我们始终坚持： 只为那些开放进取、求新求变、希望企业在AI时代仍能长足发展的同学开放名额。 目前 已有来自飞鹤、旺旺、华住、柠萌影视、传音控股、方里 等各行业先锋企业创始人、一号位及核心 高管加入！ AI时代，对企业既是挑战也是机会。 站在技术变革与商业重构的交汇点，唯有持续学习与认知跃迁，才能抓 住下一轮增长的红利。 混沌创新院25级，将系统讲授AI时代的底层思维和方法论——从第一性原理出发，到AI实战落地，帮助企 业和创业者穿越周期，找到10x增长的引擎。 开学倒计时，报名将在8天后截止，目前仅余少量席位，扫码报名锁定！ ...

"现在在美国，有大概200多个微短剧APP，核心是最后能够活下来的有多少。现在前三大平台还在投入 期。"正在举办的上海电视节上，中文在线集团常务副总裁谢广才对于北美市场的微短剧竞争态势这样 说道。在他看来，也许在两三年后，平台之间就会逐渐拉开差距、出现分化。 《中国经营报》记者注意到，微短剧在海外的发展与国内有相似之处：从蓝海到大量涌入形成红海，商 业模式从付费到免费再到共存。而随着竞争的加剧，摆在行业面前的道路便是，挖掘尚未被开发的区域 市场，或者探索新的商业模式。 北美市场已成红海 在2021—2022年，国内的微短剧行业野蛮生长之时，这一新的内容品类也开始在海外市场被关注到。 2023年8月，Crazy Maple Studio推出的一款名为ReelShort的微短剧APP在北美的App store、Google Play 等应用商店火了起来，一度冲到海外APP排行榜的免费榜第一名，甚至超过了TikTok在海外的下载量。 自那之后，众多的中国微短剧公司已经看到了海外特别是北美市场的潜力。 实际上，微短剧在北美乃至全球并非一个主流被认可的内容产品，在过去两三年的时间里，在全球有广 泛影响力的好莱坞巨头从未 ...

Core Insights - The core viewpoint of the article is the announcement of the 2025 drama series lineup by Lingmeng Media, featuring seven new productions that will begin filming in the second half of the year, showcasing the company's strong content creation capabilities and forward-looking strategy [1][17][20]. Group 1: Overview of the 2025 Drama Series - Lingmeng Media's 2025 lineup includes seven works: "Confrontation," "Ask the Heart 2," "Small Town Good Prescription," "A Thought of Jiangnan," "Just in Time for Rain," "Today is Sun Rain," and "Ten Days to the End" [1][17]. - The series spans various genres, including realism, contemporary romance, historical drama, and fantasy, reflecting the company's diverse storytelling approach [17][20]. Group 2: Key Productions and Themes - "Confrontation," a key project guided by the Ministry of National Security, focuses on national security and human nature, marking the first domestic series to address cross-strait relations and Sino-U.S. dynamics [18]. - "Ask the Heart 2" continues the story from its first season, featuring the same creative team and exploring themes of warmth and hope in the medical field [18]. - "Small Town Good Prescription" tells the story of a genius doctor facing life's challenges and finding a "second-best solution" upon returning to his hometown [18]. Group 3: Industry Position and Strategy - Despite facing industry-wide challenges and a projected loss in 2024, Lingmeng Media is increasing production capacity, leveraging its strong cash flow and stable financial position to invest in high-quality content [20]. - The company plans to produce over 200 episodes this year, including additional films and short dramas, reinforcing its commitment to high-quality content creation [20]. - Lingmeng Media emphasizes its belief in the importance of good content and aims to be a nurturing environment for talented creators, focusing on producing works that resonate with audiences and reflect societal values [20].

