香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 CHINA LITERATURE LIMITED 閱 文 集 團 （於開曼群島註冊成立的有限公司） （股份代號：772） 建議重續持續關連交易 及 建議訂立二零二六年廣告合作框架協議 建議重續持續關連交易 茲提述本公司於二零二三年八月十日刊發之公告及二零二三年十一月二十日刊發之通函， 內容有關（其中包括）訂立二零二四年版權合作框架協議，該協議自二零二四年一月一日 起至二零二六年十二月三十一日止為期三年。 由於本集團擬繼續於本集團日常及一般業務過程中進行二零二四年版權合作框架協議項 下的交易，於二零二六年三月十七日，上海閱霆（代表本集團）與騰訊計算機（代表餘下騰 訊集團）協定重續二零二四年版權合作框架協議，訂立二零二七年版權合作框架協議，自 二零二七年一月一日起至二零二九年十二月三十一日止為期三年，惟須待獨立股東批准 後方可作實。 建議訂立二零二六年廣告合作框架協議 茲提述本公司於二零二四年三月十九日刊發 ...

Financial Data and Key Metrics Changes - In 2025, total revenues were RMB 7.37 billion, a decrease from RMB 8.12 billion in 2024 [19] - Online business revenues were RMB 4.05 billion, slightly up from RMB 4.03 billion in 2024 [19] - Revenues from IP operations decreased 20% year-over-year to RMB 3.19 billion, primarily due to scheduling delays [23] - Gross profit was RMB 3.4 billion, down from RMB 3.9 billion in 2024, with a gross margin of 46.1% compared to 48.3% in 2024 [24] - The net loss to shareholders was RMB 776 million in 2025, compared to a loss of RMB 209 million in 2024 [26] Business Line Data and Key Metrics Changes - The AI-animated drama business generated over RMB 100 million in revenue in the second half of 2025, indicating strong market potential [12][23] - The number of new titles on the QiDian reading app with over 100,000 subscriptions per chapter grew 40% year-over-year [7] - The number of post-2000 writers earning over RMB 1 million annually increased by 150% [8] - The IP merchandise products business achieved GMV exceeding RMB 1.1 billion, more than double the figure of 2024 [23] Market Data and Key Metrics Changes - The total average MAUs were 137.8 million in 2025, down from 166.6 million in 2024 [20] - MAUs on self-operated channels on Tencent products decreased to 33.7 million from 62.8 million in 2024 [21] - AI-translated works contributed over 1/3 of Webnovel's total revenue, with revenue up 39% year-over-year [17] Company Strategy and Development Direction - The company aims to leverage AI to enhance content production efficiency and unlock new value growth opportunities for premium IPs [4][5] - The strategy includes deepening the content ecosystem and promoting AI integration to improve IP development efficiency [7] - The company plans to release no fewer than 200 short dramas in 2026, focusing on high-quality content [35] Management Comments on Operating Environment and Future Outlook - Management highlighted the profound impact of AI on the content industry and the shift from capacity competition to value competition [4][5] - The company believes that high-quality content will remain the core of its strategy, with AI serving as an engine for growth [17] - Management expressed optimism about the growth potential of the IP merchandise business and the overall IP ecosystem [56] Other Important Information - The company launched AI-animated drama assistant, Manju Zhushou, to boost creator productivity and enhance visual expression [6] - The company has partnered with international players like Disney and Netflix to expand its global IP footprint [39] Q&A Session Summary Question: What is the long-term outlook for the short drama business? - Management noted a trend towards premiumization in the short drama market, emphasizing the importance of high-quality content [30] Question: What is the strategy for international markets? - Management highlighted significant progress in global expansion, with AI translation contributing to revenue growth and market penetration [36][37] Question: What are the commercialization pathways for AI animated dramas? - Management explained that AI animated dramas are a new content format, focusing on script development and leveraging a vast IP library [42][43]

2025 Annual Results China Literature March 17, 2026 Disclaimer This presentation contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this presentation. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our ...

Core Viewpoint - The company reported a significant financial performance for the year ending December 31, 2025, with a notable loss attributed to its equity holders despite a positive non-IFRS profit figure [1] Financial Performance - Revenue for the year was approximately 7.366 billion [1] - Gross profit amounted to around 3.397 billion [1] - The loss attributable to equity holders was approximately 777 million [1] - Non-IFRS profit attributable to equity holders was about 858 million [1] - Basic loss per share was reported at 0.76 [1]

