Good evening, ladies and gentlemen. Welcome to China Literature's 2025 annual results conference call. A copy of the annual results announcement can be found and downloaded from its investor relations website http://ir.yuewen.com. At this time, all lines have been placed on listen only mode, and the floor will be open for questions following today's presentation. I would now like to hand the conference over to your host today, Ms. Maggie Zhou, Head of Capital Markets and Investor Relations at China Literature. Maggie, please go ahead.
Thank you, operator. Ladies and gentlemen, welcome to our 2025 annual results conference call. Joining us today on the call are Mr. Hou Xiaonan, our CEO; and Mr. Jacky Xu, our VP of Finance. For today's call, Mr. Hou will discuss the company's strategies and business highlights, and Mr. Xu will go through the financials. We'll then open the call for questions. Before we begin, I'd also like to remind you that management's comments during the call will include forward-looking statements that are based on our current expectations. All statements, other than statements of historical fact during the conference call are forward-looking statements, which are subject to a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of the company.
This presentation also contains some unaudited non-IFRS financial measures that should be considered in addition to another substitute for the measures of the company's financial performance prepared in accordance with IFRS. Please take a minute to read the risk factors and non-IFRS measures discussion in China Literature's 2025 annual results earnings release. I'll now turn the call over to our Chief Executive Officer, Mr. Hou Xiaonan.
Thank you, Maggie. Good evening, everyone, and welcome to today's earnings call. Before we begin discussing the results, I would like to share some of our recent thoughts and plans at the strategic and operational levels. Over the past year, 2025, we all witnessed the profound impact of Artificial Intelligence. As 2026 begins, the content industry is accelerating further. With the release of new versions of multimodal large models, film- quality AI content generation is rapidly becoming a reality. We believe that in the near future, the barriers to multimedia production will continue to fall, inviting more non-traditional creators into the field. IP, once limited to text, will be transformed faster and at lower cost into drama series and films, animation, games, and even immersive interactive experiences. As technology and efficiency stop being barriers, the value of high- quality content will rise to new heights.
In the era of content abundance, the industry is shifting from a capacity competition to a value competition, where the question is not who produces more, but who tells the better story. It precisely encapsulates the core capability that China Literature has accumulated over two decades. We have the industry's deepest IP library, the most robust creator ecosystem that truly understands content. Now with AI as our accelerator, these three strengths together are unlocking new value growth opportunities for premium IPs. We stand at the dawn of a new era and are already building momentum. Our guiding question in this transformation is clear: how can we leverage our unique advantages to fully empower the industry's best creators and together reach new frontiers of imagination ahead of the market? We have made numerous attempts and achieved remarkable progress.
For example, in our AI-animated drama business, we launched AI-animated drama assistant, Manju Zhushou, in the second half of 2025 to boost creator productivity. The tool spans narrative techniques and enriches visual expression with continuous iteration as the underlying technology advances. We also moved decisively into the production of AI-animated dramas, helping bring numerous standout titles to market. Since the second half of 2025, we have released nearly 1,000 AI-animated dramas. More than 100 surpassed 10 million views, and 12 exceeded 100 million views. Moreover, revenue from AI-animated dramas exceeded RMB 100 million in the second half of 2025. This is a validation of AI's large-scale commercialization within the IP industry. The rapid takeoff of our AI animated drama business perfectly illustrates our 2025 strategy. On one track, we deepened our content ecosystem, built premium offerings, and accelerated new business rollouts.
On the other, we fully promoted AI integration to improve IP development efficiency and build momentum for future breakthroughs. In 2026, we will continue on these two tracks, pushing harder for deeper technology and content integration. Next, I will provide a detailed review of our business performance in 2025. First, in IP incubation, our online reading premium content ecosystem continued to thrive. In 2025, our platform attracted 400,000 new writers, generated over 800,000 new novels, and added more than 42 billion characters, providing a steady pipeline of high-quality content. Top-tier creative output continued to strengthen. On our flagship Qidian reading app, the number of new titles averaging over 100,000 subscriptions per chapter grew 40% year-over-year. For the first time, two blockbuster titles surpassed 300,000 subscriptions per chapter.
Meanwhile, the number of post-2000 writers earning over RMB 1 million annually jumped 150%. Our community has also become more robust. Work exceeding 100,000 collections increased by 80%. Titles receiving more than 10,000 monthly tickets increased by 20%. In IP visualization, China Literature delivered positive results across traditional strengths such as film, drama series, and animation, with its IP dominating various major industry rankings in 2025. More importantly, we embraced new production models and technologies, leveraging our rich IP library to expand into emerging businesses like short dramas and AI animated dramas, achieving significant progress and laying the foundation for an IP plus AI creation ecosystem.
In the premium drama series and film segment, several top-tier series adapted from our IPs premiered in 2025, such as A Record of a Mortal's Journey to Immortality, Fan Ren Xiu Xian Chuan, Flourishing Peony, Guo Se Fang Hua, and I Am Nobody, Yi Ren Zhi Xia, all of which ranked number one in platform popularity charts during their respective broadcast periods. According to Enlightent, five of the top 10 long-form dramas by cumulative views across all platforms of 2025 were adapted from our IPs. Meanwhile, our self-produced premium series, The Narcotic Operation, Sao Du Feng Bao, debuted on Tencent Video, reaching a popularity index above 28,000 and earning praise from multiple mainstream media outlets.
