2025情绪价值系列报告之短剧：短剧流水全球高企，中小企业有望海外站稳高台

Investment Rating - The report maintains a "Positive" outlook for the media industry in China [5] Core Insights - The short drama sector is experiencing significant growth globally, with opportunities for small and medium enterprises to establish a strong presence overseas [3][10] - The domestic market is dominated by the "Red Fruit" platform, which has seen a dramatic increase in user engagement and advertising revenue, surpassing traditional long-video platforms [8][31] - The competition landscape is shifting, with traditional long-video platforms adapting to include short dramas to retain users and counter the rise of independent short drama apps [13][37] Summary by Sections Domestic Market - The short drama app usage time increased by 442% year-on-year in Q1 2025, indicating a robust growth trajectory [17] - The regulatory changes in 2024 allowed more platforms to gain self-review permissions, leading to a surge in short drama content availability [20][21] - The advertising revenue per user (ARPU) for short drama platforms like "Red Fruit" has reached 29 yuan per month, exceeding that of long-video platforms [31][32] Overseas Market - The overseas market presents a favorable environment for small and medium enterprises, with a balanced risk-reward scenario for short drama platforms [10][12] - Companies like "Maple Leaf Interactive" and "Drama Box" are positioned to become leading players in the overseas short drama market [12] - The report highlights that the competition from ByteDance's Melolo in Southeast Asia has not yet matched the growth of established platforms, indicating potential for smaller companies to thrive [10][12] Investment Recommendations - For the overseas market, the report suggests focusing on companies like "Chinese Online," "Kunlun Wanwei," and "Zhangyue Technology" due to their potential to become market leaders [3][12] - In the domestic market, traditional platforms like "Mango Super Media" are recommended for their stable user base and potential for growth in short drama offerings [13][37] - The report anticipates that the profitability of production companies will improve in the short term due to increased revenue sharing from platforms competing for exclusive content [3][13]