格隆汇8月20日丨晨光股份(603899.SH)在互动平台表示，公司目前没有与《凡人修仙传》合作。 ...

Group 1 - The core viewpoint of the report is that Shenwan Hongyuan maintains a "buy" rating for Yuewen Group (00772) due to positive progress in the company's IP business, with adjusted net profit forecasts for 2025 to 2027 raised to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] - In the short term, Yuewen's IP projects are becoming more abundant, including the launch of the authorized game "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment on July 10, and the upcoming Tencent project "Yiren Zhixia," which has already obtained a license [1] - The company has established a national creative content strategic cooperation plan with "Honor of Kings" on August 14, and has launched a collaboration skin with "The Secret of the Master," with related merchandise available for sale [1] Group 2 - According to the company's financial report, Yuewen's online business revenue for the first half of this year was RMB 1.99 billion, representing a year-on-year growth of 2% [2] - The revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, reflecting a year-on-year increase of 4.5%, while the gross profit margin remained stable at 50% [2] - The long-term focus for the company includes IP commercialization and the expansion of online literature overseas [2]

Core Viewpoint - Bilibili's servers experienced a massive crash due to overwhelming traffic from fans eager to watch the latest episode of the popular domestic animation "Fang Ren Xiu Xian Chuan" [1] Group 1: Company Performance - On August 16, following the key plot update "Han Li's Childbirth", Bilibili faced significant server overload as numerous users attempted to access the platform simultaneously [1] - Users reported issues such as "loading failed, please retry," indicating that the platform could not handle the influx of traffic [1] Group 2: Industry Context - "Fang Ren Xiu Xian Chuan" is adapted from a long-standing web novel by Wang Yu, which has maintained a top position in online literature since its serialization in 2009, with a cumulative reading volume exceeding 10 billion [1] - The animation's popularity is attributed to its grand fantasy world and intricate storytelling, making it a hallmark of Chinese fantasy literature [1] - A live-action adaptation starring Yang Yang is set to premiere on July 27, 2025, which has already gained significant attention, breaking 10,000 in heat within three days of its announcement on the platform [1]

Core Viewpoint - The article discusses the significant server crash of Bilibili (B站) due to the overwhelming traffic generated by the popular domestic animation "凡人修仙传" (Fang Ren Xiu Xian Zhuan) after a key plot update, highlighting the impact of IP popularity on platform performance [4][9]. Group 1: Event Overview - On August 16, the topic "韩立结婴" surged on social media, coinciding with the update of the animation "凡人修仙传" [2]. - The concentrated influx of viewers led to server overload, causing many users to experience loading failures and inability to watch videos [4]. Group 2: Content and Popularity - "凡人修仙传" is adapted from a long-standing web novel by author 忘语, which has been popular since its serialization in 2009, accumulating over 10 billion views, making it a hallmark of Chinese fantasy literature [7]. - The live-action adaptation starring 杨洋 is set to premiere on July 27, 2025, and has already gained significant attention, breaking 10,000 in heat within three days of its release on Youku [7]. Group 3: IP Synergy - The simultaneous updates of the animation and live-action series created a "dual heat effect" for the IP, enhancing viewer engagement and interest [9].

Drama Section - The drama market is vibrant with both new and old works performing well during the summer season of 2025, with "In the Name of the Law" initially leading but later overtaken by "Drug Storm" [1][2] - "In the Name of the Law" scored 93.74, maintaining high viewership and social media engagement, but its Douban rating fell to 6.9 due to controversial ending [2][14] - "Drug Storm" saw a significant rise in ratings, achieving a peak Douban score of 8.0 and a daily viewership increase from 750,000 to over 3 million, becoming the second most-watched show [8][9] - Other notable dramas include "Morning Snow Record," "Mortal Cultivation," and "Splendid Blossoms," all of which performed well in various metrics [2][16] Variety Show Section - The travel exploration variety show "Earth Super Fresh" quickly rose to the top of the ratings, outperforming other shows like "Running Man Season 9" [19] - Three comedy variety shows, "Talk Show and Friends Season 2," "Comedy King Solo Season 2," and "Mahua Special Happiness Season 2," also ranked in the top five, indicating sustained popularity [22] - The increase in female comedians and topics related to women's issues in the comedy shows has contributed to their success, with a notable rise in female representation [22][23] - The new cooking show "One Meal to the Gods" faced plagiarism allegations, drawing attention for its similarities to the Netflix show "Black and White Chefs" [24][29]

