研报掘金丨国海证券:中文在线拟赴港上市,加码出海战略打开增长空间
Ge Long Hui A P P·2025-12-22 05:24

Core Viewpoint - Chinese Online plans to go public in Hong Kong, enhancing its overseas strategy to unlock growth potential [1] Group 1: Company Strategy - The company aims to broaden its financing channels to increase overseas short drama supply and investment scale, driving rapid growth for its two platforms, ReelShort and FlareFlow, which rank in the global Top 6 for short drama apps as of November 2025 [1] - By enhancing its overseas brand influence, the company seeks to facilitate cross-border mergers and acquisitions and expand into international markets [1] - The move will help the company effectively avoid foreign exchange costs, thereby improving operational efficiency [1] Group 2: Product Development and Market Performance - The company has pioneered AI comic dramas, with its production "From the Womb to the Top" surpassing 100 million views, and its first AI 3D comic drama "The Return of the Immortal" achieving over 64 million views [1] - In terms of IP cultivation, the domestic box office for "The King's Avatar 2" reached 533 million yuan, and it officially launched in the U.S. and Canada in September 2025, continuing to expand its IP influence [1] - The overseas short drama market is experiencing high demand, with significant industry head effects [1]