智通财经APP获悉，阅文集团(00772)涨超7%，截至发稿，涨7.05%，报33.4港元，成交额8226.88万港 元。 消息面上，阅文集团发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币31.91亿元(单位 下同)；公司权益持有人应占盈利8.5亿元，同比增加68.5%。上半年，集团的在线业务收入同比增长 2.3%至人民币19.9亿元，MPU同比增长4.5%至920万。阅文IP在精品影视和动漫画领域持续展现出强劲 实力，同时在快速发展的短剧新赛道也实现了显著增长，逐步形成了独特的竞争优势。 ...

Core Viewpoint - The article highlights the significant growth of Yuewen Group in the first half of 2025, driven by its strong IP reserves and successful expansion into various entertainment sectors, including short dramas and IP derivatives [1][2]. Financial Performance - In the first half of 2025, Yuewen achieved revenue of 3.19 billion yuan and a net profit of 850 million yuan, marking a year-on-year increase of 68.5% [1]. - Online business revenue grew by 2.3% to 1.99 billion yuan [2]. IP Development and Ecosystem - The company added 200,000 new authors and 410,000 new novels to its online reading platform, with a 45% increase in authors achieving over 10,000 subscriptions [2]. - The number of new signed works generating over 1 million yuan in revenue increased by 63% [2]. - The average monthly paying user count reached 9.2 million, reflecting a 4.5% year-on-year growth [2]. IP Commercialization - Yuewen's IP commercialization saw success across multiple formats, including popular adaptations of novels into long dramas and short dramas, with notable titles like "Jiu Chong Zi" and "Da Feng Da Geng Ren" [3]. - The short drama segment experienced explosive growth, with a significant increase in production and collaboration with industry writers [3]. - The IP derivative business generated a GMV of 480 million yuan, nearing the total for the previous year [3]. Strategic Investments and Collaborations - Yuewen is expanding its business model through investments, such as acquiring a 10% stake in the plush toy brand "Super Vitality Factory," aiming to collaborate on IP development [4]. - The company has accelerated the launch of new products under its IP derivative brand, Yuewen Goodies, partnering with nearly 10,000 online and offline distributors and collaborating with 230 brands [4]. - Yuewen aims to leverage its extensive IP reserves to drive industry growth and become a key player in the evolution of China's IP ecosystem [4].

Major Events - Kangji Medical (09997) received a privatization offer at a premium of approximately 9.9% [1] - China Resources Pharmaceutical (03320) plans to participate in the establishment of a fund [1] - Ganfeng Lithium (01772) intends to jointly integrate a joint venture with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina [1] - China Antibody-B (03681) signed a comprehensive strategic cooperation agreement with the Hong Kong Advanced Institute of Research at Sun Yat-sen University [1] - Mingyuan Cloud (00909) plans to acquire 100% equity of ASIOT Corporation for 700 million yen [1] - Weilu Group (01196) experienced unusual stock price and trading volume changes and is in preliminary discussions with an independent third party regarding a potential acquisition of mobile game rights [1] Operating Performance - China Unicom (00762) reported revenue exceeding 200 billion yuan in the first half of the year, with a profit attributable to equity holders of 14.484 billion yuan, a year-on-year increase of 5.01% [1] - China Unicom (00762) had approximately 1.208 billion cumulative "Ubiquitous Intelligent Connection" users in the second quarter [1] - Tencent Music (01698) achieved double growth in revenue and profit in the first half of the year, with a profit attributable to equity holders of 6.7 billion yuan, a year-on-year increase of 115.85% [1] - Galaxy Entertainment (00027) reported a mid-term profit attributable to shareholders of 5.24 billion HKD, a year-on-year increase of 19.44% [1] - WH Group (00288) reported a mid-term profit attributable to shareholders of 788 million USD, a year-on-year increase of 0.51%, with an interim dividend of 0.2 HKD per share [1] - Minmetals Resources (01208) reported a mid-term profit attributable to equity holders of 340 million USD, a year-on-year increase of 1511% [1] - China Literature Group (00772) reported a mid-term profit attributable to shareholders of 850 million yuan, a year-on-year increase of 68.5% [1] - Hong Kong Electric (02638) reported a mid-term profit attributable to unit holders of 1.001 billion HKD, a year-on-year increase of 5.7% [1] - 361 Degrees (01361) reported a mid-term profit attributable to equity holders of 858 million yuan, a year-on-year increase of 8.6% [1] - Eagle Precision (01286) reported a mid-term profit attributable to equity holders of 346 million HKD, a year-on-year increase of 13.7% [1] - China Everbright Water (01857) reported a mid-term profit attributable to equity holders of 564 million HKD, a year-on-year decrease of 2.99% [1] - FIT HON TENG (06088) reported a mid-term profit attributable to shareholders of 31.511 million USD, a year-on-year decrease of 3.11% [1] - China Lilang (01234) reported a mid-term profit attributable to equity holders of 243 million yuan, a year-on-year decrease of 13.4% [1] - Fudan Zhangjiang (01349) reported a mid-term profit attributable to shareholders of 5.715 million yuan, a year-on-year decrease of 91.89% [1] - Wharf Holdings (00004) reported a mid-term profit attributable to shareholders of 535 million HKD, returning to profitability [1] - China Resources Land (01109) reported a cumulative contract sales amount of approximately 123.6 billion yuan for the first seven months, a year-on-year decrease of 11.8% [1]

