另一部高口碑作品《海市蜃楼》则以古装奇幻悬疑题材实现差异化突围。该剧由《毛骗》原班主创团队 倾力打造，以登州城频繁出现的神秘蜃景为切入点，讲述了女捉刀人曾倩与智谋过人的曹晟、身份成谜 的夜魈、身怀绝技却性情骄横的谢景棠等人联手探寻"蜃楼"背后真相的故事。凭借严密的逻辑架构与脑 洞大开的精彩故事，该剧迅速实现口碑突围，豆瓣评分高达8.1，观众集中评价"剧情尊重观众智商，叙 事质感上乘"，成为近期分账剧市场的口碑黑马。 两部作品的亮眼表现，体现了爱奇艺在分账剧领域的长期深耕与模式创新。近年来，爱奇艺持续加大分 账剧赛道投入，构建了"分账模式""分甘同味计划"两大合作体系，为创作者提供多元化合作选择。其 中，分账模式通过阶梯式奖励机制，进一步拓宽优质作品的收益空间，催生了《一闪一闪亮星星》《消 失的痕迹》《灭罪》《凶案深处》等一系列爆款作品；"分甘同味"计划则通过平台前期投入资金，与合 作伙伴共享内容播出后的收益成果，从而有效降低创作者的前期资金投入风险，并助力优质作品获得更 优市场回报。 作为一部现实主义力作，《老舅》以改革开放初期东北小城为叙事背景，聚焦主角崔国明（郭京飞 饰）下岗后的人生境遇，通过刻画其为守护 ...

Group 1 - The core idea of the news is that iQIYI's children's channel is enhancing its offerings for the upcoming winter vacation with a series of engaging and educational activities, including the "Super IP Month" event and new animated series [1][4][6] - The "Super IP Month" will feature the launch of "Ha Xiaolang Family Season 5" and the exclusive animation "Ha Xiaolang's Battle for the Future," along with interactive activities such as card draws and dubbing shows from January 9 to February 12 [1][4] - iQIYI aims to provide a safe and enriching viewing experience for children, promoting the concept of being a "growth guardian partner" through quality content and interactive family experiences [1][6] Group 2 - A variety of new high-quality content will be released, including the "Ha Xiaolang" series, "Paw Patrol Season 11," "Bear Rescue Team Season 4," and "Pleasant Goat and Big Big Wolf: The Strange World," covering themes like teamwork, logic, and environmental awareness [4] - The platform will also offer a vast library of classic and popular animations, including "Peppa Pig," "Paw Patrol," and "Teletubbies," as well as domestic favorites like "Boonie Bears" and "Pleasant Goat," providing a rich viewing experience for families [4] - During the Spring Festival, iQIYI will collaborate with over 20 popular IPs to conduct a character collection activity, allowing families to collect blessing cards and exchange them for limited edition toys, enhancing festive interaction [6]

Core Viewpoint - iQIYI has announced a new revenue-sharing model for its professional production content, effective February 1, 2026, which aims to enhance collaboration with content partners across various media types [1][3]. Group 1: New Revenue-Sharing Model - The new revenue-sharing model will cover eight business segments, including movies, series, micro-dramas, animated dramas, animation, children's content, documentaries, and knowledge-based content [1]. - All content partners will calculate their earnings based on a unified formula of "platform revenue × sharing ratio," providing a clearer understanding of income from collaborative content [3]. Group 2: Importance of Revenue-Sharing Content - Revenue-sharing content is a crucial part of iQIYI's content ecosystem, enriching the platform's offerings and stimulating industry creativity [3]. - The new rules will allow for differentiated sharing ratios based on whether the content is exclusive or a platform premiere, catering to the unique characteristics and commercial value of different content types [3]. Group 3: Evolution of the Revenue-Sharing Model - Since the introduction of the revenue-sharing model in the online film sector in 2014, iQIYI has successfully expanded this model across multiple content categories, creating benchmark works with high popularity, reputation, and commercial value [4]. - The new regulations aim to deepen the relationship between the platform and content partners, transitioning from simple revenue sharing to a collaborative value creation approach [4]. Group 4: Future Directions - iQIYI plans to leverage AI technology to enhance content creation efficiency and innovation, encouraging creators to focus on producing high-quality content that aligns with commercial returns [4]. - The company aims to explore new industry opportunities with content partners to meet diverse entertainment needs and promote a healthier, more sustainable content ecosystem [4].

Core Viewpoint - iQIYI announced the resignation of CFO Wang Jun due to personal reasons, who will continue as an advisor until May 31, 2026, while Senior Vice President of Finance Zeng Ying will serve as the acting CFO [1][3]. Group 1: Management Changes - Wang Jun has been with iQIYI since January 2018 and became CFO in January 2022, contributing significantly to the company's capital market transactions [1][3]. - Zeng Ying, who joined iQIYI in February 2017 and has served as Senior Vice President of Finance since January 2022, will take over as acting CFO [2][4]. Group 2: Contributions and Experience - Wang Jun is credited with optimizing the company's capital structure and enhancing its financial resilience, providing a strong foundation for future value creation [1][3]. - Zeng Ying has extensive experience in finance, having participated in the company's IPO and multiple financing rounds, which positions her to contribute significantly to iQIYI's development [1][3].

