21世纪经济报道记者 刘婧汐 根据Sensor Tower数据，2025年Q1季度全球短剧应用内购收入逼近7亿美元，是2024年第一季度的近4 倍。而短剧应用下载量同样快速攀升，2025年Q1全球下载量超过3.7亿次，是2024年Q1的6.2倍。截至 2025年3月，全球短剧应用累计下载量接近9.5亿次。 "短剧是一种全新的休闲方式，具有旺盛的生命力和发展潜力。"枫叶互动创始人兼首席执行官贾毅在接 受采访时表示，"这些'第一'的背后都是创新，是我们根据市场的变化不断进行的全新探索。" 短剧海外走红 短剧出海，正在成为中国泛娱乐内容国际化的新赛道，展现出巨大的市场潜力和商业价值。根据《中国 微短剧行业发展白皮书(2024)》，未来微短剧海外市场规模有望达到360亿美元。 当被问及短剧能在海外迅速走红的原因时，贾毅认为这是宏观因素与微观因素共同作用的结果。"最根 本的原因在于国家强大。"贾毅坦言，"过去很长一段时间，一个国家的经济实力往往通过文化分享来体 现。随着中国综合实力的提升，许多优秀的本土故事和表达方式逐渐受到更多海外观众的喜爱，这为短 剧出海奠定了坚实的基础。" 在宏观因素之外，短剧自身的特点也成为其走 ...

Core Viewpoint - Chinese Online Group Co., Ltd. reported a revenue of 556 million yuan for the first half of 2025, marking a year-on-year growth of 20.40%, but recorded a net loss attributable to shareholders of 226 million yuan [1] Group 1: Financial Performance - The company achieved an operating income of 556 million yuan, reflecting a year-on-year increase of 20.40% [1] - The net profit attributable to shareholders was a loss of 226 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was also a loss of 226 million yuan [1] Group 2: Business Development - In the content platform business, the company is strengthening its content and continuously improving the content creation ecosystem [1] - The company is deepening its digital content operation model and expanding digital content sales methods [1] Group 3: IP Development - The IP derivative business focuses on literary IP and extends downstream for IP cultivation and derivative development [1] - The company is developing various derivative forms such as audio, comics, short dramas, animations, films, games, and cultural products based on high-quality online literature [1] - A new international short drama filming base has been established in Hengqin, aimed at enhancing the company's international business ecosystem and establishing a leading position in the overseas short drama industry [1] Group 4: AIGC Empowerment - The company has actively engaged in technical construction in AI large models and AI multi-modal areas, with commercial applications already underway [1]

Group 1 - The core announcement involves a conditional agreement between Beijing Milaiwu and Skywork AI for the purchase of Series A preferred shares, with a total consideration of RMB 100 million for 9.9506 million shares, representing approximately 0.67% of Skywork AI's expanded issued share capital [1] - Skywork AI is recognized as one of the few companies globally that has independently developed and achieved a full-modal layout in the field of artificial intelligence models, covering text, speech, image, video, and music [1] - The company has rapidly commercialized several AI-native products aimed at global consumers, including AI search, short dramas, games, music, and social platforms [1] Group 2 - The group continues to focus on exploring opportunities in social, entertainment, artificial intelligence, and Web 3.0 sectors, believing that AI technology is reshaping the way work is conducted, product forms, business structures, and organizational boundaries [2] - The board believes that leveraging Skywork AI's extensive experience in globalization and commercialization of AI products will strengthen collaboration in the field of large AI model technology and is significant for the implementation of the group's strategy [2]

Skywork AI是国内及全球范围内少数几家在人工智能模型领域(包括文本、语音、图像、视频及音乐)自 主研发并实现全模态布局的人工智能科技公司之一，拥有雄厚的技术优势及丰富的研发经验。同时，在 以应用为导向的战略下，Skywork AI已面向全球消费者推出多款人工智能原生产品，如人工智能搜索、 短剧、游戏、音乐及社交平台等，商业化进展迅速。 本集团持续专注于探索社交、娱乐、人工智能及Web3.0领域的商机，并认为人工智能技术正重塑该等 领域的工作方式、产品形态、商业架构及组织边界，为新兴增量业务带来重要机遇。因此，董事会认 为，藉助Skywork AI在全球化及人工智能产品商业化方面的丰富经验，本次交易将加强与Skywork AI在 人工智能大模型技术领域的合作，并对本集团战略的实施具有重要意义。 映宇宙(03700)发布公告，于2025年8月20日，北京蜜莱坞(由本公司透过若干可变权益实体架构间接控 制)与Skywork AI订立A系列优先股购买协议，其中包括，Skywork AI有条件同意向北京蜜莱坞发行，且 北京蜜莱坞有条件同意向Skywork AI按总代价人民币1亿元购买995.06万股A系列优先股 ...

