21世纪经济报道记者贺泓源，实习生刘瑾睿、李晴 北京报道 未来，像《甄嬛传》这样的"大热剧"可能会越来越多，因为广电总局对古装剧的限制相对放开了。 此前，视频平台上线古装、玄幻等类型剧集，有着一定数量限制。 而近期，广电总局印发实施若干举措，被业内统称为"广电21条"。其中就明确，"不严格限制古装剧数 量"。 条例一出，影视行业"喜大普奔"，多家影视股涨停。 今天，我们就来聊下，"广电21条"对市场的影响 。 大家好，我是小贺，欢迎收看本期消费参考。 登顶中国影视剧流量之王的，依旧是古装剧。像云合数据正片有效播放破250亿名单中，有且只有《三 生三世十里桃花》《知否知否应是绿肥红瘦》两部古装剧集。 此外，《延禧攻略》成为中国影视剧出海标杆，该剧登顶2018年谷歌年度电视节目热搜榜。 新政提出的古装剧调控灵活化，就是支持中国影视业的明确信号。 其二，"广电21条"提到，电视剧将适当放开40集上限。这一政策也为优质长剧打开空间。 像《甄嬛传》高达76集，40集的时候华妃才刚被"斗倒"，离甄嬛变身钮祜禄·甄嬛还很远很远。正是细 致的故事细节，才让《甄嬛传》如此经典。 首先，我们来聊下，"广电21条"落地，是如何利好 ...

未来，像《甄嬛传》这样的"大热剧"可能会越来越多，因为广电总局对古装剧的限制相对放开 了。 此前，视频平台上线古装、玄幻等类型剧集，有着一定数量限制。 而近期，广电总局印发实施若干举措，被业内统称为"广电21条"。其中就明确，"不严格限制 古装剧数量"。 条例一出，影视行业"喜大普奔"，多家影视股涨停。 今天，我们就来聊下，"广电21条"对市场的影响 。 首先，我们来聊下，"广电21条"落地，是如何利好市场化创作的。 其一，我们都知道，古装剧对中国影视业是至关重要。 像《甄嬛传》长红十几年，直到现在都还在养活出品方乐视。 登顶中国影视剧流量之王的，依旧是古装剧。像云合数据正片有效播放破250亿名单中，有且 只有《三生三世十里桃花》《知否知否应是绿肥红瘦》两部古装剧集。 此外，《延禧攻略》成为中国影视剧出海标杆，该剧登顶2018年谷歌年度电视节目热搜榜。 新政提出的古装剧调控灵活化，就是支持中国影视业的明确信号。 其二，"广电21条"提到，电视剧将适当放开40集上限。 这一政策也为优质长剧打开空间。 像《甄嬛传》高达76集，40集的时候华妃才刚被"斗倒"，离甄嬛变身钮祜禄·甄嬛还很远很 远。正是细致的故事细节， ...

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]

Core Viewpoint - The article discusses the maturation of the overseas expansion of Chinese online literature, highlighting the successful transformation of works like "The King's Avatar" into global IPs through various media adaptations and collaborations [1][4]. Group 1: Industry Development - The online literature industry has evolved to create a comprehensive IP ecosystem, including novels, comics, animations, films, and merchandise [1]. - "The King's Avatar," a notable example, has achieved significant viewership, with its animated series surpassing 2.5 billion views and the live-action series reaching nearly 4 billion views [1]. - The platform Qidian International has played a crucial role in promoting Chinese online literature abroad, with approximately 6,800 translated works and nearly 3 million users across over 200 countries by the end of 2024 [2]. Group 2: Global Collaboration - The concept of "global co-creation of IP" is emphasized, with over 100 countries participating in the creation of online literature, marking a shift from content export to collaborative development [4]. - The partnership between the Swiss National Tourism Board and "The King's Avatar" illustrates the potential for cross-industry collaborations to enhance global reach [4]. Group 3: Cultural Impact - The emotional core of online literature, which resonates universally through themes of love, friendship, and family, is identified as a key factor in attracting international readers [5]. - The incorporation of traditional Chinese culture within these narratives has proven appealing to overseas audiences, further enhancing the global presence of Chinese online literature [5]. Group 4: Translation and Adaptation Challenges - Translation is highlighted as a critical factor for successful overseas expansion, with challenges arising from cultural differences and varying audience preferences [6]. - The importance of maintaining the integrity of the original work while adapting it for different languages and cultures is emphasized, ensuring that the emotional essence is preserved [6].

Core Insights - The article discusses the maturation of the overseas expansion of Chinese online literature, highlighting the success of the IP "Full-Time Master" and its various adaptations across different media [1][2][3] Industry Overview - The global co-creation of IP is a new phase for Chinese online literature, transitioning from content and model export to a collaborative international approach [2][3] - As of the end of 2024, the platform Qidian International has launched approximately 6,800 translated works and nurtured 460,000 overseas authors, with nearly 300 million cumulative users across over 200 countries and regions [2] Success Stories - "Full-Time Master," a web novel that began serialization in 2011, has achieved significant global reach, with its adaptations including an animated series with over 2.5 billion views and a film released in nine countries [1] - The novel's Japanese version has over 30 million downloads, and the English version has surpassed 130 million overseas reads [1] Cultural Impact - The emotional core of online literature resonates universally, allowing it to attract overseas readers despite cultural differences [3][4] - The incorporation of traditional Chinese culture in adaptations has enhanced the appeal of these works to international audiences [4][5] Translation and Adaptation Challenges - Translation is crucial for the overseas success of online literature, requiring an understanding of local audience preferences and the establishment of a comprehensive terminology database [4] - Authors are encouraged to focus on storytelling and emotional expression, which are fundamental to engaging with global readers [4]

