中经记者 李立 上海报道 临近春节，2月9日，阅文集团CEO兼总裁侯晓楠发出春节内部信，系统复盘公司2025年业务进展，并明 确将"长青内容、IP+AI、全球化"作为公司三大核心战略方向。 内部信显示，2025年阅文在夯实网络文学基本盘的同时，在IP视觉化、商业化、全球化及AI等多条战线 取得突破。短剧、漫剧、衍生品等新兴业态上实现规模化增长，共同构成了IP生态的"第二增长曲线"， 推动公司进入提质增效新阶段。 一是打造"长青内容"，支持核心作家与优势品类，并积极培育新生力量与多元题材，同时加快开发影视 续作与精品动画，推动短剧与漫剧向精品化升级，并通过衍生品与潮玩等多元载体，让IP深度融入用户 生活，持续培育长青IP。 二是构建"IP+AI"的创作生态。侯晓楠表示，AI发展越快，原创内容就越珍贵，好故事的价值将被前所 未有地放大，阅文海量优质IP迎来视觉化的新机遇。阅文将在内容孵化、精品内容制作、IP开发、产业 全球化等环节全面拥抱AI，全力布局AI漫剧等新场景，提升IP的开发效率与价值空间。 三是建设全球化的长期引擎，加快推进多语种出海，在拓展市场的同时深耕重点区域，集中力量打造具 有国际影响力的标杆IP ...

作者 | 黄昱 华尔街见闻获悉，2月9日，阅文集团CEO兼总裁侯晓楠发布了一封面向全员的春节内部信。在信中，侯晓楠不仅系统复盘了阅文在2025年的业务进化，更明 确了公司2026年的三大核心战略："长青内容、IP+AI、全球化"。 这份内部信流露出的信号十分明确：阅文早已不再满足于单纯的文学创作平台身份，而是正在通过AI技术与全产业链的深度耦合，进化为一个具备全球竞 争力的IP生态工厂。 回顾2025年，侯晓楠将其定义为阅文在行业深度调整中"夯实根基、培育新动能"的一年。 他认为，过去一年阅文最大的收获不只是诞生了一部部爆款，而是一套更具韧性、持续进化的生态能力。 内部信披露，2025年，阅文在稳固网络文学基本盘的同时，在IP视觉化、商业化、全球化及AI技术等多个维度取得了突破性进展，尤其是短剧、漫剧与衍生 品等新兴业态的规模化增长，正悄然构成公司发展的"第二增长曲线"。 与此同时，漫剧作为阅文中腰部IP视觉化的新通道，在短短一年内实现了质的飞跃。自2025年10月全面布局以来，阅文已有十部漫剧播放量破亿。 衍生品商业化也同步加速，2025年上半年，阅文的衍生品GMV已达4.8亿元，接近2024年全年水平。 ...

Core Insights - The article discusses the rapid global expansion of Chinese online literature, highlighting the emergence of a multi-polar growth pattern with significant contributions from Latin America, North America, and Eurasia [1][11] - The CEO of a leading Chinese online literature company emphasizes the transition from merely translating content to establishing a global co-creation ecosystem that integrates IP into various cultural industries [1][15] Group 1: Global Expansion of Online Literature - By 2025, online literature is expected to enter a phase of rapid global proliferation, with Latin America's rise creating a new market dynamic [1] - Brazil's user base has surged, becoming the third largest globally, with monthly active users increasing nearly eightfold compared to the previous year [11] - The growth in Latin America is driven by AI-powered multilingual translation, which facilitates cultural exchange and market entry [11][13] Group 2: Business Strategy and Growth Drivers - The company identifies "蓄能" (energy accumulation) as a key theme for 2025, benefiting from external cultural consumption trends and internal capabilities [3] - The focus for 2026 will be on diversifying growth engines rather than relying on a single source, with short dramas and derivative products expected to accelerate [6] - The company aims to create a collaborative ecosystem for short dramas, leveraging a strong IP reserve and top-tier creators [7] Group 3: IP Development and Localization - The company is committed to a dual strategy of deepening its own IP while collaborating with external IPs to create a win-win ecosystem [9] - A systematic capability has been established for product development, supply chain coordination, and marketing across various channels [10] - The approach to localization emphasizes maintaining the original cultural essence while adapting to local preferences, supported by a comprehensive terminology database [12] Group 4: Future Trends and Challenges - The transition from being a "source of Chinese IP" to a "source of global IP" is marked by the ability to cultivate local ecosystems and integrate into international industry chains [15] - Current barriers include cross-cultural understanding, localization depth, and the complexities of global copyright protection [15] - Future growth points are expected to focus on local market deepening, accelerated industry chain development, and enhanced offline experiences [16]

