薇诺娜与李佳琦此次携手"出海"，源于双方推动中国品牌全球化的愿景高度契合。"经过数十年发展，中国美妆品牌已形成独特风貌。从服务国人到走向世 界，成为行业共同目标，薇诺娜母公司贝泰妮（300957）集团公关总监兼董事长助理钟巍表示："薇诺娜始终专注敏感肌领域，依托'制药级'研发与临床实 证，希望将基于中国植物与皮肤研究的'中国方案'带向全球。"作为产品的"引荐人"，李佳琦将薇诺娜舒敏保湿特护霜、屏障修护精华液、冻干面膜等明星产 品带给国际消费者，通过其专业讲解和真诚互动，国货美妆在巴黎市场迅速打开知名度。薇诺娜特护霜和冻干面膜也成为了"颜YAN LAB"快闪店的热销单 品。 钟巍对此反馈感到欣慰："我们看到了国际用户对中国品牌的支持与对中国科技的认可，无论是使用体验、功效研发还是包装材质，均收获众多好评；同 时，我们也更清晰了解到不同地区用户的使用习惯和需求差异，这为薇诺娜从'国货品牌'成长为'世界品牌'提供了重要参考。" 电商主播李佳琦正将中国美妆的魅力从直播间延伸至国际时尚前沿。 近日，文化出海经营实践类综艺《巴黎合伙人》(由湖南卫视、芒果TV、小芒联合出品)热播，李佳琦作为"货管部长"，带领包括薇诺娜、自 ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 08 月 25 日 [Table_Title] 可灵 Q2 营收超 2.5 亿，DeepSeek- V3.1 发布 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.8.16-2025.8.22，下同）：传媒行业（申万）上涨 5.17%，排名行业第 6 名，同期沪深 300 涨 4.18%，上证指数涨 3.49%， 深证成指涨 4.57%，创业板指涨 5.85%，恒生科技指数涨 1.89%。本 周，果麦文化、顺网科技、昆仑万维、智度股份和东方明珠表现较优， 恒生科技成分股中传媒行业阅文集团（周涨幅 9.35%）、网易-S（周涨 幅 2.50%）和腾讯控股（周涨幅 1.35%）表现较好。 行业重点数据及动态更新 AI 应用：最近一周（8.17-8.23）Deepseek/豆包/夸克/腾讯元宝七麦 数据预估 ios 端下载量分别为 34.98/209.57/77.01/85.26 万次，环比 分别-8.88%/+0.76%/+18.89%/-32.76%，豆包周度下 ...

8月22日晚，芒果超媒披露2025半年度报告。报告显示，上半年芒果TV会员业务营收24.96亿元，月活 均值同比增长14.24%，人均单日使用时长稳居行业前列。其中，芒果TV国际APP出海成绩亮眼，全球 累计下载量超2.95亿，较年初增加13.8%。公司旗下快乐阳光入选"2025-2026年度国家文化出口重点企 业"，芒果TV国际APP智能化基座升级项目入选"2025-2026年度国家文化出口重点项目"。 造船出海 实现自主平台建设与技术赋能双轮驱动 此前，芒果的"披系""浪系"两个爆款IP也在海外落地开花。《乘风破浪的姐姐》越南版是公司内容版权 成功出海的最佳范式，两季节目均取得了骄人的成绩。基于芒果TV原版，越南版《姐姐》邀请了58位 越南头部艺人，采用了4K拍摄技术，打造越南综艺制作标杆，整个节目定位为高档稀缺综艺，全平台 播放量超200亿次，行业排名第一；YouTube上线即登顶越南娱乐频道。越南版《披荆斩棘的哥哥》播 出后稳居收视榜首，荣获越南信息与传媒部颁发的最佳励志电视节目奖，获得超2000篇媒体报道， Facebook和TikTok等社交媒体观看次数超5亿。 此外，匈牙利国家广播电视台(MTV ...

