Core Viewpoint - The company is expected to experience a significant decline in revenue for the first half of 2025, primarily due to changes in its business model and lack of major film and series releases [3][4]. Group 1: Revenue Forecast - The projected revenue for the first half of 2025 is 3.12 billion RMB, representing a year-on-year decrease of 25.5% [3]. - Online reading business revenue is expected to remain stable at 1.95 billion RMB, showing little change year-on-year [3]. - Revenue from copyright operations and other businesses is anticipated to drop to 1.17 billion RMB, a decline of 48% year-on-year, largely due to the absence of major releases from New Classics Media and changes in revenue recognition for short drama collaborations [3]. Group 2: Profit Expectations - The adjusted net profit for the first half of 2025 is estimated to be 480 million RMB, with the company's own profit expected to be around 500 million RMB, reflecting a 25% increase year-on-year [3]. - New Classics Media is projected to incur a loss of approximately 20 million RMB in the first half of 2025 [3]. Group 3: Online Reading Business - The online reading business is stable, with the integration of AI tools to enhance content creation efficiency [4]. - The international portal, WebNovel, has launched 6,800 Chinese translated works, with AI translations accounting for 3,200 of these, representing 47% of the total [4]. Group 4: Short Dramas and Derivative Products - New Classics Media has no major series released in the first half of 2025, but several anticipated series are set to launch in the second half, including "Solo Woman" and "Celebrating the Year 3" [5]. - The gaming sector has seen success with the new game "Douluo Dalu: Hunting Soul World," which generated an estimated revenue of 11.97 million RMB on iOS within a week of its launch [5][6]. - The company’s derivative products achieved a gross merchandise volume (GMV) exceeding 500 million RMB in 2024, with card products alone surpassing 200 million RMB [5].

Core Viewpoint - The article discusses Shanghai's initiative to support high-quality internet content creation through a series of financial incentives and policies, aiming to establish the city as a global hub for content creators [1][2]. Group 1: Policy Initiatives - Shanghai's new policy document includes nine major support measures for internet content creation, emphasizing financial investment to attract top creative talent [1]. - The policy outlines specific funding amounts, such as a maximum of 10,000 yuan for impactful content that tells Shanghai and China's stories, and up to 1 million yuan annually for public service platforms in designated creative districts [4][5]. - The initiative encourages hosting high-profile events like global creator conferences and innovation competitions, with funding support of up to 200,000 yuan for individual projects [5]. Group 2: Impact on Content Creators - Content creators express optimism about the new policies, viewing them as a significant boost for the industry, with one creator stating that it feels like a "spring" for creators [2]. - The policies aim to alleviate the financial burdens faced by creators, addressing high initial costs and long profit cycles by providing direct financial support [5]. Group 3: Strategic Focus Areas - The policy specifically targets Huangpu and Yangpu districts for the development of globally influential content creation hubs, leveraging the existing industry strengths in these areas [6]. - The article highlights the importance of platforms like Bilibili and Xiaohongshu, which have a substantial user base and creator community in Shanghai, contributing to the city's content ecosystem [7][8]. Group 4: Global Outreach - The initiative also aims to promote Chinese stories internationally, with platforms like Xiaohongshu and Bilibili playing a crucial role in connecting with global audiences [9][10]. - Xiaohongshu has seen an influx of international users, facilitating cultural exchanges and enhancing its global presence [9]. - The article notes that companies like Yuewen Group are successfully expanding Chinese literature overseas, reaching nearly 300 million users globally [12].

Core Viewpoint - Shanghai is committed to creating a prosperous content ecosystem that emphasizes local storytelling while also reaching a global audience, aiming for a dual win of cultural and commercial value [1][10]. Group 1: Policy Initiatives - The Shanghai Municipal Propaganda Department and the Cyberspace Administration of Shanghai released a document titled "Several Measures to Support High-Quality Internet Content Creation," which includes nine support policies aimed at fostering a global hub for internet content creation [1]. - The policies include financial incentives, such as a maximum reward of 100,000 yuan for impactful content that tells Shanghai and Chinese stories, and up to 1 million yuan annually for public service platforms in designated content creation districts [3][4]. - The document encourages hosting high-profile events to attract global content creators, with funding support of up to 200,000 yuan for individual projects [3]. Group 2: Economic Impact - The policies aim to alleviate the high initial costs and long profit cycles faced by content creators by providing direct financial support [4]. - The focus on Huangpu and Yangpu districts for content creation is strategic, leveraging their existing industry strengths and platform resources [4][6]. - The initiatives are expected to attract more quality content resources to Shanghai, including creators and related AI tools and services [6]. Group 3: Global Outreach - The measures also emphasize promoting Chinese stories internationally, aligning with national strategies to enhance cultural influence [8]. - Platforms like Bilibili and Xiaohongshu are pivotal in this effort, with Bilibili having 368 million monthly active users and Xiaohongshu exceeding 350 million, both fostering a vibrant creator economy [5][6]. - The document highlights the success of companies like Yuewen Group in expanding Chinese web literature overseas, reaching nearly 300 million users across over 200 countries [8].

