| 最新收盘价（元） | 27.77 | | --- | --- | | 总股本/流通股本（亿股）4.18 / 3.37 | | | 总市值/流通市值（亿元）116 / 94 | | | 52 周内最高/最低价 | 34.44 / 22.83 | | 资产负债率(%) | 30.0% | | 市盈率 | 21.12 | | 第一大股东 | 姚朔斌 | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 姚记科技(002605) 证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 个股表现 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 姚记科技 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 事件回顾 2025 年 8 月 26 日，公司发布 2025 年半年报， 2025H1，公司实 现营业收入 14.38 亿元，同比下降 24.64%；归母净利润 2.56 亿元，同 比下降9.98% ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but showed significant growth in profit attributable to shareholders, indicating a strategic shift and focus on innovation and core business areas [1][2] Group 1: Financial Performance - The company's revenue for the first half of 2025 was 2.6775 billion RMB, a year-on-year decrease of 24.2% [1] - Profit attributable to shareholders reached 244 million RMB, reflecting a year-on-year increase of 102.5% [1] - Basic earnings per share were 0.13 RMB [1] Group 2: Business Strategy and Development - The company is adjusting its strategic focus, with some innovative business lines still in exploratory stages [1] - The live social business remains a cornerstone, maintaining steady growth through refined operational strategies and technological advancements [1] - The company is enhancing the ecosystem for streamers and guilds, improving product technology and operational barriers to increase user engagement [1] Group 3: Innovation and Market Expansion - The innovative business segment experienced rapid growth, with a focus on enriching the product system and business layout [2] - The short drama business has shown significant improvement in both production capacity and content quality, maintaining a leading market position amid fierce competition [2] - The company is strategically expanding its overseas business, particularly in Southeast Asia and the Middle East, while also exploring emerging markets [2] - The company maintains a positive outlook on WEB3.0 and blockchain development, continuously increasing its cryptocurrency reserves [2] - AI technology is being integrated into business operations to enhance user experience and innovate business models, providing new growth momentum [2]

Group 1 - The company is actively focusing on the development of short drama business and has established a dedicated team to advance this initiative [2] - The company will proceed with the short drama business according to its established plans and arrangements, indicating a structured approach to this new venture [2] - Investors are encouraged to pay attention to the company's future official announcements regarding the short drama business [2]

Core Viewpoint - The company, Kunlun Wanwei, reported strong growth in its short drama business during the first half of the year, with annualized ARR exceeding $240 million and monthly revenue surpassing $20 million, indicating robust commercialization potential [1] Group 1: Business Performance - As of the reporting period, the annualized ARR for the short drama business has surpassed $240 million [1] - Monthly revenue has exceeded $20 million, showcasing strong commercial viability [1] - The company has achieved a stable output of million-dollar level productions each month, enhancing user engagement and conversion rates [1] Group 2: Future Projections - The company anticipates that by the end of 2025, the annualized ARR for short dramas will reach $360 million [1] - Future growth will be driven by improvements in self-production and investment efficiency, multilingual localization, and market expansion [1]

Core Viewpoint - The company reported a revenue of 1.526 billion yuan for the first half of the year, marking a year-on-year growth of 14.58%, but incurred a net loss of 160 million yuan [1] Financial Performance - Revenue for the first half of the year reached 1.526 billion yuan, reflecting a year-on-year increase of 14.58% [1] - The net profit attributable to shareholders was a loss of 160 million yuan [1] Business Segments - The short drama business generated revenue of 838 million yuan, showing a significant year-on-year growth of 149.09%, becoming the company's largest business segment [1] - The company is pursuing a dual-driven strategy of "domestic expansion and overseas breakthroughs," which has led to increased short-term investments and impacted profitability [1]

Core Viewpoint - The company expects to report a net profit attributable to shareholders of approximately HKD 100,000 to HKD 500,000 for the six months ending June 30, 2025, a significant turnaround from a net loss of approximately HKD 5.8 million in the same period of 2024 [1] Financial Performance - The expected shift from net loss to net profit is primarily due to a recovery in revenue from the in-car audio and short video business, as well as the battery management system and spare parts [1] - Administrative expenses during the reporting period have decreased, contributing to the improved financial outlook [1] Stock Status - The company continues to be suspended from trading [1]

Core Viewpoint - The company expects to report a net profit attributable to shareholders of approximately HKD 100,000 to HKD 500,000 for the six months ending June 30, 2025, a significant turnaround from a net loss of approximately HKD 5.8 million in the same period of 2024 [1] Group 1 - The expected shift from net loss to net profit is primarily due to the recovery in revenue from the in-car audio and short video business, as well as the battery management system and spare parts [1] - Administrative expenses during the reporting period have decreased, contributing to the improved financial outlook [1] - The company remains suspended from trading [1]

Core Viewpoint - The report from Haitong International indicates that the revenue of China Literature Group decreased by 24% year-on-year to 3.2 billion yuan, which is still 1.5% higher than market expectations [1] Group 1: Financial Performance - Online reading and IP business revenues reached 2 billion yuan and 1.2 billion yuan respectively, both slightly above expectations [1] - Adjusted net profit margin decreased by 1 percentage point year-on-year to 15.9%, which is 5 percentage points higher than market expectations [1] Group 2: Future Outlook - The company is expected to capitalize on the rise of the IP industry, with steady growth anticipated in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is projected to contribute more in the second half of the year, while online reading business is expected to maintain stable performance [1] - Forecasts for total revenue in the second half and for the full year are set at 4 billion yuan and 7.2 billion yuan respectively, with a maintained "outperform" rating and a target price raised to 38 HKD [1]

Core Viewpoint - Haitong International's report indicates that China Literature Group (00772) achieved a revenue of 3.2 billion RMB in the first half of the year, exceeding market expectations by 1.5% [1] Financial Performance - Online reading and IP business revenues reached 2 billion RMB and 1.2 billion RMB respectively, both slightly above expectations [1] - Adjusted net profit margin stood at 15.9%, surpassing market expectations by 5 percentage points [1] Growth Prospects - The company is well-positioned to capitalize on the rise of the IP industry, with expectations for steady growth in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is anticipated to contribute more in the second half of the year [1] Revenue Forecast - The forecast for total revenue in the second half and for the full year is set at 4 billion RMB and 7.2 billion RMB respectively [1] - The rating is maintained at "outperform" with a target price raised to 38 HKD [1]

Core Viewpoint - Haitong International's report indicates that China Literature Group (00772) achieved a revenue of 3.2 billion RMB in the first half of the year, exceeding market expectations by 1.5% [1] Group 1: Financial Performance - Online reading and IP business revenues reached 2 billion RMB and 1.2 billion RMB respectively, both slightly above expectations [1] - Adjusted net profit margin stood at 15.9%, surpassing market expectations by 5 percentage points [1] Group 2: Future Outlook - The company is well-positioned to capitalize on the rise of the IP industry, with expectations for steady growth in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is anticipated to contribute more in the second half of the year, with stable performance in online reading [1] - Forecasts for total revenue in the second half and for the full year are set at 4 billion RMB and 7.2 billion RMB respectively [1] - The rating is maintained at "outperform" with a target price raised to 38 HKD [1]