"女将军101"第二部《与晋长安》堂堂来袭，接受观众质检！ 近期，《与晋长安》正式上线开播，与前不久热播的《锦月如歌》、即将播出的《一笑随歌》《山河枕》《逐玉》《烽影燃梅香》等作品共同构成了所谓 的"女将军101"阵营，成为当前剧集市场"题材扎堆内卷"现象的一个典型缩影。 图/网络，见水印 无独有偶，近一年的剧集市场，同一题材作品"你方唱罢我登场"的情况屡见不鲜。"女将军"们只是冰山一角。杨紫主演的《国色芳华》、赵露思主演的 《珠帘玉幕》与谭松韵的《蜀锦人家》相继打出"大女主经商"牌，试图复制此前同类题材的成功。 现偶赛道更是拥挤，《难哄》《嘘，国王在冬眠》《焕羽》《爱你》等剧集纷纷加入战局。就连"志怪"和"探案"这类相对垂类的题材，也出现了《无忧 渡》《子夜归》和《朝雪录》《定风波》多部作品扎堆上线的情况。 这样的剧集供应策略一方面多IP集中上市有利于共同加热同题材热度；另一面对于同一内容平台而言，同题材多IP布局是"不将鸡蛋放在一个篮子里"的内 容投资风险分散。而对不同内容平台而言，可以防止在某一类型的题材风口的竞争中出现战略性缺位。 但带来的挑战也显而易见：一是"同根相煎"，加大了剧集之间的竞争风险；二 ...

多款文旅AI数字人将亮相 北京市委宣传部副部长李卫华在会上介绍，本届服贸会文旅服务专题的第一个亮点是"可感知、可参 与"。 8月26日，2025年中国国际服务贸易交易会文旅服务专题新闻发布会举办。北京商报记者从会上获悉， 本次文旅服务专题将围绕"科技赋能 创意引领"展览主题，馆内设置中华优秀传统文化、文化新质生产 力、文商旅体融合和文化产品海外传播交流四大板块。截至目前，共有456家企业线下参展，包括世界 500强及行业龙头企业85家。本届服贸会文旅服务专题具有"可感知、可参与""可开发、可利用""可欣 赏、可消费"三大亮点，一系列新场景、新产品、新服务将首发首展。 李卫华介绍，专题将聚焦北京中轴线申遗、"博物馆之城"建设、视听文艺精品创作等成果，深挖北京历 史文化资源禀赋，借助数字技术、新媒体时尚设计等手段，促进非遗产品跨界融合，组织潮玩时尚文化 IP展示，彰显文化产业发展多样性与时代创新活力。 其中，在新技术方面，为服贸会定制的"隆福寺藻井"数字艺术展以全新视角让观众领略藻井之美，感受 传统建筑的匠心智慧；"亚马逊探险狂想"MR超级混合现实体验，让观众在虚实交织的生态画面中，触 摸虚拟亚马逊动物，听土著文 ...

报告要点 [Table_Summary] 芒果公布 25 年半年报：2025 年上半年公司实现营业收入 59.64 亿元，同比下降 14.31%；实 现归母净利润 7.63 亿元，同比下降 28.31%；实现扣非后归母净利润为 6.10 亿元，同比下降 33.15%。公司优质综艺和剧集储备丰富，我们持续看好公司在 S 级综艺加密、剧集&微短剧突 破下带来的业绩增长。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 丨证券研究报告丨 公司研究丨点评报告丨芒果超媒（300413.SZ） [Table_Title] 广告业务环比改善，综艺&剧集&微短剧三驾马 车齐头并进 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芒果超媒（300413.SZ） cjzqdt11111 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-08-26 [Table_Title 广告业务环比改善，综艺 2] &剧集&微短剧三驾马 车齐头并进 [Table_Summary2] 事件描述 芒果公布 25 年半年报：202 ...

