◎海外活跃用户约2亿人，覆盖全球200多个国家和地区 ◎实体书传播约5000部，电子书传播近13万部 ◎海外本土作者达130万人，海外本土作品超200万部 翻译传播体系逐步完善，IP全球化稳步推进，海外平台和社群生态日渐活跃……近年来，中国网络文学 国际传播亮点纷呈，正突破单一的内容传播模式，走向共创与开拓世界文化新形态的崭新阶段，逐渐成 为世界级文化现象。 9月26—29日，由中国作家协会、浙江省人民政府、杭州市人民政府共同主办的2025中国国际网络文学 周在浙江杭州举行，数百位嘉宾会聚白马湖畔，围绕"新动力 新格局 新形态——AI赋能下的网文全球图 景"主题展开深度交流。 活动期间，主办方发布了《中国网络文学国际传播报告（2025）》（下称《报告》），并举办网络文学 产业体验馆巡馆、网络文学国际圆桌会、网络文学出海洽谈会、"美丽中国国际写作计划"采风等活动， 搭建中外业界对话沟通平台。 优质内容是基础 近年来，中国网络文学主流化、精品化趋势进一步增强，网络文学的价值正得到多方认可。在国内， 2024年中宣部第十七届精神文明建设"五个一工程"奖，首次把网络文艺单列，并评出10部优秀作品，其 中包括《陶三圆的 ...

记者 周楠 "我是二次元资深玩家，但像这样以浦东璀璨天际线为幕布，在黄浦江畔露天舞台上演奏的二次元 音乐会，还是第一次见到，很震撼！"大学生羽瑶告诉记者。 当晚，她cos（扮演）的是《崩坏：星穹铁道》里的人物"三月七"，做造型就花了近3小时。站在北 外滩滨江看演出，羽瑶自己也成了风景，不断被"粉丝"求合影。 这个国庆长假，北外滩国客中心码头"燃"了起来。"超动感·北外滩次元音乐嘉年华"活力开启，数 十个人气IP、艺术装置与沉浸式展陈遍布会场，国潮文化与二次元在此激情碰撞，带来国际范、年轻 力、艺术性和潮流感。 以"文旅商体展"联动、激活北外滩滨水岸线、抢占年轻消费新赛道，北外滩国客中心码头变身次元 文化新地标，联动北外滩区域打造多元化的消费新场景。 打造沉浸式打卡圣地 在许多二次元玩家看来，一次集结国内外数十个人气IP，是"超动感·北外滩次元音乐嘉年华"最吸 引人的地方。每个IP精心打造的实景展陈，也打破了次元壁垒。 顶流国漫《狐妖小红娘》用"相思树"和"月老办事处"两大核心装置，打造了一个充满中式浪漫 的"祈福圣地"，观众通过抽红绳、挂祈愿牌、摇签筒等形式参与其中。 聚人气、展形象，也是促消费、兴产业。以北 ...

Core Viewpoint - The collaboration between China's web novel "Dao Gui Yi Xian" and Universal Studios Singapore marks the first deep partnership between a Chinese web novel IP and a global theme park, showcasing a cross-border integration of "IP + cultural tourism" [1][3]. Group 1: Project Overview - The Halloween-themed attraction "Dao Gui Yi Xian" opened on September 26, featuring immersive experiences that recreate the novel's fantasy world through realistic scenes and interactive NPCs [1][3]. - The project aims to provide visitors with an engaging exploration of iconic locations from the novel, such as "Qing Feng Guan" and "Bai Yu Jing," allowing them to interact with characters from the story [3][5]. Group 2: Cultural Significance - "Dao Gui Yi Xian," created by author "Hu Wei De Bi," integrates traditional Chinese philosophical concepts and folklore with modern fantasy elements, establishing a grand worldview filled with Eastern mystique [3][5]. - The novel has gained significant popularity, accumulating over 11.38 million readers, making it a phenomenon in 2023 [3]. Group 3: Future Prospects - This collaboration represents the first overseas implementation of the "IP Paradise" model by the company, with plans to introduce derivative products from other popular IPs like "Quan Zhi Gao Shou" and "Gui Mi Zhi Zhu" at Universal Studios Singapore [5].

新华财经北京9月26日电（记者余俊杰）中国网络文学海外活跃用户规模约2亿人。一种源自东方的叙事 潮流，正影响世界阅读版图。 9月26日在杭州开幕的2025中国国际网络文学周上，中国作协发布的《中国网络文学国际传播报告 （2025）》显示，中国网络文学海外用户已覆盖全球200多个国家和地区，2024年海外市场营收达48.15 亿元。 从东南亚的午后咖啡馆到欧美的大学图书馆，从玄幻仙侠到逆袭爽文，中国网文正以独特的文化底蕴， 在全球化中找到广泛"知音"，成为文化出海生动的"数字大使"。 中国网文如何"圈粉"全球？海量优质内容是硬道理。 截至2024年底，中国网络文学作品总量超3300万部。这其中，既有年新增17万部的现实题材小说，反映 乡村振兴、中国式现代化成就；也有年增18万部的科幻力作，以想象力与未来对话。 网络文学不仅体量大，更涌现出一批精品，多部作品被海外著名图书馆收藏，标志着中国通俗文学走入 世界主流视野。 电子书是文本翻译传播的主体。截至2025年上半年，中国网络文学实体书已传播约5000部，电子书累计 传播近13万部，以泰国、越南、日本、韩国、美国、俄罗斯等二十余个核心国家为辐射点，覆盖全球 200 ...

