手机号 15769519125 2025 年 中国在线阅读行业市 场研究报告 主编：雷静兰 编辑：柯文慧 商业合作： collaboration@shuoyuanconsulting.com 1 / 22 2 / 22 其次，教育类资料在在线阅读中占据重要地位，包括中小学教辅书籍、在线课 程讲义和学习笔记等，帮助学生和自学者高效获取知识。专业技术文献则为行 业专业人士和学术研究者提供了丰富的资源，支持专业知识的学习和应用。漫 画与图像小说作为一种视觉与文字相结合的阅读形式，也在在线阅读市场中占 据一席之地，吸引了大量年轻用户。 1 行业概述 1.1 在线阅读行业定义与范围 1.1.1 在线阅读的概念解析 在线阅读，顾名思义，是指通过互联网技术和各种数字终端设备，用户在网络 环境下进行数字内容的浏览和阅读活动。这种阅读方式区别于传统的纸质书籍 阅读，依托于先进的网络平台和数字化内容，实现了内容的即时更新、互动性 强以及便捷传播的特点。在线阅读不仅仅局限于文字的阅读，还包括音频、视 频、图文结合等多媒体形式，极大地丰富了用户的阅读体验。 随着移动互联网技术的飞速发展和智能手机、平板电脑等终端设备的普及，在 线阅读 ...

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].

Core Insights - The discussion around AI usage in writing has intensified, particularly on platforms like Tomato Novel, following the introduction of a requirement for authors to declare AI-generated content [2][3][5] - The regulatory framework established by the "Artificial Intelligence Generated Content Identification Measures" has prompted platforms to implement labeling features for AI content [3][5] - Tomato Novel, with over 240 million monthly active users, serves as a significant case study for observing trends and controversies surrounding AI writing in China [3] Group 1: AI and Writing - The requirement for authors to label AI-generated content marks a shift towards compliance in the AI writing industry, moving away from unregulated growth [5] - The integration of AI in writing has led to a variety of discussions among authors regarding the definition and implications of AI-assisted writing [2][3][5] - Tomato Novel has been proactive in implementing AI writing features, offering a range of tools for authors, which sets it apart from competitors [13][14] Group 2: Industry Trends - The rise of AI writing tools has not significantly improved the quality of content on Tomato Novel, prompting the platform to explore traditional content pathways to enhance its offerings [18][24] - Tomato Novel has increased collaborations with publishers and has seen a rise in traditional publication readership, indicating a shift in content strategy [23][24] - The platform's content ecosystem is evolving, with a mix of web literature, short dramas, and literary classics competing for user attention [24] Group 3: Challenges and Controversies - The use of AI in writing has sparked debates over copyright and ethical considerations, with international cases of authors suing AI companies for unauthorized use of their works [9][10] - Tomato Novel faced backlash over an "AI training agreement" that would allow the platform to use authors' works for AI model training, highlighting concerns over copyright ownership [14] - The platform's struggle to balance AI's benefits with the quality of content produced reflects broader challenges faced by the industry in adapting to AI advancements [18][24]

Core Insights - FlareFlow, the international micro-drama platform of Zhongwen Online Group, achieved significant growth, reaching a historical single-day revenue high within just five months of launch and topping both iOS and Android entertainment app free charts in the US [2] - The platform's success is attributed to its low-consumption growth model, which involves lower advertising spending compared to leading competitors, while focusing on high-quality localized content and efficient user engagement [2] Group 1: Operational Strategy - FlareFlow's unique operational strategy is driven by "emotional resonance + social insight" as its content core, ensuring a blend of global perspective and local cultural depth, which enhances viewer engagement [2] - The platform has launched over 2,400 works, including popular self-produced dramas like "Raising His Mistress's Child," and is in a positive cycle of producing quality content [3] Group 2: Technological Support and Infrastructure - The efficiency improvement is supported by Zhongwen Online's self-developed "Chinese Xiaoyao" model, optimizing script creation and ensuring content quality and stable supply [3] - FlareFlow has established a global collaboration network with content creation bases in multiple locations, partnerships with over 20 international teams, and production bases in both China and the US, laying the groundwork for its goal of becoming an "international micro-drama ecological enterprise" [3] Group 3: Future Plans - The platform is advancing its multilingual rollout to reach a broader audience and aims to deepen user demand insights while expanding its premium content offerings [3]

