Core Viewpoint - Despite the launch of popular works like "Qing Yu Nian 2" and "Re La Gun Tang" in 2024, the company reported a significant loss, marking its first loss in four years, primarily due to goodwill impairment related to its subsidiary, New Classics Media [1][2]. Financial Performance - In 2024, the company achieved revenue of 8.121 billion yuan, a year-on-year increase of 15.82%, but reported a net loss of 209 million yuan, a decline of 125.99% compared to a profit of 804.9 million yuan in the previous year [2]. - The core reason for the loss was a goodwill impairment of 1.105 billion yuan related to New Classics Media, which has consistently failed to meet performance targets since its acquisition in 2018 for 15.5 billion yuan [2][3]. New Classics Media Performance - New Classics Media's profitability has been declining, with net profits of 540 million yuan, 490 million yuan, and 340 million yuan from 2022 to 2024, respectively [3]. - The company faced project delays and underperforming films in 2024, leading to a cautious approach in project valuation [3]. Copyright Operations - The copyright operations, which are crucial for the company's growth, faced significant challenges, with a reliance on blockbuster projects leading to unstable performance [4][5]. - In 2024, the copyright operations accounted for 50.4% of total revenue, but the profitability was inconsistent, with gross profits fluctuating from 1.981 billion yuan in 2021 to 1.866 billion yuan in 2024 [5][6]. Online Business Challenges - The online business, which is the company's foundational revenue source, has been under pressure from user attrition and declining income [7]. - The average monthly active users dropped from 206 million to 167 million in 2024, a decline of 19%, with a significant drop of 37.7% in users from Tencent channels [7][8]. - Despite a slight increase in paid users, the average monthly revenue per paid user decreased from 32.5 yuan to 32 yuan, indicating a challenging revenue environment [7][8]. Long-term Trends - From 2021 to 2024, the cumulative decline in active users reached 33%, and the average monthly revenue per paid user fell by 19.4% [8]. - Revenue from the online business decreased from 5.308 billion yuan in 2021 to 4.03 billion yuan in 2024, with its share of total revenue dropping from 61.2% to 49.6% [8].
阅文集团现四年首亏，新丽传媒成“拖油瓶”，版权运营过度依赖爆款