Core Viewpoint - The credit rating of Silk Road Vision Technology Co., Ltd. has been downgraded to A with a stable outlook due to significant revenue decline and increased financial risks, influenced by macroeconomic adjustments and reduced government budgets [1][3][5]. Company Overview - Silk Road Vision is one of the earliest companies in China engaged in digital visual services, covering a wide range of businesses including digital exhibition, digital content application, smart city solutions, and AR/VR/MR interactive content [3][13]. - As of the end of 2024, the company had total assets of 18.02 billion yuan and equity of 5.83 billion yuan, with a significant drop in revenue to 5.88 billion yuan and a total loss of 4.23 billion yuan [8][9]. Financial Performance - In 2024, the company experienced a 58.91% year-on-year decline in total revenue, with the digital exhibition business dropping by 61.99% [16][18]. - The gross profit margin turned negative, with a comprehensive gross margin decrease of 45.65 percentage points to -15.74% [18]. - As of March 2025, the company reported a net cash outflow from operating activities, indicating weakened debt repayment capacity [5][7]. Market Environment - The CG (Computer Graphics) industry in China is characterized by low concentration and intense competition, with many small firms adopting low-price strategies [11][12]. - The industry is experiencing rapid growth, driven by increasing demand in sectors such as film, gaming, and advertising, with the digital creative industry expected to continue expanding [10][11]. Business Operations - The company has a sufficient order backlog, with 103 contracts in hand for digital exhibition projects as of March 2025, indicating potential for future revenue [6][18]. - The company has implemented cost-cutting measures and adjusted its client structure to improve efficiency and reduce losses [5][16]. Management and Structural Changes - The company underwent significant personnel optimization, reducing its workforce by 682 employees by the end of 2024, which contributed to a decrease in total expenses [16][17]. - Management has revised several internal policies to enhance operational efficiency and governance [15][16].

丝路视觉科技股份有限公司 向不特定对象发行可转换公司债券 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕4414 号 联合资信评估股份有限公司通过对丝路视觉科技股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定下调丝路 视觉科技股份有限公司主体长期信用等级为 A，下调"丝路转债" 信用等级为 A，评级展望为稳定。 特此公告 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受丝路视觉科技股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、 公正 ...

证券代码：300556 证券简称：丝路视觉 公告编号：2025-046 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。 丝路视觉科技股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日召开 了第五届董事会第六次会议及第五届监事会第五次会议，审议通过了《关于第三 期股票期权与限制性股票激励计划注销部分股票期权及作废部分已授予尚未归 属的第二类限制性股票的议案》。 鉴于公司第三期股票期权与限制性股票激励计划第一个行权期未满足业绩 考核要求，公司拟注销第三期股票期权与限制性股票激励计划第一个行权期对应 的 1,364,000 份股票期权，涉及激励对象 19 人。 债券代码：123138 债券简称：丝路转债 丝路视觉科技股份有限公司 关于第三期股票期权与限制性股票激励计划部分股票期权注销完 成的公告 针对上述注销事项公司董事会提名、薪酬与考核委员会发表了核查意见，律 师出具了法律意见书。具体内容详见公司于 2025 年 6 月 12 日在巨潮资讯网 http://www.cninfo.com.cn/new/index 上披露的《关于第三期股票期权与限制 ...

丝路视觉科技股份有限公司（以下简称"公司"）于 2025 年 6 月 11 日召开 了第五届董事会第六次会议及第五届监事会第五次会议，审议通过了《关于第三 期股票期权与限制性股票激励计划注销部分股票期权及作废部分已授予尚未归 属的第二类限制性股票的议案》。 | 证券代码：300556 | 证券简称：丝路视觉 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123138 | 债券简称：丝路转债 | | 丝路视觉科技股份有限公司 关于第三期股票期权与限制性股票激励计划部分股票期权注销完 成的公告 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。 2025 年 6 月 17 日 鉴于公司第三期股票期权与限制性股票激励计划第一个行权期未满足业绩 考核要求，公司拟注销第三期股票期权与限制性股票激励计划第一个行权期对应 的 1,364,000 份股票期权，涉及激励对象 19 人。 针对上述注销事项公司董事会提名、薪酬与考核委员会发表了核查意见，律 师出具了法律意见书。具体内容详见公司于 2025 年 6 月 12 日在巨潮资讯网 h ...

Group 1 - The company has signed an irrevocable maximum guarantee agreement with China Merchants Bank for a credit limit of up to 30 million yuan for its subsidiary, Silk Road Blue [1] - The company plans to provide a total guarantee of up to 700 million yuan for Silk Road Blue after approval at the 2024 annual general meeting [1] - The subsidiary, Silk Road Blue, is involved in various activities including animation design, multimedia hardware development, and cultural event planning [1] Group 2 - As of March 31, 2025, the company's total assets amounted to approximately 872.58 million yuan, an increase from 792.89 million yuan as of December 31, 2024 [3] - The total liabilities as of March 31, 2025, were approximately 738.11 million yuan, compared to 664.47 million yuan at the end of 2024 [3] - The company's net profit for the first quarter of 2025 was approximately 6.05 million yuan, a significant improvement from a net loss of approximately 136.29 million yuan in the same period of the previous year [3] Group 3 - The cumulative external guarantee amount before this guarantee was approximately 642.47 million yuan, which is 109.20% of the company's latest audited net assets [4] - The company has provided guarantees amounting to approximately 542.47 million yuan to its subsidiaries, while subsidiaries have guaranteed 100 million yuan for the company [4]

