FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 閱文集團 呈交日期： 2025年8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 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of HKD 39.00, indicating a potential upside of 25.0% from the current price of HKD 31.20 [1][15]. Core Insights - The report highlights that the company's derivative business is accelerating, which is a key driver for the upgraded rating. The company maintains a leading position in high-quality IP reserves and is expected to benefit from the expansion of IP derivative products [1][5]. - The financial outlook for the company shows a mixed performance, with expected revenue growth stabilizing in the online business for 2025, despite a projected decline in copyright operations revenue [5][10]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 7,012 million - 2024: RMB 8,121 million - 2025E: RMB 7,439 million - 2026E: RMB 8,067 million - 2027E: RMB 8,403 million - The year-on-year growth rates show a decline of 8.0% in 2023, followed by a recovery of 15.8% in 2024, and further fluctuations in subsequent years [2][10][16]. - Net profit estimates are: - 2023: RMB 1,130 million - 2024: RMB 1,142 million - 2025E: RMB 1,348 million - 2026E: RMB 1,486 million - 2027E: RMB 1,659 million - The net profit growth rate is expected to be 24.8% in 2025, following a slight increase in 2024 [2][10][16]. Business Segment Performance - The online business revenue showed a slight increase of 2% year-on-year, with a stable monthly active user (MAU) count of 10.3 million and a 5% increase in paying users to 9.2 million [5][9]. - The report notes a significant decline in revenue from copyright operations, down 46% year-on-year, primarily due to delays in new content releases [5][9]. Valuation and Market Position - The report maintains the non-IFRS net profit expectations for 2025/26 and adjusts the valuation to 2026, referencing an average price-to-earnings (P/E) ratio of 25 times for comparable companies [5][10]. - The company is positioned to leverage its IP reserves and the integration of AI-generated content (AIGC) to enhance efficiency and accelerate the adaptation of mid-tier IP into visual formats [5][10].

Group 1 - UBS expects a rebound in the second half performance of China Literature Group (00772) and sees a positive outlook for its IP business [1] - Target price has been raised from HKD 37.2 to HKD 40, with a "Buy" rating maintained [1] - Adjusted net profit forecast remains at RMB 1.35 billion, as changes in revenue recognition and content scheduling are not expected to impact the annual profit performance [1] Group 2 - Investor focus is shifting towards intellectual property licensing and merchandise businesses, which are viewed as core growth drivers for the company [1]

Group 1 - UBS expects a rebound in the second half performance of China Literature Group (00772) and sees a positive outlook for its IP business [1] - The target price has been raised from HKD 37.2 to HKD 40, with a "Buy" rating maintained [1] - Adjusted net profit forecast remains at RMB 1.35 billion, as changes in revenue recognition and content scheduling are not expected to impact the annual profit performance [1] Group 2 - Investor focus is shifting towards intellectual property licensing and merchandise businesses, which are viewed as core growth drivers for the company [1]

Core Viewpoint - Citigroup's report indicates that the performance of Tencent's subsidiary, China Literature (00772), in the first half of the year slightly exceeded expectations, primarily driven by growth in licensing business, stable performance in short dramas, and progress in IP commercialization [1] Group 1: Financial Performance - The company's non-New Classics Media (NCM) business profits grew stronger than expected [1] - Citigroup raised the target price from HKD 37.4 to HKD 38, which corresponds to a projected price-to-earnings ratio of 23 times for 2026 [1] Group 2: Future Outlook - In the second half of the year, IP commercialization is expected to continue progressing [1] - The growth momentum for short dramas is anticipated to persist due to unique IP and collaborations with authors [1] - If NCM releases content as planned, the expected profit contribution from NCM for this year is projected to be RMB 243 million [1]

富瑞发布研报称，阅文集团(00772)中期收入较市场及该行预期高1.4%与3.5%，主要因IP营运及其他收 入(撇除新丽传媒)好过预期。非国际财务报告准则(Non-IFRS)盈利表现好过预期，因毛利率较好及严格 管控成本，维持"买入"评级。 管理层强调将凭借其丰富及热门的IP储备，把握IP衍生商品与授权业务的机会。针对新丽传媒，该行重 申此前观点，认为剧集业务收入将于下半年释放;AI技术亦有望赋能营运端及作家端，并优化用户体 验。 ...