Core Viewpoint - The article discusses the evolving role of "heat value" in the Chinese drama industry, emphasizing its importance as a multi-dimensional evaluation tool rather than a simple ranking mechanism. It highlights the need for platforms to lead in establishing order and recognizing quality content amidst increasing competition and audience fragmentation [1][19]. Group 1: Heat Value as a Measurement Tool - Heat value is not merely a reflection of viewership but represents a shift from a single-dimensional logic of "play count" to a more complex evaluation system that includes various metrics such as audience engagement and feedback [2][15]. - The introduction of heat value by iQIYI in 2018 aimed to address concerns over inflated view counts and to create a more objective and quantifiable assessment of content [2][15]. - Heat value serves as a collaborative discussion point among platforms, creators, and audiences, reflecting a consensus on the value of content in the current market [3][16]. Group 2: Differentiation in Audience Engagement - The article notes that heat value can vary significantly based on audience demographics and viewing habits, leading to discrepancies between perceived popularity and actual heat value [11][19]. - Examples such as "Chao Xue Lu" demonstrate that some dramas can achieve high heat values through consistent quality and audience loyalty, rather than relying on star power or trending topics [4][6]. - Conversely, shows like "Liang Zhi" and "Nan Lai Bei Wang" illustrate that traditional viewership metrics may not align with heat value due to their mature audience's viewing preferences [9][11]. Group 3: Implications for Content Strategy - Heat value is increasingly recognized as a tool for platforms to gauge content quality and distribution efficiency, while also serving as a reference for creators to adjust their strategies based on audience feedback [16][19]. - The article emphasizes that heat value should not be seen as the ultimate measure of success but rather as a starting point for understanding content trends and audience preferences [19]. - The existence of heat value allows for a more nuanced understanding of content impact, enabling the industry to appreciate both immediate hits and long-term cultural significance [15][19]. Group 4: Platform Comparisons and Standards - The article discusses the differences in heat value calculations across major platforms like iQIYI, Tencent Video, and Youku, with general perceptions that Tencent's heat values are approximately three times higher than iQIYI's [13][14]. - These discrepancies have led to discussions among audiences regarding the relative performance of content across platforms, highlighting the need for a standardized understanding of heat value metrics [13][14]. Group 5: Future of Heat Value in the Industry - The article concludes that while heat value is not a perfect measure, it plays a crucial role in a data-driven content landscape, providing a framework for understanding audience engagement and content visibility [15][19]. - The industry is encouraged to focus on content quality and meaningful discussions rather than solely on heat value as a metric, fostering a healthier ecosystem for diverse storytelling [19].

