Core Viewpoint - In the first half of 2025, the company reported a revenue of 3.19 billion yuan, a year-on-year decrease of 23.9%, while net profit reached 850 million yuan, showing a year-on-year increase of 68.5% [1] Revenue Breakdown - Online business revenue was 1.99 billion yuan, representing a year-on-year growth of 2.3% and accounting for 62.2% of total revenue [1] - Copyright operation and other revenues amounted to 1.21 billion yuan, making up 37.8% of total revenue [1] - The GMV (Gross Merchandise Volume) of IP derivative products reached 480 million yuan, nearly matching the total for the entire year of 2024 [1] Operational Highlights - The online reading platform added 200,000 new authors and 410,000 new novels, with a total of approximately 20 billion new words added [1] - The number of newly signed works with revenue exceeding 1 million yuan increased by 63% year-on-year [1] - The average monthly paying users (MPU) reached 9.2 million, reflecting a year-on-year growth of 4.5% [1]

Core Viewpoint - In the first half of 2025, the company reported a revenue decline of 23.9% year-on-year, while operating profit increased significantly by 92.7%, and net profit attributable to shareholders rose by 68.5% [1] Revenue Breakdown - The company's revenue is divided into two main segments: online business and copyright operation [1] - Online business revenue reached 1.99 billion yuan, a year-on-year increase of 2.3%, with self-owned platform products growing by 3.1% and Tencent product channel revenue declining by 25.6% [1] - The average monthly active users for self-owned platform products decreased by 2.5%, while the average monthly paying users increased by 4.5% to 9.2 million [1] - Revenue from copyright operation and other businesses was 1.2 billion yuan, a year-on-year decrease of 46.4%, primarily due to the development cycle and scheduling of film and television projects [2][4] Cost and Profitability - The cost of revenue decreased significantly, particularly in content production, which was 190 million yuan, less than one-third of the previous year's figure [4] - Excluding the impact of New Classics Media, the non-IFRS net profit attributable to shareholders was 550 million yuan, a year-on-year increase of 35.7% [4] IP and New Initiatives - The company's IP derivative business showed strong growth, with GMV reaching 480 million yuan, close to the total for the entire previous year [4] - The company is focusing on short dramas and has opened over 2,000 web novel IPs for high-quality short drama production [5] - The integration of AI into existing business is being explored, with the launch of an AI writing assistant that has increased author interaction by 40% [5] International Expansion - The overseas reading platform WebNovel saw a 38% year-on-year increase in revenue from AI-translated works, which now account for over 35% of total platform revenue [6] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 70% of the translated content [6]

在非国际财务报告准则基础下，公司权益持有人应占盈利约5.08亿元，而2024年同期则为7.02亿元。该 减少主要是由于新丽传媒的影视剧项目在今年排期不均所致。撇除新丽传媒的影响，非国际财务报告准 则公司权益持有人应占盈利同比增加35.7%至5.45亿元。 本文源自财华网 【财华社讯】阅文集团(00772.HK)公布，截至2025年6月30日止六个月，收入约31.91亿元(人民币,下 同)，同比减少23.9%；公司权益持有人应占盈利约8.5亿元，同比增加68.5%；每股基本盈利0.84元。不 派中期股息。 ...

Core Insights - The online reading platform of the company added 200,000 new authors and 410,000 new novels in the first half of the year, with a total word count increase of approximately 20 billion [3] - The number of new signed works with revenue exceeding 1 million yuan increased by 63% year-on-year, with popular titles surpassing 100,000 subscriptions [3] - The average monthly paying user count (MPU) reached 9.2 million, a year-on-year growth of 4.5%, while the number of works with monthly ticket sales exceeding 10,000 and 1 million increased by 20% and 200% respectively [3] - The company's IP derivative business showed strong growth potential, with a GMV of 480 million yuan in the first half of the year, nearing last year's total [3][4] - The AI translation model significantly boosted the global reach of Chinese works, with revenue from AI-translated works on the overseas platform WebNovel increasing by 38% year-on-year, accounting for over 35% of total platform revenue [3] - As of June 30, 2025, WebNovel offered over 10,000 Chinese translated works and approximately 770,000 local original works, with AI-translated works making up 70% of the total Chinese translated works [3] Financial Performance - Online business revenue grew by 2.3% year-on-year to 1.99 billion yuan in the first half of 2025 [4] - The IP operation business demonstrated strong capabilities in premium film and animation sectors, with significant progress in new areas such as short dramas and IP derivatives [4] - The GMV of the IP derivative business reached 480 million yuan, indicating a leap in development compared to previous periods [4]