Core Viewpoint - The article highlights a complex economic landscape in China for the first half of 2025, where consumer confidence remains low despite signs of recovery in certain retail sectors and a notable increase in international travel and automotive exports [2][6][10]. Group 1: Consumer Confidence and Savings - Consumer confidence in China is still weak, with the consumer confidence index hovering at historical lows, primarily due to concerns over employment and the real estate market [2]. - National household savings reached RMB 163 trillion in the first half of 2025, with a savings rate above 30% since 2020. The net increase in household savings was RMB 17.94 trillion, significantly higher than previous years [3]. Group 2: Retail Sector Resilience - Despite challenges in categories like apparel and beauty, retail sales showed a 5.0% year-on-year increase in the first half of 2025, with food sales leading at a 12.3% increase, driven by new retail channels and health-conscious consumption [4]. - The automotive sector also performed well, with overall sales increasing by 11.2%, bolstered by a 37.4% rise in new energy vehicle sales [4]. Group 3: Travel and Tourism Recovery - The tourism industry is experiencing a strong recovery, with international passenger traffic increasing by 9% and 13% in the first two quarters of 2025 compared to 2019 [6]. - Domestic travel also surged, with 329 million trips taken in the first half of 2025, an 18% increase from 2019 [6]. Group 4: Automotive Export Growth - China became the world's largest automobile exporter in 2023, with exports nearing 5.5 million units in 2024, an eightfold increase from 2019 [10]. - The average export price of vehicles rose from RMB 47,000 to RMB 111,000, indicating a significant increase in the "value" of exports [10]. Group 5: Capital Market Dynamics - The capital market in China showed signs of recovery in 2025, with Hong Kong's financing activities rebounding to HKD 107.1 billion in the first half, compared to HKD 13 billion in the same period last year [19]. - Consumer-focused companies are attracting significant investment, with notable IPOs in the tea beverage sector [19]. Group 6: Cultural Exports and Global Reach - Chinese cultural exports, particularly in gaming and trendy toys, are gaining traction globally, with the game "Black Myth: Wukong" achieving record sales and significant international player engagement [24]. - The toy brand Pop Mart has also seen substantial growth in overseas markets, with international sales contributing 39% of total revenue in 2024 [24]. Group 7: Foreign Brands in China - Despite a moderate economic growth rate, foreign brands are expanding in China, particularly in the outdoor apparel sector, which has seen a doubling of sales over the past five years [29][31]. - This resurgence of foreign brands reflects the ongoing appeal of international products in the Chinese market and the opportunities presented by the consumption upgrade trend [31].

文化出海的多重切面 过去三年，全球消费市场的兴趣版图正在明显重构。报复性消费浪潮逐渐退去，取而代之的是更审慎、更讲究价值匹配的消费选择。无论是发达市场还是新 兴市场，消费者的关注点正从单纯的性价比转向文化认同、情绪共鸣与可持续体验。 人群结构的变化同样显著。Z世代和α世代正在成为新兴市场的主力消费群体，天然习惯于跨文化内容的"混搭"，在审美、价值观和购买动机上比上一代更加 多元。同时，更多消费者愿意为情绪体验付费，愿意在品牌身上寻找自己文化身份的延伸。这种特征也让文化出海从"附带属性"变成了竞争核心。 而从伴行者的角度来看，能在全球市场站稳脚跟的中国品牌，往往具备三种共性：首先，它们拥有高识别度的文化符号。无论是视觉形象、故事原型，还是 价值观表达，都能在跨文化环境中迅速建立感知锚点；其次，擅长把产品功能与情绪价值绑定，让购买不仅仅是理性的选择，而是一种身份或情感的延伸； 第三，具备足够灵活的市场适配能力，能在不同地区进行内容、口味、玩法甚至渠道的本地化迭代。 在这样的筛选标准下，游戏、短剧、新消费正成为高度活跃的赛道：游戏用在地化的叙事和赛事氛围，打造出类似"国民运动"的文化参与感；短剧则通过高 频、强情绪 ...

