股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 閱文集團 | | | | | | 呈交日期: | 2026年1月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00772 | 說明 | | | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 10,000,000,000 | USD | 0.0001 USD | | 1,000,000 | | 增加 / 減少 (-) | | 0 | USD | | 0 | | 本月底結存 | 10,000,000,000 | USD ...

Core Insights - The article discusses the rapid global expansion of Chinese online literature, highlighting the emergence of a multi-polar growth pattern with significant contributions from Latin America, North America, and Eurasia [1][11] - The CEO of a leading Chinese online literature company emphasizes the transition from merely translating content to establishing a global co-creation ecosystem that integrates IP into various cultural industries [1][15] Group 1: Global Expansion of Online Literature - By 2025, online literature is expected to enter a phase of rapid global proliferation, with Latin America's rise creating a new market dynamic [1] - Brazil's user base has surged, becoming the third largest globally, with monthly active users increasing nearly eightfold compared to the previous year [11] - The growth in Latin America is driven by AI-powered multilingual translation, which facilitates cultural exchange and market entry [11][13] Group 2: Business Strategy and Growth Drivers - The company identifies "蓄能" (energy accumulation) as a key theme for 2025, benefiting from external cultural consumption trends and internal capabilities [3] - The focus for 2026 will be on diversifying growth engines rather than relying on a single source, with short dramas and derivative products expected to accelerate [6] - The company aims to create a collaborative ecosystem for short dramas, leveraging a strong IP reserve and top-tier creators [7] Group 3: IP Development and Localization - The company is committed to a dual strategy of deepening its own IP while collaborating with external IPs to create a win-win ecosystem [9] - A systematic capability has been established for product development, supply chain coordination, and marketing across various channels [10] - The approach to localization emphasizes maintaining the original cultural essence while adapting to local preferences, supported by a comprehensive terminology database [12] Group 4: Future Trends and Challenges - The transition from being a "source of Chinese IP" to a "source of global IP" is marked by the ability to cultivate local ecosystems and integrate into international industry chains [15] - Current barriers include cross-cultural understanding, localization depth, and the complexities of global copyright protection [15] - Future growth points are expected to focus on local market deepening, accelerated industry chain development, and enhanced offline experiences [16]

Core Viewpoint - The article emphasizes that the rise of "manga drama" represents a significant shift in the entertainment industry, driven by AI technology, and is seen as a new industrial revolution rather than just a trend in content consumption [1][16]. Industry Overview - The manga drama industry has rapidly evolved, with companies like 酱油文化 (Soy Sauce Culture) transitioning from short dramas to manga dramas, achieving significant revenue growth [3][6]. - In 2025, the revenue from 酱油文化's manga dramas surged from a few million to 50 million yuan in just a few months, showcasing the potential of this new format [3][6]. Production Efficiency - Manga dramas are produced using AI, which drastically reduces the production time to 10-20 days compared to 3 months for traditional short dramas, eliminating the need for a large crew [5][17]. - The cost of producing manga dramas is significantly lower, with estimates of 1,000 yuan per minute, compared to 5,000 yuan for short dramas and at least 15,000 yuan for traditional animated series [17]. Market Dynamics - The manga drama market is experiencing explosive growth, with platforms like Douyin and Kuaishou investing heavily in this format, leading to a projected market size of over 20 billion yuan by 2025 [8]. - The introduction of guaranteed revenue-sharing models by platforms has further incentivized production, with some offering up to 30,000 yuan per minute as a base fee [8]. Competitive Landscape - Key players in the manga drama space include 酱油文化, 灵矩动漫 (Lingju Animation), and other former short drama companies, all pivoting towards this new format due to declining profitability in short dramas [3][11]. - The competition is intensifying, with many companies recognizing the potential of AI-driven content creation, leading to a shift in focus from traditional short dramas to manga dramas [11][12]. Future Outlook - As AI technology continues to mature, the cost and efficiency of producing high-quality manga dramas are expected to improve, making it a more viable and profitable venture for companies [18]. - The industry is poised for further growth, with expectations that the quality of AI-generated content will enhance, leading to a more competitive landscape [18].

