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18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 | 每股發行/出售價 (註4) ...

海通国际发表研报指，阅文集团上半年收入按年跌24%至32亿元，仍较较市场普遍预期高1.5%。期内在 线阅读业务及IP业务收入分别达到20亿及12亿元，均略高于预期，经调整净利润率按年下降1个百分点 至15.9%，较市场预期高5个百分点。 该行看好阅文正把握IP产业崛起的机遇，预料电视剧IP、IP衍生品业务及短剧业务都将稳步发展，另外 预期旗下新丽传媒将在下半年贡献更多，在线阅读业务稳定表现，目前预测下半年及全年总收入将分别 达到40亿及72亿元，维持"跑赢大市"评级，目标价上调至38港元。 ...

Core Viewpoint - Haitong International's report indicates that China Literature Group (00772) achieved a revenue of 3.2 billion RMB in the first half of the year, exceeding market expectations by 1.5% [1] Financial Performance - Online reading and IP business revenues reached 2 billion RMB and 1.2 billion RMB respectively, both slightly above expectations [1] - Adjusted net profit margin stood at 15.9%, surpassing market expectations by 5 percentage points [1] Growth Prospects - The company is well-positioned to capitalize on the rise of the IP industry, with expectations for steady growth in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is anticipated to contribute more in the second half of the year [1] Revenue Forecast - The forecast for total revenue in the second half and for the full year is set at 4 billion RMB and 7.2 billion RMB respectively [1] - The rating is maintained at "outperform" with a target price raised to 38 HKD [1]

海通国际发布研报称，阅文集团(00772)上半年收入32亿元人民币，仍较市场普遍预期高出1.5%。报告 期内在线阅读业务及IP业务收入分别达20亿及12亿元人民币，均略超预期，经调整净利润率达15.9%， 较市场预期高出5个百分点。该行看好阅文正把握IP产业崛起机遇，预计电视剧IP、IP衍生品业务及短 剧业务都将稳步发展，同时预期旗下新丽传媒将在下半年贡献更多，在线阅读业务表现稳定，目前预测 下半年及全年总收入将分别达40亿及72亿元人民币，维持"跑赢大市"评级，目标价上调至38港元。 ...

Group 1 - The core viewpoint of the report is that Shenwan Hongyuan maintains a "buy" rating for Yuewen Group (00772) due to positive progress in the company's IP business, with adjusted net profit forecasts for 2025 to 2027 raised to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] - In the short term, Yuewen's IP projects are becoming more abundant, including the launch of the authorized game "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment on July 10, and the upcoming Tencent project "Yiren Zhixia," which has already obtained a license [1] - The company has established a national creative content strategic cooperation plan with "Honor of Kings" on August 14, and has launched a collaboration skin with "The Secret of the Master," with related merchandise available for sale [1] Group 2 - According to the company's financial report, Yuewen's online business revenue for the first half of this year was RMB 1.99 billion, representing a year-on-year growth of 2% [2] - The revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, reflecting a year-on-year increase of 4.5%, while the gross profit margin remained stable at 50% [2] - The long-term focus for the company includes IP commercialization and the expansion of online literature overseas [2]

智通财经APP获悉，申万宏源发布研报称，对阅文集团(00772)维持"买入"评级。考虑到公司IP业务进展 积极，该行上调2025至2027年调整后归母净利润为13.76亿元、14.95亿元及17.02亿元人民币(原预测为 12.8亿元、14.16亿元及15.56 亿元人民币)。 报告指，短期方面，阅文下半年IP项目更丰富。1)流水分成形式的授权游戏三七互娱《斗罗大陆：猎魂 世界》7月10日已上线。后续储备腾讯《异人之下》，已有版号。2)与《王者荣耀》8月14日达成国创内 容战略合作计划，"与更多IP角色相遇峡谷";与《诡秘之主》的联动"皮肤"(角色外观的装饰)已上线，联 动专属周边已经在阅文好物官方旗舰店、王者荣耀官方商城陆续开售，这是王者荣耀新皮肤上线时，同 步推出周边数量最多、丰富度最高的一次。3)新丽传媒影视项目陆续上线。4)起点IP《凡人修仙传》改 编的动画及真人电视剧暑期火爆，可视化成功将有效扩大IP影响力，阅文进行更多授权衍生变现。 根据公司财报，阅文在线业务今年上半年收入19.9亿元人民币，同比增长2%。其中自有产品+腾讯渠道 付费收入同比增长3%，MPU为920万(同比增长4.5%)，毛利率同 ...

Core Viewpoint - Shenwan Hongyuan's report indicates that the second half of the year will see a richer array of IP projects for Yuewen Group, highlighting the company's positive progress in its IP business [1] Group 1: IP Projects and Collaborations - The authorized game "Douluo Dalu: Hunter's World" by 37 Interactive Entertainment was launched on July 10, with future reserves including Tencent's "Under the Human" which has already obtained a license [1] - A strategic cooperation plan for national creation content was established with "Honor of Kings" on August 14, allowing for more IP character interactions in the game [1] - The collaboration with "The Mysterious Master" has led to the launch of themed skins, with exclusive merchandise available in both Yuewen's official flagship store and the Honor of Kings official mall [1] Group 2: Media and Animation Projects - New media projects from New Classics Media are being rolled out [1] - The adaptation of the IP "A Mortal's Journey to Immortality" into both animation and live-action series has gained significant popularity during the summer, effectively enhancing the IP's influence and enabling more monetization through licensing [1] Group 3: Financial Projections - The company maintains a "Buy" rating, with adjusted net profit forecasts for 2025 to 2027 raised to 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of 1.28 billion, 1.416 billion, and 1.556 billion [1]

