12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠 深有同感，他在接受21世纪经济报道记者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国 网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如WebNovel），吸引本土创作者， 形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场 景的价值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需要从"走出去"到"走进去"。 2026年短剧、漫剧、衍生品会跑更快 21世 ...

记者丨 陶力 编辑丨骆一帆 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们来自世界各地，包括印度、俄罗斯、美 国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协会发布的《2025中国网络文学出海趋势 报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式 方面，IP引领文旅价值升维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠深有同感，他在接受21世纪经济报道记 者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如 WebNovel），吸引本土创作者，形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场景的价 值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需要从"走出去"到"走进去"。 侯晓楠。资料图 2 ...

"中国的网络文学，不再只是本土IP的源头，而正在成为全球IP的新源头。" 12月16日的上海已是深冬，但毫无寒意。一批不同肤色、说着不同语言的网络文学作家飞抵上海，他们 来自世界各地，包括印度、俄罗斯、美国、墨西哥、尼日利亚等14个国家和地区。 在为期两天的"阅游上海"采风活动后，他们参加了第四届上海国际网络文学周。中国音像与数字出版协 会发布的《2025中国网络文学出海趋势报告》显示，在2025年，网络文学迎来全球高速普及阶段，拉美 的强势崛起，让网络文学市场形成了北美、欧亚、拉美三翼齐飞的格局，模式方面，IP引领文旅价值升 维，成为了全球范围内的产业现象。 中国文化在世界范围内的广泛传播与渗透，已进入全新阶段。对此，阅文集团首席执行官兼总裁侯晓楠 深有同感，他在接受21世纪经济报道记者采访时称，网文出海1.0阶段主要是"内容翻译输出"，将中国 网文翻译成英文等语言；2.0阶段则是"模式出海"，建立海外平台（如WebNovel），吸引本土创作者， 形成原创生态；3.0"全球共创"阶段，IP深度融入全球影视、动漫、文旅等产业链，实现跨文化、跨场 景的价值共创。 眼下，中国网文出海已经进入深化期，但中国IP还需 ...

Core Insights - The 2025 Yuewen Creation Conference was held with the theme "Towards the Light," celebrating the 10th anniversary of Yuewen Group and announcing multiple business upgrades focusing on "IP + AI + Consumption" integration to build a second growth curve for IP value [1] - CEO Hou Xiaonan highlighted four key trends for the future: the importance of good stories in the content explosion era, the originality as the soul of works in the AIGC era, IP as a super leverage in the new consumption era, and Chinese stories as a global language in the co-creation era [1] Business Expansion - Yuewen is entering the new realm of comic dramas after achieving over 60% hit rate in short dramas, with plans to replicate the successful co-creation model from short dramas to comic dramas [2] - The company will leverage its vast IP reserves, animation production capacity, and AI technology to support its entry into the comic drama market, opening access to 100,000 premium IPs and establishing a 100 million yuan special creation fund [2] - Yuewen aims to create an open, efficient, and win-win co-creation ecosystem for comic dramas, enhancing adaptation efficiency through tools like "Comic Drama Assistant" [2] AI Capabilities Upgrade - Yuewen announced three AI application upgrades, including the industry-first deep understanding capability for novels and tools for copyright development and comic drama adaptation [4] - The company has seen significant usage of its AI translation works, with over 7,200 AI-translated works accounting for about 70% of the total Chinese translated works on its platform, and a 38% year-on-year revenue growth from AI translation works [5] - The integration of IP, AI, and consumption is seen as a strategy to transition from a content provider to a comprehensive IP operator, enhancing the global expansion of Chinese stories [5]

