股票投资评级 增持|维持 个股表现 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 46% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 中文在线 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 27.06 | | --- | --- | | 总股本/流通股本（亿股）7.29 / 6.60 | | | 总市值/流通市值（亿元）197 / 179 | | | 52 周内最高/最低价 | 35.59 / 18.47 | | 资产负债率(%) | 38.5% | | 市盈率 | -81.29 | | 第一大股东 | 童之磊 | 证券研究报告：传媒 | 公司点评报告 发布时间：2025-10-10 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 中文在线(300364) Q2 业绩验证基本面向好，看好 IP+出海顺势起量 ⚫ 事件回顾 2025 年 8 月 22 日，公司发布 2025 年半年报， 2025H1，公司实 ...

本报讯 （记者李乔宇）中文在线集团股份有限公司（以下简称"中文在线"）国际微短剧平台FlareFlow 上演了一场高效增长案例。上线仅5个月，该平台于9月23日创下单日收入历史新高，并登顶美国iOS与 安卓娱乐应用免费榜双端榜首，进入美区App Store海外短剧畅销榜前四。 在竞争激烈的市场环境中，FlareFlow的突破性在于其低消耗增长模式。第三方数据表明，其日常在大 媒体平台的投放消耗规模远低于头部竞品。该平台依靠优质的本地化内容、高效流量投放及精细用户运 营成功登顶，展现了其运营效率与内在竞争力，体现了中文在线集团国际化布局的成果。 技术支持是效率提升的关键。借助中文在线自研"中文逍遥"大模型，该平台在剧本创作等环节实现高效 优化，保障了内容质量与稳定供给。产能布局上，FlareFlow构建了全球协作网络，包括中美多地内容 创作基地、与超过20家国际团队的产能锁定、两地后期制作基地，以及已启动建设的横琴大湾区国际短 剧基地，为"国际微短剧生态型企业"目标奠定基础。 内容方面，该平台已推出《Raising His Mistress's Child》等爆款自制剧，进入优质作品良性产出周期。 当前上线作品 ...

9月23日，中文在线(300364)旗下的国际微短剧平台FlareFlow传来喜讯，平台单日收入创下历史新高， 在美区iOS与安卓娱乐应用免费榜双端登顶，在美区App Store海外短剧畅销榜上也跻身前四。 这一成绩的取得，对于上线仅5个月不到的全新平台来说，在当下国际微短剧市场激烈竞争的环境下， 显得尤为不易。 从第三方平台数据可知，FlareFlow目前每天在大媒体平台的投放消耗规模，远低于头部竞品。但凭借 优质的本地化内容输出、高效的流量投放手段，以及用心的用户及内容运营服务，FlareFlow成功登顶 美国双端下载排行榜。这充分展现了FlareFlow新平台不俗的市场竞争力和运营能力，以及中文在线集 团在国际化战略布局方面的深厚沉淀、积累。 FlareFlow平台的高速成长，离不开独特的运营策略。平台以"情感共鸣+社会洞察"为核心内容策略，致 力于打造深度与广度兼具的微短剧。同时，采用"国际化选题+本地化改编"的模式，精准适配不同市场 文化，有效提升观众共鸣。 FlareFlow在内容生产方面，组建了包括在北京、杭州、深圳以及美国洛杉矶在内的多个内容创作基 地；北京和洛杉矶统一调度的制片团队。与美国洛 ...

