Thank you, operator. Ladies and gentlemen, welcome to our 2025 annual results conference call.

Joining us today on the call are Mr. Xiaolong Hou, 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 will then open the call for questions. Before we begin, I would 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, but not as a 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 discussions in China Literature's 2025 annual results earnings release.

I will now turn the call over to our Chief Executive Officer, Mr. Xiaolong Hou.

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, animations, 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, and 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, 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 expands narrative techniques and enriches visual expressions 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 iteration 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, created 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. Works exceeding 100,000 collections increased by 80%, and 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, Fanren Xiuxian Zhuan; Flourished Peony, Guose Fanghua; and I Am Nobody, Yiren Zhixia; all of which ranked number one in platform popularity charts during their respective broadcast periods. According to Enlightent, five out 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, Saodu Fengbao, 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, Nianshao Youwei, and The Devil Between Us, Chu'e, both of which earned strong critical reception and audience traction.

In the animation segment, sequel series such as Battle Through the Heavens, Doupo Cangqiong; Stellar Transformations, Xingchen Bian; and Candle in the Tomb, Guichuideng, constantly ranked among the top titles on platform popularity charts. According to Enlightent, nine out of the top 10 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 strengths in modern romance into male-oriented genres, period and costume dramas, and more, building a diversified, high-quality premium content matrix with long lifecycles.

The success of short dramas is rooted in China Literature's rich IP reserves, robust creator network, and end-to-end IP development capabilities. We are also expanding our short drama footprint through strategic investments, 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, rolled 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 buildout 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.

We expanded into new categories such as precious metals, vinyl plush toys, bags, and accessories, and introduced new sales mechanics such as Ichibankuji draws. On the channel front, we refined our self-operated e-commerce matrix, comprising self-operated livestreaming 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 ran 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 consumer brands to embed our IP across diverse everyday scenarios. In the online game segment, we continued to license high-quality IPs to partners.

Our flagship title, Douluo Continent: Soul Hunting World, Douluo Dalu: Liehun Shijie, generated RMB 300 million in its first month after launching in 2025. Several new games also secured publication licenses, including Battle Through the Heavens, Doupo Cangqiong; Douluo Continent, Douluo Dalu; and The Hidden One, Yiren Zhixia.

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 lifecycle. 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. Also, a few days ago, we rolled out WriteClaw, an AI creative agent built on the popular OpenClaw framework inside our Writer Assistant tool.

This further helps writers work faster and more creatively, and it's the first tool of its kind in online literature sector during the current everyone-raising-shrimp 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 deep-mines China Literature's live 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 barriers 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's value and drives China Literature's sustainable long-term growth.

This concludes my remarks. I will hand it over to Jacky to review the company's financial performance.

Thank you.

Thank you, Mr. Hou.

Hello, everyone. In 2025, our total revenues was 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 it further, revenues from our self-owned platform products increased 0.9% year-over-year to RMB 3.56 billion, mainly driven by our focus, improving core product operations, and the 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 the 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 it further, MAUs on our 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 efficiencies by concentrating more content distribution through our core pay-to-read products, which resulted in a decline in user acquisition through free-to-read channels.

Average MPUs 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 ARPPU 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 was 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 of RMB 500 million in 2024. The company's AI-animated drama 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 lighter release schedule of drama series and film projects.

As a percentage of 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 14.1% 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 the Q&A session.

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 your current positioning and strategy in the short drama ecosystem? Which part of the value chain that the company plan to participate in, such as IP licensing, production, marketing and traffic acquisition, or operating short drama platforms?

How should we think about the role of short drama in visualising 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.

好好，谢谢你的问题啊。然后我也来这个回答一下，一个是短剧的问题，一个是出海的问题。那短剧呢，是确实在这个快速发展这个三年以后啊，那我们观察到整个的短剧市场也是出现了明显的这个精品化的趋势。那我们看到这个只有精品化的内容呢，才能获得不错的收益。那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做头部的精品的短剧，利用我们有强大的这个创作者生态，包括丰富的IP的储备库。那我们在去年呢，2025年推出了超过120部的优秀的短剧作品，那么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 questions.

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 initial 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 drama have accumulated over 50 billion total views across all platforms.