Core Viewpoint - The recent court ruling against an individual for copyright infringement highlights the ongoing challenges faced by the digital content industry in protecting intellectual property rights, particularly in the context of online literature [1][2]. Group 1: Legal Proceedings and Outcomes - The court found that the infringer, Ye, intentionally violated copyright laws, resulting in a ruling that requires him to pay double the damages, totaling over 100,000 yuan for economic losses and legal expenses [1]. - Ye disseminated paid content from the work "吞噬星空2" through various channels, including WeChat public accounts and mini-programs [1]. - Following the court's decision, Ye issued an apology in the comments section of the "吞噬星空2" on the platform, acknowledging the ruling [1]. Group 2: Copyright Protection Efforts - The work "吞噬星空2," authored by the well-known writer "我吃西红柿," has garnered a significant readership of 3.96 million on the Qidian Reading App, with a total of 1.4 million words serialized and 13,000 monthly votes [1]. - In 2024, the company identified 145 million instances of piracy and faced 34.41 million attacks on its copyright [1]. - The company has expanded its copyright protection efforts to cover 12,000 titles and employs a combination of automated technology, manual processing, and legal actions to combat piracy [1][2]. Group 3: Current State of Piracy - In the first half of 2025, over 47 million piracy links were reported, involving 32,000 domains, indicating a significant increase in copyright infringement activities [2]. - The company is prepared for a long-term battle against piracy, committing to ongoing investments in technology and legal resources to protect original content [2].

Core Points - The recent court ruling against an individual for copyright infringement of "Swallowing the Star 2: Origin Continent" published by the company has highlighted the ongoing challenges in protecting intellectual property rights in the digital space [1] - The court ordered the infringer to pay over 100,000 yuan in damages, emphasizing the importance of punitive damages to deter severe cases of infringement [1] Group 1 - The infringer, Ye, illegally disseminated paid content from the company's app for eight months, resulting in significant unauthorized profits [1] - The company reported monitoring 145 million piracy links and facing 34.41 million piracy attacks in 2024, indicating a severe ongoing issue with copyright infringement [1] - The company has expanded its copyright protection efforts to cover 12,000 books and employs various methods, including automated complaints and legal actions, to combat piracy [1] Group 2 - Since the first half of 2025, over 47 million piracy links have been identified, involving 32,000 domains, with malicious infringement activities occurring in private social groups and individual accounts [2] - The company is committed to a long-term strategy against piracy, investing in technology and legal resources to protect the value of original content [2]

Core Insights - The article discusses the global success of the web novel "Full-Time Expert," which has evolved into a multi-faceted IP encompassing audiobooks, radio dramas, comics, animations, TV series, movies, mobile games, and merchandise [1][2] Group 1: IP Development and Globalization - "Full-Time Expert" has achieved significant viewership, with over 1 billion views on its animated adaptation on the first day and a total of over 2.5 billion views [1] - The novel was published in Japan in 2015, with over 30 million downloads, and its English version on Qidian International has surpassed 130 million overseas reads [1][2] - Qidian International has launched approximately 6,800 translated Chinese web literature works and nurtured 460,000 overseas authors by the end of 2024, reaching nearly 300 million users across over 200 countries [2] Group 2: Cultural Impact and Emotional Resonance - The emotional core of web literature, which conveys universal themes of love, friendship, and family, resonates with both Chinese and overseas readers, contributing to its popularity [3][4] - The incorporation of traditional Chinese culture in web literature has attracted overseas readers, with adaptations like the comic version of "Yuan Zun" gaining traction in countries such as South Korea, Japan, and the United States [4][5] Group 3: Translation and Adaptation Challenges - Translation plays a crucial role in the overseas success of web literature, with challenges arising from language differences and the need for culturally relevant adaptations [5] - Authors are encouraged to focus on storytelling and emotional expression, as a strong narrative foundation is essential for successful international outreach [5]