Earlier in 2026, we also released the drama series The Richest Poor Guy, Nian Shao You Wei, and The Devil Between Us, Chu E, both of which earned strong critical reception and audience traction. In the animation segment, two core series such as Battle Through the Heavens, Doupo Cangqiong , Stellar Transformations, Xing Chen Bian, and Candle in the Tomb, Gui Chui Deng, constantly ranked among the top titles on platform popularity charts. According to Enlightent, nine out of the top ten animation series by cumulative views across all platforms of 2025 were adapted from our IPs, reinforcing our clear leadership in animation. Notably, we are pleased to report breakthrough progress in the fast-growing short drama and AI animated drama business.
In the short drama segment, we launched more than 120 short dramas in 2025, delivering strong results from our premium content strategy with frequent breakout hits. One representative title set a record with gross revenue exceeding RMB 80 million and ranked number four on Enlightent's viewership charts in 2025, with more than 3.5 billion views. We have expanded beyond our strength in modern romance into male-oriented genres, period and costume dramas, and more, building a diversified high-quality premium content matrix with long life cycles. The success of short dramas is rooted in China Literature's rich IP reserve, robust creation network, and end-to-end IP development capabilities. We are also extending our short drama footprint through strategic investment, further strengthening our advantage in premium content. In the AI animated drama segment, we launched four major initiatives to build a dedicated ecosystem.
We opened our IP library, established a creator support fund, built out AIGC tools such as the AI animated drama assistant, Manju Zhushou , and provided full stack support across production, distribution, and IP partnerships. These initiatives fueled rapid growth of our AI animated drama business. As noted, since its official launch in the second half of 2025, revenue from AI animated drama series has surpassed RMB 100 million, showing strong momentum and substantial market potential. In IP commercialization and monetization, we achieved historic breakthroughs and accelerated our systematic build-out in 2025. GMV of the IP merchandise products business exceeded RMB 1.1 billion, more than double the figure of 2024. This was driven by four core engines, product, channel, operations, and ecosystem. On the product front, our design capabilities and supply chain efficiency improved further, achieving industry-leading speed and quality.
Expanded into new categories such as precious metals, vinyl plush toys, bags, and accessories, and introduced new sales mechanisms such as Ichiban Kuji draws. On the channel front, we refined our self-operated e-commerce matrix, comprising self-operated live streaming rooms, plus flagship online stores, plus mini programs, and continue to expand offline self-operated stores across 10 core cities nationwide. We also teamed with over 10,000 channel partners to reach users across everyday consumption scenarios. On the operation front, we run a series of online and offline campaigns around multiple top IPs to strengthen IP influence and fan engagement. On the ecosystem front, we advanced our IP plus consumer strategy, signing licensing partnerships with over 200 leading customer brands to embed our IP across diverse everyday scenarios. In the online game segment, we continue to license high-quality IPs to partners.
Our flagship title, Soul Land: Soul Hunting World, generated RMB 300 million in its first month after launching in 2025. Several new games also secured publication licenses, including Battle Through the Heavens, Soul Land, and The Hidden Ones. We look forward to strong player reception at release. Finally, I would like to share our new technology explorations and practices. In 2025, we embedded AI across our entire content production chain and built a suite of AI solutions spanning the full IP life cycle. In online literature, our writer assistant, Zuojia Zhushou creation platform, received a major upgrade with the integration of the Smart Pen Tongjian, Miaobi Tongjian AI engine, which can perform real-time in-depth analysis of tens of millions of words to support writers. The tool is now officially available industry-wide.
A few days ago, we rolled out [Write Claude], an AI creative agent built on the popular open Claude framework inside our writer assistant tool. This further helps writers work faster and more creativity, and it's the first tool of its kind in online literature sector during the current everyone reading stream trend. We will keep upgrading our writer tools to make writing smoother and more enjoyable. In IP adaptation, we launched the copyright assistant, Banquan Zhushou, which deeply mines China Literature's library of millions of works and accurately matches titles to meet downstream adaptation needs, significantly accelerating the sorting, screening, and development of high-quality IP assets. In AI animated dramas, our AI animated drama assistant, Manju Zhushou, integrates with multiple leading domestic and international multimodal large models, supporting full workflow from text to visuals, significantly improving adaptation efficiency and greatly lowering the barrier to animated drama production.
For global expansion, AI translation has substantially extended the international reach of Chinese language works. By the end of 2025, more than 17,000 AI translated works were available on Webnovel, with revenue up 39% year-over-year and contributing over 1/3 of the platform's total revenues, making AI translation a key driver of overseas growth. Looking ahead, we stand at the dawn of a new wave of transformation in the content industry with emerging business models and accelerating technology. Yet one timeless truth remains unchanged. High- quality content is and will always be the core. This is the foundation of China Literature. We believe the synergy between IP and AI will continue to power the industry going forward. IP is the soul. AI is the engine. The role of technology is to maximize the impact of exceptional stories.
We will embed AI across every key stage of creative assistance, premium production, IP development, and global expansion, from leading deployment into new formats such as AI animated dramas to systematic improvements in IP development efficiency and value creation. Our IP plus AI ecosystem will serve as a scalable engine that amplifies the content value and drives China Literature's sustainable long-term growth. This concludes my remarks. I will hand it over to Jacky Xu to review the company's financial performance. Thank you.
