Core Insights - The rise of micro-dramas has become a common theme for major long-video platforms like iQIYI and Mango TV, reflecting a shift in industry trends as they seek new user engagement amidst competition from short videos [1][8] - Micro-dramas are no longer supplementary content but are increasingly featured prominently in financial reports, indicating their growing importance [1][8] iQIYI's Performance - iQIYI has the most significant micro-drama inventory, with 15,000 vertical-screen micro-dramas stored, and notable self-produced projects like "Cheng He Ti Tong" that have driven substantial engagement [2][4] - The platform is also focusing on international markets, with micro-dramas becoming a key category for attracting new members in regions like Indonesia, South Korea, and Brazil [4][12] - In Q2 2025, iQIYI reported double-digit growth in daily viewing time and unique visitors for micro-dramas, indicating their potential as a new growth engine [4][12] Mango TV's Strategy - Mango TV achieved explosive growth in micro-dramas, launching 1,179 new titles under the "Big Mango Plan," a nearly sevenfold increase from the previous year [5][12] - The platform integrates various resources from variety shows, films, and artists to create a content ecosystem that connects micro-dramas with other formats [5][12] Tencent Video's Focus - Tencent Video demonstrated strong commercial viability with 34 micro-dramas achieving over 1 million in box office revenue, accounting for 80% of the total reported results across platforms [6][8] - The platform's strategy emphasizes monetization through a revenue-sharing model, attracting high-quality projects and maintaining a clear market identity [8][12] Industry Trends - The overall trend indicates that short dramas have transitioned from experimental phases to a more scalable approach across major platforms [8][9] - Despite rapid growth in micro-dramas, the financial reports reveal ongoing challenges for the main business lines of these platforms, suggesting that while micro-dramas are a diversification effort, they have yet to become a primary growth driver [12][13] - The competitive landscape is intensifying, with new entrants like Hongguo Short Drama rapidly expanding their user base, prompting long-video platforms to adapt their strategies [13]

Core Viewpoint - iQIYI has returned to a loss position, with Q2 2025 revenue declining by 11% year-on-year to 6.63 billion yuan and a net loss of 133.7 million yuan compared to a net profit of 68.7 million yuan in the same period last year [1] Group 1: Financial Performance - iQIYI's membership revenue decreased by 9.0% year-on-year to 4.09 billion yuan, attributed to limited head content [5] - The company's advertising revenue fell by 13% year-on-year to 1.27 billion yuan, influenced by macroeconomic pressures and reduced budgets from major advertisers [8][9] - Overall, iQIYI's total revenue cost was 5.29 billion yuan, down 7% year-on-year, with content costs decreasing by 8% to 3.78 billion yuan [16] Group 2: Industry Challenges - The long video platform industry is facing a crisis due to competition from short videos and a sluggish advertising market [2][3] - Tencent's video subscription numbers dropped by 3 million to 114 million, indicating a broader trend in the industry [2] - The short video user base in China reached 1.04 billion, with a usage rate of 93.8%, highlighting the shift in viewer preferences [6] Group 3: Content and Market Strategy - iQIYI maintains a leading market share in total viewership among long video platforms, with several of its dramas achieving high popularity [5] - The company is exploring new market growth by leveraging its IP reserves for consumer products and offline experiences, achieving over 100 million yuan in GMV from collectible cards [13] - iQIYI's micro-drama library has reached 15,000 titles, with notable successes in recent releases [14] Group 4: Policy and Future Outlook - Recent favorable policies from the National Radio and Television Administration, known as "Broadcasting 21 Articles," are expected to enhance content production efficiency and attract more talent and investment [10][11][12] - iQIYI's international version saw a record high in daily membership numbers, with significant growth in markets like Brazil, Mexico, and Indonesia [15]