Core Viewpoint - The recent implementation of the "21 Regulations" by the National Radio and Television Administration (NRTA) is expected to significantly benefit the Chinese film and television industry, particularly in the production of historical dramas, which have been a major source of revenue and popularity [2][10][12]. Group 1: Impact of "21 Regulations" - The NRTA has relaxed restrictions on the number of historical dramas, signaling support for market-oriented creation in the industry [2][10]. - The regulations allow for an increase in the maximum number of episodes for dramas, which could lead to the production of higher-quality long dramas [11]. - The introduction of policies such as "border examination and broadcasting" for series and seasonal dramas is expected to shorten content production cycles and align broadcasts with current social sentiments, enhancing capital efficiency for companies like iQIYI [11][12]. Group 2: Industry Response - Following the announcement of the "21 Regulations," many film and television stocks experienced significant gains, indicating a positive market reaction [3]. - Major companies in the industry, such as the Yuewen Group, anticipate launching more film and television projects due to the new regulations [12]. - The regulations are seen as a potential attractor for more investment in the film and television sector, which is currently facing financial challenges [13][14]. Group 3: Current Challenges - The film and television industry is experiencing financial difficulties, with iQIYI reporting an 11% year-on-year revenue decline to 6.628 billion yuan and a net loss of 133.7 million yuan [14]. - Tencent Video also reported a decrease in paid subscribers, losing 3 million to a total of 114 million [15]. - The reduction in content budgets due to financial constraints may lead to fewer high-quality productions, creating a vicious cycle that could further diminish audience engagement [16][17]. Group 4: Future Outlook - While the "21 Regulations" may increase the likelihood of producing popular dramas like "Empresses in the Palace," the actual success will depend on the ability to create high-quality content that meets evolving audience tastes [19]. - The rise of short videos poses additional risks to traditional film and television investments, making the landscape more competitive and uncertain [19].

Core Viewpoint - The "Guan Dian 21" policy from the National Radio and Television Administration is expected to significantly benefit the Chinese film and television industry by relaxing restrictions on historical dramas, potentially leading to an increase in high-quality productions like "Zhen Huan Zhuan" [1][2]. Group 1: Impact on Market and Content Creation - The relaxation of restrictions on historical dramas is a clear signal of support for the Chinese film and television industry, which heavily relies on such genres for viewership and revenue [2]. - The new policy allows for an increase in the number of episodes for dramas, lifting the previous 40-episode cap, which opens up opportunities for more detailed storytelling and longer series [2]. - The introduction of policies such as "border review and broadcast" for seasonal dramas is expected to shorten content production cycles and align broadcasts with current social sentiments, enhancing financial efficiency for companies [2][4]. Group 2: Financial Implications and Industry Challenges - The film and television industry is currently facing financial difficulties, with companies like iQIYI reporting a year-on-year revenue decline of 11% to 6.628 billion yuan and a net loss of 133.7 million yuan, contrasting with previous profitability [4]. - The "Guan Dian 21" policy is anticipated to attract more investment into the industry, which is crucial given the current cash flow challenges faced by major players [4]. - The success of high-quality productions is seen as vital for the recovery of long-video platforms and the overall film and television sector, with historical dramas like "Zhen Huan Zhuan" continuing to generate significant interest even years after their release [4][5].

Core Viewpoint - The recent implementation of the "21 Regulations" by the National Radio and Television Administration (NRTA) is expected to significantly benefit the Chinese film and television industry by relaxing restrictions on historical dramas, potentially leading to an increase in high-quality productions like "Empresses in the Palace" [2][3][10]. Group 1: Impact of "21 Regulations" - The NRTA's new regulations indicate a flexible approach to the control of historical dramas, which is a clear signal of support for the Chinese film and television industry [10]. - The regulations allow for the lifting of the 40-episode limit on dramas, creating opportunities for longer, high-quality series [11]. - The introduction of policies such as "border examination and broadcasting" for series and seasonal dramas is expected to shorten content production cycles and align broadcasts with current social sentiments, enhancing capital efficiency for companies like iQIYI [11][14]. Group 2: Market Reactions and Financial Implications - Following the announcement of the "21 Regulations," many film and television stocks experienced significant gains, indicating a positive market reaction [3]. - iQIYI reported a year-on-year revenue decline of 11% to 6.628 billion yuan, with a net loss of 133.7 million yuan, highlighting the financial struggles within the industry [15]. - Tencent Video also saw a decrease in paid subscribers, losing 3 million to a total of 114 million, reflecting the financial challenges faced by major players [16]. Group 3: Future Prospects - The potential for more popular dramas akin to "Empresses in the Palace" is anticipated, as the relaxed regulations may lead to the creation of more engaging content [12][23]. - Companies like Yuewen Group, which owns popular IPs, expect to see an increase in film and television projects following the new regulations [13]. - Despite the positive outlook, the ability to produce high-quality works remains crucial, as audience preferences continue to evolve [21].