Core Insights - The company reported a revenue of approximately 7.366 billion yuan for the year ending December 31, 2025, with a gross profit of about 3.397 billion yuan and a loss attributable to equity holders of approximately 777 million yuan [1] - The company achieved a non-IFRS profit attributable to equity holders of approximately 858 million yuan, with a basic loss per share of 0.76 yuan [1] Group 1: Content Ecosystem and IP Operations - The company's premium content ecosystem showed strong vitality in 2025, with two phenomenon-level works surpassing 300,000 subscriptions, demonstrating the strong appeal of quality content [1] - The company leveraged its deep IP reserves to embrace new production methods and cutting-edge technologies, achieving significant results in traditional fields like film and animation, as well as in emerging areas such as short dramas and AI comics [1][2] - The short drama strategy proved effective, with numerous hits emerging, while the AI comic business had a breakthrough start, launching nearly 1,000 AI comic works since the second half of 2025, with over 100 works exceeding 10 million views and 12 works surpassing 100 million views [1] Group 2: Writer Engagement and Community Growth - In 2025, the platform attracted 400,000 new writers, resulting in over 800,000 novels and an increase of 42 billion characters, providing a continuous stream of quality content [2] - The flagship platform, Qidian Reading APP, saw a 40% year-on-year increase in works with over 100,000 subscriptions, highlighting a significant leap in top-tier creative capabilities [2] - The community became more active, with over 100,000 collected works increasing by 80% and works receiving over 10,000 monthly votes growing by 20% [2]

Core Viewpoint - The company reported a mixed financial performance for the year ending December 31, 2025, with significant growth in content creation and IP operations despite a net loss for equity holders. Financial Performance - Revenue for the year was approximately 7.366 billion RMB, with a gross profit of about 3.397 billion RMB [1] - The company recorded a loss attributable to equity holders of approximately 777 million RMB, while the non-IFRS profit attributable to equity holders was around 858 million RMB [1] - Basic loss per share was 0.76 RMB [1] Content Ecosystem - The company’s premium content ecosystem showed strong momentum, attracting 400,000 new authors and producing over 800,000 novels, with a total word count increase of 42 billion [2] - The flagship platform, Qidian Reading APP, saw a 40% year-on-year increase in works with over 100,000 subscriptions, including two phenomenon-level works surpassing 300,000 subscriptions [2] - The proportion of new signed authors born after 1995 reached 70%, with a 150% increase in the number of authors born after 2000 earning over one million RMB annually [2] IP Operations - The company maintained excellent performance in traditional areas such as film and animation, with its IP dominating various rankings [2] - The short drama and AI comic drama sectors showed significant progress, with nearly 1,000 AI comic drama works launched since the second half of 2025, over 100 of which exceeded 10 million views, and 12 works surpassing 100 million views [1][2] - The revenue from AI comic dramas exceeded 100 million RMB in the second half of the year [1] - The company’s IP derivative products business achieved a gross merchandise volume (GMV) of over 1.1 billion RMB, more than doubling the figure from 2024 and setting a historical record [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA LITERATURE LIMITED 閱 文 集 團 （於開曼群島註冊成立的有限公司） （股份代號：772） 截至二零二五年十二月三十一日止年度全年業績公告 閱文集團董事會謹此宣佈本集團截至二零二五年十二月三十一日止年度的經審核綜合業績。 該等業績已經由核數師根據國際審計準則進行審核，並經審核委員會審閱。 財務表現摘要 | | 二零二五年 | 二零二四年 | 同比變動 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | (%) | | 收入 | 7,366,176 | 8,121,081 | -9.3% | | 毛利 | 3,396,814 | 3,921,940 | -13.4% | | 經營虧損 | (804,451) | (336,116) | 139.3% | | 除所得稅前虧損 | (616,274) | (98,925) | 523.0 ...

Core Insights - The article discusses the launch of Claw, an AI writing assistant developed by the writer's assistant under the Yuewen Group, which is currently in internal testing [1] Group 1: Product Features - Claw is designed to meet the creative needs of writers, allowing for one-click deployment on desktop [1] - The tool includes three core skills: hot topic material collection, Jiang recommendation appreciation, and plot commentary analysis, with plans for additional features such as similar work retrieval, reader profile analysis, and chapter illustration generation [1] - Users can upload files to customize skill configurations, although the reliability of these skills must be self-verified [1] Group 2: User Interaction - Claw integrates QQ chat capabilities, enabling writers to issue commands through a configured QQ bot after binding [1] Group 3: Data Security - All data processed by Claw is stored locally, with operations limited to specified files [1]

Core Viewpoint - The report by CICC indicates that China's trendy toy industry is thriving, driven by the "self-satisfaction economy," and is entering a phase of elevated development [1] Industry Summary - The overall trend in the Chinese trendy toy industry is shifting from a manufacturing-based model to a content-driven model, reflecting a growing consumer willingness to pay for spiritual satisfaction [1] - The transformation of the Dongguan trendy toy industry chain towards OBM (Original Brand Manufacturer) is highlighted as a significant development [1] Company Recommendations - CICC expresses optimism about the growth potential in the Chinese trendy toy and IP industry, recommending companies such as Pop Mart, Miniso, China Literature, and Damai Entertainment [1]

本月底法定/註冊股本總額： USD 1,000,000 FF301 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: | 2026年2月28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: | 2026年3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 | | ...