在海外业务方面，掌阅科技于2025年初推出的海外短剧平台iDrama，该平台率先上线英语、日语、韩语 三个语种版本，在美国、韩国、印度尼西亚、马来西亚、印度等市场表现出色，用户增长迅速，成为中 国短剧出海的新锐力量。接下来，iDrama平台将深耕北美、东南亚及日韩核心区域，扩大海外本土剧比 例。 此外，掌阅科技也积极布局AI短剧领域，已上线《焚星决》《东北寻宝往事》等AI漫剧和类真人剧。 在IP短剧《遮天》中将真人短剧AI技术与实拍画面深度融合，AI在前期角色设定、中期建模、后期渲染 等阶段全面介入，探索了"AI+IP"的融合发展路径。 事实上，掌阅科技自今年一季度以来就坚定推进业务结构转型，短剧等衍生业务收入快速增长，该业务 已成为公司的第一大业务板块，公司从"互联网时代的数字阅读平台"战略升级为"人工智能时代的多模 态内容生产运营平台"。 依托人工智能技术，掌阅科技构建了短剧全链路智能化生产运营系统，不仅提升了创作与生产效率，还 让业务涵盖了版权、自制、合制、付费投放、官方发行等多种形态。公司已与多家制片方及技术方展开 合作，涉足都市、玄幻、校园、推理悬疑、历史、言情等多种题材。 为进一步拓展短剧业务，掌 ...

中经记者 张靖超 李正豪 北京报道 掌阅科技方面表示，2025年第三季度，公司大力发展短剧等衍生业务，整体经营呈现"收入增长、亏损 收窄"的态势。目前，公司短剧业务已经构建起"国内扩张、海外突破"的双轮驱动格局，在人工智能赋 能下构建全链路智能化生产运营系统，产能规模大幅扩张，驱动了公司营业收入的快速增长；国内外双 线发展模式带来短期投入的持续增加，虽本季度亏损收窄，但短期对公司整体盈利能力形成一定拖累。 在今年9月，掌阅科技进行了品牌焕新，将公司使命升级为"让创作点亮美好时光"，Slogan同步更新 为"悦享美好时光"，并发布了旗下四大短剧厂牌，分别为告白剧场、千灯绘世、玄尊万象和镜渊剧场， 覆盖不同圈层和题材。其中，告白剧场聚焦女性频道，千灯绘世深耕古装赛道，玄尊万象专注玄幻与武 侠题材，镜渊剧场主要聚焦悬疑领域。同时，掌阅科技还在2025年9月9日—12月31日启动"掌阅聚星计 划——短剧演员海选招募"，旨在挖掘演技新人。 此外，掌阅科技于2025年年初推出了海外短剧平台iDrama，已上线英语、日语、韩语三个语种版本，在 美国、韩国、印度尼西亚、马来西亚、印度等市场收获了一定的用户基础。据掌阅科技方面 ...

Core Viewpoint - In the first half of 2025, Zhangyue Technology Co., Ltd. reported a strategic transformation from a digital reading platform to a multi-modal content production and operation platform in the AI era, with significant growth in short drama and derivative business revenues, which have become the company's primary business segment [2][3]. Financial Performance - The company achieved a revenue of 1.526 billion yuan in the first half of 2025, representing a year-on-year increase of 14.58% [2]. - Revenue from short dramas and derivative businesses reached 838 million yuan, marking a substantial growth of 149.09% compared to the same period last year [2][3]. - Sales expenses amounted to 1.088 billion yuan, an increase of 25.86% year-on-year [2]. - The net profit attributable to shareholders was -160 million yuan [2]. Business Development - The company is focusing on a dual-driven strategy of "domestic expansion and overseas breakthroughs," which has led to increased short-term investments and impacted profitability [2][3]. - Despite a decline in revenue from the digital reading platform, the company continues to maintain rigid content costs, further negatively affecting profitability [2]. Content Ecosystem and Quality - Zhangyue Technology is enhancing its content ecosystem by improving content production capabilities and enriching quality content resources, thereby strengthening its content barriers [3]. - The company is actively building an overseas content system that aligns with local cultural backgrounds, improving content quality and user experience across different regions [3]. AI Integration - The company is advancing the application of AI large models in digital reading and short dramas, leveraging its advantages in content copyright resources, creator ecosystems, and a vast user base [4]. - It is exploring the integration of "AI + IP" in the short drama sector [4].

