"投资几十万制作的短剧，盗版平台2.9元就能解锁全集！这是对整个行业的巨大伤害。" 2025年7月25日，"2025中国互联网大会知识产权与合规治理论坛"于北京国家会议中心顺利召开。映宇 宙集团执行总裁、总编辑夏晓晖受邀并以《微短剧的版权保护与平台治理》为题发表主旨演讲，针 对"微短剧版权保护"这一行业痛点，系统剖析了行业案例以及映宇宙的实践与思考，并呼吁各方携手共 筑健康版权生态。 行业高速发展，盗版侵权成"致命伤" 数据显示，整个大文娱行业因盗版年损失超200亿元，而作为新兴业态的微短剧更是重灾区。据12426版 权监测中心数据，2023年平均每部短剧面临1224条侵权链接，总计达40.53万条；2025年上半年，映宇 宙旗下短剧公司数百部作品遭非法传播，单家公司直接经济损失达数千万元。更严峻的是，盗版链条已 形成"搬运-引流-变现"的黑色产业链，部分案件甚至夹杂涉赌、涉黄内容，威胁青少年身心健康。 演讲中，夏晓晖通过多起典型案例直击痛点：2023年，映宇宙短剧《人到中年》《我在古代当王爷》被 多家小程序未经授权发布，以"2.9元解锁全集"模式收割流量；2024年，武汉某公司通过微信小程序非 法传播映宇宙 ...

Core Viewpoint - The article highlights the ongoing efforts and achievements in combating telecom and online fraud in China, emphasizing the collaboration between government agencies and internet companies to enhance public awareness and prevention measures [2][3][5]. Group 1: Government Initiatives - The Ministry of Public Security launched a campaign titled "All Society Anti-Fraud Youth in Action," involving over 500 participants from various government departments and internet companies [2]. - The Anti-Telecom Fraud Information Monitoring Center reported significant progress in fraud prevention, including the issuance of 1.838 million financial warning directives and the interception of 4.69 billion scam calls and 3.37 billion scam messages in 2024 [3]. - Local police have engaged in face-to-face fraud prevention efforts, reaching approximately 4.778 million individuals [3]. Group 2: Company Contributions - Yingyuzhou Group's Executive President, Xia Xiaohui, emphasized the company's commitment to anti-fraud initiatives, enhancing risk identification through big data and AI, and developing over 140 risk control strategies [5]. - The company has established a rapid response mechanism for fraud clues, submitting 14,000 warning data points and assisting in over 230 cases [5]. - Yingyuzhou has engaged in public awareness campaigns, including "Anti-Fraud into Campus" and innovative promotional activities like the "Anti-Fraud Creative IP" featuring plush toys to attract younger audiences [5][9]. Group 3: Public Engagement - Interactive games at Yingyuzhou's anti-fraud booth attracted public participation, allowing individuals to learn about common fraud tactics and prevention techniques while winning prizes [7]. - The theme of the current promotional month is "Anti-Fraud is a Mandatory Course, Build a Strong Defense and Fulfill Responsibilities," highlighting the importance of public education in fraud prevention [9].

Core Insights - The "easy profit era" of the live streaming industry is coming to an end, with companies facing growth pressures and profitability anxieties, leading to a collective transformation phase [1][2] - The five major players in the live streaming sector—Douyu, Huya, Huanju, Yingyu Universe, and Zhihui Group—are struggling to adapt and move away from their reliance on live streaming [2][12] Revenue Performance - In Q1 2025, Douyu reported revenue of 9.47 billion yuan, down 8.94% year-on-year; Huya's revenue was 15.09 billion yuan, a slight increase of 0.3%; Zhihui's revenue was 25.21 billion yuan, down 1.5%; Huanju's revenue was 4.94 billion USD (approximately 35.48 billion yuan), down 12% [4][6] - For the fiscal year 2024, the revenue ranking of the five companies was led by Huanju (22.38 billion USD), followed by Zhihui (105.63 billion yuan), Yingyu Universe (68.51 billion yuan), Huya (60.79 billion yuan), and Douyu (42.71 billion yuan) [4][6] Revenue Structure - Despite efforts to decentralize from live streaming, it remains the main revenue source for most companies: in 2024, Douyu, Huya, and Huanju had live streaming revenue shares of 72%, 78%, and approximately 80%, respectively [7][8] - In Q1 2025, the live streaming revenue shares were approximately 60% for Douyu, 75% for Huya, and 75% for Huanju, indicating a continued reliance on this segment [7][8] User Engagement - User engagement is declining, with Douyu's monthly active users (MAU) at 41.4 million, down 8.7% year-on-year, and average paying users at 2.9 million, down 14.71% [9][10] - Huanju's global MAU was 260 million, down 6.1%, with its products Bigo Live and Likee also experiencing significant declines in user numbers [10] Profitability - Huanju showed relative stability in profitability, with a net profit of 298.5 million USD for 2024 and 63.2 million USD for Q1 2025, indicating some resilience [11] - Douyu, however, reported a net loss of 240 million yuan for 2024 and continued to lose 79.61 million yuan in Q1 2025, marking a significant decline in profitability [11] Market Response - The market has reacted negatively to the performance of these companies, with their market capitalizations significantly reduced compared to their peak values [12] - As of the latest reports, the market values were Huanju (2.45 billion USD), Zhihui (1.004 billion USD), Huya (876 million USD), Yingyu Universe (2.557 billion HKD), and Douyu (200 million USD) [12] Transformation Efforts - Companies are attempting to find new growth avenues, with Douyu and Huya focusing on innovative business models and advertising [15][16] - Huanju has successfully expanded its overseas operations, while Yingyu Universe has pivoted towards short dramas, showing some signs of recovery [19][20] Future Outlook - The ability of these companies to successfully transition away from live streaming will determine their survival in the evolving market landscape [12][26] - Emphasis on technological advancements, particularly AI, is seen as crucial for enhancing content generation and user engagement [23][25]

在法律相关专业人士看来，这背后折射出的是金融犯罪治理与新兴业态之间法律边界的深层矛盾。 近日，北京蜜莱坞网络科技有限公司（以下简称"蜜莱坞"）就此前河南省郑州市中级人民法院（以下简 称"郑州中院"）判决向其追缴1887.9万余元直播打赏的裁定提起异议，但郑州中院并未支持其异议，随 后蜜莱坞方面向河南省高级人民法院提起复议。 蜜莱坞代理律师北京桦天律师事务所律师王梓豪指出："在这起案件中，前银行职员席薇在获取诈骗款 项后，连续7年在直播平台的小额、多次打赏，也得到了相应服务，而这部分费用应当是'善意所得'， 不应被追缴。"同时，他也表示在案件中席薇所工作的银行机构更应当承担起相关的责任。 这起由原光大银行郑州纬二路支行(后更名为郑州高新区支行)客户经理席薇诈骗案引发的执行争议，将 直播平台所称的 "善意取得" 是否该被追缴、银行机构是否应在诈骗案件中起到监管责任等问题再次推 向舆论中心。 蜜莱坞 "善意取得"的抗辩 时间回到2009年，从当年6月至2022年6月份，被告人席薇担任中国光大银行郑州纬二路支行(后更名为 郑州高新区支行)客户经理期间，使用微信或电话联系方式，向之前认识的客户推荐虚构的光大银行理 财产 ...

Core Insights - In May 2023, Inke Live celebrated its 10th anniversary with a month-long event, emphasizing that this milestone marks the beginning of a new journey rather than an endpoint [2][15][16] Group 1: Anniversary Celebration Highlights - The anniversary celebration kicked off with the "Talent Star Gala" on May 9, featuring celebrity mentors who guided new talents, showcasing the platform's commitment to nurturing dreams [2][6] - The online competitions saw significant participation, with various categories such as "Wind and Cloud," "Star Power," and "Popularity," highlighting the competitive spirit and diversity of talent on the platform [4][6] - Winners received exclusive rewards, including commemorative trophies and special privileges, reflecting the platform's dedication to recognizing and supporting its community [6][13] Group 2: Community Engagement and User Interaction - The celebration included a "Little Inke Party" from May 20 to May 27, where celebrity guests performed, creating a vibrant atmosphere and fostering community connections [7][9] - The event featured heartfelt messages from returning stars, emphasizing the emotional bonds formed within the Inke community over the years [9][15] - Users were treated to generous giveaways during the celebration, showcasing the platform's appreciation for its loyal audience [13][15] Group 3: Industry Impact and Future Vision - The anniversary festivities extended beyond the platform, involving collaborations with various brands and influencers, demonstrating Inke's significant industry influence [15][16] - The event highlighted Inke's evolution from a live-streaming pioneer to a multifaceted social entertainment ecosystem, aiming to continue fostering connections and creativity in the next decade [15][16]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 6,850,721 thousand, a slight increase from RMB 6,844,788 thousand in 2023[10] - Gross profit for 2024 was RMB 3,342,697 thousand, up from RMB 2,833,099 thousand in 2023, reflecting a gross margin improvement[10] - The group's revenue for the reporting period was approximately RMB 6,850.7 million, a slight increase of 0.1% compared to RMB 6,844.8 million in 2023[28] - The cost of sales decreased by 12.6% from approximately RMB 4,011.7 million in 2023 to approximately RMB 3,508.0 million in the reporting period[29] - Gross profit increased by 18.0% from approximately RMB 2,833.1 million in 2023 to approximately RMB 3,342.7 million, with the gross margin rising from 41.4% to 48.8%[30] - The group's net profit for the reporting period was approximately RMB 216.6 million, a decrease of 45.9% compared to RMB 400.6 million in 2023[41] - Operating profit for 2024 was RMB 220,291 thousand, down from RMB 424,160 thousand in 2023[10] - Operating profit decreased by 48.1% to approximately RMB 220.3 million from RMB 424.2 million in 2023[37] - The adjusted net profit for the reporting period was approximately RMB 234.4 million, down from RMB 426.0 million in 2023[42] User Metrics - Monthly average active users decreased by 8.6% to 20,836 thousand in 2024 from 22,808 thousand in 2023[12] - Average revenue per user increased by 9.6% to RMB 27.4 in 2024 from RMB 25.0 in 2023[12] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 5,572,333 thousand, an increase from RMB 5,145,709 thousand in 2023[11] - Non-current