Thank you, Mr. Hou. Hello, everyone. In 2025, our total revenues were RMB 7.37 billion, compared with RMB 8.12 billion in 2024. Let's take a look at our online business first. Online business revenues were RMB 4.05 billion, compared with RMB 4.03 billion in 2024. Breaking down further, revenues from our self-owned platform products increased 0.9% year-over-year to RMB 3.56 billion, being driven by our focus on improving core product operations and continuous production of high-quality content.
Revenues from our self-operated channels on Tencent products decreased 22.3% year-over-year to RMB 191 million, mainly driven by a decrease in advertising revenues associated with the continuous refinement of content distribution practices of Tencent channels and prioritization of distribution through company's core pay-to-read products. Revenues from third-party platforms increased 15.7% year-over-year to RMB 294 million, primarily due to expanded collaboration with third-party distribution partners. In terms of operating metrics, our total average MAUs were 137.8 million in 2025, compared with 166.6 million in 2024. Breaking down further, MAUs on the self-owned platform products remained stable on a year-over-year basis at 104.1 million, compared with 103.8 million in 2024.
MAUs on our self-operated channels on Tencent products were 33.7 million, compared with 62.8 million in 2024, primarily due to our ongoing optimization of operational efficiency by concentrating more content distribution through our core pay-to-rate products, which resulted in a decline in new acquisitions to free trade channels. Average MPU were 9 million, compared with 9.1 million in 2024. This was mainly due to an increase in promotional activities during the year, which led to some low-spending users being classified as free users over the period. Monthly ARPU was RMB 32.9, increased 2.8% year-over-year from RMB 32 in 2024, mainly due to a decline in the proportion of low-spending users. Now turning to IP operations and other businesses.
In 2025, revenues from IP operations and others were RMB 3.32 billion, compared with RMB 4.09 billion in 2024. In this segment, revenues from IP operations decreased 20% year-over-year to RMB 3.19 billion. The decrease was primarily due to scheduling delays that led to fewer releases of drama series and film projects in 2025. Meanwhile, new businesses such as IP merchandise products, short dramas, and AI animated dramas have been developing rapidly. In particular, the IP merchandise products business generated over RMB 1.1 billion in GMV in 2025. Over twice RMB 500 million in 2024. The company's AI animated dramas business generated over RMB 100 million revenue in the second half of 2025.
Revenues from the others category, mainly generated by sales of physical books, increased 28.4% year-over-year to RMB 128 million. Now let's look at costs and expenses. In 2025, our cost of revenues decreased 5.5% year-over-year to RMB 4 billion, primarily due to lower production costs of drama series and films, in line with the decrease in revenues from fewer releases during the year. As a result, our gross profit was RMB 3.4 billion, compared with RMB 3.9 billion in 2024. Gross margin was 46.1% compared with 48.3% in 2024.
Our selling and marketing expenses decreased 11.1% year-over-year to RMB 2 billion as a result of a decrease in marketing and promotional expenses associated with the later release schedule of drama series and film projects. As a percentage of our revenues, our selling and marketing expenses were 27.3% in 2025 compared with 27.8% in 2024. Our G&A expenses decreased 11.9% year-over-year to RMB 1 billion. As a percentage of revenues, our G&A expenses decreased to 13.7% in 2025, compared with 14.9% in 2024. Our net other losses were RMB 1.2 billion in 2025 compared with net other losses of RMB 974 million in 2024.
The net other losses in 2025 were primarily due to a RMB 1.8 billion impairment loss of goodwill attributable to New Classics Media. However, it was partially offset by gains from certain investee companies. This impairment charge is non-cash in nature, therefore is not included in our non-IFRS financials. As a result of the above factors, our operating loss was RMB 805 million in 2025 compared with RMB 336 million operating loss in 2024. On a non-IFRS basis, operating profit was RMB 735 million compared with RMB 985 million operating profit in 2024. Our net loss to shareholders was RMB 776 million in 2025, compared with a loss of RMB 209 million in 2024.
On a non-IFRS basis, our net profit to shareholders was RMB 859 million, compared with a profit of RMB 1.1 billion in 2024. That concludes our financial review part. Let's move on to a Q&A session.
Thank you for the presentation. Now we'll start the Q&A session. Please kindly raise your questions in Chinese and translate your questions into English. The first question comes from Xu Zhengzheng with CICC.
My first question about short drama business. After three years of rapid growth in the short drama industry, how do you view the long-term opportunities in this industry? What's our current positioning and the strategy in the short drama ecosystem? Which parts of the value chain does the company plan to participate in, such as IP licensing, production, marketing and traffic, acquisition or operating short drama platforms? And how should we think about the role of short drama in virtualizing and expanding China Literature's IP portfolio? My second question about overseas business. Could management share your overall strategy for international markets as well as any recent progress and targets that you can share with us? Thank you.
好，谢谢你的问题。我也来回答一下，一个是短剧的问题，一个是我们出海的问题。那短剧呢，确实在这个快速发展三年以后，我们观察到整个的短剧市场也是出现了明显的精品化的趋势。我们看到只有精品化的内容才能获得不错的收益，这也是和我们从最开始对这个行业的判断是高度一致的。所以阅文从一开始就坚持打造精品的短剧，利用我们强大的创作者生态，包括丰富的IP储备库。我们在去年，2025年推出了超过120部的优秀的短剧作品，全年的短剧的全网播放量也超过了500亿的播放量。
Thank you for your question. I will take your question. After three years of rapid growth, we have observed a clear trend towards premiumization in the short drama market, and only high-quality content is likely to deliver strong returns, which closely aligns with our industry assessment. We remain committed to producing high-quality short dramas by leveraging our strong creator ecosystem and rich IP library. We launched more than 120 outstanding short drama titles in 2025, and as of now, our short dramas have accumulated over 50 billion total views across all platforms.
