2026 年 03 月 23 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn [Table_Title] IP 衍生品及 AI 漫剧表现亮眼，新丽年内剧集储 备丰富 最近一年走势 相对恒生指数表现 2026/03/20 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 阅文集团 | -22.9% | -16.1% | 3.0% | | 恒生指数 | -4.3% | -1.6% | 4.4% | | 市场数据 | 2026/03/20 | | --- | --- | | 当前价格（港元） | 27.46 | | 52 周价格区间（港元） | 22.40-46.88 | | 总市值（百万港元） | 28,049.74 | | 流通市值（百万港元） | 28,049.74 | | 总股本（万股） | 102,147.62 | | 流通股本（万股） | 102,147.62 | | 日均成交额（百万 ...

机构：华泰证券 研究员：夏路路/朱珺/郑裕佳 阅文集团发布2025 全年业绩：收入73.66 亿元，同比-9.3%；归母净亏损7.76 亿元，同比扩大270.9%； 调整后净利润8.58 亿元，同比-24.8%。公司业绩符合预告区间（归母净亏损7.5-8.5 亿元；调整后净利润 8-9 亿元），短期盈利承压主要受新丽传媒商誉减值影响，核心 IP 业务韧性仍存，新业务增长亮眼，维 持"买入"评级。 在IP 运营方面，公司依托深厚的IP 储备，积极拥抱新型生产方式和前沿技术，成果亮眼：公司IP 创作 生态持续繁荣，全年新增 40 万作家、80 万部小说及 420 亿字内容储备，起点读书APP 新增均订过10 万的作品数量同比增长 40%，为后续 IP 开发提供充足供给。IP 可视化与衍生品业务实现强劲增长，短 剧精品化成效显著，标杆项目最高流水突破8000 万；AI 漫剧业务25H2 上线，半年收入突破 1 亿元； 衍生品全年GMV 突破11 亿元，同比增长100%以上，新业务成为增长核心引擎。"IP+AI"技术赋能全产 业链，AI 辅助创作、翻译及漫剧生产效率显著提升，WebNovel 25 年海外收入同比增长 ...

证券研究报告 阅文集团 (772 HK) 港股通 "IP+AI"驱动长期可持续增长 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 18 日│中国香港 | 文化娱乐 | 目标价(港币): | 47.37 | 阅文集团发布 2025 全年业绩：收入 73.66 亿元，同比-9.3%；归母净亏损 7.76 亿元，同比扩大 270.9%；调整后净利润 8.58 亿元，同比-24.8%。公 司业绩符合预告区间（归母净亏损 7.5-8.5 亿元；调整后净利润 8-9 亿元）， 短期盈利承压主要受新丽传媒商誉减值影响，核心 IP 业务韧性仍存，新业 务增长亮眼，维持"买入"评级。 减值扰动短期盈利，核心业务韧性凸显 公司全年收入同比下滑 9.3%，其中在线业务收入 yoy+0.4%，版权运营及 其他收入 yoy-18.9%，主要受影视项目排播延期影响，部分被 IP 衍生品、 短剧及 AI 漫剧等新业务收入的增长抵销。25 年公司毛利率 46.1%，同比下 滑 2.2pct，销售费用同比减 ...

证券研究报告 阅文集团 (772 HK) 港股通 "IP+AI"驱动长期可持续增长 风险提示：1）IP 商业化较慢；2）影视业务不及预期；3）在线业务付费率 下降等。 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 18 日│中国香港 | 文化娱乐 | 目标价(港币): | 47.37 | 阅文集团发布 2025 全年业绩：收入 73.66 亿元，同比-9.3%；归母净亏损 7.76 亿元，同比扩大 270.9%；调整后净利润 8.58 亿元，同比-24.8%。公 司业绩符合预告区间（归母净亏损 7.5-8.5 亿元；调整后净利润 8-9 亿元）， 短期盈利承压主要受新丽传媒商誉减值影响，核心 IP 业务韧性仍存，新业 务增长亮眼，维持"买入"评级。 减值扰动短期盈利，核心业务韧性凸显 公司全年收入同比下滑 9.3%，其中在线业务收入 yoy+0.4%，版权运营及 其他收入 yoy-18.9%，主要受影视项目排播延期影响，部分被 IP 衍生品、 短剧及 AI 漫剧等新业务收入 ...