Core Viewpoint - Chinese online literature has evolved over 20 years into a significant cultural medium, integrating traditional Chinese literary roots with cutting-edge technologies like AI, showcasing vibrant energy and limitless potential [1] Group 1: Industry Growth and Trends - As of the end of 2024, the total number of online literature works in China exceeds 33 million, with an annual addition of 2 million works, reflecting a year-on-year growth of 7% [2] - The development of online literature has surpassed mere market logic, with higher expectations from the public, prompting writers to focus on literary values and the mission of recording the times [2][4] - There is a growing emphasis on realistic themes in online literature, with writers shifting towards quality over quantity in their creations [2][4] Group 2: AI Challenges and Opportunities - AI is increasingly penetrating the online literature sector, with companies like Yuedu Group launching models that significantly enhance the efficiency of signed authors [4][5] - The introduction of AI has raised concerns about job security among authors, as AI can generate content rapidly, leading to "replacement anxiety" [4][5] - Despite the challenges, many authors recognize the potential of AI as a tool for enhancing creativity and are encouraged to embrace digital advancements [5] Group 3: International Expansion - The overseas user base for Chinese online literature has reached approximately 200 million, covering over 200 countries and regions, with revenue from the overseas market projected to reach 4.815 billion yuan in 2024 [7][10] - The Chinese online literature sector is transitioning from merely exporting works to establishing mechanisms for narrative and cultural co-creation on a global scale [7][10] - Successful internationalization of Chinese online literature is attributed to its rich and diverse content, which blends universal themes with Chinese characteristics [10]

Core Insights - The company reported strong financial performance in the first half of 2025, exceeding Bloomberg consensus expectations across multiple metrics, including total revenue, gross margin, operating profit, and Non-IFRS net profit [1][2][7] Revenue Breakdown - Online business revenue reached 1.99 billion, a year-over-year increase of 2.3% [2] - Proprietary platform revenue was 1.75 billion, up 3.1% year-over-year, driven by a focus on core product operations and quality content production [2] - Revenue from Tencent product channels was 97.1 million, down 25.6% year-over-year, due to optimization of content distribution mechanisms [2] - Third-party platform revenue was 140 million, reflecting a year-over-year increase of 23.1% [2] - IP operation and other revenue totaled 1.21 billion, down 46.4% year-over-year, primarily due to the natural development cycle and scheduling of film and television projects [2] IP Creation - The online reading content ecosystem continues to thrive, with approximately 200,000 new authors and 410,000 new novels added in the first half of 2025 [3] - The number of new signed works generating over 1 million in revenue increased by 63% year-over-year [3] - The WebNovel platform has provided over 10,000 Chinese translated works, with AI translation revenue growing by 38% year-over-year [3] IP Visualization - Several high-quality adaptations of IPs have been released, with multiple series ranking highly on streaming platforms [4] - The animation sector has seen significant success, with popular series dominating viewership charts [4] - The short drama segment has also shown strong performance, with individual projects achieving high revenue and viewership [4] IP Commercialization - The IP derivative business achieved a GMV of 480 million in the first half of 2025, with rapid growth in physical products [5] - The gaming sector has seen positive responses to new releases, with several key licensed games obtaining approval for launch [5] Exploration of New Technologies - The company has introduced an AI writing assistant that enhances author interaction and boosts daily active users significantly [6] - AI translation has played a crucial role in expanding the company's global reach, with a substantial portion of revenue coming from translated works [6] - The application of AI technology is being explored across various content forms, enhancing multimedia transformation of IPs [6] Investment Outlook - The company is expected to maintain its ability to create commercial hits and effectively link its IP value chain, with projected Non-IFRS net profits for 2025E-2027E at 1.32 billion, 1.47 billion, and 1.73 billion respectively [7]

