中文在线集团股份有限公司 2025 年第三季度报告 证券代码：300364 证券简称：中文在线 公告编号：2025-046 中文在线集团股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季 度报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是否 1 中文在线集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 454,552,871.41 | 31.43% | 1,011,038, ...

Core Insights - The publishing sector experienced a rise of 1.46% on October 23, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Publishing Sector Performance - Rongxin Culture saw a significant increase of 20.01%, closing at 38.03, with a trading volume of 162,600 shares and a transaction value of 585 million [1] - Other notable performers included: - Zhongwen Online, up 6.28% to 27.58, with a transaction value of 2.336 billion [1] - Guomai Culture, up 4.31% to 47.40, with a transaction value of 786 million [1] - Duku Culture, up 3.64% to 9.96, with a transaction value of 159 million [1] - The total net inflow of funds in the publishing sector was 313 million, while retail investors saw a net outflow of 147 million [1] Fund Flow Analysis - Zhongwen Online had a net inflow of 303 million from institutional investors, representing 12.97% of its total trading [2] - Rongxin Culture experienced a net inflow of 70.7 million from institutional investors, accounting for 12.08% [2] - Guomai Culture had a net inflow of 46.3 million from institutional investors, making up 5.89% [2] - Retail investors showed a net outflow across several stocks, with Duku Culture seeing a net outflow of 29.4 million, which is 18.48% of its total trading [2]

Group 1 - Rongxin Culture experienced a 20% limit-up increase in stock price [1] - Huanrui Century previously had a stock price limit-up [1] - Other companies such as Yilun Media, Liujin Technology, Wireless Media, Happy Blue Sea, and Chinese Online also saw stock price increases [1]

Core Viewpoint - The rapid rise of AI short dramas is reshaping the entertainment industry, driven by technological advancements, capital investment, and changing consumer demands, but challenges in content quality, technology, and commercialization remain [5][10][25]. Group 1: Industry Performance - The AI short drama "奶团太后宫心计" has achieved a cumulative viewership of 210 million, while "兴安岭诡事" reached over 56.13 million views within 21 hours of its release [5][7]. - The original revenue from Douyin for these dramas exceeded 300,000, with a follower increase of over 100,000 [5][10]. - The global AI short drama "AfterDivorce" topped the weekly short drama chart, with a heat value exceeding 5 million, marking it as the first AI short drama to enter the global box office bestseller list [5][10]. Group 2: Production Efficiency - The production of AI short dramas has seen a "cliff-like improvement" in efficiency, exemplified by the AI-produced micro-drama "白狐," which reduced the production cycle from three months to two weeks and cut costs from tens of thousands to thousands per minute [9][18]. - Companies like 博纳影业 and 昆仑万维 are leading the charge, with over 10 A-share listed companies investing in AI short dramas across various dimensions, including technology development and content creation [10][14]. Group 3: Capital Investment - The capital market is rapidly entering the AI short drama space, with over 10 A-share listed companies betting on this sector, indicating a clear shift from experimental projects to large-scale production [10][14]. - Platforms like Douyin and Kuaishou are launching initiatives to support AI short drama creators with significant cash incentives and traffic support, further attracting capital investment [13][14]. Group 4: Technological Transformation - AI technologies are revolutionizing the production process, significantly reducing costs and time while enhancing creative capabilities [18][19]. - Tools like ChatGPT are being utilized for script generation, while AI image and video generation technologies are replacing traditional high-cost production methods [19][21]. Group 5: Challenges Ahead - Despite rapid growth, AI short dramas face challenges such as content homogeneity, lack of standout works, and over-reliance on technology at the expense of storytelling [23][24]. - The industry is grappling with issues related to emotional expression and character development, as AI-generated content often lacks depth compared to human-created narratives [24][25]. - Copyright and ethical concerns are emerging, with instances of AI-generated content infringing on rights, highlighting the need for regulatory frameworks [25].

Core Viewpoint - The A-share market's film and television concept stocks are experiencing a counter-trend rise, with several stocks hitting their daily limit up [1]. Group 1: Stock Performance - Haikan Co., Ltd. (301262) saw a 20% increase, reaching a market capitalization of 12 billion [2]. - Happiness Blue Sea (300528) rose by 11.76%, with a total market value of 8.141 billion, and has increased by 151.15% year-to-date [2]. - Huanrui Century (000892) increased by 10.07%, with a market cap of 6.219 billion and a year-to-date rise of 94.48% [2]. - Pearl River Piano (002678) experienced a 10% increase, with a market value of 8.408 billion and a year-to-date increase of 38.48% [2]. - Liujin Technology (920021) rose by 6.21%, with a market capitalization of 2.166 billion and a year-to-date increase of 30.78% [2]. - Zhejiang Wenyi (601599) increased by 6.06%, with a market cap of 4.468 billion and a year-to-date rise of 7.54% [2]. - Chinese Online (300364) saw a 3.93% increase, with a market value of 19.6 billion and a year-to-date increase of 9.95% [2]. - Chuanwang Media (300987) rose by 3.29%, with a market cap of 3.102 billion and a year-to-date increase of 27.11% [2]. Group 2: Market Signals - The MACD golden cross signal has formed, indicating a positive trend for these stocks [1].

