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为了这个 6000 亿市场,互联网大厂又“打起来”了
Sou Hu Cai Jing· 2025-08-25 15:01
事实上,面对如此庞大的诱惑,不止小红书,整个互联网都想来分一杯羹。就目前来看,腾讯、优酷、爱奇艺等一众长视频网站冲在最前头。 2025 年,腾讯视频动漫大赏年度发布会上释出近 90 部二次元项目;阅文集团借着谷子经济的热度,上半年归母净利同比大增 68.5%,IP 衍生品 业务的 GMV 达到了 4.8 亿元;二次元话题在抖音、快手的播放量现已分别达 6589 亿次和 1755 亿次 …… 另外,B 站这个老二次元玩家还在坚守 阵地。 在互联网流量增长放缓的背景下,二次元文化似乎又为各位提供了一些新的破局思路。 花钱、花钱,还是为了 " 花钱 " 二次元赛道的增长逻辑与互联网的规模化需求存在根本冲突 小红书在内容赛道狂奔的这些年,的确积累了不少二次元用户。数据显示,过去一年,小红书内容发布量增速最快的类目就是二次元与游戏内 容,分别同比增长了 175% 与 168%,仅次于时尚与美食。 自谷子经济爆发后,整个二次元市场的消费力再次映入互联网眼帘。 《2025 微博泛二次元内容生态研究报告》显示,2024 年泛二次元用户规模达 5.03 亿人,接近网民规模的一半,泛二次元及周边市场规模达 5977 亿元,还有多 ...
爱奇艺重回亏损
Sou Hu Cai Jing· 2025-08-24 00:12
该公司近期披露财报显示,在2025年二季度,爱奇艺营收同比下滑11%至66.3亿元;净亏损为1.337亿元,去年同期净利润为6870万元。 记者丨贺泓源 李晴 编辑丨张伟贤 爱奇艺又回到了亏损区间。 爱奇艺亏损背后是,在短视频冲击与广告市场低迷下,长视频平台遭遇行业性危机。 腾讯财报显示,截至二季度末, 腾讯视频视频付费会员数为1.14亿,同比、环比均下滑了300万。(回顾:) 芒果超媒财报显示,上半年,其营收同比下滑14.31%至59.64亿元;归母净利润同比下滑28.31%至7.63亿元。 整个长视频市场都在重新寻路。 全面收缩 从业绩来看,爱奇艺面临着多方面压力。 二季度,该公司会员收入同比下滑9.0%至40.9亿元,背后可能跟头部内容有限相关。 对此,爱奇艺强调其在二季度和夏季期间在长视频平台中保持了总收视市场份额的领先地位。云合数据显示,爱奇艺三部剧集《临江仙》《朝雪录》《生 万物》热度破万。此外,综艺节目表现较为出色。爱奇艺综艺占据了夏季云合收视榜前五名中的四席,其中《喜剧之王单口季 2》占据了综艺品类收视市 占率第一名。 但这依旧挽回不了爱奇艺会员收入下滑局面。 结合腾讯视频会员数下滑,这可能与 ...
爱奇艺重回亏损
21世纪经济报道· 2025-08-23 15:02
爱奇艺又回到了亏损区间。 该公司近期披露财报显示,在2025年二季度,爱奇艺营收同比下滑11%至66.3亿元;净亏损为 1.337亿元,去年同期净利润为6870万元。 | | | Three Months Ended | | Six Months Ended | | | --- | --- | --- | --- | --- | --- | | | June 30. | March 31. | June 30. | June 30. | June 30. | | | 2024 | 2025 | 2025 | 2024 | 2025 | | | RMB | RMB | RMB | RMB | RMB | | | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | | Revenues: | | | | | | | Membership services | 4.495.310 | 4.399.010 | 4.090.126 | 9.294.171 | 8,489,136 | | Online advertising serv ...
爱奇艺重回亏损:靠政策救市?
