VCG(SZ:000681)2022-12-08 09:18Group 1: Company Overview - Visual China is a cultural development company that operates a micro-profit image library, providing low-cost images to small and medium enterprises and individuals [2][3]. - The company has a cash flow positive business model where users must become members and pay a package fee to select materials [3]. Group 2: Image Library and Sources - The micro-profit image library, Fotomore, offers 15 million images sourced from istock, which has a total of 40 million images [3]. - The company plans to increase domestic image supply by categorizing 1,100 photographers for suitable materials [3]. Group 3: Market Analysis - The copyright usage rate in China is only 15%, significantly lower than in developed countries [3]. - The creative image market in the U.S. accounts for 2.5% of the advertising market, while in China, it is only 0.5%, indicating substantial market potential [3]. Group 4: Competitive Landscape - There is a lack of statistical data on the domestic visual material industry, but there are competitors in the editorial and creative image sectors [3]. - The company faces challenges from competitors like Getty, which has a different business model focusing on B2B and tracking image usage for post-payment advertising [4]. Group 5: Revenue Trends - The revenue trend for Aitfans has been stable, but previously it was project-based, leading to significant performance fluctuations [4].