Core Insights - The Chinese online literature market is experiencing accelerated growth, with a projected revenue of 49.55 billion yuan in 2024, marking a year-on-year increase of 29.37% and achieving accelerated growth for three consecutive years [1] - The number of adaptations of online literature IP reached 83,250 last year, reflecting a year-on-year growth of 14.55% [1] - The online literature IP adaptation market is transitioning from explosive growth to a more rational development phase [1][4] Group 1: Market Dynamics - The online literature IP adaptation market is expected to reach 298.56 billion yuan by the end of 2024, representing a year-on-year growth of 14.61%, which is six times the size of the online literature market itself [7] - The rise of micro-dramas has significantly increased the demand for adaptations, with over 1,600 new micro-drama adaptation licenses granted last year, a year-on-year increase of 81% [15] - The number of online literature authors has surpassed 30 million, with a total of 4,165.1 million works, indicating a rich and diverse content ecosystem [15] Group 2: IP Development Strategies - The trend of "one fish, multiple eats" is prevalent, with IP being developed across literature, film, comics, and games, leading to greater commercial potential [7] - Major platforms are increasingly focusing on high-quality IP acquisition and storage, with platforms like Youku, iQIYI, and Tencent Video prioritizing top-tier adaptations [9] - The adaptation landscape is diversifying, with platforms exploring less conventional genres such as sci-fi and non-romantic narratives, indicating a shift in content preferences [9] Group 3: Platform Strategies - The online literature platforms are evolving into differentiated entities, with over 200 platforms in total, where the top 20 account for 90% of the market share [16] - Platforms like Tomato Novel and Seven Cats are focusing on short drama adaptations, with Tomato Novel's adaptation "I Help the Mute CEO with Therapy" achieving over 3 billion views [16] - The integration of various content forms, including short dramas and interactive media, is becoming a standard practice among platforms [12][18] Group 4: International Expansion - The overseas online literature market reached 5.07 billion yuan last year, with 460,000 overseas authors and over 352 million users globally [23] - Platforms are not only cultivating overseas user habits but also selling domestic IP rights to foreign platforms, indicating a growing trend of international collaboration [23] - The emergence of new platforms and authors is reshaping the competitive landscape, with platforms like Xiaohongshu and LOFTER gaining traction [27]

Core Insights - Chinese online literature is gaining significant global traction, with 350 million users across over 200 countries, utilizing a "creation-feedback-recreation" model and diverse IP pathways [1] - The market size for Chinese online literature IP adaptations is projected to reach 298.56 billion yuan in 2024, reflecting a year-on-year growth of 14.61% [2] Group 1: IP Expansion and Global Partnerships - The IP value chain of Chinese online literature has expanded into various sectors, including publishing, audiobooks, animation, gaming, film, and tourism [4] - Partnerships with global entities like Disney, Netflix, and Sony Pictures have facilitated the international distribution of adapted series, with "Celebrating the Year 2" being the most popular Chinese mainland series on Disney+ [4] - Ten Chinese online literature works have been included in the British Library's collection in 2024, following the inclusion of 16 works in 2022 [4] Group 2: Innovative Models and Cultural Integration - The "Cultural Tourism+" model is being employed to create new overseas experiences, with initiatives like the "25-Year Reunion in Zurich" plan for fans of "Full-Time Expert" [5] - The introduction of AI translation is accelerating the multilingual and large-scale international dissemination of Chinese online literature, with over 3,200 new AI-translated works in 2024, accounting for nearly half of all translated works [7] - The efficiency of AI translation has improved nearly a hundredfold, with costs reduced by over 90%, enhancing user experience and engagement [9] Group 3: Overcoming Cultural Barriers - To address challenges in translation and cultural understanding, companies are promoting original overseas creations and utilizing universal cultural mediums like film and games for cultural translation [10] - A new phase of systematic development in the internationalization of Chinese online literature is underway, with collaborations like the three-year project with the British Library focusing on cultural exchange and IP co-creation [11] - The shift from "curiosity-driven dissemination" to "value resonance output" signifies a transformation in how Chinese cultural brands are establishing a global presence through technology and content [12]

