Group 1 - A delegation of over ten well-known Korean brands, media, and companies visited Vision Future to explore the development model and innovative achievements of leading live e-commerce enterprises in China, aiming to deepen cross-border e-commerce cooperation between China and South Korea [1][5] - The delegation toured various facilities including the Vision enterprise showroom, matrix live broadcast room, and innovative live broadcast space, receiving detailed introductions on live operation, brand empowerment, and digital marketing, and highly evaluated the development scale and technological innovations of the enterprises [3][5] - The global live e-commerce market is experiencing explosive growth, with the South Korean market particularly prominent, projected to reach 25 trillion KRW (approximately 19 billion USD) in 2024 and expected to exceed 30 trillion KRW by 2025, with over 60% of overseas purchases coming from Chinese platforms [5][7] Group 2 - The visit is seen as a significant step towards internationalizing local e-commerce and linking resources to empower enterprises, with Vision positioned as a "bridgehead" for local live e-commerce, leveraging its unique experience and resource advantages [5][7] - As Chinese live streaming agencies expand internationally, the industry is transitioning from "product output" to "ecosystem output," with Vision planning to collaborate with global partners to enhance service offerings and inject new momentum into international business and cross-border e-commerce development [7]

Financial Performance - The company raised approximately 29.72 million RMB through a private placement in 2021, with a net amount of 29.21 million RMB [2] - As of December 31, 2024, the total investment in fundraising projects amounted to 188.90 million RMB, with 170.86 million RMB utilized from the raised funds [2] - The net profit attributable to shareholders for 2024 was -1 billion RMB, primarily due to high costs from innovative business investments and asset impairments [7][8] Fund Utilization - Out of the remaining unused raised funds, 789 million RMB is temporarily allocated to supplement working capital, while the rest is held in a dedicated account [3] - The company plans to use 22.48 million RMB of surplus funds from the "social e-commerce ecosystem construction project" to permanently supplement working capital [2] Strategic Adjustments - The company has implemented a refined management approach to address cost pressures from previous personnel expansions, aiming to reduce redundancy [3] - A new stock option and restricted stock incentive plan was approved in 2025 to boost employee motivation and align with future profit targets [3] Business Transformation - The company is shifting its innovative business model to a holding or equity participation approach to enhance employee engagement and eliminate inefficiencies [6] - The footwear business revenue for 2024 was 200 million RMB, with a loss of 200 million RMB, prompting a transition to a multi-category, all-channel operational model [14][15] Market Trends and Future Outlook - The live e-commerce market in China is projected to grow, with retail sales reaching 4.3 trillion RMB in 2024, contributing 80% of the e-commerce sector's growth [11] - The company aims to leverage AI technology to enhance operational efficiency and improve cash flow management [6][12] Share Buyback and Investor Confidence - From May 10, 2022, to May 4, 2023, the company repurchased 8,567,491 shares for a total of approximately 151 million RMB, with no new buyback plans currently in place [3][16] - The company acknowledges the need to restore investor confidence through strategic measures and improved financial performance [3][4]