Core Insights - The 2025 Global Cultural IP Industry Development Conference focused on the incubation and development of vertical field IPs, discussing the balance between content and commercial needs, and the impact of AIGC (Artificial Intelligence Generated Content) on the industry [3][9]. Group 1: IP Incubation and Development - The roundtable highlighted that platform companies have a differentiated advantage in IP incubation due to long-term investments in data insights, community interaction, and content ecosystems [3][9]. - It was emphasized that assessing an IP's derivative capability requires attention to early signals from content popularity and fan demand, as well as "data distortion" [3][9]. - The core of balancing respect for original works and market demand lies in finding value intersections and establishing long-term cooperative trust [3][9]. Group 2: Platform Strategies for IP Creation - Yang Qihua noted that the transition from traditional record companies to streaming platforms has shifted the focus to data and user behavior insights, allowing for continuous interaction among content, artists, and users [4][10]. - Feng Shuai stated that understanding young people's emotional needs is crucial for IP commercialization, and identifying "steep growth" through data fluctuations can help initiate derivative development [4][10]. - Tang Yueming illustrated that artists themselves are significant IPs, with potential for commercial expansion across various dimensions such as performances and brand sponsorships [5][10]. Group 3: Balancing Content and Commercial Needs - Yang Qihua proposed that platforms should use data observation and tiered operations to gradually commercialize musicians from content popularity to live performances and merchandise [6][11]. - Feng Shuai emphasized transforming competitive dynamics into cooperative consensus to align creators' intentions with user needs [6][11]. - Zhang Linjing pointed out that commercial collaborations should find a harmonious balance to avoid alienating users [6][11]. Group 4: AIGC Trends - Yang Qihua asserted that AIGC will significantly disrupt the upstream creative layer and that both platforms and content creators should embrace AI comprehensively [6][12]. - Feng Shuai compared AI to "the future of all entrances and exits," indicating its transformative potential [6][12]. - Zhang Linjing advised smaller creators to focus on community feedback mechanisms and utilize metrics like completion rates to quickly adjust content and IP direction [6][12].

Group 1 - The article discusses the new global positioning of China, emphasizing the competitive landscape and the opportunities for Chinese companies to expand internationally [1] - Key leaders from various industries, such as TCL and GCL Group, highlight the importance of leveraging China's manufacturing advantages to break through domestic competition and achieve global influence [1] - The article also mentions the awakening of consumer demand in China, with experts suggesting measures to stabilize income growth and boost consumption [1] Group 2 - The article outlines the transformation of traditional and emerging industries in China, with leaders from companies like UBTECH and CloudWalk discussing advancements in robotics and technology [1] - It highlights the anticipated growth in commercial aerospace and the automotive market, indicating a shift away from previous trends [1] - The focus on innovation in the pharmaceutical sector is noted, with a transition from explosive growth to sustained development in authorized drug transactions [2]

Core Viewpoint - Chinese online literature is evolving from being a source of domestic IP to becoming a new source of global IP [1][17]. Group 1: Global Expansion of Chinese Online Literature - A diverse group of online literature authors from 14 countries participated in the fourth Shanghai International Online Literature Week, indicating the global interest in Chinese online literature [1]. - The "2025 China Online Literature Going Global Trend Report" predicts a rapid global proliferation of online literature by 2025, with Latin America emerging as a significant market alongside North America and Eurasia [1]. - The transition of Chinese online literature from "content translation output" to "model export" and now to "global co-creation" reflects its deep integration into global cultural industries [1][2]. Group 2: Growth Drivers and Market Dynamics - The year 2025 is expected to witness a profound change in the global online literature landscape, with Latin America experiencing significant growth, particularly in Brazil, where monthly active users surged by nearly 800% [11]. - The cultural consumption upgrade and the rapid maturation of new formats like short dramas and comic adaptations are key drivers for the growth of IP development [3][6]. - The company aims to build a multi-faceted growth engine rather than relying on a single source, focusing on short dramas, comic adaptations, and derivative products as core growth areas for 2026 [6][10]. Group 3: Strategies for Market Penetration - The company emphasizes the importance of localizing content and understanding cultural differences in IP selection and translation, particularly in emerging markets [11][12]. - The strategy includes creating a self-sustaining ecosystem for local creators, transforming readers into creators, and fostering a "snowball effect" in content creation [13][14]. - The company is focused on integrating content and merchandise operations to ensure that derivative products enhance the narrative and emotional value of the IP [10]. Group 4: Future Directions and Challenges - The company identifies three key areas for future growth: deepening market localization, accelerating industry chain development, and expanding offline experiences and consumption [17]. - Current barriers include cross-cultural understanding, localized operations, and the complexities of international copyright protection [15]. - The company is exploring innovative "IP + cultural tourism" business models, aiming to create emotional connections and cultural resonance in international markets [16].

Core Insights - The article discusses the rapid global expansion of Chinese online literature, highlighting its increasing influence and the emergence of a new market structure driven by Latin America, North America, and Eurasia [3][20]. Group 1: Global Expansion of Online Literature - By 2025, online literature is expected to enter a phase of rapid global proliferation, with Latin America emerging as a significant market alongside North America and Eurasia [3]. - As of October 31, 2025, WebNovel has nearly 400 million global users and has nurtured around 530,000 writers and over 820,000 original works, with a 20% year-on-year increase in total works [3]. - The global creative force is becoming significantly younger, with 50% of WebNovel's signed authors being born after 2000 [3]. Group 2: Evolution of Online Literature Export - The export of Chinese online literature has progressed through three stages: content translation, establishment of overseas platforms, and deep integration of IP into global industries [4][5]. - The current phase emphasizes the need for Chinese IP to transition from merely "going out" to "integrating in" [5]. Group 3: Market Dynamics and Growth Drivers - The year 2025 is characterized by a cultural consumption upgrade, with quality IP becoming a valuable asset across various media [6]. - New formats like short dramas and animated series are maturing rapidly, enhancing IP conversion efficiency [6]. - The growth of online literature is now described as a "multi-level growth" pattern, particularly with the explosive rise of the Latin American market [20]. Group 4: Strategies for Localization and Cultural Integration - The company employs data insights for differentiated IP selection, recognizing that emotional themes are universal but regional preferences vary significantly [20]. - In translation, the focus is on maintaining the original essence of the stories, supported by a comprehensive terminology database for accurate cultural representation [21]. Group 5: Future Directions and Challenges - The company aims to establish itself as a "global IP source," focusing on creating a self-sustaining ecosystem for overseas original content [25]. - Current barriers include cross-cultural understanding, localized operations, and the complexities of international copyright protection [25].

