公司认为，深入理解并服务好现有核心用户，挖掘其深层价值，是未来竞争的关键所在。因此，公司将 围绕女性用户群体的特定需求、使用习惯与情感偏好，进行业务与内容的深度定制化开发，并逐步构建 并完善以下业务矩阵，以形成协同效应： 格隆汇10月10日丨联众(06899.HK)宣布，在现有业务及用户生态持续良性发展的基础上，决定进一步加 强女性娱乐领域的战略布局—聚焦持续提升核心女性用户的价值体验，并以优质、创新的内容驱动新娱 乐业务的增长。 自2021年开展短视频平台直播业务以来，公司已在抖音、快手等核心阵地深耕四年。期间，我们不仅建 立了成熟的运营体系，更重要的是，成功汇聚了规模庞大、特徵鲜明的核心用户群体—主要为新一线城 市中18至40岁的高价值女性用户。该用户群体的形成，为公司未来的发展奠定了坚实的用户基础与数据 洞察优势。 1.娱乐直播体验升级：在现有赛事直播业务基础上，将进一步细化内容分类，鼓励创新互动形式，强化 主播与用户、用户与用户之间的情感联结与社区归属感，使直播平台成为用户休闲娱乐与社交互动的重 要场景。同时，公司将加大对娱乐直播和直播电商领域的投入与建设力度。 .轻竞技棋牌产品：开发侧重於玩法轻松愉 ...

自2021年开展短视频平台直播业务以来，公司已在抖音、快手等核心阵地深耕四年。期间，公司不仅建 立了成熟的运营体系，更重要的是，成功汇聚了规模庞大、特征鲜明的核心用户群体—主要为新一线城 市中18至40岁的高价值女性用户。该用户群体的形成，为公司未来的发展奠定了坚实的用户基础与数据 洞察优势。 公司认为，深入理解并服务好现有核心用户，挖掘其深层价值，是未来竞争的关键所在。因此，公司将 围绕女性用户群体的特定需求、使用习惯与情感偏好，进行业务与内容的深度定制化开发，并逐步构建 并完善以下业务矩阵，以形成协同效应： 1.娱乐直播体验升级：在现有赛事直播业务基础上，将进一步细化内容分类，鼓励创新互动形式，强化 主播与用户、用户与用户之间的情感联结与社区归属感，使直播平台成为用户休闲娱乐与社交互动的重 要场景。同时，公司将加大对娱乐直播和直播电商领域的投入与建设力度。 2.定制化产品开发： 轻竞技棋牌产品：开发侧重于玩法轻松愉快、强社区互动的轻度竞技棋牌产品，降低传统竞技的硬核属 性与竞争压力，强调过程中的智力趣味与社交乐趣。 女性向休闲游戏：重点开发具备强社交功能、画风精美治愈、玩法简单易上手且无过重负担的女性向休 ...

Core Insights - The short drama market is shifting towards emerging markets like the Middle East due to saturation in North America and intense competition in Southeast Asia, with local consumption habits and demographic advantages driving this trend [1][10] - DramaBite, launched by the leading social company Chizi City, is the first short drama platform in the Arab region, leveraging local experience and resources to explore this new market [1][4] Market Dynamics - The Middle Eastern youth exhibit a strong demand for entertainment content, but face challenges due to cultural and religious constraints, necessitating precise localization in content adaptation [1][4] - DramaBite has achieved approximately 3.46 million downloads in the past year, with peak daily downloads nearing 47,000 and total revenue exceeding $1.6 million, primarily driven by markets in Saudi Arabia, Israel, and the UAE [2][3] Content Strategy - DramaBite's content includes various genres such as urban romance, fantasy, and suspense, featuring both translated foreign dramas and local productions, enhancing cultural resonance with the audience [4][12] - The platform supports multiple languages, including Arabic and English, and adapts its layout for right-to-left reading to cater to local user preferences [5] Monetization and User Engagement - DramaBite employs a subscription model combined with in-app currency for content unlocking, with a subscription price of approximately 89.99 SAR (around 170 RMB) in Saudi Arabia, which aligns with local purchasing power [8] - The platform encourages user growth through a referral system, rewarding users with in-app currency for inviting friends, thus enhancing engagement and expanding the user base [8][10] Advertising and Market Penetration - Advertising has been a significant user acquisition strategy for DramaBite, with increased ad spending noted in November last year and July this year, targeting primarily males aged 25-34 [10][11] - The platform's advertising efforts extend to regions like the US, Malaysia, and Indonesia, with Indonesia showing a notable increase in downloads following targeted campaigns [11] Future Outlook - As local content continues to diversify and user acceptance of short dramas grows, there is potential for significant market penetration in high-value markets like Saudi Arabia and the UAE, indicating a promising future for DramaBite [12]

