阅文集团：24H1：在线阅读降幅缩窄，版权运营持续推进

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company reported a revenue of 4.19 billion yuan for the first half of 2024, representing a year-on-year growth of 28%, with adjusted net profit reaching 700 million yuan, up 16%, slightly exceeding Bloomberg consensus expectations [3][4] - The decline in online reading revenue has narrowed, with online business revenue at 1.94 billion yuan, a year-on-year decrease of 2%, compared to a 12% decline in the same period last year [4] - New projects from New Classics Media have been launched, generating 1.05 billion yuan in revenue, but profits were impacted by impairment losses totaling 185 million yuan [4] - Other copyright operations, including animation and licensing, have shown significant growth, with revenue reaching a historical high of 1.2 billion yuan in the first half of 2024 [4][5] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.19 billion yuan and an adjusted net profit of 700 million yuan, with both figures showing positive growth compared to the previous year [3][4] - The online reading segment saw a revenue of 1.94 billion yuan, with a decline of 2%, while third-party platform revenue grew by 18% [4] Project Developments - New Classics Media launched several key projects, including the film "Hot and Spicy" and series such as "With the Phoenix" and "Celebrating the New Year 2," contributing to a revenue of 1.05 billion yuan [4] - The company is focusing on the performance of its upcoming projects, particularly those with strong IP potential [4] Other Operations - Excluding New Classics Media, the company generated 1.2 billion yuan from other copyright operations, marking a historical high [4] - The company has completed the acquisition of Tencent Animation, which is expected to contribute to revenue growth in the second half of 2024 [4][5] Profitability and Costs - The report indicates an increase in sales and marketing expenses due to promotional activities for film projects, while general and administrative expenses saw a slight year-on-year increase [4]