Group 1 - The company predicts a Non-IFRS net profit of 486 million yuan for 1H25, with a revenue forecast of 3.126 billion yuan, representing a year-on-year decline of 25.4% [1] - Online business revenue is expected to remain stable at 1H25, with an estimated income of 1.957 billion yuan, showing a year-on-year change of approximately 0% [1] - The copyright operation business is projected to generate 1.169 billion yuan in revenue for 1H25, down 48% year-on-year, primarily due to the absence of series releases from New Classics Media in the first half [1] Group 2 - The company is focusing on the development of IP derivative products, with key IPs including "Full-Time Expert" and "Fox Demon Little Red Lady" [2] - The company has expanded its distribution channels to major cities and plans to deepen cooperation with the plush toy brand "Super Vitality Factory" to launch new product lines in the second half of 2025 [2] - Due to adjustments in the short drama cooperation accounting model, revenue forecasts for 2025 and 2026 have been reduced by 4% and 5% respectively, while maintaining Non-IFRS net profit predictions [2]

Core Perspective - The article highlights the global embrace of Chinese cultural IPs, showcasing how they are becoming trendy and influential worldwide, reflecting a youthful and dynamic image of China [1][4][12] Group 1: Cultural IP Globalization - The popularity of the LABUBU toy from Pop Mart has led to a 475% year-on-year increase in overseas revenue in Q1 [1] - LABUBU has gained international recognition, being named "Magical Thailand Experience Officer" and featured in various global events [2] - The rise of Chinese pop culture products, such as C-Dramas and national style fashion, has captivated international audiences [4] Group 2: Digital and Technological Integration - The game "Black Myth: Wukong" has achieved global sales of over 9 billion yuan within four months, showcasing the blend of traditional culture and digital technology [6] - Digital technologies are enhancing the global understanding of Chinese culture, with significant progress in digitizing cultural artifacts [7][8] - The Chinese gaming industry is projected to generate $18.557 billion in overseas sales in 2024, reflecting a 13.39% growth [6] Group 3: Global Participation and Co-Creation - The international success of Chinese web literature, with approximately 6000 translated works and nearly 450,000 overseas authors, indicates a global cultural phenomenon [10] - The engagement of global audiences in co-creation, as seen with characters from popular Chinese media being involved in international events, enhances cultural exchange [11] - The cultural export model has evolved into a complex system combining digital content, IP operation, and technological services [10]

Core Viewpoint - The article highlights the launch of "Yuewen Garden," an IP comprehensive experience project by Yuewen Group at the Shenzhen Cultural Expo, aimed at promoting cultural consumption among young people and enhancing the city's cultural landscape [1][2]. Group 1: Project Launch and Collaboration - Yuewen Group showcased its achievements in digital culture, including the debut of "Yuewen Garden" at the Shenzhen Cultural Expo [1]. - A strategic cooperation agreement was signed between Yuewen Group, Shenzhen Publishing Group, and Shenzhen Broadcasting Group to establish "Yuewen Garden" at the landmark "Bay Area Eye" in Shenzhen [1]. - The project aims to create a new cultural consumption model for young people, integrating reading, IP-related products, interactive experiences, and social activities [1]. Group 2: Cultural Promotion and IP Development - "Yuewen Garden" will serve as an innovative experimental space for IP operations, promoting national reading through immersive cultural experiences [2]. - The project will provide a platform for emotional resonance and social interaction among young people through frequent IP-themed activities and community operations [2]. - Yuewen Group presented 20 representative IPs developed over the past decade, including popular titles like "Qing Yu Nian" and "Full-Time Master," showcasing diverse forms such as physical books, films, and derivatives [2]. Group 3: Global Influence and Expansion - The exhibition featured 26 online literature works that are part of the British Library collection, highlighting the global impact of Chinese online literature [4]. - Yuewen's overseas portal "Qidian International" (WebNovel) has nurtured 460,000 overseas authors and launched approximately 700,000 original works [4].

Group 1 - The 21st China (Shenzhen) International Cultural Industries Fair showcased a significant presence of IP economy projects, highlighting the popularity of characters like Labubu and MOLLY, as well as new IPs like Huang Dou Jun and Ling Xiao Zhe [2][3][6] - The event demonstrated a shift in cultural consumption trends, particularly among Generation Z, with emotional connections to IPs and innovative VR/XR experiences becoming key drivers [2][8] - Various cities in China are integrating IP economy into their regional economic development plans, with local governments supporting initiatives to enhance cultural industries through IP [6][8] Group 2 - The emergence of immersive VR/XR experiences at the fair represents a new path for cultural tourism consumption, with projects like "Ice Dragon Seeking Pearl" and "Hanyang Solitary Army" showcasing local and red culture [10][11][13] - The integration of AI technology in IP development is seen as a future trend, with companies like Joykey exploring the potential of "AI+IP" to enhance creativity and innovation [9][12] - The fair highlighted the need for continuous content innovation in VR projects to maintain consumer interest, as the market faces challenges related to consumer habits and the high costs of development [13][14]