Core Viewpoint - The company has successfully transformed its business model, with short drama becoming its largest revenue source, reflecting a strategic shift towards a multi-modal content production and operation platform in the AI era [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.526 billion yuan, representing a year-on-year growth of 14.58% [1]. - Revenue from the short drama business reached 838 million yuan, showing a significant year-on-year increase of 149.09% [1][2]. Group 2: Business Transformation - The company has upgraded its strategy from being a "digital reading platform" to a "multi-modal content production and operation platform" in the AI era [1]. - The short drama and derivative businesses have become the primary focus, with a dual strategy of "domestic expansion and overseas breakthroughs" driving growth [2]. Group 3: Content Development - The company has enhanced its content ecosystem by introducing thousands of high-quality digital books and audio content, strengthening its content barrier [2]. - In the domestic short drama market, the company has established itself in the leading tier by leveraging AI technology for an intelligent production and operation system [2]. Group 4: International Expansion - The company launched the overseas short drama platform iDrama, which has thousands of multi-language short dramas and is experiencing rapid growth in markets like the US, South Korea, and Indonesia [3]. Group 5: AI Application - The company is actively advancing the application of AI models in digital reading and short dramas, integrating its advantages in content copyright, creator ecosystem, and user resources [4]. - New AI-assisted features have been introduced in the reading app, including an "AI Book Radio" to enhance user interaction [4]. - In derivative businesses, the company is utilizing AI in script generation, visual presentation, and post-production to improve efficiency and user experience [4].

Domestic Financial Market - The Shanghai Composite Index closed at 3472.32, with a slight increase of 0.32%, while the Shenzhen Component Index decreased by 0.25% to 10508.76 [3][8] - The trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion, an increase of 121 billion compared to the previous trading day [8] Macro News Summary - The People's Bank of China is promoting the digital RMB innovation in relevant free trade zones [5] - The Ministry of Industry and Information Technology is addressing low-price disorder in the photovoltaic industry, indicating potential recovery for the sector [6] Industry Dynamics - The outdoor economy is emerging as a new consumption trend, with related stocks such as Zhejiang Nature and Explorer [6] - The establishment of a leadership group for general aviation and low-altitude economy by the Civil Aviation Administration of China [6] Company Focus - Zhongzhu Yejitu Group reported a net profit of 560 million to 650 million for the first half of 2025, an increase of 50.97% to 75.23% year-on-year [7] - Zhangyue Technology achieved a breakthrough in overseas short drama business, with nearly 200,000 new users on the iDrama platform [7] - Chip Dynamics reported a net profit between 138 million and 169 million for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [7] Market Review and Outlook - The market experienced fluctuations with a peak near 3500 points, but closed lower due to profit-taking [8] - The upcoming earnings season is expected to be crucial for excess returns, particularly in sectors like non-ferrous resources, midstream manufacturing, consumer services, and TMT [8] - New quantitative regulations are being implemented, indicating potential risks for previously high-flying small-cap stocks [8]

Core Insights - The article highlights the significant progress made by Zhangyue Technology in the overseas short drama market, particularly with the launch of the short drama "Zhetian" on the iDrama platform, showcasing the integration of AI technology and live-action footage [1] - The company anticipates substantial revenue growth from its short drama business, projecting an income of 776 million yuan for 2024, with the first quarter of 2025 expected to continue this upward trend [2] - The micro short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing annual box office revenues for films, with expectations of further growth to 63.43 billion yuan in 2025 and 85.65 billion yuan by 2027 [3] Company Developments - Zhangyue Technology's overseas short drama business has seen a notable breakthrough, with nearly 200,000 new users on the iDrama platform in the first quarter of this year, achieving top rankings in entertainment categories on app stores [1] - The company is focusing on various forms of short dramas, including dubbed and localized productions, with plans to launch its own original live-action dramas for overseas audiences soon [1][2] - The company has established a comprehensive short drama content reserve and is expanding its production capacity, while also promoting its proprietary short drama app to build its user base [1] Industry Trends - The micro short drama market in China is rapidly expanding, with the industry becoming a dominant force in regions like Southeast Asia and the United States [3] - A significant portion of the top-grossing short drama applications globally are Chinese products, with 41 out of the top 50 applications being Chinese, indicating a strong international presence [3] - The integration of AI technology in the production and operation of short dramas is enhancing efficiency and expanding production capabilities within the industry [2]