Summary of the Conference Call for the Company Company Overview - The conference call pertains to **China Literature**, an online reading platform in China, which reported significant growth and developments in the first half of 2025. Key Points and Arguments Industry Performance - In the first half of 2025, the **IT industry in China** experienced explosive growth and a profound ecosystem transformation driven by three main trends: 1. The increasing value of high-end IT, with traditional models based on literary IP continuing to produce top-tier works with broad influence and commercial success [3] 2. The rapid rise of short dramas reshaping content consumption, enhancing conversion efficiency, and creating new monetization opportunities for mid- to long-tail IPs [3] 3. The growing popularity of physical and scene-based IP products, indicating that IP is deeply integrated into users' daily lives [3] Business Performance - In the first half of 2025, **China Literature** added **200,000 authors** and **400,000 new literary works**, contributing **20 billion words**. The number of new signed works with annual revenue exceeding **1 million RMB** increased by **63%** [5] - Online business revenue grew by **2.3%** to **1.99 billion RMB**, with average revenue per active user increasing by **4.5%** to **9.2 million RMB** [5] IP Visualization Achievements - Several adaptations of China Literature's IP into high-quality dramas, such as **"繁花四季"**, **"燕归时"**, and **"一人之下第二季"**, achieved high popularity, with six dramas ranking in the top ten for cumulative views across platforms [6] - New animated works like **"斗破苍穹"**, **"星辰变"**, and **"武动乾坤"** also performed well, with **"斗破苍穹"** and **"武动乾坤"** entering the top ten paid content on Tencent Video [6] Short Drama Sector - The short drama segment showed strong growth, with two popular short dramas grossing over **80 million RMB** and achieving a total view count of **3 billion**. One short drama surpassed **1 billion views** in its first month [7] Physical and Scene-based IP Commercialization - The total GMV for physical and scene-based IP products reached **480 million RMB**, nearly matching the total for the previous year. This growth was attributed to a **3-4 times** increase in product development speed and expanded distribution channels [9] Online Gaming Developments - The online gaming sector continued to license high-quality IP, with the popular project **"斗罗大陆"** launched in July. Several adaptations like **"一人之下"** and **"诡秘之主"** received publishing licenses and are expected to debut soon [10] AI Technology Impact - The introduction of AI-driven tools like the online literary knowledge base **"智能同笺"** led to a **40%** increase in interactions between writers and AI, with daily active users of the writer assistant growing by over **40%** [11] - Revenue from AI-translated works on international reading platforms increased by **38%**, accounting for over **35%** of total revenue from web novels [11] Future Development Focus - The company plans to launch customized products for mid-tier IPs and consider introducing high-quality third-party IPs for product development. The product range will include collectibles, blind boxes, and toys [12] - The focus for 2025 includes maintaining the popularity of classic IPs through new content and enhancing user engagement with various forms of media [14] Commercialization Potential - The flagship IPs are seen as having significant commercialization opportunities, with the merchandise team achieving **480 million RMB** in sales, indicating substantial growth potential [15] Market Trends and User Demand - The company is adapting to changing user demands, shifting from hard goods to cosmetics and soft goods, and exploring new categories like training products [16] New Content Plans - In the second half of 2025, the company plans to release six new dramas, including **"扫毒风暴"**, which has already received high ratings [19] AI Applications in Operations - The company is actively exploring AI technology to enhance content production efficiency, with significant increases in user engagement and content generation through AI tools [20][21] Additional Important Content - The company has established a comprehensive distribution network, collaborating with approximately **10,000** online and offline distributors, and has opened around **10** self-operated stores in key ACG markets [12] - Strategic investments in leading collectible card companies and partnerships with various consumer brands are aimed at accelerating growth in the merchandise sector [12][13]

