天风证券（601162）发布研报称，阅文有稳定打造商业爆款的能力及实现IP产业链联动的商业模式可行 性，长期有望凭借良好内容生态、丰富IP储备及多元商业链拓展能力构筑壁垒，并稳步提升盈利能力。 招商证券此前指出，公司手握海量优质网文IP，积极推进IP商业化，搭建线上线下（300959）销售渠 道，有望聚焦卡牌、谷子、轻软周等细分赛道，实现与影视、动漫、游戏等优质作品协同，最大化商业 价值。 阅文集团(00772)早盘涨近5%，截至发稿，涨4.07%，报38.84港元，成交额8480.58万港元。 消息面上，10月16日，2025阅文创作大会在武汉光谷举行。会上，阅文集团CEO兼总裁侯晓楠宣布升 级"创作合伙人计划"，发布四大举措进军漫剧，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。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the shift of Chinese companies' overseas strategies from market expansion to building cross-cultural influence, emphasizing brand development and cultural integration in the AI era [2] - Southeast Asia is identified as a key battleground for businesses seeking growth, with the e-commerce GMV in the region projected to reach $128.4 billion by 2024 [4] - The report discusses the increasing global presence of Chinese brands in various sectors, including digital trade, electric vehicles, and cultural exports [8][10][12] Industry Environment - **Cross-Cultural Influence in the AI Era**: Chinese companies are focusing on building soft power and cultural resonance through localized strategies and community engagement, leveraging AI to enhance efficiency and address local needs [2] - **Digital Trade Expo**: The fourth Global Digital Trade Expo saw procurement amounts exceeding 30.9 billion yuan, with AI, cultural exports, and cross-border e-commerce leading the orders [2] - **Southeast Asia as a Market**: The region's e-commerce market is rapidly growing, with major platforms like TikTok Shop, Shopee, and Lazada dominating [4] - **Cultural Exports**: Chinese web literature is evolving from simple content export to creating ecosystems around IP, utilizing AI for content adaptation and market expansion [4] - **Gaming Industry Trends**: The gaming sector is witnessing strong performance in overseas markets, with significant revenue growth and a diverse range of successful titles [4] - **Smart Connected Vehicles**: The report outlines the landscape of the smart connected vehicle industry, emphasizing the importance of collaboration and local compliance for successful overseas ventures [6] - **Home Appliance Expansion**: Major Chinese home appliance brands are establishing manufacturing bases in Thailand, marking a shift from mere exports to full-scale operations [7] - **Short Video Content**: The short video format is gaining traction globally, driven by the demand for quick, engaging content, particularly among younger audiences [8] - **Electric Vehicle Market**: Chinese electric vehicles are reshaping the global automotive landscape, leveraging competitive pricing and advanced technology to gain market share [9] - **Pool Cleaning Robots**: Chinese brands are making strides in the overseas market for pool cleaning robots, focusing on brand awareness and technological advancements [10] Top Brand News - **柚香谷 (Youxianggu)**: The juice brand is expanding into Southeast Asia and the Middle East, aiming for over 1 billion yuan in sales by 2024 [13] - **华为 (Huawei)**: The company is launching smart transportation solutions in international markets, enhancing operational efficiency [14] - **名创优品 (Miniso)**: The brand's toy division is preparing for an IPO, aiming to strengthen its IP development capabilities [14] - **美团 (Meituan)**: The company is rapidly expanding its international food delivery service in the Middle East, targeting high-growth markets [14] - **阅文集团 (Yuewen Group)**: The company is transitioning from content export to experiential offerings, launching an IP-themed attraction in Singapore [18] - **中文在线 (Zhongwen Online)**: The platform is leveraging AI to enhance content production but faces challenges in profitability due to high overseas investment [18] - **Rockbros**: The cycling brand has achieved over 1 billion yuan in sales by focusing on product development and localization strategies [19] - **阿里 (Alibaba)**: The company is implementing new strategies across its platforms to enhance brand presence and compete with Amazon [22]

