Core Viewpoint - The content industry has seen a rapid rise in short dramas, but as they become mainstream, the focus is shifting towards "manhua dramas" as the next potential hot trend, with narratives suggesting a new "200 billion cake" opportunity and the possibility of creating another success like "Hongguo" [1][3][19] Group 1: Manhua Dramas - Manhua dramas are being rebranded as a new content form, but they essentially represent a rehash of existing "dynamic comics," which have been around for over a decade [5][7] - The resurgence of manhua dramas is driven by specific works that have gained popularity on short video platforms, indicating that the content is not genuinely new but rather a reimagining of old formats [3][5] - The production costs for manhua dramas are extremely low, and they are designed to cater to the attention spans of short video users, making them a potential new growth area for platforms [5][10] Group 2: Industry Dynamics - The narrative around manhua dramas being a new frontier is more about industry storytelling and capital needs rather than a genuine shift in viewer preferences [7][10] - The introduction of AI tools has further reduced production costs, allowing for rapid scaling of manhua dramas, but this does not equate to the creation of new content forms [7][10] - The current narrative structure of manhua dramas closely follows that of short dramas, focusing on quick gratification and familiar themes, which does not innovate the viewing experience [10][11] Group 3: Market Positioning - The launch of the "Hongguo Free Manhua" app does not offer significant differentiation from existing platforms, as it overlaps with the viewing scenarios of short dramas [13][14] - Manhua dramas serve more as a supplementary content source for the short drama industry rather than a standalone success, helping to sustain the existing short drama ecosystem [14][19] - The rapid rise and fall of trends in the industry reflect a deeper anxiety about sustaining viewer engagement and content relevance, highlighting the industry's need for continuous innovation [17][19]