作为"文化出海新三样"的代表，网络文学已成为中国文化产品出海最大的IP来源。阅文旗下起点国际 （WebNovel）不仅是中国网文出海的重要平台，也是培育全球原创故事的孵化器。借助AI翻译，起点 国际已向海外推出超10000部中国网文译作，同时培育了50万名海外原创作家、上线约77万部原创作 品，构建起从"单向输出"到"双向共创"的全球生态。 在IP产业链出海方面，阅文已有1800部漫画、约80部动画、百余部影视剧登陆海外市场。其中《庆余年 第二季》《大奉打更人》《与凤行》《玫瑰的故事》等影视作品屡次登上海外视频平台榜单。2025年下 半年，阅文现象级网文《诡秘之主》改编成动画作品，在全球190多个国家和地区同步播出，IMDb开分 达9.3分，成为中国IP出海的新标杆。 （文章来源：北京商报） 北京商报讯（记者卢扬实习记者华卓玛）在近日开幕的长三角国际文化产业博览会上，阅文集团携《庆 余年》《全职高手》《诡秘之主》等重磅IP集中亮相。依托庞大的精品内容储备，阅文已构建起覆盖影 视、动漫、游戏、有声、衍生品等领域的全产业链开发体系，持续推动IP价值全方位释放。 继去年实现影视"五连爆"后，2025年阅文IP再度延 ...

Core Insights - The article discusses the rise of "段评" (paragraph reviews) in online literature, highlighting their role in enhancing reader engagement and interaction, akin to video bullet comments [1][10] - It emphasizes the dual nature of段评 as both a tool for community building and a potential source of negative experiences due to poor-quality comments [9][10] Group 1: Impact of段评 on Reading Experience -段评 significantly increases reading time, sometimes surpassing the enjoyment derived from the original text, as seen with popular works like "探花" [1][2] - The interactive nature of段评 allows readers to engage deeply with the narrative, creating a social atmosphere that enhances the reading experience [10][13] -段评 can also serve educational purposes, providing insights and explanations that enrich the understanding of the text [6][10] Group 2: Popularity of Specific Works - "探花" is highlighted as a leading example of a novel that benefits from段评, achieving over 330,000 collections and topping the charts on 晋江文学城 [2][3] - The unique character dynamics and humor in "探花" resonate well with readers, leading to a vibrant段评 community that contributes to the novel's popularity [3][13] Group 3: Challenges and Limitations - Not all段评 are beneficial; some can spoil key plot points or contribute to a negative reading atmosphere through aggressive or repetitive comments [9][10] - The quality of段评 varies, and platforms must balance creativity with maintaining a positive user experience [9][10] Group 4: Strategies for User Retention -段评 has become a crucial tool for legitimate platforms to retain users in the face of rampant piracy, offering a unique social experience that cannot be replicated by pirated content [10][13] - Novel platforms are exploring additional features like audio storytelling and gamification to enhance user engagement and retention [14][20] Group 5: Future Trends in Online Literature - The industry is shifting towards integrating video and gaming elements into the reading experience, aiming to create a more immersive environment for users [20] - The evolution of段评 and other interactive features reflects a broader trend of adapting to the fragmented attention spans of modern readers [20]

Core Insights - The next step for online literature going global involves transforming popular web novels into multi-faceted IP works, including audiobooks, dramas, comics, animations, films, mobile games, and merchandise [1][2] - Successful examples like "Full-Time Master" demonstrate the potential for significant international engagement, with over 1.3 billion overseas reads and extensive media adaptations [1][2] Group 1: Industry Trends - The integration of various media forms is essential for the development of online literature IP, allowing for coordinated growth across publishing, animation, and gaming sectors [2] - The concept of "Web Literature+" signifies a shift from traditional online literature to a more diverse and expansive format that includes various cultural narratives and values [2] Group 2: Market Impact - The global reception of works like "Mystery Lord" showcases the increasing interest in Chinese stories, achieving a 9.3 rating on IMDB and being released in over 190 countries [2] - The evolution of online literature export from simple text translation to a multi-terminal IP collaboration reflects a new landscape in global cultural consumption [2]