Group 1 - Hong Kong film stocks have strengthened, with Ningmeng Film (09857.HK) rising over 20% [1] - Alibaba Pictures (01060.HK) increased nearly 7% [1] - Other companies such as Lehua Group (02306.HK) and One Universe (01616.HK) also saw gains [1]

随着短剧造星能力的增强，头部演员也成为短剧的核心资源，演员的流量对于剧集来说越来越重要，是承接短剧商业价值的重要载体。对于头部短剧公司 和MCN来说，签约艺人已经不仅作用于保障内容制作，现阶段制作公司要找新的利润空间，拓展艺人商务成为新的出路，突破演员流量转化的天花板。 对于欢娱、柠萌等长剧公司来说，短剧已经成为其挖掘新人的关键渠道，于正甚至提出演员的表演也要更新换代、需要向短剧学习；对于在长剧市场找不 到机会的新人演员，短剧能缩短其走红的路径，加快向市场展现自己的个人能力和魅力。 经纪环节专业化 今年以来，越来越多从业者感受到，短剧演员在短剧产业中的重要性正在上升。随之而来的是更新换代更快的造星速度，和野蛮生长缺乏规范的演员定价 标准。 内容行业进行到一定阶段会出现更具体的分工。今年2月，「横竖有戏」作为长剧头部选角团队CDHOME旗下专门面向短剧赛道的新部门，从演员经纪出 发，摸索更专业的流程，向短剧行业输送更多专业的力量。CDHOME的联合创始人毕英杰则成为横竖有戏的负责人。 成立不到半年时间，横竖有戏已经签约了100多个短剧演员。在签约前，横竖有戏会根据演员外形、拍摄经历和毕业院校综合进行资料初选，之 ...

Group 1 - The Hong Kong film and television stocks are performing strongly, with Alibaba Pictures (01060.HK) rising over 5% [1] - Bigo Group (08220.HK) has increased by more than 2% [1] - Other companies such as Maoyan Entertainment (01896.HK) and Ningmeng Pictures (09857.HK) also saw gains [1]

5月21日，港股三大指数集体上涨。截至收盘，恒生指数涨0.62%，国企指数涨0.84%，恒生科技指数涨 0.51%。 分板块看，影视股延续涨势。阿里影业（01060.HK）再涨22.95%，2个交易日累涨近6成。消息面，阿 里影业拟更名为大麦娱乐。其它个股，猫眼娱乐（01896.HK）涨4.58%，柠萌影视（09857.HK）涨 1.63%，IMAX中国（01970.HK）涨1.52%。 黄金股集体走强。赤峰黄金（06693.HK）涨13.84%，珠峰黄金（01815.HK）涨12.07%，招金矿业 （01818.HK）涨7.8%，灵宝黄金（03330.HK）涨7.13%，山东黄金(01787.HK)涨7.01%，中国黄金国际 （02099.HK）涨6.3%，其它有色金属股纷纷跟涨。 消息面，国际金价再次强势反弹，隔夜已重新回升至了3300整数大关上方。高盛分析师认为，这一走势 背后存在一个明确的逻辑支撑：中国买盘正在强势回归。此外，据周二公布的海关数据，中国上月黄金 进口总量达到127.5公吨，创11个月新高。与前一个月相比，增幅达到73%。 医药股中，医药外包概念股、生物医药股等都普遍走高。凯莱英（068 ...

