Core Viewpoint - In the first half of 2025, the Chinese IP industry experienced explosive growth and ecological restructuring, with the company reporting a total revenue of 3.19 billion yuan, a year-on-year decline of 23.9% due to no new film releases from its subsidiary, New Classics Media. However, the IP derivative business showed strong growth, with GMV reaching 480 million yuan, close to the total of 500 million yuan for the entire year of 2024. The company's net profit attributable to shareholders was 850 million yuan, a year-on-year increase of 68.5% [1]. Revenue Structure - The company's revenue is primarily divided into online business, copyright operation, and others. Online business revenue increased by 2.3% year-on-year to 1.99 billion yuan, accounting for 62.2% of total revenue. The self-owned platform's online business revenue was 1.746 billion yuan, while revenue from Tencent product channels was 970 million yuan, and third-party platform revenue was 142 million yuan [3]. - Copyright operation revenue for the first half was 1.138 billion yuan, down from 1.05 billion yuan in the same period last year, mainly due to the lack of new film releases from New Classics Media [4]. Other Revenue - Other revenue, which accounts for only 2.1% of total revenue, grew by 41.9% year-on-year to 68 million yuan, primarily from the sale of physical books [5]. Business Performance - The online business ecosystem continued to thrive, with 200,000 new authors and 410,000 new novels added, totaling approximately 20 billion new words. The number of authors with average monthly subscriptions exceeding 10,000 increased by 45% year-on-year. The average monthly paid user count reached 9.2 million, a year-on-year increase of 4.5% [5]. IP Visualization - In the premium film sector, six out of the top ten long dramas in terms of effective views were adapted from the company's IP. In the animation sector, eight out of the top ten animated works were also adapted from its IP. The company’s IP adaptations have performed well across various platforms, with significant viewership and revenue [6]. Short Drama Growth - The short drama segment has seen explosive growth, with a hit rate exceeding 60%. The company has opened over 2,000 web novel IPs for high-quality short drama production [6]. IP Derivative Business - The GMV for the IP derivative business reached 480 million yuan, nearing last year's total. The speed of new product launches has increased to 3-4 times that of the previous year, with partnerships established with nearly 10,000 online and offline channel merchants [7]. Market Outlook - Several brokerages, including CICC, Citigroup, and Credit Lyonnais, have released reports predicting that the company will have more content releases in the second half of the year, with IP derivatives and short drama businesses contributing to profits, maintaining a "buy" rating [8].

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]

Core Viewpoint - The company reported a significant decrease in revenue while showing a substantial increase in profit attributable to equity holders, indicating a mixed financial performance for the period ending June 30, 2025 [1] Financial Performance - Revenue for the six months ending June 30, 2025, was approximately 3.191 billion RMB, representing a year-on-year decrease of 23.9% [1] - Profit attributable to equity holders was approximately 850 million RMB, which is a year-on-year increase of 68.5% [1] - Basic earnings per share were reported at 0.84 RMB [1] Non-IFRS Financial Metrics - On a non-International Financial Reporting Standards basis, profit attributable to equity holders was approximately 508 million RMB, down from 702 million RMB in the same period of 2024 [1] - The decrease in non-IFRS profit was primarily due to uneven scheduling of film and television projects by New Classics Media [1] - Excluding the impact of New Classics Media, non-IFRS profit attributable to equity holders increased by 35.7% to approximately 545 million RMB [1]

Core Viewpoint - In the first half of 2025, the company reported strong financial performance with a revenue of 3.19 billion yuan and a net profit of 850 million yuan, reflecting a year-on-year growth of 68.5% [1][2] Financial Performance - Total revenue reached 3.19 billion yuan, with a net profit of 850 million yuan, marking a 68.5% increase year-on-year [1][2] - Online business revenue was 1.99 billion yuan, while copyright operations and other income amounted to 1.21 billion yuan [2] - Online business revenue grew by 2.3% compared to the previous year [2][6] IP Ecosystem and Content Creation - The company's IP ecosystem demonstrated strong growth resilience, with several adaptations of premium IPs achieving significant success in the film and television market [1][7] - The number of new authors increased by 200,000, and 410,000 new novels were added, with a total of approximately 20 billion new words created [3][6] - The number of new signed authors achieving over 10,000 subscriptions increased by 45% year-on-year [3][4] User Engagement and Growth - The average monthly paid user count reached 9.2 million, reflecting a 4.5% year-on-year increase [6] - The number of works with over 10,000 monthly subscriptions grew by 20%, while those with over 100,000 increased by 200% [6][4] Short Video and Derivative Products - The company’s short video and IP derivative products experienced rapid growth, with GMV for derivative products reaching 480 million yuan, nearing last year's total [11] - The short drama "Good Luck Sweet Wife" achieved over 80 million yuan in revenue, ranking second in the short drama market [11][9] AI Integration and Global Expansion - The company has integrated AI technology into its IP ecosystem, launching the first AI web literature knowledge base, enhancing author interaction and productivity [20] - Revenue from AI-translated works on the overseas platform WebNovel grew by 38%, accounting for over 35% of total platform revenue [20]

