FF301 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9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: 稻草熊娱乐集团（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10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) | 02125 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法 ...

Core Insights - Short dramas are reshaping the business models and strategic directions of traditional film and television companies [1] - The performance of companies in the short drama sector varies significantly, with some achieving profitability while others struggle with losses despite revenue growth [1][6] - The success in the short drama market is influenced by strategic foresight and execution capabilities [7][8] Group 1: Performance of Leading Companies - Perfect World achieved a turnaround with a revenue of 3.691 billion yuan and a net profit of 503 million yuan, driven by short dramas which saw a revenue increase of 756.35% to 767 million yuan [2] - Huace Film & TV reported a net profit of 118 million yuan, up 65.05%, leveraging a "long-short linkage" strategy to enhance its short drama output [2] - Happiness Blue Sea also turned a profit with a net profit of 9 million yuan, benefiting from a full industry chain strategy and a focus on short dramas [3] - Ningmeng Film & TV reported a revenue of 401 million yuan and a net profit of 14 million yuan, with short drama income exceeding 50 million yuan [3] Group 2: Struggling Companies - Huanrui Century reported a revenue of 198 million yuan but incurred a net loss of 6 million yuan, despite its short drama segment generating 125 million yuan [4] - Huayi Brothers faced a more severe decline, with a revenue of 153 million yuan, down 50.37%, and a net loss of 74 million yuan, as traditional business revenues fell sharply [5] Group 3: Exploratory Companies - Ciweng Media is focusing on overseas markets, with its short drama "Love On The Sidelines" achieving significant success, but still reported a net loss of 23 million yuan [6] - Straw Bear Entertainment is in the early stages of developing its short drama business, focusing on cultural empowerment through its projects [6] Group 4: Strategic Insights - Successful companies exhibit strategic foresight and deep market engagement, viewing short dramas as a long-term growth avenue [7] - Companies like Ningmeng Film & TV and Huace Film & TV have established effective organizational structures to support short drama production [8] - The competitive landscape is intensifying, with companies needing to leverage their narrative skills and production quality to succeed in the short drama market [10]

截至今年6月末，稻草熊娱乐的存货为12.36亿元，其中原材料3.26亿元、在制品4.71亿元、制成品4.4亿 元。 港股影视公司稻草熊娱乐9月8日晚间发布2025年半年报。虽然稻草熊娱乐制作的爆款电视剧《漂白》于 上半年播出，但稻草熊娱乐收入仍出现明显下滑。 报告显示，2025年上半年，公司实现收入4.46亿元，较上年同期的8.47亿元下降约47%；公司由盈转 亏，经调整亏损为43.8万元，上年同期为盈利3785.8万元。 稻草熊娱乐上半年的主要收入来自内容播映权许可，占总收入的86.6%，定制内容承制占比13.3%。稻 草熊娱乐表示，公司收入下降主要由于上半年播出的内容为小而美、精品化的创新内容，其集数较少， 导致整体播出集数较少。 根据财报，上半年稻草熊娱乐投资、制作并播出的均为短剧集，其中包括爆款剧《漂白》以及《在人 间》、《乌云之上》等。 《漂白》系今年上半年在爱奇艺平台播出的热门剧集。该剧播出期间引发了较大争议，但其热度也不断 走高。爱奇艺表示，该剧紧扣警察跨越十年追捕真凶、坚守正义的核心价值，在播出期间收获了极高的 关注度，成为迷雾剧场首部内容热度破万的作品。 根据爱奇艺披露，第三方数据平台猫眼、 ...

目錄 公司資料 管理層討論與分析 企業管治及其他資料 未經審核中期簡明綜合損益及其他全面收益表 未經審核中期簡明綜合財務狀況表 未經審核中期簡明綜合權益變動表 未經審核中期簡明綜合現金流量表 未經審核中期簡明綜合財務資料附註 釋義及詞彙 2 4 23 43 44 46 47 49 82 公司資料 董事 執行董事 劉小楓先生 （主席） 翟芳女士 非執行董事 王曉暉先生 劉帆女士 獨立非執行董事 馬中駿先生 張森泉先生 鍾創新先生 審核委員會 張森泉先生 （主席） 劉帆女士 鍾創新先生 薪酬委員會 馬中駿先生 （主席） 劉小楓先生 鍾創新先生 提名委員會 馬中駿先生 （主席） 劉小楓先生 鍾創新先生 翟芳女士 （於2025年8月25日獲委任） 張森泉先生 （於2025年8月25日獲委任） 環境、社會及管治委員會 劉小楓先生 （主席） 翟芳女士 張森泉先生 聯席公司秘書 翟芳女士 張瀟女士 授權代表 翟芳女士 張瀟女士 註冊辦事處 Harneys Fiduciary (Cayman) Limited 4th Floor, Harbour Place 103 South Church Street P.O. Box ...

