In the first half of 2025, as the film and television industry accelerated its transformation toward short dramas and premium content, STRAWBEAR ENT (02125) proactively adjusted its strategy to address short-term challenges. The company's unique platform-based operating model, efficient resource integration capabilities, and influence over top industry resources are becoming core pillars supporting its ability to navigate industry cycles and build long-term competitiveness.

By June this year, China's micro-short drama user base reached 696 million. With major long-video platforms exploring the short drama segment, traditional long-form content producers face the dual challenge of "reduced episode counts with stable unit prices." STRAWBEAR ENT launched its "small but beautiful premium" strategy in 2024, positioning itself early across short dramas, micro-short dramas, and premium long-form content, avoiding the risk of passively following industry trends.

**Strategic Breakthrough in Short-Form Content Wave**

For the six months ended June 30, 2025, STRAWBEAR ENT generated revenue of approximately RMB 446 million. The company implemented its "small but beautiful premium" content innovation strategy during H1 2025, responding to market changes with a diversified product portfolio combining long dramas, short dramas, and micro-short dramas. While this strategy temporarily reduced episode counts and per-project investment scale, affecting revenue scale, it also optimized production cycles and IP recovery efficiency, laying groundwork for future profitability.

According to the "2025 H1 Micro-Short Drama Development Report," China's micro-short drama user base reached 696 million by June 2025, with the market expected to reach RMB 63.43 billion in 2025 and exceed RMB 100 billion by 2027. Over 30,000 micro-short dramas were launched across platforms in 2024 alone.

Under the sustained impact of micro-short dramas, major long-video platforms and film companies have accelerated their exploration of micro-short drama business. Consequently, content premium positioning for long dramas and "shorter iterations" in episode duration and total count have rapidly become industry trends.

The "long-to-short" trend places higher demands on production companies' creative models and commercial operations. However, few companies can consistently produce quality series that combine the high production values of long-form video with the fast pace of short dramas. Among major players, STRAWBEAR ENT's early strategic positioning has secured an advantageous position in this structural transformation.

**Multi-Format Content Excellence**

In H1 2025, STRAWBEAR ENT's releases demonstrated comprehensive strength across long dramas, short dramas, and micro-short dramas.

In long-form content, "Trinity 2" continued the franchise's brand momentum, achieving a peak popularity score of 7,302 on iQiyi and topping trending charts. The series achieved peak viewership ratings of 0.4155% on Beijing TV and 0.3564% on Dragon TV, demonstrating sustained appeal in the crime genre and mature IP management capabilities.

Under the "small but beautiful premium" strategy, platform-specific short premium series became a highlight for H1 2025: "Bleach" broke 10,000 popularity points within six days of its debut on iQiyi's Mist Theater, becoming the platform's first series to achieve this milestone and topping multiple authoritative rankings; "Above the Clouds" reconstructed crime investigation narratives from a female perspective, ranking first in dual-platform viewership and frequently topping popularity charts; "In the World" was the only annual web series among Sichuan Province's major literary support projects and was selected for the official screening program at the US Tribeca Film Festival.

**Super IP Strategy and Diversified Development**

STRAWBEAR ENT's core competitiveness extends beyond content production to full industry chain development around Super IPs. The company has adopted "integration, serialization, and renewal" as its medium-to-long-term strategic core, achieving commercial value multiplication through IP reserves, serialized development, and derivative operations.

In serialized development, STRAWBEAR ENT holds multiple expandable IPs including Ma Boyong series, "Seven Weapons" series, "Stellar Transformations" series, and original works like "Wine Song" and "World of Extraordinary People," providing rich ammunition for future long and short drama development.

For IP derivatives and commercialization, the company has partnered with third parties for "Fifteen Days in Two Capitals" merchandise development, planning to convert character images, visual elements, and cultural creativity into licensing revenue and physical sales.

**Future Outlook**

Currently, STRAWBEAR ENT maintains a robust pipeline of quality content across multiple formats, including TV dramas "Stealing His Heart," "Fighting Thieves," "Maybe This Is Love," "Youth Again," and "Red Dust Courtyard"; web series "Night Guard," "Journey to Mountains and Seas," "Tang Brick 2: Cloud Return Celebration," "Double Track," and "A Sudden Love"; and micro-short dramas "Memory Prison" and "I Remove the General's Armor." These projects are expected to launch successively in 2025-2026.

According to management, the company will continue deepening its "Super IP-centered" diversified entertainment ecosystem strategy, relying on combined long-short content structure, serialized IP development, and online-offline integrated business models to create more stable growth trajectories. In the context of upgrading consumption and cultural demands, STRAWBEAR ENT is positioned to steadily enhance its industry standing through the dual drivers of content value and commercial value.

The combination of short and long-form content not only aligns with user consumption trends but also provides assurance for the company's future profitability and risk resistance capabilities. Against the backdrop of intensifying traffic fragmentation and diversified platform content demands, STRAWBEAR ENT has built solid competitive moats through differentiated strategies. Looking ahead, with the release of its content pipeline and the implementation of IP derivative businesses, STRAWBEAR ENT is expected to achieve dual improvements in performance and market value.