在25年，我们有很多优秀的作品都取得了非常棒的成绩，我们的工作重心就是提升短剧的爆款率，核心是制作出更多更优质的短剧内容。例如2025年上线的一部代表作品，就在年内实现了全网播放量超过35亿，总流水破了8000万元，云合年榜第四名的好成绩。之后也有多款爆款作品取得了突破，其中有一部是男频的代表作品，也实现了上榜，五天就达到了付费短剧平台的连续第一名。上线首三天在免费短剧平台斩获了热播前三、新剧前二的成绩，全网播放量也超过了10亿。另外我们也有很多部女频的代表作，全网播放量都超过了10亿，在免费平台进入了热播榜的前五。整体而言，在2025年我们构建了一个多题材、高品质、长生命周期的精品短剧内容矩阵。有超过一半的作品都获得了头部平台爆款短剧的标签，这些指标都体现了我们在打造爆款短剧方面的专长。
We achieved many outstanding results in 2025. In 2025, our primary focus was on raising the hit rate of our short dramas, with the core objective of producing more high-quality short drama content. For example, one representative title launched in 2025 recorded over 3.5 billion views across all platforms, generated a gross transaction volume of over RMB 80 million, and ranked number four on the Enlightent viewership charts in 2025. After that, several other breakout hits emerged. One male-oriented title ranked number one on paid short drama platforms for the first five days after release, and in its first three days on free short drama platforms reached the top three in trending shows and top two among new releases, achieving over 1 billion views across all platforms.
We also had multiple female-oriented titles with over 1 billion views each, entering the top five of the hot list on free platforms. Overall, we have built a diversified high-quality premium content matrix with long life cycles in 2025. Across all titles re-released in 2025, more than half were labeled as hit short drama by leading platforms. These metrics collectively demonstrate our expertise in creating hit short dramas.
从产业链的环境来看，我们核心会把控短剧的剧本创作和商业化，包括投流以及和免费短剧平台的合作。生产环节，我们更多的还是采用联合制作的方式，更多地依托行业生态的这样一些资源。这样的布局，也是考虑到可以发挥我们作为内容公司的核心优势，为用户创造出优质的短剧内容。此外，短剧业务也是阅文IP全产业链开发的重要一环。相比长剧，短剧有短平快的特性，既适配我们阅文很多中腰部IP的高效视觉化，这也是和我们巨大的网文储备和创作者生态相契合。
From an industry chain perspective, we retain core control over short drama scriptwriting and commercialization, including paid advertising and traffic acquisition for subscription models, as well as partnerships with free short drama platforms. For production, we primarily adopt a co-production model that leverages resources across the industry ecosystem. This approach is designed to play to our core strengths as a content company and to create high-quality short dramas for audiences. Furthermore, the short drama business is an important part of China Literature's full IP industrial chain development. Compared to the long form drama, this short, fast, quick model is inherently well-suited to efficient visual adaptation of new tier IP. It also aligns with our vast library of online literature and our creator ecosystem.
整体来说，2025年对于阅文的短剧是快速发展的一年，我们的精品率、爆款率都显著提升，并且带来了显著的利润增长。在2026年，我们会在已经沉淀的打造爆款短剧的方法论的基础上，进一步和行业深化合作，继续提升产能，计划推出不少于200部的短剧。我们也有信心，短剧在今年会有更优异的表现。
Overall, in 2025, our short drama business has grown rapidly, with a notable increase in hit rate and a clear rise in profitability. In 2026, building upon our established methodology for creating hit short drama, we will further deepen industry cooperation and enhance our production capacity. We plan to release no fewer than 200 short dramas in 2026, and we believe the short drama business will deliver even more outstanding performance.
第二个问题是关于出海，我们是非常看好我们的海外业务，在2025年也有不错的发展。那么我们看到这个打造全球IP需要做到几个关键，那么通过AI的加速产能，做整个全产业链的出海，以及做好这个IP的本土的共创和本土化的运营。那我们通过AI加速，实现，首先实现网文的快速出海。那么2025年我们新增的AI翻译的作品，超过了一万多部，然后是2024年的四倍多。那么同时，这个AI的翻译作品的收入，已经占到了Webnovel平台总收入的三分之一以上。那么借助AI的翻译，我们也在除英语以外有众多小语种的市场，有所突破。那么例如，我们去年看到在拉美包括东南亚市场，都实现了非常快速的发展。
With regards to your question about overseas business, we also have made very great progress in 2025. We see several key requirements for building global IP, accelerating production capacity through AI, expanding the full chain overseas roll-out, and ensuring strong local creation and localized operations for IP. We accelerated the rapid growth in the global expansion of online novels through AI. Key highlights include that in 2025, we added over 10,000 AI translated titles, more than four times the number in 2024. At the same time, the AI translated works now contributed over 1/3 of Webnovel's total revenue. Leveraging AI translation, we also made breakthroughs in some smaller language markets besides those English markets, with Latin America and Southeast Asia demonstrating particularly strong momentum last year.
