主编温静导读：2025年是柠萌影视实现战略突破与盈利改善的关键一年，通过在长剧、短剧、海外业务的协同发力，成功构建起多赛道增长格 局，财务状况实现根本性好转。公司凭借IP创作优势、全球化布局与技术赋能，在行业转型期确立了核心竞争力。 来源：传媒内参—主编温静 2025年，柠萌影视以"超级内容连接新大众"为战略指引，实现业务规模与盈利质量的双重突破。全年在长剧精品化、短剧规模化、海外业务全球化三大赛 道齐头并进，成功构建"内容创作-IP运营-技术赋能"的全价值链体系。 财务层面实现根本性好转，上半年已完成扭亏为盈，营业收入同比增长108.5%；业务层面凭借《子夜归》《三十而已·曼谷篇》等标杆作品巩固行业地 位，海外收入同比激增2.5倍，连续四次入选国家文化出口重点企业，成为国剧出海3.0时代的引领者。本报告将从业务业绩、战略布局、财务状况等维 度，系统呈现公司2025年发展全貌。 核心业务业绩： 多赛道协同增长 （一）微短剧：规模化与精品化的双重突破 2025年柠萌影视在微短剧领域以"规模化+精品化"策略强势领跑，凭借"好有本领""星柠短剧"两大厂牌实现产能与口碑双爆发，成为公司业绩增长的核心 第二曲线。 全年 ...

Core Insights - The long drama market is expected to face a "bleak" end in 2025, with significant changes in industry dynamics anticipated due to a challenging environment [1] Group 1: Industry Trends - The traditional "Big Six" production companies are experiencing a decline in both output and market share, with Huace Film and TV significantly reducing its new releases from seven to three this year [2] - New releases from New Classics Media have also decreased, with only one major drama expected in 2025 compared to multiple successful titles last year [3] - The overall production capacity of companies like Noon Sunshine and Ningmeng Media has remained stable, but their new releases have not matched the success of previous years [5] Group 2: Emerging Players - New players in the industry are fiercely competing, with companies like Changxin Media and Jiaxing Media gaining attention through successful new releases [14][16] - Quantum Pan Entertainment and Chunyu Media's collaboration on "Cang Hai Chuan" has emerged as a leading title in the male-oriented drama category, showcasing the potential of new entrants [21] - Other emerging companies like Xixi Film and Xinglian Film have also produced new works, indicating a slight recovery in their performance compared to last year [23] Group 3: Performance Metrics - The performance of dramas has varied significantly, with some productions achieving high ratings while others struggle to gain traction, reflecting the competitive nature of the market [9][11] - The drama "Xu Wo Yao Yan" from Jinhe Media has achieved notable success, marking a significant comeback for the company after a period of fewer hits [18] - The overall sentiment in the industry suggests that even successful productions are facing challenges in achieving blockbuster status, indicating a tough market environment [30]

