12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠 深有同感，他在接受21世纪经济报道记者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国 网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如WebNovel），吸引本土创作者， 形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场 景的价值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需要从"走出去"到"走进去"。 2026年短剧、漫剧、衍生品会跑更快 21世 ...

记者丨 陶力 编辑丨骆一帆 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们来自世界各地，包括印度、俄罗斯、美 国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协会发布的《2025中国网络文学出海趋势 报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式 方面，IP引领文旅价值升维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠深有同感，他在接受21世纪经济报道记 者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如 WebNovel），吸引本土创作者，形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场景的价 值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需要从"走出去"到"走进去"。 侯晓楠。资料图 2 ...

"中国的网络文学，不再只是本土IP的源头，而正在成为全球IP的新源头。" 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠 深有同感，他在接受21世纪经济报道记者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国 网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如WebNovel），吸引本土创作者， 形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场 景的价值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需 ...

21世纪经济报道记者 陶力上海报道 说：阅文集团首席执行官兼总裁侯晓楠（采访对象供图） 图 说：阅文集团首席执行官兼总裁侯晓楠（采访对象供图） 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国网络文学的全球影响力，达到前所未有的高度。截至2025年10月31日，WebNovel（起点国际）全 球累计访问用户已近4亿，培育孵化了来自全球的近53万名作家、超82万部原创作品，作品总量同比增 长20%，其中阅读量突破千万级的爆款已达538部。 引人注目的是，全球创作力量正呈现出显著的年轻化趋势。在WebNovel的签约作者中，00后占比达 50%，该平台上关于中国文化与风貌 ...

从中国IP源头到世界IP源头 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们来自世界各地，包括印 度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协会发布的《2025中国网 络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美的强势崛起，让网络文学市场形成了北美、欧 亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升维，成为了全球范围内的产业现象。 中国网络文学的全球影响力，达到前所未有的高度。截至2025年10月31日，WebNovel（起点国际）全球累计访问用户已近4亿， 培育孵化了来自全球的近53万名作家、超82万部原创作品，作品总量同比增长20%，其中阅读量突破千万级的爆款已达538部。 引人注目的是，全球创作力量正呈现出显著的年轻化趋势。在WebNovel的签约作者中，00后占比达50%，该平台上关于中国文 化与风貌的讨论更是超过了40万条，成为文化交流的新桥梁。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团 ...

Core Insights - The next step for online literature going global involves transforming popular web novels into multi-faceted IP works, including audiobooks, dramas, comics, animations, films, mobile games, and merchandise [1][2] - Successful examples like "Full-Time Master" demonstrate the potential for significant international engagement, with over 1.3 billion overseas reads and extensive media adaptations [1][2] Group 1: Industry Trends - The integration of various media forms is essential for the development of online literature IP, allowing for coordinated growth across publishing, animation, and gaming sectors [2] - The concept of "Web Literature+" signifies a shift from traditional online literature to a more diverse and expansive format that includes various cultural narratives and values [2] Group 2: Market Impact - The global reception of works like "Mystery Lord" showcases the increasing interest in Chinese stories, achieving a 9.3 rating on IMDB and being released in over 190 countries [2] - The evolution of online literature export from simple text translation to a multi-terminal IP collaboration reflects a new landscape in global cultural consumption [2]

Core Points - The establishment of the Beijing Writers Association - Online Writers Branch marks a significant step in enhancing the organizational structure of online literature in Beijing, aiming to promote high-quality development in the capital's online literary scene [2][4][5] Group 1: Establishment and Objectives - The Beijing Writers Association - Online Writers Branch was officially established during the first member representative conference, with the aim of uniting and promoting online writers in Beijing [1][2] - The branch's formation is seen as a crucial move to leverage Beijing's resources as a national cultural center, enhancing the development of online literature [2][3] Group 2: Leadership and Structure - The first council and presidium of the Beijing Writers Association - Online Writers Branch were elected, with Zhang Wei (Tang Jia San Shao) as the chairman and several vice-chairmen appointed [1][8] - An expert group consisting of 17 professionals in online literature theory and management was formed to provide guidance and support for the branch's activities [7] Group 3: Future Directions and Goals - The branch aims to lead in producing high-quality literary works, nurturing talent, and developing the online literature industry, with a focus on international outreach [3][4][5] - Emphasis will be placed on integrating cultural and technological advancements, enhancing the creative environment, and fostering a healthy industry ecosystem [5][6][7]

