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Chinese e-book giant China Literature (0772) of Tencent (0700) posted a net profit of 135 million yuan for the first half of the year, which plummeted 84.1 percent from last year.
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Adjusted net profit was 259 million yuan, a drop of 49 percent.
The company did not declare a dividend.
In the period, the company saw a revenue of 3.53 billion, a rise of 10.7 percent.
The company’s IP operations business delivered a robust performance, with revenues increasing by 41.9 percent. In particular, revenue from short dramas and AI-animated dramas exceeded 430 million yuan during the first half, a 2.3-fold increase, driven by exploration of new businesses and the in-depth application of AI technology.
Notably, the proportion of blockbuster short dramas was four times the market average, while 46 AI-animated dramas each surpassed 100 million views.
The company’s IP merchandise business also maintained strong growth momentum, with gross merchandise value reaching 780 million yuan during the first half.
The company remains firmly convinced of the transformative power of IP and AI, believing AI will become a crucial tool for extending creators’ capabilities and unlocking change across the content ecosystem over the next two decades.
