（於開曼群島註冊成立的有限公司） 股份代號 : 772 年度報告 2024 2024 年度報告 閱文集團 China Literature Limited 目錄 年度報告2024 1 2 公司資料 4 財務概要 5 主席報告 7 首席執行官報告 10 管理層討論及分析 23 董事及高級管理層 28 董事會報告 70 企業管治報告 98 獨立核數師報告 107 綜合全面（虧損）╱收益表 108 綜合財務狀況表 110 綜合權益變動表 112 綜合現金流量表 114 綜合財務報表附註 224 釋義 閱文集團 公司資料 董事會 執行董事 侯曉楠先生 （首席執行官及總裁） 黃琰先生 （高級副總裁） 非執行董事 蒲海濤先生 （主席）（於二零二四年十月九日獲委任） 曹華益先生 謝晴華先生 James Gordon Mitchell先生 （於二零二四年 十月九日辭任） 獨立非執行董事 余楚媛女士 梁秀婷女士 劉駿民先生 審核委員會 余楚媛女士 （主席） 梁秀婷女士 謝晴華先生 薪酬委員會 梁秀婷女士 （主席） 余楚媛女士 蒲海濤先生 （於二零二四年十月九日獲委任） James Gordon Mitchell先生 （於二零二 ...

（原标题：阅文集团(00772.HK)连续2日回购，累计回购40.00万股） 证券时报•数据宝统计，阅文集团在港交所公告显示，4月16日以每股24.750港元至25.000港元的价格回 购20.00万股，回购金额达498.43万港元。该股当日收盘价24.900港元，下跌4.05%，全天成交额1.30亿 港元。 自4月15日以来公司已连续2日进行回购，合计回购40.00万股，累计回购金额1014.61万港元。 其间该股 累计下跌3.30%。 今年以来该股累计进行18次回购，合计回购373.94万股，累计回购金额9158.41万港元。（数据宝） 阅文集团回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.04.16 | 20.00 | 25.000 | 24.750 | 498.43 | | 2025.04.15 | 20.00 | 25.900 | 25.650 | 516.18 | | 2025.04.11 | 20.00 | 25.4 ...

今年以来该股累计进行16次回购，合计回购333.94万股，累计回购金额8143.80万港元。(数据宝) 阅文集团回购明细 | 日期 | 回购股数(万股) | 回购最高价(港元) | 回购最低价(港元) | 回购金额(万港元) | | --- | --- | --- | --- | --- | | 2025.04.11 | 20.00 | 25.400 | 25.000 | 504.01 | | 2025.04.10 | 20.00 | 25.500 | 25.150 | 507.76 | | 2025.04.09 | 3.94 | 23.500 | 23.350 | 92.46 | | 2025.04.08 | 20.00 | 23.400 | 22.700 | 464.21 | | 2025.04.07 | 30.00 | 23.400 | 22.550 | 682.43 | | 2025.01.16 | 20.00 | 25.050 | 24.650 | 498.51 | | 2025.01.15 | 20.00 | 25.000 | 24.600 | 494.67 | | 2025.01.14 | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved total revenue of 8.12 billion, exceeding Bloomberg's consensus estimate of 7.73 billion, with a year-over-year growth of 15.8% [1]. - Non-IFRS net profit for the year was 1.14 billion, slightly above Bloomberg's estimate of 1.13 billion, reflecting a year-over-year increase of 1.0% [1]. - The company is focusing on enhancing its content ecosystem and expanding its IP (Intellectual Property) operations, particularly through AI technology [5]. Revenue Breakdown - Online business revenue reached 4.03 billion, with a year-over-year increase of 2.1% [2]. - Proprietary platform revenue was 3.53 billion, up 3.4% year-over-year, driven by improved core product operations and high-quality content production [2]. - Revenue from Tencent product channels was 0.25 billion, down 28.2% year-over-year, due to optimized content distribution mechanisms [2]. - Third-party platform revenue also reached 0.25 billion, showing a significant year-over-year increase of 32.0% due to expanded partnerships [2]. - IP operations and other revenue totaled 4.09 billion, with a year-over-year growth of 33.5% [2]. - Revenue from IP operations was 3.99 billion, up 34.2% year-over-year, attributed to the increase in popular series, films, and animations [2]. - Other revenue, primarily from physical book sales, was 0.1 billion, reflecting a year-over-year increase of 10.5% [2]. IP Creation and User Engagement - The company added approximately 330,000 new authors and 650,000 new novels in 2024, with a total word count exceeding 42 billion [3]. - The number of users casting over 1,000 monthly votes increased by 60% year-over-year, indicating enhanced user engagement [3]. - The platform's paid user base grew steadily, reaching 9.1 million, a year-over-year increase of 4.6% [3]. IP Monetization and Partnerships - The GMV (Gross Merchandise Volume) from IP derivatives exceeded 0.5 billion, with card game GMV surpassing 0.2 billion [4]. - The company has established partnerships with over 150 brands across various categories, including toys and food [4]. - A comprehensive sales network has been developed, including over 10 online self-operated live streaming rooms and 8 offline stores in major cities [4]. Technological Advancements - The company is leveraging AI technology to enhance content creation and globalize its IP [5]. - The "Writer Assistant" tool, integrated with the DeepSeek-R1 model, has seen a daily active user growth of over 30% [5]. - AI translation has expanded to over 3,200 works, accounting for 47% of total Chinese translations, with