Core Viewpoint - The "Art Without Borders: Contemporary Young Artists Asia Tour - Thailand Station" exhibition opened in Bangkok, marking a significant cultural exchange event coinciding with the 50th anniversary of China-Thailand diplomatic relations [2][4]. Group 1: Exhibition Overview - The exhibition is hosted by the Xiamen Autumn Art Center and features nearly 100 contemporary art pieces from 30 young Chinese artists, utilizing diverse mediums such as painting, sculpture, AI-generated art, and ceramics [2]. - The average age of the participating artists is under 40, representing a variety of backgrounds including intangible cultural heritage inheritors and digital art pioneers [2]. - The artworks blend Eastern aesthetics with global artistic trends, showcasing innovative pieces like the AI-generated digital print "Golden Granny" and the mech-style art "AILITU" [2]. Group 2: Cultural Significance - Thailand was chosen as the first stop due to its status as a cultural and economic hub in Southeast Asia, aiming to root Chinese youth art locally while embracing global influences [4]. - The curator emphasized that the artists' works demonstrate a departure from traditional labels, using new creative languages to engage with the world, embodying the core value of "Art Without Borders" [4]. Group 3: Future Plans - Following the Thailand exhibition, the "Art Without Borders" tour will continue to Kuala Lumpur, Malaysia, and Singapore, establishing an art exchange network across Southeast Asia [6]. - The exhibition is set to conclude on August 31 [6].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [1] Core Insights - The media industry saw a weekly increase of 1.00%, ranking 17th among industries, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Tencent's Q2 performance was strong, with domestic game revenue reaching 404 billion yuan, a year-on-year increase of 17% [5][41] - The report highlights the growth potential in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors [7][43] Market Performance - The media industry (Shenwan) increased by 1.00% from August 9 to August 15, 2025, while the Shanghai Composite Index rose by 1.70% and the Shenzhen Component Index increased by 4.55% [3][15] - Notable performers included Jishi Media, Youzu Network, and Tencent Holdings, with weekly increases of 45.19%, 19.88%, and 5.53% respectively [22][23] Industry Key Data and Updates AI Application Data - Estimated iOS downloads for various AI applications from August 8 to August 14 were 38.14 million for Deepseek, 208.17 million for Doubao, 60.64 million for Quark, and 121.11 million for Tencent Yuanbao, with Tencent Yuanbao showing a significant increase of 63.43% [4][26] Gaming Data - Tencent's domestic game revenue for Q2 2025 was 404 billion yuan, a 17% year-on-year increase, with the game "Delta Force" achieving an average daily active user count exceeding 20 million [5][28] - In July 2025, three new products entered the overseas revenue TOP30 list, including "Persona 5: The Phantom X" and "Sword and Magic" [30] Film Data - The total box office for the week of August 8 to August 14 was 1.518 billion yuan, with "Nanjing Photo Studio" leading the summer box office [37][39] Investment Recommendations - The report suggests focusing on themes such as AI applications and cultural exports, with particular attention to gaming, IP, short dramas, and publishing sectors. Recommended companies include Giant Network, Kaiying Network, and Perfect World [7][43]