Core Viewpoint - iQIYI, Inc. announces the resignation of Chief Financial Officer Jun Wang and the appointment of Ying Zeng as Interim CFO, highlighting a transition in leadership aimed at maintaining financial stability and continuity [1][2]. Group 1: Leadership Changes - Jun Wang has resigned as Chief Financial Officer effective immediately due to personal reasons, but will remain as an advisor until May 31, 2026, to ensure a smooth transition [1]. - Ying Zeng, previously Senior Vice President of Finance, has been appointed as the Interim Chief Financial Officer, bringing her extensive experience and familiarity with the company to the role [1][2]. - Dr. Yu Gong, CEO, expressed gratitude for Jun Wang's contributions in strengthening the company's capital structure and financial foundation [2]. Group 2: Background of Ying Zeng - Ying Zeng joined iQIYI in February 2017 and has served as Senior Vice President of Finance since January 2022 [4]. - Prior to her role at iQIYI, she worked at Baidu, Inc. as deputy director of budget control and financial analysis from June 2011 to February 2017 [4]. - Zeng holds a bachelor's degree in accounting from Wuhan University of Technology and a master's degree in professional accounting from Peking University [4]. Group 3: Company Overview - iQIYI, Inc. is a leading provider of online entertainment video services in China, combining creative talent with technology to foster innovation and produce blockbuster content [5]. - The company has developed a diversified monetization model that includes membership services, online advertising, content distribution, online games, and talent agency services [5]. - iQIYI distinguishes itself through its advanced technology platform powered by AI and big data analytics, contributing to a massive user base [5].

Core Insights - The meeting between the Secretary of the Wuhan Municipal Committee, Sheng Yuechun, and iQIYI's founder and CEO, Gong Yu, highlights the city's commitment to developing its cultural tourism industry and attracting investment from leading internet cultural enterprises like iQIYI [3][4]. Group 1: Investment Opportunities - Wuhan is recognized as a historical and cultural city with a vibrant cultural tourism market, ranking among the top ten tourist destinations in China [3]. - iQIYI is encouraged to invest in Wuhan, leveraging the city's rich cultural resources and market potential to develop unique cultural tourism projects [3][4]. - The local government aims to create a favorable business environment to facilitate the growth of enterprises in Wuhan, emphasizing a commitment to support and respond to business needs [3]. Group 2: Industry Development - The city is focusing on the integration of culture, tourism, and commerce, aiming to accelerate the development of new cultural industries such as online audiovisual, esports, and immersive cultural experiences [3]. - iQIYI plans to deepen its collaboration with Wuhan in the fields of film, commerce, and other areas, contributing to the city's goal of becoming a world-renowned cultural tourism destination [4].

Core Insights - The Yangzhou iQIYI Park officially opened ticket sales on January 16, with standard single tickets priced at 198 yuan on regular days and 258 yuan on peak days [1] - iQIYI's founder and CEO Gong Yu emphasized the park's role in merging online IP with offline experiences, aiming to enhance cooperation with Yangzhou and promote its cultural tourism industry [3] Group 1: Park Features and Offerings - The iQIYI Park is the first indoor theme park focused on "nationally created IP + cutting-edge technology," featuring seven core experience areas including immersive theater, interactive light and shadow spaces, and social party games [5] - Visitors will be able to engage in various themed experiences, such as solving mysteries in the immersive theater based on "The Tang Dynasty's Strange Affairs" and reliving classic scenes from "A Chinese Odyssey" [5][7] - The park is strategically located along the Grand Canal in Yangzhou, approximately 15 minutes by car from Yangzhou East Station and 30 minutes from Yangzhou Station [7] Group 2: Operational Phase and Future Plans - With ticket sales now open, the park has entered a trial operation phase, during which it will optimize experiences based on visitor feedback in preparation for the official opening on February 8 [8]

Core Insights - The animation market experienced significant growth in the past year, with monthly online views skyrocketing from 3 billion to 15 billion, and total views exceeding 75 billion, surpassing traditional animation market size within a year [1] - Despite the rise of short animations, long video platforms have not been significantly impacted, as top IP annual series remain stable, indicating a parallel development path [1][2] - The rapid evolution of short animations towards IP and quality production is expected to disrupt the current market equilibrium [1][7] Group 1: Market Dynamics - The domestic drama market faced a notable impact from short dramas, with the top 20 long dramas in 2025 seeing a 20% reduction in effective views compared to previous years [2] - Animation has become a crucial support for long video users, with 6 out of the top 10 new shows on Tencent Video being anime series, enhancing user acquisition and retention [2] - The overall impact of short animations on long-form anime remains limited, as the latter continues to attract substantial viewership [5][6] Group 2: Content Quality and Audience Engagement - Current short animations primarily serve as "fast food" entertainment, lacking the depth and emotional connection found in long-form anime, which continues to dominate viewer preferences [5][6] - The transition of short animations towards quality and IP-driven content is anticipated, with platforms beginning to leverage classic stories to establish emotional connections with audiences [9][10] - The rise of male and female-targeted short animations is expected to cater to diverse audience needs, potentially shifting viewer demographics [10] Group 3: Platform Strategies - Major platforms like Tencent Video and Bilibili are actively engaging in the short animation space, with Tencent Video launching initiatives to support quality content creation [11][19] - Bilibili's unique UGC community is driving the production of short animations, although it faces challenges in upgrading to higher-quality 3D animations [19][21] - Platforms are exploring collaborations with web novel IPs to enhance the quality and appeal of short animations, indicating a shift towards more structured content creation [10][23]

