Group 1 - The cultural media sector is experiencing a rise, with stocks such as Yuanlong Yatu (002878) and New Classics (603096) hitting the daily limit up [1] - Other companies like Chuanwang Media (300987) increased by over 10%, while companies such as Zhongwen Online (300364), Vision China (000681), and Zhangyue Technology (603533) also saw gains [1] - The influx of dark pool funds is noted, indicating increased interest in these stocks [2]

Core Insights - The global short drama market is experiencing high growth, with significant potential for small and medium enterprises (SMEs) to establish a strong presence overseas [6][4][14] - In the domestic market, the independent app "Hongguo" leads the way, while long video platforms are actively transforming [12][4] - The overseas market presents a more favorable competitive landscape, allowing SMEs to potentially become oligopolies [4][14] Domestic Market - Starting from the second half of 2024, independent apps like Hongguo are expected to see rapid growth, with usage time in Q1 2025 increasing by 5.5 times year-on-year [12][4] - Hongguo's monthly advertising ARPU reached 29 yuan, surpassing membership ARPU of long video platforms like iQIYI and Mango [12][35] - The rise of piracy is increasingly impacting the video sector, particularly paid series, necessitating stronger control measures [12][4] - The competition for exclusive content among production companies is intensifying, leading to a temporary increase in profit margins for producers [12][4] Overseas Market - The overseas market is characterized by high revenue growth and reduced risk, with leading platforms like Reel Short achieving a net profit of 7.91 million yuan in 2024 [4][14] - Chinese SMEs are better positioned in the overseas market due to their early entry and competitive advantages in content production and localization through AI technology [2][14] - The payment environment overseas is more favorable, with a mix of IAP and IAA models, resulting in higher average ROI compared to the domestic market [2][14] AI Technology Impact - AI technology is driving upgrades in the short drama industry, with advancements in AI animation, AI transformation, and AI live-action short dramas expected to continue [3][15] - AI animation short dramas are particularly advantageous in terms of cost reduction and user conversion rates in overseas markets [3][15] Market Size and Competitive Landscape - The Chinese micro-short drama market is projected to reach 50.4 billion yuan in 2024 and exceed 68 billion yuan in 2025 [4][44] - The domestic market is dominated by Hongguo, while the overseas market allows SMEs to leverage their technological and content advantages [4][14] Investment Recommendations - Focus on overseas markets where Chinese SMEs are positioned for high revenue growth and manageable competition risks, with companies like Zhongwen Online, Kunlun Wanwei, and Zhangyue Technology showing potential [16][17] - In the domestic market, traditional platforms like Mango Super Media may still have growth opportunities if they can retain existing users while expanding into short dramas [17][16]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次利润分配方案经公司2025年5月12日的2024年年度股东大会审议通过。 二、分配方案 1.实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易所收 市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红 利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分公司保 管，待办理指定交易后再进行派发。 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本438,896,835股为基数，每股派发现金红利0.10元（含税），共 计派发现金红利43,889,683.50元（含税）。 三、相关日期 ■ 四、分配实施办法 2.自行发放对象 无 3.扣税说明 （1）对于持有公司无 ...

证券代码：603533 证券简称：掌阅科技 公告编号：2025-028 掌阅科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.10元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/9 | － | 2025/6/10 | 2025/6/10 | 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本438,896,835股为基数，每股派发现 金红利0.10元（含税），共计派发现金红利43,889,683.50元（含税）。 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 12 日的2024年年度股 ...

Group 1 - The core viewpoint of the articles highlights the launch of the AI short drama "Northeast Treasure Hunting" by Zhangyue Technology, marking a new chapter in the company's short drama business [1] - Zhangyue Technology has developed a rich content reserve and expanding production capacity in the short drama sector since 2023, aiming to promote its own short drama app to accumulate user assets [1] - The company projects a revenue of 776 million yuan from its short drama business in 2024, with continued rapid growth expected in the first quarter of 2025, establishing it as the company's largest business segment [1] Group 2 - The introduction of AI video generation technology is transforming short drama creation, with Zhangyue Technology focusing on building an AI short drama production and operation system to enhance efficiency [2] - The company has successfully tested the AI short drama model with its previous production "Burning Star Decision," which performed well across multiple platforms and received support from Douyin [2] - Zhangyue Technology plans to release approximately three AI short dramas each month, including both live-action style and AI-animated adaptations, to streamline production and commercialization processes [2] Group 3 - Analysts note that the integration of AI technology amplifies the cost advantages of short dramas, enhancing their commercial value, particularly for micro short dramas which are characterized by low costs and high returns [3] - The company aims to deepen collaboration with leading domestic AI video model teams to improve the visual quality and production efficiency of AI short dramas [3] - Zhangyue Technology plans to leverage its successful short dramas and IP resources to produce various types of works, including live-action adaptations and original novel adaptations, while exploring the comprehensive application of AI technology in the entire short drama development process [3]

