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Core Viewpoint - Evergrande Securities reports that Yuewen Group (00772) is a rare leading company in the full IP industry chain, with stable online reading business and continuous IP incubation [1] Group 1: Comic Industry - The comic industry is experiencing significant growth, with supply increasing at a compound annual growth rate of 83% in H1 2025, outputting over 3,000 works and a revenue scale that has increased 12 times [1] - The market size is expected to exceed 20 billion yuan, with the number of related enterprises expanding exponentially, projected to surpass tens of thousands [1] - AI technology is enhancing production capacity, reducing the production cycle of dynamic comics from 90 days to 10-13 days, a reduction of nearly 90%, with costs controlled between 100,000 to 300,000 yuan per work [1] Group 2: Yuewen's Strategic Initiatives - In 2025, Yuewen announced an upgrade to its "Creative Partner Program," entering the comic industry with four major initiatives: opening access to 100,000 premium IPs, establishing a 100 million yuan creative fund, launching AIGC tools to improve adaptation efficiency, and building a full-chain support system [1] - As of October 2025, Yuewen has 30 comic works with view counts exceeding 10 million, with several works surpassing 100 million views [1] - The partnership with Soy Sauce Animation aims to produce at least 400 comic works annually over the next three years, with no less than 200 adaptations from Yuewen's IP [1] Group 3: Derivative Products and New Media - In H1 2025, Yuewen's derivative product GMV increased to 480 million yuan, nearing the total of 500 million yuan for the entire year of 2024 [2] - Key IPs such as "Full-Time Master" and "Mystery Lord" are performing well, with new product categories being explored, including plush toys [2] - New media projects from Xinli, including "Drug Storm" and upcoming series like "Young and Promising," are expected to contribute positively to the company's performance [2]