据巨量引擎数据，2025年上半年漫剧剧目供给量月复合增长率达83%，半年产出超3000部作品，流水规 模翻12倍。预计全年市场规模有望突破200亿。申万宏源表示，漫剧市场正处在起量成长的1.0阶段，技 术红利后或回归内容竞争，长期更大的市场在IP衍生和出海。开源证券指出，头部平台、IP方加码布局 漫剧及AI视频工具的升级将进一步加速高景气AI漫剧行业发展，建议继续布局AI漫剧。 阅文集团(00772)涨超5%，截至发稿，涨5.36%，报44.02港元，成交额3.11亿港元。 消息面上，10月16日，阅文集团CEO兼总裁侯晓楠在2025阅文创作大会上宣布升级"创作合伙人计划"， 在深耕短剧之外再入局漫剧新赛道。截至2025年10月，阅文已有30部漫剧作品播放量突破千万,《大明 贤婿》《刷爆无敌模拟系统》等作品播放量破亿。光大证券表示，阅文集团在线阅读业务维持稳定，持 续孵化新IP；受益于短剧、IP衍生品等新业务表现亮眼，以及未来加码AI漫剧业务，阅文自有侧利润有 望持续改善；新丽方面，储备剧集有望陆续上线，公司全年业绩增长确定性较高。 ...

消息面上，10月16日，阅文集团CEO兼总裁侯晓楠在2025阅文创作大会上宣布升级"创作合伙人计划"， 在深耕短剧之外再入局漫剧新赛道。阅文推出四大举措布局漫剧生态，包括开放10万部精品IP，设立亿 元创作基金，推出AIGC工具"漫剧助手"提升改编效率，并构建全产业链扶持体系。截至2025年10月， 阅文已有30部漫剧作品播放量突破千万,《大明贤婿》《刷爆无敌模拟系统》等作品播放量破亿。此 外，酱油动漫已成为漫剧领域首个获得阅文投资扶持的团队，未来，双方将继续加大在漫剧领域合作， 此后三年内每年合作上线的漫剧数量不少于400部，其中不少于200部作品会改编自阅文IP。 中泰证券（600918）认为，漫剧产业链已形成"IP储备—改编制作—商业化运营"的完整链条。漫剧产业 链不断完善，商业化模式清晰，漫画、网文、短剧适合改编为漫剧。其盈利模式类似短剧，核心在于投 流利润大于内容成本，目前全域经营投流ROI(投资回报率)可达1.8倍，商业前景明朗。光大证券表示， 阅文是稀缺的IP全产业链头部公司，在线阅读业务维持稳定，持续孵化新IP；受益于短剧、IP衍生品等 新业务表现亮眼，以及未来加码AI漫剧业务，阅文自有侧利润 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of HKD 39.00, indicating a potential upside of 25.0% from the current price of HKD 31.20 [1][15]. Core Insights - The report highlights that the company's derivative business is accelerating, which is a key driver for the upgraded rating. The company maintains a leading position in high-quality IP reserves and is expected to benefit from the expansion of IP derivative products [1][5]. - The financial outlook for the company shows a mixed performance, with expected revenue growth stabilizing in the online business for 2025, despite a projected decline in copyright operations revenue [5][10]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 7,012 million - 2024: RMB 8,121 million - 2025E: RMB 7,439 million - 2026E: RMB 8,067 million - 2027E: RMB 8,403 million - The year-on-year growth rates show a decline of 8.0% in 2023, followed by a recovery of 15.8% in 2024, and further fluctuations in subsequent years [2][10][16]. - Net profit estimates are: - 2023: RMB 1,130 million - 2024: RMB 1,142 million - 2025E: RMB 1,348 million - 2026E: RMB 1,486 million - 2027E: RMB 1,659 million - The net profit growth rate is expected to be 24.8% in 2025, following a slight increase in 2024 [2][10][16]. Business Segment Performance - The online business revenue showed a slight increase of 2% year-on-year, with a stable monthly active user (MAU) count of 10.3 million and a 5% increase in paying users to 9.2 million [5][9]. - The report notes a significant decline in revenue from copyright operations, down 46% year-on-year, primarily due to delays in new content releases [5][9]. Valuation and Market Position - The report maintains the non-IFRS net profit expectations for 2025/26 and adjusts the valuation to 2026, referencing an average price-to-earnings (P/E) ratio of 25 times for comparable companies [5][10]. - The company is positioned to leverage its IP reserves and the integration of AI-generated content (AIGC) to enhance efficiency and accelerate the adaptation of mid-tier IP into visual formats [5][10].

Core Viewpoint - The recent performance announcement from the company indicates strong growth in revenue and net profit, driven by its IP ecosystem and successful adaptations of popular content [1] Financial Performance - In the first half of 2025, the company achieved a revenue of 3.19 billion yuan and a net profit attributable to shareholders of 850 million yuan, representing a year-on-year growth of 68.5% [1] IP Ecosystem and Growth Drivers - The company's IP ecosystem demonstrated significant resilience, with steady growth in online reading and multiple successful adaptations of premium IPs into films and series, including titles like "Nine重紫," "大奉打更人," and "凡人修仙传" [1] - The success of these adaptations has led to a rapid increase in new business segments such as short dramas and IP derivatives, with the GMV of IP derivatives nearing the total level achieved in the previous year [1] - The overall capability of the company in managing the full IP industry chain has reached a new level [1]

Group 1 - The core viewpoint of the articles highlights that阅文集团 reported strong financial performance for the first half of 2025, with revenue reaching 3.19 billion yuan and net profit attributable to shareholders at 850 million yuan, reflecting a year-on-year growth of 68.5% [1] - The online reading content ecosystem of the company continues to thrive, with online business revenue increasing by 2.3% to 1.99 billion yuan [1] - The IP operation business shows robust strength in premium film and animation sectors, with significant progress in new areas such as short dramas and IP derivatives, achieving a GMV of 480 million yuan, nearing last year's total [1] Group 2 - The average monthly paying user count (MPU) reached 9.2 million, marking a year-on-year increase of 4.5%, while the number of works with monthly ticket sales exceeding 10,000 grew by 20%, and those exceeding 1 million increased by 200% [1] - The CEO of the company emphasized that 2025 is a pivotal year for strong development momentum, driven by the explosive growth of short dramas and the creative transformation of quality IP [2] - The company aims to leverage its extensive IP reserves and industry chain collaboration to lead the restructuring of the industry and drive the evolution of China's IP ecosystem [2]