<p><em>這家在線文學公司去年虧損高達 8.5 億元，主要由於與其新經典傳媒視頻收購相關的大額費用</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>中國文學警告預計去年將報告高達 8.5 億元的淨虧損</li>
<li>虧損的主要原因是與新經典傳媒相關的 18 億元商譽減值費用，而中國文學在 2018 年以 155 億元收購了該公司</li>
</ul>
<p>它的名字聽起來很放鬆，但在線閲讀平台 <strong>中國文學有限公司</strong>（0772.HK）的股東們卻幾乎沒有感受到公司名稱所暗示的那種平靜，最近的股市波動讓他們感到不安。</p>
<p>在去年十月底達到 45.50 港元的峯值後，中國文學的股票突然進入下滑趨勢，在去年年底的兩個月內損失了 20% 的價值。今年初開始反彈，但在 1 月 24 日發生了一起涉及作者起義的 “事件” 後又突然轉向下跌，我們稍後將詳細描述。隨後，在管理層公佈其 2026 年戰略後，投資者突然湧入，推動股票在兩天內上漲了 27%。</p>
<p>但就在多頭回歸之際，公司上週又為其股票寫下了新的一章，發佈了 <strong>盈利警告</strong>，稱預計去年將報告淨虧損在 7.5 億元（1.08 億美元）到 8.5 億元之間。這足以再次釋放空頭，導致股票在第二天暴跌 8%。</p>
<p>文件披露，公司新經典傳媒部門的可回收商譽低於該部門的賬面價值，需計提約 18 億元的商譽減值費用。若不計入該費用，公司去年將報告非國際財務報告準則下的淨利潤在 8 億元到 9 億元之間，較 2024 年的 11.4 億元下降了 21% 至 30%。</p>
<h4><strong>逆風逐漸減弱</strong></h4>
<p>儘管持續虧損，但圍繞中國文學的一系列負面消息似乎已經在其股票中得到了充分反映。前面提到的 1 月 24 日事件源於公司在 2025 年 7 月用 “流量包智能分發模型” 取代了其十年的 “四輪推薦 PK 系統”，用於向讀者推送內容。1 月 24 日，作為公司核心作者羣體的作者們突然在論壇上指責新系統下的流量分配不公和數據透明度低，中層作者的收入減半。爭議持續到本月初，中國文學宣佈進行了修改，結束了這一動盪的章節。</p>
<p>然後是中國文學最近拋售的原因。它在 2018 年以 155 億元收購了新經典傳媒，旨在利用該公司的影視製作能力將其龐大的文學庫中的一些角色和故事帶入視頻世界。但新經典傳媒的貢獻隨後令人失望。短劇的近期繁榮時機尤其不佳，因為新經典傳媒專注於長劇和電影。結果是反覆的商譽減值在過去幾年顯著拖累了中國文學的利潤。</p>
<p>但情況終於有所改善，新經典傳媒的商譽減值已全部註銷。儘管中國文學的投資沒有對其業務提供太大推動，但對其利潤的反覆減值拖累至少已經成為過去。擺脱了這一負擔，公司可以在沒有未來與子公司相關的減值的情況下向前發展。</p>
<h4><strong>核心業務停滯不前</strong></h4>
<p>隨着遺留問題逐漸減弱，中國文學的未來表現將取決於其核心文學業務。該業務目前看起來乏善可陳，甚至顯示出下降的跡象。公司的收入在 2025 年上半年從去年同期的 41.9 億元暴跌 24% 至 31.9 億元，而其毛利潤也下降了 22.6%，降至 16.1 億元。</p>
<p>儘管如此，其淨利潤在六個月期間躍升 68.5%，達到 8.5 億元。但這一增長並非源於任何運營因素，而是部分來自於 583 萬元的其他收益，主要是來自於對其他公司的投資處置。公司還受益於銷售和營銷費用下降 20.4% 以及行政成本減少 11%，顯示其年中利潤完全源於成本削減和與核心業務無關的非經常性收益。</p>
<p>在他早前的 2026 年戰略評論中，令投資者如此興奮的首席執行官侯小南在內部溝通中概述了今年的三個核心戰略支柱，即常青內容、知識產權 + 人工智能和全球化。</p>
<p>常青內容專注於支持核心作者和關鍵類型，將短劇和漫畫提升為優質產品，並通過商品和收藏品加深知識產權與用户生活的融合，以培養持久的知識產權。知識產權 + 人工智能利用人工智能提高內容孵化、優質製作、知識產權開發和全球行業擴展的效率和價值。全球化旨在為多語言市場擴展建立全球引擎。</p>
<h4><strong>戰略受到審視</strong></h4>
<p>儘管最初投資者熱情高漲，侯小南的新戰略似乎有些表面化，僅僅概述了廣泛的原則，而沒有提供具體、詳細的行動計劃。投資者很難僅憑如此寬泛的聲明看到公司未來的成功。</p>
<p>與此同時，閲文集團似乎在爭奪觀眾的戰鬥中穩步落後於短劇的日益流行。儘管承認需要在這方面做出更多努力，但其在品牌研究機構 CNPP 的 2026 年十大製作品牌榜單中排名第八，表明追趕並不容易。</p>
<p>至於全球化，目前依賴人工智能將作品翻譯成其他語言以進入新市場存在侷限性，因為這些作品往往無法有效捕捉細微的文化背景和當地語言風格。關鍵是投資者在等待閲文集團將翻開哪一章，以振興其停滯的增長故事。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

閲文集團

<p>閲文集團預計去年淨虧損高達 8.5 億元，主要由於收購新經典傳媒時計提了 18 億元的商譽減值。該公司的股票經歷了顯著的波動，在達到每股 45.50 港元的高點後下跌了 20%，並在發佈盈利預警後最近又下跌了 8%。儘管面臨收入和核心業務下降等挑戰，公司仍計劃通過聚焦內容、人工智能和全球化的新戰略來改善未來業績</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>這家在線文學公司去年虧損高達 8.5 億元，主要由於與其新經典傳媒視頻收購相關的大額費用</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>中國文學警告預計去年將報告高達 8.5 億元的淨虧損</li>
