Core Insights - The Chinese micro-drama market reached a scale of 37.39 billion yuan in 2023, showing a significant year-on-year increase of 267.65% [1] - The domestic micro-drama market is expected to surpass movie box office revenue for the first time in 2024, with a notable shift in the online video industry landscape by 2025 [3] - The overseas micro-drama market is projected to generate a total revenue of 1.525 billion USD from January to August 2025, reflecting a year-on-year growth of 194.9% [3] Domestic Market Dynamics - The domestic short drama industry has a well-structured supply chain, with upstream IP copyright holders, midstream content producers, and downstream distribution channels [6] - The production capacity for short dramas in China exceeds 40,000 episodes annually, with 80%-90% of overseas content being dubbed versions of domestic dramas [7] - The profitability of domestic short dramas is under pressure, as exemplified by the financial struggles of companies like Zhongwen Online, which reported a net loss of 294 million yuan in Q3 2025 despite a revenue increase of 31.43% [12] International Expansion Challenges - The overseas micro-drama market faces challenges such as localization difficulties and the complexity of operating in foreign markets, leading to a lack of blockbuster hits [4] - TikTok's new feature "TikTok Minis" aims to enhance the distribution of short dramas by allowing users to watch them directly within the app, potentially changing the landscape for overseas short dramas [5] - The reliance on dubbed dramas for international markets is prevalent, with local productions accounting for only 10%-20% of the content [7] Future Outlook - The global micro-drama market is expected to reach 3 billion USD in revenue by 2025, nearly tripling from the previous year [3] - The trend of localizing content is crucial for success in international markets, but it also increases production costs and complexity [20] - The emergence of AI in content production may help reduce costs and improve efficiency, as seen with platforms like Vigloo [24] Competitive Landscape - Domestic companies are facing increased competition from local entities in international markets, with significant investments from major players like Disney and Fox in short drama production [22] - The balance between localization and maintaining cost-effective production methods remains a critical challenge for companies looking to expand internationally [20][21] - The cultural nuances in storytelling and audience preferences present inherent challenges in the localization of short dramas [18][19]

手机反光画面能看出，沙特老哥在开心憨笑哈哈 一页手机屏幕堪称海外短剧APP大全。包括ReelShort、NetShort、StardustTV、RapidTV、MoboReels、Micro Drama等多款产品。 一、老外爱追剧，一人下载多个短剧APP 随着微短剧从国内火到海外，世界各地开始掀起一股"竖屏"浪潮。除了美国、欧洲、东南亚等热门市场之外，连富得流油的中东土豪们也疯狂上头，狂磕 中国短剧。 就在前两天，DataEye短剧出海才发现一条"沙特老哥沉迷中国短剧"的帖子在小红书爆火，点赞量超3000个，评论量超700条。 帖子的内容也很简单：一位沙特老哥满脸笑容向博主展示他观看的短剧和短剧APP。 除此之外，甚至还有Last War、Titan War、Dark War等多款国产出海游戏，这位同事堪称中国内容产业的狂热爱好者了。 另外据笔者辨认，该沙特老哥所展示的两部短剧也均为国内短剧译制剧，对应的国内剧名分别为《少年自有少年狂》和《家有猛妹，满级女王》，前者是 一部"围棋"题材的萌宝逆袭类短剧，后者是女战神归来题材。 博主提到，出于职业习惯追问了该同事付费意愿、日均观看时长和获客渠道等，结果发现一旦获 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][12]. Core Insights - The company is set to benefit from the ongoing wave of overseas expansion and plans to accelerate its global strategy through a proposed H-share listing in Hong Kong [4][5]. - The company's revenue for Q3 2025 reached 455 million yuan, reflecting a year-on-year growth of 31.43%, primarily driven by the rapid expansion of its overseas short drama platform, FlareFlow [5]. - The overseas short drama market is projected to reach a size of 3.2 billion USD in 2025, with a growth rate exceeding 200%, indicating a high-growth phase for the industry [6]. - The company has a strong position in the overseas short drama sector, with its platform ReelShort being a market leader in terms of downloads and revenue [6]. Company Overview - The latest closing price of the company's stock is 23.60 yuan, with a total market capitalization of 17.2 billion yuan [3]. - The company has a total share capital of 729 million shares, with 660 million shares in circulation [3]. - The asset-liability ratio stands at 38.5%, indicating a relatively stable financial structure [3]. Financial Projections - Revenue forecasts for 2025-2027 are estimated at 1.4 billion, 1.5 billion, and 1.6 billion yuan respectively, with a consistent growth trajectory [7]. - The net profit attributable to the parent company is projected to be -100 million yuan in 2025, improving to 82 million yuan in 2026 and 313 million yuan in 2027 [10]. - The earnings per share (EPS) is expected to be -0.14 yuan in 2025, turning positive at 0.11 yuan in 2026 and 0.43 yuan in 2027 [10].