Core Insights - Chinese online literature has become a global cultural phenomenon, with approximately 200 million active overseas users across over 200 countries and regions, showcasing a significant international presence [1][5] - The 2025 China International Online Literature Week highlighted the theme of "New Dynamics, New Patterns, New Forms—The Global Landscape of Online Literature Empowered by AI," indicating a focus on innovation and collaboration in the industry [1] Group 1: International Reach and User Engagement - The number of overseas active users of Chinese online literature is around 200 million, with Asian readers accounting for 80% of this total [5] - The market share in North America is approximately 30%, while Europe and Latin America are emerging as new growth areas [5] - The translation and dissemination of online literature have expanded significantly, with about 5,000 physical books and nearly 130,000 e-books distributed globally [7] Group 2: Content Quality and Recognition - The trend towards mainstream and high-quality online literature is evident, with recognition from both domestic and international institutions, including awards for outstanding works [2] - By the end of 2024, the total number of online literature works exceeded 33 million, with an annual increase of 2 million works, reflecting a 7% year-on-year growth [2] Group 3: Cultural Integration and Localization - Chinese online literature has successfully integrated universal themes with Chinese cultural elements, leading to a strong emotional resonance with global audiences [5] - The establishment of localized creative ecosystems, such as Qidian International, has attracted a significant number of overseas authors, resulting in the production of 770,000 original works [9] Group 4: Innovative Distribution Channels - The primary mode of dissemination for Chinese online literature is through text translation, with platforms like WebNovel and TapRead facilitating large-scale online translation [7] - AI technology has significantly enhanced translation efficiency, with AI translations accounting for over 50% of the total, improving efficiency by nearly 100 times [7] Group 5: IP Expansion and Adaptation - The adaptation of online literature into various media forms, including dramas and animations, has broadened the reach of Chinese literature internationally [8] - Successful adaptations, such as "Chang Yue Jin Ming," have not only gained popularity but also contributed to cultural tourism in China [8] Group 6: Narrative Innovation and Global Influence - Chinese online literature is entering a new phase of "narrative going abroad," influencing global popular culture through cross-cultural storytelling [9][10] - The blending of Chinese narrative frameworks with Western themes has resulted in a unique cross-cultural literary landscape, showcasing the global impact of Chinese online literature [10]

Core Viewpoint - The collaboration between China's web novel "Dao Gui Yi Xian" and Universal Studios Singapore marks the first deep partnership between a Chinese web novel IP and a global theme park, showcasing a cross-border integration of "IP + cultural tourism" [1][3]. Group 1: Project Overview - The Halloween-themed attraction "Dao Gui Yi Xian" opened on September 26, featuring immersive experiences that recreate the novel's fantasy world through realistic scenes and interactive NPCs [1][3]. - The project aims to provide visitors with an engaging exploration of iconic locations from the novel, such as "Qing Feng Guan" and "Bai Yu Jing," allowing them to interact with characters from the story [3][5]. Group 2: Cultural Significance - "Dao Gui Yi Xian," created by author "Hu Wei De Bi," integrates traditional Chinese philosophical concepts and folklore with modern fantasy elements, establishing a grand worldview filled with Eastern mystique [3][5]. - The novel has gained significant popularity, accumulating over 11.38 million readers, making it a phenomenon in 2023 [3]. Group 3: Future Prospects - This collaboration represents the first overseas implementation of the "IP Paradise" model by the company, with plans to introduce derivative products from other popular IPs like "Quan Zhi Gao Shou" and "Gui Mi Zhi Zhu" at Universal Studios Singapore [5].

Core Viewpoint - Kuaishou Games has been undergoing significant restructuring, including layoffs and resource reallocation, primarily focusing on the adaptation of the game "The Master of the Mysterious" after the underperformance of two self-developed games, "Endless Dream Return" and "Time-Space Run" [1][11]. Group 1: Restructuring and Layoffs - Kuaishou Games' Shanghai Xinghe Studio has started layoffs since the beginning of the year, with projects and personnel moving to Hangzhou, tightening resources for other projects [1][3]. - The layoffs were triggered by the disappointing performance of two self-developed games, leading to a need for Kuaishou Games to operate on a self-sustaining basis [1][4]. - The Shanghai studio, which previously had over 100 employees, lacks a general manager, with all business lines reporting to a base in Hangzhou, indicating a significant contraction in operations [3][10]. Group 2: Game Performance - "Endless Dream Return" has effectively entered a semi-shutdown state, with no updates since April, and its official account on Bilibili has not been updated since June [4][5]. - "Time-Space Run" had a brief presence on the sales charts but quickly fell off, indicating poor market reception [6][11]. - Both games received company-level awards during the previous year but have since faced layoffs and project halts [7]. Group 3: Focus on "The Master of the Mysterious" - Following the shift in focus, Kuaishou Games is now primarily betting on "The Master of the Mysterious," which is the largest investment and scale project since the establishment of the brand [11][15]. - The game is set to be developed using the UE5 engine and aims to enter the MMORPG market, a familiar territory for the core team from NetEase [13][15]. - The anticipated launch for "The Master of the Mysterious" is planned for 2026, marking a significant development timeline of approximately five years [13][15]. Group 4: Industry Context and Future Outlook - The gaming industry is currently experiencing a downturn, prompting many companies, including Kuaishou Games, to adopt more cautious and low-profile strategies [16][18]. - The number of new software copyrights registered by Kuaishou Games has significantly decreased, reflecting a contraction in new project development [16][17]. - The success of "The Master of the Mysterious" is critical for Kuaishou Games to validate its gaming business and determine its future viability in a competitive market [15][18].