Core Viewpoint - The article highlights the launch of "Yuewen Garden," an IP comprehensive experience project by Yuewen Group at the Shenzhen Cultural Expo, aimed at promoting cultural consumption among young people and enhancing the city's cultural landscape [1][2]. Group 1: Project Launch and Collaboration - Yuewen Group showcased its achievements in digital culture, including the debut of "Yuewen Garden" at the Shenzhen Cultural Expo [1]. - A strategic cooperation agreement was signed between Yuewen Group, Shenzhen Publishing Group, and Shenzhen Broadcasting Group to establish "Yuewen Garden" at the landmark "Bay Area Eye" in Shenzhen [1]. - The project aims to create a new cultural consumption model for young people, integrating reading, IP-related products, interactive experiences, and social activities [1]. Group 2: Cultural Promotion and IP Development - "Yuewen Garden" will serve as an innovative experimental space for IP operations, promoting national reading through immersive cultural experiences [2]. - The project will provide a platform for emotional resonance and social interaction among young people through frequent IP-themed activities and community operations [2]. - Yuewen Group presented 20 representative IPs developed over the past decade, including popular titles like "Qing Yu Nian" and "Full-Time Master," showcasing diverse forms such as physical books, films, and derivatives [2]. Group 3: Global Influence and Expansion - The exhibition featured 26 online literature works that are part of the British Library collection, highlighting the global impact of Chinese online literature [4]. - Yuewen's overseas portal "Qidian International" (WebNovel) has nurtured 460,000 overseas authors and launched approximately 700,000 original works [4].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair showcased the achievements of the digital culture sector, with a focus on IP development and cultural export, highlighted by the launch of the "Yuewen Book Garden" [1][3]. Group 1: IP Development and Cultural Initiatives - Yuewen Group signed a strategic cooperation agreement with Shenzhen Publishing Group and Shenzhen Broadcasting Group to establish the "Yuewen Book Garden," an IP comprehensive experience space aimed at enhancing urban IP and cultural development in Shenzhen [3]. - The "Yuewen Book Garden" will serve as an innovative experimental field for IP operations, promoting reading and creating a cultural social space for young people through high-frequency IP-themed activities and community engagement [3]. - Yuewen has organized the Shenzhen Online Literature Contest for two consecutive years to promote "Shenzhen stories," focusing on science fiction themes and seeking quality works that combine technological innovation with humanistic care [5]. Group 2: Showcase of IP Achievements - At the fair, Yuewen presented 20 representative IPs developed over the past decade, including popular titles like "Qing Yu Nian" and "Full-Time Master," through various formats such as physical books, films, and merchandise [6]. - The IP "Qing Yu Nian" utilized three-sided naked-eye 3D technology to showcase its development across different media, resulting in a 38-fold increase in original reading volume due to the popularity of its TV adaptation [8]. - In 2024, Yuewen's derivative product business achieved rapid growth, with total transactions exceeding 500 million yuan [8]. Group 3: Global Expansion and Cultural Export - Yuewen displayed 26 online literature works that have been archived in the British Library, highlighting the global influence of Chinese online literature [9]. - The company has launched approximately 6,800 translated Chinese online literature works and 1,700 comics overseas, with several of its TV series topping video platforms in countries like South Korea and Thailand [9]. - Yuewen is reshaping the cultural export paradigm through "global co-creation," having cultivated 460,000 overseas writers and launched around 700,000 overseas original works [10].

Core Insights - The collaboration between Yuewen Group and CCC Group marks a significant step in promoting Chinese online literature in the Japanese market through various initiatives [1][6][8] Group 1: Strategic Collaboration - Yuewen Group and CCC Group have initiated a strategic partnership to launch the "Novel Equation" writing competition in Japan, aiming to integrate cross-national resources and create an IP co-creation ecosystem [4][6] - The first project includes the establishment of a limited-time pop-up store in Osaka, showcasing popular IPs such as "Full-Time Master" and "Fox Demon Little Red Daughter" to engage Japanese youth [3][7] Group 2: Cultural Experience and Market Penetration - The collaboration will create a cultural experience space centered around IP, enhancing the presence of Chinese IP in the cultural lives of Japanese youth [3][7] - The "Novel Equation" competition will feature a jury composed of notable figures from the literary and film industries, with winning works expected to be developed across various media [4][6] Group 3: Market Growth and Future Prospects - Starting in 2024, Yuewen's WebNovel will launch a Japanese translation of Chinese online literature, projecting an annual user growth rate of 180% in Japan [6][9] - The small language market, including Japanese, is anticipated to become a new growth point for online literature, with non-English revenue expected to increase by over 350% in 2024 [6][9] Group 4: Cultural Impact and Global Reach - The partnership is seen as a reflection of the growing interest in online literature among the younger generation in Japan, fostering a creative industry with significant potential [4][6] - Yuewen has already launched 6,800 translated Chinese online literature works and 700,000 overseas original works, reaching nearly 300 million users globally [9]