掌阅科技借势Seedance 2.0“连砍”5板，字节跳动隐身其后

Core Viewpoint - The recognition of ByteDance's Seedance 2.0 has significantly boosted the stock prices of short drama concept stocks in A-shares, with Zhangyue Technology being a notable beneficiary [1][2]. Group 1: Company Performance - On February 13, Zhangyue Technology's stock price surged, achieving five consecutive trading limits, closing at 37.62 yuan, and its market capitalization rose to 16.51 billion yuan [2][16]. - The company reported a revenue of 15.26 billion yuan for the first half of 2025, with short drama and derivative businesses accounting for over half of total revenue, reaching 8.38 billion yuan [5][16]. - Zhangyue Technology is recognized as a leading player in the domestic short drama market, having produced several successful works [5][16]. Group 2: Business Model and Strategy - Zhangyue Technology's business model involves sourcing digital content from publishers, copyright agencies, and authors, and it has been rapidly expanding its short drama business since 2023 [4][16]. - The company has launched the iDrama platform for overseas short dramas, offering thousands of works in multiple languages, targeting markets such as the USA, South Korea, and Indonesia [5][16]. - The company is also exploring AI short dramas, having launched several projects, although the revenue from AI short dramas is expected to remain below 1% of its main business revenue for the 2025 fiscal year [5][17]. Group 3: Relationship with ByteDance - Zhangyue Technology has a historical connection with ByteDance, having received an investment of approximately 1.1 billion yuan from ByteDance's Quantum Leap in 2020, making it the first A-share company favored by ByteDance [3][18]. - Despite some share reductions by ByteDance, the collaboration remains strong, with significant transactions between Zhangyue Technology and ByteDance's ecosystem, amounting to 11.6 billion yuan in the first eleven months of 2025 [10][22]. - The company anticipates an increase in its reliance on ByteDance's platforms as it continues to develop its short drama business [10][14]. Group 4: Leadership and Future Outlook - Cheng Xiangjun, the founder of Zhangyue Technology, has been pivotal in navigating the company through various market challenges, including the transition to paid reading models and the recent focus on short dramas [11][25]. - The company aims to leverage the growing popularity of short dramas, especially with the integration of AI technologies, to enhance its market position and financial performance [25].