山东IPTV一体机报告期内精准拓展酒店、养老机构等行业客户，签约济南槿椿泺园养老院，打造养老 园区智慧康养样板案例，在济南、聊城两地酒店开展试点。 对于日趋火热的微短剧业务，海看股份围绕"一个微短剧基地、一个产品矩阵、一批精品微短剧"的发展 思路，积极整合行业优质资源，着力构建"投资+制作+发行"全产业链生态。报告期内，公司签约多家 合作方开展微短剧投资出品、合作承制，签约投资横屏精品短剧5部、出海短剧5部、竖屏剧87部，总签 约合同额超2000万元，相关项目正在陆续拍摄上线中；此外，微短剧承制项目获得突破，分发渠道实现 主流平台全覆盖，"海看剧场"APP已完成开发，To B端拓展运营商合作取得阶段性成果；积极推进AI漫 剧市场开发，探索短剧商业变现市场边界。 截至2025年7月份，公司运营的北方微短剧影视基地联动青岛多个优质拍摄场景，已服务拍摄微短剧183 部，其中出海短剧33部，上线作品爆款率突破30%，新增设莒国古城片场，满足多元摄制需求。 本报讯 （记者王僖）8月25日晚，海看网络科技（山东）股份有限公司（以下简称"海看股份 （301262）"）披露2025年半年报，报告期内，公司实现营业收入4.66 ...

Core Viewpoint - The financial performance of Haikan Co., a subsidiary of Shandong Broadcasting, shows a slight decline in revenue and net profit for 2024, but a strong recovery in Q1 2025 with a significant increase in net profit margin, indicating a robust operational capability despite challenges in the micro-short drama segment [1][3][16]. Financial Overview - In 2024, the company achieved total revenue of 979 million yuan, a year-on-year decrease of 1.37%, and a net profit of 400 million yuan, down 2.38% year-on-year [3]. - For Q1 2025, the company reported revenue of 235 million yuan, a year-on-year decline of 5.19%, but net profit increased by 7.45% to 117 million yuan [3]. - The net profit margin remained above 40% for the past year, exceeding 50% in Q1 2025, attributed to the monopoly nature of its IPTV business [3][16]. Business Structure - IPTV business, the core revenue driver, contributed over 95% of total revenue, with basic IPTV services generating 795 million yuan (up 0.02%) and value-added services declining by 14.61% to 139 million yuan [3]. - The micro-short drama business is still in its infancy, with the subsidiary Baizhua Yule reporting a net profit of only 1,758.88 yuan in 2024 [3][16]. Short Drama Business Layout - The company has established a comprehensive micro-short drama strategy, including a production base and a product matrix, but actual profitability remains limited [8][16]. - The Northern Micro-Short Drama Film and Television Base serviced over 100 micro-short drama crews and produced 102 short dramas in 2024 [8]. - The company has launched several platforms for distribution, including "Octopus Small Theater" on WeChat and Douyin, but faces challenges in mobile presence due to limited content and lack of marketing investment [9][11]. Content Strategy - The company focuses on a "micro-short drama +" model, producing legal-themed short dramas and exploring various themes such as anti-fraud and cultural tourism [12][16]. - Despite producing a limited number of original micro-short dramas, the company has invested in over 1,000 second-round copyright dramas [15][16]. Competitive Landscape - The company benefits from its strong IPTV user base of approximately 16.85 million households, providing a unique advantage in promoting micro-short dramas on large screens [16]. - However, competition in the micro-short drama market is intensifying, with established players having developed effective content and monetization strategies, posing challenges for Haikan as a latecomer [16].

Performance Overview - In 2024, the company achieved a total revenue of 9.79 billion yuan, a decrease of 1.37% compared to 2023 [2] - The net profit attributable to shareholders was 4.00 billion yuan, down 2.38% year-on-year [2] - In Q1 2025, the company reported a revenue of 2.35 billion yuan and a net profit of 1.17 billion yuan, reflecting a growth of 7.45% [3] Strategic Initiatives - The company is focused on a "value creation + value transmission" dual strategy to enhance market expectations and improve long-term investment value [4] - R&D investment for 2024 was maintained at over 40 million yuan, indicating a commitment to innovation [3] - The company has implemented a stable dividend policy, with a cumulative cash dividend of 6.20 billion yuan since its IPO [6] IPTV Business Development - IPTV basic business revenue reached 7.95 billion yuan in 2024, with a slight growth of 0.02% [8] - The number of effective IPTV users was 16.85 million, contributing to an additional revenue of 1.39 billion yuan from value-added services [8] - The company is enhancing user experience through new service offerings and partnerships with major telecom operators [8] Short Video and Micro-Drama Initiatives - The company is actively developing its micro-drama business, establishing a production base and launching various projects [10] - It has achieved significant recognition in the industry, being awarded multiple accolades for its micro-drama production capabilities [10] - The company is exploring diverse business models in the short video sector to ensure sustainable growth [10] Market Position and Future Outlook - The overall IPTV industry is experiencing stable growth, with the company maintaining a strong competitive position [9] - The deployment of new technologies and regulatory support is expected to drive further growth in the IPTV sector [10] - The company aims to leverage its large IPTV user base to enhance its short video business and expand its market reach [11]

Group 1: Financial Performance - In 2024, the company achieved a consolidated revenue of 979 million CNY and a net profit of 400 million CNY, with a total asset increase of 9.24% to 4.213 billion CNY [2][3] - For Q1 2025, the company reported a consolidated revenue of 235 million CNY and a net profit of 117 million CNY, reflecting a year-on-year growth of 7.45% [3] Group 2: Profit Decline and Growth Factors - The decline in profit for 2024 was attributed to the implementation of regulatory requirements leading to reduced IPTV value-added service income and increased copyright costs [3][4] - The profit growth in Q1 2025 was primarily due to improved cash collection and the reversal of previously estimated bad debt provisions [3] Group 3: Future Development Opportunities - The company views the regulatory measures on the big screen sector as a long-term opportunity for enhancing user experience and promoting compliance, which will benefit the industry [4] - The company is actively responding to regulatory changes by simplifying billing processes and enhancing user engagement with big screen services [4] Group 4: Micro Short Drama Strategy - The company is advancing its micro short drama business under the "three ones" strategy, focusing on a production base, a product matrix, and high-quality dramas [5][6] - Although currently a small revenue contributor, micro short dramas are considered a strategic focus for future growth [6] Group 5: Cash Management and Investment Plans - The company maintains a healthy cash flow and plans to utilize its cash reserves for platform development, content procurement, and shareholder returns [6][7] - The company will monitor accounts receivable closely, especially given the extended payment terms from major clients, to mitigate any potential impacts on operations [7]