芒果超媒上半年会员收入近25亿元，小芒电商首次盈利，加大内容、研发投入致净利润同比降28%。 8月22日晚间，芒果超媒股份有限公司（芒果超媒，300413.SZ）披露2025年半年度报告，上半年公司实现营业收入59.64亿元，同比下降14.31%；归属于上 市公司股东的净利润7.63亿元，同比下降28.31%。 据半年报，芒果超媒主营业务板块包括芒果TV互联网视频、新媒体互动娱乐内容制作和内容电商等。具体来看，报告期内，芒果TV互联网视频业务实现营 业收入48.83亿元，同比下降1.5%；新媒体互动娱乐内容制作营收6.06亿元，同比下降4.34%；内容电商营收4.46亿元，同比下降67.09%；其他业务营收 2844.66万元，同比增长127.69%。 | | 本报告期 | 上年同期 | 本报告期 | | --- | --- | --- | --- | | 营业收入(元) | 5.963.683.329.69 | 6,959,926,553.07 | | | 归属于上市公司股东的净利润(元) | 763,397,450.94 | 1,064,832,991.18 | | | 归属于上市公司股东的扣除非经常性损 ...

Core Viewpoint - Huace Film & TV achieved significant revenue growth in the first half of 2025, with operating income reaching 790 million yuan, a year-on-year increase of 114.94%, and a net profit attributable to shareholders of 118 million yuan, up 65.05% [1]. However, the company faces structural challenges as the revenue growth rate sharply declined to 6.8% in the second quarter, with a non-recurring net profit plummeting by 99.3% to only 27,000 yuan, indicating a near collapse of core profitability [1]. Revenue and Profitability - The substantial revenue increase was primarily driven by the television production and distribution business, which generated 360 million yuan, a staggering year-on-year increase of 1258.92%. However, the cost growth in this segment was even more alarming, soaring by 1807.48%, leading to a decline in gross margin by 23.55 percentage points, resulting in a "revenue without profit" dilemma [1][2]. Cost Structure and Cash Flow - The core issue of deteriorating profit quality stems from uncontrolled costs in the television business. The production and distribution cost growth of 1807.48% far exceeded the revenue growth of 1258.92%. Additionally, three fixed expenses increased: sales expenses rose by 9.84% (mainly due to a 40.46% surge in promotional and business costs), management expenses saw a 104.23% increase in share-based payment costs, and research and development expenses grew by 14.97% [2]. This imbalance in cost structure further strained cash flow, with net cash flow from operating activities at -154 million yuan, a year-on-year decline of 54.78%, and inventory rising to 3.409 billion yuan (up 30.08% year-on-year), including 561 million yuan in computing equipment inventory, posing impairment risks [2]. Transformation Challenges - The company's three new business segments have yet to provide effective support for growth. The short drama and animation sectors have increased monthly production capacity to 20 short dramas, but individual revenue per drama has not been disclosed. The animation sector is collaborating with Hasbro to develop a "Peppa Pig" movie set for release in 2026, which has a long return cycle [3]. The computing power business generated 56.5 million yuan (7.15% of total revenue), but high inventory levels and a 601.75% increase in technology R&D expenses raise doubts about commercial viability [3]. International revenue reached 88.12 million yuan (up 28.5% year-on-year), with "The National Color of Elegance" distributed to over ten countries, but derivative product revenue remains at a mere million yuan level [3]. Industry Competition and Content Dependency - In the first half of the year, the company only aired two dramas, with the film "Assassination Novelist 2" scheduled for the National Day release becoming a critical variable. If no blockbuster hits are produced, the 1.85 billion yuan in "films in production" inventory will exacerbate financial pressure. The industry is facing increased competition in the short drama sector, leading to platform fragmentation, coupled with a general decline in industry gross margins (the company's overall gross margin was 31.19%, down 16.47 percentage points year-on-year), reflecting a continuous weakening of content pricing power [4]. Future Challenges - Short-term performance hinges on the efficiency of content delivery. The success of "Assassination Novelist 2" and 18 reserve projects must exceed expectations in Q3; otherwise, annual profitability will be under pressure. Long-term transformation faces dual challenges: on the technical side, the company must demonstrate AI's cost-reduction and efficiency-enhancing capabilities (such as script generation and virtual filming), while on the ecological side, it needs to integrate short dramas, animations, and computing power into a closed IP loop [5]. Institutional investor confidence has already declined, with the number of institutional shareholders dropping from 118 to 6, and the debt-to-asset ratio rising to 34.49% (up 9.79 percentage points year-on-year), indicating a continuous weakening of financial resilience [5]. Conclusion - The "high growth" of Huace Film & TV is essentially a short-term rebound driven by increased television production capacity, with cost control issues and delayed transformation exposing the fragility of its profit model. If the summer content does not meet expectations, coupled with the risk of impairment in computing power inventory, performance may hit new lows. Genuine breakthroughs require proving improvements in short drama gross margins, successful commercialization of computing power, and significant growth in IP derivative products within a limited timeframe; otherwise, the patience of capital may run out, leading to a potential cash flow crisis [6].