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。 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） 重續現有持續關連交易 茲提述本公司日期為二零二二年八月十五日及二零二三年十二月十一日之公告，內容有 關上海閱霆（代表本集團）與騰訊計算機（代表餘下騰訊集團）訂立之現有合作協議。 由於現有合作協議將於二零二五年十二月三十一日屆滿，而本集團預期該等交易將於其 後繼續進行，於二零二五年八月十二日，上海閱霆（代表本集團）與騰訊計算機（代表餘下 騰訊集團）協定重續現有合作協議，即二零二三年推廣合作框架協議、二零二三年經修訂 付費服務合作框架協議及二零二三年經修訂雲服務及技術服務框架協議，訂立(i)二零 二六年推廣合作框架協議，內容有關通過餘下騰訊集團平台或雙方認可的第三方平台推 廣本集團產品或服務方面開展合作；(ii)二零二六年付費服務合作框架協議，內容有關餘 下騰訊集團透過其支付渠道提供付費 ...

Financial Data and Key Metrics Changes - In 2025, total revenue decreased to RMB3.2 billion from RMB4.2 billion in 2024 [21] - Online business revenues increased by 2.3% to RMB1.99 billion, driven by growth in self-owned platform products [21][22] - Net profit attributable to shareholders increased by 68.5% to RMB850 million, while non-IFRS net profit decreased to RMB508 million from RMB702 million in 2024 [28] Business Line Data and Key Metrics Changes - Revenue from self-owned platform products increased by 3.1% to RMB1.7 billion, while revenues from Tencent products decreased by 25.6% to RMB97 million [22] - Revenue from IT operations decreased by 46.4% to RMB1.2 billion, primarily due to a lack of new TV series or film releases [25][26] - The IT merchandise business achieved significant growth with GMV reaching RMB488 million in the first half, nearing last year's total of RMB500 million [13][26] Market Data and Key Metrics Changes - The number of newly signed works generating over RMB1 million in revenue increased by 63% year over year, and the number of newly signed writers with over 10,000 average subscribers per chapter rose by 45% [54] - The average monthly active users (MAUs) decreased to 141.3 million from 176 million in 2024, with a decline in several platform products [23] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of China's IP industry, focusing on premium IP, short dramas, and physical merchandise [5][6][19] - The strategy includes enhancing the online reading platform, expanding the IP library, and leveraging AI technologies across business lines [17][18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of China's IP industry and the importance of premium IP and short dramas in driving future growth [5][6] - The company is committed to becoming a key architect of China's IP ecosystem evolution, focusing on creative transformation and premium IP development [19] Other Important Information - The company has integrated AI across its business lines, enhancing content creation and user engagement [17][18] - The merchandise business is expanding with a focus on product development, channel distribution, and user engagement [13][15][37] Q&A Session Summary Question: Current progress of IP merchandise business and future development priorities - Management discussed the successful IP merchandise initiatives, including events like the King's Avatar tournament in Zurich, and plans to expand product categories and distribution channels [31][33][35][38] Question: Top priorities and KPIs for classic IPs - Management emphasized the importance of releasing new content for classic IPs and enhancing their commercial value through diversified adaptations and merchandise [40][42][43] Question: Commercialization potential of top IPs and future plans - Management expressed confidence in the commercialization potential of IPs, highlighting the need to adapt to evolving user demands and trends in the merchandise market [46][51][52] Question: Content pipeline for Newcastle Media and AI deployment - Management outlined the upcoming content releases for the second half of the year and discussed the integration of AI technologies to enhance content production and user engagement [57][60][61]

