Company Overview - Silk Road Vision is located in Shenzhen, Guangdong Province, and was established on March 23, 2000. The company was listed on November 4, 2016. Its main business involves digital visual comprehensive services based on CG creativity and technology [1]. - The company's revenue composition 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]. Financial Performance - As of September 10, 2025, Silk Road Vision reported a revenue of 277 million yuan for the first half of 2025, a year-on-year decrease of 6.28%. The net profit attributable to shareholders was -80.26 million yuan, showing a year-on-year increase of 26.14% [2]. - The company has cumulatively distributed 79.14 million yuan in dividends since its A-share listing, with 10.31 million yuan distributed over the past three years [3]. Stock Performance - On September 19, the stock price of Silk Road Vision fell by 2.11%, closing at 19.50 yuan per share, with a trading volume of 66.30 million yuan and a turnover rate of 3.14%. The total market capitalization is 2.371 billion yuan [1]. - Year-to-date, the stock price has increased by 2.36%, but it has decreased by 4.60% over the past five trading days, 11.80% over the past 20 days, and 0.46% over the past 60 days [1]. Shareholder Information - As of September 10, 2025, the number of shareholders for Silk Road Vision is 22,300, a decrease of 2.41% from the previous period. The average number of circulating shares per person is 4,797, an increase of 2.47% [2]. - As of June 30, 2025, the top ten circulating shareholders include a new shareholder, Dazheng Zhongzheng 360 Internet + Index A, holding 751,400 shares, while the Fuguo Convertible Bond A/B has exited the top ten list [3].

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]

Group 1: Company Overview and Business Strategy - Silk Road Vision focuses on digital content creation and aims to strengthen its core competitiveness in the cultural and creative sectors in 2025 [2][3] - The company plans to enhance product and service capabilities while increasing investment in R&D and innovation [2][3] - Silk Road Vision aims to leverage its G-end and B-end business advantages to develop new C-end businesses and ecosystems [2][3] Group 2: Financial Performance and Challenges - As of the end of 2024, accounts receivable amounted to ¥398,250,160.05, representing 22.10% of total assets, down from 29.91% at the beginning of 2024 [3][4] - The company faced significant losses in 2024 due to macroeconomic factors, project delays, and increased operational costs, leading to a decline in performance [4][5] - The first quarter of 2025 showed improvement compared to the same period in 2024, attributed to government debt policies and strategic adjustments [5][6] Group 3: Market Position and Product Offerings - The primary business of Silk Road Vision includes digital exhibition services, which accounted for 77.73% of total revenue in 2024 [6][7] - The company is actively exploring applications in the MR field and has established partnerships with various smart hardware manufacturers [6][8] - Silk Road Vision's digital twin business has developed advanced technologies and a wealth of 3D data assets, enhancing its competitive edge in the market [8][9] Group 4: Future Outlook and Industry Trends - The digital creative industry is expected to grow, with a focus on the integration of PGC, UGC, and AIGC content creation methods [9][10] - Silk Road Vision aims to maintain its unique role in the digital content creation sector, leveraging its strengths in PGC [9][10] - The company is committed to optimizing its human resources and enhancing its digital creative product capabilities to adapt to industry changes [8][9]