三体宇宙 CEO 赵骥龙 2025 年 11 月 21 日 这段时间，三体宇宙受到了来自各界的关注，感谢每一份牵挂与 支持。我们始终相信国家司法公正，坚信正义从不缺席。 自 2018 年成立之始，三体宇宙就在不懈努力，推动《三体》和 具有全球影响力的中国文化走向世界。在全体股东的支持下,以及全 新面貌管理团队的带领下，我们遵循初心，致力于将《三体》融入日 新月异的用户需求和技术革新,打造影视动漫、衍生出版、虚拟现实、 实景娱乐等多元形态的科幻内容。时至今日，三体 IP 迎来了有史以 来数量最庞大、覆盖全球广阔地域的爱好者群体。三体 IP 已成为跨 代际、跨地域的文化符号，它的故事与想象，正在以整个人类文明的 宽度和深度,影响全球。 《三体》教会我们，在宇宙与时间的尺度下，面对恐惧与未知， 始终保持初心、专注前行、拥抱光明。我们将持续以《三体》为原点， 以想象力和专业精神，创造更多引领行业、开创时代、辐射全球的中 国科幻作品。 家 去 击 这两日，三体公司原CEO许垚毒杀游族董事长林奇案再度受到社会各界的关注。2024年3月上海市第一中级人民法院以犯故意杀人罪判处许垚死刑，剥夺 政治权利终身；以犯投放危险物质罪 ...

Core Viewpoint - Generative AI (GenAI) is igniting a profound paradigm shift in content production, breaking down barriers to high-quality dynamic content generation and pushing complex creative work into the realm of machines. This technological advancement brings both strategic anxiety and opportunity to the cultural industry, prompting a comprehensive rethinking of existing value chains, business models, and content ecosystems [2]. Group 1: Application of GenAI - In fields like online literature and music, GenAI is widely applied throughout the entire production process, with platforms embedding easily accessible AI generation tools, leading to generalized and socialized creative capabilities. The industry widely believes that content creation should adhere to "human-machine collaboration" while enhancing production efficiency through "engineering" [7]. - GenAI's fundamental difference from previous technologies lies in its potential to replace certain human capabilities, evolving into a "new species" that competes directly with humans. AI-generated content will "eliminate mediocrity," forcing human creators to strive for higher quality, shifting the industry from "quantity competition" to "quality competition" [7]. - The emergence of "super individuals" or "micro-teams" will become the new norm, with "human-machine collaboration" as the core competitive advantage. Future content producers must be adept at harnessing AI, acting as "directors" or "architects" in the creative process [7]. Group 2: Impact on Cultural Industry - GenAI will disrupt the existing interests within the cultural industry, with copyright confirmation and revenue distribution becoming core challenges and significant opportunities for reshaping the industry. The potential for "super individuals" to bypass intermediaries and connect directly with consumers may lead to new business models [8]. - Consumer acceptance of AI-generated content hinges on content quality. GenAI is driving a shift in consumer motivation from superficial "emotional stimulation" to deeper "emotional and value recognition," creating a new blue ocean of content composed of numerous small yet exquisite IPs [8]. - The traditional "talent growth path" in the content industry may face disruption due to GenAI, which excels in "diversity" but poses challenges in "controllability." There is a need to be cautious about AI eroding the significance of creation and the soil for talent growth [9]. Group 3: Insights from Industry Experts - Industry experts emphasize that while GenAI is making strides in various cultural content forms, the actual implementation of "cost reduction and efficiency enhancement" in content production remains to be fully realized. The current capabilities of GenAI are still limited, and human creators will continue to play a crucial role in high-quality outputs [10]. - The music industry is witnessing a significant shift, with many companies adopting AI for music creation and production processes. However, while AI can generate music, it still relies heavily on user input and creativity to achieve desired results [11]. - The concept of "content engineering" is gaining traction, where the creative process is standardized and can be automated to a degree, allowing for rapid production of content while still requiring human creativity for high-quality outcomes [12]. Group 4: Future of Content Production - The future landscape of content production may see a shift towards direct engagement between creators and platforms, with the potential for individual creators to establish their own brands and sell their works directly to consumers [24]. - The emergence of new roles in the music industry, such as those who can effectively collaborate with AI tools, will be crucial. The industry may see a rise in "bedroom musicians" who can independently create and monetize their music using AI [20]. - The acceptance of AI-generated content by consumers will depend on the perceived quality of the output. As AI-generated works improve, consumers may become indifferent to whether content is created by humans or machines, leading to a potential oversaturation of average-quality content [27][28]. Group 5: Concerns and Challenges - There are concerns that the rise of AI in content creation may lead to a lack of growth opportunities for emerging creators, as reliance on AI could hinder the traditional learning and development processes necessary for becoming skilled authors [31]. - The music industry may face significant challenges as AI-generated music becomes more prevalent, potentially displacing many current musicians and altering the landscape of music creation [32]. - The relationship between human creativity and machine-generated content presents a "impossible triangle" scenario, where achieving low labor costs, low machine costs, and high-quality output simultaneously may not be feasible [33].