Core Insights - The article discusses the rapid global expansion of Chinese online literature, highlighting its transition from a national to a global IP source, with significant growth expected by 2025 [1][25]. Group 1: Global Expansion of Chinese Online Literature - A diverse group of online literature writers from 14 countries participated in the fourth Shanghai International Online Literature Week, indicating the global interest in Chinese IP [1]. - According to the "2025 China Online Literature Going Global Trend Report," the online literature market is expected to see rapid global adoption, particularly in Latin America, creating a tripartite market structure with North America, Eurasia, and Latin America [1]. - By October 31, 2025, WebNovel (Qidian International) is projected to have nearly 400 million cumulative global users and over 820,000 original works, with a 20% year-on-year increase in total works [1]. Group 2: Evolution of Online Literature Export Strategies - The CEO of Yuewen Group, Hou Xiaonan, outlined three phases of online literature export: 1.0 focused on content translation, 2.0 on establishing overseas platforms like WebNovel, and 3.0 on global co-creation integrating IP into various industries [2]. - The current phase emphasizes the need for Chinese IP to transition from merely "going out" to "integrating in" global markets [3]. Group 3: Future Growth and Market Dynamics - The keyword for 2025 is "accumulation," driven by cultural consumption upgrades and the maturation of new formats like short dramas and comics, which enhance IP conversion efficiency [4]. - The company aims to diversify its growth engines rather than relying on a single source, with short dramas, comics, and derivative products expected to accelerate in 2026 [7]. - The short drama model has been validated commercially, focusing on quality and thematic expansion, while AI technology is expected to enhance the production of comics [8]. Group 4: Market Trends and Regional Strategies - The global online literature market is experiencing profound changes, with Latin America emerging as a significant player, evidenced by Brazil's user base growing nearly eightfold [19]. - The company employs data insights for differentiated IP selection, adapting to regional preferences while maintaining the essence of the original content [21]. - The success in Latin America demonstrates the global applicability of China's online literature industry model, which can be replicated in other emerging markets [21]. Group 5: Challenges and Opportunities in Global IP Development - The transition to a "global IP source" is measured by the ability to establish a self-sustaining overseas original ecosystem and integrate into international industry chains [22]. - Current barriers include cross-cultural understanding, localization depth, and the complexities of global copyright protection [22]. - The company is focused on creating emotional connections and cultural resonance in international markets through its IP [24].

Core Insights - Shanghai is transforming into a cultural and creative industry leader, aiming to establish itself as an internationally influential center by 2035 through initiatives like the "Cultural and Creative 50 Policies" [4][12] - The gaming and esports sectors are emerging as significant contributors to Shanghai's cultural identity, accounting for 17.8% of national offline esports events and nearly half of the industry's revenue [4][15] Group 1: Economic Contribution - By 2016, the added value of Shanghai's cultural and creative industry accounted for 12% of the city's GDP, consistently outpacing overall economic growth [4][10] - The gaming market in Shanghai is projected to reach approximately 155.8 billion yuan in 2024, representing nearly half of China's total gaming market [15][20] Group 2: Key Drivers - The success of Shanghai's cultural and creative industry is attributed to three key factors: originality, cultural openness, and sustainable business models [4][6] - The "first-release economy" has been a significant driver, with 848 new flagship stores established in 2025, making Shanghai a preferred location for brand launches [6][10] Group 3: Industry Ecosystem - Shanghai's cultural creative parks have evolved through four stages: spontaneous gathering, rapid growth, mature development, and transformation [9][11] - The integration of technology and content, particularly in gaming and esports, is seen as a future growth area, with initiatives to combine VR technology with gaming content [20][22] Group 4: Policy Support - Recent policies, such as the "Game Ten Measures," aim to enhance the gaming IP ecosystem and support local and foreign gaming enterprises [20][22] - The city is also focusing on deepening collaboration with the Yangtze River Delta region to leverage its strengths in international engagement and copyright protection [22]

格隆汇12月29日丨阅文集团(00772.HK)宣布，公司将于2026年3月17日(星期二)举行董事会会议，藉以 (其中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度的全年业绩及其发布，并考虑派发 末期股息(如有)。 ...