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 3.2 billion, a decrease from RMB 4.2 billion in 2024 [23] - Online business revenues increased by 2.3% to RMB 2 billion, driven by growth in self-owned platform products [23][24] - Net profit attributable to shareholders increased by 68.5% to RMB 850 million, while non-IFRS net profit decreased to RMB 508 million from RMB 702 million in 2024 [29] Business Line Data and Key Metrics Changes - Revenue from self-owned platform products increased by 3.1% to RMB 1.7 billion, while revenues from Tencent channels decreased by 25.6% to RMB 97 million [24] - Revenue from IT operations decreased by 46.4% to RMB 1.2 billion, primarily due to a lack of new TV series or film releases [26][27] - The IT merchandise business generated GMV of RMB 488 million, nearing last year's total of RMB 500 million [16][27] Market Data and Key Metrics Changes - The average monthly active users (MAUs) decreased to 141.3 million from 176 million in 2024, with a decline in MAUs from Tencent channels [25] - Average monthly paying users (MPUs) grew by 4.5% to 9.2 million, reflecting growth in membership users [26] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of China's IP industry, focusing on premium IP, short dramas, and physical merchandise [7][9] - Plans to enhance the IP commercialization strategy by expanding product categories and improving distribution channels [16][39] - Commitment to integrating AI across business lines to enhance content creation and user engagement [19][62] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of China's IP industry and the company's unique position to leverage this trend [7][9] - The focus will be on enhancing the emotional connection between IP and users, as well as exploring new technologies like AI and VR [46][62] - The company anticipates strong growth momentum driven by diverse content types and consumption patterns [20][21] Other Important Information - The company introduced an AI-powered knowledge base for online literature, significantly increasing interactions between writers and AI [19][62] - Revenue from AI-translated works on the international reading platform grew by 38% year over year, accounting for over 35% of total novel revenue [20][62] Q&A Session Summary Question: Progress of IP merchandise business and future development priorities - Management discussed the successful IP merchandise initiatives, including events like the King's Avatar tournament and plans for customized merchandise [33][35][40] Question: Top priorities and KPIs for classic IPs - Management emphasized the importance of releasing new content and enhancing merchandise offerings for classic IPs to maintain their popularity [42][45] Question: Commercialization potential of top IPs - Management expressed confidence in the commercialization potential of IPs, highlighting the need to adapt to evolving user demands [48][53] Question: Content pipeline for Newcastle Media - Management outlined the upcoming content releases, including six drama series and a movie project scheduled for the second half of the year [59][61] Question: Deployment of AI technologies - Management provided insights into the integration of AI in content creation, enhancing efficiency and user engagement [62]

| | | 截至六月三十日止六个月 | | | | --- | --- | --- | --- | --- | | | 二零二五 | | 二零二四 | | | | | (人民币百万元,除详细说明外) | | | | 收入 | | | | | | 在线业务(1) | | 1,985.4 | | 1,940.4 | | 版权运营及其他(2) | | 1,205.2 | | 2,250.6 | | | | 3,190.6 | | 4,190.9 | | 收入成本 | | (1,578.2) | | (2,107.7) | | 毛利 | | 1,612.4 | | 2,083.2 | | 毛利率 | 50.5% | | 49.7% | | | 利息收入 | | 81.9 | | 90.6 | | 其他收益/(亏损)净额 | | 582.5 | | (3.7) | | 销售及营销开支 | | (922.4) | | (1,158.9) | | 一般及行政开支 | | (484.7) | | (544.8) | | 金融资产减值亏损拨回/(拨备)净额 | | 6.2 | | (12.0) | | 经营盈利 | | 875 ...

Disclaimer 2025 Interim Results China Literature August 12, 2025 This presentation contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this presentation. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond ou ...

Core Insights - In the first half of 2025, the company reported a revenue of 3.19 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year growth of 68.5% [1] Group 1: Financial Performance - The online reading business generated 1.99 billion yuan in revenue, showing a year-on-year increase of 2.3% [1] - The average monthly paying users (MPU) reached 9.2 million, up 4.5% year-on-year [1] - The number of works with monthly ticket sales exceeding 10,000 increased by 20%, while those exceeding 1 million grew by 200% [1] Group 2: Content and User Engagement - The platform added 200,000 new authors and 410,000 new novels, with a total of approximately 20 billion new words created in the first half of 2025 [1] - The company has established a sustainable development model characterized by "high-quality content supply - loyal user payment - ecosystem feedback" [1] Group 3: Short Drama and IP Business - The short drama segment experienced explosive growth, with an increased hit rate and the announcement of over 2,000 web novel IPs for high-quality short drama production [1] - The GMV of the IP derivative business reached 480 million yuan, nearing the total for the previous year [1] Group 4: AI Integration - The company launched the industry's first AI web literature knowledge base feature, "Miaobi Tongjian," enhancing interaction frequency between authors and AI by 40% [2] - The AI translation model has driven a 38% year-on-year increase in revenue from translated works on the overseas reading platform WebNovel, which now accounts for over 35% of total platform revenue [2] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 70% of the total [2]