A mere 80 yuan—roughly the cost of a casual meal for two—has ignited a staggering 4-billion-yuan surge in market value. This raises a critical question: how did a conventional publishing enterprise morph into an AI powerhouse within just a few days?
In China's A-share market, a catalyst can be startlingly inexpensive. Heilongjiang Publishing & Media Holdings Co., Ltd. (the company behind the Longban Media brand), a state-owned publisher in Heilongjiang primarily engaged in distributing textbooks and supplementary materials for primary and secondary school students, saw its market capitalization double from 4.3 billion to 8.3 billion yuan in just two weeks, fueled by a seven-day winning streak that pushed its stock price up by 97%. The explosive growth was triggered by a microscopic revenue figure from its "AI video business"—a mere 80 yuan generated in June.
The chain reaction began on August 26th when the company's semi-annual report revealed that its first AI-generated comic drama, "Time Travel to 1988," had completed 170 episodes, amassing over 120 million views online. Initially, this news barely caused a ripple. The turning point arrived on August 31st when a 30-episode series generated by AIGC aired on Hunan Satellite TV, securing top ratings and trending on social media. This event ignited a market-wide frenzy, with investors rapidly applying the "AI cost-reduction and efficiency" logic to any company perceived as holding valuable intellectual property—including publishers, film studios, and short-drama producers. Heilongjiang Publishing & Media Holdings emerged as the purest small-cap target in this narrative, becoming the first stock in the AI comic drama sector to hit its daily price limit that very day.
Over the subsequent seven trading sessions, the stock price soared from 9.58 yuan to 18.82 yuan per share, a cumulative increase of 96.45%. The euphoria, however, met a harsh reality check on September 4th when the company issued a risk warning: its AI video business generated revenue of approximately 80 yuan in June and 75,000 yuan in July, accounting for less than 0.01% of its audited annual revenue. This stark contrast between massive hype and minuscule earnings drew regulatory scrutiny. The Shanghai Stock Exchange issued a stern regulatory warning to the company and its board secretary, citing inaccurate information disclosure, insufficient risk warnings, and inconsistent reporting that could potentially mislead investors.
When questioned about the 80-yuan revenue, the company's board secretary office attributed it to the AI comic drama, explaining that its late-June launch meant minimal revenue recognition for that short period. The explanation seemed absurd, prompting online mockery and skepticism about its sincerity.
Stepping back, the fundamentals of Heilongjiang Publishing & Media Holdings paint a different picture. Established in 2014 and listed in 2021, it remains the only listed cultural enterprise in Heilongjiang Province, holding exclusive rights to distribute textbooks across the province. While this provides a stable revenue stream, growth is capped. In 2025, its annual revenue was 1.518 billion yuan, with textbook and supplementary materials contributing 1.029 billion yuan (67.78%), and general books adding 385 million yuan (25.35%)—together accounting for over 90% of total revenue.
Furthermore, its core business is under pressure. First-half results showed revenue of 659 million yuan (a 5.62% increase), but net profit attributable to shareholders plummeted by 34.46% to only 78.68 million yuan. The second quarter saw a staggering 492.81% year-on-year decline in net profit. This trend isn't unique; the entire traditional publishing industry is grappling with shifting reading habits toward short videos and AI-generated content. However, competitors like Zhongnan Media, despite a revenue dip, maintained healthier profit margins due to their stronghold in educational materials—a resilient, policy-backed business.
The market's desire for a new narrative is understandable, and the AI comic drama is indeed real, as are its 120 million views. Yet, the financial reality is stark: combined revenue from the AI video business in June and July totaled less than 80,000 yuan. This translates to a mere 1 yuan for every 16,000 views—a figure so insignificant it would typically be ignored by analysts. The core question remains: how did this negligible amount, a fraction of what it would cost to power a server, drive billions in market value and create the collective illusion that the AI business was commercially viable? The answer lies in the market's eager appetite for a story, however thin its substance.