证券日报网讯 荣信文化（301231）9月15日在互动平台回答投资者提问时表示，公司主营业务为少儿图 书的策划与发行、少儿文化产品出口业务。公司以《莉莉兰的小虫虫 自然启蒙绘本》图书IP打造的同 名动画片，已在优酷平台上线了第一、二季，带领小朋友们走进充满友谊和成长的奇妙自然世界。公司 的乐乐趣阅读服务中心可以为孩子们提供音视频阅读课程、互动游戏、动画片等上千条线上数字资源， 丰富儿童的阅读体验，培养孩子"看不见的竞争力"。未来，针对已有的成熟IP、经典IP，公司也将加大 对动画片开发投入，同时，将持续推进已有图书内容的数字化转化，通过开发新内容的阅读指导课程、 互动游戏等，完善数字化服务功能，驱动内容生态升级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, iQIYI (IQ US), with a target price of $2.10, indicating a potential upside of 22.8% from the current price of $1.71 [1][26]. Core Insights - The company's quarterly performance met expectations, with a focus on upgrading its content ecosystem by increasing investments in micro-dramas and user growth, which may temporarily impact short-term profits but is expected to enhance long-term competitiveness in user engagement [1][6]. - The report highlights the importance of micro-dramas in driving membership growth and the progress in monetization through advertising and e-commerce [1][6]. - Adjusted net profit forecasts for 2025 and 2026 have been lowered to RMB 1.1 billion and RMB 1.8 billion, respectively, due to anticipated increases in content and marketing expenditures [1][6]. Financial Performance Summary - For Q1 2025, total revenue and adjusted operating profit were RMB 7.2 billion and RMB 460 million, respectively, reflecting a year-on-year decline of 9% and 58% but a quarter-on-quarter increase of 9% and 13% [6][20]. - The company aims to enhance its content strategy by focusing on high-quality, shorter series and increasing the total number of projects to reduce reliance on single titles [6][20]. - The report projects total revenue for 2025 to be RMB 29.05 billion, with a slight decrease from previous estimates, and anticipates a gradual recovery in membership and advertising revenues in Q2 2025 [21][27]. Revenue and Profitability Forecasts - Revenue forecasts for 2025 and 2026 are set at RMB 29,053 million and RMB 30,138 million, respectively, with adjusted net profit estimates of RMB 1,100 million and RMB 1,798 million [5][27]. - The report indicates a decline in gross profit margin from 25% in 2024 to 23% in 2025, reflecting increased content costs [5][27]. - The adjusted operating profit margin is expected to decrease from 7% in 2024 to 5% in 2025, highlighting the impact of rising operational costs [5][27]. Market Position and Competitive Landscape - iQIYI continues to hold the largest share in long-form content viewership, supported by the release of popular series [6][20]. - The company has launched 15,000 micro-dramas, with plans to increase investment in high-quality original content to attract more users and explore additional monetization avenues [1][6]. - The report emphasizes the need to monitor the effectiveness of micro-dramas in driving membership growth and the overall progress in advertising and e-commerce monetization strategies [1][6].