作者 | 周琳 主编 | 苏淮 从2023年开始，上市的影视、院线公司在投资者问答平台都免不了回答一个问题：公司有没有布局短剧 业务？能不能贡献营收？ 微短剧的火越烧越旺，明明被吐槽是下沉专属的"奶头乐"，但架不住"日充千万"的收益神话频频搅动市 场敏感的神经，影、剧、文三界的"老炮儿"全被拉到了赛场，只要旗下业务有一点沾边，就逃不过投资 者的灵魂拷问。 但在长剧集和电影上的优秀战绩，未必能延续到短剧领域。从目前短剧行业的格局来看，"正规军"中能 称为头部的选手寥寥，市场多是被一些MCN机构、直播平台以及成立不久的新公司占据。 源媒汇研究了目前头部的影视公司、网文平台在短剧领域的布局和发展情况，总的来讲，"正规军"对这 场战役还是较为谨慎的。尤其是上市公司，基本都停留在"有准备"的层面，已有项目落地的并不多。目 前表现较为亮眼的是柠萌影视（09858.HK)）和华策影视（300133.SZ）。 从短剧业务切入的难易程度到公司的市占率目标，再到微短剧的团队搭建情况和能力建设周期，机构对 于短剧这个资本市场热点抱有极大热情。 华策影视在此次问答中表示，公司从2022年开始关注并研究微短剧市场，从2023年6月开始 ...

Core Insights - The year 2024 is seen as a pivotal year for traditional drama production companies in China, with many reporting revenue declines [1] - The industry is experiencing a downturn, with some companies managing to grow through cost-cutting or reliance on single successful projects, indicating that the sector has not fully recovered [2][3] Company Performance - Huace Film & TV reported a revenue of 1.939 billion yuan in 2024, a decrease of 14.48% year-on-year, with a net profit of 170 million yuan, down 41.55% [1] - Ciwen Media's revenue was 366 million yuan, down 20.63%, but it achieved a net profit of 12.851 million yuan, reversing losses due to reduced operating costs [1] - Ningmeng Media's revenue fell by 46.25% to 657 million yuan, resulting in a net loss of 190 million yuan [1] - Daocaoxiong Entertainment and Huanrui Century were among the few companies to achieve both revenue and profit growth, with Daocaoxiong's revenue increasing by 33.6% to 1.125 billion yuan [2] Industry Trends - The overall performance of traditional long-form dramas is declining, with a significant reduction in the number of new shows being produced [4] - The total number of new domestic dramas released in 2024 was 7,610 episodes, a decrease of 14% year-on-year [4] - The industry is shifting focus towards micro-short dramas, which have seen rapid development in recent years, as companies seek new growth opportunities [6] Strategic Shifts - Companies like Ningmeng Media are exploring micro-short dramas, with their 2023 release "Twenty-Nine" achieving over 1.17 billion views [6] - Huace Film & TV launched seven micro-short dramas in 2024, while Ciwen Media is producing four [7] - Huanrui Century is enhancing its artist management business, which saw an 86.86% revenue increase to 234 million yuan, becoming a key growth area [4][7] - Companies are also investing in AI technology to improve content production and management, indicating a strategic pivot towards innovation [7]