Core Viewpoint - Visual China (000681.SZ) experienced a slight increase of 0.87% today, with a turnover rate of 32.12% and a transaction volume of 5.614 billion yuan [1] Trading Activity Summary - The net selling by the Northbound trading (深股通) amounted to 122 million yuan, with purchases of 83.1 million yuan and sales of 205 million yuan [1] - The "Chengdu faction" of retail investors ranked third in selling, with a net sell of 104 million yuan [1] - Institutional investors bought 114 million yuan and sold 194 million yuan, resulting in a net sell of 79.92 million yuan [1] - The total buying from the top trading seats was 362 million yuan, while total selling reached 666 million yuan, leading to a net sell of 304 million yuan [1] Top Trading Seats - The top buying trading seat was the Northbound trading with 83.1 million yuan, accounting for 1.48% of total transactions [1] - The second largest buying seat was an institutional trading seat with 65.7 million yuan, representing 1.17% of total transactions [1] - The largest selling trading seat was also the Northbound trading with 83.1 million yuan, again accounting for 1.48% of total transactions [1]

Core Viewpoint - Visual China and two other companies issued a statement regarding a copyright dispute with Dai Jianfeng, acknowledging the infringement of his rights related to the image "Village Under the Galaxy" [1][4]. Group 1 - The image "Village Under the Galaxy" was uploaded by a third party without authorization, leading to the copyright infringement case [1][4]. - The Tianjin Peace District People's Court recognized Dai Jianfeng as the copyright owner of the image, confirming that Visual China violated his rights to attribution and online dissemination [1][4]. - The infringing image has been removed from the website following the lawsuit, and the infringement has ceased [1][4]. Group 2 - The company commits to enhancing the protection of copyright holders' rights and will continuously improve its content review processes [2][4]. - The statement emphasizes the company's dedication to contributing to a healthy copyright ecosystem in the future [2][4].

Core Points - The court ruled that Vision China (000681.SZ) illegally sold the photo "Village Under the Galaxy" by Dai Jianfeng, infringing on his information network dissemination rights and right to attribution [2] - The court ordered Vision China and two other companies to jointly compensate 15,000 yuan and to publish an apology on their official website for 48 hours [2] - The court found Vision China's previous claim for over 80,000 yuan in damages from Dai Jianfeng to be clearly inappropriate [2]

Core Viewpoint - Visual China has acknowledged copyright infringement regarding the photograph "Village Under the Galaxy" by photographer Dai Jianfeng, which was uploaded without authorization by a third party. The company has taken steps to rectify the situation and improve copyright protection measures moving forward [2][3]. Group 1: Legal Proceedings - The court recognized that Visual China infringed on Dai Jianfeng's rights concerning the photograph "Village Under the Galaxy," while 148 other photographs were deemed not to constitute infringement [3]. - The court ordered Visual China to compensate Dai Jianfeng a total of 15,000 yuan for economic losses and legal expenses, and to publish a statement on its homepage to mitigate the impact of the infringement [4]. Group 2: Company Response - Visual China stated that the infringement occurred due to a third party, Zhou Feng, who unlawfully uploaded Dai Jianfeng's work. The company has since taken measures to remove the infringing image and has permanently banned Zhou Feng's account [3]. - The company emphasized its commitment to copyright protection and has established a dual governance system combining contractual obligations and technical safeguards to prevent future infringements [3].

Summary of Key Points Core Viewpoint - Visual China is entering into a guarantee agreement with Hangzhou Bank to support its wholly-owned subsidiary, Beijing Huaxia Visual Technology Group, with a maximum financing amount of 50 million RMB [1][3]. Group 1: Guarantee Overview - The company will provide a joint liability guarantee for the debts incurred by its subsidiary under the financing contract with Hangzhou Bank [1]. - The total guarantee amount for Beijing Huaxia Visual Technology Group is set at 100 million RMB, with similar amounts allocated for two other subsidiaries, Hanhua Yimei (Tianjin) Image Technology Co., Ltd. and Hanhua Yimei Visual Technology Co., Ltd. [2]. - The authorization period for the guarantee is twelve months from the approval date at the 2024 annual shareholders' meeting [2]. Group 2: Financial Data of the Subsidiary - As of December 31, 2024, Beijing Huaxia Visual Technology Group reported total assets of 1.75 billion RMB and total liabilities of 1.23 billion RMB [3]. - The subsidiary's operating income was approximately 489.8 million RMB, with a total profit of 56.9 million RMB [3]. Group 3: Guarantee Agreement Details - The guarantee is structured as a joint liability guarantee, covering all principal, interest, penalties, and related costs associated with the financing [3]. - The guarantee period for each financing transaction will be calculated separately, lasting three years from the debt fulfillment deadline [3]. Group 4: Total Guarantee Amount - The total authorized guarantee amount approved by the shareholders' meeting is 413.315 million RMB, which includes 300 million RMB for new guarantees and 113.315 million RMB from previous years [5]. - After this guarantee, the total outstanding guarantee amount for subsidiaries will be 163.315 million RMB, which does not involve any litigation or losses due to guarantees [5].