交银国际发表报告指，阅文集团上半年收入按年跌24%至32亿元，基本符合市场预期；扣除新丽传媒后，经调整净利润5.5亿元，按年增加36%，对应经调整净利率17%，符合预期。期内在线业务收入按年微增2%，其中付费用户按年增5%至920万。版权营运收入按年降46%，主要因新丽剧集上线延期及红果合作短剧净额法确认收入。IP衍生品延续高增长趋势，上半年商品成交额4.8亿元，接近2024年全年水平。 该行维持对阅文的在线业务全年收入持稳预期，预计版权营运业务收入按年降15%，其中阅文核心IP营运收入按年增4%，受益于IP衍生品业务品类扩张；目标价由28港元上调至39港元，评级升至“买入”。
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