（文章来源：每日经济新闻） 中文在线（300364.SZ）1月9日在投资者互动平台表示，公司海外业务覆盖全球多个国家和地区，如旗 舰短剧平台FlareFlow及网文平台Rocnovel已在海外应用商店上线。 每经AI快讯，有投资者在投资者互动平台提问：了解到公司正在积极发展海外业务，实现文化出海， 请问近两年是否有相关作品或APP上线欧盟地区呢？ ...

Core Insights - Xiaohongshu has launched an internal test for a "paid notes" feature, targeting photographers, illustrators, and long-form story creators, indicating its intention to enter the paid online literature market after testing a novel reading section in 2024 [1][2] Group 1: Paid Notes Feature - The "paid notes" feature includes three payment models: 1. High-definition original image downloads for visual creators, allowing users to pay for high-quality, watermark-free files 2. A model for long-form authors and story creators that allows users to preview part of the content and pay to unlock the full article 3. A paid unlock for note collections, aimed at serialized novels and series columns, where users can preview chapters and pay to access all content [2] - The paid long-form note feature is currently invite-only and not available to all users, with plans for gradual expansion of invitations [2] Group 2: Market Context - In 2024, Xiaohongshu launched a novel reading section featuring numerous novels from third-party platforms, all available for free, although access requires users to actively search for the "Silent Impact" mini-program [2] - By December 2025, ByteDance is expected to launch a standalone paid reading app called "Hongzhu Xiaoshuo," which will clearly differentiate between free and premium content, intensifying competition in the paid online literature market [2]

国海证券研报指出，中文在线拟赴港上市，加码出海战略打开增长空间。根据SensorTower2025年11月 全球短剧APP流水数据，公司旗下投资、自研两大出海短剧平台ReelShort、FlareFlow市占率均位列全球 Top6，本次上市或有助于公司（1）拓宽融资渠道，以扩大海外短剧供给量、投流规模，驱动两大平台 高速增长；（2）增强中文在线海外品牌影响力，便于跨境并购、拓展海外市场；（3）有效规避换汇成 本，强化经营效率。公司率先开展AI漫剧布局，截至2025年11月，出品《从娘胎开始逆袭》播放量破1 亿，首部AI3D漫剧《仙尊归来：只手镇人间》专辑播放量超过6400万次。IP培育方面，《罗小黑战记 2》国内暑期档票房达5.33亿元，并于2025年9月正式登陆美国、加拿大等地区，持续拓展IP影响力。另 外，海外短剧市场高景气，行业头部效应显著。 ...

格隆汇12月22日｜国海证券研报指出，中文在线拟赴港上市，加码出海战略打开增长空间。根据 SensorTower2025年11月全球短剧APP流水数据，公司旗下投资、自研两大出海短剧平台ReelShort、 FlareFlow市占率均位列全球Top6，本次上市或有助于公司（1）拓宽融资渠道，以扩大海外短剧供给 量、投流规模，驱动两大平台高速增长；（2）增强中文在线海外品牌影响力，便于跨境并购、拓展海 外市场；（3）有效规避换汇成本，强化经营效率。公司率先开展AI漫剧布局，截至2025年11月，出品 《从娘胎开始逆袭》播放量破1亿，首部AI3D漫剧《仙尊归来：只手镇人间》专辑播放量超过6400万 次。IP培育方面，《罗小黑战记2》国内暑期档票房达5.33亿元，并于2025年9月正式登陆美国、加拿大 等地区，持续拓展IP影响力。另外，海外短剧市场高景气，行业头部效应显著。 ...

