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） 本公告乃由閱文集團（「本公司」）自願作出。 建議在市場上進行股份回購計劃 本公司董事會（「董事會」）謹此宣佈，董事會已批准一項計劃（「建議股份回購計劃」），以行 使本公司股東（「股東」）於本公司於二零二五年五月三十日舉行之股東週年大會「股東週年大 會」）上向董事會授出之一般授權（「回購授權」）項下的權力，以回購本公司股份（「股份」）， 據此股東批准在市場上回購不超過於股東週年大會當日佔本公司已發行股份10%股份的回 購授權。現有回購授權屆滿後的任何股份回購，須待股東於本公司於二零二六年舉行的下 屆股東週年大會上就回購股份授予董事會一般授權後，方可作實。 建議股份回購計劃詳列如下： 1 自願性公告 建議在市場上進行股份回購計劃 (1) 股份類別 ： 普通股 (2) 根據建議股份回購計劃 ...

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及訂立新持續關連交易 I. 重續現有持續關連交易 於二零二五年十二月四日，上海閱霆（代表本集團）與騰訊計算機（代表餘下騰訊集團） 協定重續二零二三年小說定制及徵文合作框架協議，訂立二零二六年小說定制及徵 文合作框架協議，內容有關（其中包括）於小說定制及小說徵文比賽舉辦方面進行合作。 II. 訂立新持續關連交易 於二零二五年十二月四日，上海閱霆（代表本集團）與藝畫開天（代表藝畫開天集團） 訂立(i)與藝畫開天的二零二六年版權及衍生品合作框架協議，其內容有關與藝畫開 天的版權及衍生品合作持續關連交易，及(ii)與藝畫開天的二零二六年聯合投資框架 協議，其內容有關聯合投資傳媒產品。 上市規則的涵義 截至本公告日期，騰訊為控股股東，而騰訊計算機為騰訊的全資附屬公司。因此， ...

CHINA LITERATURE LIMITED 閱 文 集 團 （於開曼群島註冊成立的有限公司） 閱文集团（「本公司」）根據本公司董事會（「董事會」）於二零一七年十月十八日通過的決議案 成立提名委員會（「委員會」）。委員會的職權範圍（「職權範圍」）載列如下，已於二零二五年 十二月四日獲修訂生效。 2. 組成 1 1. 目的 1.1 委員會的目的是物色、考慮適當候選人擔任本公司董事，並向董事會作出推薦建 議，監察評估董事會表現的程序，以及制訂提名指引及向董事會作出推薦建議， 有關指引須與任何適用法律、法規及上市準則一致。 2.1 委員會不時由董事會委任，並由過半數不時符合香港聯合交易所有限公司證券上 市規則（「上市規則」）（經不時修訂）訂明的獨立性規定的獨立非執行董事組成。 2.2 董事會須委任一名委員會成員擔任主席（「主席」），主席可為董事會主席或獨立非 執行董事。 2.3 委員會中至少有一名不同性別的成員。 3. 會議 2 3.1 除本文另有所指外，本公司的組織章程細則（「細則」）所載有關規管董事會議及程 序的條文（經不時修訂）適用於委員會會議及程序。 3.2 委員會成員可親身或透過其他電子通訊方式或成員 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 閱文集團 | | | | | | 呈交日期: | 2025年12月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00772 | 說明 | | | | II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00772 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | ...

Core Insights - The AI comic drama market is rapidly growing, with expectations to exceed 20 billion yuan in 2025, driven by a compound annual growth rate of 83% in supply and a twelvefold increase in revenue [1][2] - Major companies like Tencent, Douyin, and Kuaishou are entering the competitive landscape, with Tencent launching new programs and offering high revenue-sharing incentives to attract content creators [2][3] - The reduction in production costs due to AI technology has made it easier for companies to create content, with costs dropping from 20,000-30,000 yuan per minute to 1,000-2,500 yuan, and production times reduced to 10-13 days [3] Industry Dynamics - The market is experiencing explosive growth as traditional short drama models reach saturation, prompting a shift towards more cost-effective AI comic dramas [2][3] - Companies with substantial IP resources, such as Tencent and Yuedong Group, are leveraging these assets to create and monetize AI comic dramas, providing a faster and cheaper path to visualizing IP [3] - The industry is currently facing challenges, including content homogenization and quality issues, as the influx of AI-generated content leads to many similar works [4] Future Outlook - The industry is expected to evolve through three stages: capacity explosion, content refinement, and IP development, with a focus on producing high-quality comic dramas that can potentially create original IPs and expand internationally [4]

Core Insights - The "manga drama" industry is experiencing significant growth driven by digital content consumption and AI technology, becoming a necessity for Generation Z [1][2] - The industry is expected to evolve through three stages: production explosion, content refinement, and IP development [1] - Collaboration between companies like阅文集团 and酱油动漫 is set to increase, with plans to release over 400 manga dramas annually, more than 50% of which will be adapted from阅文's IP [1] Group 1 - The founder of酱油动漫 emphasizes that while AI can enhance production efficiency, compelling storytelling remains crucial, supported by阅文's extensive IP library [1] - The founder of奇想 highlights that manga dramas serve as a means to monetize IP value and validate its commercial potential for further development in other media [1] - The founder of西山工作室 stresses the importance of narrative consistency and core storytelling over merely creating visually appealing content [1] Group 2 - The content operations manager of阅文集团 views manga dramas as a key avenue for releasing the value of web literature IP and fostering content innovation [2] - A report from中信建投 indicates that the manga drama sector has seen explosive growth this year, with AI reducing costs and enhancing efficiency, positioning it as a testing ground for IP development [2] - The report suggests that manga dramas, with their low-cost and short-cycle advantages, are likely to transition from short to long-form content, indicating strong growth potential [2]