Core Viewpoint - The article highlights the strong performance of Yuewen Group, with significant revenue and profit growth in the first half of the year, driven by various business segments and strategic collaborations [1] Financial Performance - Yuewen Group reported a revenue of 3.191 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year increase of 68.5% [1] - The company's stock rose by 5.82% to 41.8 HKD, with a trading volume of 488 million HKD [1] Business Segments - The growth in revenue was primarily attributed to the increase in licensing business, stable performance in short dramas, and progress in IP commercialization [1] - The company launched a strategic cooperation plan with "Honor of Kings," marking the first collaboration to synchronize the release of related content and skins [1] Industry Trends - Tianfeng Securities noted that Yuewen has produced high-quality content in the film and television sector, with several IP adaptations achieving top viewership on platforms [1] - The short drama segment saw a significant increase in hit rates, with individual projects generating over 80 million yuan in revenue and total views exceeding 3 billion [1] Long-term Outlook - The company is expected to maintain its ability to create commercial hits and successfully implement a business model that leverages its IP ecosystem [1] - Yuewen's strong content ecosystem, rich IP reserves, and diversified business expansion capabilities are anticipated to build competitive barriers and steadily enhance profitability [1]

Group 1 - The core viewpoint of the report is that Shenwan Hongyuan maintains a "buy" rating for Yuewen Group (00772) due to positive progress in the company's IP business, with adjusted net profit forecasts for 2025 to 2027 raised to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] - In the short term, Yuewen's IP projects are becoming more abundant, including the launch of the authorized game "Douluo Dalu: Hunting Soul World" by 37 Interactive Entertainment on July 10, and the upcoming Tencent project "Yiren Zhixia," which has already obtained a license [1] - The company has established a national creative content strategic cooperation plan with "Honor of Kings" on August 14, and has launched a collaboration skin with "The Secret of the Master," with related merchandise available for sale [1] Group 2 - According to the company's financial report, Yuewen's online business revenue for the first half of this year was RMB 1.99 billion, representing a year-on-year growth of 2% [2] - The revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, reflecting a year-on-year increase of 4.5%, while the gross profit margin remained stable at 50% [2] - The long-term focus for the company includes IP commercialization and the expansion of online literature overseas [2]

Core Viewpoint - Shenwan Hongyuan maintains a "Buy" rating for Yuewen Group (00772), citing positive progress in the company's IP business and raising the adjusted net profit forecast for 2025 to 2027 to RMB 1.376 billion, 1.495 billion, and 1.702 billion respectively, up from previous estimates of RMB 1.28 billion, 1.416 billion, and 1.556 billion [1] Group 1: IP Business Developments - The second half of the year will see a richer lineup of IP projects for Yuewen, including the launch of the authorized game "Douluo Dalu: Hunter World" by 37 Interactive Entertainment on July 10 [1] - A strategic cooperation plan with "Honor of Kings" was established on August 14, featuring collaborations with more IP characters and the launch of exclusive skins for "The Secret of the Mysterious Master" [1] - New projects from New Classics Media are set to be released, and the adaptation of the IP "凡人修仙传" into animation and live-action series has gained significant popularity during the summer, effectively expanding the IP's influence [1] Group 2: Financial Performance - Yuewen's online business revenue for the first half of the year reached RMB 1.99 billion, reflecting a year-on-year growth of 2% [2] - Revenue from self-owned products and Tencent channel paid subscriptions grew by 3%, with a Monthly Paying Users (MPU) count of 9.2 million, an increase of 4.5% year-on-year [2] - The gross profit margin remained stable at 50% year-on-year, indicating consistent profitability [2]

Group 1 - The core stock price of the company,阅文集团, surged over 21%, reaching HKD 45.48, marking a new high since March 2023 [1] - The company has entered into a "National Creation Content Strategic Cooperation Plan" with Tencent's flagship game, "Honor of Kings," to explore collaboration opportunities in the national creation content sector [3] - The company’s platform will also feature a bestselling fantasy novel, "The Lord of the Mysterious," which will collaborate with "Honor of Kings" to launch exclusive game skins related to the novel [4]