来源：环球网 【环球网财经综合报道】8月20日，爱奇艺发布截至2025年6月30日未经审计的第二季度财报。二季度， 爱奇艺总收入为66.3亿元人民币。其中，会员服务收入40.9亿元，在线广告服务收入12.7亿元，内容发 行收入4.4亿元，其他收入8.3亿元。当季，爱奇艺Non-GAAP（非美国通用会计准则）运营利润为5870 万元，连续14个季度保持Non-GAAP运营盈利。 爱奇艺创始人、首席执行官龚宇表示："第二季度至暑期档，爱奇艺爆款内容频出，剧集云合总市占率 位居第一。同时，我们聚焦创新，投入AI应用、微剧、体验业务和海外业务等重点增长领域，旨在推 动可持续的长远发展与成功。" 爱奇艺首席财务官汪骏表示："我们有效地管理资源并优化资本结构，实现净利息费用连续七个季度下 降，以支持长远价值创造。" 第二季度，爱奇艺自制精品微剧取得重大突破，推出了《炙爱难逃》《成何体统》和《掌上珠》等多部 深受欢迎的作品。其中，爱奇艺首部IP改编微剧《成何体统》内容热度峰值破5500，创平台微剧新纪 录。截至目前，爱奇艺微剧内容储备约1.5万部。 财报显示，当季，爱奇艺总成本为52.9亿元，同比下降7%。作为成本的主要组 ...

美股研究社获悉，8月20日，爱奇艺（NASDAQ:IQ）发布截至2025年6月30日未经审计的第二季度财 报。二季度，爱奇艺总收入为66.3亿元人民币。其中，会员服务收入40.9亿元，在线广告服务收入12.7 亿元，内容发行收入4.4亿元，其他收入8.3亿元。当季，爱奇艺Non-GAAP（非美国通用会计准则）运 营利润为5870万元，连续14个季度保持Non-GAAP运营盈利。 爱奇艺创始人、首席执行官龚宇表示："第二季度至暑期档，爱奇艺爆款内容频出，剧集云合总市占率 位居第一。同时，我们聚焦创新，投入AI应用、微剧、体验业务和海外业务等重点增长领域，旨在推 动可持续的长远发展与成功。" 第二季度，爱奇艺自制精品微剧取得重大突破，推出了《炙爱难逃》《成何体统》和《掌上珠》等多部 深受欢迎的作品。其中，爱奇艺首部IP改编微剧《成何体统》内容热度峰值破5500，创平台微剧新纪 录。截至目前，爱奇艺微剧内容储备约1.5万部。 当季，爱奇艺总成本为52.9亿元，同比下降7%。作为成本的主要组成部分，内容成本为37.8亿元。当季 销售及管理费用、研发费用分别为9.6亿元和4.2亿元。 二季度，在Non-GAAP标准下， ...

这是今年"百念好何"（刘念、何聪睿CP名）的三搭，此前他们还在今年3月播出《请君入我怀》，6月《成何体统》，其中《请君入我怀》红果观看量破 20亿，《成何体统》在爱奇艺站内热度值破6000。CP粉正在组成演员的核心粉丝群体，刘念的抖音中，热度最高的视频绝大多数都与何聪睿有关，两人 的共创手势舞视频点赞数破120万，剧播期双双登顶各大短剧演员榜。 时间拨回一年前，短剧行业还有个说法是"捧剧不捧人"，但现在显然不是这么回事。短剧演员，尤其是短剧CP正在形成自己的号召力。 《念念有词》成为红果播放量最快破30亿短剧，为此红果还特地在黄浦江上举办了一次邮轮庆功会。庆功会上男女主刘念、何聪睿合体直播，整场直播最 高观看人数在4万人。从接新娘、上游轮、喷彩带再到香槟蛋糕礼服，整场直播的流程被CP粉称作"婚庆流程"，男女主的互动也仿佛把糖喂到CP粉嘴里。 "百念好何"的CP产出粉西欧告诉小娱，在短剧之外，她不再局限于剧内，而是将两位主演的剧外直播、短视频物料、活动都盘遍。 从今年开始，短剧CP的营业造势，不再只是徐艺真、孙樾的1.0时代依靠剧集本身的设定，艺人层面联动的打法，也不是野生剧粉的自发嗑糖，而是平 台、制片方、导 ...

