格隆汇8月13日｜阅文集团(0772.HK)盘中拉升涨超12%，报35.06港元，股价创2月17日以来新高。消息 面上，阅文集团昨晚公布截至今年6月底止中期业绩显示，股东应占盈利8.5亿元，同比上升68.5%，不 派中期息。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

阅文集团(0772.HK)盘中拉升涨超12%，报35.06港元，股价创2月17日以来新高。消息面上，阅文集团昨 晚公布截至今年6月底止中期业绩显示，股东应占盈利8.5亿元，同比上升68.5%，不派中期息。 ...

Group 1 - The core viewpoint of the article highlights that阅文集团 (China Literature Limited) has seen a significant stock increase of over 7%, reaching HKD 33.4, with a trading volume of HKD 82.27 million [1] - The company reported a mid-term performance for the six months ending June 30, 2025, with revenue of RMB 3.191 billion and a profit attributable to equity holders of RMB 850 million, reflecting a year-on-year increase of 68.5% [1] - Online business revenue grew by 2.3% year-on-year to RMB 1.99 billion, while the Monthly Active Users (MAU) increased by 4.5% to 9.2 million [1] Group 2 - The company’s intellectual property (IP) continues to show strong performance in premium film and animation sectors, while also achieving significant growth in the rapidly developing short drama segment, establishing a unique competitive advantage [1]

Core Viewpoint - The recent performance announcement from the company indicates strong growth in revenue and net profit, driven by its IP ecosystem and successful adaptations of popular content [1] Financial Performance - In the first half of 2025, the company achieved a revenue of 3.19 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year growth of 68.5% [1] IP Ecosystem and Growth Drivers - The company's IP ecosystem demonstrated significant resilience, with steady growth in online reading and multiple successful adaptations of premium IPs into films and series, including titles like "Nine重紫," "大奉打更人," and "凡人修仙传" [1] - The success of these adaptations has led to a rapid increase in new business segments such as short dramas and IP derivatives, with the GMV of IP derivatives nearing the total level achieved in the previous year [1] - The overall capability of the company in managing the full IP industry chain has reached a new level [1]

消息面上，阅文集团发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币31.91亿元(单位 下同)；公司权益持有人应占盈利8.5亿元，同比增加68.5%。上半年，集团的在线业务收入同比增长 2.3%至人民币19.9亿元，MPU同比增长4.5%至920万。阅文IP在精品影视和动漫画领域持续展现出强劲 实力，同时在快速发展的短剧新赛道也实现了显著增长，逐步形成了独特的竞争优势。 阅文集团(00772)涨超7%，截至发稿，涨7.05%，报33.4港元，成交额8226.88万港元。 ...

Core Insights - In the first half of 2025, the company achieved a revenue of 3.19 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year growth of 68.5% [2] Group 1: Financial Performance - The company's online reading business saw a steady growth, with online business revenue increasing by 2.3% to 1.99 billion yuan [2] - The total gross merchandise value (GMV) of the IP derivative business reached 480 million yuan, nearing the total for the previous year, indicating significant development [2] Group 2: IP Ecosystem and New Business Ventures - The company's IP ecosystem demonstrated strong growth resilience, with several successful adaptations of premium IPs into films and series, including titles like "Ninefold Purple" and "The Great Duty of the Night Watchman" [2] - The company added 410,000 new novels to its online reading platform, with a total of approximately 20 billion new words added during the reporting period [2] - The short drama success rate significantly improved, showcasing the company's ability to innovate and expand into new business areas [2]

Summary of the Conference Call for the Company Company Overview - The conference call pertains to **China Literature**, an online reading platform in China, which reported significant growth and developments in the first half of 2025. Key Points and Arguments Industry Performance - In the first half of 2025, the **IT industry in China** experienced explosive growth and a profound ecosystem transformation driven by three main trends: 1. The increasing value of high-end IT, with traditional models based on literary IP continuing to produce top-tier works with broad influence and commercial success [3] 2. The rapid rise of short dramas reshaping content consumption, enhancing conversion efficiency, and creating new monetization opportunities for mid- to long-tail IPs [3] 3. The growing popularity of physical and scene-based IP products, indicating that IP is deeply integrated into users' daily lives [3] Business Performance - In the first half of 2025, **China Literature** added **200,000 authors** and **400,000 new literary works**, contributing **20 billion words**. The number of new signed works with annual revenue exceeding **1 million RMB** increased by **63%** [5] - Online business revenue grew by **2.3%** to **1.99 billion RMB**, with average revenue per active user increasing by **4.5%** to **9.2 million RMB** [5] IP Visualization Achievements - Several adaptations of China Literature's IP into high-quality dramas, such as **"繁花四季"**, **"燕归时"**, and **"一人之下第二季"**, achieved high popularity, with six dramas ranking in the top ten for cumulative views across platforms [6] - New animated works like **"斗破苍穹"**, **"星辰变"**, and **"武动乾坤"** also performed well, with **"斗破苍穹"** and **"武动乾坤"** entering the top ten paid content on Tencent Video [6] Short Drama Sector - The short drama segment showed strong growth, with two popular short dramas grossing over **80 million RMB** and achieving a total view count of **3 billion**. One short drama surpassed **1 billion views** in its first month [7] Physical and Scene-based IP Commercialization - The total GMV for physical and scene-based IP products reached **480 million RMB**, nearly matching the total for the previous year. This growth was attributed to a **3-4 times** increase in product development speed and expanded distribution channels [9] Online Gaming Developments - The online gaming sector continued to license high-quality IP, with the popular project **"斗罗大陆"** launched in July. Several adaptations like **"一人之下"** and **"诡秘之主"** received publishing licenses and are expected to debut soon [10] AI Technology Impact - The introduction of AI-driven tools like the online literary knowledge base **"智能同笺"** led to a **40%** increase in interactions between writers and AI, with daily active users of the writer assistant growing by over **40%** [11] - Revenue from AI-translated works on international reading platforms increased by **38%**, accounting for over **35%** of total revenue from web novels [11] Future Development Focus - The company plans to launch customized products for mid-tier IPs and consider introducing high-quality third-party IPs for product development. The product range will include collectibles, blind boxes, and toys [12] - The focus for 2025 includes maintaining the popularity of classic IPs through new content and enhancing user engagement with various forms of media [14] Commercialization Potential - The flagship IPs are seen as having significant commercialization opportunities, with the merchandise team achieving **480 million RMB** in sales, indicating substantial growth potential [15] Market Trends and User Demand - The company is adapting to changing user demands, shifting from hard goods to cosmetics and soft goods, and exploring new categories like training products [16] New Content Plans - In the second half of 2025, the company plans to release six new dramas, including **"扫毒风暴"**, which has already received high ratings [19] AI Applications in Operations - The company is actively exploring AI technology to enhance content production efficiency, with significant increases in user engagement and content generation through AI tools [20][21] Additional Important Content - The company has established a comprehensive distribution network, collaborating with approximately **10,000** online and offline distributors, and has opened around **10** self-operated stores in key ACG markets [12] - Strategic investments in leading collectible card companies and partnerships with various consumer brands are aimed at accelerating growth in the merchandise sector [12][13]

Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 3.2 billion, a decrease from RMB 4.2 billion in 2024 [23] - Online business revenues increased by 2.3% to RMB 2 billion, driven by growth in self-owned platform products [23][24] - Net profit attributable to shareholders increased by 68.5% to RMB 850 million, while non-IFRS net profit decreased to RMB 508 million from RMB 702 million in 2024 [29] Business Line Data and Key Metrics Changes - Revenue from self-owned platform products increased by 3.1% to RMB 1.7 billion, while revenues from Tencent channels decreased by 25.6% to RMB 97 million [24] - Revenue from IT operations decreased by 46.4% to RMB 1.2 billion, primarily due to a lack of new TV series or film releases [26][27] - The IT merchandise business generated GMV of RMB 488 million, nearing last year's total of RMB 500 million [16][27] Market Data and Key Metrics Changes - The average monthly active users (MAUs) decreased to 141.3 million from 176 million in 2024, with a decline in MAUs from Tencent channels [25] - Average monthly paying users (MPUs) grew by 4.5% to 9.2 million, reflecting growth in membership users [26] Company Strategy and Development Direction - The company aims to capitalize on the rapid growth of China's IP industry, focusing on premium IP, short dramas, and physical merchandise [7][9] - Plans to enhance the IP commercialization strategy by expanding product categories and improving distribution channels [16][39] - Commitment to integrating AI across business lines to enhance content creation and user engagement [19][62] Management's Comments on Operating Environment and Future Outlook - Management highlighted the explosive growth of China's IP industry and the company's unique position to leverage this trend [7][9] - The focus will be on enhancing the emotional connection between IP and users, as well as exploring new technologies like AI and VR [46][62] - The company anticipates strong growth momentum driven by diverse content types and consumption patterns [20][21] Other Important Information - The company introduced an AI-powered knowledge base for online literature, significantly increasing interactions between writers and AI [19][62] - Revenue from AI-translated works on the international reading platform grew by 38% year over year, accounting for over 35% of total novel revenue [20][62] Q&A Session Summary Question: Progress of IP merchandise business and future development priorities - Management discussed the successful IP merchandise initiatives, including events like the King's Avatar tournament and plans for customized merchandise [33][35][40] Question: Top priorities and KPIs for classic IPs - Management emphasized the importance of releasing new content and enhancing merchandise offerings for classic IPs to maintain their popularity [42][45] Question: Commercialization potential of top IPs - Management expressed confidence in the commercialization potential of IPs, highlighting the need to adapt to evolving user demands [48][53] Question: Content pipeline for Newcastle Media - Management outlined the upcoming content releases, including six drama series and a movie project scheduled for the second half of the year [59][61] Question: Deployment of AI technologies - Management provided insights into the integration of AI in content creation, enhancing efficiency and user engagement [62]

Disclaimer 2025 Interim Results China Literature August 12, 2025 This presentation contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this presentation. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond ou ...

Core Insights - In the first half of 2025, the company reported a revenue of 3.19 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year growth of 68.5% [1] Group 1: Financial Performance - The online reading business generated 1.99 billion yuan in revenue, showing a year-on-year increase of 2.3% [1] - The average monthly paying users (MPU) reached 9.2 million, up 4.5% year-on-year [1] - The number of works with monthly ticket sales exceeding 10,000 increased by 20%, while those exceeding 1 million grew by 200% [1] Group 2: Content and User Engagement - The platform added 200,000 new authors and 410,000 new novels, with a total of approximately 20 billion new words created in the first half of 2025 [1] - The company has established a sustainable development model characterized by "high-quality content supply - loyal user payment - ecosystem feedback" [1] Group 3: Short Drama and IP Business - The short drama segment experienced explosive growth, with an increased hit rate and the announcement of over 2,000 web novel IPs for high-quality short drama production [1] - The GMV of the IP derivative business reached 480 million yuan, nearing the total for the previous year [1] Group 4: AI Integration - The company launched the industry's first AI web literature knowledge base feature, "Miaobi Tongjian," enhancing interaction frequency between authors and AI by 40% [2] - The AI translation model has driven a 38% year-on-year increase in revenue from translated works on the overseas reading platform WebNovel, which now accounts for over 35% of total platform revenue [2] - 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 [2]