Core Viewpoint - In the first half of 2025, the company reported a revenue decline of 23.9% year-on-year, while operating profit increased significantly by 92.7%, and net profit attributable to shareholders rose by 68.5% [1] Revenue Breakdown - The company's revenue is divided into two main segments: online business and copyright operation [1] - Online business revenue reached 1.99 billion yuan, a year-on-year increase of 2.3%, with self-owned platform products growing by 3.1% and Tencent product channel revenue declining by 25.6% [1] - The average monthly active users for self-owned platform products decreased by 2.5%, while the average monthly paying users increased by 4.5% to 9.2 million [1] - Revenue from copyright operation and other businesses was 1.2 billion yuan, a year-on-year decrease of 46.4%, primarily due to the development cycle and scheduling of film and television projects [2][4] Cost and Profitability - The cost of revenue decreased significantly, particularly in content production, which was 190 million yuan, less than one-third of the previous year's figure [4] - Excluding the impact of New Classics Media, the non-IFRS net profit attributable to shareholders was 550 million yuan, a year-on-year increase of 35.7% [4] IP and New Initiatives - The company's IP derivative business showed strong growth, with GMV reaching 480 million yuan, close to the total for the entire previous year [4] - The company is focusing on short dramas and has opened over 2,000 web novel IPs for high-quality short drama production [5] - The integration of AI into existing business is being explored, with the launch of an AI writing assistant that has increased author interaction by 40% [5] International Expansion - The overseas reading platform WebNovel saw a 38% year-on-year increase in revenue from AI-translated works, which now account for over 35% of total platform revenue [6] - 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 translated content [6]

在非国际财务报告准则基础下，公司权益持有人应占盈利约5.08亿元，而2024年同期则为7.02亿元。该 减少主要是由于新丽传媒的影视剧项目在今年排期不均所致。撇除新丽传媒的影响，非国际财务报告准 则公司权益持有人应占盈利同比增加35.7%至5.45亿元。 本文源自财华网 【财华社讯】阅文集团(00772.HK)公布，截至2025年6月30日止六个月，收入约31.91亿元(人民币,下 同)，同比减少23.9%；公司权益持有人应占盈利约8.5亿元，同比增加68.5%；每股基本盈利0.84元。不 派中期股息。 ...

阅文集团在港交所公告，2025年上半年营收31.91亿元，同比下降23.9%；调整后净利润5.08亿元，同比 下降27.7%。 (本文来自第一财经) ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the company, with a reported revenue of RMB 3.191 billion and a net profit attributable to equity holders of RMB 850 million, representing a year-on-year increase of 68.5% [1] - The online reading platform has seen significant growth, adding approximately 200,000 new authors and 410,000 new novels, with a total of 20 billion new words created in the first half of 2025 [1] - The number of new signed works generating over RMB 1 million in revenue increased by 63%, while the number of new authors achieving an average subscription of over 10,000 rose by 45% [1] Group 2 - The company launched an innovative AI writing assistant feature called "Miaobi Tongjian," which enhances interaction between authors and AI, leading to a 40% increase in interaction frequency and over 40% growth in daily active users of the writing assistant [2] - The AI translation model has significantly boosted the global reach of Chinese works, with revenue from AI-translated works on the overseas platform WebNovel increasing by 38%, accounting for over 35% of total revenue on the platform [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 7,200, representing 70% of the total Chinese translated works [2]

Core Insights - The company reported a revenue of RMB 3.191 billion for the six months ending June 30, 2025, with a profit attributable to equity holders of RMB 850 million, representing a year-on-year increase of 68.5% [1] - The online reading platform saw significant growth, adding approximately 200,000 new authors and 410,000 new novels, with a total of 20 billion new words [1] - The company launched an innovative AI writing assistant tool, "Miaobi Tongjian," which enhances author interaction and has led to a 40% increase in daily active users [2] Financial Performance - Revenue for the online business grew by 2.3% year-on-year to RMB 1.99 billion, while Monthly Active Users (MPU) increased by 4.5% to 9.2 million [1] - The basic earnings per share were reported at RMB 0.84 [1] Content Ecosystem - The number of new signed works with revenue exceeding RMB 1 million increased by 63%, and the number of new authors achieving an average subscription of over RMB 10,000 grew by 45% [1] - The number of works receiving over 10,000 monthly votes increased by 20%, while those with over 1 million monthly votes surged by 200% [1] AI Innovations - The AI translation model significantly boosted the global reach of Chinese works, with revenue from AI-translated works on the overseas platform WebNovel increasing by 38%, accounting for over 35% of total revenue on the platform [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]

（文章来源：每日经济新闻） 每经AI快讯，8月12日，阅文集团公告称上半年营收31.9亿元，同比减少23.9%；上半年调整后净利润 5.078亿元，同比减少27.7%。 ...