assets increased to RMB 1,607,414 thousand in 2024 from RMB 1,166,742 thousand in 2023[11] - The net assets of the company reached RMB 4,446,266 thousand in 2024, compared to RMB 4,281,843 thousand in 2023[11] - The group's current ratio was 3.7 and the debt ratio was 0.3 as of December 31, 2024, compared to 4.9 and 0.2 in 2023, respectively[44] - Cash and cash equivalents amounted to approximately RMB 2,195.7 million as of December 31, 2024, down from RMB 2,362.3 million in 2023[45] Expenses - Selling and promotional expenses rose by 22.3% from approximately RMB 2,073.8 million in 2023 to approximately RMB 2,535.6 million, accounting for 37.0% of total revenue[31] - Administrative expenses increased by 15.9% from approximately RMB 227.3 million in 2023 to approximately RMB 263.4 million, primarily due to employee optimization and structural adjustments[32] - Research and development expenses decreased by 25.6% from approximately RMB 272.0 million in 2023 to approximately RMB 202.2 million, attributed to operational strategy adjustments[33] - Net impairment losses on financial assets decreased from approximately RMB 13.1 million in 2023 to approximately RMB 8.6 million in the reporting period[34] - Other income fell by 56.3% from approximately RMB 38.6 million in 2023 to approximately RMB 16.9 million, mainly due to a reduction in government operating incentives[35] Strategic Initiatives - The company plans to expand into emerging overseas markets and focus on AI and Web 3.0 developments in 2025[17] - The group aims to strengthen its core business and optimize product lines to enhance capacity while focusing on emerging business areas for sustainable development[20] - The group is actively exploring overseas markets to increase product penetration and diversify its offerings[21] - The company aims to enhance user engagement and experience through innovative interactive features and flexible incentive policies[18] Corporate Governance - The company has appointed independent non-executive directors with extensive experience in finance and management to oversee the board and provide independent opinions[66][67] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[190] - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of independence[194] - The audit committee reviewed and discussed the annual performance during the reporting period[184] - The company is committed to maintaining high standards of corporate governance, which is essential for enhancing efficiency and performance[190] Shareholder Information - The board has proposed a final dividend of HKD 0.0412 per share for the year ended December 31, 2023, totaling approximately HKD 79,858,000 (approximately RMB 72,885,000)[58] - The company does not recommend any final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.0412 per share in 2023[85] - The company has a significant shareholder structure, with Mr. Feng holding 358,798,000 shares, representing 18.52% of the total shares[126] - Mr. Liu holds 250,000,000 shares through controlled entities, accounting for 12.90% of the total shares[126] - Mr. Hou has a stake of 80,409,000 shares, which is 4.15% of the total shares[126] Employee and Talent Management - The company has a competitive salary and benefits package to attract, develop, and retain talent, which is crucial for long-term success[75] - The company employs 1,416 full-time employees, with 418 dedicated to technology and R&D as of December 31, 2024[54] - The company has a robust employee performance evaluation system in place to determine salary increases and bonuses[1] - The company aims to attract and retain skilled talent through the 2018 Restricted Share Unit Plan, which incentivizes contributions to the group's future development and expansion[101] Compliance and Legal Matters - The company has complied with all relevant environmental and occupational health and safety laws and regulations during the reporting period[73] - The company has had no significant violations or non-compliance with applicable laws and regulations during the review year[74] - The company has confirmed the independence of its independent non-executive directors as of December 31, 2024[123] - The company is committed to ensuring compliance with all necessary licenses and permits required by Chinese government authorities[176] Contractual Arrangements - The company has established two Variable Interest Entity (VIE) structures to conduct value-added telecommunications services and internet cultural activities due to restrictions on foreign ownership in China[152] - The company has established contractual arrangements with Beijing Milaiwu, Canchen Yingchao, and Lingxiao Lansheng to gain management control and economic benefits from their operations[156] - The agreements stipulate that any disputes arising from the contractual arrangements should be resolved through friendly negotiations, with arbitration in Beijing if necessary[165] - The company may face significant penalties if the Chinese government deems its contractual arrangements non-compliant with laws and regulations[173] - The independent non-executive directors confirmed that the related transactions were conducted in the ordinary course of business and on normal commercial terms[178]

