阅文集团(00772) - 2025 - 中期财报

Company Information Board of Directors and Committees 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] - The company has established Audit, Remuneration, Nomination, and Strategy & Investment Committees, each with clearly defined chairpersons and members[3] Key Contacts and Offices 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][4][5] - Legal advisors are Clifford Chance and Maples and Calder, and the auditor is PricewaterhouseCoopers[3] - 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] Financial Performance Summary Key Financial Data for H1 2025 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 Content Ecosystem and IP Strategy 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] - 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] - 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] AI Technology and New Business Expansion 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] - 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] - 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] Policy Impact and Future Outlook 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] - 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] CEO's Report IP Industry Trends and Company Position 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][14] - 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] IP Creation and Online Business Growth 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] - 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] - 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] IP Visualization Achievements 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] - 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] - 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] - 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] IP Commercialization and Monetization The IP derivatives business achieved leapfrog development, with H1 GMV reaching RMB 480 million, nearly matching last year'