Core Viewpoint - The media and short drama sectors are experiencing significant gains, with multiple companies reaching their daily price limits and others showing substantial increases in stock prices [1] Group 1: Company Performance - Haikan Co., Ltd. and Rongxin Culture both hit the daily limit up [1] - Huanrui Century also reached the daily limit up [1] - Happiness Blue Sea saw an increase of over 15% in its stock price [1] - Wireless Media, Liujin Technology, Reader Culture, and Chinese Online all experienced stock price increases of over 5% [1]

Core Viewpoint - The publishing sector experienced a slight increase of 0.74% on October 22, with Rongxin Culture leading the gains, while the Shanghai Composite Index fell by 0.07% and the Shenzhen Component Index decreased by 0.62% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% [1]. - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. - The publishing sector stocks showed varied performance, with Rongxin Culture rising by 3.56% to a closing price of 31.69 [1]. Group 2: Individual Stock Performance - Rongxin Culture (301231) led the sector with a closing price of 31.69 and a trading volume of 247,800 shares, totaling a transaction value of 809 million [1]. - Other notable performers included: - Zhongwen Online (300364) with a closing price of 25.95, up 2.61%, and a transaction value of 1.165 billion [1]. - China Publishing (676109) closed at 6.85, up 2.54%, with a transaction value of approximately 90.87 million [1]. - Xinhua Media (600825) also saw a rise of 2.39%, closing at 6.85 [1]. Group 3: Capital Flow - The publishing sector experienced a net outflow of 81.1353 million from institutional investors and 35.1751 million from retail investors, while individual investors saw a net inflow of 116 million [2]. - The capital flow for individual stocks showed: - Zhongwen Online had a net inflow of 48.6754 million from institutional investors [3]. - Xinhua Media saw a net inflow of 27.1186 million from institutional investors [3]. - ST Huawen recorded a net inflow of 9.0545 million from institutional investors [3].

Core Viewpoint - As of October 21, a total of 82 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Jianyou Co., which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun, Yongmaotai, Baihe Co., ST Chuangyi, Zhongwen Media, Renfu Pharmaceutical, Ruimaite, and Chenguang Co. [1]

Core Insights - Disney's announcement of the 2025 Accelerator Program includes the Chinese short drama platform DramaBox, indicating a growing global recognition of short-form content [1] - In the U.S., the top three micro-drama apps in August 2025 are all Chinese, capturing 57.72% of the market share [1] - The production cost and cycle advantages of Chinese micro-dramas are highlighted, with costs kept under $300,000 and production completed within three months [1][2] Industry Trends - The demand for "going global" has led many micro-drama companies to consider domestic filming to reduce costs and shorten production cycles [2] - The rapid update cycle of micro-dramas necessitates a substantial content or IP reserve, with companies like ReelShort and DramaBox having their own IP supply platforms [2] - AI technology is increasingly empowering Chinese micro-dramas, with domestic AI short drama production platforms emerging to accelerate content and production updates [2] Market Dynamics - The overseas short drama market is evolving into a "dual oligopoly" led by ReelShort and DramaBox, which together account for 45.68% of revenue [3] - Local platforms from various regions, such as Ukraine's MyDrama and Japan's UniReel, are entering the market, indicating a global penetration of short dramas [3] - The competition in the overseas micro-drama market is intensifying, prompting a need for Chinese micro-dramas to focus on quality to maintain competitiveness [3]

Market Overview - The publishing sector increased by 1.04% on October 21, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Rongxin Culture (301231) saw a significant rise of 20.00%, closing at 30.60 with a trading volume of 206,300 shares and a transaction value of 600 million yuan [1] - Ning Media (002181) increased by 5.20%, closing at 9.10 with a trading volume of 1,011,900 shares [1] - Longban Media (605577) rose by 3.89%, closing at 13.90 with a trading volume of 56,700 shares [1] - Other notable performers include: - Publishing Media (666109) up 3.80% to 7.11 - Tianzhou Culture (300148) up 3.35% to 4.63 - City Media (600229) up 2.44% to 6.71 [1] Capital Flow Analysis - The publishing sector experienced a net inflow of 77.58 million yuan from institutional investors, while retail investors saw a net outflow of 31.81 million yuan [2] - Major stocks with significant net inflows include: - Zhongwen Online (300364) with a net inflow of 64.29 million yuan [3] - Changjiang Media (600757) with a net inflow of 31.98 million yuan [3] - Conversely, stocks like Rongxin Culture (301231) and Tianzhou Culture (300148) experienced net outflows from retail investors [3]