2025年4月17日，一起涉及微短剧领域重大著作权侵权的案件迎来关键进展。据警方透露，映宇宙集团 旗下广州快创网络科技有限公司(以下简称"快创")此前向警方报案的一起短剧侵权刑事案件取得突破性 进展。经警方缜密侦查与专项行动，武汉两家涉案公司被成功查处，初步查明涉案金额超千万元，多名 嫌疑人已被依法逮捕。 经快创法务团队调查取证，仅按最低售价估算，涉案公司违法所得已超百万元。涉案公司以营利为目， 在未获得版权授权许可的情况下，私自复制并通过网络向公众传播快创享有版权的影视作品，其行为已 构成"侵犯著作权罪"。由于其侵权行为收益较高且宣传覆盖面广，已对快创业务造成严重经济损失， 2024年10月，快创就该侵权情况正式向警方报案。 警方进一步查明，犯罪团伙通过盗取正版内容、改名搬运、剪辑引流等手段，构建覆盖多平台的侵权网 络，涉案金额高达千万元。此次行动不仅成功捣毁暴利盗版传播工作室，更对短剧行业版权保护标志性 意义。 侵权手段日益狡猾，倒逼版权保护不断升级 据12426版权监测中心数据显示，2023年平均每部短剧面临1224条侵权链接的挑战。盗版者利用抖音、 微信、淘宝等平台账号"游击式"传播，最终通过私域流量 ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 6,850,721 thousand, a slight increase of 0.1% compared to RMB 6,844,788 thousand in 2023[3] - Gross profit increased by 18.0% to RMB 3,342,697 thousand from RMB 2,833,099 thousand year-on-year[3] - Operating profit decreased by 48.1% to RMB 220,291 thousand from RMB 424,160 thousand in the previous year[3] - The group's net profit for the reporting period was approximately RMB 216.6 million, a decrease of 45.9% compared to RMB 400.6 million in 2023[28] - The company's basic and diluted earnings per share was RMB 0.10 for 2024, compared to RMB 0.21 in 2023, reflecting a decline of approximately 52.4%[47] - The total income tax expense for the year was RMB 71,201,000 in 2024, compared to RMB 68,867,000 in 2023, indicating an increase of about 2%[66] User Engagement and Market Strategy - The number of monthly active users decreased by 8.6% to 20,836 thousand from 22,808 thousand[4] - Average revenue per user (ARPU) increased by 9.6% to RMB 27.4 from RMB 25.0[4] - The company plans to expand into emerging markets, focusing on Southeast Asia and exploring opportunities in AI and Web3.0[6] - The company aims to enhance user experience and engagement through innovative interactive methods and flexible incentive policies[7] - The group aims to strengthen its core business and optimize product lines to enhance production capacity while focusing on emerging business areas[10] Expenses and Cost Management - The cost of sales decreased by 12.6% from RMB 4,011.7 million in 2023 to approximately RMB 3,508.0 million during the reporting period[16] - Selling and promotional expenses rose by 22.3% to approximately RMB 2,535.6 million, accounting for 37.0% of total revenue, up from 30.3% in 2023[18] - Administrative expenses increased by 15.9% to approximately RMB 263.4 million, primarily due to optimization of employee structure[19] - Research and development expenses decreased by 25.6% to approximately RMB 202.2 million, attributed to operational strategy adjustments and reduced employee costs[20] - The total expenses related to share-based compensation decreased to RMB 17,751,000 in 2024 from RMB 25,416,000 in 2023, a reduction of approximately 30%[76] Assets and Liabilities - Total assets grew by 8.3% to RMB 5,572,333 thousand from RMB 5,145,709 thousand[3] - Current assets totaled RMB 3,964,919 thousand in 2024, slightly down from RMB 3,978,967 thousand in 2023, a decrease of about 0.4%[50] - Non-current assets increased to RMB 1,607,414 thousand in 2024 from RMB 1,166,742 thousand in 2023, an increase of about 37.7%[50] - The total equity attributable to shareholders was RMB 4,398,008 thousand in 2024, compared to RMB 4,266,133 thousand in 2023, representing an increase of approximately 3.1%[51] - The group has approximately RMB 28.4 million in bank deposits frozen due to an ongoing investigation by local regulatory authorities[38] Investment and Financial Strategy - The company has begun to position itself in the blockchain industry by holding cryptocurrency as part of its strategy for future growth[9] - The company believes that its investment strategy in financial products will continue to generate stable income, considering the manageable risk levels and favorable terms[36] - The group ensures that its operational cash flow is sufficient to meet business needs and capital expenditures after investing in financial products[35] Corporate Governance and Compliance - The company is led by Chairman and CEO Feng Yousheng, who has been crucial for growth and business expansion since its establishment in 2015[81] - The annual financial statements have been audited by PwC, confirming the accuracy of the consolidated financial data[84] - The Audit Committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[85] - The company maintains a high standard of corporate governance and will continue to review its practices[81] - The company is committed to ensuring a balance of power and authority within its management structure[81]