我们丰富多样的各类IP产品，也在海外不断地扩大影响力，包括有声、动漫、影视等等。以诡秘之主为例，2025年诡秘之主的动画在全球190多个国家和地区同步播出，IMDb开分高达9.3分，也是中国IP出海的新标杆。此外，好故事要成长为世界级的IP，离不开全球产业的协作，我们正在努力建立覆盖IP上下游的全球产业生态，从而深化IP产业链的全球共创。我们已经与Disney、Netflix、索尼影业等国际伙伴，以及日本、东南亚、拉美等地的头部合作伙伴，在海外推出了一千余部的出版作品，包括两千余部的漫画，百余部的动漫和影视作品。基于这一系列的举措，我们致力于发挥中国IP产业链的积累和经验，打造更开放的全球IP生态。同时，也积极拥抱AI技术带来的新机会，来推动我们业务在海外的快速发展。
Our diverse IP offerings have continued to expand its global footprint across formats including audiobooks, animation, film, and drama series adaptations. For example, the animation adaptation of Lord of Mysteries, 诡秘之主, was released simultaneously in over 190 countries and regions in 2025, and opened with an IMDb rating of 9.6, becoming a new benchmark for Chinese IP overseas. Furthermore, it requires global industry collaboration for a great story to grow into a world-class IP. We are working to build a global industrial ecosystem that covers the upstream and downstream of IP, and thereby deepening international cooperation across the IP value chain.
We have partnered with international players such as Disney, Netflix, and Sony Pictures, as well as leading regional partners in Japan, Southeast Asia, and Latin America to roll out more than 1,000 published titles, over 2,000 comics, and over 100 animation, film, and drama series productions overseas. Through this initiative, we are committed to leveraging the resources and expertise accumulated in China's IP industry chain to build a more open global IP ecosystem and to actively embrace the new opportunities brought by AI technology in order to accelerate business growth.
好，谢谢啊。
If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. Your next question comes from Maggie Ye with CLSA.
管理层晚上好，感谢接受我的提问，我的问题是关于公司新兴的内容业务AI漫剧的，那这个业务现在已经进入了推广阶段，想请教一下在商业化方向的探索我们有哪些？它是否已经形成了一个可规模化复制的一个模式？那第二点就是结合现在这个行业的发展阶段以及公司自身的一些资源禀赋，管理层对AI漫剧短期、中期以及长期的发展节奏和战略上的优先级是怎么规划的？那最后就是AI漫剧这个业务在公司整体的这个IP全产业链开发中是什么样的一个定位，未来我们会通过哪些举措来增加我们平台上IP的价值？ 我来翻译一下.
Thanks for taking my question, which are related to AI animated drama business. Firstly, what are the primary commercialization pathway at this stage? What have you established a scalable business model for AI animated drama? Secondly, regarding the current industry landscape and company's own resources and advantages, how are management thinking the short term and mid to long term development, and overall strategic priority of this segment? Finally, what is the positioning of AI animated drama in your overall broader IP lifecycle strategy? For example, what are the key initiatives you will implement to further maximize the IP value on the platform? Thank you.
好，谢谢你的问题。那AI漫剧其实是去年这个行业新诞生的一种内容形式，那我们理解呢，它是一种在数字内容生态中快速演进的AI和动画内容的新型融合形态。那么随着AI大模型的能力的突破，那么可以让创作者有机会用更低的成本、更高的效率来规模化地对于内容进行漫画视频化的改编。那随着AIGC技术不断的升级和迭代呢，我们相信这个形态呢也在不断地演进，会从动画式的漫剧呢进一步向AI原生剧集演进，那么题材和类型呢也会进一步地丰富，那么会和真人的短剧的模式类似。那么AI漫剧的生产呢，包括了三个核心环节，那么首先是IP和剧本的创作，那第二呢是AIGC的内容制作，那么以及商业化和整个发行的运营。那么首先呢，在剧本创作方面呢，是我们最重要的布局的环节，也是我们的核心优势。阅文在历史上积累了海量的IP储备，包括我们有活跃的创作者的生态，那么这些都是发展漫剧业务重要的资源，也为我们奠定了坚实的创作基础。
Thank you for your question. Actually, the AI animated drama is a new content format that emerged in this industry last year. And we understand that it is a new form of integration between AI and animation content that is rapidly evolving in the digital content ecosystem. The breakthroughs in large model capabilities enable creators to adapt text content into animated content at lower costs, with far greater speed and on a much larger scale. As AIGC technologies continue to advance, we expect the format to evolve from animation style drama towards AI native drama with a broader range of genres and themes. Like live-action short drama, the production of AI animated drama comprises three core stages: the IP and script development, AIGC content production, and commercialization distribution. Script development is a key strategic focus and one of our core strengths. We have amassed a vast IP library and a vibrant creator ecosystem in the history. These are all important resources for developing our AI animated drama business and providing a solid creative foundation.