所以在25年呢，我们有很多的优秀的作品都取得了非常棒的成绩。那我们的工作重心呢，就是提升短剧的爆款率，核心呢是制作出更多更优质的短剧内容。那例如2025年上线的一部代表作品，就是在年内呢实现了全网的播放量超过35亿，总流水破了8,000万元，云合年榜第四名的这个好成绩。那么之后呢，有多款的这个爆款作品取得了突破。其中有一部是这个男频的代表作品，也实现了上榜五天就拔到了这个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，全网的播放量也超过了10亿。另外我们也有很多部女频的代表作，全网的播放量都超过了10亿，在免费平台进入了热播榜的前五。所以整体而言呢，在2025年我们构建了一个多题材、高品质、长生命周期的这个精品短剧的内容矩阵。那么有超过一半的作品呢，都获得了这个头部平台这个爆款短剧的标签。那这些指标呢，都体现了我们在打造这个爆款短剧方面的这个专长。

We achieved many outstanding results in 2025. In 2025, our primary focus was on raising the hit rate of our short drama, with the core objectives 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 lists of free platform.

Overall, we have built a diversified, high-quality premium content matrix with long lifecycles in 2025. Across all titles 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 drama.

从产业链的环节来看呢，我们核心呢会把控短剧的这个剧本创作和商业化，包括投流呢，以及和这个免费短剧平台的合作。那生产环节呢，我们更多的还是采用联合制作的方式，更多的依托行业的生态的这样一些资源。那这样的布局呢，也是考虑到可以发挥我们作为这个内容公司的核心优势，为这个用户呢创造出优质的短剧内容。此外呢，这个短剧业务呢也是阅文IP全产业链开发的重要一环。那相比长剧呢，那么短剧它有这个短平快的特性，那么天然适配我们阅文很多中腰部IP的这个高效的视觉化。那这也是和我们这个巨大的网文的储备和这个创作者生态相契合。

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 drama 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 mid-tier IP. It also aligns with our vast library of online literature and our creator ecosystem.

所以总体来说呢，2025年对于阅文的短剧呢，是快速发展的一年。那么我们的这个精品率、爆款率都显著提升，并且带来了显著的一个利润的增长。那么在2026年呢，我们会这个会在这个就是已经沉淀的打道爆款短剧的这个方法论的基础之上，进一步呢和行业深化合作，继续提升产能，计划推出不少于200部的短剧。那我们也有信心呢短剧呢在今年呢会有更优异的表现。

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.

第二个问题关于出海啊。我们是非常看好我们的海外业务，那在今年也有不错的一个在25年有不错的发展。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，以及呢做好这个IP的本土的共创和本土化的运营。那我们通过AI加速呢实现首先实现网文的快速出海。那么这个2025年我们新增的AI翻译的作品呢超过了1万多部，然后是24年的4倍多。那么这个同时呢这个AI的翻译作品的收入呢已经占到了WebNovel平台总收入的1/3以上。那么借助AI的翻译呢，我们也这个在这个除英语以外有众多小语种的市场呢有所突破。那么例如呢我们去年看到这个在拉美，包括东南亚市场呢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 IPs: accelerating production capacity through AI, expanding the full-chain overseas rollout, 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, 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的IP产品呢也在海外不断扩大影响力，包括有声、动漫、影视等等。那以这个《诡秘之主》为例，那25年《诡秘之主》的动画在全球190多个国家和地区同步播出，IMDb开分呢高达9.3分，也是中国IP出海的新标杆。此外呢，好故事要成长为世界级的IP呢离不开全球产业的协作。那我们正在努力这个建立覆盖IP上下游的全球的产业生态，从而深化IP产业链的全球共创。那我们已经与迪士尼、奈飞、索尼影业等国际伙伴，以及日本、东南亚、拉美等地的头部的合作伙伴，那么在海外推出了1,000余部的出版的作品，包括2,000余部的漫画，百余部的这个动漫和影视作品。那基于这一系列的举措，我们致力于发挥中国的IP产业链的积累和经验，打造更开放的全球IP生态。同时呢，也积极拥抱AI技术带来的新机会，来推动我们业务的快速在海外的发展。

Our diverse IP offerings have continued to expand in global footprint across formats, including audiobooks, animation, film, and drama series adaptations. For example, the animation adaptation of Lord of Mystery, Guimi Zhi Zhu, was released simultaneously in over 190 countries and regions in 2025, and opened with an IMDb rating of 9.3, 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 co-creation 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 these initiatives, 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 technologies in order to accelerate business growth.