Core Viewpoint - Chinese Online frequently faces share reductions from executives and major shareholders like Tencent and Reading Group, raising concerns about potential insider trading and the sustainability of its growth strategy, particularly in the short drama overseas market [1][2][3] Share Reduction Details - On September 11, major shareholders Shenzhen Litong and Shanghai Reading announced plans to reduce their holdings by up to 14,570,002 shares, accounting for no more than 2% of the total share capital [2] - Shenzhen Litong, a Tencent subsidiary, and Shanghai Reading, a Reading Group subsidiary, each plan to sell 7,285,001 shares, representing 1% of the total share capital [2][3] - The reduction period is set from October 13, 2025, to January 12, 2026, excluding any legally mandated blackout periods [3] Executive Share Reduction - The company’s executives also participated in share reductions, with a total of 877,094 shares sold, representing 0.1204% of the total share capital [3][4] - The total cash raised from these executive reductions is approximately 25 million yuan, with the largest amount coming from the company secretary, who sold over 10 million yuan worth of shares [3] Stock Price Movements - The company’s stock price surged following the announcement of its international short drama platform, FlareFlow, leading to speculation that the secretary may have timed the sale to capitalize on the stock price peak [6][4] - The stock price reached a high of 33.85 yuan per share, while the secretary's average selling price was 34.20 yuan, indicating a strategic exit at a high point [4][6] Business Performance - Chinese Online reported a revenue increase of 20.4% year-on-year for the first half of 2025, reaching 556 million yuan, despite continuing to incur losses [10] - The net loss for the same period was 226 million yuan, a 50.84% increase compared to the previous year, attributed to high sales expenses, particularly in overseas marketing [10] Short Drama Market Potential - The company’s new platform, FlareFlow, launched in April 2025, quickly gained traction, reaching the top 5 in the US Google Play entertainment category within two months [11] - Despite the initial success, concerns remain about the sustainability of this growth, as the company’s subsidiaries continue to report losses and lack a solid business cycle [11][12] Industry Competition - The short drama market is becoming increasingly crowded, with numerous new entrants and established companies like ByteDance launching competing platforms [15] - The number of short drama apps launched overseas has surged, indicating a growing interest and competition in this segment [15]

Core Insights - Chinese Online Group Co., Ltd. reported a revenue of 556 million yuan for the first half of 2025, representing a year-on-year growth of 20.40% [2][3] - The company experienced a net loss attributable to shareholders of 226 million yuan, which is an increase in loss by 50.84% compared to the same period last year [2][3] - The net loss excluding non-recurring items was also 226 million yuan, with a year-on-year increase of 56.54% [2][3] Financial Performance - Revenue for the first half of 2025: 556,485,926.04 yuan, up from 462,209,883.85 yuan in the same period last year [4] - Net profit attributable to shareholders: -226,387,147.68 yuan, compared to -150,087,126.10 yuan last year [4] - Net cash flow from operating activities: -103,873,040.01 yuan, a decline of 62% year-on-year [4] - Basic earnings per share: -0.3108 yuan, down 51% from -0.2056 yuan [4] Cost Structure - Operating costs for the first half of 2025 were 379 million yuan, an increase of 7.45% year-on-year [4] - Sales expenses reached 266 million yuan, up 42.78%, primarily due to increased promotional expenses for overseas business [4][5] - Management expenses were 51 million yuan, a rise of 7.90% [4] - Financial expenses increased by 19.76% to 6.72 million yuan [4] Business Segments - Revenue from digital content licensing and related products was 311 million yuan, a growth of 5.74% [5] - Revenue from IP derivative development products was 237 million yuan, showing a significant increase of 46.43% [5] International Expansion - Chinese Online is expanding into the overseas short drama market, with four associated micro-drama apps launched [6] - FlareFlow, a new platform, has shown promising initial results with over 10 million downloads and a user recharge revenue growth exceeding 500% [7][8] - Despite the growth, FlareFlow reported a revenue of 7.84 million yuan but incurred a net loss of 45.45 million yuan, attributed to the construction of an international short drama filming base [8] AI Integration - The company is leveraging its AI model, "Chinese Xiaoyao," for script creation and content refinement, aiming to reduce content costs and align with overseas audience preferences [8]

Core Viewpoint - Chinese Online's financial report for the first half of 2025 reveals a significant increase in revenue but a further expansion of losses, highlighting challenges in its overseas market strategy, particularly with the FlareFlow app [3][4][25]. Group 1: Financial Performance - In the first half of 2025, Chinese Online reported a revenue of 556 million yuan, a 20.40% increase from 462 million yuan in the same period last year [3]. - The net profit attributable to shareholders was -226 million yuan, worsening from -150 million yuan year-on-year, marking a 50.84% decline [3]. - The company's operating costs rose to 379 million yuan, a 7.45% increase compared to the previous year, with sales expenses surging by 42.78% to 266 million yuan due to increased overseas promotional costs [4]. Group 2: Overseas Market Strategy - FlareFlow, a micro-drama app launched by Chinese Online, has seen significant user engagement, with daily viewing times averaging 31.5 minutes and several works surpassing one million USD in recharge [3][9]. - The app generated approximately 7.84 million yuan in revenue in the first half of 2025, but still reported a net loss of 4.55 million yuan [7][8]. - The establishment of the FlareFlow subsidiary in Singapore aims to enhance overseas short drama operations, contributing 20% to the company's net profit impact [6]. Group 3: Content and User Engagement - FlareFlow has successfully aggregated over 1,700 quality short dramas and achieved a cumulative download of around 10 million within three months of launch [9]. - The app employs a diversified monetization strategy, combining in-app purchases, membership options, and free advertising to attract both high-paying and price-sensitive users [15][16]. - The content strategy includes a focus on local dramas, with a significant portion of materials exceeding five minutes, aimed at global audiences through multilingual support [24]. Group 4: Challenges and Opportunities - The competitive landscape for overseas micro-drama apps has intensified, with over 500 apps currently in the market, leading to increased user attention competition [25]. - Production costs in the micro-drama industry have doubled compared to previous years, adding to the profitability pressure for Chinese Online [25]. - The company plans to explore "actor agency + IP development" to address local actor shortages and enhance content value, potentially transforming FlareFlow into a content ecosystem platform [25][28]. Group 5: Future Outlook - Chinese Online's strategy of leveraging its extensive IP library and establishing local teams in overseas markets is seen as a "land grab" approach to secure market presence [28]. - The integration of AI technology in content creation and marketing is expected to reduce costs and enhance operational efficiency, providing a pathway for future profitability [16][28]. - The success of FlareFlow and its ability to differentiate content will be crucial for the company's "AI + overseas" strategy to succeed [29].

