电视剧业务触底向上，关注下半年影视内容表现。1）上半年公司电视剧制 作、发行业务分别实现营收 3.60、1.64 亿元，同比分别增长 1258.92%、 -9.24%；毛利率同比分别下降 23.55、5.14 个 pct 至 18.12%、61.43%；上半 年公司有 2 部新剧上映（《国色芳华》《锦绣芳华》）、3 部过审；同时开 机 6 部（《你是迟来的欢喜》《花好》《奉陪到底》《重器》《七月的一天》 《奇迹》），杀青项目 5 部（《太平年》《极限刑诉》《家业》《你是迟来 的欢喜》《成何体统》），有望为下半年年业绩奠定较好基础；2）《刺杀 小说家 2》（前作获得 10.35 亿票房）已定档 2025 年 10 月 1 日上映，有望 为电影业务贡献较大增量；3）行业来看，广电总局印发实施《进一步丰富 电视大屏内容、促进广电视听内容供给的若干举措》有望为影视内容制作行 业发展打开新空间。 短剧、动漫、算力业务崭露头角，开辟第二增长曲线。1）短剧月产能已提 升到 20 部，《以爱之名》《下一任，是幸福》《亲爱的宿敌》等精品短剧 播放均超 2 亿；2）动漫业务 IP 运营与展览双发力，，联合合孩之宝共同出 品的《小 ...

Core Viewpoint - Huace Film & TV reported significant growth in its 2025 semi-annual report, with a revenue increase of approximately 115% year-on-year, driven primarily by its television production and distribution business [1] Group 1: Financial Performance - The company achieved an operating income of 790 million yuan and a net profit attributable to shareholders of 118 million yuan, reflecting a year-on-year growth of about 65% [1] - The non-recurring net profit reached 72.16 million yuan, up 67.9% year-on-year [1] - Revenue from television production and distribution surged to 360 million yuan, marking a substantial increase of 1259% [1] Group 2: Business Development - Huace Film & TV is expanding into short dramas, animation, and computing power to create a "second growth curve" [2] - The company has increased its monthly production capacity of short dramas to 20 episodes through various strategies [2] - In the animation sector, Huace is collaborating with Hasbro on a new "Peppa Pig" animated film, expected to release in 2026 [2] Group 3: International Expansion - The series "Guose Fanghua" has been distributed to over 10 countries and regions, and the company's first international short drama app, DailyShort, has been launched [3] - Overseas business revenue reached 88.12 million yuan, reflecting a year-on-year growth of 28.5% [3]