在海外业务方面，掌阅科技于2025年初推出的海外短剧平台iDrama，该平台率先上线英语、日语、韩语 三个语种版本，在美国、韩国、印度尼西亚、马来西亚、印度等市场表现出色，用户增长迅速，成为中 国短剧出海的新锐力量。接下来，iDrama平台将深耕北美、东南亚及日韩核心区域，扩大海外本土剧比 例。 此外，掌阅科技也积极布局AI短剧领域，已上线《焚星决》《东北寻宝往事》等AI漫剧和类真人剧。 在IP短剧《遮天》中将真人短剧AI技术与实拍画面深度融合，AI在前期角色设定、中期建模、后期渲染 等阶段全面介入，探索了"AI+IP"的融合发展路径。 事实上，掌阅科技自今年一季度以来就坚定推进业务结构转型，短剧等衍生业务收入快速增长，该业务 已成为公司的第一大业务板块，公司从"互联网时代的数字阅读平台"战略升级为"人工智能时代的多模 态内容生产运营平台"。 依托人工智能技术，掌阅科技构建了短剧全链路智能化生产运营系统，不仅提升了创作与生产效率，还 让业务涵盖了版权、自制、合制、付费投放、官方发行等多种形态。公司已与多家制片方及技术方展开 合作，涉足都市、玄幻、校园、推理悬疑、历史、言情等多种题材。 为进一步拓展短剧业务，掌 ...

中经记者 张靖超 李正豪 北京报道 掌阅科技方面表示，2025年第三季度，公司大力发展短剧等衍生业务，整体经营呈现"收入增长、亏损 收窄"的态势。目前，公司短剧业务已经构建起"国内扩张、海外突破"的双轮驱动格局，在人工智能赋 能下构建全链路智能化生产运营系统，产能规模大幅扩张，驱动了公司营业收入的快速增长；国内外双 线发展模式带来短期投入的持续增加，虽本季度亏损收窄，但短期对公司整体盈利能力形成一定拖累。 在今年9月，掌阅科技进行了品牌焕新，将公司使命升级为"让创作点亮美好时光"，Slogan同步更新 为"悦享美好时光"，并发布了旗下四大短剧厂牌，分别为告白剧场、千灯绘世、玄尊万象和镜渊剧场， 覆盖不同圈层和题材。其中，告白剧场聚焦女性频道，千灯绘世深耕古装赛道，玄尊万象专注玄幻与武 侠题材，镜渊剧场主要聚焦悬疑领域。同时，掌阅科技还在2025年9月9日—12月31日启动"掌阅聚星计 划——短剧演员海选招募"，旨在挖掘演技新人。 此外，掌阅科技于2025年年初推出了海外短剧平台iDrama，已上线英语、日语、韩语三个语种版本，在 美国、韩国、印度尼西亚、马来西亚、印度等市场收获了一定的用户基础。据掌阅科技方面 ...

Core Viewpoint - The company has transitioned from being a "digital reading platform in the internet era" to a "multi-modal content production and operation platform in the AI era" [1] Group 1 - The short drama business has become the company's largest business segment [1] - The current form of the short drama business mainly includes mini-program short dramas and self-owned platform "Sukan Short Drama" apps that are being promoted [1]

Group 1 - The core viewpoint of the articles is that Zhangyue Technology (掌阅科技) and Youku are collaborating to launch a year-long writing competition aimed at discovering quality original stories and potential creators [1][2] - The writing competition will focus on four main themes: "urban emotions," "realism," "suspense adventure," and "innovation track" [1] - Youku will leverage its film and television resources to provide opportunities for the winning works to enter its IP evaluation system, prioritizing them for film adaptation [1][2] Group 2 - Zhangyue Technology aims to enhance its content ecosystem by integrating resources with Youku, creating a broader creative space and display platform for creators [2] - The CEO of Zhangyue Technology, Sun Kai, stated that the short drama business has become the company's largest business segment, emphasizing its importance in expanding content expression and optimizing user engagement [2] - The company is transitioning from a "digital reading platform" to a "multi-modal content production and operation platform in the AI era," indicating a strategic upgrade [2]

