1月13日，中文在线(300364.SZ)披露2025年度业绩预告，公司聚焦全球短剧出海与AI内容工业化赛道加 大战略性投入，预计全年归属于上市公司股东的净利润亏损58000万元至70000万元，扣非后亏损57930 万元至69930万元。值得关注的是，中文在线2025年第四季度净利润及扣非净利润预计亏损5959万元至 17959万元，亏损额环比大幅收窄39%至80%，减亏态势明显。在政策支持、技术迭代、资本补充与行 业流量倾斜等多重利好下，公司长期增长基础持续夯实。 作为数字文化出海领军企业，公司精准把握全球微短剧市场机遇。《中国微短剧行业发展白皮书 （2025）》显示海外微短剧市场在2025年前8个月总收入已达15.25亿美元，同比增长194.9%，海外微短 剧应用程序总下载量约7.3亿次，同比增长370.4%。公司持续加大FlareFlow等海外平台推广力度，布局 契合国家"鼓励文化产品走向世界"的方向。 政策与行业层面形成双重支撑："十五五"规划完善国际传播体制，国务院多维度扶持文化出口企业；中 国企业在全球微短剧市场占据主导地位，收入前20应用中九成具中国背景，贡献91%市场收入，国内近 6.96亿 ...

Core Insights - The emergence of integrated AI short drama production tools is expected to drive a shift from PGC (Professionally Generated Content) to UGC (User Generated Content), ultimately accumulating more data for AIGC (AI Generated Content) [1] - The supply side is anticipated to grow significantly, benefiting content providers due to special traffic incentives from platforms like ByteDance [1] Group 1: Industry Trends - Recent releases of full-stack AI short drama production tools by leading companies such as Yueda Group and Zhongwen Online are expected to accelerate the conversion of IP novels into short dramas [2] - The full-stack AI short drama generation tools are projected to lower production barriers and significantly increase the supply of short dramas [3] Group 2: Technological Advancements - By 2025, AI short dramas will still rely on semi-automation, requiring human intervention at various production stages, but by 2026, the trend will shift towards full-stack generation tools that enhance efficiency [3] - Improvements in character consistency and dynamic storytelling capabilities are expected by 2026, addressing current issues with character and style mismatches [4] Group 3: 3D Capabilities and IP Longevity - The transition from 2D to 3D short dramas is anticipated to increase by 2026, enhancing the reusability of digital assets and extending the lifecycle of IPs [5] Group 4: Market Opportunities - TikTok's new platform PineDrama is offering up to 20 times incentives for quality content, which is expected to facilitate the localization of short dramas and enhance global market penetration [6] - The production shift from live-action to AI-generated content is making it easier and more cost-effective to adapt content for local markets, benefiting the entire industry chain [6]