Core Viewpoint - The financial performance of the company in the first half of 2025 shows a decline in revenue but significant growth in operating profit and net profit, indicating a shift towards profitability despite lower overall sales [2][3][5]. Financial Performance - Revenue for the first half of 2025 was 3.19 billion RMB, down 23.9% from 4.19 billion RMB in the same period last year [3]. - Gross profit decreased by 22.6% to 1.61 billion RMB from 2.08 billion RMB year-on-year [3]. - Operating profit increased by 92.7% to 876 million RMB compared to 454 million RMB in the previous year [3]. - Profit before tax rose by 65.7% to 999 million RMB, while net profit increased by 68.6% to 850 million RMB [3]. Online Business Performance - Online business revenue grew by 2.3% to 1.99 billion RMB, accounting for 62.2% of total revenue [5][7]. - Revenue from proprietary platform products was 1.75 billion RMB, up 3% year-on-year, representing 54.7% of total revenue [9]. - The number of monthly paid users increased by 4.5% to 9.2 million, with significant growth in high-ticket works [10]. IP and Content Development - The company reported a strong performance in IP operations, with a notable increase in the success rate of short dramas and a GMV of 480 million RMB from IP derivative products [5][12]. - The short drama "Good Luck Sweet Wife" generated over 80 million RMB in revenue, highlighting the success of adaptations from the company's IP [11]. - The company has expanded its IP offerings, with over 10,000 Chinese translated works available on its overseas platform WebNovel, contributing to a 38% increase in revenue from AI-translated works [14][15]. Strategic Initiatives - The company is focusing on integrating AI technology with its IP ecosystem, enhancing writer interaction and productivity through tools like "Miao Bi Tong Jian" [13][14]. - The overseas market is seen as a potential growth area, with cultural exports becoming increasingly significant and less affected by external disruptions [15].

Core Viewpoint - The article discusses the innovative practices of the company 悠然境 in promoting intangible cultural heritage (ICH) through a "physical + digital asset" model, aiming to integrate ICH into daily life and contribute to the construction of a socialist cultural power [1][12]. Group 1: Challenges in ICH Transmission - The gold foil forging technique, as a national-level intangible cultural heritage project, faces challenges in both transmission and market acceptance due to high costs and a limited audience [1]. - Similar challenges are observed in other ICH projects like Cloisonné, which struggle with long production cycles and high price thresholds, creating a disconnect with modern consumer demands [1]. Group 2: Digital and Physical Integration - The company implements a "digital-physical integration" approach, creating a sustainable model of "ICH + digitalization + consumer value addition" [3]. - In the Qi Baishi gold foil painting project, physical artworks are paired with corresponding digital assets, allowing consumers to purchase both and engage in trading through a digital platform [3][6]. Group 3: New Consumption and Participation Model - The innovative "value-added consumption model" transforms consumers into "cultural disseminators," creating a positive ecological loop for ICH transmission [7]. - Users purchasing gold foil paintings can exchange for digital assets, gain access to offline ICH experience classes, and interact with inheritors, enhancing engagement [7]. Group 4: Cultural Exchange and Globalization - The company actively responds to the need for international dissemination of ICH by leveraging digital technology to expand cultural outreach [9]. - Future plans include collaborating with overseas Chinese cultural organizations to develop cross-border cultural products and share Chinese ICH stories globally [9]. Group 5: Commitment to Modern Expression - The company emphasizes the importance of maintaining the craftsmanship of ICH while adapting to contemporary expressions, ensuring cultural values evolve through interaction [11]. - The mission is to connect traditional craftsmanship with modern preferences, ensuring the transmission of the artisan spirit to future generations [11].

Core Viewpoint - The rapidly expanding micro-drama market is attracting significant interest from content creators and major film and television companies in China, with platforms like iQIYI, Tencent Video, Douyin, and Kuaishou actively engaging in this sector [1][2]. Group 1: Market Dynamics - The micro-drama market has transitioned from skepticism to acceptance among industry players, with many companies now investing heavily in this format [1]. - iQIYI's founder publicly advocated for the industry to embrace micro-dramas, leading to increased investment in this area [1]. - A-share companies are also significantly investing in micro-dramas, with some viewing it as a key business transformation direction [1]. Group 2: Company Involvement - Large film and television companies are entering the micro-drama space, leveraging their financial strength and production capabilities to enhance content quality [2]. - The involvement of major companies is crucial for improving the overall quality of micro-dramas and changing public perception of them as "poorly made" [2]. Group 3: Market Potential - By 2024, the market size of micro-dramas in China has surpassed that of box office revenues, with user numbers approaching 600 million [3]. - To sustain growth in this large and rapidly expanding market, companies need to focus on producing high-quality micro-dramas rather than solely relying on attracting users through trending topics [3].