本报（chinatimes.net.cn）记者于玉金 北京报道 近几个月，头部艺人与经纪公司之间的解约纠纷愈演愈烈，前有赵露思与银河酷娱"闹掰"，今有鞠婧祎 与丝芭传媒"口诛笔伐"、对簿公堂。 双方就合约年限及收入分配等问题公开"过招"后，丝芭传媒于12月18日上午再度发文称，"我司将以长 期以来所掌握的大量事实和你们（鞠婧祎方）的种种劣迹为依据，将就你本人和你的关联人涂某某等涉 嫌严重经济犯罪的行为，择日向国家相关监管机构，媒体和社会公众进行全网公开实名举报。" 对于目前丝芭传媒与艺人鞠婧祎之间的纷争，北京京师律师事务所律师许浩认为，该事件已超出"口水 战""以打促谈"的模式，进入司法诉讼与舆论战同时进行、相互影响的阶段。他表示，根据媒体公开报 道，2024年7月鞠婧祎方已提起诉讼，法院两次鉴定均无法确认签名是否为其本人所写；丝芭传媒起诉 第三方合作品牌，现又公开表示将实名举报经济犯罪，双方目前并无实质谈判迹象。 "口水战"升级 这次鞠婧祎与丝芭传媒的纷争，可以从12月15日的一则声明谈起。当日，鞠婧祎工作室在官微发布声明 称，鞠婧祎与丝芭传媒的经纪合约已于2024年6月终止，丝芭传媒无权再干涉鞠婧祎的演艺 ...

Group 1: Industry Overview - The number of drama series with distribution licenses in 2025 is projected to be 51, totaling 1,603 episodes, representing increases of 24.39% and 27.73% year-on-year respectively [1] - In the first half of 2025, 126 drama series were launched, an increase of 8 series compared to the same period last year, with online dramas increasing by 17 series and traditional dramas decreasing by 9 series [1] - The average number of episodes per series has decreased by 0.9 episodes year-on-year, with series of 25-39 episodes accounting for over half of the total [1] - The total viewership for dramas reached 55.7 billion, showing a slight decline of approximately 10% year-on-year [1] - The market for micro-short dramas has rapidly grown, with a market size of 505 billion yuan in 2024, expected to reach 634.3 billion yuan in 2025, and 856.5 billion yuan by 2027, with a compound annual growth rate of 19.2% [1] Group 2: Company Financial Performance - Five major drama production and distribution companies reported a combined revenue of 1.358 billion yuan for the first half of 2025, a year-on-year increase of 62.75%, but a combined net profit of -1.7822 million yuan, a decline of 106.72% [2] - The overall trend in the drama industry indicates "increased revenue but decreased profit" [2] - Specifically, Huanyu Century and Ciwen Media saw revenue growth but turned from profit to loss, while Baina Qiancheng's losses narrowed but revenue declined [2] - Only Huace Film & TV achieved both revenue and net profit growth, positioning it as the sole winner in the drama industry [2] Group 3: Huanyu Century's Challenges - Huanyu Century reported a revenue of 198 million yuan in the first half of 2025, a year-on-year increase of 83.72%, but a net profit of -6.3938 million yuan, a decline of 139.86% [3] - The company's film and derivative product business has faced setbacks, with revenue dropping from 454 million yuan in 2022 to 220 million yuan in 2024, and its gross margin fluctuating significantly [3] - The short drama business has seen substantial growth, with revenue increasing by 446.61% to 134 million yuan in the first half of 2025, and gross margin rising by 73.05 percentage points to 78.15% [3] - Huanyu Century holds adaptation rights for over 40 IPs, with several dramas expected to be produced and released starting in 2025 [3] Group 4: Inventory and Production Delays - As of June 30, 2025, Huanyu Century's inventory balance was 857 million yuan, with a provision for inventory impairment of 183 million yuan, resulting in a net inventory value of 673 million yuan, which constitutes 50.19% of current assets [7] - The inventory turnover days reached 2,384 days, indicating significant delays in production and potential inventory impairment pressure [7] - Several dramas, including "Qianxiang" and "Jiaou Tiancheng," are still pending release, contributing to the inventory backlog [6][9] Group 5: Talent Management Issues - Huanyu Century's artist management business saw revenue increase from 77.73 million yuan in 2022 to 164 million yuan in 2024, but revenue declined by 23.69% in the first half of 2025 [14] - The company has faced significant talent departures, leaving only one major artist, Cheng Yi, to carry the company's weight [15][21] - The departure of key artists has raised concerns about the company's reliance on a single talent, potentially increasing operational risks [21]

Core Viewpoint - Huayi Century Joint Stock Company held an investor relations event with 96 institutions, including Taikang Fund and Nuoan Fund, to showcase its business developments and future plans [1] Company Overview - Huayi Century was established in 2006 and restructured for listing in November 2016, focusing on film and television production and artist management, with notable works including "The Glory of the Tang Dynasty" and "Under the Brocade" [1] - The company is expanding into innovative business areas such as short dramas, interactive film and games, AI short dramas, and AI comic dramas, aiming to build a diversified business ecosystem [1] Long-form Content Business - The company is committed to high-quality content creation and has established good cooperation mechanisms with main creators [1] - Upcoming productions include "Qianxiang" and "Jiaou Tiancheng," with IPs like "Cang Hai Xiao" and "Tian Xiang" scheduled for production in 2025 and beyond [1] - A significant number of dramas are pending release, including "Qianxiang," "Jiaou Tiancheng," and "Ten Years of Warmth" [1] Short-form Content Business - The company has developed a comprehensive platform for short dramas, with both paid and free operations across multiple platforms, including overseas [1] - The "Xinglian Theater" and "Fenglin Theater" have accumulated over 3 billion views, with several short dramas exceeding 100 million views [1] - Future plans include focusing on high-quality short dramas and expanding into animated and AI short dramas [1] AI Collaboration - Huayi Century has formed a strategic partnership with Jieyue Xingchen to establish the "Linyue" AI Joint Laboratory, enhancing efficiency and quality in content creation through AI technology [1] - Initial projects include an AI short drama based on "Ten States and Three Realms" and a promotional video for "Inheritance of Jiangxi" [1] Interactive Film and Game Business - The interactive film and game sector presents significant market potential, and the company is integrating its traditional film production strengths into this innovative area [1] - The company has invested in the production of a sequel to a phenomenon-level IP and has established a mature payment model covering both domestic and international markets [1] Artist Management Platform - Huayi Century launched an online artist service platform called "Xinglian Shijie," signing nearly 100 artists and covering six core areas [1] - The platform utilizes intelligent algorithms and professional evaluations to select partners and provide various services to enhance artists' commercial value [1] - Future initiatives include expanding artist signings, promoting online service models, and strengthening artist training and services [1]