Core Viewpoint - The regulatory policy for long dramas is shifting from strict regulation to a balance of relaxation and deep cultivation, with a more diversified and refined regulatory approach [1] Group 1: Industry Background - The rise of micro-short drama platforms, represented by Hongguo's free short dramas, has intensified competition for long dramas, leading major long video platforms to focus on cost reduction and efficiency [1] - The tightening of budgets in the downstream of the long drama industry chain has accelerated the clearing of supply upstream, impacting the stability of creators' living conditions and their creative enthusiasm, which in turn affects content innovation [1] Group 2: Industry Stabilization - The supply-side structure of long dramas is gradually transitioning from an adjustment phase to a stabilization phase, with ongoing structural quality improvement and efficiency enhancement [2] - The overall number of long dramas is stabilizing after years of clearing, with an increase in the proportion of exclusive dramas and a focus on converting member dramas, leading to a content layout increasingly tilted towards top-tier productions [2] - There is a recovery trend in the number of costume dramas, which are important for young female audiences, after a period of decline from 2019 to 2022 [2] Group 3: Regulatory Observations - The implementation of new broadcasting regulations is expected to foster content supply innovation, providing a friendly environment for content innovation [3] - The impact of content supply transformation on user retention will be crucial for future development, with potential short-term benefits from the release of backlog dramas and shortened review cycles [3] - In the medium term, there will be a focus on strengthening the "script-centered system" and optimizing cost structures, while in the long term, series development will enhance production stability and IP value potential, indicating a possible industry recovery under the new policy cycle [3]

Core Viewpoint - The regulatory policy for the long drama industry is shifting from strict regulation to a balance of relaxation and in-depth development, with a more diversified and refined regulatory approach [1] Group 1: Regulatory Changes - On August 18, 2025, the National Radio and Television Administration issued new broadcasting regulations aimed at promoting innovation in content supply [1] - The company believes that as the detailed rules of the new broadcasting regulations are further implemented, the industry is expected to enter a virtuous cycle supported by multiple favorable factors [1]