格隆汇1月13日丨阅文集团(00772.HK)公布，根据于2021年5月24日批准并于2023年5月22日修订的2021 年购股权计划行使购股权发行1,800股。 ...

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 | ...

1月12日，智通财经记者获悉，阅文集团与生数科技宣布达成业务合作。阅文旗下专注于IP视觉化开发 的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合作标志着 国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方官宣技术 合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视教育，构 建产业级人才培养体系。此举预示此次合作旨在打造从技术赋能、产业落地到人才供给的完整生态链 条。（智通财经记者 范佳来） ...

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]

2025 年也是更多中国电竞项目走向世界的"元年"，虽然论成绩差强人意，几大热门项目的国际对抗铩羽而归，赛事落地继续在国内外践行下沉之道，行 业里许多公司和IP定位也在不停转换，从领头人切换到服务商。但电竞以及与电竞有关的一切，都在探索更多潜在价值。 围绕泛二次元的消费迎来转折"元年"，传统兴趣消费衰退，二手市场交易价值两极化，情绪消费市场下沉，IP+授权业务猛增，未来的二次元消费正深入 生活的方方面面。 站在2026年的开年，我们对今年怀有更为复杂的情绪，焦虑、迷茫，更有期待与笃定。在更多文章之前，我们先立足国内市场，从2025年ACGN行业全球 范围内发生的大事件中遴选100件，与各位同行者一起，回溯2025年的发展轨迹，探索2026年的新机遇。 （注：以下排名不分先后，尽量按照时间顺序整理） 「 一月&二月 」 如果用一个词形容ACGN领域的2025，那大概率是"元年"。 这一年我们迎来了很多真正意义上产业巨变的开端。中国动画电影"元年"毋庸置疑，春节档《哪吒之魔童闹海》用150亿票房击穿质疑，暑期档《浪浪山 小妖怪》刷新2D动画票房记录，大银幕动画成为兼具口碑与商业价值的长内容香饽饽。中国动画剧集也在 ...

阅文集团（00772）盘中涨超5%，截至发稿，股价上涨3.06%，报36.40港元，成交额7765.59万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视觉化开发的 漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合作标志着国 内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方官宣技术合 作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视教育，构建 产业级人才培养体系。 责任编辑：卢昱君 阅文集团（00772）盘中涨超5%，截至发稿，股价上涨3.06%，报36.40港元，成交额7765.59万港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视觉化开发的 漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合作标志着国 内头部内容平台与领先AI技术公司，在AIGC产业 ...

据透露，Vidu模型的多模态生成能力将深度嵌入阅文漫剧助手的创作全链路，为平台创作者提供从图像 到视频的AI生成支持。阅文漫剧助手将作为Vidu在AI漫剧领域的关键应用场景和反馈入口，双方的协 同有望加速模型在垂直领域的迭代优化。通过将Vidu的AI生成能力与阅文的海量IP资源相结合，平台旨 在为创作者提供从IP到视觉内容的一站式解决方案，并计划未来将合作拓展至AI真人剧等更广阔的领 域。 智通财经APP获悉，阅文集团(00772)涨超5%，截至发稿，涨4.47%，报36.9港元，成交额5480.78万港 元。 消息面上，据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视 觉化开发的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合 作标志着国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方 官宣技术合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视 教育，构建产业级人才培养体系。 ...

阅文集团(00772)涨超5%，截至发稿，涨4.47%，报36.9港元，成交额5480.78万港元。 据透露，Vidu模型的多模态生成能力将深度嵌入阅文漫剧助手的创作全链路，为平台创作者提供从图像 到视频的AI生成支持。阅文漫剧助手将作为Vidu在AI漫剧领域的关键应用场景和反馈入口，双方的协 同有望加速模型在垂直领域的迭代优化。通过将Vidu的AI生成能力与阅文的海量IP资源相结合，平台旨 在为创作者提供从IP到视觉内容的一站式解决方案，并计划未来将合作拓展至AI真人剧等更广阔的领 域。 消息面上，据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视 觉化开发的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合 作标志着国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方 官宣技术合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视 教育，构建产业级人才培养体系。 ...

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]