Group 1 - The core viewpoint of the articles highlights the strong performance of the company, with a reported revenue of RMB 3.191 billion and a net profit attributable to equity holders of RMB 850 million, representing a year-on-year increase of 68.5% [1] - The online reading platform has seen significant growth, adding approximately 200,000 new authors and 410,000 new novels, with a total of 20 billion new words created in the first half of 2025 [1] - The number of new signed works generating over RMB 1 million in revenue increased by 63%, while the number of new authors achieving an average subscription of over 10,000 rose by 45% [1] Group 2 - The company launched an innovative AI writing assistant feature called "Miaobi Tongjian," which enhances interaction between authors and AI, leading to a 40% increase in interaction frequency and over 40% growth in daily active users of the writing assistant [2] - The AI translation model has significantly boosted the global reach of Chinese works, with revenue from AI-translated works on the overseas platform WebNovel increasing by 38%, accounting for over 35% of total revenue on the platform [2] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 7,200, representing 70% of the total Chinese translated works [2]

Core Insights - The company reported a revenue of RMB 3.191 billion for the six months ending June 30, 2025, with a profit attributable to equity holders of RMB 850 million, representing a year-on-year increase of 68.5% [1] - The online reading platform saw significant growth, adding approximately 200,000 new authors and 410,000 new novels, with a total of 20 billion new words [1] - The company launched an innovative AI writing assistant tool, "Miaobi Tongjian," which enhances author interaction and has led to a 40% increase in daily active users [2] Financial Performance - Revenue for the online business grew by 2.3% year-on-year to RMB 1.99 billion, while Monthly Active Users (MPU) increased by 4.5% to 9.2 million [1] - The basic earnings per share were reported at RMB 0.84 [1] Content Ecosystem - The number of new signed works with revenue exceeding RMB 1 million increased by 63%, and the number of new authors achieving an average subscription of over RMB 10,000 grew by 45% [1] - The number of works receiving over 10,000 monthly votes increased by 20%, while those with over 1 million monthly votes surged by 200% [1] AI Innovations - The AI translation model significantly boosted the global reach of Chinese works, with revenue from AI-translated works on the overseas platform WebNovel increasing by 38%, accounting for over 35% of total revenue on the platform [2] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 70% of the total [2]

（文章来源：每日经济新闻） 每经AI快讯，8月12日，阅文集团公告称上半年营收31.9亿元，同比减少23.9%；上半年调整后净利润 5.078亿元，同比减少27.7%。 ...

Group 1 - The company reported 140 million monthly active users in the first half of the year, below the estimated 160 million [1] - The average monthly paying users reached 9.2 million, exceeding the estimated 8.9 million [1] - Revenue for the first half of the year was 3.19 billion yuan, a year-on-year decrease of 23.9% [1] - Adjusted net profit for the first half was 507.8 million yuan, down 27.7% year-on-year [1]

[Financial Performance Summary](index=1&type=section&id=Financial_Performance_Summary) The company reported a **23.9%** decline in revenue for H1 2025, but achieved significant growth in operating profit and net profit attributable to equity holders. H1 2025 Financial Performance Summary | Metric | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY 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 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%) | [Business Review and Outlook](index=2&type=section&id=Business_Review_and_Outlook) The company continues to expand its IP ecosystem through creation, visualization, and commercialization, while actively integrating new technologies like AI to drive future growth. [IP Creation](index=2&type=section&id=IP_Creation) In H1 2025, the company's online reading content ecosystem continued to thrive, with a significant increase in writers and works, substantial growth in high-revenue works, and enhanced user community engagement, driving online business revenue up **2.3% to RMB 1.99 billion** and monthly paying users (MPU) up **4.5% to 9.2 million** - Content ecosystem expanded, with approximately **200,000 new writers**, **410,000 new novels**, and **20 billion characters** added in H1[6](index=6&type=chunk) - Strong output of quality content, with newly signed works generating over **RMB 1 million in revenue up 63% YoY**, and newly signed writers achieving average subscriptions