9月29日，新京报新京智库发布《中国微短剧精品化发展研究报告（2025）》（下称"报告"）。《报告》认为，在 行业经历了"5秒一个反转、10秒一个看点"的野蛮生长期后，在多重因素合力作用之下，微短剧逐渐呈现出精品化 的发展趋势。精品化不仅是行业自我升级的结果，更是满足观众审美需求、回应监管要求和提升产业价值的必然 选择。 7亿用户撑起500亿市场：从野蛮生长到精品化转型 中国微短剧的发展轨迹清晰地展现了一个新兴产业从无序到有序、从粗放到精细的演进过程。相较于用户规模的 快速增长，更值得关注的是用户结构的全年龄化趋势——50岁以上用户占比接近30%。这意味着微短剧不再专属 于Z世代和都市白领，也开始为更多的中老年人群体所接受，成为社会公众的重要娱乐方式。 划"单项目投入可达300万元。这些都是行业精品化发展的标志性案例。资本的加入也改变了行业逻辑，专业团队 取代作坊式创作，制作水准和叙事能力得到显著提升。 中国微短剧市场规模与电影票房对比。 微短剧用户年龄分布。 而产业规模的跃升也同样令人瞩目。截至2024年12月，参与这一产业的相关企业已超过8万家，主体构成极为多 元，既有以阅文集团、中文在线（300364） ...

Group 1 - The micro-short drama market is expected to reach approximately 42.3 billion yuan in 2025, with a year-on-year growth of 28%, driven by the explosive growth of native models and a significant increase in free models [1] - The user base for micro-short dramas has reached 696 million, with a half-year growth rate of 5.1% [1] - Local governments are actively supporting the micro-short drama industry, leading to a surge in regional stories and the establishment of production bases in cities like Linfen, Zhengzhou, and Xi'an [3][4][6] Group 2 - The establishment of production bases is attracting talent and content companies, creating a network for short dramas in various cities [6][10] - The cost advantages of lower labor and venue costs in cities like Zhengzhou and Xi'an are driving the growth of short drama production [10][12] - The integration of full-chain services in production bases is enhancing the efficiency and effectiveness of short drama creation [8][12] Group 3 - Local policies are increasingly supporting the integration of short dramas with cultural tourism, with significant funding initiatives in places like Shenzhen and Shandong [13][17] - Successful short dramas have demonstrated the potential to boost local tourism, as seen with various productions leading to increased visitor numbers and local business growth [17][18] - The relationship between short dramas and cultural tourism is mutually beneficial, with each driving the other's growth [17][20] Group 4 - The importance of local knowledge and authenticity in short drama production is highlighted, with successful projects often involving local talent and settings [20][22] - The need for a balance between policy requirements and market demands is crucial for the success of cultural tourism-themed short dramas [30][31] - The industry is evolving, with companies exploring differentiated strategies to capture market opportunities in the competitive landscape [29][33]

Core Viewpoint - The short drama industry is rapidly growing, attracting attention from various media companies and investors, despite being perceived as lowbrow content. The market is currently dominated by new entrants and MCN organizations, with established film and television companies cautiously exploring this segment [1][4]. Group 1: Industry Dynamics - The short drama market is experiencing significant interest, with companies like Huace Film & TV and Ningmeng Film & TV making notable strides in this area [1][5]. - Major streaming platforms such as Tencent, iQIYI, and Douyin have already invested in short dramas, indicating a competitive landscape [3]. - The regulatory environment is tightening, with new guidelines requiring platforms to register short dramas, which may impact the content and production strategies of companies [22][23]. Group 2: Company Developments - Huace Film & TV has established multiple production teams and plans to expand its workforce significantly, with five short dramas set to launch by November 2023 [5][6]. - Ningmeng Film & TV reported a revenue of 1.22 billion RMB in 2023, with a net profit of 227 million RMB, marking a year-on-year growth of 28.4% and 60.4% respectively [8][10]. - The short drama segment contributed 32.23 million RMB to Ningmeng's revenue, reflecting a growth of over 1200% [10]. Group 3: Web Literature and Short Dramas - Companies in the web literature sector, such as Zhongwen Online and Yuewen Group, are also entering the short drama market, leveraging their IP for adaptation [14][16]. - Zhongwen Online reported that its IP derivative products, including short dramas, generated significant revenue, with a 94.41% increase year-on-year [14][16]. - Yuewen Group has launched a "Short Drama Star Incubation Plan" to develop its presence in the short drama market, although it has been slower to adapt compared to its competitors [18][19]. Group 4: Market Size and Growth - The micro short drama market in China reached a scale of 37.39 billion RMB in 2023, growing by 267.65% year-on-year, nearing the total box office of films [22]. - The rapid growth of the short drama market has attracted various stakeholders, including government entities and state-owned enterprises, indicating a trend towards higher quality content [22].

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]