中经记者张靖超北京报道 进入暑期，微短剧行业热度持续攀升。一批精品微短剧集中上线，涵盖多元题材：集结《亮剑》原班人 马的重大革命历史题材作品《山河回响》、反诈普法题材短剧《云端捕手》目前虽在拍摄中，已引发不 少关注；轻喜微短剧《成何体统》与讲述非遗故事的《墨韵新生》凭借鲜活内容，开播后带动观剧热 潮。与此同时，行业规范也在同步推进。国家广播电视总局于7月11日、7月21日连续发出管理提示，为 微短剧行业的健康发展进一步明确方向。 热度与规范并行，折射出微短剧行业向精品化发展的态势。在政策规范与市场驱动下，微短剧行业在整 体创作上从"强冲突、快反转"的爽感叙事转向"情感共鸣"与"家国情怀"的深度表达，在规范化与精品化 的导向下不断探索更多的创作可能性。 中国新闻文化促进会副会长、国家广播电视总局网络视听专家组成员陆先高在接受《中国经营报》记者 采访时表示，随着微短剧市场规模的持续扩大，今年广电总局对行业的管理也更加细致，既有针对重大 主题、题材的方向规制，也有对突出问题的及时纠偏，还有直接为行业发展"注入活水"的长线计划。围 绕生态治理这一核心，总局对微短剧的管理，既精准回应当下行业痛点，又为未来发展锚定方向。 ...

7月27日拍摄的2025台北漫画博览会现场。新华社记者 李悦 摄 "大陆近几年动漫产业发展非常蓬勃，很多作品让我感到非常惊艳，无论是画作、呈现还是故事编排都非常精致。"台湾配音演员胡镇玺在接受采 访时说，中华文化内涵丰富、题材广阔，仅《聊斋志异》就有数百篇不同的故事。两岸创作者若能从不同角度切入、共同创作这类题材，将能展 现出更加多元而有广度的艺术风格。 "大陆选手在发音时咬字完整、音律优美，气息的连贯性也处理得很好。"已是第二次参赛的台湾"宝雅优声"青年配音演员玖笙（艺名）在接受采 访时表示，不同情境中采用不同的表达方式和发音技巧，有助于更好地融入角色。她认为，两岸持续交流能激发更多想象力与创造力，加强彼此 学习与借鉴十分有意义。 新华社台北7月27日电（记者李悦、李建华）第三届海峡两岸动漫配音大赛展区27日亮相台北漫画博览会，汇集多部大陆经典动画及人气IP，吸引 众多台湾青年参与互动、体验配音乐趣，感受中华文化的现代魅力。 本届博览会上，现场观众不仅可以欣赏《许愿神龙》《成何体统》《奶龙》等一批"中华优秀动画IP"的集中展播，还可与知名配音演员合作演绎 经典动画片段，现场气氛热烈。 台湾中华动漫出版同业协 ...

Core Viewpoint - The micro-short drama market in China is experiencing explosive growth, with user scale reaching 662 million and industry size surpassing 50.44 billion yuan in 2024, indicating a significant shift in the entertainment industry [1][2] Market Growth and Trends - The micro-short drama user base is projected to exceed 680 billion yuan by 2025 and potentially reach over 1 trillion yuan by 2027, driven by fragmented entertainment demands in the mobile internet era [1] - The industry is transitioning from "barbaric growth" to "boutique exploration" under the dual influence of policy regulation and industry self-discipline [2] Business Model Innovation - Platforms like Hongguo Short Drama are defining the commercial logic of the industry through a model of "free viewing, advertising revenue sharing, and professional production" [4] - The introduction of a "tiered revenue sharing + traffic incentive" mechanism has provided stable income for content creators, fostering a positive feedback loop for high-quality content [4][9] Talent Development and Collaboration - Tencent Video has launched an incentive plan for creators, offering substantial rewards for production teams, directors, and writers, thereby attracting more creators to the micro-short drama space [5] - Major traditional film and television companies are increasingly collaborating with micro-short drama platforms, enhancing production quality and transitioning to an industrialized production system [5] Technological Advancements - The widespread adoption of 5G and advancements in AIGC technology are expected to further enhance production efficiency in micro-short dramas [7][8] - AI tools are being integrated into the entire production process, from script generation to final presentation, improving creative output [8] Quality and Content Evolution - The summer of 2025 is anticipated to see a new wave of high-quality micro-short dramas, with successful examples like "Nian Nian You Ci" achieving over 1 billion views [10] - Current trends indicate a shift from formulaic storytelling to more nuanced narratives that reflect real-life experiences and human concerns [13] Cultural and Social Impact - Micro-short dramas are increasingly integrating cultural heritage and social issues, with works focusing on non-material cultural heritage and legal education gaining traction [14][15] - The industry is creating new job opportunities, with 647,000 positions generated, predominantly attracting younger professionals [16] Future Outlook - The micro-short drama industry is undergoing a profound transformation, moving towards a more refined and sustainable model, with potential for significant growth and cultural impact in the digital age [16]