Core Viewpoint - The article discusses the rapid growth of Chinese online literature and its adaptation into short dramas, particularly in the U.S. market, highlighting the success of the platform ReelShort and the strategic move of the company Chinese Online to go public in Hong Kong [2][5][12]. Group 1: Company Overview - Chinese Online, a publicly listed company in A-shares, focuses on producing Chinese online literature content and has initiated plans for a Hong Kong listing [2][5]. - Established in 2000, the company is one of the earliest digital publishing enterprises in China, with a business scope that includes short drama platforms, online literature, and IP licensing [6]. Group 2: Market Trends - The adaptation of Chinese online literature into short dramas has gained significant traction in the U.S., with the platform ReelShort surpassing Netflix and TikTok in popularity, becoming a cultural phenomenon [3][7]. - The short dramas typically feature concise storytelling, lasting 30 to 90 seconds, and employ recognizable tropes like "marriage first, love later" and "class reversal," creating an addictive viewing experience [7]. Group 3: Financial Performance - ReelShort's parent company, Maple Leaf Interactive (CMS), has outperformed Chinese Online in revenue, achieving approximately 1.086 billion yuan in the first half of 2024, more than double Chinese Online's revenue of 460 million yuan during the same period [9]. - CMS's revenue surged 1.5 times to 2.76 billion yuan in the first half of this year, while Chinese Online's revenue grew by 20% to 556 million yuan [9]. - Despite CMS's revenue growth, it reported a loss of 46.51 million yuan in the first half of this year, attributed to increased investment and competition, impacting Chinese Online's investment income and leading to a 50.8% year-on-year increase in its losses to 226 million yuan [9][10]. Group 4: Strategic Developments - Since May 2023, Chinese Online has ceased consolidating CMS's financials, reducing its voting rights from 50.9% to 47.81%, allowing CMS to operate independently and encouraging market-driven financing [10][12]. - The establishment of another short drama platform, FlareFlow, has also seen rapid growth, with over 19 million downloads and more than 3,000 works launched by October [12]. - The integration of AI content generation with FlareFlow aims to enhance efficiency and create a synergistic effect between AI-generated content, short drama adaptations, and IP derivatives [12]. Group 5: Market Outlook - The popularity of Chinese short dramas has not translated into immediate financial success for Chinese Online, which has seen its stock price decline by approximately 3.9% this year, underperforming the market [13]. - Investors remain cautious due to the company's unproven profitability and the high costs associated with producing short dramas, raising concerns about the long-term value of rapidly produced content [13].

国海证券研报指出，中文在线拟赴港上市，加码出海战略打开增长空间。根据SensorTower2025年11月 全球短剧APP流水数据，公司旗下投资、自研两大出海短剧平台ReelShort、FlareFlow市占率均位列全球 Top6，本次上市或有助于公司（1）拓宽融资渠道，以扩大海外短剧供给量、投流规模，驱动两大平台 高速增长；（2）增强中文在线海外品牌影响力，便于跨境并购、拓展海外市场；（3）有效规避换汇成 本，强化经营效率。公司率先开展AI漫剧布局，截至2025年11月，出品《从娘胎开始逆袭》播放量破1 亿，首部AI3D漫剧《仙尊归来：只手镇人间》专辑播放量超过6400万次。IP培育方面，《罗小黑战记 2》国内暑期档票房达5.33亿元，并于2025年9月正式登陆美国、加拿大等地区，持续拓展IP影响力。另 外，海外短剧市场高景气，行业头部效应显著。 ...

格隆汇12月22日｜国海证券研报指出，中文在线拟赴港上市，加码出海战略打开增长空间。根据 SensorTower2025年11月全球短剧APP流水数据，公司旗下投资、自研两大出海短剧平台ReelShort、 FlareFlow市占率均位列全球Top6，本次上市或有助于公司（1）拓宽融资渠道，以扩大海外短剧供给 量、投流规模，驱动两大平台高速增长；（2）增强中文在线海外品牌影响力，便于跨境并购、拓展海 外市场；（3）有效规避换汇成本，强化经营效率。公司率先开展AI漫剧布局，截至2025年11月，出品 《从娘胎开始逆袭》播放量破1亿，首部AI3D漫剧《仙尊归来：只手镇人间》专辑播放量超过6400万 次。IP培育方面，《罗小黑战记2》国内暑期档票房达5.33亿元，并于2025年9月正式登陆美国、加拿大 等地区，持续拓展IP影响力。另外，海外短剧市场高景气，行业头部效应显著。 ...