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual results, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [2][3]. Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year increase of about 65% [2]. - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [2]. - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [2]. Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve," with a monthly production capacity of 20 short dramas [3]. - The company is collaborating with Hasbro on the new animated film "Peppa Pig: Perfect Holiday," set to release in 2026, marking its first involvement in a global phenomenon animation IP [3]. - The company is also developing derivative products and has generated over one million yuan in revenue from the "Demon Slayer" exhibition and related merchandise [3]. Group 3: International Expansion - The series "National Color and Fragrance" has been distributed to over ten countries and regions, and the company's first international short drama app, DailyShort, has been launched [4]. - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [4].

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual report, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [1] Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year growth of about 65% [1] - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [1] - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [1] Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve" [2] - The company has increased its monthly production capacity of short dramas to 20 episodes through various strategies [2] - In the animation sector, Huace is collaborating with Hasbro on a new "Peppa Pig" animated film, expected to release in 2026 [2] Group 3: International Expansion - The series "Guose Fanghua" has been distributed to over 10 countries and regions, and the company's first international short drama app, DailyShort, has been launched [3] - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [3]

Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, primarily due to uneven scheduling of film projects, while achieving significant growth in net profit and improvements in certain business segments [1][2]. Revenue Summary - Total revenue for the first half of 2025 was 3.19 billion yuan, a decrease of 23.9% year-on-year, attributed to the scheduling issues of new film projects [1]. - Gross profit reached 1.61 billion yuan, down 22.6% year-on-year, but the gross margin improved by 0.8 percentage points to 50.5% [1]. - Net profit attributable to shareholders was 850 million yuan, an increase of 68.5% year-on-year, while Non-IFRS net profit was 508 million yuan, a decrease of 27.7% [1]. Segment Performance - **Copyright Operations and Other Businesses**: Revenue was 1.205 billion yuan, down 46.4% year-on-year, with copyright revenue decreasing by 48.4% to 1.138 billion yuan due to no new film releases from New Li Media [1]. - **Online Business**: Total revenue was 1.985 billion yuan, an increase of 2.3% year-on-year. Revenue from proprietary platform products was 1.746 billion yuan, up 3.1%, while revenue from Tencent product channels fell by 25.6% to 97 million yuan due to content distribution optimization [1]. IP Ecosystem Growth - The company added approximately 200,000 writers and 410,000 novels in the first half of 2025, with a total of 20 billion new words created [2]. - The number of new signed works generating over 1 million yuan in revenue increased by 63% year-on-year, and the number of new signed writers achieving over 10,000 yuan in subscription revenue grew by 45% [2]. - Community engagement improved, with the number of works receiving over 10,000 monthly votes increasing by 20% and those with over 1 million votes rising by 200% [2]. IP Visualization and Monetization - Successful releases in the film and animation sectors included popular titles such as "National Color and Fragrance" and "The Battle of the Underworld" [2]. - The company's IP derivative business generated a GMV of 480 million yuan, nearing the total of 500 million yuan for the previous year [3]. - The introduction of the AI writing assistant "Miaobi Tongjian" significantly enhanced creative efficiency, with a 40% increase in author interactions with AI [3].