好，谢谢啊。 Thank you.

嗯管理层晚上好，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, and 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，谢谢你的问题啊。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这个在数字内容生态中快速演进的一种这个AI和这个动画内容的这样一种新型的融合的这样一种形态。那么随着这个AI大模型的能力的突破，那么可以让这个创作者有机会用更低的成本、更高的效率来规模化的对于这个内容进行这个漫画视频化的这样改变。那随着这个AIGC技术不断的升级和迭代呢，我们这个相信这个形态呢也在不断的去演进，而会从动画式的漫剧呢进一步向这个AI原生剧集这个演进。那么题材和类型呢也会进一步的丰富。那么会和这个真人的短剧的模式类似，那么AI漫剧的生产呢，那么包含了三个核心环节。那么首先是IP和这个剧本的创作，那第二呢是AIGC的那个内容的這個制作，那么以及这个商业化和整个它发行的运营。那么首先呢这个在剧本创作方面呢是我们这个最重要的这个布局的环节，也是我们的核心优势。阅文在历史上积累了海量的这个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的重要资源，也为我们奠定了这个坚实创作基础。

Thank you for your question. Actually, the AI-animated drama is a new content format that emerged in this industry last year.

We understand that it is a new form of integration between AI and animation content that is rapidly evolving in the digital content ecosystem. Breakthroughs in large model capabilities enable creators to adapt text content into animated content at lower cost, 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 and distribution.

First, 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.

其次呢，我们在AIGC的内容制作方面呢，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。那现在呢，整个行业的产能效率这个这个相对都还比较高，那么同时呢漫剧大模型的能力呢也这个迅速在迭代，同等价格的制作的水准持续提高。我们的业务规划呢也会随着这个行业和技术的发展情况不断的升级。我们也这个向创作者提供了这个漫剧助手这样一个工具，支持这个高效便利的一站式创作。我们的这个漫剧助手呢现在已经集成了国内外的多款的主流的图片和视频生成的大模型。那么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，那更是在对内容的深度理解、剧本创作那有非常明显的优势。那我们相信这个强大的AI的工具呢将有效的加速和放大阅文的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 in leading AI-animated drama producer, Soya Sauce Anime Studio, Jiangyou Dongman, 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 continued improvements in production quality at the same cost level.

We will continue to upgrade our plans in step with industry trends and technological development. We also provide creators with the AI-Animated Drama Assistant, Manju Zhushou, 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 model to each creative stage, but also delivers clear advantages in deep 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内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。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12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1亿元人民币。那么立足于此呢，26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 offerings, and have built strong 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, and that is also our advantage.

Therefore, our short-term focus for AI-animated drama is to refine a repeatable playbook for creating blockbusters. 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.

嗯，好，谢谢。 Thank you.

诶谢谢，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一个比较好的发展，所以也想请问一下我的第一个问题是想问下，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？Thanks for taking my question. I will translate the question myself.

Given the solid performance of our IP derivative products, what's your development strategy 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 channels for fashion IPs? Thank you.

好，谢谢你的问题啊。我们也是非常高兴的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11亿元人民币，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，25年衍生品团队出敏的速度呢是24年的4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。那我们在各大头部谷子商圈的直营门店销售额呢也长居商场的前列。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 user operations. In terms of product design, thanks to improved design capabilities and supply chain efficiency, our IP merchandise team product release speed 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, livestreaming rooms, and flagship online stores all expanded quickly, and our own retail stores in major core 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.

在品类方面呢，我们继续深耕谷子、卡牌等千软周的赛道，推出更多让用户喜欢的产品。那我们和超集结工厂合作开发的潮玩产品酱酱也于去年下半年推出，就受到了市场的这个深厚的喜爱。那已经上市呢几度售罄。我们还引入了更多一些新鲜的玩法，比如这个金钞纪念产品，还有一番赏产品，香香包、服配等等。那么期间呢也引入了更多实用类的衍生品的商品和其他的合作IP产品。那么在我们的各个渠道呢都深受用户的喜欢。那IP方面呢，许多IP得到了市场的认可，包括《全职高手》、《诡秘之主》、《一人之下》、《道诡异仙》、《狐妖小红娘》、《斗破苍穹》、《庆余年》等等。那多个头部IP呢在今年呢也有视觉化的产品规划上线。我们也期待不同IP的这个产品形态之间呢有潜在的协同效应。那除了已有的这些内容IP进行二次元和衍生品领域的商品化之外呢，团队在潮玩IP方面呢也有这个不错的进展。包括刚刚提到的这个酱酱第一代的搪胶盲盒产品，那么酱酱的后续产品的开发以及更多潮玩IP呢也有机会在今年和大家见面。

