香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 閱文集團（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二六年三月十七日（星期 二）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截至二零二五年十二 月三十一日止年度的全年業績及其發佈，並考慮派發末期股息（如有）。 承董事會命 CHINA LITERATURE LIMITED 閱 文 集 團 （於開曼群島註冊成立的有限公司） （股份代號：772） 董事會會議召開日期 CHINA LITERATURE LIMITED 蒲海濤先生 董事會主席及非執行董事 香港，二零二五年十二月二十九日 於本公告日期，董事會由執行董事侯曉楠先生及黃琰先生；非執行董事蒲海濤先生、曹華 益先生及謝晴華先生；獨立非執行董事余楚媛女士、梁秀婷女士及劉駿民先生組成。 ...

Core Viewpoint - The National Internet Information Office of China released a draft regulation on December 27, 2023, focusing on the management of AI emotional companionship services, defining it as products or services that simulate human characteristics and engage in emotional interactions [1] Group 1: Market Overview - The domestic AI emotional companionship market is maturing, with leading products like Xingye (MiniMax) achieving 4.88 million monthly active users and Cat Box (ByteDance) following closely with 4.72 million [1] - Xingye's operating company, MiniMax, reported approximately 120 million RMB in revenue for the first nine months of the year, with users spending an average of over 70 minutes daily on these products [1] Group 2: Regulatory Framework - The draft regulation emphasizes the need for clear user notifications that interactions are not with real humans and mandates dynamic reminders for users who are online for over two hours [2] - It requires systems to detect emotional distress or dependency behaviors, with protocols for human intervention in extreme cases, such as suicidal tendencies [2] - The regulation imposes strict limitations on training data, stating that user interaction data cannot be used for model training without explicit consent [2] Group 3: Compliance Challenges - Current leading products do not provide an easy opt-in/opt-out mechanism for data usage in model training, relying instead on a default consent model [3] - The AI identification on interaction pages is not sufficiently prominent, leading to instances where users mistakenly believe they are interacting with real people [3] Group 4: Content Safety Measures - Content risk control is currently the most developed aspect, with models designed to guide users towards seeking help in cases of suicidal tendencies [5] - However, challenges remain in effectively preventing suicide, as users may circumvent AI safety checks [5] Group 5: Global Context - The issue of AI emotional companionship has garnered attention from legislative bodies globally, with various countries, including the U.S. and EU, advancing targeted regulations [6] - Recent incidents involving AI companionship products have led to regulatory actions, such as the requirement for clear user notifications in New York and mandatory rest reminders for minors in California [6]

Core Insights - The report indicates that by 2025, Chinese online literature will enter a phase of rapid global proliferation, establishing a market structure characterized by simultaneous growth in North America, Eurasia, and Latin America, with "IP leading the enhancement of cultural and tourism value" becoming a global industry phenomenon [1][3]. Market Growth - In 2024, the revenue scale of the Chinese online literature market is projected to reach 49.55 billion RMB, reflecting a year-on-year growth of 29.37%, marking three consecutive years of accelerated growth [3]. - The overseas market revenue is expected to be 4.815 billion RMB, with a year-on-year increase of 10.68%, indicating a steady growth trend [3]. Global Influence and Content Ecosystem - The global influence of Chinese online literature is reaching new heights, with a multi-polar growth global market already formed. By the end of 2024, the cumulative scale of Chinese online literature works is expected to reach approximately 42.1 million [3]. - As of October 31, 2025, the overseas portal WebNovel under Yuedu Group has nearly 400 million cumulative global users, nurturing around 530,000 writers and over 820,000 original works, with a total work volume increasing by 20% [3][4]. Young Creators and Community Engagement - There is a notable trend of increasing youth involvement in global creative forces, with 50% of signed authors on WebNovel being born after 2000, and the number of authors born after 2005 growing by 55.9% [4]. - The platform has seen a cumulative total of over 14 million comments and interactions, with discussions about Chinese culture exceeding 400,000, establishing a new bridge for cultural exchange [4]. Translation and IP Development - By 2025, the total number of translated works from Chinese online literature is expected to exceed 13,600, with significant growth in various languages, including a 349% increase in Indonesian, 336% in Spanish, and 278% in Portuguese compared to 2024 [4]. - The deep integration of "IP + cultural tourism" is creating a "new continent" of IP value, exemplified by collaborations such as "Dao Gui Yi Xian" with Universal Studios Singapore and "Full-Time Expert" with the Swiss National Tourism Board [4]. Cultural Impact - Online literature has evolved from a Chinese cultural phenomenon to a cross-cultural and cross-linguistic trend, becoming a fertile ground for the emergence of a new generation of global IP [5].