Group 1 - The company reported 140 million monthly active users in the first half of the year, below the estimated 160 million [1] - The average monthly paying users reached 9.2 million, exceeding the estimated 8.9 million [1] - Revenue for the first half of the year was 3.19 billion yuan, a year-on-year decrease of 23.9% [1] - Adjusted net profit for the first half was 507.8 million yuan, down 27.7% year-on-year [1]

[Financial Performance Summary](index=1&type=section&id=Financial_Performance_Summary) The company reported a **23.9%** decline in revenue for H1 2025, but achieved significant growth in operating profit and net profit attributable to equity holders. H1 2025 Financial Performance Summary | Metric | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | (23.9%) | | Gross Profit | 1,612,384 | 2,083,230 | (22.6%) | | Operating Profit | 875,799 | 454,449 | 92.7% | | Profit for the Period | 849,565 | 503,932 | 68.6% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | 68.5% | | Non-IFRS Profit Attributable to Equity Holders of the Company | 507,807 | 702,061 | (27.7%) | [Business Review and Outlook](index=2&type=section&id=Business_Review_and_Outlook) The company continues to expand its IP ecosystem through creation, visualization, and commercialization, while actively integrating new technologies like AI to drive future growth. [IP Creation](index=2&type=section&id=IP_Creation) In H1 2025, the company's online reading content ecosystem continued to thrive, with a significant increase in writers and works, substantial growth in high-revenue works, and enhanced user community engagement, driving online business revenue up **2.3% to RMB 1.99 billion** and monthly paying users (MPU) up **4.5% to 9.2 million** - Content ecosystem expanded, with approximately **200,000 new writers**, **410,000 new novels**, and **20 billion characters** added in H1[6](index=6&type=chunk) - Strong output of quality content, with newly signed works generating over **RMB 1 million in revenue up 63% YoY**, and newly signed writers achieving average subscriptions over **10,000 up 45% YoY**[6](index=6&type=chunk) Online Business Key Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Online Business Revenue | RMB 1.99 billion | +2.3% | | Average Monthly Paying Users (MPU) | 9.2 million | +4.5% | [IP Visualization](index=3&type=section&id=IP_Visualization) The company demonstrated strong performance in IP visualization, with significant achievements in premium film, television, animation, and short-form dramas, as multiple Yuewen IP-adapted works topped popular charts and short-form drama revenue for a single project exceeded **RMB 80 million** - Significant achievements in premium film and television adaptations, with **6 of the top 10** long-form dramas by effective viewership in H1 2025 adapted from Yuewen IPs, according to Yunhe Data[8](index=8&type=chunk) - Solid advantages in animation, with **8 of the top 10** animated works by effective viewership adapted from Yuewen IPs, and 'Battle Through the Heavens' annual series ranking first on Tencent Video's paid content chart[8](index=8&type=chunk) - Strong growth in short-form drama business, with a single project's highest revenue exceeding **RMB 80 million**, and over **2,000 web novel IPs** made available for short-form drama adaptation to promote high-quality industry development[10](index=10&type=chunk) [IP Commercialization and Monetization](index=4&type=section&id=IP_Commercialization_and_Monetization) In H1 2025, IP derivative business achieved significant growth, with GMV reaching **RMB 480 million**, nearly equaling last year's total, driven by product development, channel expansion, user operations, and brand licensing, while multiple licensed game adaptations obtained publishing licenses for future launch - IP derivative business GMV reached **RMB 480 million** in H1, nearly equaling the **RMB 500 million** total for full-year 2024[11](index=11&type=chunk) - Business growth attributed to efforts including **3-4x faster new product launches**, expansion of online and offline channels, deep user engagement, and licensing partnerships with **230 brands**[11](index=11&type=chunk) - Game licensing business continued to advance, with 'Soul Land: Hunting World' receiving enthusiastic feedback post-launch, and multiple games including 'Under One Person' and 'Lord of the Mysteries' obtaining publishing licenses[12](index=12&type=chunk) [Exploration of New