表格類別： 股票 狀態： 新提交 公司名稱： 閱文集團 呈交日期： 2026年1月13日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00772 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | ...

Core Viewpoint - The collaboration between Yuewen Group and Shengshu Technology marks a significant step in the application of AIGC (Artificial Intelligence Generated Content) in the industry, integrating advanced AI technology with content creation platforms [1] Group 1: Partnership Details - Yuewen Group's comic creation platform, "Yuewen Comic Assistant," will fully integrate with Shengshu Technology's newly released multimodal model, Vidu [1] - This partnership signifies a collaboration between a leading content platform and a top AI technology company, aiming to enhance the AIGC industry's practical applications [1] Group 2: Educational Initiatives - Shengshu Technology has established "Qingying Shengshu" in partnership with Qingdao Film Academy, focusing on AIGC film education and developing a talent cultivation system for the industry [1] - The initiative indicates a commitment to building a complete ecosystem that encompasses technological empowerment, industry implementation, and talent supply [1]

Core Insights - The collectibles card market is experiencing significant growth, with companies like Suplay and Sunnysondi filing for IPOs, indicating a rising interest in high-end collectible cards [1][2] - The integration of IP and collectibles is becoming a standard in the entertainment industry, with a notable increase in the number of projects and collaborations between major platforms and brands [9][12] - The global market for entertainment merchandise is projected to reach $137.4 billion by 2029, highlighting the lucrative potential of this sector [8] Group 1: Market Developments - Suplay has submitted its IPO application to the Hong Kong Stock Exchange, focusing on high-end collectible cards priced above 10 yuan [1] - Sunnysondi's IPO application follows the success of its merchandise from popular animated films, indicating a trend of rising revenues in the collectibles sector [2] - The collectibles card has become a standard offering for popular media, with nearly 100 projects planned for 2025, a significant increase from the previous year [9] Group 2: Financial Performance - HYBE's merchandise and licensing revenue reached 168.3 billion KRW (over 800 million RMB) in Q3 2025, becoming its third-largest revenue source [5] - Major companies like Light Media and Mango TV are ramping up their investments in IP derivative products, with Light Media's market value at 48 billion RMB and Mango TV at 45.7 billion RMB [13] Group 3: Industry Trends - The collectibles card market is evolving, with brands like Hitcard leading the way by collaborating with major IP holders and expanding their product offerings [14][35] - The trend of integrating high-quality products that carry emotional value is becoming crucial for brands to differentiate themselves in a competitive market [19][30] - Companies are increasingly focusing on building comprehensive IP ecosystems, with brands like Hitcard and Uncommon Play aiming to enhance their operational capabilities and market reach [36][38] Group 4: Consumer Engagement - Major platforms are enhancing their consumer engagement strategies by launching themed stores and interactive experiences, such as iQIYI's "Qixiaobei" stores and Youku's themed areas [21][25] - The rise of online sales channels, including live streaming and e-commerce, is reshaping how collectibles are marketed and sold, with significant sales coming from these platforms [30] Group 5: Future Outlook - The industry is expected to see more brands emerge that can successfully navigate the complexities of IP management and product development, potentially leading to the creation of iconic brands similar to LEGO or Hasbro in the future [38]