Core Viewpoint - The company's 1H25 performance shows a decline in revenue and Non-IFRS net profit, but the results are in line with expectations, with a notable growth in other business segments excluding a specific impact from New丽传媒 [1][2]. Financial Performance - In 1H25, the company achieved revenue of 3.191 billion yuan, a year-on-year decrease of 23.9% - Non-IFRS net profit was 508 million yuan, down 27.7%, aligning with the company's forecast of 486 million yuan and Bloomberg's estimate of 484 million yuan [1] - Excluding the impact of New丽传媒, other business segments saw a 35.7% year-on-year growth in Non-IFRS net profit [1] Business Segments - Online business revenue showed a slight increase, with 1H25 online business revenue at 1.985 billion yuan, up 2.3% - Self-owned platform product revenue grew by 3.1%, while Tencent channel revenue fell by 25.6% due to a significant drop in MAU, attributed to a strategic shift towards paid reading products [1] - IP operation revenue in 1H25 was 1.205 billion yuan, down 46.4%, primarily due to no new series from New丽传媒 in the first half of the year [1][2] - The GMV for IP derivative products reached 480 million yuan, nearing the total of 500 million yuan for the previous year [1] Profitability and Cost Management - The company's gross margin in 1H25 was 50.5%, reflecting a year-on-year increase of 0.5 percentage points - The reduction in sales expenses was due to fewer film projects, leading to decreased promotional and advertising costs [2] - Management expenses also saw a slight year-on-year decline, indicating a more restrained approach [2] Future Outlook - The company has a rich reserve of series from New丽传媒, with several projects scheduled for release in 2025, including "扫毒风暴" and others [2] - The short drama business is set to expand, with over 2,000 web novel IPs being utilized to create high-quality short dramas [3] - The company plans to enhance its IP derivative product offerings, with a significant increase in the speed of new product launches [3] Valuation and Estimates - The company maintains its Non-IFRS net profit forecasts for 2025 and 2026 - Current price corresponds to 21.2x and 18.4x Non-IFRS P/E for 2025 and 2026, respectively - The target price is set at 43.5 HKD, indicating a potential upside of 39.4% based on 30x and 26x Non-IFRS P/E for 2025 and 2026 [3]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of the company, with a 15.0% rise to 35.88 HKD per share and a trading volume of 648 million HKD as of August 13 [1] - The company, Yuewen Group, focuses on building a Chinese IP universe that includes diverse digital entertainment forms such as literature, animation, film, and games, with well-known brands like QQ Reading and Qidian Chinese Network [1] - Yuewen Group has successfully adapted popular IPs such as "Qing Yu Nian," "Gui Chui Deng," "Dou Luo Da Lu," "Quan Zhi Gao Shou," and "Zhui Xu" into various media [1] Group 2 - As of the mid-year report for 2025, the company reported total revenue of 3.191 billion RMB and a net profit of 850 million RMB [2] - The company's profit attributable to shareholders for the fiscal year 2025 increased by 68.5% year-on-year, amounting to 849.8 million RMB, with basic earnings per share of 0.84 RMB [2]

Core Insights - The article discusses the global success of the web novel "Full-Time Expert," which has evolved into a multi-faceted IP encompassing audiobooks, radio dramas, comics, animations, TV series, movies, mobile games, and merchandise [1][2] Group 1: IP Development and Globalization - "Full-Time Expert" has achieved significant viewership, with over 1 billion views on its animated adaptation on the first day and a total of over 2.5 billion views [1] - The novel was published in Japan in 2015, with over 30 million downloads, and its English version on Qidian International has surpassed 130 million overseas reads [1][2] - Qidian International has launched approximately 6,800 translated Chinese web literature works and nurtured 460,000 overseas authors by the end of 2024, reaching nearly 300 million users across over 200 countries [2] Group 2: Cultural Impact and Emotional Resonance - The emotional core of web literature, which conveys universal themes of love, friendship, and family, resonates with both Chinese and overseas readers, contributing to its popularity [3][4] - The incorporation of traditional Chinese culture in web literature has attracted overseas readers, with adaptations like the comic version of "Yuan Zun" gaining traction in countries such as South Korea, Japan, and the United States [4][5] Group 3: Translation and Adaptation Challenges - Translation plays a crucial role in the overseas success of web literature, with challenges arising from language differences and the need for culturally relevant adaptations [5] - Authors are encouraged to focus on storytelling and emotional expression, as a strong narrative foundation is essential for successful international outreach [5]