Core Viewpoint - The article discusses the trend in recent Chinese dramas where female protagonists are depicted moving from larger homes to smaller living spaces, reflecting a shift in narrative that emphasizes autonomy and choice over traditional notions of status and wealth [5][9]. Summary by Sections Changing Narratives in Dramas - Recent Chinese dramas showcase female leads moving from spacious homes to smaller ones, indicating a narrative shift that challenges traditional views on marriage and living conditions [5][6]. - The phenomenon has sparked discussions on social media about the implications of "downward marriage" and the associated living conditions for women [6]. Autonomy and Choice - The article argues that the size of the home should not be viewed as a regression but rather as a reflection of the characters' agency and decision-making power [6][9]. - For instance, in "生万物," the character 宁绣绣 gains decision-making authority and autonomy despite moving to a smaller home, showcasing her ability to influence her circumstances [6][9]. Relationship Dynamics - The dynamics of relationships are explored, with female characters choosing partners based on compatibility and support rather than wealth, as seen in "子夜归" where the protagonist 武祯 exercises her choice in selecting a partner [7][15]. - The article highlights that the size of the home can symbolize the nature of the relationship, with smaller spaces fostering deeper connections and mutual support among characters [8][20]. Historical Context of Housing in Dramas - The article contrasts the current trend of smaller homes with earlier dramas that featured opulent living spaces, such as "我的前半生" and "亲爱的，热爱的," where wealth was prominently displayed [11][12]. - It notes that the portrayal of large homes in earlier dramas often served as a backdrop for romantic and social narratives, while the current trend reflects a more grounded and relatable approach to storytelling [11][14]. Modernity and Mobility - The shift from large homes to smaller living spaces is also seen as a response to modernity, where characters are depicted as more mobile and less tied to traditional notions of stability and ownership [17][19]. - The article suggests that this reflects a broader societal change where the significance of physical space is diminished in favor of personal agency and relationships [18][20]. Conclusion - Ultimately, the article posits that the trend towards smaller homes in Chinese dramas signifies a deeper understanding of female empowerment and the evolving nature of relationships in contemporary society [20].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Views - The company has turned its performance around, achieving profitability driven by improved efficiency and growth in short drama business [4][9]. - Significant revenue growth is noted, with a year-on-year increase of 108.5% in H1 2025, reaching 401 million yuan, alongside a positive adjusted net profit of 14.44 million yuan [4][9]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 401 million yuan, a 108.5% increase year-on-year, and an adjusted net profit of 14.44 million yuan, compared to a loss of 49.41 million yuan in H1 2024 [4][5]. - The gross margin improved to 25.2%, up by 2.8 percentage points year-on-year, while the adjusted net margin increased by 29.3 percentage points to 3.6% [4][5]. Business Segments - The overseas and short drama business segments have shown substantial growth, with overseas revenue exceeding 33 million yuan, approximately 2.5 times that of the previous year [5][6]. - The short drama segment generated over 50 million yuan in revenue, with more than 3,400 minutes of content released, reflecting a growth of over 70% [7]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.029 billion yuan, 1.803 billion yuan, and 2.085 billion yuan respectively, with corresponding net profits of 40 million yuan, 167 million yuan, and 202 million yuan [8][9]. - The report anticipates a strong growth trajectory, with a projected PE ratio of 39 for 2025, decreasing to 8 by 2027 [9][10].

Core Viewpoint - The company reported a strong performance in 1H25, with revenue and profit figures meeting market expectations, indicating a positive growth trajectory in both short and long-form content production [1][2]. Group 1: Financial Performance - The company achieved a revenue of 401 million yuan in 1H25, representing a year-on-year growth of 108% [1]. - Non-IFRS net profit reached 14.44 million yuan, marking a turnaround from losses and falling within the forecast range of 13-15 million yuan [1]. - Gross margin improved to 25.2% in 1H25, with a reduction in sales and management expenses contributing to profitability [2]. Group 2: Content Production and Strategy - The company is focusing on high-quality drama development, with short drama revenue exceeding 50 million yuan in 1H25 and a significant increase in short drama output, totaling over 3,400 minutes, a 70% year-on-year increase [1][2]. - Long-form content production is progressing steadily, with the release of the series "书卷一梦" and ongoing projects in various stages of production, indicating a robust pipeline for future releases [1][2]. Group 3: International Expansion - The company’s overseas business revenue surpassed 33 million yuan in 1H25, approximately 2.5 times that of 1H24, highlighting successful international distribution strategies [2]. - The company is actively expanding its distribution of long-form content in markets such as Vietnam, Malaysia, and Russia, with notable releases on multiple international platforms [2]. Group 4: Future Outlook - The company anticipates a gradual release of production capacity in 2026, with a focus on the elasticity of long-form content business [2]. - Adjustments to profit forecasts reflect the impact of new business investments, with a projected Non-IFRS net profit of 42.93 million yuan for 2025 and an increase to 173 million yuan for 2026 [2].