Core Insights - The article announces the release of the 2025 "Twelve Kings" list by Yuewen Group, featuring a record number of young authors, with nine post-95 writers included [1][2] - The "Twelve Kings" list has been evaluating authors since its inception in 2016, using multiple criteria such as work data, reader reputation, literary quality, and innovation [1][2] - Half of the authors on the 2025 list have already sold the copyrights to their works, contributing to a total of nearly 60 prominent authors identified by the "Twelve Kings" initiative [1][2]

Group 1 - Major domestic companies are increasingly holding global conferences in Wuhan's Optics Valley, with notable events including Xiaomi's Global Core Supplier Conference and China Information Communication's first Partner Conference [3][4] - These conferences are characterized as "highest specification" events, emphasizing their significance in the respective industries, with Xiaomi's event being described as its most influential annual industry cooperation event [4][5] - The participation of high-profile executives from major companies, such as Xiaomi's CEO Lei Jun and Lenovo's CEO Yang Yuanqing, highlights the importance of these gatherings for networking and collaboration [5] Group 2 - The choice of Optics Valley as a venue is strategic, as several companies, including China Information Communication and Changjiang Storage, have their headquarters there, while others like Xiaomi and Lenovo have significant investments in the area [6][7] - Xiaomi's smart home appliance factory in Optics Valley, with a planned investment of over 2.5 billion yuan, is a key example of the region's industrial capabilities, aiming for an annual output value of 14 billion yuan [6] - The conferences serve as platforms for companies to identify gaps in their operations and enhance industry collaboration, with local government agencies aiming to capture business development needs through these events [8][9] Group 3 - The conferences have led to the establishment of over 40 companies in the compound semiconductor sector, driven by the Nine Peaks Mountain Laboratory's focus on industrial research [8] - Lenovo's initiatives have resulted in numerous industry chain partners establishing operations in Optics Valley, contributing to the growth of the local ecosystem [9] - The region has seen significant project signings, with over 130 projects and a total investment of 140 billion yuan expected this year, primarily through industry chain-driven initiatives [9]

Core Viewpoint - The article highlights the growth potential of the Chinese online literature industry, particularly in overseas markets, driven by younger creators and new regional interests [3][6][20]. Group 1: Market Growth and Trends - The Chinese online literature market is projected to reach a revenue of 49.55 billion yuan in 2024, marking a year-on-year growth of 29.37%, with the overseas market expected to generate 4.815 billion yuan, growing by 10.68% [6]. - The overseas platform WebNovel has cultivated nearly 530,000 writers and over 820,000 original works, with a 20% year-on-year increase in total works [6][7]. - The overseas user base is increasingly young, with 50% of signed authors being born in the 2000s, and the number of authors born after 2005 growing by 55.9% [7]. Group 2: Regional Preferences and Content - In the overseas markets, the most popular genres vary by region, with Western audiences favoring fantasy and sci-fi, while Southeast Asian readers prefer traditional Chinese cultural themes [10][11]. - Latin American countries dominate the growth in overseas user engagement, with Brazil leading at a 779% increase in monthly active users [11][14]. Group 3: AI and Translation - AI is being utilized to enhance translation efficiency, with WebNovel seeing a 281% increase in AI-translated works over the past year [14][17]. - The company maintains a "cultural terminology database" to ensure accurate translations of unique concepts in Chinese literature [14][17]. Group 4: IP Development and Future Goals - The company aims to replicate its domestic success in overseas markets by developing local authors and creating a global creative ecosystem [20][23]. - Plans include producing physical books, audiobooks, comics, animations, and films from foreign language works, with a focus on nurturing local talent in regions like Latin America [23]. - The company has established partnerships with major platforms like Amazon and Audible to support authors in monetizing their works [18][21].