FF301 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8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: 稻草熊娱乐集团（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3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) | 02125 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法定 ...

Core Viewpoint - The performance of six listed companies related to drama series in the first half of 2025 shows mixed results, with over half achieving positive revenue growth, but many still struggling with net profits, indicating ongoing challenges in financial sustainability [1][2]. Revenue and Profit Summary - Huace Film & TV reported a revenue of 790 million yuan, a year-on-year increase of 114.94%, and a net profit of 118 million yuan, up 65.05% [2][5]. - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and a net profit of 503 million yuan, soaring 384.52% [2][5]. - Ciweng Media's revenue reached 190 million yuan, a significant increase of 282.20%, but it reported a net loss of 23 million yuan, down 262.10% [2][8]. - Huanrui Century's revenue was 198 million yuan, up 83.72%, but it turned to a net loss of 639,000 yuan, a decline of 139.86% [2][10]. - Baiana Qiancheng reported a revenue of 136 million yuan, a decrease of 46.43%, with a net loss of 20 million yuan, but a profit increase of 33.34% year-on-year [2][10]. - Straw Bear Entertainment's revenue fell to 446 million yuan, down 47.4%, with a net loss of 5.8 million yuan, compared to a profit of 30 million yuan in the previous year [2][11]. Business Strategies and Market Positioning - Huace Film & TV continues to focus on traditional long-form dramas while also expanding into new business areas, including short dramas and international projects, with a production capacity of 20 short dramas per month [14][16]. - Perfect World maintains a balanced approach between long and short dramas, with several projects in post-production and a successful short drama recently launched [16] - Ciweng Media has increased its presence in the market with multiple projects, although it faces challenges due to seasonal revenue recognition and accounting policy adjustments [8][10]. - Huanrui Century is investing heavily in short dramas, which has led to increased costs and a decline in profits, despite having a substantial number of IPs [10][18]. - Baiana Qiancheng and Straw Bear Entertainment are both focusing on refining their long-form drama offerings, with several projects in the pipeline [14][22]. Industry Trends and Future Outlook - The industry is experiencing a transformation, with companies adopting different strategies to navigate the changing landscape, from traditional long dramas to new formats [14][22]. - The gradual implementation of the "Broadcasting and Television 21 Articles" policy is expected to create a more relaxed environment for the industry, potentially aiding in revenue generation [22].

Core Viewpoint - The Hong Kong film and entertainment stocks experienced a significant decline in the afternoon trading session on August 28, with notable drops in several companies [1] Group 1: Company Performance - Straw Bear Entertainment (02125.HK) saw a decline of over 9% [1] - Orange Sky Golden Harvest (01132.HK) fell by 5% [1] - Both Damai Entertainment (01060.HK) and Maoyan Entertainment (01896.HK) experienced a drop of 4% [1]

Core Viewpoint - The company, Daocaoxiong Entertainment, is strategically adjusting to the industry's shift towards short and high-quality dramas, leveraging its unique platform operation model and resource integration capabilities to build long-term competitiveness [1][10]. Financial Performance - For the first half of 2025, Daocaoxiong Entertainment reported approximately 446 million RMB in revenue, reflecting some pressure compared to the previous year [2]. Strategic Initiatives - The company has implemented a "small but beautiful" content innovation strategy, combining long, short, and micro-short dramas to adapt to market changes, which has optimized production cycles and IP recovery efficiency [2][3]. - The user base for micro-short dramas reached 696 million by June 2025, with the market expected to grow to 63.43 billion RMB in 2025 and exceed 100 billion RMB by 2027 [2]. Content Development - Daocaoxiong Entertainment has actively adjusted its content strategy since 2024, producing a range of works from long to short dramas, with notable successes such as "Sanchaji 2" and various short dramas that have achieved high viewership and critical acclaim [3][4]. - The company has accelerated its project production and scheduling pace, utilizing its platform-based operation model to efficiently convert quality ideas into market-ready content [6]. IP Strategy - The core competitiveness of Daocaoxiong Entertainment lies in its ability to develop and commercialize super IPs, with a focus on series development and derivative operations to enhance commercial value [7]. - The company has a diverse portfolio of IPs, including adaptations of popular literary works, which provide a strong foundation for future content development [7][8]. Future Outlook - Daocaoxiong Entertainment aims to deepen its diversified entertainment ecosystem centered around super IPs, combining long and short content structures with online and offline commercial models to create a robust growth trajectory [11]. - The combination of short and long dramas aligns with consumer trends and is expected to enhance the company's profitability and risk resilience, positioning it well for future performance and market value growth [10][11].