岗位覆盖文化产业全产业链 政策"组合拳"推动人才供需对接 本次招聘会围绕影视、演艺市场、动漫影视、网络游戏、电子竞技、网络视听等领域，划分了文化内容、文化新业态、文化科技、文化制造、文化创意五大 招聘专区。据主办方介绍，截至目前，招聘会共释放岗位超18000个，其中现场招聘区提供近8000个岗位，线上平台释放10000余个岗位。而面向高校毕业生 的近7000个岗位，月薪范围在6000至20000元之间。 招聘会岗位覆盖了文化产业全产业链，集结了国有文化龙头、创新文创企业与新兴数字团队三大阵营，包括腾讯、网易、凡拓等数字内容领航者，华强方 特、奥飞娱乐、咏声动漫等影视动漫标杆，以及南方报业传媒集团、羊城晚报报业传媒集团、广东省出版集团、珠江电影集团等。 广东既是经济大省，也是人口大省和就业大省，当前，当地推动人才供需对接的举措是全年接力并覆盖多行业的状态。以在今年广东"新春第一会"上正式启 动的"百万英才汇南粤"行动计划为例，该计划是当地立足全省发展大局，面向未来、面向全球引才聚才的顶层设计与战略部署。 公开资料显示，自实施以来，广东累计举办各类招聘活动超4000场，人才集聚效应日益凸显。截至7月底，该计划已成 ...

Core Viewpoint - The "Million Talents Gather in South Guangdong" cultural industry job fair will be held on November 15, 2025, in the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to provide diverse job opportunities in the cultural sector, particularly in finance news, data research, and media integration [1]. Group 1: Event Overview - The job fair will feature participation from the Southern Finance All-Media Group, offering positions such as reporters, project operators, full-stack development engineers, resident researchers, and financial news editors [1]. - Approximately 80 leading companies from various sectors will release over a thousand job openings, catering to a wide range of talents [3]. Group 2: Industry Focus - The recruitment event focuses on six key support areas of Guangdong's cultural industry, including film, performing arts, animation, online gaming, e-sports, and online audio-visual sectors [3]. - Major players in the domestic animation and gaming sectors, such as Tencent Games and NetEase Games, will be present, along with international leaders like 37 Interactive Entertainment and Quwan Network, offering numerous job opportunities across various roles [3]. Group 3: Recruitment Experience - The event will feature the "Greater Bay Area Talent Port Lecture Hall" and a "Cultural Industry Creative Market," creating an immersive experience that combines appreciation, inspiration, interaction, and functionality [5]. - The lecture hall will host industry leaders sharing practical experiences in the cultural creative field, while the creative market will showcase advanced industrial achievements and explorations in "technology + culture" and "creativity + design" [5]. Group 4: Job Opportunities - Various companies will offer positions across different cultural sectors, including: - Guangdong Radio and Television Station: Video directors, hosts, new media operations, and full-media editing [7]. - Southern Media Group: Content production, technical research, and product planning [7]. - Tencent Technology: Roles in marketing, public relations, and product planning [9]. - 37 Interactive Entertainment: Positions for game art PMs, 3D effect artists, and scene concept artists [9]. - The job fair will provide a platform for graduates and professionals in the cultural industry to explore diverse career paths [3][5].

Core Insights - The drama "Mountains and Seas" produced in Ningxia has been translated into over 20 languages and is being broadcast in more than 50 countries and regions, showcasing the region's cultural export potential [1] - Ningxia has invested a total of 247 million yuan in cultural industry development, supporting 519 projects in areas such as cultural big data, multimedia animation, and digital printing [1] - By the end of 2023, the added value of Ningxia's cultural and related industries is expected to grow by 27.85%, accounting for 2.46% of the GDP [1] Investment and Development - Ningxia's government has guided social funding of 795 million yuan to promote the rapid development of new cultural formats and the transformation of traditional cultural industries [1] - The region's cultural industry is expanding steadily, with significant investments aimed at enhancing the quality and scale of various cultural sectors, including performing arts, film, and publishing [1] Future Plans - Ningxia plans to implement a thriving performing arts initiative, aiming to create a diverse and complementary performance landscape [2] - The government will conduct over 2,300 rural performances annually, ensuring accessibility to cultural events for local communities [2] - In urban areas, there will be a focus on promoting theater performances, community events, and street performances, while also developing influential tourism-related performances [2]

Core Insights - Ningxia's cultural products, including the TV series "Mountains and Seas," have gained international popularity, being translated into over 20 languages and broadcast in more than 50 countries and regions [1] - The region's cultural and related industries are projected to grow by 27.85% by the end of 2023, contributing 2.46% to the GDP [1] Group 1: Cultural Industry Development - Ningxia has invested a total of 247 million RMB in cultural industry development, supporting 519 projects in cultural big data, multimedia animation, and digital printing [1] - The region has attracted an additional 795 million RMB in social funding to promote the development of new cultural formats and the transformation of traditional cultural industries [1] Group 2: Performance and Recognition - The TV series "The Star's Hometown" is currently airing on CCTV's prime time, and eight works, including the Peking opera "Red Sorghum," have received national awards for spiritual civilization construction [1] - Ningxia plans to implement a thriving performing arts initiative, aiming to conduct over 2,300 rural performances annually and enhance urban and scenic area performances [2]