DataEye短剧观察获悉，今年以来，点众、九州、麦芽、天桥等头部短剧平台纷纷在微信小程序短剧赛 道实现可观的变现收入。 尽管今年免费短剧APP呈现飞速发展态势，但小程序端仍是短剧平台布局中不可或缺的核心渠道。 近期，微信广告官方披露关键数据：微信小程序短剧商业规模同比增长78%，日均变现收入稳定在千万 级。 那么今年以来，微信小程序短剧发展现状如何？微信广告又能从哪些维度为短剧开发者提供支持与赋 能？ 一、微信小程序生态：投放规模、开发者数量、商业变现规模齐升 （一）短剧赛道：投放总量超3.4万部，漫剧成为新增长极 1、投放观察 根据DataEye-ADX数据，2025年以来微信小程序平台短剧投放总量达34032部，相较于2024年全年投放 量（24620部）增长38%。分月份来看，2025年8月微信小程序在投短剧数量达15720部，相关素材数量 超160万组，与1月数据（9233部短剧、88万组素材）相比，两类指标均实现80%以上的增长。 至于近期爆火的动漫短剧品类，2025年8月微信小程序平台动漫短剧投放量较同年1月显著增长，该品类 已成为短剧赛道中增速显著的"新增长极"。 1、投放观察 DataEye ...

作者 | 范亮 编辑 | 张帆 8月底，随着美团、阿里、京东的财报相继落地，市场对外卖大战的关注焦点，从初级的补贴与单量竞争，升级为对企业 长期战略定力和财务实力的综合考验。 从自由现金流的角度看，阿里巴巴因持续在云业务等高科技领域投入大量资金，其25Q2自由现金流已经呈现大幅净流出状 态。美团方面，随着外卖业务在25Q3进入传统旺季，单量提升可能带来补贴金额的进一步增加，美团的自由现金流大概率 也会转为净流出。 作为对比，阿里巴巴近期已有出售资产回笼资金的举措，那么，美团会有相应的措施吗？ 美团资金：短期充裕 截至2025年上半年，美团账面现金及现金等价物合计1017亿元，受限制现金179亿元，以及短期理财投资694亿元。这三项 合计约1890亿元，表明美团从资产端拥有充足的流动性储备。 进一步对美团的资金偿付能力进行极限压力测试：假设美团需动用其货币性资产（包括现金、短期理财投资及应收款项） 来偿还短期债务（包括各类应付款项、借款及应付票据）。在这种极限情境下，美团的货币性资金总额约为1921亿元，在 偿还主要短期债务约935亿元后，仍能保持约986亿元的现金储备，财务安全垫依然比较深厚。 就未来经营层面 ...

Core Viewpoint - The WeChat Coral Security WeChat public account announced the removal of a number of non-compliant micro-short drama programs due to inappropriate content and infringement issues, in accordance with national laws and regulations [1]. Group 1: Announcement Details - The platform conducted inspections and found that some micro-short dramas contained undesirable value orientations or infringed on rights, leading to the removal of nearly a hundred non-compliant dramas [1]. - The removed dramas included those with poor guidance, vulgar content, and a lack of positive value support [1]. Group 2: List of Non-compliant Dramas - A public list of non-compliant dramas was released, including titles such as "He**Zhang," "Wife*po," and "I*Girl" [2]. - Other titles included "Ruan**Lu," "Year*Shen," and "Deng*Shi" [2]. Group 3: List of Non-compliant Mini Programs - A public list of non-compliant mini programs was also released, featuring names like "You**Chang," "Shan**Chang," and "Sheng*Wu" [3]. - Additional names included "Si*Yuan," "Jing*Chang," and "You*Mei" [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company achieved revenue of 7.338 billion yuan in Q2 2025, representing a year-over-year increase of 19.8%, and adjusted net profit of 561 million yuan, marking a return to profitability [6] - The gross margin for Q2 was 36.5%, an increase of 6.5 percentage points year-over-year [6] - Mobile game revenue reached 1.61 billion yuan, up 60% year-over-year; value-added services revenue was 2.84 billion yuan, up 11% year-over-year; advertising revenue exceeded expectations at 2.45 billion yuan, up 20% year-over-year; while IP derivatives and other income decreased by 15% year-over-year to 440 million yuan [6][7] - The core user base is growing healthily, with daily active users (DAU) reaching 108 million, up 6% year-over-year, and monthly active users (MAU) at 365 million, up 8% year-over-year [8] - The company expects revenues of 30.08 billion yuan, 33.12 billion yuan, and 36.15 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 2.11 billion yuan, 2.96 billion yuan, and 3.89 billion yuan for the same years [9] Financial Summary - Total revenue for 2024 is projected at 26.832 billion yuan, with a year-over-year growth of 19.1% [12] - Adjusted net profit for 2025 is expected to be 2.114 billion yuan, a significant increase from a loss of 22 million yuan in 2024 [12] - The company’s gross margin is projected to improve from 32.7% in 2024 to 39.7% in 2027 [14] - The earnings per share (EPS) is forecasted to rise from -0.05 yuan in 2024 to 9.42 yuan in 2027 [15]

