易点天下 20250828 摘要 亿点天下 2024 年下半年收入提速，受益于整体出海营销需求旺盛，尤 其在电商、短剧和游戏等娱乐应用出海领域表现突出，后两者收入增长 超过 35%，程序化广告上半年增速预计超 50%，Q1 甚至达到 70%- 80%。 程序化广告是亿点天下的重要业务，其平台 Zeamatic 接入大量中长尾 媒体并获 Google Play 背书。算法升级后，推理效率提升 7 倍，任务执 行时间减少，精准度提高，计算资源成本降低 25%，显著提高 ROI，推 动收入增长。 亿点天下商业模式独特，不仅赚取返点差，还提供技术服务和投放通道， 以 CPA 模式结算，使其毛利率高于多数代理公司，通常在 10%以上。 美国关税政策对其影响有限，因其服务范围涵盖东南亚、拉美、中东等 多元市场。 海外短剧市场规模预计今年超过 45 亿美元，上半年 APP 内购翻倍至 10 亿美元，潜在用户规模庞大。中国企业如中文在线的 Serial 和昆仑万维 的 Drama Wave 在海外短剧市场占据重要地位，为亿点天下带来更多 营销机会。 Q&A 亿点天下在 AI 应用方面的核心逻辑是什么？如何体现对广告业务的赋能 ...

Core Insights - The global short drama market is experiencing high growth, with significant potential for small and medium enterprises (SMEs) to establish a strong presence overseas [6][4][14] - In the domestic market, the independent app "Hongguo" leads the way, while long video platforms are actively transforming [12][4] - The overseas market presents a more favorable competitive landscape, allowing SMEs to potentially become oligopolies [4][14] Domestic Market - Starting from the second half of 2024, independent apps like Hongguo are expected to see rapid growth, with usage time in Q1 2025 increasing by 5.5 times year-on-year [12][4] - Hongguo's monthly advertising ARPU reached 29 yuan, surpassing membership ARPU of long video platforms like iQIYI and Mango [12][35] - The rise of piracy is increasingly impacting the video sector, particularly paid series, necessitating stronger control measures [12][4] - The competition for exclusive content among production companies is intensifying, leading to a temporary increase in profit margins for producers [12][4] Overseas Market - The overseas market is characterized by high revenue growth and reduced risk, with leading platforms like Reel Short achieving a net profit of 7.91 million yuan in 2024 [4][14] - Chinese SMEs are better positioned in the overseas market due to their early entry and competitive advantages in content production and localization through AI technology [2][14] - The payment environment overseas is more favorable, with a mix of IAP and IAA models, resulting in higher average ROI compared to the domestic market [2][14] AI Technology Impact - AI technology is driving upgrades in the short drama industry, with advancements in AI animation, AI transformation, and AI live-action short dramas expected to continue [3][15] - AI animation short dramas are particularly advantageous in terms of cost reduction and user conversion rates in overseas markets [3][15] Market Size and Competitive Landscape - The Chinese micro-short drama market is projected to reach 50.4 billion yuan in 2024 and exceed 68 billion yuan in 2025 [4][44] - The domestic market is dominated by Hongguo, while the overseas market allows SMEs to leverage their technological and content advantages [4][14] Investment Recommendations - Focus on overseas markets where Chinese SMEs are positioned for high revenue growth and manageable competition risks, with companies like Zhongwen Online, Kunlun Wanwei, and Zhangyue Technology showing potential [16][17] - In the domestic market, traditional platforms like Mango Super Media may still have growth opportunities if they can retain existing users while expanding into short dramas [17][16]