OpenAI与迪士尼达成里程碑式合作，OpenAI旗下AI短视频生成平台Sora将迎来首个主要内容授权伙 伴。 声明中，迪士尼与OpenAI共同承诺将负责任地使用AI技术，保障用户安全与创作者权益。双方将共同 推进以人为本的 AI发展，尊重创意产业，并拓展故事讲述的边界。 影视行业与人工智能领域在内容版权问题上矛盾重重，迪士尼与OpenAI首度达成上述重磅合作，无疑 是一个值得关注的标志性事件。 在版权领域，迪士尼素来以立场强硬著称。近期，迪士尼已对谷歌、Meta、Character.AI、Midjourney、 Minimax等多家AI企业展开维权，指控其侵害迪士尼知识产权。迪士尼还与环球影业、华纳兄弟共同发 起针对Midjourney和Minimax的版权诉讼。 与之相对，OpenAI则在版权领域持续陷入争议与纠纷。例如，Sora 2于今年9月发布后，迅速引发好莱 坞的强烈不满及抨击——好莱坞多家机构和工会纷纷公开谴责其未经授权使用受版权保护的素材、演员 肖像及声音。 当地时间12月11日，迪士尼和OpenAI共同宣布达成一项为期三年的内容授权协议。合作覆盖内容授 权、股权投资及使用OpenAI服务。 根 ...

记者丨陈归辞 编辑丨卜羽勤 OpenAI与迪士尼达成里程碑式合作，OpenAI旗下AI短视频生成平台Sora将迎来首个主要内容 授权伙伴。 当地时间12月11日，迪士尼和OpenAI共同宣布达成一项为期三年的内容授权协议。合作覆盖 内容授权、股权投资及使用OpenAI服务。 （21世纪经济报道 梁远浩/摄） 根据协议，Sora平台将被授权使用超过200个来自迪士尼、漫威、皮克斯和星球大战等品牌的 角色（含服装、道具、载具及标志性场景）。但协议明确排除了对任何艺人形象或声音的使用 权。 Sora用户可通过指令生成包含这些迪士尼授权内容的短视频，进行观看与分享。同时，部分精 选内容还将在迪士尼流媒体平台Disney+上线播放。 ChatGPT Images也将被授权使用同一批迪士尼IP资源。 除内容授权外，作为协议的一部分， 迪士尼将向OpenAI进行10亿美元的股权投资，并获得额 外股权的认购权证。 不过，双方并未公布迪士尼所获股权比例。 此外， 迪士尼还将成为OpenAI的核心客户 ，利用其API为包括Disney+ 在内的平台开发新的 产品、工具与互动体验，并为员工部署 ChatGPT。 声明中，迪士尼与O ...

Sora用户可通过指令生成包含这些迪士尼授权内容的短视频，进行观看与分享。同时，部分精选内容还 将在迪士尼流媒体平台Disney+上线播放。 21世纪经济报道记者 陈归辞 OpenAI与迪士尼达成里程碑式合作，OpenAI旗下AI短视频生成平台Sora将迎来首个主要内容授权伙 伴。 当地时间12月11日，迪士尼和OpenAI共同宣布达成一项为期三年的内容授权协议。合作覆盖内容授 权、股权投资及使用OpenAI服务。 根据协议，Sora平台将被授权使用超过200个来自迪士尼、漫威、皮克斯和星球大战等品牌的角色（含 服装、道具、载具及标志性场景）。但协议明确排除了对任何艺人形象或声音的使用权。 影视行业与人工智能领域在内容版权问题上矛盾重重，迪士尼与OpenAI首度达成上述重磅合作，无疑 是一个值得关注的标志性事件。 在版权领域，迪士尼素来以立场强硬著称。近期，迪士尼已对谷歌、Meta、Character.AI、Midjourney、 Minimax等多家AI企业展开维权，指控其侵害迪士尼知识产权。迪士尼还与环球影业、华纳兄弟共同发 起针对Midjourney和Minimax的版权诉讼。 与之相对，OpenAI则 ...

Group 1 - The publishing sub-sector exhibits high dividend attributes and stability within the media sector, with leading companies showing gross margins between 30%-40%, net margins around 10%, and ROE generally above 8% [1] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights can serve as important sources for structured data in the context of AI [1] - In 2024, the market favors high-dividend sectors, with leading companies in the publishing sector having relatively high dividend yields compared to the media sector [1] Group 2 - Southern Publishing Media, one of the largest leaders in the sector, reported a revenue of 3.972 billion yuan (down 1.3% year-on-year) and a net profit of 451 million yuan (up 50.7% year-on-year) in the first half of the year, showcasing its leading advantages [1] - The company has a balanced development across six major business segments: publishing, distribution, media, printing, material trade, and investment [1] - The company plans to issue approximately 172 million copies of primary and secondary school textbooks in spring 2025 and has developed original textbooks across 23 subjects, second only to Renjiao Publishing [2] Group 3 - Southern Publishing Media benefits from geographical advantages in Guangdong, which has a resident population of 127.8 million in 2024, with a net increase of 740,000 people and a birth population of 1.13 million, leading the nation in total and incremental population growth [2] - The company is expected to achieve net profits of 1.159 billion yuan, 1.248 billion yuan, and 1.307 billion yuan for the years 2025-2027, with corresponding PE ratios of 10, 9, and 9 times [2] - The company is rated as "recommended" due to its prominent characteristics and balanced business development as a publishing leader [2]

Core Viewpoint - The company reported a strong performance in H1 2025, with significant revenue and profit growth, driven by tax policy changes and the growth of IPTV value-added services [1][2]. Financial Performance - Total revenue for H1 2025 reached 817 million yuan, a year-on-year increase of 5.94% - Net profit attributable to shareholders was 346 million yuan, up 24.43% year-on-year - In Q2 2025, revenue was 411 million yuan, reflecting a year-on-year growth of 10.75% and a quarter-on-quarter increase of 1.01% - Q2 net profit attributable to shareholders was 185 million yuan, a year-on-year increase of 42.35% and a quarter-on-quarter increase of 15.04% [1][2]. Business Segments - IPTV business revenue was 414 million yuan, down 1.08% year-on-year - Internet audio-visual business revenue was 341 million yuan, up 12.80% year-on-year - Content copyright business revenue was 48 million yuan, up 24.10% year-on-year - The growth in internet audio-visual business was primarily driven by a 23.68% increase in Guangdong IPTV value-added services, reaching 237 million yuan [3][5]. Cost and Expenses - The company's comprehensive gross margin was 49.00%, a decrease of 1.05 percentage points year-on-year - The decline in gross margin was mainly due to a 1.60 percentage point drop in the gross margin of the internet audio-visual business [3][4]. Strategic Initiatives - The company is deepening cooperation with major telecom operators to enhance brand visibility and engagement - Effective IPTV users reached 20.8 million, a year-on-year increase of 2.51% - The number of effective smart terminals serviced by the company reached 27.71 million, a year-on-year increase of 14.74% [5][6]. Content Development - The company is actively building its content library, integrating various content types including movies, dramas, and animations - Recent successful projects include the web drama "Blind Spot" and various animated series, which have gained significant traction on major platforms [6]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 706 million yuan, 744 million yuan, and 771 million yuan for 2025-2027 - The estimated price-to-earnings (PE) ratio for 2025 is set at 18X, with a target price of 55.49 yuan, reflecting an increase from the previous target of 43.12 yuan [7].