Investment Rating - The report maintains a "Buy" rating for the company [7][5] Core Views - The company achieved total revenue of 3.191 billion RMB in the first half of 2025, a year-on-year decrease of 23.9%, while the net profit attributable to shareholders was 850 million RMB, an increase of 68.5% year-on-year [1] - The company's core business revenue is steadily growing, with rapid advancement in the IP derivative business and continuous empowerment of IP operations through AIGC technology [1][5] - The report highlights the strong growth of the IP derivative business, with a GMV of 480 million RMB in the first half of 2025, nearing the total for the entire year of 2024 [3] Summary by Sections Online Business - In the first half of 2025, online business revenue reached 1.985 billion RMB, a year-on-year increase of 2.3%, with self-owned platform product revenue increasing by 3.1% [2] - Revenue from Tencent product channels decreased by 25.6% due to optimization of content distribution mechanisms, while third-party platform revenue increased by 23.1% [2] IP Operations - The IP operation business saw a revenue decline of 48.4% in the first half of 2025, primarily due to the natural development cycle and scheduling of film and television projects, with no new releases during this period [2] - Future releases of key projects are expected to boost performance in the IP operation sector [2] AI Integration - The company is exploring AI integration across its business, with significant improvements in user engagement and content creation efficiency [4] - The launch of the AI web novel knowledge base has increased interaction frequency between authors and AI by 40% [4] Profit Forecast and Valuation - The report maintains profit forecasts, expecting Non-IFRS net profits of 1.41 billion RMB, 1.57 billion RMB, and 1.71 billion RMB for 2025-2027 [5] - The target price has been raised to 45.58 HKD, based on improved valuations of comparable companies [5][12]

Group 1 - The core point of the article is that Changba is making a significant comeback in the entertainment and technology sectors by signing actress Dilraba Dilmurat as its brand ambassador and launching a new cost-effective brand called "Xiao Chang" [1][2] - Changba's marketing strategy includes emphasizing its hardware advantages and plans to develop products for mobile phones, cars, and televisions, aiming to differentiate "Changba" as a mid-to-high-end brand and "Xiao Chang" as a high-cost-performance brand [1][3] - The announcement of the brand ambassador and the new brand comes after years of low profile and failed attempts to go public, with Changba previously being a leader in the online karaoke market but now facing stiff competition [2][3] Group 2 - Changba's previous attempts to list on the stock market include multiple reports submitted to the Beijing Securities Regulatory Commission, with the first attempt dating back to November 2016, and this being its third attempt to enter the capital market [2][3] - The company has seen a decline in its market position, with its monthly active users reported at 14.26 million in April 2021, ranking second in the karaoke industry, while its competitor, Quanmin Kge, had 71.71 million monthly active users [3][4] - Changba's strategy of expanding into offline KTV and smart hardware sets it apart from competitors, although experts express skepticism about the viability of this business model due to changing consumer preferences and lower turnover rates in offline KTV [4]

Core Viewpoint - Deutsche Bank analyst Leo Chiang indicates that Bilibili (9626.HK) is expected to meet performance expectations in the second quarter, driven by a shift towards higher-margin businesses and improved operational leverage [1] Group 1: Financial Performance - The company is anticipated to report continued growth in profit margins for the second quarter [1] - The success of the flagship mobile game "Three Kingdoms: Strategy of the World" anniversary event is expected to support the second quarter's performance [1] - Significant growth in advertising and value-added service revenues is likely to contribute positively to the company's second quarter results [1] Group 2: Analyst Rating - Deutsche Bank maintains a "Buy" rating on the stock with a target price of HKD 228.00 [1]