Core Insights - Recently, the company announced the opening of 100,000 premium IPs and the establishment of a special fund of 100 million yuan to develop the comic-drama sector, despite facing revenue decline and challenges in its core online business [2] - The company's revenue for the first half of 2025 decreased by 23.9% year-on-year to 3.191 billion yuan, with net profit down 27.7% to 508 million yuan [2] - The core IP operation business suffered a 48.4% revenue drop to 1.138 billion yuan due to the lack of new film and television releases [2] - The online reading business has stagnated, with revenues of 4.364 billion yuan in 2022, 3.948 billion yuan in 2023, and 4.031 billion yuan in 2024, indicating a growth bottleneck [2] - The average monthly active users on the company's platform fell from 244 million in 2022 to 167 million in 2024, a loss of 77 million users [2] Industry Challenges - The long video platform industry is experiencing systemic crises, with Tencent Video's paid membership dropping by 3 million to 114 million [3] - The film market is also struggling, with a 13% year-on-year decline in box office revenue during the 2025 National Day holiday period [3] - The dual pressure on online and film businesses has hindered the company's path to film adaptation [3] Strategic Initiatives - The company is focusing on comic-dramas and trendy toys as key strategies for breakthrough, leveraging AI technology to create new content forms [3] - The company has achieved over 30 comic-dramas with viewership exceeding 10 million, but faces increasing competition from major players like ByteDance and Bilibili [3] - The trendy toy business is seen as a second growth curve, with a GMV of 480 million yuan in the first half of 2025, nearing last year's total [4] - The company is working on a "Global Trendy Toy Co-Creation Plan" to differentiate itself in the blue ocean market [4] Competitive Landscape - The company is in a catch-up phase in the trendy toy sector compared to established brands like Pop Mart, needing to accelerate resource integration and market promotion [4] - The company aims to leverage its vast IP through AI-enabled lightweight adaptations to activate content value and expand monetization boundaries [4] - Challenges include homogenized competition in the comic-drama sector, brand-building cycles in trendy toys, and the need to address user attrition in the core online business [5]

Investment Rating - The report does not explicitly state an investment rating for the online reading industry Core Insights - The online reading industry in China has experienced rapid growth, driven by the proliferation of mobile internet and smart devices, with user numbers approaching 500 million by 2024, reflecting a growth of over 50% in five years [17] - The market is diversifying, with significant contributions from literature, education, and comics, while the paid user base is steadily increasing, indicating a growing willingness to pay for quality content [12][13] - The industry is characterized by a competitive landscape dominated by major platforms like Yuewen Group and iReader Technology, which leverage extensive content resources and technological advantages to maintain market share [30][31] Summary by Sections 1. Industry Overview - Online reading refers to the browsing and reading of digital content through internet technology and various digital devices, offering advantages over traditional reading such as portability, instant updates, and interactive features [4][5] - The industry encompasses a wide range of content types, including literature, educational materials, and multimedia formats, enhancing user engagement and experience [6][7] 2. Market Size and Structure Analysis - The online reading market in China has maintained double-digit growth from 2012 to 2020, with the user base expanding from hundreds of millions to nearly 500 million, and paid users exceeding 150 million by 2020 [12][13] - Key growth drivers include digital transformation, increased smartphone penetration, and a rich content ecosystem that meets diverse user needs [14][16] 3. Competitive Landscape Analysis - Major players in the online reading market include Yuewen Group, iReader Technology, Tencent Literature, and Alibaba Literature, which dominate the market through strong content libraries and user engagement strategies [30][31] - Smaller and emerging platforms are also active, focusing on niche markets and innovative business models to attract specific user groups [35] 4. User Behavior and Demand Analysis - The user base is predominantly young, with over 60% aged between 16 and 35, and the proportion of paid users is steadily increasing, surpassing 30% by 2024 [18][48] - Users exhibit diverse content preferences, with a strong inclination towards high-quality, original works, and a growing demand for interactive and community-driven features [43][46] 5. Technological Development and Innovation Trends - The application of artificial intelligence in content creation and recommendation is on the rise, enhancing user satisfaction and content quality [56] - Cloud computing technologies are improving content distribution efficiency, while mobile reading technologies are evolving to provide better user experiences [57][58] 6. Future Development Trends and Recommendations - The online reading industry is expected to continue expanding, with increasing content diversity and personalization becoming key trends [64] - Platforms must innovate their business models and enhance user interfaces to maintain competitiveness in a rapidly evolving market [66]

Core Viewpoint - The news highlights the positive performance of Yu Wen Group, driven by its expansion into the manhua (comic) drama sector and the upgrade of its "Creative Partner Program" [1] Company Summary - Yu Wen Group's stock rose by 5.36%, reaching HKD 44.02, with a trading volume of HKD 311 million [1] - The CEO announced the entry into the manhua drama market, in addition to its focus on short dramas [1] - As of October 2025, Yu Wen has 30 manhua works with over 10 million views, including hits like "The Son-in-law of the Ming Dynasty" and "Invincible Simulation System," with some exceeding 100 million views [1] Industry Summary - According to data from Giant Engine, the supply of manhua dramas saw a compound monthly growth rate of 83% in the first half of 2025, producing over 3,000 works and increasing revenue scale by 12 times [1] - The market size for manhua dramas is expected to exceed RMB 20 billion for the year [1] - The manhua market is currently in the growth phase 1.0, with future competition likely shifting back to content quality after initial technological advantages [1] - Analysts suggest that leading platforms and IP owners are intensifying their focus on manhua and AI video tools, which will further accelerate the growth of the AI manhua industry [1]