一年一度的暑期档，动漫作品往往成为视频平台的引流利器。与往年男频年番霸屏的景象不同，今年暑期档女频动漫正在集体上桌，不仅涌现出了一个个 独具魅力的"大女主"，在题材上也在走出恋爱、搞笑等边缘类型，不仅在爽燃热血的维度全面向男频看齐，在设定新鲜感上也更胜一筹。 当腾讯视频在男频动漫领域霸榜多年，爱奇艺、优酷、B站也正在通过题材差异化寻求破局，而女频动漫是最有机会的突破口。 01 大女主番暑期档接力 2022年，随着剧集《苍兰诀》的火爆出圈，同步上线的《苍兰诀》动画首次让女频动漫在暑期档有了一席之地。 作为爱奇艺"一鱼多吃"IP开发模式的典型案例，《苍兰诀》剧集和动画在开发时就规划了差异化定位：剧集主打"东方幻想爱情童话"，动画则集夸张搞笑 风格与高燃炫酷打斗为一体，这种差异化定位使同一IP既能覆盖不同偏好的受众群体，又能实现世界观设定、场景设计等内容资源的共享，合力推高这一 IP的市场热度。 三年之后，原班人马回归的《苍兰诀2 影三界篇》上线，开播之日即登顶爱奇艺站内热搜榜。虞书欣、王鹤棣等剧版主演的"剧动联动"，更是将其热度推 向高潮，观众纷纷在弹幕刷屏"梦回2022年夏天"。正如粉丝所评价的"搞笑中二不减， ...

Core Insights - The micro-short drama industry is transitioning from rapid expansion to a focus on quality, driven by both policy regulations and market demands [1][2] Policy Support: Comprehensive Regulation Strengthens Industry Foundation - The National Radio and Television Administration has established a comprehensive regulatory system for micro-short dramas, including classification, registration, and AI governance [2] - The "classification and tiered" management approach implements differentiated reviews based on content themes and target audiences, particularly for youth-oriented works [2] - The number of industry violations reported decreased by 78% from 2022 to 2024, indicating a shift towards a more regulated and standardized industry [2] Market Upgrade: From "Traffic Chasing" to "Content Deepening" - The market size of micro-short dramas in China grew from 368 million yuan in 2021 to over 37.39 billion yuan in 2023, with projections of reaching 50.4 billion yuan in 2024, marking a hundredfold increase in three years [3] - Content creation has evolved from relying on high twists and strong excitement to exploring real-life themes and cultural depth [3] - Successful examples include "Home Inside and Outside," which resonated with audiences through its portrayal of intergenerational family relationships, achieving over 800 million views [3] Diverse Themes Addressing Social Needs - Micro-short dramas have become a significant force in cultural consumption, with platforms releasing high-quality works that resonate with contemporary societal issues and youth interests [4] - Notable productions include "Mountain River Echoes," which addresses fraud prevention, and "Cloud Catcher," which explores AI ethics, both generating significant viewer engagement [4] Societal Impact: New Business Model Releases Diverse Value - The micro-short drama industry created 647,000 jobs in the first half of 2025, spanning various roles from scriptwriters to flexible employment opportunities [5] - The integration of micro-short dramas with cultural tourism has led to a 30% increase in visitor numbers at filming locations [6] - The "micro-short drama + legal education" model has emerged as a new tool for grassroots governance, with productions like "Rental Pitfalls" helping to reduce local rental disputes by 22% [6]