over **10,000 up 45% YoY**[6](index=6&type=chunk) Online Business Key Metrics | Metric | H1 2025 | YoY Change | | :--- | :--- | :--- | | Online Business Revenue | RMB 1.99 billion | +2.3% | | Average Monthly Paying Users (MPU) | 9.2 million | +4.5% | [IP Visualization](index=3&type=section&id=IP_Visualization) The company demonstrated strong performance in IP visualization, with significant achievements in premium film, television, animation, and short-form dramas, as multiple Yuewen IP-adapted works topped popular charts and short-form drama revenue for a single project exceeded **RMB 80 million** - Significant achievements in premium film and television adaptations, with **6 of the top 10** long-form dramas by effective viewership in H1 2025 adapted from Yuewen IPs, according to Yunhe Data[8](index=8&type=chunk) - Solid advantages in animation, with **8 of the top 10** animated works by effective viewership adapted from Yuewen IPs, and 'Battle Through the Heavens' annual series ranking first on Tencent Video's paid content chart[8](index=8&type=chunk) - Strong growth in short-form drama business, with a single project's highest revenue exceeding **RMB 80 million**, and over **2,000 web novel IPs** made available for short-form drama adaptation to promote high-quality industry development[10](index=10&type=chunk) [IP Commercialization and Monetization](index=4&type=section&id=IP_Commercialization_and_Monetization) In H1 2025, IP derivative business achieved significant growth, with GMV reaching **RMB 480 million**, nearly equaling last year's total, driven by product development, channel expansion, user operations, and brand licensing, while multiple licensed game adaptations obtained publishing licenses for future launch - IP derivative business GMV reached **RMB 480 million** in H1, nearly equaling the **RMB 500 million** total for full-year 2024[11](index=11&type=chunk) - Business growth attributed to efforts including **3-4x faster new product launches**, expansion of online and offline channels, deep user engagement, and licensing partnerships with **230 brands**[11](index=11&type=chunk) - Game licensing business continued to advance, with 'Soul Land: Hunting World' receiving enthusiastic feedback post-launch, and multiple games including 'Under One Person' and 'Lord of the Mysteries' obtaining publishing licenses[12](index=12&type=chunk) [Exploration of New Technologies](index=5&type=section&id=Exploration_of_New_Technologies) The company actively integrated AI technology into its operations, launching the industry's first AI web novel knowledge base 'Miaobi Tongjian,' significantly boosting daily active users and AI feature usage for writer assistants, while AI translation models drove a **38% YoY increase** in AI-translated work revenue, accounting for over **35%** of total overseas platform novel revenue - Launched AI web novel knowledge base 'Miaobi Tongjian,' driving 'Writer Assistant' daily active users up over **40% YoY** and AI feature weekly usage to nearly **70%**[13](index=13&type=chunk) - On overseas reading platform WebNovel, AI-translated work revenue increased **38% YoY**, accounting for over **35%** of the platform's total novel revenue[13](index=13&type=chunk) - AI-translated works on WebNovel reached **7,200 titles**, representing **70%** of total Chinese translated works[13](index=13&type=chunk) [Future Outlook](index=5&type=section&id=Future_Outlook) Looking ahead, the company believes the rise of diverse content consumption forms like short-form dramas and trendy toys highlights the core value of creative transformation of quality IP, positioning Yuewen Group to lead industry development and drive the leapfrog evolution of China's IP ecosystem through its vast IP reserves and full industry chain synergy - The company believes the underlying logic of phenomenal growth stems from the creative transformation and deep scenario-based cultivation of quality IP[14](index=14&type=chunk) - The company's strategy will be based on its vast IP reserves, leveraging full industry chain synergy to lead industry restructuring[14](index=14&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management_Discussion_and_Analysis) This section provides a detailed analysis of the company's financial performance, including revenue, costs, profitability, segment results, and liquidity, highlighting key drivers and trends. [Financial Results Overview](index=6&type=section&id=Financial_Results_Overview) In H1 2025, total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to uneven scheduling of film and TV projects, yet operating profit surged **92.7% to RMB 876 million** and net profit attributable to equity