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-23 13:41
21世纪经济报道记者贺泓源、实习生李晴 爱奇艺又回到了亏损区间。 该公司近期披露财报显示,在2025年二季度,爱奇艺营收同比下滑11%至66.3亿元;净亏损为1.337亿元,去年同期净利润为6870万元。 爱奇艺亏损背后是,在短视频冲击与广告市场低迷下,长视频平台遭遇行业性危机。 腾讯财报显示,截至二季度末,腾讯视频视频付费会员数为1.14亿,同比、环比均下滑了300万。 | | | Three Months End | | --- | --- | --- | | | June 30, | March 31, | | | 2024 | 2025 | | | RMB | RMB | | | (Unaudited) | (Unaudited) | | Revenues: | | | | Membership services | 4,495,310 | 4,399,010 | | Online advertising services | 1,461,367 | 1,327,827 | | Content distribution | 698,175 | 628,743 | | Others | 783,933 ...
爱奇艺重回亏损:靠政策救市?丨文娱财报观察
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-23 13:36
21世纪经济报道记者贺泓源、实习生李晴 爱奇艺又回到了亏损区间。 该公司近期披露财报显示,在2025年二季度,爱奇艺营收同比下滑11%至66.3亿元;净亏损为1.337亿 元,去年同期净利润为6870万元。 爱奇艺亏损背后是,在短视频冲击与广告市场低迷下,长视频平台遭遇行业性危机。 腾讯财报显示,截至二季度末,腾讯视频视频付费会员数为1.14亿,同比、环比均下滑了300万。 芒果超媒财报显示,上半年,其营收同比下滑14.31%至59.64亿元;归母净利润同比下滑28.31%至7.63 亿元。 整个长视频市场都在重新寻路。 从业绩来看,爱奇艺面临着多方面压力。 二季度,该公司会员收入同比下滑9.0%至40.9 亿元。背后可能头部内容有限相关。 对此,爱奇艺强调其在二季度和夏季期间在长视频平台中保持了总收视市场份额的领先地位。云合数据 显示,爱奇艺三部剧集《临江仙》《朝雪录》《生万物》热度破万。此外,综艺节目表现较为出色。爱 奇艺综艺占据了夏季云合收视榜前五名中的四席,其中《喜剧之王单口季 2》占据了综艺品类收视市占 率第一名。 但这依旧挽回不了爱奇艺会员收入下滑局面。 结合腾讯视频会员数下滑,这可能与免费的短视 ...
视听行业“松绑”新规将近,互联网ETF沪港深(159550)上涨4%,预期差就是生产力?
Xin Lang Cai Jing· 2025-08-18 05:57
Core Viewpoint - The recent news highlights a significant positive shift in the Chinese internet content industry, driven by new regulatory measures aimed at enhancing content supply and easing restrictions on production and distribution [1][2]. Group 1: Market Reactions - The internet ETF Hu-Kong-Shen (159550) saw a price increase of 4% on August 18, with major stocks like Mango Super Media hitting a 20% limit up and other companies like Reading Group and Guiding Compass also experiencing substantial gains [1]. - The surge in stock prices reflects a market response to the anticipated regulatory changes, indicating a potential recovery in the internet content sector [1][2]. Group 2: Regulatory Changes - The new regulations are expected to relax restrictions on content production, including the number of historical dramas allowed to air and the quota for imported shows, which is seen as a major benefit for the long video industry [1][2]. - Internal sources confirm that while the details of the regulations are still pending, the general direction is clear, aiming to enhance the quality and diversity of content available [1]. Group 3: Company Performance - Reading Group reported a significant increase in revenue, achieving 3.19 billion yuan and a net profit of 850 million yuan in the first half of the year, marking a 68.5% year-on-year growth [2]. - The growth is attributed to Reading Group's strong IP reserves and successful ventures into new content formats, such as short dramas and derivative products, which generated a GMV of 480 million yuan [2]. Group 4: Industry Outlook - The internet content community is positioned for growth, with the IP industry entering a golden period, suggesting that companies with substantial IP reserves will benefit significantly [3]. - The internet sector has shown signs of recovery from previous valuation compressions, with leading companies experiencing notable increases in market capitalization as profitability improves [3]. Group 5: Index Information - The China Securities Hu-Kong-Shen Internet Index tracks 50 major internet companies, including Tencent, Alibaba, and Xiaomi, reflecting a diverse range of internet enterprises [4]. - As of August 15, 2025, the top ten weighted stocks in the index include major players in both B2B and B2C segments, indicating a robust representation of the internet sector [4].
