FF305 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00772 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | 於下列日期開始時的結存(註1) | 2025年9月1日 | | 1,021,398,535 | | 0 | | 1,021,398,535 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 而發行新股或轉讓庫存股份 - 涉及新股 | | | 17,200 | 0.0017 % | HKD | 30 ...

[Company Information](index=3&type=section&id=Company%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, nomination, and strategy & investment committees to ensure sound corporate governance - The Board members include executive directors such as Mr. Hou Xiaonan (CEO & President) and Mr. Huang Yan (Senior Vice President), non-executive directors like Mr. Pu Haitao (Chairman), and independent non-executive directors such as Ms. Yu Chuyuan[3](index=3&type=chunk) - The company has established Audit, Remuneration, Nomination, and Strategy & Investment Committees, each with clearly defined chairpersons and members[3](index=3&type=chunk) [Key Contacts and Offices](index=3&type=section&id=Key%20Contacts%20and%20Offices) The company is registered in the Cayman Islands, with its China headquarters in Shanghai and a principal place of business in Hong Kong, detailing important contact information for legal advisors, auditors, share registrars, and principal bankers - The company's registered office is in the Cayman Islands, with its China headquarters and principal place of business in Pudong New Area, Shanghai, and its principal place of business in Hong Kong located in Central[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - Legal advisors are Clifford Chance and Maples and Calder, and the auditor is PricewaterhouseCoopers[3](index=3&type=chunk) - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited, and the principal bank is Bank of Communications Shanghai Huangpu Sub-branch[5](index=5&type=chunk) [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) [Key Financial Data for H1 2025](index=5&type=section&id=Key%20Financial%20Data%20for%20H1%202025) The company's H1 2025 revenue decreased by 23.9% year-on-year, and gross profit fell by 22.6%, yet operating profit and profit for the period significantly increased by 92.7% and 68.6% respectively, while non-IFRS profit attributable to equity holders decreased by 27.7% Financial Performance Summary for the Six Months Ended June 30 (RMB thousands) | Metric | 2025 (Unaudited) | 2024 (Unaudited) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | -23.9% | | Gross Profit | 1,612,384 | 2,083,230 | -22.6% | | Operating Profit | 875,799 | 454,449 | 92.7% | | Profit Before Income Tax | 999,044 | 602,996 | 65.7% | | Profit for the Period | 849,565 | 503,932 | 68.6% | | Profit Attributable to Equity Holders of the Company | 849,755 | 504,303 | 68.5% | | Non-IFRS Profit Attributable to Equity Holders of the Company | 507,807 | 702,061 | -27.7% | [Chairman's Report](index=6&type=section&id=Chairman%27s%20Report) [Content Ecosystem and IP Strategy](index=6&type=section&id=Content%20Ecosystem%20and%20IP%20Strategy) The Chairman's report highlights the steady development of Yuewen's online reading content ecosystem in H1 2025, with an active creative community and continued focus on premium content strategy, leading to dominant market positions for multiple IP adaptations - In H1 2025, Yuewen's online reading content ecosystem developed steadily, with a vibrant creative community appealing to both veteran and emerging writers[7](index=7&type=chunk) - The company adheres to a premium content strategy, with **6** of the Top 10 long-form dramas by cumulative effective views across the network in H1 adapted from Yuewen IP; among animated works, **8** were adapted from Yuewen IP[7](index=7&type=chunk) - The self-produced premium drama "Drug Storm" launched on Tencent Video, with its popularity index exceeding **28,000**, receiving positive reviews from mainstream media[7](index=7&type=chunk) [AI Technology and New Business Expansion](index=6&type=section&id=AI%20Technology%20and%20New%20Business%20Expansion) AI technology significantly accelerated content internationalization, with AI-translated works accounting for over 35% of WebNovel's total novel revenue, while the company actively explores AI applications in various IP content forms and seizes new opportunities in short-form dramas and IP derivatives - AI technology significantly accelerated content internationalization, with AI-translated works accounting for over **35%** of WebNovel platform's total novel revenue during the period[7](index=7&type=chunk) - The company continues to deepen the integration of AI and content operations, launching more AI-assisted creation tools on the "Writer Assistant" creative platform and exploring AI applications in various IP content forms such as animation, video, and audiobooks[7](index=7&type=chunk) - Actively seizing new opportunities in short-form dramas and IP derivatives, the hit rate of short-form