8月22日晚间，中文在线(300364.SZ)发布2025年半年度报告。报告期内，公司实现营业收入5.56亿元， 同比增长20.40%。 中文在线作为数字内容生态的领先构建者，在2025年上半年持续深化「科技-文化融合」战略，通过数 字阅读、IP衍生开发与AIGC赋能三大业务板块实现协同发展。在政策驱动数字阅读产业快速发展、AI 技术重塑内容生产模式的行业背景下，公司通过「夯实内容、决胜IP、国际优先、AI驱动」的战略布 局，展现出强大的科技与文化融合创新能力。 产业步入黄金发展期，强化竞争壁垒推动估值提升 随着全民阅读国家战略深入推进，内容数字化、阅读方式数字化加速发展，为行业带来确定性增长机 会。同时，人工智能产业获政策强力支持，为中文在线AIGC业务提供明确的政策指引，文化出海获得 政策鼓励，与其「国际优先」战略高度契合。 政策红利的持续释放，推动市场快速扩容。2025年上半年，文化新业态实现营收3.16万亿元，同比增长 13.6%，增长动能强劲。2024年网络文学市场营收495.50亿元，同比增长29.37%，海外营收同步增长， 公司核心业务赛道容量持续扩大。微短剧市场作为新兴赛道爆发式增长，2024 ...

Group 1 - The core viewpoint of the article highlights the recent strategic moves by Zhongwen Online in the anime short drama sector, focusing on the integration of AI and IP systems to enhance content production and distribution [1][2]. - Zhongwen Online's content strategy is divided into two main areas: the IP matrix and AI content production system, aiming to create a scalable content ecosystem [3][8]. - In the IP matrix, Zhongwen Online has established a strong presence in the web literature sector with platforms like 17K Novel Network and has acquired notable anime IPs such as "The Legend of Luo Xiaohei" [4][7]. Group 2 - The AI content production system includes the launch of the "Zhongwen Xiaoyao" model, which claims to significantly streamline the production process, achieving a 70%-80% AI involvement in traditional anime short drama production [8][10]. - The distribution network for Zhongwen Online is categorized into domestic and overseas channels, with partnerships established with major platforms like Tencent Video and international platforms such as YouTube and TikTok [11][15]. - Despite a robust domestic presence, Zhongwen Online's overseas performance is lagging, as evidenced by lower engagement metrics on platforms like Sereal+ compared to domestic platforms [19][27]. Group 3 - The competitive landscape for anime short dramas is intensifying, with major platforms like Kuaishou and Douyin increasing their investments in this sector, indicating a growing market interest [31][32]. - The Chinese animation industry is experiencing rapid growth, with the total market value projected to rise from 760 billion yuan in 2019 to 4 trillion yuan in 2023, and further growth expected in the coming years [32]. - The influx of major players into the AI anime drama market may lead to increased industry concentration and potential homogenization of content, posing challenges for smaller players [34].

Core Viewpoint - The company aims to solidify its content, prioritize IP development, focus on international expansion, and leverage AI technology as part of its strategic direction [2] Group 1: IP Development - In 2023, the company acquired a 51.04% stake in animation company Hanmu Chunhua for 138 million yuan, integrating the popular IP "Luo Xiaohei" into its portfolio [3] - The film "Luo Xiaohei Zhanji" released in 2019 grossed 316 million yuan, setting a record for Chinese animated films in Japan and receiving high praise from the Japanese animation industry [3] - The company has over 5.6 million IP resources and aims to focus on IPs with user recognition to elevate them to world-class status through global operations and full industry chain development [4] Group 2: Short Drama Market - The short drama market is experiencing explosive growth, with user numbers expected to reach 662 million by the end of 2024, and the market size projected to exceed 50.5 billion yuan [5] - The company entered the short drama sector in 2021 and has become a significant player, believing that short dramas will become a global cultural phenomenon [5] - The company is targeting international markets for short dramas, anticipating that the global content industry will see substantial growth opportunities in this area over the next decade [6] Group 3: AI Empowerment - The company launched the "Chinese Xiaoyao" model in October 2023, significantly enhancing content production efficiency and reducing costs to 30% of traditional methods [6] - An AI writing platform for overseas markets has generated over $20,000 in daily revenue, indicating a willingness among users to pay for AI-generated content [7] - The company emphasizes that while AI will transform content creation, the most innovative stories will still come from human creators, highlighting the importance of strategic long-term investment in AI technology [7]

证券代码：300364 证券简称：中文在线 中文在线集团股份有限公司 投资者关系活动记录表 编号：2025-001 3、想了解下您如何看待 AI 赋能文化出海？公司逍遥大模型英文版的竞争 力体现在哪里？ 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □√业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位 名称 社会公众投资者 时间 2025 年 5 月 7 日 8:30—10:30 地点 深交所业绩说明会 上市公司 接待人员 姓名 董事长兼总裁 童之磊先生； 副总经理兼董事会秘书 王京京女士； 财务总监 徐淦海先生； 独立董事 谈晓君先生； 证券事务代表 杨帅先生； 投资者关 系活动主 要内容介 绍 本次投资者关系活动的主要内容如下： 1、在《致股东信》中提出"模式出海 3.0"的战略路径，强调从内容输出 向平台与产业链输出转变。请问目前公司在全球范围内的"模式输出"实践 进展如何？与其他海外短剧平台相比，公司有哪些独特的竞争壁垒？ 尊敬的投资者，您好！"模式出海"是我们对出海战略 3.0 的阶段性总 结，指的是从最初的简单版权输出，进化为以 IP、平台、AI 能力和本地团 ...

Core Viewpoint - The company is focusing on international expansion through micro-short dramas, aiming to establish itself as a significant player in the global content industry, leveraging AI and talent for growth [1][4][6]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.159 billion yuan, with overseas revenue contributing 303 million yuan; in Q1 2025, the revenue was 233 million yuan [1]. - The strategic investment in overseas micro-short drama business is expected to have a temporary impact on profits but is crucial for long-term development [1]. Group 2: Content and IP Development - The company has a vast digital content library with over 5.6 million digital content resources and 4.5 million authors, combining various platforms to create a multi-dimensional content ecosystem [2]. - The self-owned IP "The King's Avatar" has successfully transitioned through multiple stages of development, serving as a benchmark for the company's IP development [2]. Group 3: Cultural Globalization - Chinese micro-short dramas are emerging as the "fourth international cultural phenomenon," with significant growth in global mobile content consumption [4]. - In 2024, Chinese applications accounted for 30% of the revenue in the global audiovisual application market, with 19 Chinese applications in the top 100 overseas downloads [4]. Group 4: International Strategy - The company has initiated a global replication of the Chinese short drama industrial system, launching platforms like Sereal+ and UniReel for international markets [4][5]. - The company is expanding its micro-short drama platforms in Japan, the U.S., and Southeast Asia, utilizing strong IP reserves and localized creative systems [5]. Group 5: AI and Talent Development - The company is integrating AI technology into its content production processes, enhancing efficiency and market responsiveness through a comprehensive AI-enabled ecosystem [6]. - A global talent system is being developed, with teams in key markets focusing on original content and localized execution to drive the production and operation of quality content [6][7].