non-English revenue increasing by over 350% year-over-year [5]. - AI is being applied across various IP forms, including audiobooks and animations, enhancing user interaction and content recommendation [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company achieved total revenue of 8.12 billion yuan for the year, surpassing Bloomberg's consensus estimate of 7.73 billion yuan, with a year-over-year growth of 15.8% [1]. - Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, slightly exceeding Bloomberg's estimate of 1.13 billion yuan, with a year-over-year increase of 1.0% [1]. - The company is focusing on enhancing its content ecosystem and expanding its IP (Intellectual Property) operations, which are expected to drive future growth [5]. Revenue Breakdown - Online business revenue reached 4.03 billion yuan, reflecting a year-over-year increase of 2.1% [2]. - Proprietary platform revenue was 3.53 billion yuan, up 3.4% year-over-year, attributed to improved core product operations and high-quality content production [2]. - Revenue from Tencent product channels was 250 million yuan, down 28.2% year-over-year, due to optimized content distribution mechanisms [2]. - Third-party platform revenue also reached 250 million yuan, showing a significant year-over-year increase of 32.0% [2]. - IP operations and other revenue totaled 4.09 billion yuan, with a year-over-year growth of 33.5% [2]. - Revenue from IP operations was 3.99 billion yuan, up 34.2% year-over-year, driven by the increase in popular series, films, and animations [2]. - Other revenue, primarily from physical book sales, was 100 million yuan, reflecting a year-over-year increase of 10.5% [2]. IP Creation and User Engagement - The company added approximately 330,000 new authors and 650,000 new novels in 2024, with a total word count exceeding 42 billion [3]. - The number of users casting over 1,000 monthly votes increased by 60% year-over-year, indicating enhanced user engagement [3]. - The platform's paying users grew steadily, with Monthly Active Users (MAU) reaching 9.1 million, a year-over-year increase of 4.6% [3]. IP Monetization and Partnerships - The GMV (Gross Merchandise Volume) from IP derivatives exceeded 500 million yuan in 2024, with card game GMV surpassing 200 million yuan [4]. - The company has established partnerships with over 150 brands across various categories, including toys and food [4]. - A comprehensive sales network has been developed, including over 10 online self-operated live streaming rooms and 8 offline stores in major cities [4]. Technological Advancements - The company is leveraging AI technology to enhance content creation and globalize its IP [5]. - The "Writer Assistant" tool, integrated with the DeepSeek-R1 model, has seen a 30% increase in daily active users and over 50% weekly usage rate of AI features [5]. - AI translation has expanded to over 3,200 works, accounting for 47% of total Chinese translations, with non-English revenue growing over 350% year-over-year [5]. - AI is being applied across various IP forms, including audiobooks and animations, to improve content recommendation and user interaction [5]. Financial Projections - The report forecasts Non-IFRS net profits of 1.23 billion yuan, 1.45 billion yuan, and 1.73 billion yuan for 2025E, 2026E, and 2027E respectively, reflecting a positive outlook for the company's profitability [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The company reported a total revenue of 8.12 billion, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion, showing a growth of 1% [3][4][6]. Revenue Breakdown - The revenue from copyright operations and other businesses was 4.09 billion, with a year-on-year increase of 33.5%. Copyright operation revenue grew by 34.2% to 3.99 billion, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion, benefiting from expanded partnerships [7]. IP Strategy and AI Empowerment - The company's IP strategy, which includes "creation + visualization + commercialization," has made significant breakthroughs. In terms of IP creation, the company