踏入下半年，花旗预计阅文集团的IP商品化将继续取得进展;受惠于独特IP及与作者合作，短剧增长势 头将会持续;如果NCM按计划发行内容，预期NCM业务今年的盈利贡献为2.43亿元人民币。 智通财经APP获悉，花旗发布研报称，阅文集团(00772)上半年业绩略胜于预期，主要受惠于授权业务增 长、短剧表现稳健及IP商品化进展，令非新丽传媒(NCM)业务利润增长较预期强劲。该行认为，撇除 NCM的内容发行时间表可能存在不确定性，公司的盈利增长轨迹较为明确，将目标价由37.4港元上调 至38港元，相当于2026年预测市盈率23倍，维持"买入"评级。 ...

管理层强调将凭借其丰富及热门的IP储备，把握IP衍生商品与授权业务的机会。针对新丽传媒，该行重 申此前观点，认为剧集业务收入将于下半年释放;AI技术亦有望赋能营运端及作家端，并优化用户体 验。 智通财经APP获悉，富瑞发布研报称，阅文集团(00772)中期收入较市场及该行预期高1.4%与3.5%，主 要因IP营运及其他收入(撇除新丽传媒)好过预期。非国际财务报告准则(Non-IFRS)盈利表现好过预期， 因毛利率较好及严格管控成本，维持"买入"评级。 ...

Core Insights - In the first half of 2025, the company reported a revenue of 3.19 billion yuan, a year-on-year decline of 23.9%, primarily due to a 48.4% decrease in copyright operation and licensing revenue, attributed to the development cycle and scheduling of film and television projects [2][3] - Despite the revenue decline, the company's net profit attributable to shareholders reached 850 million yuan, a year-on-year increase of 68.5%, driven by a reduction in costs [5] - The company's CEO emphasized the significant commercialization potential of IP and the importance of quickly responding to user demands in the derivative product business [2] Revenue Breakdown - The company's online business revenue for the first half of 2025 was 1.985 billion yuan, accounting for 62.2% of total revenue, with a year-on-year growth of 2.3% [2] - The copyright operation and licensing revenue for the first half of 2025 was 1.205 billion yuan, a decrease of 46.4% year-on-year, with the main revenue from copyright operations dropping 48.4% to 1.138 billion yuan [3][4] IP Derivative Products - The GMV of IP derivative products reached 480 million yuan in the first half of 2025, nearing the 500 million yuan target for the entire year of 2024 [8] - The company has seen strong performance from its top IPs, including "Full-Time Master" and "Fox Demon Little Red," and is planning to develop customized derivative products for mid-tier IPs [8][9] - The company has established an integrated online and offline channel network for its derivative products and is continuously expanding [8] Cost Management - The company's cost of revenue decreased by 25.1% year-on-year to 1.578 billion yuan, mainly due to the absence of new film and television projects, which resulted in no corresponding production costs [5] - Sales and marketing expenses decreased by 20.4% to 922 million yuan, primarily due to reduced marketing and promotional expenses related to film and television projects [5] Market Position and Future Outlook - The company is actively investing in the card game and plush toy sectors to enhance its market position and capitalize on the growing demand for derivative products [9] - Analysts suggest that while the company has made significant strides in the IP derivative market, the current GMV is still modest compared to the broader market potential, indicating a need for the company's IPs to gain greater influence beyond their original formats [9][10]

Core Viewpoint - Jefferies report indicates that the revenue of China Literature Group decreased by 23.9% year-on-year to 3.2 billion yuan, while non-IFRS profit exceeded expectations due to improved gross margin and cost control [1] Group 1: Financial Performance - Revenue decreased by 23.9% year-on-year to 3.2 billion yuan [1] - Non-IFRS profit was better than expected, benefiting from improved gross margin and effective cost control [1] Group 2: Strategic Initiatives - Management emphasized the intention to leverage its IP reserves to expand derivative and licensing businesses [1] - Jefferies reiterated that New Classics Media's series business revenue will be released in the second half of the year [1] Group 3: Technological Impact - There is optimism regarding the empowerment of operations, writers, and user experience through AI technology [1] Group 4: Analyst Rating - Jefferies maintains a "Buy" rating for China Literature Group, with the target price raised from 35 HKD to 36 HKD [1]