短剧专题报告（三）：红果短剧成功突围的商业逻辑与投资空间

Industry Investment Rating - The industry is rated as "Buy" [2] Core Views - Hongguo Short Drama has emerged as a leader in the short drama market, leveraging its scale advantage and the Douyin ecosystem [2] - The domestic short drama industry has entered a phase of clear competition after initial business model innovation and rapid growth [2] - The market size of China's online micro-short dramas is expected to reach 504 billion yuan in 2024, a 35% year-on-year increase [2] - IAA (In-App Advertisement) short dramas are becoming the main driver of market growth, with IAP (In-App Purchase) short dramas reaching their peak [2] - Hongguo Short Drama's MAU exceeded 140 million and DAU exceeded 40 million in November 2024, far ahead of other short drama apps [2] Summary by Sections 1. Hongguo Short Drama's Rise - Hongguo Short Drama has taken the lead in the short drama market, with its MAU and DAU significantly surpassing competitors [2][18] - The app's "free + ads" model has strong scalability, and it has topped the Dataeye Short Drama Heat List since June 2024 [2] - Hongguo has partnered with over 600 short drama institutions and has more than 15,000 short dramas on its platform [2] 2. Short Drama Market Competition - The short drama market has shifted from IAP to IAA models, with IAA expected to dominate the market share [2][27] - The IAA model has higher user acceptance due to the weak content payment awareness among Chinese netizens [27] - The free short drama market is expected to be highly concentrated, with Hongguo leading the way [27][33] 3. Hongguo's Competitive Advantages - Hongguo benefits from the scale effect of the free short drama track and the Douyin ecosystem [44] - It has a strong content and channel advantage, with access to a vast library of IPs from Tomato Novel [44] - The integration with Douyin's advertising platform, Ocean Engine, provides Hongguo with efficient marketing resources [44] 4. Collaboration and Industry Empowerment - Hongguo has established partnerships with over 600 short drama institutions, providing a content budget of over 200 million yuan monthly [66] - The platform has a strong focus on female-oriented content, with 60 detailed tags to help users find preferred dramas [66] - Hongguo's revenue-sharing model benefits copyright holders, with total revenue sharing exceeding 250 million yuan in October 2024 [73] 5. Investment Recommendations - Investors should focus on professional media and film institutions that have partnered with Hongguo, as they are likely to benefit from the growth of the short drama business [85] - Companies like China Literature and Huace Film have already released multiple high-quality short dramas on Hongguo's platform [85] - Hongguo has also collaborated with major media groups like Mango TV, Xinhua News Agency, and Zhejiang TV [85]