dramas significantly increased, with IP derivatives business GMV reaching **RMB 480 million** in H1, close to last year's full-year total[8](index=8&type=chunk) [Policy Impact and Future Outlook](index=6&type=section&id=Policy%20Impact%20and%20Future%20Outlook) New policies from the National Radio and Television Administration are expected to benefit the long-term sustainable development of content creation and film/TV business, with the company strengthening new business layouts and actively exploring AI applications for evergreen growth - The "Guangdian 21 Articles" new policy issued by the National Radio and Television Administration is expected to benefit industry content creation, work distribution, and online scheduling, aiding the long-term sustainable development of the film and TV business[8](index=8&type=chunk) - The company will leverage its rich IP reserves, deep industry insights, and cross-domain synergies to optimize the industry landscape, strengthen new business layouts such as short-form dramas and IP derivatives, and actively explore AI applications[8](index=8&type=chunk) [CEO's Report](index=8&type=section&id=CEO%27s%20Report) [IP Industry Trends and Company Position](index=8&type=section&id=IP%20Industry%20Trends%20and%20Company%20Position) H1 2025 saw explosive growth and ecosystem restructuring in China's IP industry, marked by prominent premium IP value, the rise of short-form dramas, and popular IP derivatives, positioning Yuewen to lead industry upgrades with its unique status and IP innovation capabilities - In H1 2025, China's IP industry experienced explosive growth and ecosystem restructuring, with key trends including the prominent value of premium IP, the rise of short-form dramas as a new monetization channel, and the widespread popularity of physical IP derivatives[11](index=11&type=chunk)[14](index=14&type=chunk) - The company, with its unique industry position, excellent IP innovation capabilities, and abundant IP reserves, is poised to deeply lead the leapfrog upgrade of China's IP ecosystem and open up new growth curves[11](index=11&type=chunk) [IP Creation and Online Business Growth](index=8&type=section&id=IP%20Creation%20and%20Online%20Business%20Growth) The online reading content ecosystem continued to thrive, with significant increases in new writers and novels, strong growth in revenue from quality works and writers, boosting user community activity, and driving growth in online business revenue and monthly paying users (MPU) - In H1 2025, the online reading platform added approximately **200 thousand writers** and **410 thousand novels**, with approximately **20 billion** new characters added[12](index=12&type=chunk) - The number of newly signed works with revenue exceeding **RMB 1 million** increased by **63%** year-on-year in H1, and the number of newly signed writers achieving average subscriptions exceeding ten thousand increased by **45%** year-on-year[12](index=12&type=chunk) - Online business revenue increased by **2.3%** year-on-year to **RMB 1.99 billion**, and MPU increased by **4.5%** year-on-year to **9.2 million people**[13](index=13&type=chunk) [IP Visualization Achievements](index=9&type=section&id=IP%20Visualization%20Achievements) The company achieved significant results in premium film/TV, animation, comics, and short-form dramas, with excellent performance from multiple IP-adapted series and animation sequels, maintaining leading positions in comic IPs, and strong growth in short-form drama business with a significantly increased hit rate - In H1, multiple Yuewen IP-adapted premium TV dramas were launched, such as "Guose Fanghua" and "Drug Storm," ranking first in popularity on their respective platforms, with **6** of the Top 10 long-form dramas by cumulative effective views across the network adapted from Yuewen IP[15](index=15&type=chunk) - In the animation sector, classic animated series sequels like "Battle Through the Heavens" performed outstandingly, with **8** of the Top 10 animated works by network-wide popularity in H1 adapted from Yuewen IP[15](index=15&type=chunk) - In the comic sector, classic IPs like "Under One Person" and "Fox Spirit Matchmaker" maintained their leading positions, while new works such as "Dao Gui Yi Xian" and "Gao Wu Jin Hua" showed impressive performance[16](index=16&type=chunk) - The short-form drama business experienced strong growth, with a significantly increased hit rate, the highest single project revenue exceeded **RMB 80 million**, total network-wide views surpassed **3 billion**, and over **2,000** online literature IPs were made available for short-form drama adaptation[17](index=17&type=chunk) [IP Commercialization and Monetization](index=10&type=section&id=IP%20Commercialization%20and%20Monetization) The IP derivatives business achieved leapfrog development, with H1 GMV reaching RMB 480 million, nearly matching last year'

