AI漫剧起势，供需双向推动

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The AI comic industry is experiencing rapid growth in content supply, with over 3,000 comic productions exported in the first half of 2025, representing a more than 600% quarter-on-quarter increase and a compound annual growth rate of 83%. The revenue scale is expected to grow 12 times, with the market size projected to exceed 20 billion yuan for the year [4][5] - AI is significantly reducing production costs in the comic sector, with simplified drawings costing under 1,000 yuan and generating potential revenues of hundreds of thousands. The main segment, "silly comics," has a production cost of 2,000 yuan with revenue of 100,000 yuan, while dynamic comics' production costs can be reduced to one-fifth of traditional animation, costing approximately 100,000 to 300,000 yuan for 100 minutes of content [5] - Multiple platforms are supporting the comic industry through incentive programs, including Kuaishou, Douyin, Baidu, and Bilibili, which are offering various forms of support such as IP licensing, traffic allocation, and financial guarantees. For instance, the collaboration model for adapting novels into comics has opened over 60,000 original IPs for adaptation, with copyright holders receiving 90% of the revenue share [6] Company Summaries - Zhongwen Online: The company has an overseas short comic platform, FlareFlow, with several comics launched, including "Angry Vampire." A recent release on Douyin garnered over 13 million views in one day [7] - Yuewen Group: Launched a "Creative Partner Program" to support comic adaptations, planning to produce over 400 comics annually, with more than half based on its own IP [7] - ChaoYue Technology: Produced the AI animated short "Burning Star Decision," which has performed well across multiple platforms [7] - Huanrui Century: Holds a rich IP reserve and aims to quickly enter the comic market with AI support, leveraging its accounts with over 2.3 million followers [7] - Platform Recommendations: Attention is recommended for Kuaishou-W and Bilibili-W as key players in the industry [7]