Core Viewpoint - The overseas short drama market is estimated to be at least 4 to 5 times larger than the domestic market, with potential reaching up to $100 billion, and is expected to enter a rapid growth phase in the next three years [1][3]. Company Overview - Chinese Online is one of the first A-share companies to enter the short drama sector, establishing a premium short drama department in July 2024 and a self-produced drama team in January 2024 [1]. - In the first half of this year, the hit rate of works launched on the Hongguo short drama platform reached 80% [1]. International Expansion - Since 2023, Chinese Online has been deepening its international layout, launching the overseas short drama app FlareFlow in April 2025, which has shown strong growth [1][2]. - FlareFlow has reached an audience in 177 countries and regions, supporting 11 languages including English, Japanese, Portuguese, Spanish, and German [1]. - The app has seen a monthly revenue growth rate exceeding 500% within three months of launch, with a cumulative download of approximately 10 million [1][2]. User Engagement - FlareFlow has an average daily active user count of about 600,000, with a weekly growth of around 100,000 users [2]. - Nearly 60% of the platform's revenue comes from English-speaking regions, primarily the United States [2]. Team Structure - The overall team for FlareFlow consists of approximately 350 people, with nearly 100 in the content team located in North America and various cities in China [2]. Collaboration and Strategy - FlareFlow has partnered with over ten overseas production companies and is collaborating with multiple MCN agencies in North America for actor management, user growth, and content distribution [2]. - The company has established wholly-owned subsidiaries in key countries like the United States, Japan, and Singapore, employing a "local creation + global distribution" model to build a content industrialization system [2]. Market Insights - The micro short drama market in China is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with the domestic market stabilizing and competition intensifying [3]. - In contrast, the overseas short drama market is in its early industrial cycle, with 200 to 300 short drama apps, predominantly from China, capturing 95% of the overseas market share [3].

Group 1: Aohua Endoscopy - The company anticipates a decline in overall gross margin due to an increase in overseas revenue share and changes in product structure by the first half of 2025 [1] - Sales, R&D, and management expenses have decreased year-on-year, primarily due to the reversal of share-based payment expenses [1] - The overseas business has shown growth due to the advancement of multi-country access and marketing strategies, with a continuous enhancement of global brand influence [1] - The domestic market strategy focuses on both tertiary hospitals and county-level markets, with multiple academic events and grassroots training conducted [1] - The demand for flexible endoscopes is driven by the popularization of early cancer screening, leading to sustained growth in new equipment, replacements, and endoscope body replacements [1] - The company is expanding its product lines beyond gastroenterology to include respiratory, urology, ENT, and hepatobiliary surgery [1] Group 2: Jingwang Electronics - The company achieved an operating revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year increase of 20.93% [2] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, but adjusted net profit excluding share-based payment impacts was 721 million yuan, up 9.55% [2] - Revenue from automotive electronics continues to grow rapidly, with increased shipments of AI servers and 800G optical modules [2] - Gross margin is under pressure due to metal material prices and the ramp-up of new factories, but it is expected to improve gradually [2] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction [2] - The main structure of the Thailand base has been completed, which will meet overseas customer demands for automotive electronics and AI server products [2] Group 3: Bojie Co., Ltd. - The company is committed to a major client strategy, expanding into server and automotive electronics sectors, with production capacity expected to increase by 2-3 times [3] - Liquid cooling modules have been tested for high-power demands from North American clients [3] - The company is supplying small batches of IMU testing equipment to clients and is investing in harmonic reducer enterprises [3] - The company is entering the automotive electronics market and has secured orders from B clients, while also focusing on semiconductor and MEMS testing [3] - Cost reduction and efficiency improvement initiatives are underway, with advantages expected to emerge from increased scale of shipments [3] - The value of server electrical testing equipment ranges from hundreds of thousands to over a million yuan [3] Group 4: Zhongwen Online - The company employs a content strategy of "emotional resonance + social insight," with daily active users around 600,000 and over 10 million downloads [4] - Approximately 60% of revenue comes from English-speaking regions such as the US [4] - The platform has launched over 2,000 short dramas and collaborates with more than ten overseas production companies [4] - The team consists of about 350 people, with recent hits including "Raising His Mistress's Child" [4] - The company plans to launch 10 AI-generated works by the end of September 2025, leveraging its "Chinese Xiaoyao" large model to enhance ROI [4] - Zhongwen Online is establishing subsidiaries in the US and Japan to create a "local creation + global distribution" system, with advantages in original IP, technology platforms, and local teams [4] - The Chinese micro-short drama market is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with the overseas short drama market potential reaching 100 billion USD, indicating explosive growth in the next three years [4]

