<p><em>这家在线文学公司去年亏损高达 8.5 亿元，主要由于与其新经典传媒视频收购相关的大额费用</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16080423/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_95930_thebambooworks.com_-1024x688.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16080423/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_95930_thebambooworks.com_-1024x688.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>中国文学警告预计去年将报告高达 8.5 亿元的净亏损</li>
<li>亏损的主要原因是与新经典传媒相关的 18 亿元商誉减值费用，而中国文学在 2018 年以 155 亿元收购了该公司</li>
</ul>
<p>它的名字听起来很放松，但在线阅读平台 <strong>中国文学有限公司</strong>（0772.HK）的股东们却几乎没有感受到公司名称所暗示的那种平静，最近的股市波动让他们感到不安。</p>
<p>在去年十月底达到 45.50 港元的峰值后，中国文学的股票突然进入下滑趋势，在去年年底的两个月内损失了 20% 的价值。今年初开始反弹，但在 1 月 24 日发生了一起涉及作者起义的 “事件” 后又突然转向下跌，我们稍后将详细描述。随后，在管理层公布其 2026 年战略后，投资者突然涌入，推动股票在两天内上涨了 27%。</p>
<p>但就在多头回归之际，公司上周又为其股票写下了新的一章，发布了 <strong>盈利警告</strong>，称预计去年将报告净亏损在 7.5 亿元（1.08 亿美元）到 8.5 亿元之间。这足以再次释放空头，导致股票在第二天暴跌 8%。</p>
<p>文件披露，公司新经典传媒部门的可回收商誉低于该部门的账面价值，需计提约 18 亿元的商誉减值费用。若不计入该费用，公司去年将报告非国际财务报告准则下的净利润在 8 亿元到 9 亿元之间，较 2024 年的 11.4 亿元下降了 21% 至 30%。</p>
<h4><strong>逆风逐渐减弱</strong></h4>
<p>尽管持续亏损，但围绕中国文学的一系列负面消息似乎已经在其股票中得到了充分反映。前面提到的 1 月 24 日事件源于公司在 2025 年 7 月用 “流量包智能分发模型” 取代了其十年的 “四轮推荐 PK 系统”，用于向读者推送内容。1 月 24 日，作为公司核心作者群体的作者们突然在论坛上指责新系统下的流量分配不公和数据透明度低，中层作者的收入减半。争议持续到本月初，中国文学宣布进行了修改，结束了这一动荡的章节。</p>
<p>然后是中国文学最近抛售的原因。它在 2018 年以 155 亿元收购了新经典传媒，旨在利用该公司的影视制作能力将其庞大的文学库中的一些角色和故事带入视频世界。但新经典传媒的贡献随后令人失望。短剧的近期繁荣时机尤其不佳，因为新经典传媒专注于长剧和电影。结果是反复的商誉减值在过去几年显著拖累了中国文学的利润。</p>
<p>但情况终于有所改善，新经典传媒的商誉减值已全部注销。尽管中国文学的投资没有对其业务提供太大推动，但对其利润的反复减值拖累至少已经成为过去。摆脱了这一负担，公司可以在没有未来与子公司相关的减值的情况下向前发展。</p>
<h4><strong>核心业务停滞不前</strong></h4>
<p>随着遗留问题逐渐减弱，中国文学的未来表现将取决于其核心文学业务。该业务目前看起来乏善可陈，甚至显示出下降的迹象。公司的收入在 2025 年上半年从去年同期的 41.9 亿元暴跌 24% 至 31.9 亿元，而其毛利润也下降了 22.6%，降至 16.1 亿元。</p>
<p>尽管如此，其净利润在六个月期间跃升 68.5%，达到 8.5 亿元。但这一增长并非源于任何运营因素，而是部分来自于 583 万元的其他收益，主要是来自于对其他公司的投资处置。公司还受益于销售和营销费用下降 20.4% 以及行政成本减少 11%，显示其年中利润完全源于成本削减和与核心业务无关的非经常性收益。</p>
<p>在他早前的 2026 年战略评论中，令投资者如此兴奋的首席执行官侯小南在内部沟通中概述了今年的三个核心战略支柱，即常青内容、知识产权 + 人工智能和全球化。</p>
<p>常青内容专注于支持核心作者和关键类型，将短剧和漫画提升为优质产品，并通过商品和收藏品加深知识产权与用户生活的融合，以培养持久的知识产权。知识产权 + 人工智能利用人工智能提高内容孵化、优质制作、知识产权开发和全球行业扩展的效率和价值。全球化旨在为多语言市场扩展建立全球引擎。</p>
<h4><strong>战略受到审视</strong></h4>
<p>尽管最初投资者热情高涨，侯小南的新战略似乎有些表面化，仅仅概述了广泛的原则，而没有提供具体、详细的行动计划。投资者很难仅凭如此宽泛的声明看到公司未来的成功。</p>
<p>与此同时，阅文集团似乎在争夺观众的战斗中稳步落后于短剧的日益流行。尽管承认需要在这方面做出更多努力，但其在品牌研究机构 CNPP 的 2026 年十大制作品牌榜单中排名第八，表明追赶并不容易。</p>
<p>至于全球化，目前依赖人工智能将作品翻译成其他语言以进入新市场存在局限性，因为这些作品往往无法有效捕捉细微的文化背景和当地语言风格。关键是投资者在等待阅文集团将翻开哪一章，以振兴其停滞的增长故事。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

阅文集团

<p>阅文集团预计去年净亏损高达 8.5 亿元，主要由于收购新经典传媒时计提了 18 亿元的商誉减值。该公司的股票经历了显著的波动，在达到每股 45.50 港元的高点后下跌了 20%，并在发布盈利预警后最近又下跌了 8%。尽管面临收入和核心业务下降等挑战，公司仍计划通过聚焦内容、人工智能和全球化的新战略来改善未来业绩</p>

<p><em>The online literature company lost up to 850 million yuan last year, largely due to a massive charge related to its New Classics Media video acquisition</em></p>
<div class="lb-trans"><p><em>这家在线文学公司去年亏损高达 8.5 亿元，主要由于与其新经典传媒视频收购相关的大额费用</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16080423/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_95930_thebambooworks.com_-1024x688.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16080423/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_95930_thebambooworks.com_-1024x688.jpeg"/></p>
