Company Overview - Silk Road Vision Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on March 23, 2000. The company went public on November 4, 2016. Its main business involves digital visual comprehensive services based on CG creativity and technology [1]. - The revenue composition of the company includes 82.47% from digital exhibition and display services, with 56.87% from exhibition scene construction, 25.60% from digital content applications, and 17.51% from other digital content applications [1]. Stock Performance - On September 23, Silk Road Vision's stock fell by 5.02%, trading at 18.75 yuan per share, with a transaction volume of 44.37 million yuan and a turnover rate of 2.16%. The total market capitalization is 2.279 billion yuan [1]. Shareholder Information - Among the top ten circulating shareholders of Silk Road Vision, a fund under Dacheng Fund, specifically Dacheng CSI 360 Internet + Index A (002236), entered the top ten in the second quarter, holding 751,400 shares, which accounts for 0.7% of the circulating shares. The estimated floating loss today is approximately 743,900 yuan [2]. - Dacheng CSI 360 Internet + Index A was established on February 3, 2016, with a latest scale of 698 million yuan. Year-to-date returns are 34.45%, ranking 1422 out of 4220 in its category; the one-year return is 90.82%, ranking 730 out of 3814; and since inception, the return is 217.1% [2]. Fund Management - The fund manager of Dacheng CSI 360 Internet + Index A is Xia Gao, who has a cumulative tenure of 10 years and 295 days. The total asset size of the fund is 2.26 billion yuan, with the best fund return during his tenure being 215.74% and the worst being -71.74% [3].

Core Insights - Silk Road Vision (SZ300556) reported a narrowing loss in the first half of 2025 compared to the previous year, with a net profit attributable to shareholders of -80.26 million yuan, an improvement of 26.14% year-on-year [1] - The company's revenue for the first half of 2025 was 277 million yuan, a decrease of 6.28% compared to the same period last year [1] - The gross margin for the first half of 2025 was 12.00%, an increase of 9.21 percentage points year-on-year [2] Financial Performance - The net profit attributable to shareholders for the first half of 2025 was -80.26 million yuan, compared to -108.66 million yuan in the previous year, showing a year-on-year improvement of 26.14% [1] - The net cash flow from operating activities was -26.80 million yuan, a significant improvement of 85.71% from -187.49 million yuan in the same period last year [1] - Basic earnings per share for the first half of 2025 were -0.66 yuan, an improvement of 26.67% from -0.90 yuan in the previous year [1] Expense Management - Total operating expenses for the first half of 2025 were 110 million yuan, a decrease of 17.57 million yuan compared to the previous year [2] - The expense ratio was 39.74%, down 3.45 percentage points year-on-year [2] - Sales expenses decreased by 25.45%, while management expenses increased by 6.78%, R&D expenses decreased by 36.75%, and financial expenses increased by 43.56% [2] Company Overview - Silk Road Vision was established on March 23, 2000, and is located in Shenzhen, Guangdong Province, specializing in digital visual comprehensive services based on CG creativity and technology [5] - The company was listed on November 4, 2016 [5]

Group 1 - The core point of the report is the issuance of convertible bonds by Silkroad Visual Technology Co., Ltd., with a total face value of RMB 240 million, and the actual raised funds amounting to RMB 235.98 million after deducting underwriting and other fees [1][4][10] - The company has faced a significant decline in its digital exhibition and display business, leading to a revenue drop of 58.91% year-on-year, resulting in a net loss for the year [5][7] - The company's credit rating remains stable at A+ for both the issuer and the convertible bonds, as assessed by a credit rating agency [5][6] Group 2 - The company reported total assets of RMB 1.80 billion and total liabilities of RMB 1.22 billion as of the end of 2024, indicating a decrease in total assets from RMB 2.19 billion at the beginning of the year [6][7] - The operating revenue for 2024 was RMB 587.94 million, a significant decrease from RMB 1.43 billion in 2023, while the total operating costs were RMB 936.80 million [7][8] - The net loss for the year was RMB 368.20 million, compared to a profit of RMB 21.94 million in the previous year, reflecting a substantial decline in profitability [8][9] Group 3 - The company has made changes to the use of raised funds, terminating the "Visual Cloud Platform Construction Project" and reallocating the remaining funds to four digital exhibition projects and working capital [10] - As of December 31, 2024, the company had utilized RMB 76.72 million of the raised funds, with a remaining balance of RMB 166.22 million [10] - The company has established a mechanism for regular tracking and supervision of the bond issuance and its compliance with the terms outlined in the bond prospectus [4][10]