Core Viewpoint - The article discusses the rapid growth and potential of the "manga drama" industry, likening it to the previous boom in short dramas, highlighting its low production costs and high market interest [5][7][12]. Market Overview - Manga dramas are diverse in form, including 3D animations generated by game editors, dynamic comics, and animated content using popular meme characters. Each episode lasts about 1 minute, with total series length typically between 60 to 120 episodes [5]. - From April to July this year, the monthly compound growth rates for views and likes of manga dramas reached 92% and 105%, respectively. The overall market size is expected to exceed 20 billion yuan, with the number of related companies surpassing hundreds of thousands [5][6]. Major Players and Initiatives - Major platforms like Douyin, Kuaishou, and Bilibili are entering the manga drama space, with Douyin launching support policies focusing on IP licensing and content guarantees [6]. - BlueNeo, a subsidiary of BlueFocus Media, has identified manga dramas as a key area for AI content exploration, with their recent work achieving over 40 million views shortly after release [7]. Cost Structure and Production Efficiency - The production cost for manga dramas has significantly decreased due to AI technology, with costs dropping from 3,000 yuan per minute to below 1,000 yuan. The minimum production cost can be under 100,000 yuan, compared to around 300,000 yuan for medium-budget short dramas [11][12]. - AI has streamlined the production process, covering 80% of the workflow, allowing small teams to deliver 60 episodes in about a month [9]. Revenue Generation and Market Dynamics - Manga dramas exhibit a higher monetization efficiency compared to short dramas, with many achieving a return on investment (ROI) exceeding 1, indicating revenue surpasses advertising costs [12]. - The industry is currently in a phase of rapid growth, with a significant influx of new creators and companies entering the market, driven by low barriers to entry and the potential for high returns [14][19]. Industry Challenges and Future Outlook - Despite the current boom, concerns exist regarding the sustainability of the manga drama market, as rapid supply growth may lead to saturation and increased competition [22][24]. - The article suggests that while the initial phase is characterized by high demand and low supply, the industry may face challenges similar to those experienced by short dramas, where profitability becomes harder to achieve as competition intensifies [26][27].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.052 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 212 million yuan, down 41.35% year-on-year [2] - The company is entering a rapid development phase in the comic-drama industry, collaborating with major platforms like Douyin and iQIYI, and has launched its AI platform "Lingxi" to enhance content production efficiency [3] - The company has over 100,000 hours of film and animation copyrights and is leveraging its self-developed AI technology to create short video adaptations, which have received positive feedback [4] Financial Summary - For 2025, the company expects revenues of 3.084 billion yuan, with a net profit of 412 million yuan, and an EPS of 0.15 yuan [7] - The gross profit margin is projected to be 25.7% in 2025, showing a recovery from previous lows [7] - The company’s cash flow from operating activities for the first three quarters of 2025 was 1.027 billion yuan, an increase of 20.91% compared to the same period last year [2]

Core Viewpoint - The company emphasizes the enduring popularity and influence of the "Pleasant Goat and Big Big Wolf" animation series, indicating a strong audience base and commitment to content innovation [1] Group 1 - The animation series "Pleasant Goat and Big Big Wolf" is well-loved by a broad audience, maintaining a solid influence and viewer foundation [1] - The company plans to continuously monitor audience preferences regarding content types and styles [1] - There is a commitment to ongoing innovation to enhance the quality of content experiences for viewers [1]

Core Insights - The 2025 Yuewen Creation Conference was held with the theme "Towards the Light," celebrating the 10th anniversary of Yuewen Group and announcing multiple business upgrades focusing on "IP + AI + Consumption" integration to build a second growth curve for IP value [1] - CEO Hou Xiaonan highlighted four key trends for the future: the importance of good stories in the content explosion era, the originality as the soul of works in the AIGC era, IP as a super leverage in the new consumption era, and Chinese stories as a global language in the co-creation era [1] Business Expansion - Yuewen is entering the new realm of comic dramas after achieving over 60% hit rate in short dramas, with plans to replicate the successful co-creation model from short dramas to comic dramas [2] - The company will leverage its vast IP reserves, animation production capacity, and AI technology to support its entry into the comic drama market, opening access to 100,000 premium IPs and establishing a 100 million yuan special creation fund [2] - Yuewen aims to create an open, efficient, and win-win co-creation ecosystem for comic dramas, enhancing adaptation efficiency through tools like "Comic Drama Assistant" [2] AI Capabilities Upgrade - Yuewen announced three AI application upgrades, including the industry-first deep understanding capability for novels and tools for copyright development and comic drama adaptation [4] - The company has seen significant usage of its AI translation works, with over 7,200 AI-translated works accounting for about 70% of the total Chinese translated works on its platform, and a 38% year-on-year revenue growth from AI translation works [5] - The integration of IP, AI, and consumption is seen as a strategy to transition from a content provider to a comprehensive IP operator, enhancing the global expansion of Chinese stories [5]