Content Production and Strategy - By the end of 2024, the Group has produced and distributed a total of 25 high-quality drama series, with 23 being original series where the Group acted as the lead/sole investor and executive producer[9]. - The Group's original drama series cover popular themes such as family life, education, and female empowerment, contributing to extensive discussions and positive value propositions[9]. - The Group is committed to diversified growth strategies, exploring new avenues such as content marketing, short drama series, overseas distribution, and IP derivative development[10]. - The Group aims to maximize the commercial value of its proprietary IP rights, reinforcing its leadership in the industry[10]. - The Group has a strong reserve of original IPs, which is a key driver for its business operations and market position[7]. - The Group's mission is to shape content by people and shape people with content, reflecting its commitment to quality and innovation in media[8]. - The Group aims to initiate production of new projects with over 200 episodes in the coming year, focusing on premium long-form drama series[49]. - The Group's short drama series business is expected to maintain scale development while producing premium content[49]. - The Group's strategy includes leveraging new business models in content marketing to expand strategic brand resources[49]. - The Group plans to explore new business models such as short drama series marketing and IP licensing, while also developing an artiste brokerage business[87]. Financial Performance - The Group's revenue for the year ended 31 December 2024 was approximately RMB657.0 million, a decrease of 46.2% compared to RMB1,221.8 million for the year ended 31 December 2023[26]. - Gross profit for the year ended 31 December 2024 was approximately RMB108.5 million, representing a decrease of 77.5% from approximately RMB481.6 million for the same period in 2023[26]. - Adjusted net loss for the year ended 31 December 2024 was approximately RMB184.2 million, compared to adjusted net profit of approximately RMB227.4 million for the same period in 2023[26]. - Net assets as of 31 December 2024 amounted to approximately RMB2,313.9 million, a decrease of 10.1% from RMB2,574.5 million as of 31 December 2023[27]. - The Group's total assets as of 31 December 2024 were approximately RMB3,217.9 million, down from RMB3,567.5 million as of 31 December 2023[29]. - The Group's total liabilities as of 31 December 2024 were approximately RMB904.0 million, compared to RMB992.9 million as of 31 December 2023[29]. - The Group's revenue and net profit for 2024 experienced a temporary year-on-year decrease due to a smaller number of drama series episodes broadcasted and ongoing investments in new businesses[54]. - The Group's cost of sales decreased by 25.9% from RMB740.2 million in 2023 to RMB548.5 million in 2024[95]. - Gross profit fell from RMB481.6 million in 2023 to RMB108.5 million in 2024, reflecting the impact of the broadcast situation of drama series[99]. - The gross profit margin decreased from 39.4% in 2023 to 16.5% in 2024[100]. - Other income and gains decreased by 43.7% from RMB121.7 million in 2023 to RMB68.5 million in 2024[101]. - Selling and distribution expenses increased by 70.7% from RMB93.0 million in 2023 to RMB158.7 million in 2024, primarily due to efforts to expand the short drama series business[102]. - The Group's adjusted net loss for the year ended December 31, 2024, was RMB184.2 million, compared to an adjusted net profit of RMB227.4 million in 2023[120]. Viewership and Audience Engagement - The average viewership per episode of the original drama series "Under the Skin II" ranked TOP1 across all platforms in Q4 of 2024[37]. - In 2024, the Group achieved over double growth in viewership, number of subscribers, and total viewing time on its overseas self-operated YouTube channels[44]. - The original drama series "Under the Skin II" achieved significant viewership, ranking TOP1 in Hong Kong, Taiwan, Korea, and TOP3 in Malaysia, while breaking viewership records on TRUEID in Thailand[79]. - The original drama series "In Between" ranked TOP2 in the urban romance drama category for 2024, with over 900 million exposures on Xiaohongshu, leading the Weibo Drama Influence List[60]. - "My Boss" reached a popularity rate exceeding 9,500 on Youku within 13 days of its release, ranking TOP5 in viewership for exclusive Youku dramas in the first half of 2024[60]. - Several short drama series recorded viewership exceeding 100 million, with recharge amounts per series exceeding RMB10 million, indicating top industry performance[72]. - The number of viewings, subscribers, and viewing time for self-operated overseas channels more than doubled year-on-year[78]. - In 2024, the Group's self-operated official YouTube channel recorded viewership exceeding 100 million, representing a year-on-year increase of 120%, with subscribers increasing by 180% and total viewing time increasing by 205%[79]. Product and IP Development - The Group successfully produced and released 3 original drama series and 1 cinema film in 2024, with the cinema film achieving good box office results for a non-holiday release[56]. - The sales volume of peripheral derivative products for the drama series "Under the Skin II" ranked among the top tier of drama series in 2024, securing the first place among modern drama series[45]. - The Group successfully launched over 200 peripheral derivative products for "Under the Skin II," with cotton-stuffed dolls selling out immediately, achieving a sales volume of one million in record time[82]. - The sales volume of peripheral products for "My Boss" ranked TOP1 among drama series products launched by Alifish in the first half of 2024[83]. - The Group's copyright purchase amount and number of copyrights reached the highest level in previous years, enhancing the influence and commercial value of its IPs[45]. - The Group plans to debut its first overseas localized project and continue diversifying its overseas business development[49]. - The overseas distribution of the film "The Unseen Sister" was