Core Insights - The summer film market of 2025 has not yet been ignited by a major blockbuster, with total box office revenue just surpassing 3 billion [1] - The drama market has also shown a lack of heat, with daily effective playback valuation hovering around 200 million since July, compared to over 250 million at the same time last year [1] - This summer's drama season is characterized by a shift towards realism, with a focus on judicial and criminal investigation themes, marking a transition from entertainment narratives to professional and social issue resonances [1][3] Group 1: Drama Market Trends - The absence of a leading drama has led to a diverse array of shows, with platforms like iQIYI, Youku, and Tencent Video launching multiple new series [1][5] - The four major dramas, including "In the Name of the Law" and "Justifiable Defense," focus on professional themes and real cases, replacing traditional generalized narratives [3][5] - These dramas have sparked significant audience engagement, with viewers resonating with the complex realities of justice and legal ethics presented in the narratives [7][9] Group 2: Innovations in Genre - There is a notable trend of genre fusion in costume dramas, with innovative attempts to break traditional frameworks, such as "Book Scroll Dream" and "Morning Snow Record" [2][11] - "Morning Snow Record" combines forensic elements with Chinese horror aesthetics, creating a unique viewing experience [15] - The success of "Jinxiu Fanghua" demonstrates a shift in focus from mere viewership to content-commercial synergy, indicating a broader strategy among platforms [15] Group 3: Future Expectations - Upcoming dramas like "The Legend of Mortal Cultivation" are anticipated to have significant potential, with high pre-release interest [16][18] - The integration of high-quality special effects in modern fantasy dramas is expected to attract a large audience base, particularly among fans of the original novels [23] - The hope is for this summer's drama season to feature a variety of successful shows across different genres, rather than being dominated by a few major hits [23]

Core Insights - Tencent has established an executive committee for its online video business unit (OVBUEC), consisting of Sun Zhonghuai, Wang Juan, and Ma Yankun, to oversee major business and management decisions [2] - The management upgrade reflects Tencent Video's strong performance, with a focus on enhancing content quality and operational efficiency, as evidenced by the launch of several successful shows and a paid membership count of 117 million by Q1 2025 [2] - The company aims to leverage new technologies, including AI, to explore potential opportunities and further enhance content influence [2] Management Changes - Sun Zhonghuai has been promoted to Chairman of the online video BU, while Wang Juan and Ma Yankun have been appointed as Co-Presidents, also taking on roles as Chief Content Officer (CCO) and Chief Operating Officer (COO) respectively [2] - The establishment of the AI Film Expression Studio indicates Tencent's commitment to integrating AI into its content strategy [3] - The former overseas business center has been upgraded to the overseas business department, signaling a focus on international market development [3] Strategic Focus - Tencent is set to increase investments in content quality, overseas market expansion, and AI technology applications to support sustained growth in its online video business [3]

Group 1 - The release of "Nezha 2" with a box office of 15.2 billion RMB has revitalized the Chinese animation market, prompting major video platforms to respond quickly with increased production of animated content [1] - Over 30 new animated works have been launched across four major platforms this year, including 15 annual series, indicating a strategic shift towards high-investment, long-cycle content to enhance user engagement [1][2] - Platforms are increasingly forming deeper partnerships with animation companies, prioritizing long-term projects like annual and seasonal series, leading to a concentration of industry resources towards top-tier content [1][2] Group 2 - Youku is focusing on expanding its IP universe and annual series, deepening its investment ties with production companies, particularly in the "New National Style" genre [3][4] - The collaboration between Youku and production companies like Xuanji Technology and Zhongying Nian Nian is becoming more pronounced, with significant revenue contributions from these partnerships [5][6] - Youku's strategy includes leveraging successful IPs like "Shan Yao" and "Cang Yuan Tu" to enhance its content offerings and maintain competitive advantage in the animation sector [9] Group 3 - iQIYI has announced a significant increase in its annual series lineup to seven, with a focus on high-quality adaptations from popular web novels, indicating a shift towards larger-scale productions [10][11] - The partnership with Qimao, which provides a steady supply of quality IPs, is central to iQIYI's strategy for maximizing IP value through adaptations [12][13] - iQIYI's collaboration with notable authors and production companies aims to create expansive narrative universes, enhancing the overall quality and appeal of its animated content [13][14] Group 4 - Tencent Video is leveraging its extensive IP library from the Reading Literature Group, focusing on web novel adaptations to maintain a stable output of animated series [15][16] - Six out of nine annual series produced by Tencent are handled by its invested companies, showcasing a strong integration of production resources [18] - The popularity of Tencent's annual series is reflected in their consistent ranking among the top animated shows, indicating effective audience engagement strategies [19]