In terms of categories, we continued to deepen our focus on soft accessory segments such as goods and collectible cards, and released more products that have proven popular with our audience. The trendy collectible toy Jiangjiang, we developed together with Super Geeky 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 plays, such as commemorative banknote products, Ichibankuji draws, blind box, and bag, apparel, and accessory. We also introduced more practical merchandise and co-branded IP products, all of which have been well received across our channels.

In terms of IPs, many IPs have won strong market recognition, including The King's Avatar, Quanzhi Gaoshou; Lord of the Mysteries, Guimi Zhi Zhu; The Hidden One, Yiren Zhixia; Dao of the Bizarre Immortal, Daogui Yixian; The Fox Spirit Matchmaker, Huyao Xiao Hongniang; Battle Through the Heavens, Doupo Cangqiong; and Joy of Life, Qing Yu Nian. Several leading IPs also launched visual products this year, and we look forward to the potential synergy across different IP formats.

Beyond merchandising existing content IP into anime-style derivatives, the team has made significant progress on trendy toy IP. Notably, the first-generation vinyl plush collectibles for Jiangjiang, we mentioned earlier.

Follow-on releases for Jiangjiang, along with several other trendy toy IPs, are scheduled to debut this year.

长期来看呢，我们非常看好衍生品业务的增长潜力，我们也希望呢凭借我们在内容这个领域多年的积累和领先的优势，以及呢对衍生品市场和用户的敏锐的洞察，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 broad potential of our IP merchandise business. By leveraging years of content leadership and sharp insights into the merchandising market and its consumers, we aim to create homegrown IP merchandise blockbusters in China, and accelerate our business growth trajectory.

好，谢谢。 Thank you.

诶谢谢管理层的提问机会，那我两个问题想请教一下管理层。第一个问题是想了解一下新丽今年度的一个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说发展情况，以及是否有一些量化的指标可以和大家分享的，谢谢。So let me translate myself. Thank you management for taking my questions.

I have two questions. The first, could you please provide an update on New Classics Media's pipeline for this year?

Next, could you please also elaborate on the company's overall AI strategy and the progress across various scenarios? If any quantitative metrics you can share, it would be highly appreciated.

Thank you.

好，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，请我们负责AI的黄总来回答一下。

好。2026年呢，新丽有望播出呢6到8部的电视剧，其中呢《年少有为》和《除恶》已经在2月份呢率先的播出，表现的非常优秀。这个《年少有为》播放期内呢站内的热度呢达到了超过了突破了25,000，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 1，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。今年我们预计上线的播出的电视剧还有《尚公主》、《千里江山图》、《定鼎时刻》、应该还有那个什么那个《爱情没有神话》、《此刻的生活》、《见来》等。此外呢，《庆余年》的第三部、《雪中悍刀行》的第二部、《赘婿2》、《大奉打更人》的第二部、《张居正》、《将门毒后》、《上品寒士》、《我意乘风》、《本如寄》、《铁证》、《我不成仙》、《母亲》等电视剧的项目也在有序的推进中。电影方面呢，《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, NCM is expected to broadcast six to eight drama series this year.

Among them, The Richest Poor Guy, Nianshao Youwei, and The Devil Between Us, Chu'e, 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 charts on Maoyan platform, and number one for full-episode viewership on the Dengta platform.

The Devil Between Us rose to number one on iQIYI's top 10 hit list, and consistently led both Kuyun all-platform playback ranking, as well as Maoyan online drama hit charts. Beyond that, we expect to further release more drama series this year, such as The Princess, Shang Gongzhu; A Panorama of Rivers and Mountains, Qianli Jiangshan Tu; The Moment on Criminal Fate, Dingding Shike; Love Without Myth, Aiqing Meiyou Shenhua; Live in This Moment, Cike de Shenghuo; The One, Jian Lai, etc.