<li>虧損的主要原因是與新經典傳媒相關的 18 億元商譽減值費用，而中國文學在 2018 年以 155 億元收購了該公司</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>它的名字聽起來很放鬆，但在線閲讀平台 <strong>中國文學有限公司</strong>（0772.HK）的股東們卻幾乎沒有感受到公司名稱所暗示的那種平靜，最近的股市波動讓他們感到不安。</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>在去年十月底達到 45.50 港元的峯值後，中國文學的股票突然進入下滑趨勢，在去年年底的兩個月內損失了 20% 的價值。今年初開始反彈，但在 1 月 24 日發生了一起涉及作者起義的 “事件” 後又突然轉向下跌，我們稍後將詳細描述。隨後，在管理層公佈其 2026 年戰略後，投資者突然湧入，推動股票在兩天內上漲了 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>但就在多頭回歸之際，公司上週又為其股票寫下了新的一章，發佈了 <strong>盈利警告</strong>，稱預計去年將報告淨虧損在 7.5 億元（1.08 億美元）到 8.5 億元之間。這足以再次釋放空頭，導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，公司新經典傳媒部門的可回收商譽低於該部門的賬面價值，需計提約 18 億元的商譽減值費用。若不計入該費用，公司去年將報告非國際財務報告準則下的淨利潤在 8 億元到 9 億元之間，較 2024 年的 11.4 億元下降了 21% 至 30%。</p>
</div><h4><strong>Headwinds gradually easing</strong></h4>
<div class="lb-trans"><h4><strong>逆風逐漸減弱</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>儘管持續虧損，但圍繞中國文學的一系列負面消息似乎已經在其股票中得到了充分反映。前面提到的 1 月 24 日事件源於公司在 2025 年 7 月用 “流量包智能分發模型” 取代了其十年的 “四輪推薦 PK 系統”，用於向讀者推送內容。1 月 24 日，作為公司核心作者羣體的作者們突然在論壇上指責新系統下的流量分配不公和數據透明度低，中層作者的收入減半。爭議持續到本月初，中國文學宣佈進行了修改，結束了這一動盪的章節。</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>然後是中國文學最近拋售的原因。它在 2018 年以 155 億元收購了新經典傳媒，旨在利用該公司的影視製作能力將其龐大的文學庫中的一些角色和故事帶入視頻世界。但新經典傳媒的貢獻隨後令人失望。短劇的近期繁榮時機尤其不佳，因為新經典傳媒專注於長劇和電影。結果是反覆的商譽減值在過去幾年顯著拖累了中國文學的利潤。</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>但情況終於有所改善，新經典傳媒的商譽減值已全部註銷。儘管中國文學的投資沒有對其業務提供太大推動，但對其利潤的反覆減值拖累至少已經成為過去。擺脱了這一負擔，公司可以在沒有未來與子公司相關的減值的情況下向前發展。</p>
</div><h4><strong>Stagnating core operations</strong></h4>
<div class="lb-trans"><h4><strong>核心業務停滯不前</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>隨着遺留問題逐漸減弱，中國文學的未來表現將取決於其核心文學業務。該業務目前看起來乏善可陳，甚至顯示出下降的跡象。公司的收入在 2025 年上半年從去年同期的 41.9 億元暴跌 24% 至 31.9 億元，而其毛利潤也下降了 22.6%，降至 16.1 億元。</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>儘管如此，其淨利潤在六個月期間躍升 68.5%，達到 8.5 億元。但這一增長並非源於任何運營因素，而是部分來自於 583 萬元的其他收益，主要是來自於對其他公司的投資處置。公司還受益於銷售和營銷費用下降 20.4% 以及行政成本減少 11%，顯示其年中利潤完全源於成本削減和與核心業務無關的非經常性收益。</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 年戰略評論中，令投資者如此興奮的首席執行官侯小南在內部溝通中概述了今年的三個核心戰略支柱，即常青內容、知識產權 + 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>常青內容專注於支持核心作者和關鍵類型，將短劇和漫畫提升為優質產品，並通過商品和收藏品加深知識產權與用户生活的融合，以培養持久的知識產權。知識產權 + 人工智能利用人工智能提高內容孵化、優質製作、知識產權開發和全球行業擴展的效率和價值。全球化旨在為多語言市場擴展建立全球引擎。</p>
</div><h4><strong>Strategies under scrutiny</strong></h4>
<div class="lb-trans"><h4><strong>戰略受到審視</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>儘管最初投資者熱情高漲，侯小南的新戰略似乎有些表面化，僅僅概述了廣泛的原則，而沒有提供具體、詳細的行動計劃。投資者很難僅憑如此寬泛的聲明看到公司未來的成功。</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>與此同時，閲文集團似乎在爭奪觀眾的戰鬥中穩步落後於短劇的日益流行。儘管承認需要在這方面做出更多努力，但其在品牌研究機構 CNPP 的 2026 年十大製作品牌榜單中排名第八，表明追趕並不容易。</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>至於全球化，目前依賴人工智能將作品翻譯成其他語言以進入新市場存在侷限性，因為這些作品往往無法有效捕捉細微的文化背景和當地語言風格。關鍵是投資者在等待閲文集團將翻開哪一章，以振興其停滯的增長故事。</p>
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