其次，我们在AIGC的内容制作方面，我们已经和行业上最优质的产能都开展了合作，我们还战略投资了头部的漫剧制作公司酱油动漫，以进一步充实我们的产能。那现在，整个行业的产能效率这个相对还比较高，同时，漫剧大模型的能力也在迅速迭代，同等价格的制作水平持续提高，我们的业务规划也会随着行业和技术的发展情况不断升级。我们也向创作者提供了漫剧助手这样的一个工具，支持高效便利的一站式创作。我们的漫剧助手现在已经集成了国内外多款主流的图片和视频生成的大模型，它不仅能够为创作者提供强大的工具支持，为不同创作阶段来匹配最佳的模型，更是在对内容的深度理解、剧本创作方面有非常明显的优势。我们相信这个强大的AI工具，将有效地加速和放大阅文的IP价值。
In terms of AIGC content production. We have partnered with high quality production capacity across the industry and made a strategic investment, including AI animated drama producer Shangyou Animation (上游动漫) to further bolster our output. Currently, overall industry production efficiency is relatively high, and AI large model capabilities for animated drama are evolving rapidly, leading to continuous improvements in production quality at the same cost levels. We will continue to operate our plans in step with industry trends and technological developments. We also provide creators with the AI animated drama assistant 漫剧助手 that enables efficient one-stop animated drama creation. AI animated drama assistant has integrated multiple leading domestic and international image and video generation large models.
It not only supplies creators with powerful tooling and matches the best models to each creative stage, but also delivers clear advantages in visual content understanding and script development. We believe these advanced AI tools will effectively accelerate and amplify China Literature's IP value.
那在商业化方面呢，我们在付费漫剧和免费漫剧上都有这个布局，和各大的短视频平台，还有中长视频平台呢，也都建立了广泛的合作。那我们认为呢，市场未来对于高质量的精品的漫剧的需求呢，会越来越旺盛，那我想这也是阅文的优势。那因此呢，我们短期的漫剧的战略目标呢，是沉淀出这个打造爆款漫剧的这个方法论。那我们的实践呢，已经初步这个形成了成果。那么从去年下半年以来呢，我们上线了近千部的AI的漫剧，其中超百部的这个漫剧作品呢，播放量超过了千万，有十二部作品的播放量破亿，为行业树立了超爆款这个作品的标准。而AI漫剧业务的收入呢，也在下半年突破了RMB 1亿元。那么立足于此呢，2026年呢，我们将进一步聚焦精品和爆款的突破，为未来这个AI漫剧的规模化的扩张做好准备。
In terms of commercialization, we are developing both paid and free AI animated drama options that have built broad partnerships with major short video platforms as well as mid and long form video platforms. We believe the market demand for high quality premium AI animated drama will grow rapidly in the future. That is also our advantage. Therefore, our short term focus for AI animated drama is to refine a repeatable playbook for creating blockbuster. We've already seen strong early traction. Since the second half of 2025, we have released nearly 1,000 AI animated drama. More than 100 surpassed 10 million views, and 12 exceeded 100 million views, setting a new industry benchmark for mega hits. Revenue from our AI animated drama business also exceeded RMB 100 million in the second half of 2025.
Building on this momentum, in 2026, we will further focus on breakthroughs in producing premium and hit titles to prepare for broader expansion.
好，谢谢。
Thank you.
Your next question comes from Gigi Zhou with Guangfa.
谢谢，谢谢管理层接受我的提问。因为我们的IP衍生品业务在过去一年也是取得了非常好的一个发展，所以想请问一下，我的第一个问题是想问一下公司在过去一年我们衍生品业务的整体的发展策略是什么？然后后面的话我们往前看有哪些业务发展的规划，以及我们后续在IP结构以及潮玩类IP签约和开发上的节奏是怎么样的。
I will translate the question myself. Given the solid performance of our IP derivative products, what's your development strategies for IP derivative business over the past year? My second question is about looking ahead, what are the upcoming development plans? Could you also share details of the IP structure as well as signing and developing new designers for fashion IPs. Thank you.
好，谢谢你的问题。我们也是非常高兴地看到衍生品的业务在去年取得了非常好的业务成果，GMV突破了十亿元人民币，是2024年的两倍多。那这个也得益于团队在产品设计、生产、渠道、用户运营等各个产业链的维度的持续突破。那么首先产品设计方面，我们的设计能力和供应链效率有了明显的提升。2025年衍生品团队铺品的速度呢，是2024年的四倍以上。那渠道方面呢，我们各类渠道呢都取得了快速和均衡的发展。那我们自营的线上的小程序、直播间，还有电商旗舰店，都取得了快速的增长。那我们在各大头部购物商圈的直营门店销售额呢，也常居于商场的前列。此外，我们合作的线上线下分销渠道过万家，和渠道合作伙伴的合作关系呢也在不断深化。
Thank you for your question. We are very happy to see that our IP merchandise product business delivered very strong results in 2025, with GMV exceeding RMB 1.1 billion, more than double that of 2024. This was driven by the business team's continuous breakthroughs across the whole value chain, including product design, production, channels, and digital operations. In terms of product design, thanks to improved design capabilities and supply chain efficiency, our IP merchandise team's product release rate in 2025 was more than four times that of 2024. In terms of channels, our channels have achieved rapid and balanced growth. Our self-operated online mini programs, live streaming group, and flagship online stores all expanded quickly, and our own retail stores in major group shopping districts consistently ranked among the top sellers in their mall.
In addition, we collaborated with over 10,000 online and offline distribution channels, and our partnerships with these channel partners are continuously deepening.