| 证券代码：300556 | 证券简称：丝路视觉 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：123138 | 债券简称：丝路转债 | | 丝路视觉科技股份有限公司 关于为全资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。 一、担保情况概述 1、担保人：丝路视觉科技股份有限公司（以下简称"公司"或"丝路视觉"） 2、被担保人：公司全资子公司深圳市丝路蓝创意展示有限公司（以下简称 "丝路蓝"） 3、担保基本情况介绍：丝路视觉于 2025 年 6 月 12 日与招商银行股份有限 公司深圳分行签署了《最高额不可撤销担保书》，约定为丝路蓝向招商银行股份 有限公司深圳分行申请金额不超过 3,000 万元的授信额度提供连带责任保证担 保。 4、公司于 2025 年 4 月 25 日召开的第五届董事会第五次会议及 2025 年 5 月 19 日召开的 2024 年年度股东大会审议通过了《关于公司为子公司提供担保额度 预计的议案》，同意自 2024 年年度股东大会审议通过后的一年，丝路视觉为丝路 蓝向银 ...

Core Viewpoint - The company has decided to cancel part of the stock options and invalidate some unvested restricted stocks from its third stock option and restricted stock incentive plan due to unmet performance targets for the year 2024 [4][6][7] Group 1: Decision Process and Approval - On May 27, 2024, the company held a board meeting to approve the draft of the third stock option and restricted stock incentive plan, along with its management measures [1][2] - The plan was publicly announced and no objections were raised during the internal review period [2][3] - The plan was approved in a shareholders' meeting on June 12, 2024, and the stock options were granted on June 21, 2024 [3][4] Group 2: Cancellation and Invalidity Details - The company will cancel 1,364,000 stock options and invalidate 580,000 shares of restricted stock from the first vesting period due to failure to meet the performance target of a 15% net profit growth for 2024 [4][5] - The performance assessment period for the incentive plan spans from 2024 to 2026, with annual evaluations [5] Group 3: Impact on the Company - The cancellation of stock options and invalidation of restricted stocks will not have a substantial impact on the company's financial status or operational results [6][7] - The management team's stability and the continuation of the incentive plan will remain unaffected [6][7] Group 4: Committee and Supervisory Opinions - The board's nomination, compensation, and assessment committee confirmed that the cancellation and invalidation are compliant with relevant regulations and do not harm the interests of the company or its shareholders [6][7] - The supervisory board also agreed with the decision, affirming its legality and compliance with applicable laws [7]

Core Viewpoint - The company has approved the cancellation of certain stock options and the invalidation of unvested restricted stocks as part of its third stock option and restricted stock incentive plan, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Meeting Details - The fifth meeting of the fifth supervisory board of the company was convened with all three supervisors present, and the meeting was chaired by the supervisor chairwoman [1]. - The meeting's convening, conducting, and voting procedures complied with the Company Law and the company's articles of association [1]. Group 2: Proposal Approval - The supervisory board reviewed and approved the proposal regarding the cancellation of certain stock options and the invalidation of unvested restricted stocks, confirming that the decision process was legal and compliant [1]. - The proposal received unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2].

第三期股票期权与限制性股票激励计划 注销部分股票期权及作废部分第二类限制性股票 相关事项的法律意见书 ll] 君泽君律师事务所 I JunZeJun Law Offices 北京市君泽君（深圳）律师事务所 关于丝路视觉科技股份有限公司 深圳市福田区金田路 4028 号荣超经贸中心 28 层、29 层 邮编：518000 电话(Tel): （86-755）3398 8188 网址(Website): www.junzejun.com 1 目 录 | 織 X | | --- | | 一、本次注销及作废相关的决策程序 . | | 二、本次注销及作废的具体情况 … | | 三、结论性意见 | 2 释 义 在本法律意见书内,除非文义另有所指,下列词语具有下述含义; | 本所 | 指 | 北京市君泽君(深圳)律师事务所 | | --- | --- | --- | | 公司/丝路视觉 | 指 | 丝路视觉科技股份有限公司 | | 本次激励计划/本计划/ | 指 | 公司第三期股票期权与限制性股票激励计划 | | 第三期激励计划 | | | | 股票期权/期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的条 | ...

| 证券代码：300556 | 证券简称：丝路视觉 公告编号：2025-043 | | --- | --- | | 债券代码：123138 | 债券简称：丝路转债 | 本公司及监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。 丝路视觉科技股份有限公司（以下简称"公司"）第五届监事会第五次会议于 2025 年 6 月 11 日以通讯表决的方式召开。本次会议通知于 2025 年 6 月 8 日以书 面通知、即时通讯工具等方式发出。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席项兰迪女士主持，公司董事会秘书列席了本次会议。本次 会议的召集、召开和表决程序符合《公司法》和《公司章程》的有关规定。本次 会议通过了以下议案： 审议并通过了《关于第三期股票期权与限制性股票激励计划注销部分股票期 权及作废部分已授予尚未归属的第二类限制性股票的议案》 经审核，监事会认为：公司注销部分股票期权及作废部分限制性股票事项符 合《公司法》《证券法》等法律法规、规范性文件及本激励计划的有关规定，决策 程序合法合规，不会对公司的财务状况和经营成果产生实质性影响，不会影响本 激励计 ...