<p><em>Image Credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>China Literature warned it expects to report a net loss of up to 850 million yuan for last year</li>
<li>Much of the loss owes to a 1.8 billion yuan goodwill impairment charge related to New Classics Media, which China Literature bought for 15.5 billion yuan in 2018</li>
</ul>
<div class="lb-trans"><ul>
<li>中国文学警告预计去年将报告高达 8.5 亿元的净亏损</li>
<li>亏损的主要原因是与新经典传媒相关的 18 亿元商誉减值费用，而中国文学在 2018 年以 155 亿元收购了该公司</li>
</ul>
</div><p>Its name may sound relaxing, but recent stock volatility has left shareholders of online reading platform <strong>China Literature Ltd.</strong> (0772.HK) hardly feeling any of the calm that typically comes from the calming type of good read implied by the company's name.</p>
<div class="lb-trans"><p>它的名字听起来很放松，但在线阅读平台 <strong>中国文学有限公司</strong>（0772.HK）的股东们却几乎没有感受到公司名称所暗示的那种平静，最近的股市波动让他们感到不安。</p>
</div><p>After peaking at HK$45.50 late last October, China Literature's stock suddenly went into a tailspin that wiped out 20% of its value within two months at the end of last year. It began to rebound early this year, only to suddenly shift gears again and tumble after an &#34;incident&#34; on Jan. 24 involving an uprising of its authors that we'll describe in more detail shortly. Then, investors suddenly piled back in after management unveiled its 2026 strategy, fueling a 27% surge in the stock over two days.</p>
<div class="lb-trans"><p>在去年十月底达到 45.50 港元的峰值后，中国文学的股票突然进入下滑趋势，在去年年底的两个月内损失了 20% 的价值。今年初开始反弹，但在 1 月 24 日发生了一起涉及作者起义的 “事件” 后又突然转向下跌，我们稍后将详细描述。随后，在管理层公布其 2026 年战略后，投资者突然涌入，推动股票在两天内上涨了 27%。</p>
</div><p>But just as the bulls were returning, the company wrote yet another new chapter for its stock by issuing a <strong>profit warning</strong> last week saying it expected to report a net loss of between 750 million yuan ($108 million) and 850 million yuan for last year. That was enough to unleash the bears again, as the shares plunged 8% the next day.</p>
<div class="lb-trans"><p>但就在多头回归之际，公司上周又为其股票写下了新的一章，发布了 <strong>盈利警告</strong>，称预计去年将报告净亏损在 7.5 亿元（1.08 亿美元）到 8.5 亿元之间。这足以再次释放空头，导致股票在第二天暴跌 8%。</p>
</div><p>The filing disclosed that recoverable goodwill for the company's New Classics Media unit fell below the division's carrying value, necessitating an estimated goodwill impairment charge of 1.8 billion yuan. Excluding that, the company would have reported a non-IFRS net profit of 800 million yuan to 900 million yuan last year, down between 21% and 30% from the 1.14 billion yuan it earned in 2024.</p>
<div class="lb-trans"><p>文件披露，公司新经典传媒部门的可回收商誉低于该部门的账面价值，需计提约 18 亿元的商誉减值费用。若不计入该费用，公司去年将报告非国际财务报告准则下的净利润在 8 亿元到 9 亿元之间，较 2024 年的 11.4 亿元下降了 21% 至 30%。</p>
</div><h4><strong>Headwinds gradually easing</strong></h4>
<div class="lb-trans"><h4><strong>逆风逐渐减弱</strong></h4>