2025 年 12 月 20 日 公司专题研究 公司研究 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 联系人 ： 肖江洁 S0350125050005 xiaojj@ghzq.com.cn 最近一年走势 | 相对沪深 300 | 表现 | | 2025/12/19 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 中文在线 | -12.1% | -12.6% | -14.0% | | 沪深 300 | -0.4% | 1.5% | 15.8% | | 市场数据 | | | 2025/12/19 | | 当前价格（元） | | | 23.83 | | 52 周价格区间（元） | 17.41-37.15 | | --- | --- | | 总市值（百万） | 17,360.16 | | 流通市值（百万） | 15,737.60 | | 总股本（万股） | 72,850.01 | | 流通股本（万股） | 66,04 ...

【环球时报报道 记者 刘雅婷 张妮】编者的话：2025年，"新国潮"席卷全球。以动画巨制《哪吒之魔童闹海》、潮玩顶流拉布布为代表的极具辨识度的中国 当代文化符号，凭借 "好看好玩" 的鲜活表达，让中国文化融入全球青年的日常生活，引发情感共鸣。而"新国潮"的强势出海，叠加中国持续扩容的免签政 策红利，吸引了越来越多外国网红与游客来华打卡，更自发对中国文化进行二次创作与全新解读。"酷"一时间成为多家外媒用来形容中国的时髦词。这种 "润物细无声" 的双向奔赴，以开放、包容、创新的 "酷力量" 促进民心相通，让文明对话在青年一代中持续升温。 " 新国潮 " 为何能 " 闹海 " 2025年，国产动画电影《哪吒之魔童闹海》成为近年来海外票房最高的国产电影，更跻身全球影史票房前五，登顶全球动画电影票房榜，成为对外文化交流 的名片；中国电影《生息之地》《狂野时代》《日掛中天》分别在柏林、戛纳、威尼斯电影节的主竞赛单元斩获奖项。拉布布等潮玩IP风靡海外，泡泡玛特 海外门店大排长龙……中国新一代文化产品频频在海外市场掀起热度，进入全球年轻人的日常消费与情感世界。"新国潮"为何能跨越文化边界？其背后，又 折射出怎样的文化趋势？ ...

Core Insights - The 2025 DataEye Micro-Short Drama Industry Conference was held in Shenzhen, featuring various events including talks and annual meetings focused on the micro-short drama industry [1] Group 1: Industry Growth and Development - Over 300 companies from the micro-short drama industry participated, with 17 projects signed during the annual overseas conference [2] - Shenzhen's cultural policies, including subsidies up to 5 million yuan per project, attracted over 100 companies seeking to understand policy details [2] - DataEye's report ranked Shenzhen as the second city for overseas strength in micro-short dramas and fourth in overall strength, coining it as a "micro-short drama capital" alongside Beijing [3] Group 2: Economic Impact and Market Potential - The micro-short drama industry in China is projected to reach nearly 90 billion yuan in total annual output value by 2025, significantly exceeding previous estimates of around 60 billion yuan [4] - The market is expected to double from 50.5 billion yuan in 2024, indicating rapid growth in the domestic micro-short drama market [4] Group 3: Quality Improvement and Industry Collaboration - The conference highlighted the participation of top platforms and production companies, emphasizing a shift towards higher quality and premium micro-short drama content [5] - Discussions at the event included insights from industry experts on performance, narrative direction, and operational strategies, aiming to elevate the quality of micro-short dramas [5] - The integration of traditional film professionals and technological advancements is helping micro-short dramas move beyond a "fast-food" label to become significant cultural and market drivers [5][6]

AppsFlyer 首席产品官 Barak Witkowski 在峰会上进行了《智驱增长，营销无界：AppsFlyer 产品更新发 布》的主题演讲。分享了近期面向旗下四大产品套件推出的多款全新产品，通过打通全渠道衡量、深度 链接、数据协作与自主 AI 工作流，助力品牌更快速地做出明智营销决策。他重点介绍了获客增量分 析、增强型归因模型、跨平台旅程与用户终身价值（LTV）衡量、Signal Hub 等全新产品的客户价值。 来源：美通社 广州2025年12月4日 /美通社/ -- 现代营销云平台 AppsFlyer 近日在广州成功举办 2025 MAMA 移动互联 网营销峰会（以下简称 MAMA Guangzhou）。峰会集结了移动互联网生态中超百位核心专家、行业意 见领袖，共同围绕 AI、增长、出海策略等热点议题展开深度探讨。 前沿洞察：现代营销云与AI重塑增长新格局 AppsFlyer 亚太区总裁兼董事总经理 Ronen Mense 以回顾与中国市场十余年的共同成长作为开场，指出 许多全球领先的数字体验与增长模式都率先在中国诞生，这里始终是 AppsFlyer 观察未来的重要窗口。 他从移动归因的历程讲至如今 ...