Core Viewpoint - The company has issued a profit warning, projecting a slight increase in total revenue for 2024 but a significant decline in net profit compared to the previous year [1] Group 1: Financial Performance - For the fiscal year ending December 31, 2024, the company expects total revenue to be approximately RMB 6.84 billion to RMB 6.87 billion, a slight increase from RMB 6.84 billion in 2023 [1] - The projected net profit for 2024 is not expected to exceed RMB 240 million, representing a significant decline compared to the previous year [1] - The decline in profit is primarily attributed to losses from investment activities, including equity investments and investment property valuations, estimated between RMB 90 million to RMB 130 million [1] Group 2: Business Operations - The company's main business continues to show stable development, contributing consistent cash flow [2] - The micro-short drama segment remains a leader in the industry, recognized for its quality content and refined operational model [2] Group 3: Strategic Outlook - The company plans to adjust its development strategy flexibly based on market changes, with a focus on expanding overseas markets and user bases [4] - The company aims to maintain a prudent operational philosophy, optimizing its business structure to ensure compliance and high industry standards for existing products [4] - Future resource allocation will focus on new development strategies to enhance long-term operational capabilities [1][4]

Company and Industry Summary Company Overview - The company has a strong focus on capturing new user demands and leveraging an efficient middle platform to continuously develop new products that meet changing user preferences, particularly in the social and live streaming sectors, which provide a solid foundation for sustainable long-term growth [1][2][9] Industry Insights - The short drama segment has experienced rapid growth over the past two years, with the company identifying this opportunity earlier than the market, leading to a strong first-mover advantage [1][3] - The competition in the short drama space has intensified, pushing the industry towards higher quality content and production standards [3][4] Financial Performance - For the first half of 2024, the company reported a total revenue of 3.5 billion, a year-on-year increase of 13%, with the core business remaining stable [10] - Short dramas generated 640 million in revenue, reflecting a growth of over 30% year-on-year, positioning the company as a leader in this segment [11] - The gross margin improved significantly to 46.8%, up from 42.6% in the previous year, driven by the higher margin short drama business [11] Strategic Initiatives - The company has adjusted its short drama business model in response to increased competition, adopting a dual approach that includes both paid short dramas and an advertising-based model [4][5] - There is a strategic focus on expanding into overseas markets, particularly Southeast Asia and the Middle East, where there is a large user base and cultural alignment [6][7] - The company is also exploring the production of local dramas and has begun filming one to two projects as a test for future investments [9] Market Trends - The rise of new platforms like Hongguo Short Drama has garnered significant attention, with the potential for the advertising model to capture a substantial market share [13][14] - The company is supportive of the IA model, which is gaining traction in the short drama market, and has begun integrating this model into its own business strategy [15][16] Technological Integration - AI is being integrated across various aspects of the company's operations, including content production and marketing, enhancing efficiency and effectiveness [17][18] - The company is also exploring the potential of AI in social applications, although the full realization of AI's capabilities in consumer-facing products is still developing [18] Future Outlook - The company remains optimistic about the growth of the short drama market and the potential of new advertising models, while also maintaining a focus on profitability and market stability [12][13] - There is a commitment to exploring further collaborations and innovations, particularly in the realm of AI and overseas expansion [21]