</div><p>Despite a steady flow of losses, the string of negative news around China Literature appears to be largely priced into its stock by now. The Jan. 24 incident mentioned earlier stemmed from the company's July 2025 replacement of its decade-old &#34;Four-Round Recommendation PK System&#34; for pushing content to readers with a &#34;Traffic Package Intelligent Distribution Model.&#34; On Jan. 24, authors who form the core of the company's writer base suddenly took to forums alleging unfair traffic allocation and low data transparency under the new system, with mid-tier authors seeing their incomes halved. The controversy simmered until early this month, when China Literature announced modifications, drawing a line under the turbulent chapter.</p>
<div class="lb-trans"><p>尽管持续亏损，但围绕中国文学的一系列负面消息似乎已经在其股票中得到了充分反映。前面提到的 1 月 24 日事件源于公司在 2025 年 7 月用 “流量包智能分发模型” 取代了其十年的 “四轮推荐 PK 系统”，用于向读者推送内容。1 月 24 日，作为公司核心作者群体的作者们突然在论坛上指责新系统下的流量分配不公和数据透明度低，中层作者的收入减半。争议持续到本月初，中国文学宣布进行了修改，结束了这一动荡的章节。</p>
</div><p>Then there's the source of China Literature's most recent selloff. It acquired New Classics Media for 15.5 billion yuan in 2018, aiming to use the company's film and TV production capabilities to bring some characters and stories from its huge literary library to the video world. But New Classics Media's contributions were subsequently underwhelming. A recent boom for short-form dramas has been especially ill-timed, since New Classics Media focuses on long-form series and movies. The result has been repeated goodwill impairments that have significantly dragged down China Literature's profits over the last few years.</p>
<div class="lb-trans"><p>然后是中国文学最近抛售的原因。它在 2018 年以 155 亿元收购了新经典传媒，旨在利用该公司的影视制作能力将其庞大的文学库中的一些角色和故事带入视频世界。但新经典传媒的贡献随后令人失望。短剧的近期繁荣时机尤其不佳，因为新经典传媒专注于长剧和电影。结果是反复的商誉减值在过去几年显著拖累了中国文学的利润。</p>
</div><p>But the situation is finally improving, and New Classics Media's goodwill impairments have been fully written off. While China Literature's investment didn't provide much of a boost to its business, the recurring impairment drag on its profits is at least in the past. Freed from that weight, the company can move forward unencumbered by the need for future write-downs related to the subsidiary.</p>
<div class="lb-trans"><p>但情况终于有所改善，新经典传媒的商誉减值已全部注销。尽管中国文学的投资没有对其业务提供太大推动，但对其利润的反复减值拖累至少已经成为过去。摆脱了这一负担，公司可以在没有未来与子公司相关的减值的情况下向前发展。</p>
</div><h4><strong>Stagnating core operations</strong></h4>
<div class="lb-trans"><h4><strong>核心业务停滞不前</strong></h4>
</div><p>With legacy issues now subsiding, China Literature's future performance will hinge on its core literature business. That business looks lackluster right now, even showing signs of decline. The company's revenue plunged 24% to 3.19 billion yuan in the first half of 2025 from 4.19 billion yuan a year earlier, while its gross profit fell by a similar 22.6% to 1.61 billion yuan.</p>
<div class="lb-trans"><p>随着遗留问题逐渐减弱，中国文学的未来表现将取决于其核心文学业务。该业务目前看起来乏善可陈，甚至显示出下降的迹象。公司的收入在 2025 年上半年从去年同期的 41.9 亿元暴跌 24% 至 31.9 亿元，而其毛利润也下降了 22.6%，降至 16.1 亿元。</p>