Core Insights - Chinese online literature is experiencing unprecedented growth and global expansion, becoming a significant cultural force in the world [1] - The market revenue for Chinese online literature is projected to reach 49.55 billion yuan in 2024, with a year-on-year growth of 29.37%, marking three consecutive years of accelerated growth [1] - The overseas market revenue is expected to reach 4.815 billion yuan in the same year, with a year-on-year increase of 10.68% [1] Market Growth and Trends - By the end of 2024, the cumulative number of Chinese online literature works is expected to reach approximately 42.1 million [1] - WebNovel has nearly 400 million global cumulative active users by October 2025, nurturing around 530,000 writers and over 820,000 original works, with a total work volume growth of 20% [1] - The rise of Latin America is reshaping the global online literature landscape, creating a tri-polar market structure alongside North America and Eurasia [2] Regional Dynamics - In 2025, nine out of the top ten countries in terms of WebNovel's global monthly active user growth are from Latin America, with Brazil's user access skyrocketing nearly eightfold, making it the third-largest market globally [2] - The growth in Latin America is driven by AI multilingual translation technology, which has significantly increased the accessibility of Chinese online literature to local readers [2] - The translation of works in Portuguese and Spanish has seen year-on-year growth of 278% and 336%, respectively, facilitating direct access to a vast audience [2] Content Preferences and Local Adaptation - The market is characterized by distinct content preferences across regions, with epic fantasy works favored in Europe and North America, while urban fantasy and emotional narratives are popular in Latin America [3] - The local creative ecosystem is becoming more vibrant, with a surge in local authors in Brazil and Vietnam, indicating a shift towards localized content creation [3] - Generation Z is emerging as the dominant force in global online literature creation, with a significant proportion of WebNovel's signed authors being born after 2000 [3] IP and Cultural Integration - The integration of IP with cultural tourism represents a deep exploration of the industry’s value and cultural influence [5] - Successful collaborations, such as "The King's Avatar" with the Swiss National Tourism Board, highlight the potential of IP to enhance tourism experiences [5][6] - The "IP + destination" model is creating a comprehensive experience economy, linking various sectors and optimizing destination industry structures [7]

Core Insights - Generative AI (GenAI) is revolutionizing content production, breaking barriers in high-quality dynamic content generation and pushing complex creative work into the realm of machines [2] - The cultural industry faces both strategic anxiety and opportunity desire due to the disruptive potential of GenAI, prompting a comprehensive reshaping of existing value chains and business models [2] - The "Dawn" research project by Tencent Research Institute and Communication University of China aims to explore the systematic transformation of the cultural industry in the AI era, focusing on applications in long videos, short videos, music, animation, and online literature [2] Group 1: AI Tools and Their Impact - Reading Group has launched AI tools such as Writer Assistant, Comic Assistant, and Copyright Assistant, covering the entire process from writing assistance to IP adaptation [6] - AI cannot replace the emotional and personal expression of excellent writers; the soul and value of a work ultimately depend on human creativity [6][11] - The future online literature ecosystem may present an "olive-shaped" structure, where GenAI serves as a powerful creative "auxiliary wheel," primarily enhancing the "mid-tier" group while the top tier still relies on the talent and effort of writers [6][12] Group 2: Content Creation and Quality - Text and video have structural differences in expression forms, carriers, channels, and audiences, making complete integration unlikely; however, online literature is rapidly evolving into a form that integrates multimodal elements [6][14] - Originality remains the "first principle" of online literature, and the industry must maintain a focus on quality and individual style rather than standardization and maximum efficiency [8][19] - AI tools can assist in visualizing online literature IP and addressing traditional adaptation bottlenecks, but human artistic judgment and decision-making remain central [7][17] Group 3: User Acceptance and Market Dynamics - User acceptance of AI-generated content varies, with some users preferring content created by emotional writers, while others focus on the story itself [20] - The cultural industry must prioritize quality over quantity, as excessive low-quality content can drive users away [19] - The rise of GenAI presents new opportunities for online literature to expand into visual content, enhancing its reach in overseas markets [21][22]