In addition, drama series including Joy of Life Season 3; Sword Snow Stride 2; My Heroic Husband 2; The Guardians of Dafeng 2; Zhang Juzheng; The Sole Heir of a General's Family; An Honorable Man; I'm Going to Ride the Wind; All for the Sake; Evidence; The Adventure of Xianchou; and A Mother, are also progressing steadily. On the film side, Reunion on New Year's Eve, Nianyefan, and Detectives, Shentan, 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，我们非常积极的拥抱AI的技术，赋能整个阅文的内容生态。目前呢我们其实在IP开发的全链条各个环节，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的使用了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这个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。它可以实时的分析千万字网文的内容，支持作家在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长景需求。现在呢到目前呢作家助手已经向全行业的网文作家进行开放。自一些数据是这样的，自新版本以来，妙笔的日活跃的作家的数字长了一倍，token的消耗数增长了90%。而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%。最近呢我们还进一步为作家助手接入了龙虾智能体，命名为WriteClaw，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。接下来呢我们还会对于这个WriteClaw快速的迭代和优化产品。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。这些呢都会为作家带来更加优质的创作体验。

I take your question about the AI. As a content 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 progresses. First, 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. Here are some data to share.

Since the new version launched, the Smart Pen Tongjian DAUs 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%, and also the Writer Assistant DAU is more than doubled year-on-year.

Recently, we integrated the Claw AI agent, the WriteClaw, Zuojia Longxia, and kicked off an internal beta. Acting like a personal book-cue-style assistant, it helps authors collect trending topics, evaluate works, and analyze plotlines, 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. 除了作家助手之外，我要特别说下漫剧助手。这个也是对于这个AI巨大漫剧市场我们提供的一个创作平台。它也是首个网文改版漫剧的一站式的创作平台。能够从最开始的网文改变、视觉风格的选择，到素材的制作，实现全流程在一个平台上就可以完成完整的漫剧创作。那受益于深耕网文这样领域的这种垂直专长，我们的漫剧助手在对内容的理解深度，包括从这个网文直接到剧本创作的改变效率上和改变质量都有明显的优势。那从数据上讲呢，从去年10月份我们首次推出漫剧助手以来，到目前已经有超过100家的漫剧的工作室，基本上已经覆盖了行业中大部分的漫剧工作室，在付费的使用漫剧助手。目前已经生成超过百万条漫剧的视频。

Besides the Writer Assistant, I will highlight the other tool, the AI-Animated Drama Assistant, the 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 deep content understanding and in the 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 videos. 好，我们还有一个助手，叫版权助手。它是专门聚焦于为IP改变帮去提供精准的选书和内容理解。能够快速匹配阅文的百万级作品库和下游IP改变需求，从而呢进一步去激活IP阅文的IP库的开发潜力。我们在内部啊观察到版权助手在IP检索与价值评估这个环节，相对于传统的人工去选书有了几十倍、接近100倍的效率的提升。而更重要的是受限于之前这个阅文IP库过于庞大，人工很多时候无法触达的一些内容，完全可以通过阅文的版权助手由AI快速理解、挖掘改变价值，进一步释放潜力。因此呢，这个版权助手无论是在存量的提效，还是在增量的这个扩张方面，都具有深厚的业务价值和商业价值。

We have another assistant, the Copyright Assistant, Banquan Zhushou. It focuses on providing precise title selection and content understanding for IP adaptors.

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 methods.

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。这个其实持续的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。那借助了AI的翻译呢，我们高效的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。 Certainly, our AI translation capability we highlighted before when talking about the overseas business has continued to drive our overseas expansion.

By leveraging AI, we efficiently converted content into multiple languages, and has accelerated the globalization of our online novels, significantly broadened our multilingual user base, and helped nurture a healthier overseas creator ecosystem. 总体上呢，我们非常看好并且在实践，就AI技术在各类IP内容形态生产制作上的效率和产能，同时呢也在和我们的内容创意、在讲好故事的护城河紧密的结合，从而呢促进阅文业务的持续发展和变现。

Overall, we are very optimistic that AI can boost the efficiency and production capacity across various IP content formats, and that it can closely complement our creative strength and storytelling moat to drive a sustained business growth and monetization of China Literature. 好，谢谢。

Thank you. Thank you.

I will now hand the call back to Maggie Zhou. Oh, thank you.

Due to the time constraints, we now have to conclude today's call. On behalf of the entire China Literature management team, 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.