holders grew **68.5% to RMB 850 million**, driven by gains from deemed disposal of investees and cost control, with non-IFRS net profit attributable to equity holders (excluding New Classics Media) increasing **35.7%** H1 2025 Consolidated Income Statement Core Data | Metric (RMB '000) | H1 2025 | H1 2024 | YoY 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 Attributable to Equity Holders of the Company | 849,755 | 504,303 | +68.5% | - Operating profit significantly increased primarily due to net other income of **RMB 582 million** (compared to a loss of **RMB 3.7 million** in the prior period) and reduced selling, marketing, and administrative expenses[27](index=27&type=chunk)[28](index=28&type=chunk) - Excluding the impact of New Classics Media, non-IFRS net profit attributable to equity holders increased **35.7%** from **RMB 402 million** in the prior period to **RMB 545 million**[29](index=29&type=chunk) [Revenue Analysis](index=7&type=section&id=Revenue_Analysis) Total revenue decreased **23.9% to RMB 3.19 billion**, primarily due to a **48.4% YoY decline** in copyright operations revenue impacted by film and TV project scheduling, while online business revenue remained robust, growing **2.3% to RMB 1.99 billion**, with proprietary platform product revenue up **3.1%** and third-party platform revenue up **23.1%** Segment Revenue Details (RMB million) | Segment | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | **Online Business** | **1,985.4** | **1,940.4** | **+2.3%** | | - Proprietary Platform Products | 1,746.0 | 1,694.2 | +3.1% | | - Tencent Product Channels | 97.1 | 130.7 | -25.6% | | - Third-Party Platforms | 142.2 | 115.5 | +23.1% | | **Copyright Operations and Others** | **1,205.2** | **2,250.6** | **-46.4%** | | - Copyright Operations | 1,137.5 | 2,202.8 | -48.4% | | **Total Revenue** | **3,190.6** | **4,190.9** | **-23.9%** | - Decline in copyright operations revenue primarily due to New Classics Media having no new film or TV series launched in H1, compared to **RMB 1.05 billion** revenue contribution in the prior period[23](index=23&type=chunk) [Operating Data](index=8&type=section&id=Operating_Data) Despite monthly active users (MAU) decreasing **19.7% to 141.3 million** due to channel optimization, core monthly paying users (MPU) increased **4.5% to 9.2 million**, indicating stronger user willingness to pay, with average monthly revenue per paying user (ARPPU) remaining stable at **RMB 31.3** Key Operating Data | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Average Monthly Active Users (MAU) | 141.3 million | 176.0 million | -19.7% | | Average Monthly Paying Users (MPU) | 9.2 million | 8.8 million | +4.5% | | Average Monthly Revenue Per Paying User (ARPPU) | RMB 31.3 | RMB 31.7 | -1.3% | - MAU decline primarily due to Tencent channel optimization efforts reducing active users in free reading channels[22](index=22&type=chunk) [Cost and Expenses Analysis](index=9&type=section&id=Cost_and_Expenses) Cost of revenue decreased **25.1% to RMB 1.58 billion** YoY, mainly due to a corresponding reduction in film and TV production costs, while selling and marketing expenses and general and administrative expenses also decreased **20.4%** and **11.0%** respectively, reflecting effective cost control, with gross margin slightly increasing to **50.5%** - Cost of revenue decreased **25.1% YoY**, primarily because no new film or TV series were launched in H1, resulting in no corresponding production cost recognition[23](index=23&type=chunk) - Selling and marketing expenses decreased **20.4% YoY**, mainly due to reduced promotional expenses related to film and TV series[27](index=27&type=chunk) - Gross margin improved from **49.7%** in the prior period to **50.5%**[27](index=27&type=chunk) [Segment Information](index=11&type=section&id=Segment_Information) By business segment, online business gross profit was **RMB 990 million** with a gross margin of **49.8%**, remaining largely stable, while copyright operations and others gross profit decreased to **RMB 620 million** due to lower revenue, but its gross margin improved from **49.3% to 51.7%** Segment Results (RMB '000) | H1 2025 | Online Business | Copyright Operations and Others | Total | | :--- | :--- | :--- | :--- | | Segment Revenue | 1,985,359 | 1,205,225 | 3,190,584 | | Gross Profit | 989,474 | 622,910 | 1,612,384 | | **Gross Margin** | **49.8%** | **51.7%** | **50.5%** | | **H1 2024** | **Online Business** | **Copyright Operations and Others** | **Total** | | Segment Revenue | 1,940,377 | 2,250,556 | 4,190,933 | | Gross Profit | 974,426 | 1,108,804 | 2,083,230 | | **Gross Margin** | **50.2%** | **49.3%** | **49.7%** | [Non-IFRS Measures and