Founder Securities highlighted in a recent research report that AI's influence on the internet media industry is not confined to a single operational segment but is progressively permeating across the entire value chain, including content creation, distribution, marketing, and commercialization. Based on the A/B dual-side analysis framework, the brokerage recommends focusing on companies whose existing resource endowments can be extended into the AI era, as well as those where AI can directly enhance production and operational efficiency.

According to Founder Securities' primary viewpoints, media sector performance showed a divergence trend in the first half of 2026. Sub-sectors such as gaming and marketing delivered relatively steady results, while publishing and film & television continued to face structural adjustment headwinds. Looking at sector-wide metrics, among 130 listed media companies, 25 reported non-GAAP net profit attributable to shareholders exceeding RMB 200 million, 11 generated revenues above RMB 5 billion, and 23 announced dividend plans—underscoring pronounced disparities in earnings and profitability across the sector.

The gaming industry has entered a mature phase with a clearer competitive landscape, where leading players have demonstrated robust earnings stability and notable overseas expansion capabilities. The publishing sector is grappling with ongoing pressure as content supply and channel structures undergo continuous adjustments. The film and television industry has been deeply impacted by shifts in content availability, production methods, and business models, with the sector still transitioning between old and new operational paradigms. Meanwhile, the marketing sector boasts a substantial scale base, and efficiency gains in advertising spending driven by AI are creating a fresh demand window, positioning the industry amid a process of existing-market restructuring.

AI is evolving from a point-specific tool application to a comprehensive force affecting content production, distribution, and monetization across the industrial chain, accelerating the restructuring of production methods and business models within the internet media industry. The impact of AIGC varies across gaming, film & television, marketing, and publishing. In gaming, AI primarily enhances R&D efficiency and content production speed. In film & television, new content creation logics such as AI-generated animation series are emerging. In marketing, AI's contribution to improving advertising efficiency has already established a clear use case. In areas like image copyright, the sector remains in an experimental phase with ongoing trials of tools and application scenarios. Simultaneously, AI's impact extends beyond production—it is reshaping distribution, circulation, and monetization processes, and further reaching into production relations and organizational structures.

Given the paradigm shift driven by AI, Founder Securities argues that research on listed companies should not be confined to existing operations alone. Instead, a reevaluation of resource endowments and competitive advantages from both the A and B perspectives is essential. The brokerage notes that market participants often fall into the inertia of observing industry progress from the vantage point of existing listed companies, yet AI-native firms and traditional incumbents alike are collectively confronting the reshaping of production methods. For non-AI-native companies, it is necessary to first examine the platform, user base, content, channels, and ecosystem resources accumulated during the internet and mobile internet eras, and second, to reassess their competitive edge and ecosystem positioning within the AI landscape. By comparing the A and B dimensions, potential value re-rating opportunities can be identified. Building on this approach, the brokerage continues to apply its previously established "three-layer AI application research framework" to systematically classify, track, and iterate on listed companies with existing AI business logic.

Risk warnings include potential tightening of policy regulations, significantly increased risk exposures during the industry transformation phase that could impact actual performance beyond expectations, amplified financial data volatility arising from AI ventures, and risks related to internal governance structures proving inadequate to support business transformation or restructuring efforts.