added approximately 330,000 new authors and 650,000 new novels, with a total word count exceeding 42 billion. The number of new books achieving 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 annually grew by over 70%. Monthly paying users reached 9.1 million, a year-on-year increase of 4.6% [7]. - In the visualization aspect, several hit products such as "Hot and Spicy," "With the Phoenix," and "Celebrating Yu Nian 2" have been popular in the film and animation sectors. The company also completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The commercialization of IP derivatives saw GMV surpassing 500 million, with card game GMV exceeding 200 million [7]. - AI technology has strengthened the empowerment of the content industry, with the company's "Writer Assistant" tool seeing a DAU increase of over 30%. The number of authors using AI features has grown tenfold, and the overseas reading platform WebNovel added over 3,200 AI-translated works, accounting for 47% of total Chinese translated works [7].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Viewpoints - The company reported a revenue of 8.12 billion yuan for the year ending December 31, 2024, representing a year-on-year growth of 15.8%. The gross profit reached 3.92 billion yuan, with a growth of 16.3%, and the gross margin increased by 0.2 percentage points to 48.3%. However, the net profit attributable to shareholders was -0.21 billion yuan, a decrease of 126% year-on-year, primarily due to goodwill impairment related to the acquisition of New Classics Media in 2018. The Non-IFRS net profit attributable to shareholders was 1.14 billion yuan, reflecting a growth of 1% [2][5]. Revenue Breakdown - The company's revenue from copyright operations and other businesses was 4.09 billion yuan, growing by 33.5% year-on-year. The copyright operation revenue increased by 34.2% to 3.99 billion yuan, driven by the increase in the number of hit short dramas, films, and animations, as well as the expansion of IP licensing to partners. Online business revenue was 4.03 billion yuan, with a growth of 2.1%. Revenue from proprietary platform products was 3.53 billion yuan, up 3.4%, while revenue from Tencent product channels decreased by 28.2% to 0.25 billion yuan due to content distribution optimization. Third-party platform revenue increased by 32% to 0.25 billion yuan, benefiting from partnerships with third-party distributors [7]. Strategic Breakthroughs - The company made significant breakthroughs in its IP "creation + visualization + commercialization" strategy. In terms of IP creation, approximately 330,000 new authors and 650,000 new novels were added, with a total word count exceeding 42 billion. The number of new books with 50,000 average subscriptions increased by about 50%, and the number of new authors earning over 500,000 yuan annually grew by over 70%. Monthly paying users reached 9.1 million, an increase of 4.6% year-on-year. In IP visualization, several hit products were released in the film and animation sectors, and the company completed the acquisition of Tencent Animation, further enhancing its IP portfolio. The GMV of derivative products exceeded 500 million yuan, with card game GMV surpassing 200 million yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 21% based on a target market capitalization of 34.7 billion HKD for 2025 [6][12]. Core Insights - The company achieved a revenue of 8.12 billion CNY in 2024, representing a year-on-year growth of 16%. However, it reported a net loss of 210 million CNY primarily due to goodwill impairment of 1.1 billion CNY from New Classics Media [1][6]. - Adjusted net profit, excluding the impact of goodwill impairment, was 1.14 billion CNY, showing a slight increase of 1% year-on-year [1][6]. - The online reading business stabilized with a revenue of 4.03 billion CNY in 2024, marking a 2% increase, while the paid reading segment grew by 3% [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 7.012 billion CNY - 2024: 8.121 billion CNY - 2025E: 8.164 billion CNY - 2026E: 8.591 billion CNY - 2027E: 9.056 