Industry Overview - The year 2025 is described as a "new era" for the ACGN (Animation, Comic, Game, Novel) industry in China, marking significant changes in animation films, series, and AI-driven content [1] - The Chinese animation film "Nezha: Birth of the Demon Child" achieved a record-breaking box office of 15 billion yuan, while "The Wandering Earth" set new records for 2D animation films [1] - The gaming industry continues to grow steadily, with major companies like Tencent and NetEase launching new blockbuster products [1] Animation and Content Trends - 2025 is seen as a transformative year for Chinese animation series, with changes in platform policies and content planning, as well as a focus on female-oriented themes to escape content homogeneity [1] - AI-driven comic series are gaining traction, with platforms like iQIYI and others recognizing the potential of AI technology in the entertainment sector [1] - The rise of AI comic series is reminiscent of the past boom in the comic industry, leading to increased competition and potential market consolidation by 2026 [1] Gaming and E-sports Developments - The gaming industry is experiencing stable growth, with total revenue continuing to increase year-on-year, and new competitive products emerging from major players [1] - 2025 is also noted as a pivotal year for Chinese e-sports projects expanding globally, despite mixed results in international competitions [2] - The first e-sports Olympics is scheduled for 2027, indicating a growing recognition of e-sports on a global stage [7] Financial Performance and Market Dynamics - The report from the Chinese gaming industry indicates a total of 1,771 game licenses were issued in 2025, marking a 25% increase from 2024, with a diverse range of game types being approved [124] - Companies like Reading Group reported a total revenue of 8.12 billion yuan in 2024, a 15.8% increase year-on-year, showcasing the industry's robust growth [19] - Kinsan Software reported a revenue of 10.318 billion yuan in 2024, with a significant increase in gaming-related income [20] Notable Events and Releases - The release of "Nezha 2" and "The Wandering Earth" highlights the success of Chinese animated films in 2025, with both films achieving record box office numbers [5][70] - The launch of various gaming titles and platforms, including the public testing of "Decision Peak" and "Xianjian World," reflects the ongoing innovation in the gaming sector [4][11] - The publication of multiple industry reports, such as the "2025 Trends Report" for domestic animation and GenAI, indicates a focus on understanding and adapting to market changes [6][9]

Group 1 - The core point of the article is that Reading Group (00772) has seen a stock price increase of over 5%, currently trading at 36.40 HKD with a transaction volume of 77.66 million HKD [1][3] - Reading Group has announced a deep business collaboration with Shengshu Technology, integrating its IP visualization development platform "Reading Comic Assistant" with Shengshu's latest multimodal model, Vidu [1][5] - This partnership signifies a substantial step in the industrial application of AIGC (AI-Generated Content) between a leading content platform and a top AI technology company [1][5] Group 2 - Shengshu Technology has also established a joint venture with Qingdao Film Academy named "Qingying Shengshu" to focus on AIGC film education and develop an industry-level talent training system [1][5]

Group 1 - The core viewpoint of the article highlights the significant collaboration between Reading Group (阅文集团) and Shenshu Technology (生数科技), which aims to enhance the application of AI-generated content (AIGC) in the industry [1] - Reading Group's stock price increased by over 5%, reaching 36.9 HKD with a trading volume of 54.81 million HKD, indicating positive market sentiment following the announcement of the partnership [1] - The partnership will integrate Shenshu's newly released multimodal model, Vidu, into Reading Group's comic creation platform, "Reading Comic Assistant," marking a substantial step in the collaboration between leading content platforms and AI technology companies [1] Group 2 - Vidu's multimodal generation capabilities will be deeply embedded in the creative workflow of Reading Comic Assistant, providing AI-generated support for creators from images to videos [1] - The collaboration is expected to accelerate the iterative optimization of the model in vertical fields, leveraging Reading Group's vast IP resources to offer a one-stop solution for creators [1] - Future plans include expanding the partnership to encompass AI-generated live-action dramas, indicating a broader vision for the application of AI in content creation [1]

Core Viewpoint - The collaboration between Yuewen Group and Shengshu Technology marks a significant step in the application of AIGC (AI-Generated Content) in the industry, combining leading content platforms with advanced AI technology [1] Group 1: Company Collaboration - Yuewen Group's "Yuewen Comic Assistant," focused on IP visualization development, will fully integrate Shengshu Technology's newly released multimodal model, Vidu [1] - This partnership signifies a substantial advancement in the industrial application of AIGC, showcasing the synergy between a top content platform and a leading AI technology company [1] Group 2: Technology Integration - The Vidu model's multimodal generation capabilities will be deeply embedded in the creative workflow of the Yuewen Comic Assistant, providing AI-generated support from images to videos for platform creators [1] - The collaboration aims to accelerate the iterative optimization of the model in vertical fields, leveraging Vidu's AI generation capabilities alongside Yuewen's vast IP resources [1] Group 3: Future Expansion Plans - The partnership intends to offer a one-stop solution for creators, from IP to visual content, and plans to expand future collaborations into broader areas such as AI live-action dramas [1]