Core Insights - The core focus of the news is the launch of the "Creative Partner Program" by the CEO of Yu Wen Group, which aims to expand its presence in the comic-drama ecosystem while leveraging its strengths in short dramas [1][3]. Group 1: Company Initiatives - Yu Wen Group has established deep partnerships with leading comic-drama production companies such as Jiangyou Animation, Qixiang, and Zhixing He Yi to enhance its comic-drama creation capabilities [1]. - The company has initiated a co-creation mechanism with top AI comic-drama production firm Jiangyou Animation, planning to release at least 400 comic-dramas annually over the next three years, with over 50% adapted from Yu Wen's IP [3]. Group 2: Market Trends - The comic-drama market is experiencing explosive growth, with a supply increase of 83% in the first half of 2025, and viewership and likes growing at compound rates of 92% and 105%, respectively [4]. - Despite the rapid growth, there is still a shortage of high-quality comic-drama content, with young users demanding more high-quality, fast-paced productions [4]. Group 3: Industry Implications - The growth of the comic-drama sector is expected to boost the licensing business for web novel IP companies like Yu Wen, while self-produced comic-dramas will accelerate the commercialization of web novel IP, potentially becoming a new growth driver for Yu Wen [4]. - The CEO emphasized that short dramas and comic-dramas are becoming crucial engines for visualizing IP, significantly enhancing the efficiency of transforming text into visuals and creating new opportunities for authors [4].

Core Viewpoint - The Hong Kong stock market is currently in a period of intensive mid-term earnings disclosures, leading to significant stock price fluctuations for several listed companies [1]. Group 1: Tencent Music - Tencent Music's stock surged after its mid-term earnings report, reaching a peak of 104 HKD, marking a maximum increase of over 17% [3]. - For Q2 2025, Tencent Music reported total revenue of 8.44 billion HKD, a year-on-year increase of 17.9%, and an adjusted net profit of 2.64 billion HKD, up 33.0% year-on-year [5]. - The online music service revenue grew by 26.4% to 6.85 billion HKD, driven by deepened collaborations with global record companies and innovative content creation [5]. Group 2: Reading Group - After its earnings announcement, Reading Group's stock rose significantly, with an intraday peak increase of over 19% [6]. - The company reported a revenue of 3.19 billion HKD and a net profit attributable to shareholders of 850 million HKD for the first half of 2025, reflecting a year-on-year growth of 68.5% [8]. - The growth was attributed to the resilience of its IP ecosystem, with several successful adaptations of its IP into films and series, and a notable increase in revenue from short dramas and IP derivatives [8]. Group 3: Minmetals Resources - Minmetals Resources' stock also saw a rise, with an intraday increase of nearly 14%, reaching a maximum price of 4.8 HKD [8]. - The company reported a net profit of 566 million USD for the first half of 2025, a more than 600% increase compared to 79.5 million USD in the same period of 2024 [10]. - This strong profit growth was primarily due to increased copper production from three mines and rising market prices for copper, gold, silver, and zinc [11]. Group 4: 361 Degrees - In contrast, 361 Degrees experienced a decline in stock price after its earnings report, with a drop of 9.29% [12]. - The company reported a revenue of 5.705 billion HKD for the first half of 2025, a year-on-year increase of 11%, and a profit attributable to shareholders of 858 million HKD, up 8.6% [14]. - The growth was driven by strong demand for its products across adult and children's categories, with the children's segment contributing approximately 1.261 billion HKD, representing 22.1% of total revenue [14].

Core Viewpoint - The report from CICC maintains the Non-IFRS net profit forecast for the company for 2025 and 2026, with a target price of HKD 43.5, indicating a potential upside of 39.4% from the current price [1] Group 1: Financial Performance - The company reported a revenue of CNY 3.191 billion for 1H25, with a Non-IFRS net profit of CNY 508 million, aligning closely with CICC's expectations [1] - Excluding the impact of New Classics Media, the Non-IFRS net profit from other businesses grew by 35.7% year-on-year in 1H25 [1] - The gross margin for 1H25 was 50.5%, reflecting a slight increase of 0.5 percentage points year-on-year [3] Group 2: Online Business and IP Operations - Online business revenue for 1H25 was CNY 1.985 billion, showing a modest year-on-year growth of 2.3%, with proprietary platform product revenue increasing by 3.1% [2] - The IP operations and other revenue for 1H25 amounted to CNY 1.205 billion, with the GMV for IP derivative products reaching CNY 480 million, nearing last year's total of CNY 500 million [2] Group 3: Cost Management and One-time Gains - The company experienced a decrease in sales expenses due to fewer film and television projects in 1H25, leading to reduced promotional and advertising costs [3] - A net gain of CNY 580 million from the deemed disposal of an invested company was recorded, which is considered a one-time item with minimal impact on Non-IFRS net profit [3] Group 4: Content and IP Development - New Classics Media has a rich lineup of series for 2025, including titles like "The Drug Storm" and "The Silent Woman," with a focus on the release schedule [4] - The company upgraded its short drama business in 2025, planning to produce over 2,000 web novel IPs, with a single short drama project generating over CNY 80 million in revenue in 1H25 [4] - The company is expanding its IP derivative product offerings, with plans to launch related merchandise for popular IPs like "Full-Time Master" in the second half of 2025 [4]