Core Insights - The fourth Shanghai International Online Literature Week has commenced, highlighting Shanghai's role as the birthplace and industrial hub of online literature, with a focus on the growth of overseas authors and readers [1] - The report released indicates that by 2025, online literature will enter a phase of rapid global proliferation, with a tripartite market structure emerging in North America, Eurasia, and Latin America [1][2] Group 1: Market Growth - In 2024, the Chinese online literature market is projected to reach a revenue of 49.55 billion yuan, marking a year-on-year growth of 29.37%, continuing a trend of accelerating growth for three consecutive years [2] - The overseas market is expected to generate a revenue of 4.815 billion yuan in the same year, with a steady year-on-year growth of 10.68% [2] Group 2: Content Ecosystem - By the end of 2024, the cumulative number of Chinese online literature works is expected to reach approximately 42.1 million, indicating a solid foundation for content creation [2] - The overseas original content ecosystem is thriving, with nearly 400 million cumulative users on WebNovel by October 31, 2025, and a significant increase in user engagement, with over 14 million comments, a 40% year-on-year growth [2] Group 3: Technological Advancements - The report highlights that by 2025, AI translation will see large-scale application, with over 10,000 new AI-translated works added to WebNovel, resulting in a 281% increase in total historical scale [2] - The total number of translated Chinese online literature works that have gone overseas is expected to exceed 13,600 by 2025, with multiple languages experiencing exponential growth, reaching 3.5 times the previous year's figures [2] Group 4: IP Development - A series of benchmark works adapted from online literature IPs are emerging globally, with the company having launched over 1,300 published works, more than 2,100 comics, over 80 animations, and more than 100 film and television works overseas [3]

Core Insights - The short drama market in China is expected to reach nearly 100 billion yuan by 2025, doubling from 50 billion yuan in 2024, indicating significant growth potential in this sector [1][3] - The success of short dramas is attributed to the ability of companies like Yuewen to produce high-quality content that resonates with audiences, leading to a dual increase in both quantity and quality [3][5] Company Performance - Yuewen produced over 120 short dramas in 2025, with several achieving "hit drama" status on major platforms, showcasing its strong production capabilities [1][3] - Notable successes include the female-targeted drama "Good Fortune Sweet Wife," which garnered over 3 billion views and generated over 80 million yuan in revenue, and the male-targeted drama "This Bodyguard is Too Invincible," which ranked highly on various platforms [1][3] Market Trends - The micro-drama trend is sweeping the global entertainment industry, with significant growth potential as the market matures and capital investment increases [3][5] - Yuewen's strategic focus on high-quality content aligns with industry trends towards "premiumization," which is becoming a key factor for success in the short drama market [5][6] Competitive Advantages - Yuewen possesses a rich IP reserve, allowing for scalable and sustainable story development with low trial-and-error costs, which is crucial for producing successful short dramas [5][6] - The company benefits from a robust creator ecosystem, ensuring that adaptations maintain narrative integrity and effectively convert written content into engaging short dramas [5][6] Future Growth Opportunities - The company is expanding into the comic drama market, which is projected to grow significantly, with an expected market size of over 20 billion yuan in 2025 [8][9] - Yuewen plans to leverage its existing IP resources and establish a creative fund to support the development of comic dramas, enhancing its competitive position in this emerging segment [9][10] Strategic Vision - The integration of short and comic dramas is seen as a strategic move to enhance IP value and reach a broader audience, particularly targeting younger demographics [9][10] - The company's initiatives in AI-driven tools for comic drama production aim to reduce costs and improve efficiency, positioning Yuewen favorably in the competitive landscape [10][11] Market Outlook - Despite challenges in traditional reading and copyright operations, the strong potential for IP monetization through short and comic dramas is expected to drive revenue and profit growth for Yuewen [11] - Analysts maintain a positive outlook on Yuewen, with target prices reflecting confidence in the company's ability to capitalize on its IP ecosystem and emerging market opportunities [11]