阅文的压力，还是被捅到了台面上。 2026年1月24日，拥有四本万订作品的作者"萌俊"在网文论坛发文，直指新推荐机制存在"黑箱操作"，并建议"阅文运营下课"。他认为新机制下，新人作 者流量受限，给了运营弄虚作假的空间、中层作者生存空间挤压，推荐位被头部IP垄断。 随着越来越多的头部作者加入讨论，舆论逐渐发酵。 近日的矛盾起源于起点中文网在2025年7月进行的一次新书推荐机制改革。其中影响最大的一条为：免费期新书从固定推荐位的四轮"PK模式"改为个性化 推荐展示的"流量包模式"。 此前，新书通过"爆更"与同期作品竞争，以在固定的四轮推荐位中晋级。改革后，新书推荐变为算法驱动的"流量包"个性化推荐模式，与番茄小说等免费 网文平台的逻辑更为接近。 接着起点总编"胡说"的一段话流传网络，将矛盾推向高潮。他表示"写作是一个奢侈品、一个艺术"，并认为"如果把写作当成养家糊口的手段，追求每个 月挣了多少钱，会很痛苦"。 这一发言进一步点燃舆论，很快情何以堪、会说话的肘子、妖僧花无缺等起点白金、大神作者也陆续发文，对起点运营表示不满，认为起点正在偏离网文 平台本质，应该把流量还给作者和作品本身。 最终阅文副总裁杨晨出面回应， ...

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: | 2026年1月31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: | 2026年2月4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 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | 上月底結存 10,000,000,000 USD 0.0001 USD 1,000,000 增加 / 減少 (-) 0 USD 本月底結存 10,000,000,000 USD 0.0001 USD 1,000,000 本月底法定/註冊股本總額： USD 1,000,000 FF30 ...

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

据介绍，《年少有为》由腾讯视频、新丽电视、阅文影视、狂欢者文化传媒出品，狂欢者文化传媒承 制。原著《亏成首富从游戏开始》目前已入藏上海图书馆、深圳图书馆，同名改编漫画作品在腾讯动漫 人气达7亿，同名改编多人有声剧在喜马拉雅播放量超过1.1亿。 新浪科技讯 2月3日上午消息，1月31日，改编自小说《亏成首富从游戏开始》的网剧《年少有为》开 播。起点读书披露数据，1月31日站内联动剧集，上线相关活动后，原著阅读用户数实现了环比增长20 倍。 责任编辑：宋雅芳 新浪科技讯 2月3日上午消息，1月31日，改编自小说《亏成首富从游戏开始》的网剧《年少有为》开 播。起点读书披露数据，1月31日站内联动剧集，上线相关活动后，原著阅读用户数实现了环比增长20 倍。 据介绍，《年少有为》由腾讯视频、新丽电视、阅文影视、狂欢者文化传媒出品，狂欢者文化传媒承 制。原著《亏成首富从游戏开始》目前已入藏上海图书馆、深圳图书馆，同名改编漫画作品在腾讯动漫 人气达7亿，同名改编多人有声剧在喜马拉雅播放量超过1.1亿。 责任编辑：宋雅芳 ...

Group 1 - The core viewpoint is that ByteDance's entertainment app is driving significant growth in the domestic entertainment market, with a focus on the integration effects of other major companies' platforms [1][2] - The fastest growth areas are video (short dramas), reading (AI audiobooks), and music, driven by AIGC and AI algorithms, with ByteDance enhancing its market share through the integration of AI and copyright capabilities [2] - The gaming sector is expected to see a substantial supply of new products by 2026, with a competitive landscape similar to that of 2024, while older games with high DAU remain stable [3] Group 2 - Short dramas and comic dramas are anticipated to benefit significantly from AI advancements, with full-stack production tools shifting the production focus from technical personnel to content creators by 2026 [4] - Companies with upstream novel IP reserves and accumulated traffic are likely to achieve excess returns in the long term [4] - Investment recommendations include focusing on platform-type companies in the entertainment sector that will gain excess benefits from AI-enhanced production capabilities [5]

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Group 1 - The AI application sector in the Hong Kong stock market showed a recovery in the afternoon, with MINIMAX-WP (00100.HK) rising over 16% [1] - Other companies such as Zhiyun (02513.HK) increased by more than 4%, while companies like Reading Group (00772.HK) and Bilibili (09626.HK) also experienced gains [1]

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Core Viewpoint - The article highlights the rapid growth of China's cultural industry, particularly in the context of cultural products going global, with Shanghai as a key player in this transformation [1][2]. Group 1: Cultural Industry Growth - The significant increase in overseas revenue is a prominent feature of China's cultural industry development, especially in gaming and online literature [3][5]. - The self-developed products generated overseas sales revenue of $20.455 billion (approximately 143.056 billion RMB), marking a year-on-year growth of 10.23% [5]. - The overseas market for Chinese online literature is projected to reach 4.815 billion RMB in 2024, with a year-on-year growth of 10.68% [5]. Group 2: Evolution of Cultural Products - The evolution of online literature has progressed through three stages: translation of content, establishment of overseas platforms, and deep integration into global entertainment industries [5][6]. - The current phase of cultural products going global is characterized by a shift from mere content export to collaborative creation across various cultural sectors [6][7]. Group 3: Localized Strategies and Globalization - Localized strategies are crucial for gaming companies expanding into overseas markets, with teams established in key regions to enhance community engagement and user feedback [11][12]. - The trend of simultaneous global launches and prioritizing overseas versions reflects the growing capabilities of cultural enterprises in international markets [12][13]. Group 4: Regional Support and Policy Framework - Regional policies, such as those from Shanghai's Pudong New Area, provide comprehensive support for cultural enterprises going global, including investment, financial services, and legal assistance [7][13]. - The establishment of the "Micro Short Drama Outbound Base" aims to facilitate the entire industry chain for micro short dramas, enhancing cultural exchange and dissemination [20][24]. Group 5: Industry Collaboration and Ecosystem Building - The cultural industry's success in going global relies on a collaborative ecosystem that supports content creation, distribution, and local operations [16][18]. - The "Cultural IP Industry Development Pudong Initiative" aims to strengthen innovation, reform systems, and enhance global resource allocation capabilities [18][24].

Core Viewpoint - The company,阅文集团 (00772), announced the issuance of 600 shares due to the exercise of stock options on January 14, 2026 [1] Summary by Relevant Categories Company Actions - The company will issue 600 shares as a result of stock options being exercised [1]