在品类方面，我们继续深耕谷子、卡牌等轻软周边的赛道，推出更多让用户喜欢的产品。我们和超尖技工厂合作开发的潮玩产品降降，也于去年下半年推出，受到了市场的深厚喜爱。一经上市，几度售罄。我们还引入了更多一些新鲜的玩法，比如贵金属纪念产品，还有一番赏产品、箱包、服配等等。期间也引入了更多实用类的衍生品商品和其他的合作IP产品，在我们的各个渠道都深受用户的喜欢。在IP方面，许多IP得到了市场的认可，包括全职高手、诡秘之主、异人之下、道诡异仙、狐妖小红娘、斗破苍穹、庆余年等等。多个头部IP在今年也有视频化的产品规划上线，我们也期待不同IP的产品形态之间也有潜在的协同效应。除了已有的这些内容IP进行二次元的衍生品领域的商品化之外，团队在潮玩IP方面也有不错的进展，包括刚刚提到的降降第一代的糖焦毛绒产品。降降的后续产品的开发以及更多潮玩IP，也有机会在今年和大家见面。
In terms of category, we continue to deepen our focus on soft accessory segments such as goods and collectible cards, and release more products that have proven popular with our audience. The trendy collectible toy shelter we developed together with Super Genki Factory was launched in the second half of last year and was warmly embraced by the market, selling out several times on release. In addition, we introduced new concepts and trends such as the commemorative [Banjin] product, Ichiban Kuji, Gansha, and bag, apparel, and accessories. We also introduced more practical merchandise and co-branded IP products, all of which have been well received across all channels.
In terms of IP, many IPs have launched strong market recognition, including The King's Avatar, 全职高手, Lord of the Mysteries, 诡秘之主, I Am Nobody, 异人之下, Dao of the Bizarre Immortal, 道诡异仙, Fox Spirit Matchmaker, 狐妖小红娘, Battle Through the Heavens, 斗破苍穹, and Joy of Life, 庆余年. Several leading IPs also launched visual products this year, and we look forward to the potential synergies across different IP formats. Beyond merchandising existing content IP into anime-style derivatives, the team has made significant progress on trendy toy IP. Not only the first generation of vinyl plush collectible 降降 we mentioned earlier. Follow-on releases for 降降, along with several other trendy toy IP, are expected to debut this year.
长期来看，我们非常看好衍生品业务的增长潜力。我们也希望凭借我们在内容这个领域多年积累的领先优势，以及对衍生品市场和用户的敏锐洞察，打造出中国市场本土的IP衍生品的爆款，从而走出更快的业务增长曲线。
Over the long term, we are optimistic on the growth potential of our IP merchandise business. By leveraging years of content leadership and sharp insight into the merchandising markets and its consumers, we aim to create homegrown IP merchandise blockbusters in China and accelerate our business growth trajectory.
好，谢谢。
Thank you.
Your next question comes from Jenny Yuan with UBS.
谢谢管理层的提问机会。那我有两个问题想请教一下管理层。第一个问题是想了解一下今年的一个pipeline的具体情况。那第二个问题也想请教一下，目前公司整体AI各项应用的一个策略以及发展情况，以及是否有一些量化的指标可以和大家分享的。谢谢。 Thank you, management, for taking my question. I have two questions.
First of all, could you please provide an update on your cross-media pipeline for this year? Next, could you please also elaborate on the company's overall AI strategy and progress across various scenarios? If in a quantitative matrix you can share, it would be highly appreciated. Thank you.
好，那个，这两个问题呢，第一个问题关于新丽的，请曹总来回答一下。然后第二个关于AI的呢，请我们负责AI的黄总来这个回答一下。
2026年，新丽有望播出六到八集的电视剧，其中年少有为和除恶已经在二月份率先播出，表现得非常优秀。年少有为播放期内，站内的热度达到了超过突破了两万五千，获得了猫眼网络热度榜和灯塔全网正片播放量的榜单的许多榜单的第一名。除恶在播出期间一举登顶了爱奇艺站内的十大热榜的TOP ONE，并持续领跑酷云全端播放的第一名，以及猫眼网络热度的第一名等多个权威榜单。今年我们预计上线播出的电视剧还有尚公主、千里江山图、刑警时刻、爱情没有神话、此刻的生活、渐来等。此外，庆余年的第三部、雪中悍刀行的第二部、赘婿二、大奉打更人的第二部、张居正、将门毒后、尚品寒士、我欲乘风、奔如寄、铁证、我不成仙、母亲等电视剧的项目也在有序地推进中。电影方面，年夜饭和神探也预计会于今年上映。
I will invite Mr. Cao to answer your question about NCM, and I will further invite Mr. Huang to answer your question about AI. Regarding your question about NCM is expected to produce six to eight drama series this year. Among them, The Richest Poor Guy, 年少有为, and The Devil Between Us, 除恶, have premiered in February and delivered outstanding results. The Richest Poor Guy reached a popularity index above 25,000 during broadcasting period, and topped several authoritative rankings, including number one for online drama popularity chart on platform, and number one for full episode viewership on the 灯塔 platform. The Devil Between Us rose to number one on iQIYI's top ten hit list and consistently led both 酷云 all platform playback ranking as well as 猫眼 online drama hit chart.