Core Viewpoint - The report highlights that the company, Yuewen Group, achieved a total revenue of 7.37 billion yuan and a Non-IFRS net profit of 860 million yuan for the year 2025, showcasing its resilience in core business despite fluctuations in copyright operations due to external factors [1][2]. Group 1: Financial Performance - Yuewen Group's total revenue for 2025 reached 7.37 billion yuan, with a Non-IFRS net profit of 860 million yuan [1]. - The online reading segment generated a stable income of 4.05 billion yuan for the year [1]. Group 2: Growth Areas - The company saw significant growth in two areas: IP derivatives, with a GMV exceeding 1.1 billion yuan, more than doubling from 500 million yuan in 2024, and AI comic dramas, which generated over 100 million yuan in revenue within just six months [2]. - The success in derivatives and comic dramas is attributed to the company's strong position in the content industry, where IP has become a core asset in a competitive market [2]. Group 3: Strategic Initiatives - Under the "IP + AI" strategy, Yuewen is diversifying its business with AI comic dramas, short dramas, and IP derivatives [4][5]. - The company has established an AI solution covering the entire IP lifecycle, enhancing efficiency in content creation and adaptation [5]. - AI is also facilitating Yuewen's globalization efforts, with over 17,000 AI-translated works contributing to more than one-third of total revenue from its overseas platform, WebNovel, which saw a 39% year-on-year revenue increase [5].

公司的在线阅读精品内容生态保持了强劲的势头。2025年，公司平台吸引40万新作家入驻，诞生超80万 本小说，新增字数达到420亿，为优质内容提供源源不断的活水;旗舰平台起点读书APP新增均订过10万 的作品同比增长40%，并首次诞生两部突破30万均订的现象级作品，头部创作能力实现跨越式提升;新 生代作家展现惊人的商业潜力，新签约作家中95后佔比达70%，年入百万的00后作家数量激增150%， 为未来IP储备注入强劲动能;公司的社区也更加活跃，2025年平台上超10万收藏作品增长80%，获得超万 月票的作品增长20%。 2025年，公司精品内容生态持续迸发活力，首次诞生了两部均订突破30万的现象级作品，充分印证了好 内容的强劲吸引力。同时，在IP运营业务方面，公司依托深厚的IP储备，积极拥抱新型生产方式和前沿 技术，成果斐然：不仅在影视、动画等传统优势领域持续领跑，更是在快速崛起的短剧和AI漫剧等新 领域取得开创性成果。公司的短剧精品化战略成效显著，爆款频出;而AI漫剧业务实现了突破性开局 ——自2025年下半年推出以来，公司已上线近千部AI漫剧作品，其中超百部播放量破千万，12部播放 量破亿，下半年收入则突破 ...

Core Viewpoint - The company, CITIC Publishing, is a leading player in the domestic publishing industry, focusing on various segments including book publishing, digital services, and cultural space operations, with a strong emphasis on expanding its IP and AI capabilities for future growth [1][2][3] Group 1: Business Structure and Revenue Breakdown - CITIC Publishing was established in 1988 and is part of CITIC Group, holding full licenses for various publishing formats, making it one of the first-level publishers in China [1] - The main business segments include: 1) Book publishing and distribution, accounting for approximately 79% of revenue in H1 2025, covering major categories such as thematic publishing, management, children's literature, and comics [1] 2) Digital services, contributing around 12% of revenue in H1 2025, focusing on the CITIC Academy APP for C-end users and comprehensive services for B-end clients [1] 3) Urban cultural space operations, which made up about 19% of revenue in H1 2025, centered around CITIC bookstores in key urban areas [1] Group 2: Competitive Advantages and Growth Areas - The company ranks first in the national book retail market for both 2024 and H1 2025, with strong positions in management, biography, and self-help genres, while also developing new strengths in children's literature and natural sciences [2] - The newly launched anime production line is experiencing rapid growth, with a year-on-year increase of over 25% in 2024, leading to a market share in anime and gaming books that has reached the top position [2] Group 3: Future Growth Strategies - In 2024, the company announced an anime cultural strategy, aiming to elevate its IP operations to a core business segment over the next five years, establishing it as the fourth main pillar of the company [3] - Key initiatives include: 1) Developing IP-derived books through collaborations with leading domestic and international anime, gaming, and film companies [3] 2) Launching a new retail brand "Gu Zhi Gu Zhi" for IP-derived products, including themed spaces and pop-up stores [3] - The company is leveraging AI technologies to enhance operational efficiency and explore new commercial opportunities, with the "Kuafu AI Digital Publishing Platform" already validated for internal use and set for future commercialization [3]