Group 1: Cultural Achievements and Events - Tianlu Esports Club won the world championship at the 2025 Rift Breaker S1 competition, marking a significant achievement in the esports sector [11] - The recent "Black Myth: Wukong" exhibition attracted over 450,000 visitors, showcasing the global impact of this award-winning Chinese game [10] - The West Lake District's cultural practices reflect the successful implementation of the "Eight Cultural Construction Projects," integrating digital innovation and creative expression [8][10] Group 2: Cultural Industry Development - In 2024, 214 cultural enterprises in the West Lake District generated revenue of 43.373 billion, with a growth rate of 5.8%, positioning the district among the top in the main urban area [12] - The West Lake District's cultural industry strategy includes the establishment of the China (Zhejiang) Film and Television International Cooperation Zone and the China (Zhijiang) Audio-Visual Innovation and Entrepreneurship Base [10] - The annual West Lake Cultural Creative Conference has become a vital platform for gathering creativity and linking resources, with 27 quality projects signed in 2025 [11] Group 3: Reading and Cultural Spaces - The West Lake District has established 290 reading spaces covering an area of 195,000 square meters, enhancing community access to literature [15] - The "West Lake Reading Day," celebrated on the 23rd of each month, promotes reading as a cultural habit and community event [14] - Innovative initiatives like the "Reading Passport" engage children and promote exploration of local reading spaces [15] Group 4: Urban Cultural Revitalization - The Tianmu Li International Street has undergone a significant upgrade, becoming a trendy cultural landmark [18] - The integration of cultural, cloud, and technological innovations in the "Two Towns and Six Districts" initiative is driving urban development and attracting talent [18][19] - The transformation of historical sites into modern cultural hubs, such as the Dongchao Rice Factory, illustrates the blend of tradition and contemporary culture [19]

Core Insights - The overall performance of the drama market in the first half of 2025 shows a decline compared to the previous year, with a notable drop in the number of high-performing series and overall viewership [1][3][5] - Despite the challenges, platforms and creators are actively seeking ways to adapt and innovate in content delivery and scheduling strategies [1][18][20] Market Performance - In the first half of 2025, 137 new domestic dramas were launched, an increase of 7 compared to the previous year, while the inventory of dramas decreased by 36 to 71 [3][18] - The effective viewership of top dramas has significantly decreased, with the leading series in 2025 achieving 18 billion fewer views than the top series in 2024 [3][5] - The only series to exceed an average of 50 million views per episode in the first half of 2025 was "漂白" with 54.9 million views, compared to three series achieving this in the same period last year [5][14] Audience Reception - Four domestic dramas scored above 8 points on Douban in the first half of 2025, with the highest being 8.3 for "无尽的尽头" and "异人之下之决战！碧游村" [6][8] - The number of high-scoring dramas has not significantly changed, but the highest ratings and number of ratings have decreased compared to the previous year [8][6] Platform Dynamics - The competitive landscape among major platforms has shifted, with Tencent Video's "大奉打更人" leading in total effective views, while iQIYI's "漂白" excelled in average views per episode [10][13][15] - The proportion of exclusive dramas has increased to 87% in the first half of 2025, up 11 percentage points from the previous year [18][20] Content Trends - Historical dramas continue to dominate the market, accounting for 70% of the top 10 dramas by viewership [22][24] - There is a notable trend towards shorter series, with an increase in the number of episodes ranging from 13 to 23, particularly in the suspense genre [27][24]