Core Insights - Chinese online literature has become a global cultural phenomenon, with approximately 200 million active overseas users across over 200 countries and regions, showcasing a significant international presence [1][5] - The 2025 China International Online Literature Week highlighted the theme of "New Dynamics, New Patterns, New Forms—The Global Landscape of Online Literature Empowered by AI," indicating a focus on innovation and collaboration in the industry [1] Group 1: International Reach and User Engagement - The number of overseas active users of Chinese online literature is around 200 million, with Asian readers accounting for 80% of this total [5] - The market share in North America is approximately 30%, while Europe and Latin America are emerging as new growth areas [5] - The translation and dissemination of online literature have expanded significantly, with about 5,000 physical books and nearly 130,000 e-books distributed globally [7] Group 2: Content Quality and Recognition - The trend towards mainstream and high-quality online literature is evident, with recognition from both domestic and international institutions, including awards for outstanding works [2] - By the end of 2024, the total number of online literature works exceeded 33 million, with an annual increase of 2 million works, reflecting a 7% year-on-year growth [2] Group 3: Cultural Integration and Localization - Chinese online literature has successfully integrated universal themes with Chinese cultural elements, leading to a strong emotional resonance with global audiences [5] - The establishment of localized creative ecosystems, such as Qidian International, has attracted a significant number of overseas authors, resulting in the production of 770,000 original works [9] Group 4: Innovative Distribution Channels - The primary mode of dissemination for Chinese online literature is through text translation, with platforms like WebNovel and TapRead facilitating large-scale online translation [7] - AI technology has significantly enhanced translation efficiency, with AI translations accounting for over 50% of the total, improving efficiency by nearly 100 times [7] Group 5: IP Expansion and Adaptation - The adaptation of online literature into various media forms, including dramas and animations, has broadened the reach of Chinese literature internationally [8] - Successful adaptations, such as "Chang Yue Jin Ming," have not only gained popularity but also contributed to cultural tourism in China [8] Group 6: Narrative Innovation and Global Influence - Chinese online literature is entering a new phase of "narrative going abroad," influencing global popular culture through cross-cultural storytelling [9][10] - The blending of Chinese narrative frameworks with Western themes has resulted in a unique cross-cultural literary landscape, showcasing the global impact of Chinese online literature [10]

Core Insights - The scale of overseas active users of Chinese online literature is approximately 200 million, indicating a significant global influence of this narrative trend [1] - The revenue from the overseas market for Chinese online literature is projected to reach 4.815 billion yuan in 2024 [1] - The total number of Chinese online literature works is expected to exceed 33 million by the end of 2024, with a notable increase in both realistic and science fiction genres [2] Group 1: Market Dynamics - Chinese online literature has gained popularity in over 200 countries and regions, with Southeast Asia and North America being key markets [1][4] - The majority of overseas readers (80%) are located in Asia, with preferences varying by region; Southeast Asia favors ancient romance and fantasy genres, while Europe and North America lean towards fantasy and suspense [4] - The translation of works has been significantly enhanced by AI technology, which has increased efficiency and reduced costs, allowing for rapid global distribution of literature [3] Group 2: Cultural Impact - Chinese online literature is not only being consumed but is also influencing global literary trends, with 1.3 million overseas authors and over 2 million works created in this ecosystem [6] - Successful adaptations of Chinese online literature into other media, such as the series "Qing Yu Nian" on Disney+, highlight the cultural export potential of these narratives [5] - The integration of Chinese cultural elements into overseas works demonstrates the growing influence of Chinese narrative styles and themes on global literature [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 3.19 billion yuan in H1 2025, with an adjusted net profit of 510 million yuan, exceeding Bloomberg's consensus estimate of 480 million yuan [5] - The adjusted net profit, excluding New Classics Media, was 545 million yuan, representing a year-on-year growth of 36%, primarily driven by self-owned copyright operations [5] - The company is expected to have a richer lineup of IP projects in H2 2025, with significant contributions from various collaborations and new releases [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7,012 million yuan - 2024: 8,121 million yuan - 2025E: 7,587 million yuan - 2026E: 8,075 million yuan - 2027E: 8,765 million yuan - Adjusted net profit forecasts are: - 2023: 1,130 million yuan - 2024: 1,142 million yuan - 2025E: 1,376 million yuan - 2026E: 1,495 million yuan - 2027E: 1,702 million yuan [7][9] - The report indicates a stable gross margin of 50% for the online business, with a slight year-on-year increase in revenue [8] Business Highlights - The self-owned copyright operations are showing upward momentum, with significant contributions from adaptations of the company's IP in various media formats [8] - The company has a strong pipeline with six series and one film in reserve from New Classics Media, focusing on high-quality productions [8] - The company is expanding its IP commercialization efforts, with notable collaborations and product launches expected in the near future [8]