Core Viewpoint - The recent financial report from the company indicates a significant decline in revenue, primarily driven by a sharp drop in IP operation income, while net profit has shown substantial growth, raising questions about future growth drivers amidst a challenging market environment [1][5][10]. Group 1: Financial Performance - The company reported a revenue of 3.191 billion yuan for the first half of 2025, a decrease of 23.9% compared to 4.191 billion yuan in the same period last year [1]. - The net profit attributable to the parent company was 850 million yuan, reflecting a year-on-year increase of 68.5% [1]. - Online business revenue reached 1.985 billion yuan, a slight increase of 2.3% year-on-year, while IP operation and other income fell to 1.205 billion yuan, down 46.4% [1][5]. Group 2: Challenges in IP Operations - The decline in revenue is largely attributed to a nearly 50% drop in copyright operation income, influenced by cyclical fluctuations in licensing models and reduced market demand [5]. - The average monthly active users for the company's self-owned platform and Tencent's self-operated channels decreased by 19.7% year-on-year, from 176 million to 141 million [5]. - The average monthly revenue per paying user in the paid reading business fell by 1.3% to 31.3 yuan, primarily due to lower contributions from newly acquired members [5][6]. Group 3: Short Drama Business Potential - The micro-drama market in China is experiencing significant growth, with a projected market size of 100.68 billion yuan by 2027, up from 37.39 billion yuan in 2023 [9]. - The company has actively engaged in the short drama sector, achieving a high success rate with over 60% of its short dramas becoming hits, and one project generating over 80 million yuan in revenue [9][10]. - The company has upgraded its short drama business, opening over 2,000 web novel IPs for high-quality short drama production [10]. Group 4: IP Derivative Products Development - The global IP derivative market is expected to grow to 14.056 trillion yuan in 2024, with a compound annual growth rate of 4.1% from 2024 to 2029 [13]. - The company's IP derivative business generated a GMV of 480 million yuan in the first half of the year, nearing the total for the previous year [13]. - The company plans to develop derivative products for mid-tier IPs and explore AI-driven adaptations to enhance efficiency and reduce costs [13][14].

Core Viewpoint - The company reported a revenue of 1.526 billion yuan for the first half of the year, marking a year-on-year growth of 14.58%, but incurred a net loss of 160 million yuan [1] Financial Performance - Revenue for the first half of the year reached 1.526 billion yuan, reflecting a year-on-year increase of 14.58% [1] - The net profit attributable to shareholders was a loss of 160 million yuan [1] Business Segments - The short drama business generated revenue of 838 million yuan, showing a significant year-on-year growth of 149.09%, becoming the company's largest business segment [1] - The company is pursuing a dual-driven strategy of "domestic expansion and overseas breakthroughs," which has led to increased short-term investments and impacted profitability [1]

Core Viewpoint - The company reported a revenue of 556 million yuan for the first half of 2025, reflecting a year-on-year growth of 20.40% [1] - However, the net loss attributable to shareholders increased by 50.84% to 226 million yuan, indicating a significant deterioration in profitability [1] - The net loss excluding non-recurring items also rose by 56.54%, remaining at 226 million yuan, which highlights ongoing financial challenges [1] - The basic loss per share was reported at 0.3108 yuan [1] Financial Performance - Revenue for the first half of 2025: 556 million yuan, up 20.40% year-on-year [1] - Net loss attributable to shareholders: 226 million yuan, up 50.84% year-on-year [1] - Net loss excluding non-recurring items: 226 million yuan, up 56.54% year-on-year [1] - Basic loss per share: 0.3108 yuan [1]