制民事行为能力； (二)因贪污、贿赂、侵占财产、挪用 ...

Group 1 - Visual China experienced a decline of 1.53% on February 26, with a stock price of 25.78 yuan per share, a trading volume of 1.303 billion yuan, a turnover rate of 7.45%, and a total market capitalization of 18.061 billion yuan. The stock has fallen for three consecutive days, with a cumulative decline of 12.73% during this period [1] - Visual China was established on May 28, 1994, and went public on January 21, 1997. The company is primarily engaged in the production and distribution of television 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. The main business revenue composition is 99.92% from visual content and services, and 0.08% from other sources [1] Group 2 - According to data from the top ten holdings of funds, one fund under Guotai Fund has a significant position in Visual China. The Guotai CSI Film and Television Theme ETF (516620) reduced its holdings by 29,000 shares in the fourth quarter, holding a total of 111,300 shares, which accounts for 4.38% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 44,500 yuan, with a total floating loss of 418,500 yuan during the three-day decline [2] - The Guotai CSI Film and Television Theme ETF (516620) was established on October 20, 2021, with a latest scale of 60.5017 million yuan. Year-to-date returns are 12.1%, ranking 1024 out of 5572 in its category; the one-year return is 12.13%, ranking 3504 out of 4311; and the return since inception is 18.43% [2] - The fund manager of the Guotai CSI Film and Television Theme ETF is Wang Yu, who has been in the position for 6 years and 66 days. The total asset scale of the fund is 41.959 billion yuan, with the best fund return during his tenure being 56.95% and the worst being -33.97% [2]

Group 1 - The stock of Zhangyue Technology fell to the limit, while companies such as Anhui Technology and Chinese Online experienced declines of over 10% [1] - Other companies like Visual China, Wanxing Technology, and Tuolisi also saw significant drops in their stock prices [1]

Market Overview - On the first trading day of the Year of the Rabbit, all three major A-share indices rose, with the Shanghai Composite Index up by 0.87%, the Shenzhen Component Index up by 1.36%, and the ChiNext Index up by 0.99% [1] - Over 4,000 stocks increased in value, with more than 100 stocks hitting the daily limit [1] Sector Performance - The oil and gas extraction, precious metals, and cultivated diamond sectors saw significant gains, while the film and cinema, AI applications, tourism and hotels, liquor, and duty-free shop sectors experienced declines [1] Individual Stock Highlights - Notable stocks included: - Han Jian He Shan, which achieved five consecutive daily limits in nine days [3] - Yu Neng Holdings, which recorded four consecutive daily limits [3] - GCL-Poly Energy, part of the photovoltaic sector, also achieved five daily limits in nine days [3] - Other stocks with notable performance included: - New Jin Power (+20.07%), Tongyuan White Ancestor (+20.04%), and Qian Neng Zhi Xin (+20.01%) [4] Trading Volume and Turnover - The trading volume and turnover for several stocks were highlighted, with significant figures such as: - New Jin Power with a turnover of 7.96 million and a trading volume of 123.3 thousand [4] - Tongyuan White Ancestor with a turnover of 11.84 million and a trading volume of 94.09 thousand [4] Top Net Buy and Sell Stocks - The top net buy stocks included: - Huagong Technology with a net buy of 5.23 billion, Shenzhen South Circuit with 4.21 billion, and Hunan Silver with 3.44 billion [5] - The top net sell stocks included: - Light Media with a net sell of 6.33 billion, Dazhi Technology with 5.83 billion, and Tax Friend Shares with 2.54 billion [6] Institutional Activity - Institutional net buying was significant in stocks like Huagong Technology and Shanghai Film, with net buys of 1.89 billion and 1.85 billion respectively [8] - Conversely, Tax Friend Shares and Daily Interaction saw substantial net selling by institutions, with net sells of 3.20 billion and 1.65 billion respectively [9] Company-Specific Developments - Huagong Technology reported that its optical module business is operating at full capacity, with orders extending to Q4 2026 [13] - Shenzhen South Circuit is involved in PCB and AI computing, with expected growth in orders for high-end DRAM products [18] - Hunan Silver anticipates a significant increase in net profit due to rising silver and gold prices, projecting a growth of 67.88% to 126.78% [23]

Summary of Key Points Core Viewpoint - On February 24, a total of 45 stocks were involved with institutional investors, with 30 stocks showing net buying and 15 stocks showing net selling [1]. Institutional Buying - The top three stocks with the highest net buying by institutions were: - Huagong Technology: Net buying amount of 188.75 million yuan, with a price increase of 10.00% [2]. - Tongguan Copper Foil: Net buying amount of 188.32 million yuan, with a price increase of 14.49% [2]. - Shanghai Film: Net buying amount of 184.69 million yuan, with a price decrease of 10.00% [2]. Institutional Selling - The top three stocks with the highest net selling by institutions were: - Tax Friend Co., Ltd.: Net selling amount of 320 million yuan, with a price decrease of 10.00% [3]. - Daily Interaction: Net selling amount of 165 million yuan [3]. - Visual China: Net selling amount of 93.57 million yuan, with a price decrease of 9.99% [3].

Core Insights - The Chinese computer simulation industry is characterized by a competitive landscape with a low market concentration, indicating a high level of competition among numerous small enterprises [10]. Group 1: Industry Overview - The leading companies in the Chinese computer simulation industry include Aerospace Intelligent Equipment and Suochen Technology, with revenues exceeding 300 million yuan [2]. - Companies like Huali Chuangtong and Huaru Technology have revenues between 200 million and 300 million yuan, while firms such as Yongxin Zhicheng have revenues below 200 million yuan [2]. Group 2: Regional Distribution - The majority of computer simulation companies in China are concentrated in the southeastern coastal regions, particularly in Guangdong and Jiangsu, with over 2,000 companies in Guangdong and nearly 1,500 in Jiangsu as of November 29, 2025 [3]. Group 3: Competitive Landscape - In 2022, Jingwei Hengrun reported the highest revenue among the top 10 listed companies in the computer simulation sector, followed by Kangtuo Infrared with a revenue of 1.35 billion yuan [9]. - The industry is marked by a large number of small-scale enterprises primarily engaged in agency and system integration, leading to a very low concentration ratio (CR8) of only 0.87% [10]. Group 4: Technological Competition - As of November 29, 2025, Jingwei Hengrun leads in patent numbers with 858 invention patents and 794 authorized inventions, followed by Huali Chuangtong with 77 invention patents and 92 authorized inventions [14]. Group 5: Competitive Dynamics - The competitive environment in the computer simulation industry is intense due to a high number of existing competitors and low market concentration. Supplier bargaining power is weak, while consumer bargaining power is also low due to low product differentiation [17]. - The threat of new entrants is present as many multinational companies are entering the Chinese market through wholly-owned or joint ventures, or by seeking local agents [17].

Group 1 - The AI content sector has undergone significant adjustments, leading to a sharp decline in stock prices for several companies [1] - Zhangyue Technology experienced a limit-down, while Zhongwen Online fell over 10% [1] - Other companies such as Vision China, Shanghai Film, People's Daily Online, Dook Cultural, Huace Film & TV, and Jiecheng Co. also saw declines in their stock prices [1]