文化出海的多重切面 过去三年，全球消费市场的兴趣版图正在明显重构。报复性消费浪潮逐渐退去，取而代之的是更审慎、更讲究价值匹配的消费选择。无论是发达市场还是新 兴市场，消费者的关注点正从单纯的性价比转向文化认同、情绪共鸣与可持续体验。 人群结构的变化同样显著。Z世代和α世代正在成为新兴市场的主力消费群体，天然习惯于跨文化内容的"混搭"，在审美、价值观和购买动机上比上一代更加 多元。同时，更多消费者愿意为情绪体验付费，愿意在品牌身上寻找自己文化身份的延伸。这种特征也让文化出海从"附带属性"变成了竞争核心。 而从伴行者的角度来看，能在全球市场站稳脚跟的中国品牌，往往具备三种共性：首先，它们拥有高识别度的文化符号。无论是视觉形象、故事原型，还是 价值观表达，都能在跨文化环境中迅速建立感知锚点；其次，擅长把产品功能与情绪价值绑定，让购买不仅仅是理性的选择，而是一种身份或情感的延伸； 第三，具备足够灵活的市场适配能力，能在不同地区进行内容、口味、玩法甚至渠道的本地化迭代。 在这样的筛选标准下，游戏、短剧、新消费正成为高度活跃的赛道：游戏用在地化的叙事和赛事氛围，打造出类似"国民运动"的文化参与感；短剧则通过高 频、强情绪 ...

Market Overview - The A-share market experienced a significant surge, with the Shanghai Composite Index reaching a ten-year high of 3745 points, closing at 3728.03 points, up 0.85% [1] - The trading volume in the Shanghai and Shenzhen markets reached 27,642 billion yuan, a substantial increase of 5,196 billion yuan compared to the previous Friday [1] - Key sectors that saw notable gains included liquid cooling servers, short dramas, CPO, and AI glasses [1] Competitions and Events - The 70th session of the "掘金大赛" (Gold Digging Competition) commenced, with many participants achieving over 10% profit on the first day [1] - The competition allows participants to simulate stock trading with a virtual fund of 500,000 yuan, running from August 18 to August 22 [1] - The "经·粮杯—全国期货模拟争霸赛" (Grain Cup National Futures Simulation Competition) is also ongoing, with participants using a virtual fund of 1,000,000 yuan, providing a zero-cost opportunity for learning and practice [3][11] Trading Insights - Some experts believe the Shanghai Composite Index may enter a short-term acceleration phase, with a focus on the 3900-point resistance level [5] - There is a suggestion to explore opportunities in low-position sectors such as innovative pharmaceuticals, data center solid-state transformers, hollow-core fibers, and pet hospitals [7] Performance Highlights - The top participant in the futures competition achieved a return of 26.35% by going long on the CSI 300 and CSI 1000 index futures [8] - The competition features a dual reward system with weekly and monthly prizes, encouraging positive returns for participants [11][14] Participant Benefits - Participants in both competitions can access various benefits, including free trading courses, market insights, and the opportunity to interact with experienced traders [11][14] - The competitions are designed to be beginner-friendly, with no real capital required and rewards for positive performance [13][14]

Core Insights - The short drama industry has gained significant traction, transitioning from a previously undervalued format to a highly sought-after investment opportunity due to impressive production efficiency and viewer engagement [1][11]. Industry Developments - The production of short dramas has evolved, with crews now often exceeding 100 members, indicating a shift towards higher production values and more complex storytelling [1][7]. - The market is experiencing intense competition, with a leading short video platform releasing approximately 2,000 new short dramas each month [9]. - The quality of short dramas has improved, with a focus on diverse and refined content, moving away from simplistic, attention-grabbing plots [11]. Financial Trends - The average viewing duration and seven-day retention rates for high-quality short dramas are reported to be 2 to 3 times higher than those of standard series, highlighting their growing popularity [11]. - The revenue model is shifting from paid to free viewing, resulting in a rapid expansion of the audience base, with some producers noting that free content can generate higher revenues than paid content [13].