Core Viewpoint - CICC has downgraded the Non-IFRS net profit forecast for Lingmeng Film and Television (09857) for 2025 by 60.6% to 42.93 million yuan due to investments in new businesses like short dramas, while raising the 2026 forecast by 48.7% to 173 million yuan, reflecting expected capacity release in long dramas [1] Group 1: Financial Performance - For 1H25, the company reported operating revenue of 401 million yuan, a year-on-year increase of 108% [2] - The Non-IFRS net profit for 1H25 was 14.44 million yuan, turning profitable compared to the previous year, aligning with market expectations [1][2] - The company's gross margin for 1H25 improved to 25.2% [2] Group 2: Business Segments - The company is focusing on high-quality drama development and gradually increasing production capacity, with short drama revenue exceeding 50 million yuan in 1H25 [2] - In 1H25, the company launched over 3,400 minutes of short dramas, a 70% year-on-year increase, with a current scale of 16 episodes per month [2] - The overseas business generated over 33 million yuan in revenue in 1H25, 2.5 times that of 1H24, with strategic adjustments in distribution [2] Group 3: Future Outlook - The company anticipates gradual capacity release for long dramas post-2025, with several projects in production and preparation stages [3] - Upcoming long dramas include "Ziyue Gui" which aired on August 18, and others like "Yue Ming Qian Li" and "Zha Xi" are in the pipeline [3] - The company is advised to maintain focus on the release pace of long drama capacity and the potential for profit improvement [3]

Core Viewpoint - CICC has downgraded the Non-IFRS net profit forecast for Lingmeng Media (09857) for 2025 by 60.6% to 42.93 million HKD due to investments in new short-form content, while raising the 2026 forecast by 48.7% to 173 million HKD, reflecting expected capacity release in long-form content [1] Group 1: Business Performance - In the first half of 2025, Lingmeng Media reported revenue of 401 million HKD, a year-on-year increase of 108%, with Non-IFRS net profit of 14.44 million HKD, turning profitable and aligning with market expectations [1] - The company’s short-form content business generated over 50 million HKD in revenue in the first half of 2025, with a production capacity of over 3,400 minutes, a 70% year-on-year increase [2] Group 2: Long-form and Short-form Content Strategy - The company is focusing on high-quality drama development and gradually increasing production capacity, with a stable production pace for long-form content [2] - The long-form series "Shu Juan Yi Meng" has been released, and two additional projects have been completed, indicating a steady production rhythm [2] Group 3: International Business and Cost Management - In the first half of 2025, overseas business revenue exceeded 33 million HKD, 2.5 times that of the same period in 2024, with the series "Shu Juan Yi Meng" launched on multiple international platforms [3] - The company has improved its gross margin to 25.2% in the first half of 2025, with a reduction in sales and management expenses due to cost-cutting measures [3] Group 4: Future Outlook - The company anticipates gradual capacity release for long-form content in 2026, with several projects in various stages of production [4] - Ongoing attention is recommended for the release schedule and profitability improvement of long-form content [4]

Group 1 - The core point of the article is the announcement by Ningmeng Film and Television (柠萌影视) regarding the release of their new drama "Midnight Return" (子夜归), which is set to exclusively premiere on Tencent Video starting August 18, 2025 [1] - The drama is produced by Ningmeng Film and Television along with its subsidiary Qingningmeng and Tencent Video [1] - The creative team includes writers Liu Yue and Sun Lin, director Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles are played by Xu Kai and Tian Xiwei [1]

Core Viewpoint - Ningmeng Film (09857) announced that its pure love drama "Midnight Return," produced in collaboration with Qingningmeng and Tencent Video, is set to exclusively premiere on Tencent Video starting August 18, 2025 [1] Group 1 - The drama "Midnight Return" is written by Liu Yue and Sun Lin, directed by Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles in the drama are played by Xu Kai and Tian Xiyi [1]

Group 1 - The core point of the article is that Lingmeng Film (09857) announced the exclusive online release of the pure love drama "Midnight Return" on Tencent Video starting from August 18, 2025 [1] - The drama is produced by Lingmeng Film and its subsidiary Qingningmeng, in collaboration with Tencent Video [1] - The creative team includes screenwriters Liu Yue and Sun Lin, director Lu Haojiji, with Qi Shuai as the executive producer and Wu Ruoyan as the producer [1] - The leading roles are played by Xu Kai and Tian Xiwei [1]