A single Longban Media transaction seems to have ignited a remarkable rally, as the company's stock price has now climbed to seven consecutive daily limit-ups. Let's take a closer look at what's happening in the market this morning.
On the morning of September 8th, Longban Media surged to its daily limit at 18.82 yuan per share shortly after the opening bell, securing its seventh straight limit-up. The company's total market capitalization has now risen to approximately 8.4 billion yuan. Since the rally began on August 31st, the stock has gained nearly 95% in just seven trading sessions, almost doubling its value.
The primary catalyst behind this surge is the growing buzz around AI video and AI comic-drama concepts. In its semi-annual report released on August 26th, Longban Media revealed that its first AI comic-drama, "穿越1988" (Through 1988), had completed 170 episodes with over 120 million views across platforms and a Red Fruit popularity index exceeding 40 million. This announcement triggered a rapid acceleration in the stock's price, leading to the consecutive limit-ups starting August 31st.
Meanwhile, AI short-drama and AI comic-drama themes have become some of the hottest sectors in the media industry recently. The strength in related stocks has further fueled speculative enthusiasm in the market for these concept stocks.
However, despite the extraordinary performance of the stock, the actual revenue contribution from Longban Media's AI video business remains minimal. In a risk warning released on the evening of September 7th, the company stated that after self-inspection, its AI video operations generated roughly only 80 yuan in June and about 75,000 yuan in July, representing less than 0.01% of its audited revenue for 2025. The company emphasized that this has no significant impact on its current performance and is not expected to materially affect future results either.
This disparity has become the most notable aspect of Longban Media's rally: on one hand, "穿越1988" has achieved over 120 million views, while on the other, the AI video business confirmed just 80 yuan in revenue for June. The company previously explained that the 80 yuan came primarily from the series, which launched only at the end of June, resulting in limited revenue recognition for that month. By July, revenue had climbed to around 75,000 yuan.
On September 4th, the Shanghai Stock Exchange issued a regulatory warning to Longban Media and its then board secretary Sun Fujun. The issue centered on the company's information disclosure regarding its AI video business. In announcements from September 2nd and 3rd, the company stated that "the AI video business has not generated any income," yet by September 4th, it revised this to reflect the 80 yuan in June and 75,000 yuan in July. The exchange concluded that the company's disclosures on this matter were inaccurate, lacked adequate risk warnings, and showed inconsistencies between statements, potentially misleading investor decisions.
Nevertheless, neither the regulatory warning nor the company's repeated risk alerts have deterred investors from chasing the rally. From a fundamentals perspective, Longban Media remains primarily a traditional publishing company. Its core operations include publishing, printing, distribution, and digital publishing. In the first half of 2026, the company reported operating revenue of 659 million yuan, up 5.62% year-on-year, but net profit attributable to shareholders stood at approximately 78.68 million yuan, a decline of 34.46% from the prior year. During the same period, its gross margin was 43.81%, down 3.43 percentage points year-on-year, and its net margin also saw a notable decrease.