released in multiple regions including Australia, the United States, Canada, and New Zealand, and was shortlisted for major film festivals[79]. Corporate Governance and Management - The listing date of the company was August 10, 2022, under stock code 9857[24]. - The Group's principal place of business is located in Shanghai, China, with additional operations in Hong Kong[18]. - The Group has established relationships with several major banks in China, supporting its financial operations and growth initiatives[23]. - As of December 31, 2024, the Group had 203 employees, with approximately 70.9% being female, maintaining a diverse workforce[92]. - The execution of the Supplemental Agreement on January 24, 2025, will not materially impact the control and corporate governance of the Company[159]. - Mr. Su, Ms. Chen, and Ms. Xu remain as a group of controlling shareholders following the Supplemental Agreement, while Mr. Zhou and others cease to be part of the controlling shareholders[160]. - Ms. Chen has approximately 20 years of experience in the planning, production, and marketing of TV series[167]. - Mr. Su has approximately 27 years of experience in the media industry and management[162]. - Ms. Xu Xiao'ou has approximately 18 years of experience in TV series production, having held various positions at Shanghai Radio and Television Station from 2006 to 2014[172]. - Ms. Wang Juan is currently the vice president of Tencent Online Video Business Unit, responsible for strategic planning and management of content copyright and development[179]. - Mr. Zhang Rong has over 10 years of investment experience, currently serving as a partner at Hony Capital, focusing on science, technology, and cultural creation sectors[181]. - Ms. Long Yu has been a member of the Bertelsmann Group Management Committee since 2011, advising on strategy formulation and development[185]. - Ms. Xu has been recognized with multiple awards, including "Producer of the Year" in 2023 by New Weekly[174]. - Ms. Wang obtained her MBA from China Europe International Business School in November 2017[180]. - Ms. Long has served as an independent non-executive director for various companies, providing independent judgment and oversight[185]. - Ms. Long has approximately 18 years of experience in the media industry and investment, having joined Bertelsmann Group in 2005[188]. - Ms. Long served as a principal at Bertelsmann Digital Media Investments, focusing on early-stage investments in innovative companies in the technology and media sectors[188]. - Ms. Long was the CEO of Bertelsmann China Corporate Center from 2008 to 2020, overseeing investment management and advisory services[189]. - Ms. Long has held various directorships, including Bitauto Holdings Limited and China Distance Education Holdings Limited, providing independent judgment to their boards[189]. - Ms. Long is an active member of the World Economic Forum's Young Global Leaders Advisory Council[191]. - Mr. Jiang Changjian has approximately 25 years of experience in political science and international politics, serving as an associate professor at Fudan University since 2001[192]. - Mr. Jiang has been an independent non-executive director of Sanxiang Impression Co., Ltd. since May 2018, providing independent judgment to the board[192]. - Mr. Jiang served as an independent non-executive director of BGI Genomics Co., Ltd. from June 2015 to June 2021[192]. - Ms. Long received a master's degree in business administration from Stanford Graduate School of Business in June 2005[191]. - Ms. Long has been a director of Tapestry Inc. since January 2016, providing independent judgment and serving on the audit committee[188]. - Mr. Jiang was appointed as an independent non-executive director on September 24, 2021, bringing approximately 25 years of experience in international relations and public affairs[194]. - Ms. Tang was appointed as an independent non-executive director on September 24, 2021, with around 14 years of experience in accounting and management[197]. - Ms. Tang has been a professor at Donghua University since January 2022, focusing on accounting research and education[197]. - Mr. Jiang holds a master's degree in international politics and a doctoral degree in political theory from Fudan University[200]. - Ms. Tang obtained a doctoral degree in accounting from Shanghai Jiao Tong University in December 2009[198]. - Ms. Tang has been recognized as a Chinese Certified Public Accountant since December 2009[198]. - Ms. Tang was awarded the Shanghai Pujiang Talent in August 2016 and selected as a "National Accounting Leading Talent" in December 2017[199]. - Ms. Tang has served as an independent non-executive director of Shanghai No.1 Pharmacy Co., Ltd. since June 2022[197]. - Mr. Jiang has previously held independent director positions at Shenzhen BGI Genomics Co., Ltd. and Suzhou EDL Technology Co., Ltd.[194]. - Mr. Jiang's experience includes being a visiting scholar at Yale University and Columbia University[194]. Market and Operational Insights - The accumulated duration of short drama series for the year was approximately 6,000 minutes, representing a year-on-year increase of approximately 5 times[38]. - The first cinema film "The Unseen Sister" ranked TOP3 in box office performance among domestic suspense-themed films in 2024[39]. - The revenue from the commercial short drama series segment doubled year-on-year[38]. - The Group's overseas drama series achieved significant viewership growth, with some breaking local broadcasting records for Chinese dramas[78]. - The Group did not incur any material foreign currency exchange losses for the year ended December 31, 2024, and will continue to monitor foreign exchange exposure[139]. - As of December 31, 2024, the group had no significant investments and utilized idle funds to subscribe to financial products[152]. - As of December 31, 2024, there were no assets registered as collateral[153]. - As of December 31, 2024, the group faced no significant contingent liabilities[154]. - As of December 31, 2024, there were no future plans for significant investments or capital assets[155].