Group 1 - The core focus of the news is on Zhangyue Technology's development and strategic planning in the short drama business, which has become the company's largest revenue segment and is rapidly growing [1][2] - The company has established a diverse range of short drama content, including various genres such as urban, fantasy, campus, mystery, historical, romance, and more, and has released hundreds of short dramas in collaboration with multiple production and technology partners [1] - Zhangyue Technology plans to launch its own short drama APP platforms, including both free and paid options, to enhance interaction between its mini-program short dramas and the new APP offerings [2] Group 2 - The company has made significant progress in its overseas short drama business, with its platform iDrama gaining nearly 200,000 new users since its launch and performing well in markets like the USA, South Korea, and Indonesia [2] - Zhangyue Technology is exploring the AI short drama sector, aiming to leverage its extensive online literature resources to create AI-driven short drama assets and streamline the commercialization process [3] - The company plans to release approximately three AI short dramas each month, focusing on both realistic AI short dramas and AI adaptations of live-action dramas into animated formats [3]

证券代码：603533 证券简称：掌阅科技 公告编号：2025-027 掌阅科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 12 日 (二)股东大会召开的地点：中国北京市朝阳区四惠东四惠大厦公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 388 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 208,626,306 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 47.5342 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会是由公司董事会召集，董事长成湘均先生主持，会议以现场投 票和网络投票相结合的方式表决，本次会议的召集、召开和表决方式符合《公司 法》及《公司 ...

北京市中伦（深圳）律师事务所 北京市中伦（深圳）律师事务所 关于掌阅科技股份有限公司 2024 年年度股东大会的 法律意见书 致：掌阅科技股份有限公司 关于掌阅科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东会规 则》（下称"《股东会规则》"）等有关法律法规的规定及公司现行章程（下称 "《公司章程》"）的有关规定，北京市中伦（深圳）律师事务所（下称"本所"） 接受 ...

| | | □特定对象调研 √分析师会议 | | --- | --- | --- | | 投 资 者 关 | 系 活 | □媒体采访 □业绩说明会 | | 动类别 | | □新闻发布会 □路演活动 | | | | □现场参观 | | | □其他 | | | 时间 | 2025 | 年 月 日 5 9 15:00-16:00 | | 地点 | | 北京市朝阳区四惠东四惠大厦公司会议室 | | 形式 | 线下 | | | 上 市 公 司 | 接 待 | | | 人员姓名 | | 董事、副总经理、董事会秘书陈永倬先生 | | | | 中信建投证券股份有限公司、招商证券股份有限公司、广发 | | | | 证券股份有限公司、东吴证券股份有限公司、中信证券股份 | | | | 有限公司、浙商证券股份有限公司、信达证券股份有限公司、 | | 参 与 活 动 | 机 构 | 东北证券股份有限公司、中国银河证券股份有限公司、中泰 | | 人员（排名不分 | | 证券股份有限公司、新华资产管理股份有限公司、泰康基金 | | 先后） | | 管理有限公司、华福证券有限责任公司、建信养老金管理有 | | | | 限责任公司、幸福人寿 ...

Core Viewpoint - The article discusses the rapid development of China's new media industry, driven by supportive government policies from the "12th Five-Year Plan" to the "14th Five-Year Plan," focusing on infrastructure, integration, and international expansion [1]. Policy Overview - A series of national policies have been issued to encourage the development of micro-short dramas, live e-commerce, and other new media businesses, while also implementing regulations to ensure a healthy environment for short videos and live streaming [3][4]. National Policy Summary - As of February 2025, various policies have been introduced, including: - Support for cultural originality and digital transformation in cultural creation [4]. - Plans to enhance the quality of micro-short dramas and integrate them into various industries [4]. - Initiatives to expand cross-border e-commerce and improve overseas warehouse construction [4]. - Actions to regulate self-media and ensure compliance with public morals [4][5]. Development Goals - The government aims to promote new cultural formats such as digital publishing, digital film, and digital arts, while guiding industry standards and fostering high-quality development in the new media sector [8][10]. Provincial Policy Summary - Local governments are actively implementing policies to support the new media industry, including: - Beijing's initiatives to enhance digital transformation for traditional businesses [12]. - Shanghai's focus on developing online new economy brands through digital and live-streaming platforms [12]. - Guangdong's plans to cultivate digital creative industries and support live e-commerce [12][13]. Industry Trends - The new media industry is expected to see significant growth in areas such as digital content production, live streaming, and the integration of advanced technologies like AI and blockchain [10][11].