Technologies](index=5&type=section&id=Exploration_of_New_Technologies) The company actively integrated AI technology into its operations, launching the industry's first AI web novel knowledge base 'Miaobi Tongjian,' significantly boosting daily active users and AI feature usage for writer assistants, while AI translation models drove a **38% YoY increase** in AI-translated work revenue, accounting for over **35%** of total overseas platform novel revenue - Launched AI web novel knowledge base 'Miaobi Tongjian,' driving 'Writer Assistant' daily active users up over **40% YoY** and AI feature weekly usage to nearly **70%**[13](index=13&type=chunk) - On overseas reading platform WebNovel, AI-translated work revenue increased **38% YoY**, accounting for over **35%** of the platform's total novel revenue[13](index=13&type=chunk) - AI-translated works on WebNovel reached **7,200 titles**, representing **70%** of total Chinese translated works[13](index=13&type=chunk) [Future Outlook](index=5&type=section&id=Future_Outlook) Looking ahead, the company believes the rise of diverse content consumption forms like short-form dramas and trendy toys highlights the core value of creative transformation of quality IP, positioning Yuewen Group to lead industry development and drive the leapfrog evolution of China's IP ecosystem through its vast IP reserves and full industry chain synergy - The company believes the underlying logic of phenomenal growth stems from the creative transformation and deep scenario-based cultivation of quality IP[14](index=14&type=chunk) - The company's strategy will be based on its vast IP reserves, leveraging full industry chain synergy to lead industry restructuring[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management_Discussion_and_Analysis) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profitability, segment results, and liquidity, highlighting key drivers and trends. [Financial Results Overview](index=6&type=section&id=Financial_Results_Overview) In H1 2025, total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to uneven scheduling of film and TV projects, yet operating profit surged **92.7% to RMB 876 million** and net profit attributable to equity holders grew **68.5% to RMB 850 million**, driven by gains from deemed disposal of investees and cost control, with non-IFRS net profit attributable to equity holders (excluding New Classics Media) increasing **35.7%** H1 2025 Consolidated Income Statement Core Data | Metric (RMB '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | -23.9% | | Gross Profit | 1,612,384 | 2,083,230 | -22.6% | | Operating Profit | 875,799 | 454,449 | +92.7% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | +68.5% | - Operating profit significantly increased primarily due to net other income of **RMB 582 million** (compared to a loss of **RMB 3.7 million** in the prior period) and reduced selling, marketing, and administrative expenses[27](index=27&type=chunk)[28](index=28&type=chunk) - Excluding the impact of New Classics Media, non-IFRS net profit attributable to equity holders increased **35.7%** from **RMB 402 million** in the prior period to **RMB 545 million**[29](index=29&type=chunk) [Revenue Analysis](index=7&type=section&id=Revenue_Analysis) Total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to a **48.4% YoY decline** in copyright operations revenue impacted by film and TV project scheduling, while online business revenue remained robust, growing **2.3% to RMB 1.99 billion**, with proprietary platform product revenue up **3.1%** and third-party platform revenue up **23.1%** Segment Revenue Details (RMB million) | Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Online Business** | **1,985.4** | **1,940.4** | **+2.3%** | | - Proprietary Platform Products | 1,746.0 | 1,694.2 | +3.1% | | - Tencent Product Channels | 97.1 | 130.7 | -25.6% | | - Third-Party Platforms | 142.2 | 115.5 | +23.1% | | **Copyright Operations and Others** | **1,205.2** | **2,250.6** | **-46.4%** | | - Copyright Operations | 1,137.5 | 2,202.8 | -48.4% | | **Total Revenue** | **3,190.6** | **4,190.9** | **-23.9%** | - Decline in copyright operations revenue primarily due to New Classics Media having no new film or TV series launched in H1, compared to **RMB 1.05 billion** revenue contribution in the prior period[23](index=23&type=chunk) [Operating Data](index=8&type=section&id=Operating_Data) Despite monthly active users (MAU) decreasing **19.7% to 141.3 