Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Viewpoints - The company reported a revenue of 8.12 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion yuan, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion yuan, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, reflecting a growth of 1% [2][5]. Revenue Breakdown - The company's revenue from copyright operations and other businesses was 4.09 billion yuan, growing by 33.5% year-on-year. The copyright operation revenue increased by 34.2% to 3.99 billion yuan, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion yuan, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion yuan, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion yuan due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion yuan, benefiting from partnerships with third-party distributors [7]. Strategic Breakthroughs - The company made significant breakthroughs in its IP "creation + visualization + commercialization" strategy. In terms of IP creation, approximately 330,000 new authors and 650,000 new novels were added, with a total word count exceeding 42 billion. The number of new books with 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 yuan annually grew by over 70%. Monthly paying users reached 9.1 million, an increase of 4.6% year-on-year. In IP visualization, several hit products were released in the film and animation sectors, and the company completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The GMV of derivative products exceeded 500 million yuan, with card game GMV surpassing 200 million yuan [7][10].
阅文集团（00772）：IP“创作+可视化+商业化”战略均有突破，关注AI对内容行业的赋能