Liquidity](index=12&type=section&id=Non-IFRS_Measures_and_Liquidity) The company's financial position remained robust, with net cash of **RMB 9.57 billion** and a debt-to-asset ratio decreasing from **19.9% to 17.4%** as of June 30, 2025, while adjusted EBITDA was **RMB 387 million**, a decrease YoY, with zero leverage and **RMB 1.57 billion** in unutilized bank facilities Key Financial Position Metrics (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Cash | 9,572,967 | 9,935,700 | | Total Assets | 23,203,000 | 22,945,400 | | Total Liabilities | 4,043,200 | 4,569,300 | | Debt-to-Asset Ratio | 17.4% | 19.9% | - Adjusted EBITDA decreased from **RMB 588 million** in the prior period to **RMB 387 million**, with the adjusted EBITDA margin declining from **14.0% to 12.1%**[31](index=31&type=chunk)[32](index=32&type=chunk) - The company maintains zero leverage with no total borrowings and **RMB 1.57 billion** in unutilized bank facilities[39](index=39&type=chunk) [Condensed Consolidated Financial Statements](index=17&type=section&id=Condensed_Consolidated_Financial_Statements) This section presents the condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, and cash flows, providing a summary of the company's financial performance and position. [Condensed Consolidated Statement of Comprehensive Income](index=17&type=section&id=Condensed_Consolidated_Statement_of_Comprehensive_Income) During the reporting period, the company achieved revenue of **RMB 3.19 billion**, operating profit of **RMB 876 million**, and profit for the period of **RMB 850 million**, with basic earnings per share significantly increasing to **RMB 0.84** from **RMB 0.50** in the prior period Condensed Consolidated Statement of Comprehensive Income Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 3,190,584 | 4,190,933 | | Operating Profit | 875,799 | 454,449 | | Profit Before Income Tax | 999,044 | 602,996 | | Profit for the Period | 849,565 | 503,932 | | Basic Earnings Per Share (RMB) | 0.84 | 0.50 | [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed_Consolidated_Statement_of_Financial_Position) As of June 30, 2025, the company's total assets were **RMB 23.20 billion**, total liabilities were **RMB 4.04 billion**, and total equity was **RMB 19.16 billion**, maintaining a robust asset structure with comparable non-current and current asset sizes Condensed Consolidated Statement of Financial Position Summary (RMB '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 23,203,016 | 22,945,442 | | Total Liabilities | 4,043,249 | 4,569,254 | | Total Equity | 19,159,767 | 18,376,188 | | Cash and Cash Equivalents | 2,025,285 | 3,264,188 | [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed_Consolidated_Statement_of_Changes_in_Equity) As of June 30, 2025, total equity attributable to equity holders of the company increased to **RMB 19.16 billion** from **RMB 18.37 billion** at the beginning of the period, primarily driven by **RMB 850 million** in profit for the period, with share repurchases and cancellations totaling approximately **RMB 147 million** in consideration during the period - Beginning equity totaled **RMB 18.38 billion**, with total comprehensive income for the period of **RMB 868 million**, and transactions with owners resulting in an **RMB 84.53 million** decrease in equity, leading to an ending equity total of **RMB 19.16 billion**[48](index=48&type=chunk) - During the reporting period, share repurchases and cancellations resulted in a **RMB 147 million** reduction in share premium[48](index=48&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=23&type=section&id=Condensed_Consolidated_Statement_of_Cash_Flows) In H1 2025, cash flow from operating activities was a net outflow of **RMB 72 million**, compared to a net inflow of **RMB 1.61 billion** in the prior period, with both investing and financing activities resulting in net cash outflows, and cash and cash equivalents at period-end totaling **RMB 2.03 billion** Condensed Consolidated Statement of Cash Flows Summary (RMB '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | (72,474) | 1,613,843 | | Net Cash Flows Used in Investing Activities | (975,563) | (1,477,826) | | Net Cash Flows Used in Financing Activities | (188,977) | (63,231) | | Cash and Cash Equivalents at End of Period | 2,025,285 | 2,898,306 | [Notes to the Interim Financial Information](index=24&type=section&id=Notes_to_the_Interim_Financial_Information) This section provides detailed notes to the interim financial information, covering segment reporting, intangible assets, and share-based payment arrangements. [Note 4: Segment Information](index=26&type=section&id=Note_4_Segment_Information) The company's reportable segments are 'Online Business' and 'Copyright Operations and Others,' with online business contributing **RMB 1.99 billion** in revenue and **RMB 990 million** in gross profit in H1 2025, and copyright operations and others contributing **RMB 1.21 billion** in revenue and **RMB 620 million** in gross profit, with the vast majority of revenue and non-current assets located in China - The Group's reportable segments are Online Business (online text, advertising, game distribution, etc.) and Copyright Operations and Others (film and TV, copyright licensing, derivative sales, etc.)