Core Viewpoint - The article discusses the evolving landscape of the ancient costume drama (古偶) industry, highlighting the rise of new directors and the challenges faced by established ones, particularly focusing on the works of director Deng Ke and the reception of his recent projects [1][4][17]. Group 1: Director Performance and Reception - Director Deng Ke, despite having popular dramas like "折腰" and "大奉打更人," has faced criticism for his approach, particularly for turning "折腰" into a "male-oriented comedy," leading to negative feedback from fans [1][4][17]. - Other established directors such as Zhu Ruibin, Guo Hu, and Xie Ze also struggle with their reputations, often receiving backlash from audiences for their work [4][19]. - New directors like Zhao Yilong, Zeng Qingjie, and Yang Long have revitalized the ancient costume genre, receiving positive reviews for their innovative storytelling and visual aesthetics [4][7][14]. Group 2: Upcoming Works and Ratings - A list of upcoming works by various directors includes titles like "无忧渡" by Lin Yufen, which has a rating of 7.4, and "九重紫" by Zeng Qingjie, rated at 7.8 [5][6]. - Deng Ke's "折腰" currently has no rating available, while "大奉打更人" received a lower rating of 5.6, indicating a decline in audience reception [6][17]. - The article notes that the new generation of directors is successfully capturing audience interest, with shows like "雁回时" and "九重紫" standing out for their unique narratives and visual storytelling [7][10][12]. Group 3: Industry Trends and Audience Engagement - The ancient costume drama industry is experiencing a shift, with platforms investing in both established and new directors, reflecting a growing interest in quality storytelling over mere star power [20][30]. - Platforms like Tencent Video and Mango TV are strategically backing directors who have proven their capabilities, indicating a trend towards nurturing talent within the industry [21][23]. - The article emphasizes that the success of ancient costume dramas relies on a collective effort from all production aspects, suggesting that merely changing directors will not suffice to elevate the genre's overall quality [31].

Group 1 - The core viewpoint of the report indicates that the market size of China's online literature IP adaptation is expected to reach 298.56 billion yuan in 2024, representing a year-on-year growth of 14.61% [1][3] - The reading market size for online literature in China is projected to reach 43.06 billion yuan by the end of 2024, with a year-on-year increase of 6.8% [3] - The number of online literature authors has surpassed 30 million for the first time, reaching 31.198 million, while the total number of online literary works has reached 41.651 million [3] Group 2 - The report highlights that the adaptation of online literature IP has led to significant viewership, with titles like "Qing Yu Nian Season 2" and "Yu Feng Xing" ranking among the top three in annual viewership [5] - The "Guzi economy" is identified as a key driver for the rapid development of online literature and its downstream industries, including animation and gaming [5] - AI translation technology is facilitating the overseas expansion of online literature, with over 3,200 new AI-translated works added in 2024, accounting for nearly half of the total Chinese translated works [5] Group 3 - The overseas market for online literature is projected to exceed 5 billion yuan in 2024, with 460,000 overseas online writers and over 350 million overseas users [7] - Japan has shown a remarkable growth rate of 180%, becoming the fastest-growing emerging market for online literature users [7] - The report notes that the translation of Chinese online literature into Spanish has increased by 227%, with significant breakthroughs in German, French, and Portuguese translations as well [5][7]

Core Viewpoint - The company reported a revenue of 8.12 billion RMB in 2024, representing a year-on-year growth of 15.8%, while the gross profit reached 3.92 billion RMB, up 16.3% year-on-year, with a gross margin of 48.3%, an increase of 0.2 percentage points. However, the company faced a net loss attributable to shareholders of 210 million RMB, compared to a profit of 800 million RMB in 2023, primarily due to a net loss of 970 million RMB related to goodwill impairment from Xinli Media [2][3]. Group 1: Online Business Performance - Online business revenue was 4.03 billion RMB, a year-on-year increase of 2.1%. Revenue from proprietary platform products rose by 3.4% to 3.53 billion RMB, while revenue from Tencent product channels decreased by 28.2% to 250 million RMB due to a focus on core paid reading products, leading to reduced advertising revenue. Third-party platform online business revenue increased by 32.0% to 250 million RMB due to expanded cooperation with certain third-party distribution partners [3]. - The average monthly active users (MAU) for the company's proprietary platform and Tencent product self-operated channels was 16.66 million, a year-on-year decline of 19%. The MAU for the proprietary platform was 10.38 million, remaining relatively stable, while the MAU for Tencent's self-operated channel dropped by 37.7% to 6.28 million. The average monthly number of paying users increased by 4.6% year-on-year to 9.1 million, attributed to the launch of more membership content, although the average revenue per paying user decreased by 1.5% to 32 RMB [3]. Group 2: IP Derivatives and Xinli Media Performance - Revenue from copyright operations and other income grew by 33.5% to 4.09 billion RMB. Xinli Media generated 1.64 billion RMB in revenue with a profit of 340 million RMB in 2024. The company launched several TV dramas in the first half of 2024, but some series were delayed, impacting profits. The project pipeline for the next two years is robust, with several anticipated releases [4]. - In the short drama segment, the company released over 100 short dramas in 2024, with the highest single work revenue nearing 40 million RMB. New releases at the beginning of 2025 achieved over 50 million RMB in revenue within seven days [4]. - The company's derivative products achieved a gross merchandise volume (GMV) exceeding 500 million RMB in 2024, with card products contributing over 200 million RMB. The company established partnerships with over 150 licensing partners and developed a comprehensive sales channel, including online and offline stores [4].