Core Viewpoint - The article highlights the global expansion of Chinese online literature, exemplified by the success of the IP "Full-Time Master," which has evolved into a multi-faceted cultural product and a significant vehicle for promoting Chinese culture abroad [1][2]. Group 1: Development of Online Literature - The online novel "Full-Time Master," serialized in 2011, has achieved remarkable success, with its animated adaptation garnering over 1 billion views on its first day and a total of over 2.5 billion views [1]. - The novel's adaptations include an animated film released in nine countries and a television series with nearly 4 billion views [1][2]. - The international version of "Full-Time Master" has been translated into Japanese and English, with over 30 million downloads in Japan and 130 million overseas reads on the platform Qidian International [2]. Group 2: Global Co-Creation of IP - Qidian International, established in 2017, has become a key platform for the overseas dissemination of Chinese online literature, with approximately 6,800 translated works and 460,000 overseas authors by the end of 2024 [2]. - The concept of global co-creation of IP is driving the globalization of the entire online literature industry chain, with various adaptations including novels, comics, animations, and films [2][8]. - The collaboration between the Swiss National Tourism Board and the "Full-Time Master" IP demonstrates the growing influence of Chinese online literature in international markets [2]. Group 3: Emotional Resonance and Cultural Appeal - The emotional core of online literature, which conveys universal themes of love, friendship, and family, resonates with both Chinese and overseas readers, contributing to its popularity [4][7]. - The incorporation of traditional Chinese cultural elements in adaptations, such as the use of traditional musical instruments in audiobooks, enhances the appeal of these works to international audiences [7]. - The article emphasizes the importance of localization and understanding the target audience's preferences in the translation process to ensure successful overseas promotion [7]. Group 4: Cultural Significance - Chinese online literature is emerging as a new cultural carrier alongside Korean dramas, Japanese anime, and Hollywood films, fostering a deeper understanding and appreciation of Chinese culture among foreign readers [8].

Core Insights - The article discusses the maturation of the overseas expansion of Chinese online literature, highlighting the success of the IP "Full-Time Master" and its various adaptations across different media [1][2][3] Industry Overview - The global co-creation of IP is driving the globalization of the entire Chinese online literature industry chain, with products spanning novels, comics, animations, films, and merchandise [2][3] - As of the end of 2024, Qidian International has launched approximately 6,800 translated works of Chinese online literature, cultivated 460,000 overseas authors, and attracted nearly 300 million users across over 200 countries and regions [2] Cultural Impact - Chinese online literature is becoming a new vehicle for cultural exchange, comparable to Korean dramas, Japanese anime, and Hollywood films, allowing foreign readers to appreciate Chinese aesthetics and culture [5] - The emotional core of online literature, which conveys universal themes of love, friendship, and family, resonates with both Chinese and overseas readers, contributing to its popularity [3][4] Adaptation and Localization - The adaptation of online literature into various formats, such as comics and audio books, has gained traction, with works like "Yuan Zun" being translated into multiple languages and incorporating traditional Chinese musical elements [4] - Translation plays a crucial role in the overseas success of these works, requiring an understanding of local audience preferences and the establishment of a comprehensive terminology database [4]

Core Viewpoint - The article discusses the maturation of the overseas expansion of Chinese online literature, highlighting the successful transformation of works like "The King's Avatar" into global IPs through various media adaptations and collaborations [1][4]. Group 1: Industry Development - The online literature industry has evolved to create a comprehensive IP ecosystem, including novels, comics, animations, films, and merchandise [1]. - "The King's Avatar," a notable example, has achieved significant viewership, with its animated series surpassing 2.5 billion views and the live-action series reaching nearly 4 billion views [1]. - The platform Qidian International has played a crucial role in promoting Chinese online literature abroad, with approximately 6,800 translated works and nearly 3 million users across over 200 countries by the end of 2024 [2]. Group 2: Global Collaboration - The concept of "global co-creation of IP" is emphasized, with over 100 countries participating in the creation of online literature, marking a shift from content export to collaborative development [4]. - The partnership between the Swiss National Tourism Board and "The King's Avatar" illustrates the potential for cross-industry collaborations to enhance global reach [4]. Group 3: Cultural Impact - The emotional core of online literature, which resonates universally through themes of love, friendship, and family, is identified as a key factor in attracting international readers [5]. - The incorporation of traditional Chinese culture within these narratives has proven appealing to overseas audiences, further enhancing the global presence of Chinese online literature [5]. Group 4: Translation and Adaptation Challenges - Translation is highlighted as a critical factor for successful overseas expansion, with challenges arising from cultural differences and varying audience preferences [6]. - The importance of maintaining the integrity of the original work while adapting it for different languages and cultures is emphasized, ensuring that the emotional essence is preserved [6].