腾讯控股(0700.HK)2025Q2财报点评:游戏广告延续强劲趋势 FBS重回双位数同比增长
Ge Long Hui· 2025-08-18 02:45
Core Viewpoint - The company reported strong financial performance in Q2 2025, with significant year-over-year growth in revenue and profits, driven by robust gaming and advertising businesses, as well as the integration of AI across its ecosystem [1][2][3] Group 1: Operational Data - In Q2 2025, WeChat's monthly active users (MAU) reached 1.411 billion, reflecting a year-over-year increase of 2.9% and a quarter-over-quarter increase of 0.6% [1] - QQ's active accounts showed a slight decline year-over-year, while the number of registered accounts for paid value-added services reached 264 million, marking a year-over-year increase of 0.4% but a quarter-over-quarter decrease of 1.5% [1] Group 2: Overall Performance - The company's overall gross margin improved to 56.9%, an increase of 3.6 percentage points year-over-year and 1.09 percentage points quarter-over-quarter [2] - Non-IFRS operating profit grew by 18% year-over-year, while Non-IFRS net profit increased by 10% to 631 billion yuan, with a 20% growth when excluding investment income [2] Group 3: Value-Added Services - Game revenue experienced a strong year-over-year growth of 22%, with domestic and overseas markets growing by 17% and 35% respectively [2] - Tencent Video maintained its leading position in the domestic long video market, with paid membership reaching 114 million [2] - Tencent Music Entertainment (TME) saw a 17% year-over-year increase in online music subscription revenue, driven by growth in paid members and average revenue per paying user (ARPPU) [2] Group 4: Marketing Services - Marketing services revenue grew by 20% year-over-year, with strong demand for key advertising placements within the WeChat ecosystem, including video accounts and mini-programs [2] - The integration of AI applications into the advertising system enhanced click-through and conversion rates, contributing to the growth of e-commerce advertising potential [2] Group 5: Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 10% year-over-year, driven by a recovery in commercial payments due to consumer spending recovery [3] - The cloud business, benefiting from rapid AI demand, saw significant year-over-year growth in international revenue, boosting overall enterprise service income [3] Group 6: Profit Forecast and Investment Rating - The company adjusted its profit expectations, forecasting revenues of 743.8 billion, 820.5 billion, and 900.7 billion yuan for 2025-2027, with Non-IFRS net profits of 255.4 billion, 288.5 billion, and 323 billion yuan respectively [3] - The target market capitalization for Tencent's various businesses in 2025 is set at 5.9 trillion yuan, corresponding to a target price of 708 Hong Kong dollars, maintaining a "buy" rating [3]
腾讯控股(00700):2025Q2财报点评:游戏广告延续强劲趋势,FBS重回双位数同比增长
Guohai Securities· 2025-08-16 14:13
Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Views - The report highlights strong trends in gaming and advertising, with Tencent's revenue for Q2 2025 reaching 184.5 billion RMB, representing a year-over-year increase of 15% and a quarter-over-quarter increase of 2% [6][11] - The overall performance is robust, with a gross margin of 56.9%, up 3.6 percentage points year-over-year [17][21] - The report emphasizes the continuous release of operational leverage and the ongoing empowerment of the entire ecosystem by AI [10][42] Summary by Sections Recent Performance - Tencent's Q2 2025 revenue was 184.5 billion RMB, with operating profit at 60.1 billion RMB and net profit attributable to shareholders at 55.6 billion RMB, showing year-over-year increases of 18% and 17% respectively [6][11] - The company achieved a Non-IFRS operating profit of 69.2 billion RMB, up 18% year-over-year [11][17] Operational Data - WeChat's monthly active users (MAU) reached 1.411 billion, a year-over-year increase of 2.9% [12] - The number of registered accounts for value-added services reached 264 million, with a slight year-over-year increase of 0.4% [12] Business Segments - **Gaming**: Revenue from gaming grew by 22% year-over-year, with domestic and international markets increasing by 17% and 35% respectively [28] - **Marketing Services**: Revenue from marketing services increased by 20% year-over-year, driven by strong demand for advertising in the WeChat ecosystem [39] - **Financial Technology and Enterprise Services**: Revenue grew by 10% year-over-year, supported by a recovery in commercial payments and increased demand for AI-related services [41] Profitability Forecast - The report projects revenues of 743.8 billion RMB, 820.5 billion RMB, and 900.7 billion RMB for 2025, 2026, and 2027 respectively, with Non-IFRS net profits expected to be 255.4 billion RMB, 288.5 billion RMB, and 323 billion RMB [10][42]
广东向优质网络视听项目“抛橄榄枝”,力推微短剧与直播经济带
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-16 12:11
