Group 1 - Fox Entertainment has made a strategic investment in Holywater, an AI short drama company, to expand its creative content portfolio and audience reach [1][3] - Holywater, based in Ukraine, operates four core applications: My Drama, FreeBits, My Passion, and My Muse, focusing on short dramas and e-books [3] - As part of the agreement, Fox Entertainment Studios will produce over 200 vertical screen works for My Drama over the next two years, with initial projects including "Billionaire Blackmail" and "Bound by Obsession" currently in production [3] Group 2 - My Drama ranked first in the DataEye overseas short drama product rankings in September 2025, with a material investment volume of 202,000 sets [6] - The overseas short drama market is witnessing a wave of investment and mergers, with several companies, including StoReel and CreativeFitting, securing significant funding for content development [7] - The investment trend indicates a shift in the overseas short drama market from land-grabbing to a merger and acquisition phase, particularly with traditional media giants like Fox Entertainment entering the space [7][8] Group 3 - The competition in the overseas short drama market is intensifying, with a "burning money" strategy leading to the elimination of several micro-short drama apps [8] - Traditional media giants are recognizing the potential of micro-short dramas as an emerging sector, indicating a growing interest in this market [9] - The influx of capital and the competitive landscape suggest that the overseas short drama market is entering a new phase of investment and heightened competition [9]

消息面上，小鱼盈通近日公布，集团战略性布局短剧行业，积极开展内容制作与产业投资。截至目前， 发展迅速，成果斐然，整体进展符合预期。9月期间，已完成9部短剧的策划与制作。目前，9月上线短 剧已取得较好成绩，部分作品如《别低头，王冠会掉》、《晴天四月》市场表现突出，进入行业榜单前 三，前五。值得注意的是，小鱼盈通(00139)于9月24日根据"20并1"基准进行股份合并而削减194.52亿 股。 智通财经APP获悉，小鱼盈通(02946)午后涨超12%，截至发稿，涨8.75%，报0.435港元，成交额1061万 港元。 ...

Group 1 - The company, 小鱼盈通, is strategically expanding into the short drama industry to diversify its business and enhance revenue sources, with significant progress made so far [1][2] - The company has established a complete business chain from content development to production and distribution, successfully producing and launching multiple works [1] - In September 2025, the company completed the planning and production of 9 short dramas covering popular genres, demonstrating rapid content response and production capabilities [1] - Notable works include titles such as "重回80，拿捏糙汉老公" and "重生小股神，带老爸成首富," with some achieving strong market performance and ranking in the top three and five of industry charts [1] - The company aims to continue investing in the short drama industry, focusing on content innovation, technology application, and distribution expansion to enhance its international business presence [1] Group 2 - The board believes that the short drama industry is a significant area of digital content consumption with sustained growth potential, aligning with the company's strategic direction for new growth drivers [2] - This business expansion is expected to optimize the company's business structure and revenue model, while closely monitoring market dynamics for steady investment and operation in the short drama sector [2] - The company is committed to enhancing shareholder value through its initiatives in the short drama industry [2]

Group 1 - The company is strategically expanding into the short drama industry to diversify its business and enrich revenue sources, with significant progress and results achieved so far [1][2] - As of September 2025, the company has successfully planned and produced 9 short dramas covering mainstream themes such as historical legends, urban emotions, and female-led narratives, showcasing rapid content response and production capabilities [1] - Notable works include "Back to the 80s, Grasping the Rough Husband," "Reborn Small Stock God, Making Dad Rich," and "Day and Night Secret Collection," with some titles achieving outstanding market performance, ranking in the top three and five of industry charts [1] Group 2 - The board believes that the short drama industry, as a significant area of digital content consumption, has sustainable growth potential, aligning with the company's strategic direction for seeking new growth drivers [2] - The expansion into the short drama sector is expected to optimize the company's business structure and revenue model, with a commitment to closely monitor market dynamics and steadily advance investments and operations in this area [2] - The company aims to enhance shareholder value through its ongoing investment in the short drama industry, focusing on content innovation, technology application, and international market expansion [2]

（於百慕達註冊成立之有限公司） （股份代號：139） 自願公告 短劇業務發展最新情況 本公告乃由小魚盈通集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出，旨在讓本公司股東及潛在投資者瞭解本集團短劇業務之最新發展。 為拓展業務多元化並豐富收入來源，本集團戰略性佈局短劇行業，積極開展內容 製作與產業投資。截至目前，發展迅速，成果斐然，整體進展符合預期。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Central Wealth Group Holdings Limited 中達集團控股有限公司） 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 小魚盈通集團控股有限公司 執行董事 本集團通過相關委托，通過系統整合業內優質內容創作資源、專業製作團隊及高 效宣發渠道，已成功建立從內容開發、製作到上線發行的完整業務鏈條，並實現多 部作品的規模化產出與市場投放。 僅在2025年9月期間，本集團已經完成9部短劇的策劃與製作，題材 ...