Core Viewpoint - The article highlights the strong performance of Yuewen Group, with significant revenue and profit growth in the first half of the year, driven by various business segments and strategic collaborations [1] Financial Performance - Yuewen Group reported a revenue of 3.191 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year increase of 68.5% [1] - The company's stock rose by 5.82% to 41.8 HKD, with a trading volume of 488 million HKD [1] Business Segments - The growth in revenue was primarily attributed to the increase in licensing business, stable performance in short dramas, and progress in IP commercialization [1] - The company launched a strategic cooperation plan with "Honor of Kings," marking the first collaboration to synchronize the release of related content and skins [1] Industry Trends - Tianfeng Securities noted that Yuewen has produced high-quality content in the film and television sector, with several IP adaptations achieving top viewership on platforms [1] - The short drama segment saw a significant increase in hit rates, with individual projects generating over 80 million yuan in revenue and total views exceeding 3 billion [1] Long-term Outlook - The company is expected to maintain its ability to create commercial hits and successfully implement a business model that leverages its IP ecosystem [1] - Yuewen's strong content ecosystem, rich IP reserves, and diversified business expansion capabilities are anticipated to build competitive barriers and steadily enhance profitability [1]

Core Viewpoint - The article highlights the strong performance of Yu Wen Group (00772) in the first half of the year, with significant revenue and profit growth driven by various business segments, particularly in IP licensing and short dramas [1] Financial Performance - Yu Wen Group reported revenue of 3.191 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year increase of 68.5% [1] - The company's stock rose by approximately 6%, reaching 41.8 HKD with a trading volume of 488 million HKD [1] Business Growth Drivers - The growth in revenue and profit was primarily attributed to the increase in licensing business, stable performance of short dramas, and progress in IP commercialization [1] - The collaboration with "Honor of Kings" on the "National Creation Content Strategic Cooperation Plan" marked a significant milestone, with the simultaneous launch of "The Master of Mysterious" and related content [1] Industry Trends - In the film and television sector, Yu Wen has produced several high-quality IP adaptations that have received positive reception and high viewership [1] - The short drama segment saw a notable increase in hit rates, with individual projects achieving revenue exceeding 80 million yuan and total views surpassing 3 billion [1] Long-term Outlook - Analysts believe that Yu Wen has the capability to consistently create commercial hits and successfully implement a business model that leverages its IP ecosystem [1] - The company is expected to build competitive barriers and steadily enhance its profitability through a robust content ecosystem, rich IP reserves, and diversified business expansion capabilities [1]

第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00772 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,021,089,227 | | 0 | | 1,021,089,227 | | 增加 / 減少 (-) | | | 304,062 | | 0 | | | | 本月底結存 | | | 1,021,393,289 | | 0 | | 1,021,393,289 | 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 | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The company,阅文集团, announced the issuance of 5,246 shares as part of its stock option plan approved on May 24, 2021, and revised on May 22, 2023, to be exercised on September 1, 2025 [1] Summary by Relevant Sections - Stock Option Plan - The stock option plan was initially approved on May 24, 2021, and has undergone revisions as of May 22, 2023 [1] - The exercise of stock options will result in the issuance of 5,246 shares [1]

Core Viewpoint - The company, Yu Wen Group, announced the issuance of 5,246 shares as part of its stock option plan approved on May 24, 2021, and revised on May 22, 2023, to be exercised on September 1, 2025 [1] Summary by Relevant Sections - Stock Option Plan - The stock option plan was initially approved on May 24, 2021, and has undergone revisions as of May 22, 2023 [1] - The exercise of stock options will result in the issuance of 5,246 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 閱文集團 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00772 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 ...

Core Insights - The company reported strong financial performance in the first half of 2025, exceeding Bloomberg consensus expectations across multiple metrics, including total revenue, gross margin, operating profit, and Non-IFRS net profit [1][2][7] Revenue Breakdown - Online business revenue reached 1.99 billion, a year-over-year increase of 2.3% [2] - Proprietary platform revenue was 1.75 billion, up 3.1% year-over-year, driven by a focus on core product operations and quality content production [2] - Revenue from Tencent product channels was 97.1 million, down 25.6% year-over-year, due to optimization of content distribution mechanisms [2] - Third-party platform revenue was 140 million, reflecting a year-over-year increase of 23.1% [2] - IP operation and other revenue totaled 1.21 billion, down 46.4% year-over-year, primarily due to the natural development cycle and scheduling of film and television projects [2] IP Creation - The online reading content ecosystem continues to thrive, with approximately 200,000 new authors and 410,000 new novels added in the first half of 2025 [3] - The number of new signed works generating over 1 million in revenue increased by 63% year-over-year [3] - The WebNovel platform has provided over 10,000 Chinese translated works, with AI translation revenue growing by 38% year-over-year [3] IP Visualization - Several high-quality adaptations of IPs have been released, with multiple series ranking highly on streaming platforms [4] - The animation sector has seen significant success, with popular series dominating viewership charts [4] - The short drama segment has also shown strong performance, with individual projects achieving high revenue and viewership [4] IP Commercialization - The IP derivative business achieved a GMV of 480 million in the first half of 2025, with rapid growth in physical products [5] - The gaming sector has seen positive responses to new releases, with several key licensed games obtaining approval for launch [5] Exploration of New Technologies - The company has introduced an AI writing assistant that enhances author interaction and boosts daily active users significantly [6] - AI translation has played a crucial role in expanding the company's global reach, with a substantial portion of revenue coming from translated works [6] - The application of AI technology is being explored across various content forms, enhancing multimedia transformation of IPs [6] Investment Outlook - The company is expected to maintain its ability to create commercial hits and effectively link its IP value chain, with projected Non-IFRS net profits for 2025E-2027E at 1.32 billion, 1.47 billion, and 1.73 billion respectively [7]

Group 1 - The company,阅文集团, announced the grant of a total of 4.5316 million restricted stock units under the terms of the 2020 Restricted Stock Unit Plan [1] - The grant is subject to acceptance by the grantees before it can take effect [1]