富瑞发布研报称，阅文集团(00772)中期收入较市场及该行预期高1.4%与3.5%，主要因IP营运及其他收 入(撇除新丽传媒)好过预期。非国际财务报告准则(Non-IFRS)盈利表现好过预期，因毛利率较好及严格 管控成本，维持"买入"评级。 管理层强调将凭借其丰富及热门的IP储备，把握IP衍生商品与授权业务的机会。针对新丽传媒，该行重 申此前观点，认为剧集业务收入将于下半年释放;AI技术亦有望赋能营运端及作家端，并优化用户体 验。 ...

Core Viewpoint - Jefferies reported that the revenue of China Literature Group decreased by 23.9% year-on-year to 3.2 billion yuan, which is 1.4% and 3.5% higher than market and Jefferies' expectations respectively, mainly due to better-than-expected performance in IP operations and other revenues excluding New Classics Media [1] Group 1: Financial Performance - The Non-IFRS profit performance exceeded expectations due to a favorable gross margin and strict cost control [1] - Management emphasized leveraging its rich and popular IP reserves to seize opportunities in IP derivative products and licensing business [1] Group 2: Future Outlook - Jefferies reiterated its previous view on New Classics Media, believing that revenue from the drama business will be released in the second half of the year [1] - AI technology is expected to empower operational and author sides, optimizing user experience [1] Group 3: Investment Rating - Jefferies maintains a "Buy" rating, raising the target price from 35 HKD to 36 HKD [1]