Core Insights - The short drama "盛夏芬德拉" has achieved remarkable success, breaking records on the Hongguo platform with over 1 billion views and a heat value of 12347 million on its first day [1][4] - This phenomenon signifies a shift in the short drama industry, moving away from clichéd emotional tropes to a more refined content era, termed as content 2.0 [2][10] Industry Evolution - "盛夏芬德拉" is adapted from the novel "冷战三年，扯证离婚他却悔红了眼" and is a sequel to the popular short drama "深情诱引," showcasing a narrative style that emphasizes subtle emotional expressions through symbolic imagery [3][10] - The production quality of "盛夏芬德拉" is likened to that of films, utilizing advanced cinematography techniques to convey complex emotions, thus raising the artistic standards of short dramas [3][7] Audience Engagement - The success of "盛夏芬德拉" has attracted a new audience demographic, including those who previously preferred long dramas, indicating a growing appreciation for high-quality short dramas [10][12] - Viewer feedback on social media reflects a collective recognition of the elevated experience provided by "盛夏芬德拉," with many expressing a newfound interest in short dramas [8][12] Platform Dynamics - The Hongguo platform has effectively built a supportive ecosystem for short dramas, with features like "free full episode viewing" and appointment functions that enhance user engagement and content discovery [12][16] - The platform's strategy of creating a positive feedback loop through user reviews and recommendations has contributed to the successful dissemination of quality content [12][17] Future Prospects - The emergence of "盛夏芬德拉" marks a turning point in the short drama industry, suggesting that high-quality productions will become the norm rather than the exception [12][16] - The collaboration between creators and evolving audience expectations is expected to foster a thriving ecosystem for short dramas, leading to a healthier industry landscape [12][17]

Core Insights - The narrative of Chinese enterprises' globalization has evolved from merely exporting products to offering culturally rich experiences and identities [1][9] - The recent event hosted by 36Kr focused on the theme of cultural export, gathering representatives from various sectors to discuss new paths, challenges, and opportunities for Chinese culture in the global market [1] Group 1: Globalization Trends - Chinese companies are increasingly seeking to expand into emerging markets like Southeast Asia and the Middle East to find a "second growth curve" amid domestic market saturation [3][4] - The food export from China to Southeast Asia is significant, with an estimated value of approximately 20 billion RMB in 2023, while the Southeast Asian restaurant market is projected to grow from 190 billion USD to 349 billion USD by 2029 [5] Group 2: Key Success Factors - Successful internationalization requires companies to "go out" and address localization challenges to thrive in foreign markets [4] - A pyramid model outlines the key elements for globalization: strategic reasons for expansion, differentiated operational models, and three supporting systems: global processes, adaptable organizational structures, and capable teams [5][6] Group 3: Case Studies and Models - Notable brands like Haidilao and Bawang Tea have successfully expanded overseas, with Haidilao establishing Singapore as its second-largest market after the U.S. [6] - The rapid growth of brands like Pop Mart and TCL in international markets is attributed to strategic location choices and sponsorship of major events [6][7] Group 4: Cultural and Market Adaptation - The ASEAN region serves as a crucial launchpad for Chinese companies due to cultural similarities and the rise of digital platforms like TikTok, which facilitate cultural influence [7] - The standardization of local delicacies, such as Liuzhou snail noodles, is essential for successful globalization, supported by government initiatives to enhance the industry [8]

