格隆汇11月18日丨小鱼盈通(00139.HK)宣布，于2025年11月18日，公司与浙江出海数字技术有限公司 (目标公司)订立战略投资谅解备忘录。战略投资谅解备忘录之主要条款载列如下。待签订正式协议后， 公司(或其指定实体)拟对目标公司(或其控股公司)进行投资，投资额最高占其40%股权。 目标公司为一间于中国注册成立之有限责任公司。据公司所知，目标公司及其附属公司(「目标集团」) 主要从事数字经济领域业务，并积极经营网路短剧行业，推出了「百川」、「剧星」、「GoSee」等短 剧业务平台，业务覆盖全球二十几个国家，构建了全球领先的「IP开发－创作－发行－聚合交易－代币 服务」全链路闭环生态，区别同行，独秀一枝。目标公司汇聚百家以上头部内容供应商，掌控十万量级 线上线下全场景宣发终端，坐拥十万核心推广社媒矩阵，成就行业顶级资源网路，强势引领短剧产业升 级，打造世界级短剧数字平台。据公司所知，目标集团持有业务所需之一切必要牌照。 ...

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。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） （股份代號：139） 有關可能投資一間公司之戰略投資諒解備忘錄 小魚盈通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，於二零二五年十一月十八日，本公司與浙江出海數字技術有 限公司（「目標公司」）訂立戰略投資諒解備忘錄（「諒解備忘錄」）。戰略投資諒解 備忘錄之主要條款載列如下。 戰略投資諒解備忘錄 日期： 二零二五年十一月十八日 訂約方： 本公司 目標公司 目標公司為一間於中華人民共和國（「中國」）註冊成立之有限責任公司。經董事會 作出一切合理查詢後所深知、盡悉及確信，目標公司及其最終實益擁有人均為獨 立第三方。 兹提述本公司日期為二零二五年八月十八日的公告，內容有關與目標公司訂立諒 解備忘錄。本公司宣佈，其已完成對目 ...

Core Insights - The 19th Hangzhou Cultural Expo highlighted the global impact of China's cultural "new three samples" including online literature, web dramas, and online games, with significant international engagement and recognition [1][3][6] Group 1: Cultural Industry Growth - Hangzhou's cultural industry has been a focus for over 20 years, with its added value surpassing 1 trillion yuan in 2016, 2 trillion yuan in 2020, and exceeding 3 trillion yuan in 2023, maintaining a leading GDP share nationally [3][6] - The city has 343 cultural enterprises in the "new three samples" sector, accounting for about two-thirds of the province, and has cultivated 85 key national cultural export enterprises [1][3] Group 2: International Expansion - In 2024, Hangzhou's cultural product exports are projected to reach $1.8 billion, with online games and animation being the primary drivers [7] - The overseas market for Chinese games is expected to generate $18.557 billion in revenue in 2024, constituting 33.62% of total revenue for Chinese game companies [6][7] Group 3: Digital Integration - By mid-2025, revenue from digital cultural enterprises in Hangzhou is expected to reach 466.2 billion yuan, making up over 78% of the total revenue from cultural enterprises in the city [3] - The integration of digital technology into the cultural industry is a key growth driver, with companies leveraging AI for content creation and distribution [10] Group 4: Content and Market Adaptation - High-quality content and its adaptability to overseas markets are crucial for successful international expansion, as demonstrated by companies like NetEase, which has launched over 150 games globally [7][9] - The shift from "borrowing boats" to "building boats" for overseas expansion reflects a trend towards controlling the entire production and distribution chain [9] Group 5: Cultural Integration Challenges - While short dramas have gained popularity overseas, true cultural integration remains a challenge, requiring careful design to resonate with international audiences [11][13] - The success of culturally rich products like "Black Myth: Wukong" illustrates the potential for deep cultural immersion and resonance with global players [11][13] Group 6: Collaborative Synergy - The synergy between online literature, web dramas, and online games is forming a robust industry ecosystem, with over one-third of writers in the Chinese online writer village engaging in short drama creation [13] - As the industry matures, the focus is shifting from mere product output to a deeper understanding of Chinese cultural values [13]