Core Insights - The year 2024 is seen as a pivotal year for traditional drama production companies in China, with many reporting revenue declines [1] - The industry is experiencing a downturn, with some companies managing to grow through cost-cutting or reliance on single successful projects, indicating that the sector has not fully recovered [2][3] Company Performance - Huace Film & TV reported a revenue of 1.939 billion yuan in 2024, a decrease of 14.48% year-on-year, with a net profit of 170 million yuan, down 41.55% [1] - Ciwen Media's revenue was 366 million yuan, down 20.63%, but it achieved a net profit of 12.851 million yuan, reversing losses due to reduced operating costs [1] - Ningmeng Media's revenue fell by 46.25% to 657 million yuan, resulting in a net loss of 190 million yuan [1] - Daocaoxiong Entertainment and Huanrui Century were among the few companies to achieve both revenue and profit growth, with Daocaoxiong's revenue increasing by 33.6% to 1.125 billion yuan [2] Industry Trends - The overall performance of traditional long-form dramas is declining, with a significant reduction in the number of new shows being produced [4] - The total number of new domestic dramas released in 2024 was 7,610 episodes, a decrease of 14% year-on-year [4] - The industry is shifting focus towards micro-short dramas, which have seen rapid development in recent years, as companies seek new growth opportunities [6] Strategic Shifts - Companies like Ningmeng Media are exploring micro-short dramas, with their 2023 release "Twenty-Nine" achieving over 1.17 billion views [6] - Huace Film & TV launched seven micro-short dramas in 2024, while Ciwen Media is producing four [7] - Huanrui Century is enhancing its artist management business, which saw an 86.86% revenue increase to 234 million yuan, becoming a key growth area [4][7] - Companies are also investing in AI technology to improve content production and management, indicating a strategic pivot towards innovation [7]

在近期的香港国际影展上，柠萌影视对外介绍了公司的八部新剧：古装剧集《子夜归》《书卷一梦》《月明千里》《一念江南》，现代言情剧《轧戏》 《今天是太阳雨》《没有人像你》，由番茄小说热门IP改编的《十日终焉》。 但一年前柠萌影视在片单中提及的《三十而已2》《问心2》以及"小系列"第五部《小三居》等，多部柠萌影视在现实题材领域代表性IP的续集，却并未出 现在此次柠萌新剧发布会上。 在这背后，是2024年柠萌影视营业收入由上年同期的12.22亿元锐减至6.57亿元，净利润从2.14亿元下滑到亏损1.84亿元的低迷经营状况。视频平台集体进 入降本增效常态化阶段后，版权剧利润空间持续被压缩，这对主要依赖版权剧创收的柠萌影视所产生的影响，已经清晰反映在了财报中。 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 人民幣千元 | | | 除税前(虧損)/利潤 | (213,417) | 285.498 | | 所得税抵免/(開支) | 23,364 | (71,870) | | 年內(虧損)／利潤及全面(開支)／收入總額 | (190,0 ...