Summary of Short Drama Industry Conference Call Industry Overview - The short drama industry is projected to reach a total revenue of 50 billion yuan in 2024, surpassing the box office revenue of the entire film industry, with an expected annual growth rate of over 30% in the coming years [1][3] - The industry is currently in an exploratory phase, with various business models and monetization paths evolving [7][20] Key Points on Business Model Changes - The business model has shifted from paid short dramas (IAP) to free short dramas (AA), with free content relying on advertising for monetization [1][4] - Free short dramas require high-quality content to attract and retain users, as their monetization is directly linked to user engagement and ad loading [6][9] - The relationship between production companies and platforms has evolved from a distant one to a closer partnership, with both parties sharing responsibilities for user acquisition and content distribution [5][12] Quality and Monetization - The quality of free short drama content significantly impacts its monetization ability, necessitating more engaging and sticky narratives to ensure prolonged user engagement [6][9] - Currently, free short dramas account for over 50% of the industry's revenue, primarily through ad monetization [9] Competitive Landscape - Leading platforms like Hongguo and ByteDance's Tomato Novel are effectively monetizing through ads by providing engaging content that keeps users watching longer [14][15] - Traditional film companies, such as Bona Film Group and Huace Film & TV, are adapting to the short drama market by creating interactive products and utilizing AI technology to reduce costs and improve efficiency [12][17] Future Trends - The industry is expected to see a dual structure of paid and free models coexisting, with each having its advantages and contributing to overall market growth [11][13] - The success of the web literature industry serves as a reference for the short drama sector, indicating potential paths for monetization and user engagement [10] International Expansion - Chinese Online has successfully expanded into overseas markets, with its product RealShort ranking among the top free apps on iOS in the U.S., indicating a growing user base and potential for profit [18] Challenges and Opportunities - Despite reduced pressure on user acquisition costs, many production companies still struggle to achieve profitability, as most revenue is reinvested into user acquisition [8][20] - The transition from paid to free models may enhance profitability as some user acquisition costs shift to platforms, but the industry remains in a phase of exploration [20]

Core Insights - The article discusses the transformation of Chinese brands from merely exporting products to engaging in cultural expression on a global scale, highlighting the importance of cultural understanding and dialogue in international markets [3][6] - The total import and export volume of China's cultural trade has surpassed 1.4 trillion RMB in 2024, with digital cultural content exports, particularly in gaming and short dramas, showing significant growth [3][4] Group 1: Cultural Export Trends - The shift from "selling products overseas" to "cultural expression overseas" indicates a fundamental change in the approach of Chinese brands [3][4] - Key sectors driving this cultural export include games, web dramas, short dramas, and animation, which are gaining traction in Southeast Asian markets like Indonesia, Vietnam, and Malaysia [3][4] - The integration of local cultural elements into games and short dramas, as well as aligning product design with local aesthetics, is becoming a priority for brands [5][10] Group 2: Technological and Collaborative Changes - Digital technologies and platform mechanisms are reshaping the landscape of cultural content dissemination, making it less hindered by geographical and linguistic barriers [5][20] - Collaboration among content creators, brand owners, channel platforms, and local partners is increasingly recognized as essential for successful cultural export [5][20] - The article emphasizes that the future of cultural export will rely on finding effective dialogue methods rather than merely being the first to enter a market [6][14] Group 3: Market Adaptation and Strategy - Brands must adapt their strategies based on the characteristics of different markets, focusing on understanding key factors influencing consumer purchasing decisions [25][32] - The article suggests that brands that proactively prepare for overseas expansion and build strong supply chain partnerships will be better positioned to withstand market fluctuations [27][28] - The Southeast Asian consumer market is rapidly growing, and Chinese companies need to tailor their approaches rather than simply replicating domestic strategies [32]

Core Viewpoint - Zheng Zhigang, the grandson of Zheng Yutong, has launched a new investment company named "Hong Kong Shanghai Cooperation Development," focusing on digital sectors and emerging markets, including culture, entertainment, sports, traditional Chinese medicine globalization, and finance [3][5]. Group 1: Company Developments - Zheng Zhigang's business concept for the new investment company began two years ago, with plans to announce more projects soon [5]. - Zheng Zhigang is not new to investment, having co-founded a private investment platform, C Capital, in 2017, and invested in companies like SenseTime, SHEIN, Xiaopeng Motors, and NIO [6]. - In September 2024, Zheng Zhigang signed an investment cooperation agreement with the Qingdao West Coast New Area Management Committee and Hong Kong K11 by AC Group to build a multifunctional commercial complex [6][7]. Group 2: Corporate Restructuring - Zheng Zhigang stepped down from his role as CEO of New World Development in September 2024, transitioning to a non-executive director role, and resigned from multiple positions in family-owned listed companies [6][8]. - Following a series of changes disclosed in September 2024, Zheng Zhigang has withdrawn from all positions within the Zheng family enterprises, focusing on his personal business ventures [8].