证 券 研 究 报 告 密尔克卫（603713）2025 年半年报点评 推荐（维持） 25H1 归母净利 3.5 亿元，同比+13%，积极推动全 球化布局，静待周期景气回暖 公司公告 2025 年中报：1）业绩表现：25H1 营收 70.4 亿，同比+17.4%；归母 净利 3.5 亿，同比+13.1%。其中 25Q1 营收 33.4 亿，同比+15.4%；归母净利 1.7 亿，同比+14.0%。25Q2 营收 36.9 亿，同比+19.3%；归母净利 1.8 亿，同 比+12.3%。 2）分业务来看，全球移动、化工品分销增长亮眼。2025 上半年全球货代业务 营收 16.9 亿，同比+4.85%；毛利 1.8 亿，同比+5.3%；毛利率 10.86%，同比 +0.04pct。仓配一体化业务营收 12.2 亿，同比-1.9%；毛利 2.3 亿，同比-9.2%； 毛利率 18.67%，同比-1.5pct。全球移动业务营收 7.0 亿，同比+50.9%；毛利 0.88 亿，同比+37.9%；毛利率 12.49%，同比-1.2pct。化工品分销业务营收 33.8 亿，同比+27.1%；毛利 2.7 亿，同比+50. ...

Core Insights - The Chinese online literature market is undergoing a deep transformation driven by social and cultural demands, technological innovations, and capital investments, with content and traffic remaining the core drivers of the industry [1] User Growth - By December 2024, the user base of Chinese online literature is expected to reach 575 million, an increase of 54.74 million from December 2023, accounting for 51.9% of the total internet users [1] Industry Rankings - The top ten online literature IP platforms in China for 2025, based on a comprehensive evaluation model, are: 1. Yuewen Group 2. Tomato Novel 3. Heiyan Network 4. Qimao 5. Dianzhong Technology 6. Zhongwen Online 7. Zhangyue Technology 8. Motie Culture 9. Migu Literature 10. Tadu Literature [1][2] Market Performance and Commercial Value - The evaluation of market performance and commercial value is based on the number of IP licensing collaborations and the number of hit adaptations in short dramas. Yuewen Group, Tomato Novel, and Heiyan Network lead in IP licensing, while Tomato Novel, Dianzhong Technology, and Zhangyue Technology excel in hit adaptations [7][8] - Yuewen Group's IP commercial revenue grew by 33.5% to 4.09 billion yuan, driven by successful adaptations of major IPs like "Douluo Dalu" and "Qing Yu Nian" [7] Content Ecosystem - In 2024, Yuewen Group signed 650,000 new works, leading the industry with over 42 billion new words. Tomato Novel and Heiyan Network also showed strong performance in content creation and adaptation [9][11] - AI-assisted creation is becoming popular, significantly enhancing content production efficiency across platforms [11] User and Author Ecosystem - Tomato Novel achieved 218 million monthly active users in June 2024, a 35.5% increase year-on-year. Yuewen Group's average monthly paid users rose by 4.6% to 9.1 million [12] - Seven Cat Novel attracted many authors with favorable signing policies, while Tomato Novel implemented various support measures to foster content incubation [12] Platform Influence - Tomato Novel's WeChat index peaked during short drama marketing events, reflecting its strong cross-platform engagement. Heiyan Network's small program matrix has become a key tool for user acquisition and experience enhancement [13] Industry Trends for 2025 - The online literature IP market is expected to see improved IP development efficiency, with a focus on micro-short dramas and global expansion aided by AI translation [14][15] - The rise of micro-short dramas is predicted to transform the adaptation landscape, with a projected market size exceeding 100 billion yuan by 2027 [14] Historical Context - The evolution of the Chinese online literature industry from 2018 to 2025 has been marked by significant shifts in platform dynamics, user engagement, and content monetization strategies [16][20]