Core Insights - The drama "Youth is Worth It," produced by Tencent Video and Xinli Media, has gained significant popularity since its release on January 31, achieving over 200 million effective views across platforms and topping various viewership charts [1][2] Group 1: Performance and Impact - "Youth is Worth It" has won the weekly championship for both the Lighthouse Network's online drama viewership and Maoyan's online drama popularity rankings [1] - The success of the series has provided a strong start for Xinli Media and demonstrated the unique content appeal and trend-setting role of high-quality long-form videos in the industry [1] Group 2: IP and Industry Collaboration - The series is based on the popular novel "Starting from Game to Become Rich," which has also seen high engagement, with its comic adaptation reaching 700 million views on Tencent Animation and the audio drama version exceeding 110 million plays on Ximalaya [1] - The original novel's readership has surged by 20 times due to promotional activities on the Qidian Reading App, showcasing effective cross-platform engagement [2] Group 3: Strategic Directions - The CEO of Reading Group, Hou Xiaonan, outlined three core strategic directions for 2025: "evergreen content, IP + AI, and globalization," emphasizing the importance of building a resilient and evolving ecosystem in the face of industry adjustments [2]

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Artificial Intelligence and Data Analysis**: The records highlight advancements in AI technologies, particularly focusing on ByteDance's Seedance 2.0 and OpenAI's ChatGPT, along with significant funding in the data analysis sector. - **Entertainment and Media**: The records discuss developments in the film and gaming industries, including new AI-driven content creation tools and upcoming film releases. - **Solar Energy and Semiconductor Industries**: There are mentions of Tesla's expansion in solar energy and projections for semiconductor sales growth. Core Insights and Arguments - **ByteDance's Seedance 2.0**: The model has reportedly overcome previous limitations and is now leading in AI video generation, moving towards industrial-grade applications [1][1][1] - **OpenAI's Growth**: ChatGPT's monthly growth rate has surpassed 10%, indicating strong user engagement and the upcoming release of an upgraded chat model [1][1][1] - **Databricks Funding**: The data analysis company has completed a $5 billion funding round, raising its valuation to $134 billion, reflecting investor confidence in AI and data analytics [1][1][1] - **Cost of Video Production**: The traditional cost structure for video production is shifting towards marginal costs associated with computational power, indicating a potential disruption in the industry [2][2][2] - **Content Inflation**: The content sector is expected to experience unprecedented inflation, leading to a complete restructuring of traditional organizational frameworks and production processes [3][3][3] - **Concerns Over Deepfakes**: The CEO of Game Science raised concerns about the proliferation of fake videos and the associated trust crisis, emphasizing the importance of responsible AI development [4][4][4] Other Important but Potentially Overlooked Content - **Seedance 2.0 Restrictions**: The model has temporarily disabled the upload of real human images and videos to mitigate issues related to deepfakes [4][4][4] - **Emerging AI Tools**: New AI models and tools are being developed across various companies, including Alibaba's AI video creation tool and Xiaohongshu's video editing AI product [1][1][1] - **Investment in Semiconductor Industry**: The Semiconductor Industry Association predicts global semiconductor sales will reach $1 trillion this year, with a projected growth of 25.6% by 2025 [7][7][7] - **Rising Prices in Dye Industry**: Recent reports indicate a significant increase in the prices of disperse dyes, with some prices rising by approximately 10% [7][7][7] - **Upcoming Film Releases**: Several domestic films have been scheduled for release during the 2026 Spring Festival, indicating a robust film market [9][9][9]

Group 1 - ByteDance has launched its latest AI video generation model, Seedance 2.0, which supports multi-modal input and intelligent storyboarding, capable of producing film-quality short videos with native audio and coherent scenes [1] - The model has been described as an "all-around AI director" and signifies a shift in AI video production from a playful tool to an industrialized production phase [1] - The CEO of Game Science, Feng Ji, noted that the ability of AI to understand and integrate multi-modal information has made a significant leap, suggesting that the production costs for general videos will no longer follow traditional film industry logic [1] Group 2 - The film market has shown increasing effects of scheduling and the Matthew effect, with audiences still willing to watch quality films, especially with the upcoming long Spring Festival holiday in 2026 [2] - The recent internal communication from the CEO of Reading Group highlighted the company's strategic focus on "evergreen content, IP + AI, and globalization," aiming for breakthroughs in various areas including AI [3] - The partnership between Disney and OpenAI for a three-year strategic collaboration to use classic IP for content generation indicates a new model of authorization and revenue sharing, which could benefit companies like Fubo Group that manage digital rights [3]