Beyond that, we expect to further release more drama series this year, such as The Princess, 尚公主, A Panorama of Rivers and Mountains, 千里江山图, The Moments of Criminal Police, 刑警时刻, Love Has No Myth, 爱情没有神话, Live in This Moment, 此刻的生活, The One, 渐来, etc. In addition, drama series including Joy of Life 3, Sword Snow Stride 2, My Heroic Husband 2, Guardians of the Dafeng, Zhang Juzheng, The Sole Heir of a General Family, An Honorable Man, I Want to Ride the Wind, All for the State, Iron Proof, The Adventure of Denchu-Kozo , and Mother are also progressing steadily. On the film side, New Year's Eve Dinner, 年夜饭, and Detective, 神探, are also expected to be released this year.
好，我来回答关于AI的问题。作为一家内容公司，我们非常积极地拥抱AI的技术，覆盖了整个阅文的内容生态。目前，我们其实在IP开发的几乎全链条、各个环节，包括文字的内容创作、IP的视觉化，还有刚才几个问题提到的海外的翻译、AI的漫剧，包括IP的这种深度的挖掘等多个场景，都深度地使用了AI，目前已经取得了不错的进展。首先是作家助手，我们在作家助手就是通过对创作工具进行全新的升级，整合了妙笔通鉴的AI功能，具备了对于千万字网文的深度的理解的能力，它可以实时地分析千万字网文的内容，支持作家的创作过程中需要的细节回顾、剧情总结、人物梳理、伏笔挖掘这样的一些真实的场景需求。目前，作家助手已经向全行业的网文作家进行开放。一些数据是这样的，自新版本以来，妙笔的日活跃的作家的数涨了一倍，token的消耗数增长了90%。我们在观察看到作家与AI的互动已经成为新常态，相对于去年提升了超过一倍，带动了作家助手的日活同比增长56%。最近，我们还进一步为作家助手接入了WriteClaude智能体，命名叫WriteClaude作家龙虾，并且已经开始了内测。它就像作家自己的一个智能书童，能够帮助作家去完成诸多的工作，包括热梗的收集、作品的鉴赏、情节的分析，并且进行本地的数据处理。接下来，我们还会对于WriteClaude快速地迭代和优化产品。大家很快会看到我们还会增加比如说全网的同类作品的分析、作品的读者偏好的洞察，以及为章节生成配图等功能，这些都会为作家带来更加优质的创作体验。
Okay, we'll take your question about the AI. As a company, we actively embrace AI technology to empower China Literature's entire content ecosystem. We have purposefully developing and deploying AI across a variety of scenarios, and including the creation and AI visualization, AI translation, and also the plot digging, and have made very solid progress. First, I will introduce our writer assistant. We have comprehensively upgraded the writer assistant, integrating the AI capabilities of Smart Pen Tongjian, Miaobi Tongjian, to enable deep understanding of multi-million word novels. It can analyze long literary works in real time, and support scenarios like detail recall, plot summarization, character relationship mapping, and foreshadowing detection. Writer Assistant is now open to online novel writers industry-wide. There are some data to share.
Since the new version launched, the Smart Pen Tongjian DAU have more than doubled, and average daily token consumption has risen by over 90%. We observed that the author AI interaction frequency has increased by more than 100%. The writer assistant DAU is more than doubled year on year. Recently, we integrated the Claude AI agent, Direct Claude, to Draft Claude, and kicked off an internal beta, acting like a personal QQ style assistant. It helps authors track trending topics, evaluate work, and analyze plot lines. With all data processed locally for security and efficiency. We will continue rapid iteration and plan to add features, such as cross-platform same genre analysis, reader preference insights, and AI-generated chapter illustrations to further enhance the authoring experience. Besides the writer assistant, I will highlight the other tool, the AI animated drama assistant Manju Zhushou.
The AI animated drama assistant is the industry's first one-stop creation platform developed by us for adapting online novels into AI animated drama. It provides full process support for AI animated drama creation, from novel adaptation and visual style to asset production on one platform. Benefiting from our vertical expertise in online literature, our AI animated drama assistant has clear advantages in content understanding and in efficiency of scriptwriting and adaptation. Since its official launch in October last year, over 100 AI animated drama studios have paid to use the AI animated drama assistant and generated over 1 million views. We have another assistant, the copyright assistant. Banquan Zhushou. It focuses on providing precise title selection and content understanding for IP adapters.
It can quickly match millions of works in China Literature's IP library with downstream adaptation needs, and further activate the development potential of our IP assets. Internally, we have observed that in IP retrieval and value assessment, the copyright assistant is tens of times more efficient than the traditional manual method. More importantly, it enables AI to rapidly interpret and uncover adaptation value of content in IP library that are too large for humans to fully access today. Therefore, the copyright assistant delivers substantial business value, both in improving efficiency of existing assets and in expanding new opportunities.
当然了，还有这个刚才在讲海外业务的时候，我们多次提到的AI翻译，这个其实持续地助力了我们在海外业务的拓展，尤其是海外网文在小语种方面的拓展。借助了这个AI的翻译，我们高效地实现了多语言的内容转化，一键网文出海，现在也基本覆盖了所有的小语种的市场，进一步促进了海外创作生态的健康发展。整体上，我们非常看好业界的实践，就AI技术在和各类IP内容形态生产制作上的效率和产能，同时也在和我们的内容创意，在讲好故事的过程中紧密地结合，从而促进阅文业务的持续发展和变现。谢谢。
Thank you. I would like to thank you for your participation on today's conference call. If you have further questions about China Literature, please feel free to contact us. Thank you and goodbye.