Group 1: Institutional Trading Insights - A total of 28 stocks were listed on the institutional trading leaderboard, with 16 stocks experiencing net buying and 13 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Keheng Co., Ltd. (75.16 million), Xiexin Energy Technology (71.78 million), and Bangji Technology (55.89 million) [1][2] Group 2: Company-Specific Developments - Keheng Co., Ltd. saw a net buying of 75.16 million from three institutions, with a stock price increase of 7.97% [2][3] - The company is engaged in research and evaluation of solid-state batteries, focusing on improving safety and energy density by replacing liquid electrolytes with solid electrolytes [3] Group 3: Industry Trends - The short drama industry is experiencing significant growth, with Chinese companies dominating the international market, as evidenced by 41 out of the top 50 overseas short drama applications being developed by Chinese firms [4] - The AI-driven short drama sector is expected to see substantial advancements by 2025, with increased production and user engagement anticipated due to technological improvements [5] - The oil service industry is highlighted by Tongyuan Petroleum, a leader in the composite perforation sector, and the ongoing geopolitical risks affecting global oil prices, particularly due to tensions in the Strait of Hormuz [6]

Group 1 - The core viewpoint of the article emphasizes the integration of online literature and audiovisual content as a current trend in the cultural industry, highlighting the need for creators to adapt to new technologies and enhance literary quality for better content transformation [1] - The event organized by the China Writers Association attracted over 70 participants, including online writers, screenwriters, and key representatives from online literature and audiovisual platforms, focusing on innovative paths for the conversion of online literature to audiovisual content [1][2] - The training program featured discussions on the development trends of online micro-short dramas and the pathways for transforming online literature IP into audiovisual works, enhancing participants' understanding and confidence in the integration of literature and audiovisual content [3] Group 2 - Online literature platforms are leveraging rich copyright and content resources to convert literary works into audiovisual products, with companies like iReader Technology creating self-produced dramas and expanding into overseas markets [2] - Audiovisual platforms and film production companies are improving short drama creation models by utilizing long drama resources, as seen with Huace Film & TV's strategy to link long and short dramas [2] - The training sessions provided insights into the potential for content transformation, with participants expressing a commitment to furthering creative and adaptation practices to support high-quality integration of online literature and audiovisual content [3]

Group 1 - The core focus of the news is on Zhangyue Technology's development and strategic planning in the short drama business, which has become the company's largest revenue segment and is rapidly growing [1][2] - The company has established a diverse range of short drama content, including various genres such as urban, fantasy, campus, mystery, historical, romance, and more, and has released hundreds of short dramas in collaboration with multiple production and technology partners [1] - Zhangyue Technology plans to launch its own short drama APP platforms, including both free and paid options, to enhance interaction between its mini-program short dramas and the new APP offerings [2] Group 2 - The company has made significant progress in its overseas short drama business, with its platform iDrama gaining nearly 200,000 new users since its launch and performing well in markets like the USA, South Korea, and Indonesia [2] - Zhangyue Technology is exploring the AI short drama sector, aiming to leverage its extensive online literature resources to create AI-driven short drama assets and streamline the commercialization process [3] - The company plans to release approximately three AI short dramas each month, focusing on both realistic AI short dramas and AI adaptations of live-action dramas into animated formats [3]

Company Overview - The company has transitioned from being a "digital reading platform in the internet era" to a "multi-modal content production and operation platform in the AI era" [1] - The short drama business has become the company's largest revenue segment, generating 776 million yuan in 2024 and continuing to grow rapidly in 2025 [1][4] Short Drama Business Development - The company plans to develop its own short drama APP platforms, including a free short drama APP and a paid short drama APP, to enhance user engagement and interaction [2] - The overseas short drama platform iDrama has gained nearly 200,000 new users since its launch, performing well in markets such as the US, South Korea, and Indonesia, and has ranked in the top 50 of entertainment categories on App Store and Google Play [2] AI Integration - The company is optimizing its reading AI, "Zhangyue Shoutong," and advancing AI+multi-modal applications [2] - AI short dramas will include two types: realistic AI short dramas and AI animated short dramas derived from real short dramas, with plans to release approximately three AI short dramas each month [2][5] Revenue and Profitability - The gross margin for the short drama business was 60.87% last year, with expectations for net margins to improve as the business scales [5][7] - The company aims to enhance the profitability of its self-owned short drama platform as user growth stabilizes [8] Future Plans - The company intends to deepen its presence in overseas markets, particularly in North America and Southeast Asia, while increasing the proportion of local dramas on the iDrama platform [8] - The company is exploring the integration of AI interactivity in short dramas as technology matures and market dynamics evolve [8]