Core Insights - The article discusses the rise of "slash youth" and the evolving career paths in the content creation industry, particularly focusing on the emerging role of short drama directors [1][2] - It highlights the significant growth of the short drama market, which is projected to increase from 300 billion yuan in 2022 to 500 billion yuan in 2024, despite facing challenges such as data opacity and difficult capital returns [2][3] Industry Trends - The short drama industry has experienced explosive growth, with video platforms expected to launch 1,350 long and short videos in 2024, and micro-short dramas reaching 36,300 on various platforms [2] - The competition in the short drama sector is intense, with a high degree of content homogeneity and reliance on platform traffic support for success [2][3] Challenges and Opportunities - The industry faces issues such as uneven production quality, with some teams operating on minimal budgets, which raises concerns about the overall standard of content [3] - Recent regulatory measures from the National Radio and Television Administration aim to promote healthy development in the micro-short drama sector, indicating a move towards more structured industry practices [3] Recommendations for New Entrants - New entrants to the short drama industry are advised to focus on understanding audience needs and to build their skills from the ground up, emphasizing teamwork and efficiency [4] - The importance of adapting to technological changes and the evolving landscape of content creation is underscored, particularly with the impact of artificial intelligence [3][4]

Core Viewpoint - The article emphasizes the importance of not limiting oneself to fixed professional labels, highlighting the evolving nature of career paths in the content creation industry, particularly through the lens of the emerging short drama sector [2][6]. Group 1: Industry Insights - The short drama industry is experiencing explosive growth, with the market size increasing from 300 billion in 2022 to 500 billion in 2024, despite facing challenges such as data opacity and difficulty in capital returns [4][5]. - There is a significant difference between short dramas and traditional advertisements, with script quality being paramount, accounting for 70% of the success, while emotional resonance plays a crucial role in audience engagement [3][4]. - The production budget for short dramas is on the rise, indicating a shift towards more refined and quality-focused content creation, supported by recent regulatory measures aimed at promoting healthy industry development [5][6]. Group 2: Career Perspectives - The founder of Huaxiong Culture, Zhou Zhou, embodies the "slash youth" concept, having transitioned through various roles in the creative industry, including advertising and short drama direction, without being confined to a single identity [2][6]. - Zhou encourages aspiring creators to focus on foundational skills and teamwork, emphasizing that the industry is collaborative and requires adaptability to technological changes and audience needs [6]. - The article suggests that the traditional film industry is being disrupted by advancements in artificial intelligence, necessitating continuous evolution in content creation practices [6].

Core Insights - The rise of "short drama directors" reflects a shift in the content creation industry from traditional to emerging formats, showcasing new career paths for contemporary youth [1][3] - The short drama market is experiencing explosive growth, with the market size increasing from 300 billion in 2022 to 500 billion in 2024, despite facing challenges such as data transparency and capital return difficulties [3][4] Company Overview - Huaxiong Culture, founded by Zhou Zhou, focuses on advertising production and has expanded into the short drama sector, leveraging quick responses and resource integration to attract top brands [1][3] - The company operates across various industries, including digital, fast-moving consumer goods, automotive, and beauty [1] Industry Trends - The short drama industry has seen a significant increase in production, with 1,350 long and short videos launched on video platforms and 36,300 micro-dramas on app platforms in 2024 [3] - There is a notable trend of script quality being paramount, with 70% of a short drama's success attributed to the script, while emotional resonance plays a crucial role in audience engagement [3][4] Competitive Landscape - The short drama market is characterized by intense competition, with many early entrants benefiting from initial market advantages, but now facing a "traffic battle" dominated by platforms [4] - The industry is witnessing a mix of production quality, with some teams operating on minimal budgets, highlighting the need for improved standards and regulations [4] Regulatory Environment - Recent government initiatives aim to promote the healthy development of the micro-drama industry, including clearer guidelines for licensing, content review, and industry self-regulation [4] Future Outlook - The industry is evolving with increasing budgets for short drama production and a shift towards more refined and detailed content creation [4][5] - The impact of artificial intelligence on traditional film and content industries is acknowledged, emphasizing the need for continuous adaptation and innovation [4][5]