AI 促进主业高质量发展。2025 年上半年，公司上线"版权审核查重系统"，共计拦截10 万余张素材，同 616 名供稿人解约。光厂通过AI 技术识别并拦截风险作品近4 万件，视频和图片作品审核效率分别提升 近5 倍和15 倍。根据AI 产品榜数据，AiPPT5 月单月访问量已超过2000 万，位居国内AI 原生PPT 工具 市场第一位，以及全球第二位。公司将内部AI 工具箱打造为一站式创新生成服务平台，已经开发上线 进入内测阶段，或将成为公司收入与利润端新的增长点。深圳市龙岗区引导基金投资公司对公司控股子 公司大象视觉科技有限公司增资1 亿元。 事件：2025 年上半年公司实现营业收入3.99 亿元，同比增长0.05%；归母净利润0.44 亿元，同比下降 13.91%，主要源于广告营销行业受宏观环境影响调整所带来的收入减少。每10 股派发现金红利0.11 元 （含税），不转增。 投资建议：公司抓住AI 发展机遇，确定"AI 智能+内容数据+应用场景"发展战略，公司业绩有望提升。 预计公司2025-2027 年归母净利润分别为1.43/1.55/1.69 亿元；EPS 分别为0.2/0.22/0.24 元/每 ...

Core Insights - Visual China reported a total revenue of 811 million yuan for 2024, reflecting a year-on-year growth of 3.89%, a significant slowdown compared to the 11.94% growth in 2023 [4] - The net profit attributable to shareholders was 119 million yuan, down 18.17% year-on-year, primarily due to increased investment income from the acquisition of Guangchang Creative in the previous year [4][5] - The company achieved a non-recurring net profit of 113 million yuan, which represents a year-on-year increase of 3.80%, indicating an improvement in core business profitability [4] Revenue and Profitability - The gross profit for Visual China was 380 million yuan, showing a decline of 5% year-on-year, indicating pressure on cost control [4] - The main business remains focused on visual content copyright trading and creative customization services, with AI technology enhancing service capabilities and user experience [4][5] AI Technology and Business Expansion - Visual China actively advanced its AI strategy in 2024, establishing a development strategy of "AI intelligence + content data + application scenarios" [5] - The sales revenue from the audio-visual business increased from 26% of total revenue in 2023 to 34% in 2024, becoming a new growth engine for the company [5] - The company entered the 3D content service market through strategic investments, with over 2 million registered users on CG Model Network and more than 1 million tradable 3D model assets [5][6] Content Security and Copyright Protection - Visual China faces significant challenges in content security and copyright protection, establishing a content security committee and implementing a tiered review mechanism [7] - The company launched a copyright review system that intercepted nearly 200,000 risky works, but the number of complaints increased by 66.1% year-on-year, indicating ongoing pressure in copyright protection [7] - Increased investments in content security have raised operational costs, with 37,000 violations removed and 453 violators dealt with during the reporting period [7]