[62](index=62&type=chunk) - For the six months ended June 30, 2025, no single customer, other than Tencent, contributed more than **10%** of the Group's total revenue[65](index=65&type=chunk) [Note 11: Intangible Assets](index=34&type=section&id=Note_11_Intangible_Assets) As of June 30, 2025, the net book value of intangible assets was **RMB 6.14 billion**, with goodwill accounting for **RMB 5.53 billion**, and while impairment tests were conducted on goodwill from acquired film and TV businesses with no impairment loss recognized, a **RMB 13.9 million** impairment provision was made for certain content copyrights Intangible Assets Composition (RMB '000) | Category | Net Book Value as of June 30, 2025 | | :--- | :--- | | Goodwill | 5,528,215 | | Trademarks | 507,577 | | Content Copyrights | 88,621 | | Others | 13,267 | | **Total** | **6,137,680** | - Management conducted an impairment review of goodwill from acquired film and TV businesses, with no impairment loss recognized[81](index=81&type=chunk)[82](index=82&type=chunk) - An impairment provision of approximately **RMB 13.904 million** was made for certain content copyrights[83](index=83&type=chunk) [Note 18: Share-based Payments](index=42&type=section&id=Note_18_Share-based_Payments) The company implemented 2014 and 2020 Restricted Share Unit (RSU) schemes and a 2021 Share Option Scheme, with **13,137,330** unexercised RSUs and **9,167,836** unexercised share options as of June 30, 2025, and share-based compensation expenses for H1 totaling approximately **RMB 65.92 million** - As of June 30, 2025, the unexercised balance for the 2014 RSU Scheme was **1,219,235 units**, and for the 2020 RSU Scheme was **11,918,095 units**[97](index=97&type=chunk)[100](index=100&type=chunk) - As of June 30, 2025, unexercised share options totaled **9,167,836 units** with a weighted average exercise price of **HKD 39.98**[102](index=102&type=chunk) - For the six months ended June 30, 2025, share-based compensation expenses were approximately **RMB 65,916,000**[69](index=69&type=chunk) [Other Information](index=46&type=section&id=Other_Information) This section covers additional information regarding the company's operations, including dividend policy, share repurchases, and corporate governance practices. [Dividends](index=46&type=section&id=Dividends) The Board decided not to recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for 2025[108](index=108&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=46&type=section&id=Purchase_Sale_or_Redemption_of_Listed_Securities) For the six months ended June 30, 2025, the company repurchased a total of **6,338,800 shares** on the Stock Exchange for a total consideration of **HKD 158 million**, with the repurchased shares subsequently cancelled Share Repurchase Details | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | January | 2,400,000 | 58,929,370 | | April | 2,738,800 | 68,997,960 | | May | 1,000,000 | 24,917,320 | | June | 200,000 | 5,178,550 | | **Total** | **6,338,800** | **158,023,200** | [Corporate Governance](index=47&type=section&id=Corporate_Governance) The company is committed to maintaining high standards of corporate governance and has complied with all applicable provisions of the Corporate Governance Code, with the Audit Committee reviewing the unaudited interim results and deeming the company's risk management and internal control systems effective and adequate - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code[112](index=112&type=chunk) - The Audit Committee reviewed the interim results and deemed the company's risk management and internal control systems effective and adequate[114](index=114&type=chunk)

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7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 閱文集團 | | | | | | 呈交日期: | 2025年8月4日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 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 | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 10,000,000,000 USD | | 0.0001 | USD | 1,000,000 | | 增加 / 減少 (-) | | 0 | | | USD | 0 | | 本月底結存 | | 10,000,0 ...