Core Viewpoint - The financial performance of the company in the first half of 2025 shows a decline in revenue but significant growth in operating profit and net profit, indicating a shift towards profitability despite lower overall sales [2][3][5]. Financial Performance - Revenue for the first half of 2025 was 3.19 billion RMB, down 23.9% from 4.19 billion RMB in the same period last year [3]. - Gross profit decreased by 22.6% to 1.61 billion RMB from 2.08 billion RMB year-on-year [3]. - Operating profit increased by 92.7% to 876 million RMB compared to 454 million RMB in the previous year [3]. - Profit before tax rose by 65.7% to 999 million RMB, while net profit increased by 68.6% to 850 million RMB [3]. Online Business Performance - Online business revenue grew by 2.3% to 1.99 billion RMB, accounting for 62.2% of total revenue [5][7]. - Revenue from proprietary platform products was 1.75 billion RMB, up 3% year-on-year, representing 54.7% of total revenue [9]. - The number of monthly paid users increased by 4.5% to 9.2 million, with significant growth in high-ticket works [10]. IP and Content Development - The company reported a strong performance in IP operations, with a notable increase in the success rate of short dramas and a GMV of 480 million RMB from IP derivative products [5][12]. - The short drama "Good Luck Sweet Wife" generated over 80 million RMB in revenue, highlighting the success of adaptations from the company's IP [11]. - The company has expanded its IP offerings, with over 10,000 Chinese translated works available on its overseas platform WebNovel, contributing to a 38% increase in revenue from AI-translated works [14][15]. Strategic Initiatives - The company is focusing on integrating AI technology with its IP ecosystem, enhancing writer interaction and productivity through tools like "Miao Bi Tong Jian" [13][14]. - The overseas market is seen as a potential growth area, with cultural exports becoming increasingly significant and less affected by external disruptions [15].

Group 1 - Alibaba International Station has launched an "overseas stock" model, covering 28 countries in Europe and America, allowing merchants to stock goods in overseas warehouses for faster sample access and decision-making [5] - Wang Xingxing, founder of Yushu Technology, stated that the company's overseas business accounts for about 50% of its annual performance, and the global robot industry is expected to double its shipment volume annually in the coming years [5] - Xiaomi has appointed several executives for the African market, with plans to increase investment in 16 African countries, including Egypt and Nigeria [5] Group 2 - Didi's 99Food has officially launched in Brazil, covering São Paulo and surrounding cities, with a network of 28,000 restaurants and 65,000 delivery personnel, challenging local competitor iFood with a "zero commission + low fee" model [6] - AliExpress has launched an "overseas custody" service in Mexico, allowing local merchants to stock goods and gain promotional benefits [6] - ZhiMi Technology has established a new division to enter the TV, projector, and audio markets, with new products expected to debut in early September [7] Group 3 - Yuan Robotics has released the industry's first open-source platform for robot world modeling, integrating future frame prediction, strategy learning, and simulation evaluation [7] - Yuewen Group reported a 68.5% year-on-year increase in net profit for the first half of 2025, with AI translation significantly boosting overseas revenue [7] - BYD has sold over 80,000 vehicles in Mexico and opened more than 80 showrooms [8] Group 4 - Leap Motor exported 24,980 vehicles in the first seven months of 2025 [8] - WeRide has been invited to join Singapore's Autonomous Vehicle Steering Committee to help shape national policies and standards [8] - Funeng Technology has commercialized its semi-solid battery for leading eVTOL customers in the U.S. [9] Group 5 - WeRide received a multi-million dollar investment from Grab to accelerate the deployment of L4 Robotaxi in Southeast Asia [9] - Recycle plastic company Ruimo Environmental has completed a financing round to expand technology and market reach, supplying products to major brands in Europe and the U.S. [9] - New Sound Semiconductor has completed a 288 million yuan B+ round of financing to enhance R&D and overseas business expansion [10] Group 6 - AI companies are increasingly seeking IPOs in Hong Kong, with 213 companies having submitted applications, including about 50 AI firms [12] - The global robot industry is experiencing significant growth, with companies actively exploring international expansion [12] - The first half of 2025 saw a 110% year-on-year increase in global smart glasses shipments, with Meta holding over 70% market share [13]