Group 1 - The core viewpoint of the news highlights the recent research conducted by Zhengyuan Investment on a listed company, focusing on the growth potential of Chinese online content platforms, particularly in the short drama sector [1] - Chinese Online has adopted a content strategy based on "emotional resonance + social insight," achieving approximately 600,000 daily active users and over 10 million downloads, with nearly 60% of its revenue coming from English-speaking regions [1] - The company has launched over 2,000 short dramas and collaborates with more than ten overseas production companies, with a team of around 350 people [1] Group 2 - The Chinese short drama market is projected to reach a scale of 50.5 billion yuan in 2024 and is expected to grow to 63.43 billion yuan by 2025, indicating significant growth potential [1] - The overseas short drama market is estimated to have a potential value of up to 100 billion USD, suggesting explosive growth opportunities in the coming three years [1] - Chinese Online plans to leverage its "Zhongwen Xiaoyao" AI model to launch ten fully AI-generated works by the end of September 2025 and enhance return on investment (ROI) through the Xiaoyao Iagent system [1]

Core Insights - The company conducted an investor conference call on August 31, 2025, with participation from 75 institutions, discussing its business development in the first half of 2025 and addressing questions related to the FlareFlow platform [1] Group 1: Business Development - In the first half of 2025, the company deepened its "technology-culture integration" strategy, focusing on three business segments: digital reading, IP derivative development, and AIGC empowerment [2] - The company has accumulated over 5.6 million digital content resources and has more than 4.5 million online original authors, monetizing through direct user charges and multi-channel content distribution [2] - The company is actively developing high-quality web literature into various formats, with over 490,000 hours of audio resources and more than 200,000 hours of audiobooks recorded by AI hosts [2] Group 2: FlareFlow Platform - Launched in April 2025, the FlareFlow overseas short drama app quickly rose to the top five in the U.S. entertainment free charts, covering 177 countries and regions, and supporting 11 languages [2] - The app has aggregated over 2,000 quality short dramas, with a monthly user recharge revenue growth exceeding 500% within three months and cumulative downloads surpassing 10 million [2] - FlareFlow's average daily active users (DAU) are around 600,000, with a weekly growth of approximately 100,000, and nearly 60% of its revenue comes from English-speaking regions, primarily the U.S., Germany, and Japan [4] Group 3: AI Empowerment - The company released the "Chinese Xiaoyao" version 1.0 in 2023, which has evolved to include an English writing platform, providing over 12,000 multilingual works to overseas markets [3] - In the first half of 2025, the company produced over 100 anime short dramas using AI, with plans to launch a self-developed AI toolchain in the second half of the year [3] - FlareFlow collaborates with the "Chinese Xiaoyao" large model for script creation, expecting to launch 10 AI-generated works by the end of September [4] Group 4: Market Potential - The short drama market in China is projected to reach 50.5 billion yuan in 2024 and 63.43 billion yuan in 2025, with growth primarily driven by free short dramas [4] - The overseas short drama market has the potential to reach 100 billion USD, with expectations for explosive growth in the next three years, despite currently high investment costs [4]