</div><p>Despite that, its net profit jumped 68.5% to 850 million yuan during the six-month period. But the rise wasn't due to anything operational, and instead was driven partly by other gains of 583 million yuan, primarily from the disposal of investments in other companies. The company also benefited from a 20.4% drop in selling and marketing expenses and an 11% reduction in administrative costs, showing its midyear profit stemmed entirely from cost-cutting and non-recurring gains, both unrelated to its core operations.</p>
<div class="lb-trans"><p>尽管如此，其净利润在六个月期间跃升 68.5%，达到 8.5 亿元。但这一增长并非源于任何运营因素，而是部分来自于 583 万元的其他收益，主要是来自于对其他公司的投资处置。公司还受益于销售和营销费用下降 20.4% 以及行政成本减少 11%，显示其年中利润完全源于成本削减和与核心业务无关的非经常性收益。</p>
</div><p>In his earlier 2026 strategy comments that got investors so excited, CEO Hou Xiaonan outlined three core strategic pillars for this year in an internal communication, namely, Evergreen Content, Intellectual Property + AI, and Globalization.</p>
<div class="lb-trans"><p>在他早前的 2026 年战略评论中，令投资者如此兴奋的首席执行官侯小南在内部沟通中概述了今年的三个核心战略支柱，即常青内容、知识产权 + 人工智能和全球化。</p>
</div><p>Evergreen Content focuses on supporting core authors and key genres, elevating short dramas and comics into premium offerings, and deepening IP integration into users' lives using merchandise and collectibles to cultivate long-lasting IP. IP + AI leverages artificial intelligence to enhance efficiency and value in content incubation, premium production, IP development, and global industry expansion. And Globalization aims to build a global engine for multi-language market expansion.</p>
<div class="lb-trans"><p>常青内容专注于支持核心作者和关键类型，将短剧和漫画提升为优质产品，并通过商品和收藏品加深知识产权与用户生活的融合，以培养持久的知识产权。知识产权 + 人工智能利用人工智能提高内容孵化、优质制作、知识产权开发和全球行业扩展的效率和价值。全球化旨在为多语言市场扩展建立全球引擎。</p>
</div><h4><strong>Strategies under scrutiny</strong></h4>
<div class="lb-trans"><h4><strong>战略受到审视</strong></h4>
</div><p>Despite the initial investor enthusiasm, Hou Xiaonan's new strategy appears somewhat superficial by simply outlining broad principles rather than providing concrete, detailed action plans. It's hard for investors to see how the company can succeed in the future based solely on such broad statements.</p>
<div class="lb-trans"><p>尽管最初投资者热情高涨，侯小南的新战略似乎有些表面化，仅仅概述了广泛的原则，而没有提供具体、详细的行动计划。投资者很难仅凭如此宽泛的声明看到公司未来的成功。</p>
</div><p>At the same time, China Literature seems to be falling steadily behind in the battle for viewers due to growing popularity of short dramas. Despite acknowledging it needs to make more effort in that direction, its eighth-place ranking on brand research organization CNPP's 2026 list of the top 10 production brands suggests that catching up won't be easy.</p>
<div class="lb-trans"><p>与此同时，阅文集团似乎在争夺观众的战斗中稳步落后于短剧的日益流行。尽管承认需要在这方面做出更多努力，但其在品牌研究机构 CNPP 的 2026 年十大制作品牌榜单中排名第八，表明追赶并不容易。</p>
</div><p>As to globalization, the current reliance on AI for translating works into other languages to enter new markets has limitations, since such works often fail to capture nuanced cultural context and local linguistic styles effectively. The bottom line is that investors are waiting to see what chapter China Literature will turn to next to revive its stalling growth story.</p>
<div class="lb-trans"><p>至于全球化，目前依赖人工智能将作品翻译成其他语言以进入新市场存在局限性，因为这些作品往往无法有效捕捉细微的文化背景和当地语言风格。关键是投资者在等待阅文集团将翻开哪一章，以振兴其停滞的增长故事。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

阅文集团是否会翻开新篇章？