billion CNY - Adjusted net profit forecasts are: - 2023: 1.13 billion CNY - 2024: 1.14 billion CNY - 2025E: 1.28 billion CNY - 2026E: 1.42 billion CNY - 2027E: 1.56 billion CNY [3][7]. Business Developments - New Classics Media's goodwill risk has been released, with a reported net profit of 340 million CNY in 2024, the lowest in 19 years, due to poor box office performance affecting overall results [6]. - The company plans to focus on high-quality content, which may extend the development cycle of new projects and increase production costs, leading to a decline in profit expectations over the next few years [6]. - The derivative products and other copyright operations have shown positive progress, with a revenue increase of 36% in 2024, excluding New Classics Media [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 34.33 HKD [7][8]. Core Insights - The company reported a revenue increase of 15.8% to 8.12 billion RMB for 2024, but incurred a net loss of 209 million RMB due to goodwill impairment and increased sales expenses [1][2]. - The core business continues to grow, with significant advancements in IP derivative products and ongoing AI integration enhancing IP operations [1][4]. - The company has a robust pipeline of IP reserves, with online business revenue growing steadily and IP operations showing a substantial increase of 33.5% in revenue [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 8.12 billion RMB, a 15.8% increase from 2023, but reported a net loss of 209 million RMB compared to a profit of 805 million RMB in 2023 [1][12]. - Non-IFRS net profit for 2024 was 1.14 billion RMB, aligning with the upper limit of the prior forecast [1][12]. Online Business - Online business revenue reached 4.03 billion RMB in 2024, a 2.1% increase, driven by the launch of more member content [2][12]. - The company optimized its distribution channels, resulting in a 28.2% decrease in revenue from Tencent products, while third-party platform revenue grew by 32.0% [2][12]. IP Operations - IP operations generated 4.09 billion RMB in revenue for 2024, marking a 33.5% increase, with the new subsidiary contributing 1.64 billion RMB [2][3]. - The company has established partnerships with over 150 licensing partners across various sectors, enhancing its IP derivative product offerings [3][4]. Profitability Forecast - The profit forecast for 2025 and 2026 has been slightly adjusted, with expected Non-IFRS net profits of 1.41 billion RMB and 1.57 billion RMB respectively [4][12]. - The target price has been revised to 34.33 HKD, reflecting adjustments in profit expectations and valuation metrics [4][14].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 8.12 billion yuan in 2024, representing a 16% year-on-year growth, but reported a net loss of 210 million yuan primarily due to goodwill impairment of 1.1 billion yuan [1][7] - Adjusted net profit, excluding goodwill impairment, was 1.14 billion yuan, showing a 1% increase year-on-year [1][7] - The online reading business stabilized with a revenue of 4.03 billion yuan in 2024, a 2% increase, marking a recovery from previous declines [7] - The company is focusing on high-quality content production, which may extend the development cycle of new projects and increase overall production costs, leading to a forecasted decline in profits in the coming years [7] - The derivative products and other copyright operations are progressing positively, with a 36% year-on-year revenue growth in self-owned copyright operations, excluding the impact of goodwill impairment [7] Financial Data and Profit Forecast - Revenue forecast for 2024 is 8.12 billion yuan, with a projected growth of 1% in 2025 and 5% in 2026 and 2027 [3][8] - Adjusted net profit is expected to be 1.28 billion yuan in 2025, with a 12% year-on-year growth, and 1.42 billion yuan in 2026, with an 11% growth [3][8] - Earnings per share are projected to be 1.25 yuan in 2025 and 1.38 yuan in 2026 [3][8] - The company’s price-to-earnings ratio is forecasted to decrease from 23 in 2024 to 21 in 2025 and further to 19 in 2026 [3][8]