Company Developments - Alibaba International Station launched an "overseas spot" model, allowing merchants to stock goods in overseas warehouses, significantly shortening decision-making cycles and covering 28 countries in Europe and the US [2] - Yushu Technology's founder Wang Xingxing revealed that overseas business accounts for about 50% of the company's annual performance, with global robot industry shipments expected to double annually in the coming years [2] - Xiaomi appointed several executives for the African market, with plans to increase investment in 16 African countries, including Egypt and Nigeria [2] Market Expansion - Didi's 99Food launched in Brazil, covering São Paulo and surrounding cities, with a strategy of "zero commission + low fees" to challenge local competitor iFood [3] - AliExpress introduced "overseas custody" service in Mexico, allowing local merchants to stock goods and gain promotional benefits [3] Technology and Innovation - ZhuiMi established a new division for TVs and projectors, integrating AI algorithms and design resources, with new products expected to debut in September [4] - Zhiyuan Robotics launched the Genie Envisioner platform, integrating future frame prediction, strategy learning, and simulation evaluation for robotic control [4] - Yuewen Group reported a 68.5% year-on-year increase in revenue, with AI translation significantly boosting overseas reading platform WebNovel's income [4] Sales and Performance - BYD's sales in Mexico exceeded 80,000 units, with over 80 showrooms established [6] - Leap Motor exported 24,980 units in the first seven months of 2025 [6] Investment and Financing - WeRide received a multi-million dollar investment from Grab to accelerate the deployment of Robotaxi in Southeast Asia [7] - Recycled plastic company Ruimo Environmental completed a financing round to expand technology and market reach, focusing on high-quality recycled plastics for demanding markets [7] - New Sound Semiconductor raised 288 million yuan in B+ round financing to enhance R&D and overseas business expansion [7] Policy and Market Trends - AI companies are increasingly seeking IPOs in Hong Kong, with 213 applications submitted, including around 50 from AI firms, reflecting strong market interest [8] - The global robotics industry is experiencing significant growth, with companies exploring international expansion strategies [8]

Core Viewpoint - The company reported a decline in total revenue for the first half of 2025, primarily due to uneven scheduling of film projects, while achieving significant growth in net profit and improvements in certain business segments [1][2]. Revenue Summary - Total revenue for the first half of 2025 was 3.19 billion yuan, a decrease of 23.9% year-on-year, attributed to the scheduling issues of new film projects [1]. - Gross profit reached 1.61 billion yuan, down 22.6% year-on-year, but the gross margin improved by 0.8 percentage points to 50.5% [1]. - Net profit attributable to shareholders was 850 million yuan, an increase of 68.5% year-on-year, while Non-IFRS net profit was 508 million yuan, a decrease of 27.7% [1]. Segment Performance - **Copyright Operations and Other Businesses**: Revenue was 1.205 billion yuan, down 46.4% year-on-year, with copyright revenue decreasing by 48.4% to 1.138 billion yuan due to no new film releases from New Li Media [1]. - **Online Business**: Total revenue was 1.985 billion yuan, an increase of 2.3% year-on-year. Revenue from proprietary platform products was 1.746 billion yuan, up 3.1%, while revenue from Tencent product channels fell by 25.6% to 97 million yuan due to content distribution optimization [1]. IP Ecosystem Growth - The company added approximately 200,000 writers and 410,000 novels in the first half of 2025, with a total of 20 billion new words created [2]. - The number of new signed works generating over 1 million yuan in revenue increased by 63% year-on-year, and the number of new signed writers achieving over 10,000 yuan in subscription revenue grew by 45% [2]. - Community engagement improved, with the number of works receiving over 10,000 monthly votes increasing by 20% and those with over 1 million votes rising by 200% [2]. IP Visualization and Monetization - Successful releases in the film and animation sectors included popular titles such as "National Color and Fragrance" and "The Battle of the Underworld" [2]. - The company's IP derivative business generated a GMV of 480 million yuan, nearing the total of 500 million yuan for the previous year [3]. - The introduction of the AI writing assistant "Miaobi Tongjian" significantly enhanced creative efficiency, with a 40% increase in author interactions with AI [3].