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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 9857 自願公告 業務發展最新情況 本公告乃經檸萌影視傳媒有限公司（「本公司」或「檸萌影視」，連同其附屬公司及併表聯屬 實體統稱「本集團」）自願作出，旨在向本公司股東及潛在投資者更新本集團之最新業務發 展。 本公司董事會（「董事會」）欣然宣佈，由檸萌影視及旗下青檸萌、騰訊視頻出品的純愛奇 譚《子夜歸》，計劃將於2025年8月18日起登陸騰訊視頻全網獨播。該劇由柳樾和孫臨編 劇，侶皓吉吉執導，齊帥擔任總製片人，吳若妍擔任製片人，許凱、田曦薇領銜主演。 承董事會命 檸萌影視傳媒有限公司 董事長 Linmon Media Limited 中國，北京 2025年8月12日 於本公告日期，本公司執行董事為蘇曉先生、陳菲女士及徐曉鷗女士；本公司非執行董 事為王娟女士及張嶸先生；本公司獨立非執行董事為蔣昌建先生、唐松蓮女士及梁寧女 士。 蘇曉 ...

Core Viewpoint - The summer drama market is facing challenges with no significant hit series emerging so far, despite multiple high-profile releases and competitive strategies from major platforms [1][9]. Group 1: Upcoming Dramas - The ancient costume drama "Jin Yue Ru Ge" premiered on August 6, 2023, and has gained significant popularity, reaching a peak heat value of over 26,000 on Tencent Video [1]. - "Sheng Wan Wu," a historical emotional epic, is set to air on August 13, 2023, on CCTV-8 and iQIYI, focusing on the land changes in rural China and the awakening of female self-identity [3][4]. - Two other dramas, "Zi Ye Gui" and "Xian Yu," are confirmed to air on August 18 and August 16, respectively, both adapted from popular novels by author Fu Hua, adding to the competitive landscape [4][6]. Group 2: Market Dynamics - The current summer season has not produced any standout dramas, with even high-potential series like "Fan Ren Xiu Xian Chuan" experiencing a decline in viewership after initial success [9][11]. - The genre distribution shows a dominance of female-targeted ancient costume dramas, while the single historical drama "Sheng Wan Wu" may benefit from this trend [8]. - The industry is under pressure to deliver quality content, with several new dramas set to premiere in August, including "Yu Jin Chang An" and "Zhuo Zhuo Shao Hua," indicating a strategic push from platforms to capture audience interest [13][15].