Core Viewpoint - The recent news highlights a significant positive shift in the Chinese internet content industry, driven by new regulatory measures aimed at enhancing content supply and easing restrictions on production and distribution [1][2]. Group 1: Market Reactions - The internet ETF Hu-Kong-Shen (159550) saw a price increase of 4% on August 18, with major stocks like Mango Super Media hitting a 20% limit up and other companies like Reading Group and Guiding Compass also experiencing substantial gains [1]. - The surge in stock prices reflects a market response to the anticipated regulatory changes, indicating a potential recovery in the internet content sector [1][2]. Group 2: Regulatory Changes - The new regulations are expected to relax restrictions on content production, including the number of historical dramas allowed to air and the quota for imported shows, which is seen as a major benefit for the long video industry [1][2]. - Internal sources confirm that while the details of the regulations are still pending, the general direction is clear, aiming to enhance the quality and diversity of content available [1]. Group 3: Company Performance - Reading Group reported a significant increase in revenue, achieving 3.19 billion yuan and a net profit of 850 million yuan in the first half of the year, marking a 68.5% year-on-year growth [2]. - The growth is attributed to Reading Group's strong IP reserves and successful ventures into new content formats, such as short dramas and derivative products, which generated a GMV of 480 million yuan [2]. Group 4: Industry Outlook - The internet content community is positioned for growth, with the IP industry entering a golden period, suggesting that companies with substantial IP reserves will benefit significantly [3]. - The internet sector has shown signs of recovery from previous valuation compressions, with leading companies experiencing notable increases in market capitalization as profitability improves [3]. Group 5: Index Information - The China Securities Hu-Kong-Shen Internet Index tracks 50 major internet companies, including Tencent, Alibaba, and Xiaomi, reflecting a diverse range of internet enterprises [4]. - As of August 15, 2025, the top ten weighted stocks in the index include major players in both B2B and B2C segments, indicating a robust representation of the internet sector [4].

Group 1: Hong Kong Stocks - Ascentage Pharma-B (06855) opened over 5% higher after receiving FDA and EMA approval for its drug, Lisenglitazone, for high-risk MDS in Phase III clinical trials [1] - Haijia Medical (06078) fell over 5% following a profit warning, expecting a mid-term net profit decline of approximately 34% to 39% due to factors like centralized procurement and increased depreciation from new hospitals [1] - Hua Hong Semiconductor (01347) dropped over 6% as it announced plans to acquire a controlling stake in Shanghai Huali Microelectronics to address industry competition [1] - Zhonghui Biotech-B (02627) rose over 8% after receiving IND approval for its recombinant respiratory syncytial virus vaccine in both the US and China [1] - NetDragon (00777) surged over 10% after forming a strategic alliance with Zhongke Wenge to promote AI technologies abroad [1] - Great Wall Motors (02333) increased over 12% following the completion of its factory in Brazil, with an initial production capacity of 30,000 vehicles per year [1] - Yuewen Group (00772) rose over 20% as its first-half performance exceeded expectations, benefiting from growth in licensing business and steady performance of short dramas [1] Group 2: Other Notable Stocks - Huirui Group (00806) increased over 8% after reporting first-half results that met market expectations and is applying for MRF mutual recognition for other products [2] - Soundon Technology (02495) surged nearly 30% after announcing a projected net profit exceeding 50 million yuan for the first half, marking a turnaround from losses [2] - Robotics concept stocks saw significant gains, with Jinshang Machine Tool (01651) up over 11% and Lijin Technology (00558) up over 3% [2] Group 3: US Stocks - Intel (INTC.US) rose 2.93% amid reports of negotiations with the Trump administration for government investment to support domestic manufacturing [3] - Hesai Technology (HSAI.US) increased 9.73% after reporting over 50% year-on-year revenue growth for Q2 2025 [3] - UnitedHealth (UNH.US) surged 11.98% following Berkshire Hathaway's new investments in the company [3] - NIO (NIO.N) rose 8.09% as it announced the upcoming launch of its new ES8 model [4] - Xunlei (XNET.US) continued to rise by 26.53% after reporting a 30.6% year-on-year revenue increase for Q2 2025 [5]

阅文集团(00772)再涨超20%，公司上半年业绩略超预期，市场关注公司IP商业化进展。 智通财经APP获悉，港股恒生指数涨0.62%，涨156点，报25426点；恒生科技指数涨1.96%。港股早盘成 交1720亿港元。 中资券商股延续涨势，沪指刷新近十年新高，机构称居民投资行为呈现逐渐活跃趋势。国联民生 (01456)涨5.93%；中金公司(03908)涨5.31%；中州证券（01375）涨超5%；中信证券(06030)涨4%。 影视股早盘走强，暑期档票房持续冲高，头部影片口碑发酵带动大盘观影需求回暖。柠檬影视(09857) 涨37%；大麦娱乐(01060)涨11%；猫眼娱乐(01896)涨6.05%。 东吴水泥(00695)盘中拉升逾25% ，月内累涨超1倍。预期上半年亏损同比减少约67.6%。 津上机床中国(01651)涨超14%，公司积极开拓AI液冷接头、汽车电动制动系统等新市场。 九方智投控股(09636)涨超14%破顶，旗下九方智擎入驻"模速空间"。 渣打集团(02888)跌2.58%，美国议员指控舆情扰动，此前伦敦股价剧烈波动。 中兴通讯(00763)涨超9%，A股早盘涨停，公司近年来大力拓展智 ...