IReader Technology(SH:603533) Zheng Quan Ri Bao·2025-08-28 08:13Core Viewpoint - In the first half of 2025, Zhangyue Technology Co., Ltd. reported a strategic transformation from a digital reading platform to a multi-modal content production and operation platform in the AI era, with significant growth in short drama and derivative business revenues, which have become the company's primary business segment [2][3]. Financial Performance - The company achieved a revenue of 1.526 billion yuan in the first half of 2025, representing a year-on-year increase of 14.58% [2]. - Revenue from short dramas and derivative businesses reached 838 million yuan, marking a substantial growth of 149.09% compared to the same period last year [2][3]. - Sales expenses amounted to 1.088 billion yuan, an increase of 25.86% year-on-year [2]. - The net profit attributable to shareholders was -160 million yuan [2]. Business Development - The company is focusing on a dual-driven strategy of "domestic expansion and overseas breakthroughs," which has led to increased short-term investments and impacted profitability [2][3]. - Despite a decline in revenue from the digital reading platform, the company continues to maintain rigid content costs, further negatively affecting profitability [2]. Content Ecosystem and Quality - Zhangyue Technology is enhancing its content ecosystem by improving content production capabilities and enriching quality content resources, thereby strengthening its content barriers [3]. - The company is actively building an overseas content system that aligns with local cultural backgrounds, improving content quality and user experience across different regions [3]. AI Integration - The company is advancing the application of AI large models in digital reading and short dramas, leveraging its advantages in content copyright resources, creator ecosystems, and a vast user base [4]. - It is exploring the integration of "AI + IP" in the short drama sector [4].