Core Viewpoint - The article discusses the rapid globalization of Chinese online literature, highlighting the transition from merely translating content to creating a collaborative global ecosystem for IP development and cultural exchange [1][2]. Group 1: Global Expansion of Online Literature - The "2025 China Online Literature Going Global Trend Report" indicates that online literature will experience rapid global proliferation, with Latin America emerging as a significant market alongside North America and Eurasia [1]. - The CEO of Yuewen Group, Hou Xiaonan, outlines three phases of internationalization: 1.0 focused on content translation, 2.0 on establishing overseas platforms, and 3.0 on global co-creation [1][2]. Group 2: Growth Drivers and Market Dynamics - In 2025, the growth of online literature is driven by cultural consumption upgrades, the maturation of new formats like short dramas and comic adaptations, and the improvement of the cultural export industry [4]. - The article notes that the keyword for 2025 is "accumulation," reflecting both external environmental changes and the internal release of accumulated capabilities [4]. Group 3: Future Trends and Innovations - For 2026, the focus will shift from speed to stability and depth, with short dramas and comic adaptations expected to accelerate growth [5]. - The article emphasizes the importance of a diversified growth engine rather than relying on a single business model, with a focus on high-quality content and expanding themes [5]. Group 4: Collaborative Ecosystem and IP Development - Yuewen Group aims to create an open and win-win ecosystem for derivative products, balancing the development of proprietary IP with collaborations with top industry IPs [7]. - The company has established systematic capabilities across product development, supply chain coordination, and multi-channel marketing, aiming for integrated operations between content and merchandise [8]. Group 5: Regional Market Strategies - The article highlights the significant growth in the Latin American market, particularly in Brazil, where monthly active users surged by nearly 800% [9][10]. - Strategies for different regions include localized IP selection and accurate translation to maintain cultural integrity, with a focus on emotional narratives that resonate with local audiences [9][10]. Group 6: Future Growth Points - The future of Chinese online literature is expected to focus on deepening local market penetration, accelerating industry chain development, and expanding offline experiences and consumption [15].

Core Viewpoint - Chinese online literature is evolving from being a source of domestic IP to becoming a new source of global IP [1][17]. Group 1: Global Expansion of Chinese Online Literature - A diverse group of online literature authors from 14 countries participated in the fourth Shanghai International Online Literature Week, indicating the global interest in Chinese online literature [1]. - The "2025 China Online Literature Going Global Trend Report" predicts a rapid global proliferation of online literature by 2025, with Latin America emerging as a significant market alongside North America and Eurasia [1]. - The transition of Chinese online literature from "content translation output" to "model export" and now to "global co-creation" reflects its deep integration into global cultural industries [1][2]. Group 2: Growth Drivers and Market Dynamics - The year 2025 is expected to witness a profound change in the global online literature landscape, with Latin America experiencing significant growth, particularly in Brazil, where monthly active users surged by nearly 800% [11]. - The cultural consumption upgrade and the rapid maturation of new formats like short dramas and comic adaptations are key drivers for the growth of IP development [3][6]. - The company aims to build a multi-faceted growth engine rather than relying on a single source, focusing on short dramas, comic adaptations, and derivative products as core growth areas for 2026 [6][10]. Group 3: Strategies for Market Penetration - The company emphasizes the importance of localizing content and understanding cultural differences in IP selection and translation, particularly in emerging markets [11][12]. - The strategy includes creating a self-sustaining ecosystem for local creators, transforming readers into creators, and fostering a "snowball effect" in content creation [13][14]. - The company is focused on integrating content and merchandise operations to ensure that derivative products enhance the narrative and emotional value of the IP [10]. Group 4: Future Directions and Challenges - The company identifies three key areas for future growth: deepening market localization, accelerating industry chain development, and expanding offline experiences and consumption [17]. - Current barriers include cross-cultural understanding, localized operations, and the complexities of international copyright protection [15]. - The company is exploring innovative "IP + cultural tourism" business models, aiming to create emotional connections and cultural resonance in international markets [16].

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]