Zhi Tong Cai Jing·2026-01-13 08:17Core Insights - The AI manhua market is expected to exceed 20 billion yuan by the end of 2025, with a significant increase in the number of manhua productions and a strong willingness to pay among the target audience [1][2]. Group 1: Market Trends - The demand for manhua has a low overlap with short dramas, attracting audiences from various content sources such as short dramas, novels, and comics, leading to a notable "breaking the circle" effect [2]. - The year 2026 is anticipated to be a pivotal year for the manhua ecosystem, with trends leaning towards high-quality productions, diverse themes, increased female user participation, concentrated traffic among leading players, and a clearer competitive landscape [1]. Group 2: Industry Dynamics - Major platforms like Douyin, Bilibili, Kuaishou, and Hongguo are entering the AI manhua space, driven by high profit margins and rapid production cycles, alongside intensified competition in the live-action short drama market [3]. - The production costs for AI manhua are significantly lower than traditional short dramas, with costs typically ranging from 50,000 to 150,000 yuan per episode, compared to over 1 million yuan for high-quality short dramas [4]. Group 3: Content Adaptation and User Engagement - AI manhua effectively activates a large number of mid-tail web novel IPs through lightweight adaptations and precise targeting, capitalizing on popular themes that align well with visual storytelling [5]. - The strategy of subsidizing IP adaptation fees and revenue sharing has enabled low-cost market validation for mid-tail works, facilitating quick access to diverse channels [5]. Group 4: Key Companies - Zhongwen Online (300364) has developed a digital content ecosystem with over 5.6 million types and has multiple manhua products ranking first in anime charts, along with a complete AI animation short drama toolchain [6]. - Huanrui Century (000892) possesses a wealth of film and television IP resources and is collaborating with Jieyue Xingchen to establish an AI joint laboratory for practical applications in the film industry [6]. - Yuewen Group is a leading IP player in China, actively expanding its manhua segment with several works achieving over 10 million views [6].