Core Viewpoint - Evergrande Securities reports that Yuewen Group (00772) is a rare leading company in the full IP industry chain, with stable online reading business and continuous IP incubation [1] Group 1: Comic Industry - The comic industry is experiencing significant growth, with supply increasing at a compound annual growth rate of 83% in H1 2025, outputting over 3,000 works and a revenue scale that has increased 12 times [1] - The market size is expected to exceed 20 billion yuan, with the number of related enterprises expanding exponentially, projected to surpass tens of thousands [1] - AI technology is enhancing production capacity, reducing the production cycle of dynamic comics from 90 days to 10-13 days, a reduction of nearly 90%, with costs controlled between 100,000 to 300,000 yuan per work [1] Group 2: Yuewen's Strategic Initiatives - In 2025, Yuewen announced an upgrade to its "Creative Partner Program," entering the comic industry with four major initiatives: opening access to 100,000 premium IPs, establishing a 100 million yuan creative fund, launching AIGC tools to improve adaptation efficiency, and building a full-chain support system [1] - As of October 2025, Yuewen has 30 comic works with view counts exceeding 10 million, with several works surpassing 100 million views [1] - The partnership with Soy Sauce Animation aims to produce at least 400 comic works annually over the next three years, with no less than 200 adaptations from Yuewen's IP [1] Group 3: Derivative Products and New Media - In H1 2025, Yuewen's derivative product GMV increased to 480 million yuan, nearing the total of 500 million yuan for the entire year of 2024 [2] - Key IPs such as "Full-Time Master" and "Mystery Lord" are performing well, with new product categories being explored, including plush toys [2] - New media projects from Xinli, including "Drug Storm" and upcoming series like "Young and Promising," are expected to contribute positively to the company's performance [2]

Core Viewpoint - The company reported a significant increase in revenue for the first three quarters of 2025, but also faced substantial net losses [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.011 billion yuan, representing a year-on-year growth of 25.12% [1] - The net loss attributable to shareholders of the listed company was 520 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was also 520 million yuan [1] - The basic loss per share was 0.714 yuan [1]

Core Insights - The article explores the rise of Zhang Chao within ByteDance, particularly his leadership of the Hongguo Short Drama and Tomato Novel platforms, highlighting his strategic decisions and the impact of his work on the company's growth [4][30]. Group 1: Zhang Chao's Background and Career Path - Zhang Chao, a Tsinghua University graduate, joined ByteDance in 2016 from Baidu, initially focusing on the novel channel and creator platform for Toutiao [7]. - Under the leadership of Chen Lin, Zhang Chao contributed to the content ecosystem of Toutiao, which saw its daily active users (DAU) double to 120 million within a year [8]. - Zhang Chao's career progressed as he became a key figure in the company's commercial success, particularly after Zhang Lidong took over the commercialization efforts, leading to significant revenue growth [9][10]. Group 2: Innovations in Free Reading and Short Dramas - Zhang Chao identified a market opportunity in the free reading model, which was gaining traction against established paid models, leading to the rapid rise of Tomato Novel [16][18]. - The Tomato Novel platform utilized a free + advertising model, achieving 61.62 million monthly active users (MAU) within a year of launch, positioning it as a leader in the digital reading industry [23]. - The success of Tomato Novel was attributed to ByteDance's strong control over upstream copyrights and effective user targeting through its advertising engine [18][20]. Group 3: The Rise of Hongguo Short Drama - The Hongguo Short Drama app, launched in late 2023, adopted a free + advertising model, achieving 140 million MAU and 40 million daily active users within a year [29]. - By March 2023, the app had surpassed 210 million MAU, overtaking Youku Video for the first time in the short drama sector [30]. - Zhang Chao implemented a "blind box" mechanism to enhance content quality, resulting in a significant increase in the success rate of produced dramas [31]. Group 4: Zhang Chao's Leadership and Strategic Vision - Zhang Chao's ability to navigate internal dynamics and foster cross-department collaboration was crucial for the success of both Tomato Novel and Hongguo Short Drama [20][22]. - His approach to product and operational strategy emphasized efficiency, allowing him to maintain a lean team while achieving substantial growth [13][14]. - The article concludes that Zhang Chao's success is not solely due to personal talent but also the support from mentors and the favorable market conditions he capitalized on [33].