Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 8.12 billion RMB in 2024, representing a year-on-year growth of 15.8%. However, it recorded a net loss attributable to shareholders of 210 million RMB, primarily due to goodwill impairment related to New Classics Media [1][4]. - Online business has stabilized, with proprietary reading products performing well. Online business revenue reached 4.03 billion RMB, a year-on-year increase of 2.1% [2]. - The company is focusing on IP derivatives across multiple fields, with copyright operations and other income growing by 33.5% to 4.09 billion RMB [3]. Summary by Sections Financial Performance - The company reported a gross profit of 3.92 billion RMB in 2024, with a gross margin of 48.3%, an increase of 0.2 percentage points year-on-year [1]. - Adjusted net profit attributable to shareholders for 2024 was 1.14 billion RMB, a slight increase of 1.0% year-on-year [1][4]. - The company has revised its adjusted net profit forecasts for 2025 and 2026 downwards to 1.35 billion RMB and 1.53 billion RMB, respectively [4]. Online Business - Revenue from proprietary platform products increased by 3.4% to 3.53 billion RMB, while revenue from Tencent product channels decreased by 28.2% to 250 million RMB [2]. - The average monthly active users (MAU) for proprietary platforms and Tencent's self-operated channels was 166.6 million, a decline of 19% year-on-year [2]. IP Derivatives and New Media - New Classics Media generated revenue of 1.64 billion RMB in 2024, with a profit of 340 million RMB, although some projects faced delays affecting profitability [3]. - The company launched over 100 short dramas in 2024, with individual works achieving significant revenue [3]. - The gross merchandise value (GMV) of derivatives exceeded 500 million RMB, with card products contributing over 200 million RMB [3].
阅文集团：2024年业绩点评：商誉减值带来亏损，关注IP衍生品业务进展-20250320