AI漫剧收入破亿、IP衍生品GMV翻倍 阅文集团2025营收承压但寻找到新增长极

China Literature's 2025 financial report reveals performance pressures but highlights strong growth in new businesses.

1. Overall Performance: Total revenue declined 9.3% year-on-year to RMB 7.37 billion. Online business revenue grew 0.4% to RMB 4.047 billion, while IP operations revenue fell 18.9% to RMB 3.319 billion due to delays in film/TV productions. Operating profit dropped 44.1%, with a net loss attributable to shareholders of RMB 776 million, primarily due to a RMB 1.8 billion goodwill impairment, which has cleared historical burdens.

2. User Data: Monthly active users on its own platforms remained stable at 104 million, with 9 million paying users. Average monthly revenue per paying user rose 2.8% to RMB 32.9, indicating improved monetization quality. The platform attracted 400,000 new writers and 800,000 new works, with the number of post-00s writers earning over RMB 1 million annually surging 150%. Premium works like "Lord of the Mysteries" achieved over 300,000 average subscriptions.

3. New Growth Drivers: AI-powered comic series produced nearly 1,000 episodes in just one quarter, with over 100 series exceeding 10 million views and 12 series, such as "The Great Ming Son-in-Law," surpassing 100 million views, generating over RMB 100 million in revenue. IP merchandise GMV exceeded RMB 1.1 billion, doubling year-on-year. Over 120 short dramas were released, half of which were certified hits, serving as effective IP testing tools. The global WebNovel platform hosted over 17,000 AI-translated works, driving a 39% revenue increase.

4. Outlook: Film/TV projects are expected to resume scheduling in 2026, while AI comic series, short dramas, and merchandise continue to scale, supporting a potential earnings recovery.

China Literature demonstrates new trends in brand marketing and product development.

1. Brand Marketing: IP merchandise GMV surpassed RMB 1.1 billion, doubling year-on-year, reflecting rising consumer demand for derivatives from popular IPs like "The King's Avatar" and "Lord of the Mysteries." Its global footprint expanded, with 38 works archived by the British Library, and series like "Battle Through the Heavens" amassing 1.18 billion views on YouTube, enhancing international brand recognition.

2. Product Development: AI technology streamlines content production, reducing comic series creation cycles from months to days and significantly lowering costs, thereby revitalizing long-tail IPs. Short dramas span diverse genres (e.g., modern romance, historical) and serve as rapid testing tools for IP validation.

3. Consumer Trends: User monetization quality improved, with average monthly revenue per paying user rising to RMB 32.9. The commercial potential of Gen Z writers is exploding, with a 150% surge in post-00s authors earning over RMB 1 million annually, mirroring young users' content preferences. AI translation reduces global expansion costs, accelerating the overseas reach of web novels.

China Literature's report highlights growth opportunities and risk management strategies.

1. Opportunities: New ventures show high potential—AI comic series revenue exceeded RMB 100 million, IP merchandise GMV doubled to RMB 1.1 billion, and over 120 short dramas (half achieving hit status) indicate fertile ground. WebNovel's global revenue grew 39%, tapping overseas markets. Premiumization strategies paid off, with works exceeding 100,000 average subscriptions growing 40%, led by phenomena like "Lord of the Mysteries."

2. Risk Mitigation: The RMB 1.8 billion goodwill impairment clears financial overhangs, allowing a leaner approach to film/TV delays. The online business stabilized with a 0.4% growth by focusing on core paying users through quality upgrades. AI technology serves as a solution for efficient IP screening and development.

3. Collaboration Avenues: The platform attracted 400,000 new writers and 800,000 new works, opening content partnership opportunities. Merchandise operations, driven by four engines (product, channel, operations, ecosystem), offer a replicable model. Short dramas and comic series act as IP testing tools, enabling data-driven collaborations.

China Literature's operations offer digitalization insights and commercial openings for manufacturers.

1. Production Demand: AI slashes production costs—e.g., comic series cycles shortened from months to days, enabling industrial-scale output. Merchandise GMV exceeding RMB 1.1 billion (double year-on-year) signals need for efficient manufacturing. Over 120 short dramas across genres require agile content production.

2. Commercial Opportunities: Rapid IP merchandise growth (e.g., "The King's Avatar") creates derivative manufacturing demand. AI comic series revive long-tail IPs, opening visual content production markets. WebNovel's 17,000+ AI-translated works and 39% revenue growth highlight export potential.

3. Digitalization Lessons: China Literature's AI lifecycle solutions (e.g., "Comic Assistant" for text-to-visual mass production) demonstrate production digitization. Its online business's focus on core users via quality upgrades offers e-commerce optimization insights. AI reduces global expansion costs, accelerating worldwide deployment.

Industry trends and tech solutions are prominent.

1. Trends: China Literature shifts from online reading to full IP chain operations, with AI as a key accelerator. IP merchandise GMV doubling, AI comic series revenue surpassing RMB 100 million, and short drama proliferation reflect diversified monetization. Globalization accelerates, with 38 works archived by the British Library, boosting Chinese IP influence.

2. Tech Innovations: AI spans the IP lifecycle—"Writer Assistant" integrates AI creation, "IP Assistant" speeds IP screening, "Comic Assistant" enables text-to-visual量产. Over 17,000 AI-translated works cut overseas expansion costs. Tech compresses comic production cycles, slashing expenses.

3. Client Pain Points & Solutions: Film/TV delays hurt IP revenue; AI comic series and short dramas offer rapid monetization. Long-tail IPs are hard to activate; AI enables low-cost visualization. Inefficient content production is addressed by AI tools boosting output speed.

Platform strategies and operational tactics are clear.

1. Platform Needs: Online revenue grew 0.4% by focusing on paying users, lifting average monthly revenue to RMB 32.9. IP operations counter film/TV delays with AI comic series and short dramas for quick data feedback.

2. Latest Moves: Qidian's premiumization strategy succeeded, producing works like "Lord of the Mysteries" with 300,000+ average subscriptions; works over 100,000 subscriptions grew 40%. Platform incentives attracted 400,000 new writers and 800,000 works. Merchandise operations, driven by four engines, surpassed RMB 1.1 billion GMV.

3. Risk Avoidance: Goodwill impairment clears financial risks. Film/TV scheduling risks are hedged via AI ventures. Operationally, inefficient channels were cut to focus on core users and monetization quality.

Industry shifts and business model evolution are notable.

1. Trends: China Literature transitions to a full IP chain operator, with AI as a supercharger. New businesses (AI comic series revenue >RMB 100 million, merchandise GMV doubling, short dramas) form a second growth curve. WebNovel's 39% revenue growth and 38 works gaining international recognition underscore globalization.

2. Emerging Issues: Film/TV cyclicality drove an 18.9% IP revenue decline; historical goodwill issues (e.g., 2018 New Classics Media acquisition valuation concerns) are resolved. AI boosts efficiency but long-term sustainability warrants monitoring.

3. Business Models: Monetization expands from online reading to comics, short dramas, animation, film/TV, and merchandise. AI empowers the entire chain, reshaping creation, development, and monetization. Policy lessons (e.g., goodwill bet agreements) offer risk management cases. Future strategy focuses on evergreen content, IP+AI, and globalization.