Core Viewpoint - The overseas short drama market is seen as a "100 billion dollar blue ocean," but its growth relies heavily on user novelty and impulse consumption, facing challenges from content homogenization and aesthetic fatigue [4][34]. Group 1: Market Overview - The short drama platform ReelShort has emerged as a leader in the overseas market, capturing a 29.13% market share in the U.S. short drama sector, which generated $102 million in revenue in August 2025, reflecting a 4.48% month-over-month growth [5][6]. - In the first half of 2025, the overseas short drama market saw Chinese companies dominate the revenue rankings, with ReelShort, DramaBox, and GoodShort earning $264 million, $233 million, and $104 million respectively [9]. Group 2: Financial Performance - Despite significant revenue growth, ReelShort's parent company, Crazy Maple Studio (CMS), reported a net loss of 46.51 million yuan in the first half of 2025, contrasting with a net profit of 22.93 million yuan in the same period of 2024 [9][18]. - CMS's revenue surged to 2.76 billion yuan in the first half of 2025, marking a 154.14% year-over-year increase, but the financial performance indicates a typical "increased revenue without increased profit" scenario [9][37]. Group 3: Business Model and Strategy - ReelShort's business model combines "Chinese core + American production + fast-paced logic," allowing it to efficiently produce dramas at a cost of $300,000 per episode within three months [20][21]. - The platform targets U.S. women aged 18 to 45, particularly stay-at-home mothers, using social media advertising to drive impulse consumption [21][28]. Group 4: Competitive Landscape - The competition in the overseas short drama market is intensifying, with rising customer acquisition costs and a need for platforms to establish scale advantages to succeed [22][37]. - The domestic short drama market in China is also experiencing rapid growth, with a projected market size of 67.79 billion yuan in 2025, driven by platforms like Hongguo Short Drama, which utilizes a free-to-watch model supported by in-app advertising [25][31]. Group 5: Cultural and Market Challenges - The success of ReelShort raises questions about whether it represents a victory for Chinese cultural output or merely a flow of traffic, as the content is heavily localized for American audiences [33][34]. - The industry faces anxiety over the sustainability of growth, as the reliance on novelty and impulse consumption may lead to challenges when user interest wanes [34][41].

Core Insights - The core viewpoint of the articles emphasizes the growth and transformation of Chinese online content, particularly in the short drama sector, driven by innovative business models and strategic international expansion [1][5][7] Financial Performance - In the first half of 2025, the company reported revenue of 556 million yuan, representing a year-on-year growth of 20.40% [1] - The short drama market in China is projected to reach 634 billion yuan by 2025, with a user base of 662 million by the end of 2024 [1] Industry Trends - The short drama industry is evolving from a "fast-moving consumer product" to a "new mainstream content" [1] - The National Radio and Television Administration has emphasized the importance of high-quality content in the short drama sector, advocating for a focus on premium production [2] Strategic Initiatives - The company has shifted its strategy from "copyright distribution" to "content production," establishing a dedicated short drama department and a self-produced drama team [3] - Successful short dramas have achieved significant viewership, with titles like "A Piece of Cloth" surpassing 2 billion views within 20 days [3] Content Ecosystem - The company supports over 5.6 million content resources and 4.5 million authors through platforms like 17K Novel Network, facilitating the adaptation of web literature into short dramas [4] - The introduction of AI tools has enhanced production efficiency, with over 100 AI-generated dramas produced in the first half of 2025 [4] International Expansion - The company is focusing on overseas markets, with the newly launched FlareFlow platform showing a user revenue growth of over 500% within three months [5] - The strategy includes building local teams in target markets to ensure culturally relevant content while leveraging AI for cross-cultural storytelling [6] Conclusion - The short drama industry is experiencing a shift towards high-quality content, with the company positioning itself as a leader in both domestic and international markets [7] - The evolving consumer habits and demand for cross-cultural narratives present significant opportunities for growth in the global content landscape [7]

Core Viewpoint - Company has signed a memorandum of understanding with Zhejiang Chuhai Digital Technology Co., aiming to invest in the target company, which operates in the digital economy and online short drama industry [1] Group 1: Company Overview - Target company and its subsidiaries are engaged in the digital economy, specifically in the online short drama sector, with platforms like "Bai Chuan," "Ju Xing," and "GoSee" [1] - The target company operates globally in over twenty countries, establishing a leading full-chain ecosystem in "IP development - creation - distribution - aggregation trading - token services" [1] - Company has partnered with over a hundred top content providers and controls a vast network of promotional channels, boasting a core social media matrix of around 100,000 [1] Group 2: Industry Potential - The short drama industry is experiencing rapid growth, and the target company is seen as a promising investment opportunity for the company to enter this high-growth sector [1] - The target group possesses all necessary licenses required for its business operations, indicating compliance and readiness for expansion [1]

（股份代號：139） 有關可能投資一間公司之諒解備忘錄 小魚盈通控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）宣佈，於二零二五年八月十八日，本公司與浙江出海數字技術有限 公司（「目標公司」）訂立諒解備忘錄（「諒解備忘錄」）。諒解備忘錄之主要條款載 列如下。 諒解備忘錄 日期： 二零二五年八月十八日 訂約方： 本公司 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。 （前稱 Central Wealth Group Holdings Limited 中達集團控股有限公司） （於百慕達註冊成立之有限公司） 目標公司 目標公司為一間於中華人民共和國（「中國」）註冊成立之有限責任公司。經董事會 作出一切合理查詢後所深知、盡悉及確信，目標公司及其最終實益擁有人均為獨 立第三方。 諒解備忘錄之主要條款 待簽訂正式協議後，本公司（或其指定實體）擬對目標公司進行投資（包括但不限 於收購目標公司股權）。 於簽訂諒解備忘錄後，本 ...