Core Insights - The rise of "manhua drama" represents a transformation of traditional animation into short video formats, catering to the entertainment needs of modern young audiences with a focus on quick, engaging content [1][2] - The unique production model of manhua drama, characterized by lower costs and shorter production cycles, differentiates it from traditional animation and live-action short dramas, allowing for a diverse range of content [1][2] - The integration of AI technology in the production process has significantly reduced costs and improved efficiency, enabling a scalable growth phase for the industry [3][5] Group 1: Market Performance and User Engagement - Manhua dramas have achieved significant viewership, with 80 works surpassing 10 million views and over 10 works exceeding 100 million views, indicating strong market potential [1] - The overlap between paying users of manhua dramas and short dramas is only 38%, suggesting that manhua dramas attract a substantial number of new paying users [2] - The appeal of manhua dramas lies in their ability to resonate emotionally with users, enhanced by community interactions and a low-cost, fast-paced payment model [2] Group 2: Technological Advancements and Production Efficiency - AI tools have drastically reduced the production costs of manhua dramas, with costs dropping from 2000-5000 yuan per minute to 1000-2500 yuan, achieving a reduction of up to 50% [3] - The introduction of platforms like "Manhua Assistant" and "Dream Maker 2.0" has further streamlined the creative process, allowing creators to focus on narrative and aesthetics [5] - The evolution of AI technology is reshaping the production logic, enabling creators to generate high-quality content with less manual effort [5] Group 3: Industry Challenges and Future Directions - The manhua drama industry faces challenges such as content homogenization, copyright disputes, and the need for content safety, which could hinder sustainable growth [6][7] - AI is currently viewed as a supportive tool in scriptwriting, lacking the capability to create complex narratives independently, which highlights the need for human creativity in the production process [7] - The increase in copyright infringement cases related to AI-generated content necessitates the establishment of a comprehensive copyright governance system within the industry [8]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]

Core Viewpoint - The article discusses the rapid growth and potential of "manga dramas" (漫剧), a new form of animated short series that is gaining popularity among young audiences, particularly on platforms like Douyin and Kuaishou. This trend is seen as a significant shift from traditional live-action short dramas, with projections indicating a market size that could exceed 20 billion yuan in the near future [4][6][27]. Group 1: Market Growth and Trends - The popularity of manga dramas is reflected in Douyin's data, which shows that in October 2025, the platform's manga dramas surpassed 6.1 billion views, with several series achieving over 100 million views each [6][27]. - The total number of manga dramas launched in the first half of 2025 reached 3,000, with a monthly compound growth rate of 83%, and revenue growth saw a 12-fold increase [6][27]. - Multiple brokerages predict that the annual market size for manga dramas could exceed 20 billion yuan, potentially reaching one-third of the revenue generated by live-action short dramas [6][27]. Group 2: Industry Participation and Competition - Major internet companies, including traditional long-video platforms like iQIYI and Bilibili, as well as short-video platforms like Douyin and Kuaishou, are entering the manga drama space, indicating a competitive landscape [6][27]. - Douyin has introduced incentive policies for manga drama creators, offering guaranteed payments and revenue sharing that can reach up to 30,000 yuan per minute for top-performing works [9][28]. - The entry of various players into the manga drama market is driven by the desire to capture user engagement and leverage AI technology to reduce production costs and enhance content diversity [28][29]. Group 3: Technological Impact - The integration of AI in the production of manga dramas has significantly lowered the barriers to entry for creators, allowing for faster and more cost-effective content creation [9][24]. - AI tools have enabled teams to produce high-quality manga dramas at a fraction of the traditional costs, with production times reduced to 10-13 days and costs ranging from 1,000 to 2,500 yuan per minute [24][26]. - The current production model allows for a more diverse range of content, appealing to a broader audience, particularly young males aged 18-30, who make up over 60% of the viewership [30][32]. Group 4: Future Outlook and Challenges - The future of manga dramas is seen as promising, with the potential to fill gaps in the male-oriented content market and attract younger viewers through innovative storytelling and visual presentation [32][33]. - However, industry analysts caution that the focus should remain on content innovation rather than solely on technological advancements, to avoid a race to the bottom in production quality [33].