| 最新收盘价（元） | 27.77 | | --- | --- | | 总股本/流通股本（亿股）4.18 / 3.37 | | | 总市值/流通市值（亿元）116 / 94 | | | 52 周内最高/最低价 | 34.44 / 22.83 | | 资产负债率(%) | 30.0% | | 市盈率 | 21.12 | | 第一大股东 | 姚朔斌 | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 姚记科技(002605) 证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 个股表现 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 姚记科技 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 事件回顾 2025 年 8 月 26 日，公司发布 2025 年半年报， 2025H1，公司实 现营业收入 14.38 亿元，同比下降 24.64%；归母净利润 2.56 亿元，同 比下降9.98% ...

智通财经APP讯，小鱼盈通(00139)发布公告，为拓展业务多元化并丰富收入来源，集团战略性布局短剧 行业，积极开展内容制作与产业投资。截至目前，发展迅速，成果斐然，整体进展符合预期。 此外，董事会认为，短剧行业作为数字内容消费的重要领域，具备持续增长潜力。本次业务拓展符合集 团寻求新增长动力的战略方向，亦有助优化集团业务结构与收入模式。集团将密切关注市场动态，稳健 推进短剧业务的投资与运营，致力提升股东价值。 仅在2025年9月期间，集团已经完成9部短剧的策划与制作，题材覆盖年代传奇、都市情感、古装大女主 及男频脑洞等市场主流类型，展现出快速的内容响应与制作能力。代表性作品包括《重回80，拿捏糙汉 老公》、《重生小股神，带老爸成首富》、《昼夜私藏》、《偷藏一春星》及《燕还巢》等。目前，9 月上线短剧已取得较好成绩，部分作品如《别低头，王冠会掉》、《晴天四月》市场表现突出，进入行 业榜单前三，前五，显示出集团在内容品质控制与市场化运营方面已形成较强竞争力。 集团将持续坚定于扩大对短剧产业的投资，进一步夯实内容创新、技术应用与发行拓展三大核心能力， 重点拓展全球短剧市场，提升业务的国际化水平。 集团通过相关委托 ...

Group 1 - Tencent Holdings reported strong revenue and net profit growth in the first half of 2025, exceeding market expectations [1] - Tencent's domestic and international gaming businesses showed impressive performance [1] - Tencent Video maintained its leading position in the domestic long video market with 114 million paid members [1] Group 2 - The paid membership of Tencent Video has remained stable above 110 million for an extended period [1] - By the end of 2023, Tencent Video's paid members reached 117 million, with a projected 113 million by the end of 2024 [1] - The content market is becoming more complex, with the rapid growth of the short drama industry posing challenges to long video platforms [1] Group 3 - Despite the rise of short drama applications, long video platforms like Youku and Bilibili also saw growth in active user numbers, with Youku increasing by 8.7% [2] - Tencent Video and iQIYI have managed to stabilize their active user and paid membership numbers through a "long + short" content strategy [2] - Tencent Video led the industry with 363 million monthly active users, while iQIYI followed closely with 356 million [2] Group 4 - Long video platforms are accelerating their short drama strategies, leveraging their unique strengths for differentiated operations [3] - Tencent Video reported a diverse content ecosystem, showcasing resilience amid industry pressures and competition [3] - Tencent Video highlighted successful series and content types, including popular dramas and animations, while also focusing on short dramas [3]

Core Viewpoint - Zhengzhou is emerging as a significant hub for short dramas, attracting industry professionals and investments, with a target market size of 100 billion yuan by 2027 [1][9]. Group 1: Market Development - Zhengzhou's short drama market is rapidly growing, with children's actors earning up to 15,000 yuan per day and adult stars charging several tens of thousands [1][6]. - The city has seen a migration of actors and crew from traditional filming locations like Hengdian, indicating a shift towards short drama production [6][7]. - By 2024, the market size for micro short dramas in Zhengzhou is projected to reach 2.3 billion yuan, with over 800 production companies and a workforce of around 30,000 [4]. Group 2: Government Support and Policies - The Zhengzhou government has implemented supportive policies to foster the micro short drama industry, aiming for a market size of 100 billion yuan by 2027 [9][10]. - Incentives include financial rewards for high-quality productions and support for filming locations, which are expected to enhance the local economy [10][11]. Group 3: Infrastructure and Resources - Zhengzhou's advantageous location as a transportation hub facilitates the movement of production teams and equipment, reducing filming costs [8]. - The city offers diverse filming locations, including historical sites and modern urban settings, which enrich the creative possibilities for short dramas [8]. Group 4: Economic Impact - The short drama industry is expected to stimulate local economic growth by creating high-paying jobs in various roles such as photography, lighting, and acting [11]. - The integration of short dramas with tourism is anticipated to boost visitor numbers to local attractions, further enhancing economic activity [11].