Company Overview - The company has transitioned from being a "digital reading platform in the internet era" to a "multi-modal content production and operation platform in the AI era" [1] - The short drama business has become the company's largest revenue segment, generating 776 million yuan in 2024 and continuing to grow rapidly in 2025 [1][4] Short Drama Business Development - The company plans to develop its own short drama APP platforms, including a free short drama APP and a paid short drama APP, to enhance user engagement and interaction [2] - The overseas short drama platform iDrama has gained nearly 200,000 new users since its launch, performing well in markets such as the US, South Korea, and Indonesia, and has ranked in the top 50 of entertainment categories on App Store and Google Play [2] AI Integration - The company is optimizing its reading AI, "Zhangyue Shoutong," and advancing AI+multi-modal applications [2] - AI short dramas will include two types: realistic AI short dramas and AI animated short dramas derived from real short dramas, with plans to release approximately three AI short dramas each month [2][5] Revenue and Profitability - The gross margin for the short drama business was 60.87% last year, with expectations for net margins to improve as the business scales [5][7] - The company aims to enhance the profitability of its self-owned short drama platform as user growth stabilizes [8] Future Plans - The company intends to deepen its presence in overseas markets, particularly in North America and Southeast Asia, while increasing the proportion of local dramas on the iDrama platform [8] - The company is exploring the integration of AI interactivity in short dramas as technology matures and market dynamics evolve [8]

Core Insights - The company, Zhangyue Technology, reported a total revenue of 2.583 billion yuan for 2024, a slight decline of 7.02% year-on-year, while the net profit attributable to shareholders reached 49.2917 million yuan, an increase of 41.46% year-on-year [1][30] - The revenue from derivative businesses, particularly micro-short dramas, surged to 776 million yuan, marking a significant growth of 189.99% year-on-year, and accounting for 30% of the total revenue, establishing it as the company's "second growth curve" [2][30] - In the first quarter of 2025, the company achieved a revenue of 643 million yuan, a decrease of 5.19% year-on-year, with a net loss attributable to shareholders of 74.28 million yuan [2][6] Financial Overview - For 2024, the company reported total revenue of 2.583 billion yuan, a year-on-year decrease of 7.02%, and a net profit of 49.2917 million yuan, reflecting a year-on-year increase of 41.46% [2][30] - The cash flow from operating activities was negative at -75.017 million yuan, a decrease of 413 million yuan year-on-year, primarily due to significant investments in derivative businesses and AI technology applications [5] - The sales expenses for 2024 were approximately 1.5 billion yuan, down 11.86% year-on-year, while R&D expenses were around 200 million yuan, also down 11.51% year-on-year [5] Business Segment Performance - The digital reading platform revenue fell to 1.647 billion yuan, a decline of 25.91% year-on-year, while derivative business revenue reached 776 million yuan, a substantial increase of 189.99% [5][30] - The copyright product revenue decreased to 158 million yuan, down 39.53% year-on-year, and other business revenue dropped to 2.9784 million yuan, down 88.92% [5] - The short drama business has become the company's largest segment, focusing on young audiences with themes such as romance, campus life, and workplace scenarios [6][31] Domestic and International Expansion - The company has developed 1,304 micro-short dramas in the domestic market, achieving a cumulative heat value of 75.4 million, with seven dramas exceeding a heat value of 10 million [7][12] - In the overseas market, the iDrama platform has added nearly 200,000 users since its launch, with a total revenue of approximately 365,600 USD (about 2.665 million yuan) and over 190,000 downloads [15][18] - The iDrama platform is primarily focused on the U.S. market, which accounts for 53.87% of its revenue, while the Philippines, Japan, and Malaysia follow [18]