million** due to channel optimization, core monthly paying users (MPU) increased **4.5% to 9.2 million**, indicating stronger user willingness to pay, with average monthly revenue per paying user (ARPPU) remaining stable at **RMB 31.3** Key Operating Data | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Average Monthly Active Users (MAU) | 141.3 million | 176.0 million | -19.7% | | Average Monthly Paying Users (MPU) | 9.2 million | 8.8 million | +4.5% | | Average Monthly Revenue Per Paying User (ARPPU) | RMB 31.3 | RMB 31.7 | -1.3% | - MAU decline primarily due to Tencent channel optimization efforts reducing active users in free reading channels[22](index=22&type=chunk) [Cost and Expenses Analysis](index=9&type=section&id=Cost_and_Expenses) Cost of revenue decreased **25.1% to RMB 1.58 billion** YoY, mainly due to a corresponding reduction in film and TV production costs, while selling and marketing expenses and general and administrative expenses also decreased **20.4%** and **11.0%** respectively, reflecting effective cost control, with gross margin slightly increasing to **50.5%** - Cost of revenue decreased **25.1% YoY**, primarily because no new film or TV series were launched in H1, resulting in no corresponding production cost recognition[23](index=23&type=chunk) - Selling and marketing expenses decreased **20.4% YoY**, mainly due to reduced promotional expenses related to film and TV series[27](index=27&type=chunk) - Gross margin improved from **49.7%** in the prior period to **50.5%**[27](index=27&type=chunk) [Segment Information](index=11&type=section&id=Segment_Information) By business segment, online business gross profit was **RMB 990 million** with a gross margin of **49.8%**, remaining largely stable, while copyright operations and others gross profit decreased to **RMB 620 million** due to lower revenue, but its gross margin improved from **49.3% to 51.7%** Segment Results (RMB '000) | H1 2025 | Online Business | Copyright Operations and Others | Total | | :--- | :--- | :--- | :--- | | Segment Revenue | 1,985,359 | 1,205,225 | 3,190,584 | | Gross Profit | 989,474 | 622,910 | 1,612,384 | | **Gross Margin** | **49.8%** | **51.7%** | **50.5%** | | **H1 2024** | **Online Business** | **Copyright Operations and Others** | **Total** | | Segment Revenue | 1,940,377 | 2,250,556 | 4,190,933 | | Gross Profit | 974,426 | 1,108,804 | 2,083,230 | | **Gross Margin** | **50.2%** | **49.3%** | **49.7%** | [Non-IFRS Measures and Liquidity](index=12&type=section&id=Non-IFRS_Measures_and_Liquidity) The company's financial position remained robust, with net cash of **RMB 9.57 billion** and a debt-to-asset ratio decreasing from **19.9% to 17.4%** as of June 30, 2025, while adjusted EBITDA was **RMB 387 million**, a decrease YoY, with zero leverage and **RMB 1.57 billion** in unutilized bank facilities Key Financial Position Metrics (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Cash | 9,572,967 | 9,935,700 | | Total Assets | 23,203,000 | 22,945,400 | | Total Liabilities | 4,043,200 | 4,569,300 | | Debt-to-Asset Ratio | 17.4% | 19.9% | - Adjusted EBITDA decreased from **RMB 588 million** in the prior period to **RMB 387 million**, with the adjusted EBITDA margin declining from **14.0% to 12.1%**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company maintains zero leverage with no total borrowings and **RMB 1.57 billion** in unutilized bank facilities[39](index=39&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, and cash flows, providing a summary of the company's financial performance and position. [Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Condensed_Consolidated_Statement_of_Comprehensive_Income) During the reporting period, the company achieved revenue of **RMB 3.19 billion**, operating profit of **RMB 876 million**, and profit for the period of **RMB 850 million**, with basic earnings per share significantly increasing to **RMB 0.84** from **RMB 0.50** in the prior period Condensed Consolidated Statement of Comprehensive Income Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | | Operating Profit | 875,799 | 454,449 | | Profit Before Income Tax | 999,044 | 602,996 | | Profit for the Period | 849,565 | 503,932 | | Basic Earnings Per Share (RMB) | 0.84 | 0.50 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed_Consolidated_Statement_of_Financial_Position) As of June 30, 2025, the company's total assets were **RMB 23.20 billion**, total liabilities were **RMB 4.04 