Core Insights - The "Yuewen Comic Drama Forum" featured prominent guests discussing trends in comic drama creation, content ecosystem construction, and IP value development, aiming to inject new thoughts and momentum into the comic drama industry [1] Group 1: Market Trends - The comic drama market is expected to experience explosive growth by 2025, with a supply increase of 83% in the first half of the year, and viewership and likes growing at compound rates of 92% and 105% respectively, leading to a record market size within the year [1] Group 2: Industry Perspectives - The founder of Soy Sauce Animation believes the AI comic drama industry will undergo three phases: capacity explosion, content refinement, and comic drama IP development, emphasizing that after rapid capacity expansion, the focus will shift to high-quality content, with potential for original IP to go global [1] - The founder of Yilai stated that while AI reduces the cost of producing quality content, it does not understand art, highlighting the need for deeper cultural content that resonates with the younger generation's aesthetic preferences [1] - The General Manager of Copyright Business at Yuewen Group noted that for a company with a vast IP library, AI can help overcome traditional production capacity limitations, enabling efficient visualization of a large number of mid-tier IPs and accelerating the release of IP value [1]

Investment Rating - The industry investment rating is maintained as "Recommended" due to positive fundamentals and expectations for the industry index to outperform the benchmark index [2][10]. Core Insights - The upcoming release of major overseas IP films is expected to create a strong box office boost, with titles like "Zootopia 2" and "Avatar 3" anticipated to exceed box office expectations [1][6]. - The film industry is experiencing a revival, with Q4 box office projected to surpass the same period last year, driven by the release of high-profile films and advancements in AI-generated video technology [1][6][7]. - AI advancements, particularly OpenAI's Sora2 model, are revolutionizing content production, enabling more efficient and cost-effective filmmaking processes, which is expected to reshape the industry landscape [6][7]. Industry Overview - The industry comprises 160 listed companies with a total market capitalization of 2021.1 billion and a circulating market capitalization of 1856.4 billion [2]. - The absolute performance of the industry over 1 month, 6 months, and 12 months is 4.6%, 21.3%, and 24.7% respectively, indicating a strong upward trend [4]. Upcoming Releases - Major films scheduled for release include "Demon Slayer: Infinity Castle" on November 14, 2025, "Nowhere to Hide" and "The Meaning of Being Nameless" on December 31, 2025, and "Avatar: Fire and Ash" on December 19, 2025 [8]. - "Demon Slayer: Infinity Castle" has already achieved a global box office of 7.02 billion USD, while "Zootopia 2" has a pre-sale box office exceeding 1.8 billion [6][8]. Company Recommendations - Companies to watch include China Film, Shanghai Film, and major cinema chains like Wanda Film, Hengdian Film, and Huanxi Media, which are expected to benefit from the upcoming film releases and the overall box office recovery [1][6][7]. - The ticketing platform Maoyan Entertainment is also highlighted for its market share advantage, which is likely to result in significant revenue growth as the box office rebounds [7].

Core Viewpoint - Mingyu Pharmaceutical Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, indicating its transition towards commercialization with a robust clinical-stage oncology product portfolio and a new PD-1/VEGF bispecific antibody [2]. Group 1: Company Overview - Mingyu Pharmaceutical was established in 2018 and is nearing commercialization as a biotechnology innovation company [2]. - The company has a dual growth engine consisting of proprietary antibody-drug conjugate (ADC) platforms and a new PD-1/VEGF bispecific antibody [2]. Group 2: Financial Performance - The company has not yet commercialized any candidate drugs but expects to generate revenue of RMB 264.15 million in the first half of 2025 through a licensing agreement with Qilu [2]. - Projected losses for the years 2023, 2024, and the first half of 2025 are RMB 137.275 million, RMB 282.631 million, and RMB 167.008 million respectively [3][4]. - Revenue and costs for the fiscal year ending December 31, 2023, and the first half of 2025 are detailed, with a gross profit of RMB 263.802 million expected in 2025 [4]. Group 3: Leadership - Dr. Cao Guoqing, the Chairman and CEO, has over 30 years of experience in innovative drug research and management, having held significant positions in various pharmaceutical companies [6]. - The CFO, Zhong Zhongren, has over 16 years of experience in auditing and financial management, previously working in notable firms such as Deloitte and various pharmaceutical companies [8].

Core Viewpoint - Recently, at the Yangtze River Delta International Cultural Industry Expo, the company showcased its "IP full industry chain development" strategy, highlighting its ability to create and monetize content effectively [1] Company Summary - The company's stock price increased by over 4%, currently trading at 38.06 HKD with a transaction volume of 249 million HKD [1] - The company presented popular IPs such as "Qing Yu Nian," "Quan Zhi Gao Shou," and "Gui Mi Zhi Zhu," demonstrating a complete ecosystem from content creation to commercial realization [1] - A list of the top ten popular characters, voted by 30 million participants, was unveiled, featuring both classic and emerging works [1] - The company has established a comprehensive development system covering film, animation, games, audio, and derivative products, continuously releasing the commercial value of its IPs [1] Industry Summary - The AI comic drama sector has been experiencing rapid growth, with a projected market size exceeding 20 billion RMB this year [1] - According to Citic Securities, from April to July 2025, the supply, viewership, and likes for comic dramas are expected to grow at compound monthly growth rates of 83%, 92%, and 105% respectively [1] - In the past six months, 3,000 new works have been launched, representing a 603% increase compared to the previous period [1] - Following the company's announcement to fully engage in the comic drama ecosystem, major platforms like iQIYI, Douyin, Kuaishou, and Bilibili have introduced new support plans for comic dramas, highlighting the industry's high prosperity and investment opportunities [1]