Industry Overview - The short drama industry has seen significant growth, with production costs rising from 10-20 million to over 50 million, and even reaching 200 million for some projects [126][119]. - The popularity of short dramas has led to increased competition, with many new entrants in the market, resulting in a lower success rate for profitable productions [126][125]. - The emergence of platforms like "Hongguo Short Drama" has transformed the short drama ecosystem, shifting it from a "fast food culture" to a more structured industrial product [80][79]. Company Insights - A company in the short drama sector reported a revenue of over 20 million with a profit margin of around 20% from its first hit drama [119]. - The company has developed a closed-loop system by producing, filming, and distributing its own scripts, positioning itself at the top of the industry chain [123][122]. - The company anticipates a turning point in the industry by the end of 2023, driven by rising production costs and the need for high-quality content [125][126]. Talent and Production Dynamics - Actors in the short drama industry have seen their daily wages increase significantly, with top-tier actors earning up to 30,000 per day [126]. - The industry has shifted towards more professional standards, with actors and crew members emphasizing the importance of quality scripts and logical storytelling [44][81]. - The experience of actors varies, with some transitioning from traditional media to short dramas, highlighting the evolving nature of the industry [48][55]. Future Trends - The company is exploring international markets for short dramas, aiming to adapt its content to local cultures while leveraging its operational strengths [128][129]. - There is a growing interest in the impact of AI on scriptwriting and production, indicating a potential shift in how content is created and consumed [130]. - The industry is expected to undergo significant changes, with a focus on transparency and standardization to ensure long-term sustainability [131].

Core Insights - The article discusses the rising popularity of short dramas on platforms like Douyin and Kuaishou, particularly focusing on the success of horror monster-themed series that have garnered significant viewership [1][7][25]. Group 1: Short Drama Rankings - The article presents a weekly ranking of popular short dramas based on total view counts from July 27 to August 2, 2025, highlighting the top series and their respective viewership numbers [1][5]. - Notable entries include "Escape from Deadly Island" with over 2.2 billion views and "Snake Shadow Mystery" with over 2.4 billion views, showcasing the appeal of horror themes [7][19]. Group 2: Industry Trends - The short drama industry is experiencing a trend of homogenization, with many series following similar tropes, leading to a competitive environment [20][24]. - In response, some creators are focusing on high-quality production values, with top-tier short dramas now costing around 3 million yuan, a significant increase from earlier production costs [20][22]. Group 3: Genre Innovation - The success of "Snake Shadow Mystery" exemplifies a shift towards innovative themes, moving away from traditional narratives to incorporate horror and monster elements, which resonate with current audience preferences [24][25]. - The article notes that horror and thriller genres are in high demand, as they provide a unique emotional experience that engages viewers [25][26]. Group 4: Future Outlook - The potential for horror monster-themed short dramas to become a new trend is highlighted, with the industry encouraged to continue exploring and innovating within this genre to avoid the pitfalls seen in previous low-quality productions [26][27]. - The integration of AI technology in production is suggested as a way to enhance the quality and reduce costs associated with creating monster effects, which could be a competitive advantage for future short dramas [26][27].

Core Viewpoint - Chinese short dramas are rapidly gaining popularity in the Japanese market, with several apps achieving significant user engagement and revenue growth [4][15][30]. Group 1: Market Performance - In 2024, the market value of Chinese short dramas is projected to reach 504 billion RMB, with various apps like DramaBox, TopShort, and Shortmax making significant inroads in Japan [15][29]. - TopShort has surpassed Netflix in the Japanese app store rankings, reaching the 11th position, indicating strong competition in the streaming space [5][15]. - The user base for short drama apps in Japan is predominantly female, accounting for 70-80%, particularly among women in their 30s, such as white-collar workers and housewives [12]. Group 2: User Engagement and Revenue Model - Many users are willing to pay for subscriptions, with quarterly memberships priced at 500 RMB and annual memberships at 1500 RMB, reflecting a strong willingness to spend on content [6][7]. - The addictive nature of the content, characterized by themes of revenge and identity transformation, keeps viewers engaged and encourages them to spend on unlocking further episodes [8][11]. Group 3: Content Adaptation and Cultural Nuances - Chinese short dramas have adapted to Japanese tastes by shifting from "霸总" (domineering CEO) narratives to stories featuring "大小姐" (young ladies) who navigate workplace challenges, resonating more with Japanese audiences [10][19]. - The production of short dramas in Japan involves collaboration between Chinese and Japanese teams, focusing on creating content that aligns with local cultural preferences while retaining the engaging elements of Chinese storytelling [17][18]. Group 4: Future Outlook - The Chinese short drama industry is expected to continue its growth trajectory, with projections indicating the market could exceed 680 billion RMB by 2025 [29]. - The ongoing challenge will be to maintain viewer interest and avoid potential fatigue from repetitive themes, as the industry seeks to innovate and diversify its offerings [31].