月产20部，短剧能否成为华策影视“第二曲线”

Core Viewpoint - Zhejiang Huace Film & TV Co., Ltd. is accelerating its layout in the short drama sector, aiming to transform new businesses from "trial" to "pillar" and become a new growth engine through a strategy of "scale + quality" [1][9]. Group 1: Short Drama Production and Performance - In 2023, Huace Film & TV entered a normalized production phase for short dramas, launching three series, with "My Return Has Wind" achieving over 200 million views [4]. - By 2025, the company premiered 20 short dramas, including "In the Name of Love" and "Dear Enemy," each surpassing 200 million views, with "In the Name of Love" reaching over 540 million views [4][5]. - The rapid increase in short drama production capacity has been noted, with a monthly output now at 20 dramas [1]. Group 2: Market Trends and Consumer Behavior - The user base for micro-short dramas reached 662 million by December 2024, with a usage rate of 59.7%, reflecting a 7.3 percentage point increase from the previous half-year [8]. - The shift in consumer viewing habits towards "fragmented" content consumption has made short dramas, typically under 10 minutes, well-suited for mobile platforms [8][9]. - The demand for short dramas is driven by their quick production cycle and high viewer engagement, contrasting with the longer investment and uncertain returns of traditional dramas [8][9]. Group 3: Financial Performance and Strategic Response - Huace Film & TV reported a revenue of 1.939 billion yuan in 2024, a year-on-year decrease of 14.48%, and a net profit of 243 million yuan, down 36.41% [8]. - In the third quarter of 2025, the company’s revenue fell to 251 million yuan, a 52.21% decrease, with a net profit of 57.6 million yuan, down 39.38% [8]. - The company’s strategic pivot towards short dramas is seen as a necessary response to external pressures and internal performance challenges [9][11]. Group 4: Competitive Landscape and Industry Dynamics - Other traditional film companies, such as Huayi Brothers and Shanghai Ningmeng Media, are also entering the short drama market, indicating a broader industry trend towards this format [10]. - The competition in the short drama sector is intensifying, with companies leveraging AI technology and innovative production methods to enhance content quality [10][11]. - The ability to quickly adapt to consumer preferences and deliver innovative content will be crucial for Huace Film & TV to establish short dramas as a significant revenue stream [11].