Group 1 - The core viewpoint of the article indicates a significant decline in Hong Kong's IP economy concept stocks, with notable drops in specific companies [1] Group 2 - Superstar Legend experienced a drop of over 20% in its stock price [1] - Reading Literature Group saw a decline of more than 5% [1]

Group 1 - The company predicts a Non-IFRS net profit of 486 million yuan for 1H25, with a revenue forecast of 3.126 billion yuan, representing a year-on-year decline of 25.4% [1] - Online business revenue is expected to remain stable at 1H25, with an estimated income of 1.957 billion yuan, showing a year-on-year change of approximately 0% [1] - The copyright operation business is projected to generate 1.169 billion yuan in revenue for 1H25, down 48% year-on-year, primarily due to the absence of series releases from New Classics Media in the first half [1] Group 2 - The company is focusing on the development of IP derivative products, with key IPs including "Full-Time Expert" and "Fox Demon Little Red Lady" [2] - The company has expanded its distribution channels to major cities and plans to deepen cooperation with the plush toy brand "Super Vitality Factory" to launch new product lines in the second half of 2025 [2] - Due to adjustments in the short drama cooperation accounting model, revenue forecasts for 2025 and 2026 have been reduced by 4% and 5% respectively, while maintaining Non-IFRS net profit predictions [2]

Group 1 - The core point of the article is that Yuewen Group has strategically invested in the domestic plush toy brand "Super Vitality Factory," acquiring a 10% stake, marking the first case of mainstream investment in the vertical plush toy industry in China [1] - "Super Vitality Factory" is part of Hangzhou Lecheng Brand Management Co., Ltd., which recently underwent a shareholding change, with the previous sole shareholder, Cheng Han, exiting and three new partners entering with respective stakes of 70%, 20%, and 10% [1][2][3] - The company specializes in innovative plush toys using composite materials, including plush blind boxes and premium plush figures, and has successfully identified the trend of plush toys becoming trendy collectibles [4] Group 2 - Yuewen Group plans to collaborate closely with "Super Vitality Factory" on original toy IP development, aiming to launch new product lines in the second half of the year [4] - Yuewen's derivative product business has shown strong growth, with a projected GMV of over 500 million yuan in 2024, driven by popular IPs such as "The King's Avatar" and "Celebrating More Than a Century" [5] - The investment in "Super Vitality Factory" is expected to enhance Yuewen Group's competitiveness in the upstream and downstream of the trendy toy market, aligning with its focus on IP commercialization [16]

Core Viewpoint - The global Chinese novel creation competition initiated by Yuewen Group and Singapore's Lianhe Zaobao aims to promote cross-cultural exchange through literary creation, marking a significant step towards the internationalization of Chinese online literature [1][3]. Group 1: Competition Details - The global Chinese novel creation competition will last for three years, with the first competition scheduled from June 30 to December 15, 2025, inviting submissions for both long and short novels [1]. - The competition encourages works that promote multicultural exchange and features a Southeast Asia Novel Award [1]. Group 2: Industry Impact - The competition is expected to enhance the global influence of Chinese online literature, with the number of overseas readers exceeding 350 million across over 200 countries and regions [3]. - Yuewen Group aims to cultivate high-quality literary works with contemporary characteristics and artistic innovation, establishing an open and diverse co-creation ecosystem for Chinese literature [3]. Group 3: Strategic Partnerships - Yuewen Group has established deep collaborations with international partners such as Disney, Netflix, Sony Pictures, and tourism boards from Switzerland and Singapore to enhance the global IP ecosystem [4]. - The competition will also involve collaboration with IP industry partners to promote the international development of outstanding Chinese IP [4].