Group 1 - The core point of the article is the announcement by Ningmeng Film and Television (柠萌影视) regarding the release of their new drama "Midnight Return" (子夜归), which is set to exclusively premiere on Tencent Video starting August 18, 2025 [1] - The drama is produced by Ningmeng Film and Television along with its subsidiary Qingningmeng and Tencent Video [1] - The creative team includes writers Liu Yue and Sun Lin, director Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles are played by Xu Kai and Tian Xiwei [1]

Core Viewpoint - Ningmeng Film (09857) announced that its pure love drama "Midnight Return," produced in collaboration with Qingningmeng and Tencent Video, is set to exclusively premiere on Tencent Video starting August 18, 2025 [1] Group 1 - The drama "Midnight Return" is written by Liu Yue and Sun Lin, directed by Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles in the drama are played by Xu Kai and Tian Xiyi [1]

Group 1 - The core point of the article is that Lingmeng Film (09857) announced the exclusive online release of the pure love drama "Midnight Return" on Tencent Video starting from August 18, 2025 [1] - The drama is produced by Lingmeng Film and its subsidiary Qingningmeng, in collaboration with Tencent Video [1] - The creative team includes screenwriters Liu Yue and Sun Lin, director Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles are played by Xu Kai and Tian Xiwei [1]

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。 9857 自願公告 業務發展最新情況 本公告乃經檸萌影視傳媒有限公司（「本公司」或「檸萌影視」，連同其附屬公司及併表聯屬 實體統稱「本集團」）自願作出，旨在向本公司股東及潛在投資者更新本集團之最新業務發 展。 本公司董事會（「董事會」）欣然宣佈，由檸萌影視及旗下青檸萌、騰訊視頻出品的純愛奇 譚《子夜歸》，計劃將於2025年8月18日起登陸騰訊視頻全網獨播。該劇由柳樾和孫臨編 劇，侶皓吉吉執導，齊帥擔任總製片人，吳若妍擔任製片人，許凱、田曦薇領銜主演。 承董事會命 檸萌影視傳媒有限公司 董事長 Linmon Media Limited 中國，北京 2025年8月12日 於本公告日期，本公司執行董事為蘇曉先生、陳菲女士及徐曉鷗女士；本公司非執行董 事為王娟女士及張嶸先生；本公司獨立非執行董事為蔣昌建先生、唐松蓮女士及梁寧女 士。 蘇曉 ...

Core Insights - The rise of micro-short dramas has transformed Zhengzhou into a significant production base, surpassing traditional hubs like Zhejiang Hengdian, with over 800 production companies and a workforce of 30,000 [1][3] - By the end of 2024, the user base for micro-short dramas in China is expected to reach 662 million, exceeding that of food delivery and ride-hailing services [1] - Zhengzhou's unique production model allows for rapid content creation, with the ability to produce 10 short dramas in just 7 days, contrasting with the traditional model that takes years for a single long drama [3] Industry Development - Zhengzhou's strategic location and transportation infrastructure, including a high-speed rail network, facilitate resource flow and industry growth, creating a vibrant economic ecosystem [2] - The city leverages its rich cultural history and diverse filming locations to enhance its appeal as a filming destination, integrating traditional and modern elements [2][3] - Government support, including policies aimed at promoting the micro-short drama industry, is driving the sector's growth and job creation [3] Challenges and Opportunities - Despite the rapid growth, the micro-short drama industry faces challenges such as content homogenization and a lack of originality in scriptwriting, which could hinder long-term sustainability [4] - Zhengzhou is actively seeking to address these issues by promoting unique local cultural themes and enhancing the quality of content produced [4] - The industry is at a critical juncture, where strategic vision and adaptability will determine its future success and reputation as a leading production hub [4]

现言，即现代言情剧，以现代人的爱情为核心表现主题的剧，第一主角通常为现代女性，概念上大于现偶。 你有多久没看现言剧了？ 热门现偶剧的豆瓣打分人数，直观显示了现言剧吸引力的断崖式下降。 | | | 近年豆瓣打分人数最多的现言剧 | | | | --- | --- | --- | --- | --- | | स्टेसि | 剧名 | 豆瓣打分人数 | 豆瓣评分 | 主演 | | 2025年 | 《滤镜》 | 19.1万 | 7. 3 | 檀健次、李兰迪 | | 2024年 | 《玫瑰的故事》 | 27.6万 | 7.4 | 刘亦菲 | | 2023年 | 《去有风的地方》 | 40. 8万 | 8. 8 | 刘亦菲、李现 | | 2022年 | 《余生,请多指教》 | 43.1万 | 6. 0 | 杨紫、肖战 | | 2021年 | 《你是我的荣耀》 | 53.2万 | 6.9 | 杨洋、迪丽热巴 | | 2019年 | 《亲爱的,热爱的》 | 52. 5万 | 6.7 | 杨紫、李现 | | | 制图: | 《影视独舌》 | | | 2019年最受欢迎的现言《亲爱的，热爱的》打分人数是52.5万人，2021年 ...