Core Insights - The collectibles card market is experiencing significant growth, with companies like Suplay and Sunnysondi filing for IPOs, indicating a rising interest in high-end collectible cards [1][2] - The integration of IP and collectibles is becoming a standard in the entertainment industry, with a notable increase in the number of projects and collaborations between major platforms and brands [9][12] - The global market for entertainment merchandise is projected to reach $137.4 billion by 2029, highlighting the lucrative potential of this sector [8] Group 1: Market Developments - Suplay has submitted its IPO application to the Hong Kong Stock Exchange, focusing on high-end collectible cards priced above 10 yuan [1] - Sunnysondi's IPO application follows the success of its merchandise from popular animated films, indicating a trend of rising revenues in the collectibles sector [2] - The collectibles card has become a standard offering for popular media, with nearly 100 projects planned for 2025, a significant increase from the previous year [9] Group 2: Financial Performance - HYBE's merchandise and licensing revenue reached 168.3 billion KRW (over 800 million RMB) in Q3 2025, becoming its third-largest revenue source [5] - Major companies like Light Media and Mango TV are ramping up their investments in IP derivative products, with Light Media's market value at 48 billion RMB and Mango TV at 45.7 billion RMB [13] Group 3: Industry Trends - The collectibles card market is evolving, with brands like Hitcard leading the way by collaborating with major IP holders and expanding their product offerings [14][35] - The trend of integrating high-quality products that carry emotional value is becoming crucial for brands to differentiate themselves in a competitive market [19][30] - Companies are increasingly focusing on building comprehensive IP ecosystems, with brands like Hitcard and Uncommon Play aiming to enhance their operational capabilities and market reach [36][38] Group 4: Consumer Engagement - Major platforms are enhancing their consumer engagement strategies by launching themed stores and interactive experiences, such as iQIYI's "Qixiaobei" stores and Youku's themed areas [21][25] - The rise of online sales channels, including live streaming and e-commerce, is reshaping how collectibles are marketed and sold, with significant sales coming from these platforms [30] Group 5: Future Outlook - The industry is expected to see more brands emerge that can successfully navigate the complexities of IP management and product development, potentially leading to the creation of iconic brands similar to LEGO or Hasbro in the future [38]

Industry Overview - The year 2025 is described as a "new era" for the ACGN (Animation, Comic, Game, Novel) industry in China, marking significant changes in animation films, series, and AI-driven content [1] - The Chinese animation film "Nezha: Birth of the Demon Child" achieved a record-breaking box office of 15 billion yuan, while "The Wandering Earth" set new records for 2D animation films [1] - The gaming industry continues to grow steadily, with major companies like Tencent and NetEase launching new blockbuster products [1] Animation and Content Trends - 2025 is seen as a transformative year for Chinese animation series, with changes in platform policies and content planning, as well as a focus on female-oriented themes to escape content homogeneity [1] - AI-driven comic series are gaining traction, with platforms like iQIYI and others recognizing the potential of AI technology in the entertainment sector [1] - The rise of AI comic series is reminiscent of the past boom in the comic industry, leading to increased competition and potential market consolidation by 2026 [1] Gaming and E-sports Developments - The gaming industry is experiencing stable growth, with total revenue continuing to increase year-on-year, and new competitive products emerging from major players [1] - 2025 is also noted as a pivotal year for Chinese e-sports projects expanding globally, despite mixed results in international competitions [2] - The first e-sports Olympics is scheduled for 2027, indicating a growing recognition of e-sports on a global stage [7] Financial Performance and Market Dynamics - The report from the Chinese gaming industry indicates a total of 1,771 game licenses were issued in 2025, marking a 25% increase from 2024, with a diverse range of game types being approved [124] - Companies like Reading Group reported a total revenue of 8.12 billion yuan in 2024, a 15.8% increase year-on-year, showcasing the industry's robust growth [19] - Kinsan Software reported a revenue of 10.318 billion yuan in 2024, with a significant increase in gaming-related income [20] Notable Events and Releases - The release of "Nezha 2" and "The Wandering Earth" highlights the success of Chinese animated films in 2025, with both films achieving record box office numbers [5][70] - The launch of various gaming titles and platforms, including the public testing of "Decision Peak" and "Xianjian World," reflects the ongoing innovation in the gaming sector [4][11] - The publication of multiple industry reports, such as the "2025 Trends Report" for domestic animation and GenAI, indicates a focus on understanding and adapting to market changes [6][9]