billion**, and total equity was **RMB 19.16 billion**, maintaining a robust asset structure with comparable non-current and current asset sizes Condensed Consolidated Statement of Financial Position Summary (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 23,203,016 | 22,945,442 | | Total Liabilities | 4,043,249 | 4,569,254 | | Total Equity | 19,159,767 | 18,376,188 | | Cash and Cash Equivalents | 2,025,285 | 3,264,188 | [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed_Consolidated_Statement_of_Changes_in_Equity) As of June 30, 2025, total equity attributable to equity holders of the company increased to **RMB 19.16 billion** from **RMB 18.37 billion** at the beginning of the period, primarily driven by **RMB 850 million** in profit for the period, with share repurchases and cancellations totaling approximately **RMB 147 million** in consideration during the period - Beginning equity totaled **RMB 18.38 billion**, with total comprehensive income for the period of **RMB 868 million**, and transactions with owners resulting in an **RMB 84.53 million** decrease in equity, leading to an ending equity total of **RMB 19.16 billion**[48](index=48&type=chunk) - During the reporting period, share repurchases and cancellations resulted in a **RMB 147 million** reduction in share premium[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed_Consolidated_Statement_of_Cash_Flows) In H1 2025, cash flow from operating activities was a net outflow of **RMB 72 million**, compared to a net inflow of **RMB 1.61 billion** in the prior period, with both investing and financing activities resulting in net cash outflows, and cash and cash equivalents at period-end totaling **RMB 2.03 billion** Condensed Consolidated Statement of Cash Flows Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (72,474) | 1,613,843 | | Net Cash Flows Used in Investing Activities | (975,563) | (1,477,826) | | Net Cash Flows Used in Financing Activities | (188,977) | (63,231) | | Cash and Cash Equivalents at End of Period | 2,025,285 | 2,898,306 | [Notes to the Interim Financial Information](index=24&type=section&id=Notes_to_the_Interim_Financial_Information) This section provides detailed notes to the interim financial information, covering segment reporting, intangible assets, and share-based payment arrangements. [Note 4: Segment Information](index=26&type=section&id=Note_4_Segment_Information) The company's reportable segments are 'Online Business' and 'Copyright Operations and Others,' with online business contributing **RMB 1.99 billion** in revenue and **RMB 990 million** in gross profit in H1 2025, and copyright operations and others contributing **RMB 1.21 billion** in revenue and **RMB 620 million** in gross profit, with the vast majority of revenue and non-current assets located in China - The Group's reportable segments are Online Business (online text, advertising, game distribution, etc.) and Copyright Operations and Others (film and TV, copyright licensing, derivative sales, etc.)[62](index=62&type=chunk) - For the six months ended June 30, 2025, no single customer, other than Tencent, contributed more than **10%** of the Group's total revenue[65](index=65&type=chunk) [Note 11: Intangible Assets](index=34&type=section&id=Note_11_Intangible_Assets) As of June 30, 2025, the net book value of intangible assets was **RMB 6.14 billion**, with goodwill accounting for **RMB 5.53 billion**, and while impairment tests were conducted on goodwill from acquired film and TV businesses with no impairment loss recognized, a **RMB 13.9 million** impairment provision was made for certain content copyrights Intangible Assets Composition (RMB '000) | Category | Net Book Value as of June 30, 2025 | | :--- | :--- | | Goodwill | 5,528,215 | | Trademarks | 507,577 | | Content Copyrights | 88,621 | | Others | 13,267 | | **Total** | **6,137,680** | - Management conducted an impairment review of goodwill from acquired film and TV businesses, with no impairment loss recognized[81](index=81&type=chunk)[82](index=82&type=chunk) - An impairment provision of approximately **RMB 13.904 million** was made for certain content copyrights[83](index=83&type=chunk) [Note 18: Share-based Payments](index=42&type=section&id=Note_18_Share-based_Payments) The company implemented 2014 and 2020 Restricted Share Unit (RSU) schemes and a 2021 Share Option Scheme, with **13,137,330** unexercised RSUs and **9,167,836** unexercised share options as of June 30, 2025, and