Core Viewpoint - Guangdong is focusing on six key directions to transform its recently announced policy package into a catalyst for high-quality development in the online audio-visual industry, aiming to attract excellent projects to the region [1][2]. Group 1: Policy Measures and Industry Development - Guangdong has released several policy measures to enhance the online audio-visual industry, including increased financial support and the development of industrial parks [1][3]. - The province aims to establish Guangzhou as the "global live streaming capital" and Shenzhen as the "global digital audio-visual innovation capital" [1][3]. - The online audio-visual industry in Guangdong accounted for 1/7 of the national revenue last year, with a year-on-year growth of nearly 40% [3]. Group 2: Challenges and Opportunities - The industry faces challenges such as the quality and creativity of content generated by AIGC technology, which often lacks depth and uniqueness [2]. - Ethical issues related to copyright and misinformation are also prevalent, alongside increased reliance on technology that poses risks like data breaches [2]. - Despite these challenges, the online audio-visual sector is seen as a new growth area within the digital economy, with a market size exceeding 1.22 trillion yuan and a user base of 1.091 billion [2]. Group 3: Industry Collaboration and Innovation - Major companies like iQIYI and Douyin are actively engaging in the Guangdong market, with iQIYI establishing four immersive theaters and Douyin promoting local products through various initiatives [6][5]. - The province is fostering collaboration among enterprises and enhancing the ecosystem for digital content creation, with a focus on integrating local cultural elements into programming [7][8]. - Guangdong is also working on building a collaborative mechanism for the Greater Bay Area to enhance content export and stimulate innovation among the youth [8]. Group 4: Future Directions - The province plans to strengthen content quality, explore new consumption models, and enhance the overall service system within the industry [7][8]. - There is a call for more targeted policies and funding to support the development of high-quality programs based on local cultural heritage [7]. - The government aims to deepen the integration of culture and technology, while also improving talent recruitment and training to support industry growth [8].
“政策包”变“催化剂”!行业热议广东省网络视听产业政策
Nan Fang Du Shi Bao· 2025-08-16 06:48
Core Viewpoint - The Guangdong Provincial Government is actively promoting the development of the online audio-visual industry through a comprehensive policy package aimed at enhancing financial support, improving content quality, and fostering collaboration within the industry [2][3]. Group 1: Policy Measures - The policy package includes nine measures such as increasing financial support, enhancing the development capabilities of industrial parks, improving the supply of quality audio-visual content, and promoting the integration of culture and technology [2]. - The Guangdong Provincial Radio and Television Bureau is focusing on resource integration and tailored strategies to promote differentiated development in the online audio-visual industry [2]. Group 2: Industry Performance - Guangdong's online audio-visual industry generated revenues accounting for 1/7 of the national total last year, with a year-on-year growth of nearly 40%, indicating strong market vitality and technological advancement [3]. - The province has established a complete industrial chain with leading companies in content creation, platform distribution, and technology research, including Tencent Video, YY, and QQ Music [3][4]. Group 3: Challenges and Recommendations - Despite the growth, challenges such as insufficient original content supply, weak collaboration across the industry chain, and the need for transformation from traditional development models have been identified [3][4]. - Recommendations include enhancing content quality by leveraging local culture, strengthening technological empowerment, and fostering collaboration within the Greater Bay Area [4]. Group 4: Company Insights - iQIYI highlighted that 10% of its paid members are from Guangdong, emphasizing the province's significant role in its user base and content creation [5]. - Youku is focusing on ultra-high-definition virtual shooting and AIGC technology, with a research base established in Shenzhen [5]. - Tencent Video is committed to telling Guangdong stories through original programming that reflects local culture and is seeking targeted support for high-quality content projects [6]. - Douyin Group and Xiaohongshu are both looking to deepen their engagement in Guangdong, leveraging local policies to enhance their content ecosystems and support the live-streaming economy [7].