Core Insights - The article highlights the strategic adjustments made by Daocaoxiong Entertainment in response to the industry's shift towards short and high-quality dramas, positioning the company to navigate industry cycles and build long-term competitiveness [1][10]. Financial Performance - For the first half of 2025, Daocaoxiong Entertainment reported approximately 446 million RMB in revenue, reflecting a strategic focus on a "small but beautiful" content innovation strategy that combines long, short, and micro-short dramas [2][10]. Industry Trends - As of June 2025, the user base for micro-short dramas in China reached 696 million, with the market expected to grow to 63.43 billion RMB in 2025 and surpass 100 billion RMB by 2027 [2][3]. - The trend of shortening drama series has led to increased demands for high-quality, fast-paced productions, with Daocaoxiong Entertainment's early strategic positioning allowing it to take a proactive role in this structural transition [2][3]. Content Strategy - Daocaoxiong Entertainment has shifted its content strategy since 2024, producing a mix of long and short dramas, with notable successes such as "Sanchaji 2" and various short dramas that have achieved high viewership and critical acclaim [3][4]. - The company has launched micro-short dramas like "Qi An Lan" and "Zhou Ji Qian Li Hao Ge Lai," which have received nominations and recognition at major festivals, showcasing the integration of cultural elements and modern storytelling [4][6]. Operational Efficiency - The company's platform-based operational model has enhanced its ability to integrate external resources and streamline production processes, allowing for quicker turnaround times and better alignment with market demands [6][10]. IP Development - Daocaoxiong Entertainment focuses on developing "super IPs" through a comprehensive industry chain approach, with a strategy centered on IP reserve, series development, and derivative operations to maximize commercial value [7][10]. - The company has a diverse pipeline of upcoming projects, including various genres and formats, ensuring a robust content supply for the next two to three years [8][10]. Future Outlook - The management plans to deepen its multi-faceted entertainment ecosystem centered around super IPs, combining long and short content structures with online and offline commercial models to create a more resilient growth trajectory [11]. - The integration of short and long dramas aligns with evolving consumer preferences, enhancing the company's future profitability and risk resilience [11].

Core Insights - The article highlights the transformation of the entertainment industry driven by changing consumer habits, fragmented entertainment forms, and technological innovations, with Daocaoxiong Entertainment actively exploring opportunities amidst these changes [1] Group 1: Financial Performance - Daocaoxiong Entertainment reported approximately 450 million RMB in revenue for the first half of the year, with an adjusted net loss of about 400,000 RMB [1] - The financial fluctuations are attributed to the company's strategic shift towards innovative series production, focusing on shorter, high-quality content to adapt to market demands [1] Group 2: Content Strategy - The company is responding to the trend of shorter dramas, with a significant increase in the production and scheduling of series that cater to mobile users' fragmented viewing habits [2] - The series "Bai Hu" achieved over 10,000 views within six days of its release on iQIYI, demonstrating the strong appeal of high-quality short dramas [2] - Daocaoxiong Entertainment has a diverse content matrix in development, including various short and long series, ensuring a steady supply of quality content to the market [6] Group 3: IP Development and Monetization - The company is focusing on deepening the commercial value of its IP through both online and offline strategies, recognizing the importance of IP in enhancing competitive strength [8][10] - Daocaoxiong Entertainment is developing series based on popular literary works and has plans for merchandise development related to its IP, aiming to create additional revenue streams [11] - The company is also investing in offline experiences, such as theme parks, to enhance the visibility and monetization of its IP [11] Group 4: Market Outlook - The article notes that the Chinese entertainment and media industry is projected to reach a total revenue of 561 billion USD by 2029, with a compound annual growth rate of 4.5% from 2024 to 2029, indicating a favorable market environment for Daocaoxiong Entertainment [12][13]