share-based compensation expenses for H1 totaling approximately **RMB 65.92 million** - As of June 30, 2025, the unexercised balance for the 2014 RSU Scheme was **1,219,235 units**, and for the 2020 RSU Scheme was **11,918,095 units**[97](index=97&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, unexercised share options totaled **9,167,836 units** with a weighted average exercise price of **HKD 39.98**[102](index=102&type=chunk) - For the six months ended June 30, 2025, share-based compensation expenses were approximately **RMB 65,916,000**[69](index=69&type=chunk) [Other Information](index=46&type=section&id=Other_Information) This section covers additional information regarding the company's operations, including dividend policy, share repurchases, and corporate governance practices. [Dividends](index=46&type=section&id=Dividends) The Board decided not to recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for 2025[108](index=108&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=46&type=section&id=Purchase_Sale_or_Redemption_of_Listed_Securities) For the six months ended June 30, 2025, the company repurchased a total of **6,338,800 shares** on the Stock Exchange for a total consideration of **HKD 158 million**, with the repurchased shares subsequently cancelled Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | January | 2,400,000 | 58,929,370 | | April | 2,738,800 | 68,997,960 | | May | 1,000,000 | 24,917,320 | | June | 200,000 | 5,178,550 | | **Total** | **6,338,800** | **158,023,200** | [Corporate Governance](index=47&type=section&id=Corporate_Governance) The company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code, with the Audit Committee reviewing the unaudited interim results and deeming the company's risk management and internal control systems effective and adequate - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code[112](index=112&type=chunk) - The Audit Committee reviewed the interim results and deemed the company's risk management and internal control systems effective and adequate[114](index=114&type=chunk)

Core Viewpoint - The court ruled against an individual named Ye for willful infringement of the work "Swallowing the Starry Sky 2: Origin Continent," ordering a total compensation of over 100,000 yuan due to severe circumstances of the infringement [1][4]. Group 1: Case Details - The case was adjudicated by the People's Court of Lucheng District, Wenzhou, with the case number (2025) Zhe0302 Minchu 1029 [3]. - The plaintiff, Shanghai Xuanting Entertainment Information Technology Co., Ltd., claimed that Ye disseminated paid chapter content from the work through multiple channels, including WeChat public accounts and mini-programs [4][6]. - The court ordered Ye and associated defendants to pay 91,428 yuan for economic losses and 12,474.52 yuan for reasonable legal expenses, totaling 103,902.52 yuan [3][4]. Group 2: Infringement Behavior - Ye engaged in infringement for approximately eight months, refusing to cease activities even after being contacted by the rights holder in September 2024 [4][5]. - The court noted that Ye's actions included using a new mini-program to continue infringing activities, which generated illegal profits by requiring users to watch ads to access pirated content [4][6]. - The court emphasized the need for punitive damages to deter future infringements, highlighting the importance of protecting intellectual property rights [4][5]. Group 3: Industry Context - The copyright protection landscape remains challenging, with the company monitoring over 145 million piracy links and facing millions of attacks [9]. - The company has expanded its copyright protection efforts to cover 12,000 books and is committed to ongoing legal and technological measures to combat piracy [9]. - The company is prepared for a long-term battle against piracy, indicating a significant investment in resources to uphold the value of original content [9].

智通财经APP获悉，华福证券发布研报称，AI Coding与多模态能力正成为UGC生态价值放大的"双引 擎"。AI Coding侧重赋予UGC交互性与功能逻辑，降低非专业用户对游戏、互动视频等开发门槛；多模 态能力则侧重丰富UGC素材质量，通过文生图/视频/音频等方式，让创作者高效获得UGC素材。AI爆发 有助于UGC平台爆发，建议关注：1)AI游戏平台：TapTap(心动公司(02400))、Roblox(RBLX.US)、吉比 特(603444.SH)(雷霆游戏发行平台)；2)AI中短视频平台：快手-W(01024)、哔哩哔哩-W(09626)；3)AI IP 开发平台：阅文集团(00772)。 华福证券主要观点如下： AI UGC赋能IP开发平台：阅文集团 阅文集团计划运用AI对IP进行动漫化开发。阅文集团孵化大量爆款头部动漫IP，据云合数据，Top10的 动漫中，7部来自于阅文收购的腾讯动漫，1部在B站播放的也为阅文IP。未来阅文集团计划持续探索AI 多模态下动漫IP的开发，进一步提升改编效率、丰富内容形态，加快IP全产业链的商业化落地。 AI UGC赋能游戏平台：Roblox和TapTap(心动公司 ...