China Literature

What China Literature does

China Literature Limited (阅文集团, HKEX: 0772) operates China's largest online literature platform and a vertically integrated IP development ecosystem. The company runs digital reading platforms Qidian (起点读书), QQ Reading, WebNovel (global), XiaoXiang Academy and HongXiu (female-oriented), together serving nearly 400 million global users across 200+ content categories. It nurtures 10 million+ global creators including 400+ platinum/top-tier authors, monetizing primarily through VIP subscription and chapter-based paid reading. The business was formed in 2015 through the merger of Tencent Literature and Cloudary and listed on the Hong Kong Stock Exchange in November 2017, with Tencent Holdings remaining the controlling shareholder.

Beyond reading, the company has built a multi-format IP value chain through wholly-owned subsidiaries covering film and television production (New Classics Media 新丽传媒, acquired 2018 for US$2.2B; Yuewen Media 阅文影视), animation and comics (Yuewen Animation & Comics 阅文动漫, Tencent Animation & Comics acquired 2023), game development (Yuewen Games), IP merchandise (Yuewen Goods 阅文好物, 2025 GMV exceeding RMB 1.1B), audio (Yuewen Audio 阅文有声), short drama production (Yuewen Short Drama 阅文短剧, RMB 50M+ profits on original IP), and offline IP experience spaces (Yuewen Storyland 阅文书园). AI capabilities are central: an AI translation engine supports multilingual distribution across 15+ languages on WebNovel, and AI-generated animated and comic drama production has scaled to 1,000+ titles generating over RMB 100M in revenue in H2 2025. IP adaptations are distributed globally through Netflix, Disney+ (180+ countries), Sony Pictures, and WeTV/Tencent Video.

Revenue is generated from six principal streams: online reading services (subscription and chapter-based purchases), IP licensing and adaptation to film/TV/animation/games, IP merchandise and goods, short drama production and distribution, global publishing through WebNovel, and film/TV production through New Classics Media. FY2025 total revenue was RMB 7,366.2 million, down 9.3% YoY due to IP operations decline and project scheduling delays; the company reported a net loss of RMB 776.1M, widened from RMB 209.2M in 2024 largely because of a RMB 1.8 billion goodwill impairment at New Classics Media. Customer concentration is split between hundreds of millions of individual readers (consumer) and a smaller set of enterprise partners (Netflix, Disney+, Sony Pictures, Universal Studios Singapore, Haidilao, OPPO), with Tencent serving as both parent and key distribution channel.

Name

China Literature

Legal name

China Literature Limited

Website

https://yuewen.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

China Literature (阅文集团) operates China's largest online literature platform with vertically integrated IP development across film, TV, animation, gaming, merchandise, short drama, and offline experiences. A Tencent-controlled HKEX-listed company (0772.HK), it serves hundreds of millions of global readers and licenses IP to Netflix, Disney+, and Sony.

Ownership category

akta.pro rank

Product category

Digital Content and Online Literature

NAICS

Book Publishers (513130), Book Publishers (51313), Newspaper, Periodical, Book, and Directory Publishers (5131), Publishing Industries (513)

SIC

Books: Publishing Or Publishing & Printing (2731), Miscellaneous Publishing (2741)

akta.pro primary industry

E-book Retail & Reading Platforms (Stores, Apps, Devices) (MPAJAMAA)

akta.pro secondary industries

eBook & Digital Reading Platforms (BPAMAJAK), Genre & Category Publishing (Romance, Mystery/Thriller, Sci‑Fi/Fantasy, etc.) (MPAJAAAB), Audiobook Retail & Subscription Platforms (Direct-to-Consumer) (MPAJAIAD), Digital Comics, Manga & Serialized Reading Platforms (BPAMAJAJ), Specialty & Niche Channel Distribution (Religious, Comic Shops, Specialty Retail) (MPAJAKAH)

Keywords

• Online literature platforms
• Web novel publishing
• IP licensing and adaptation
• Digital reading subscriptions
• Multimedia IP development

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Online Reading Services: Subscription and paid reading services through Qidian, QQ Reading, and other reading platforms. Revenue from chapter-based purchases, VIP membership, and self-service reading across mobile apps and web.
2. IP Licensing and Adaptation: Licensing of web novel IP rights to film studios, TV production companies, animation studios, and game developers for adaptation into movies, drama series, animations, and games. Major revenue driver impacted by project scheduling delays.
3. IP Merchandise and Goods: Sale of IP-licensed merchandise, collectibles, and derivatives through Yuewen Goods brand and partnerships. 2025 IP merchandise GMV exceeded RMB1.1 billion, more than doubling year-on-year.
4. Short Drama Production and Distribution: Self-produced and co-developed short drama content through Yuewen Short Drama, covering script development, production, distribution, and copyright licensing. Original short drama IP total profits exceeded RMB50 million.
5. Global Publishing and Overseas Revenue: Overseas revenue through WebNovel platform including subscription, chapter purchases, and cross-platform licensing. Over 17,000 AI-translated works hosted on WebNovel with nearly 400 million total users globally.
6. Film and TV Production (New Classics Media): Film and drama series production through New Classics Media subsidiary, including production, distribution, and box office/streaming revenue. 2024 box office hit 'YOLO' (热辣滚烫) reached CNY 3.75 billion.

Go-to-market motion4 records

Distribution channels7 records

Marketing channels7 records

Core offering

China Literature operates the largest online literature platform in China, providing paid digital reading services through Qidian Reading, QQ Reading, and WebNovel (international) apps. The company licenses its vast web novel IP library to entertainment companies for adaptation into film, TV drama, animation, games, audio, and short dramas, and commercializes IP through its own merchandise brand and offline experience spaces. Its ecosystem connects 10 million+ creators with nearly 400 million users globally across 200+ content categories.

Product overview

China Literature (阅文集团) operates a comprehensive digital reading and IP development ecosystem with a platform-plus-modules architecture. Core platforms include 起点读书 (Qidian App) and QQ Reading for digital reading, WebNovel for global distribution, and Tencent Animation & Comics for anime/comics. The portfolio encompasses IP licensing and development through New Classics Media (新丽传媒) for film/TV, 阅文影视 for production, 阅文动漫 for animation, 阅文游戏 for gaming, 阅文好物 for merchandise (GMV exceeding RMB 1.1 billion in 2025), 阅文有声 for audio, 阅文短剧 for short dramas, and 阅文书园 for offline experiences. The company also provides the 作家助手 (Writer's Assistant) tool for creators and operates the 阅文开放平台 for partner integrations. Supporting platforms include 潇湘书院 and 红袖读书 for female-oriented content, along with 起点女生网 and 云起书院. The ecosystem covers over 200 content categories, connecting millions of creators and hundreds of millions of users globally.

Differentiator

Problem solved

Functional benefit

Brands

• New Classics Media: Film and television production company specializing in drama series and movies
• Yuewen Media
• Yuewen Animation & Comics
• Tencent Animation & Comics
• Yuewen Games
• Yuewen Goods
• Yuewen Audio
• Yuewen Short Drama
• Yuewen Storyland
• Qidian App
• WebNovel
• Writer's Assistant

Products and services

• Qidian Reading (起点读书) Premium digital reading mobile application featuring Qidian Chinese web novel content with 20+ years of brand history, 400+ platinum authors, and 200+ web novel genres; integrates text, audio, animation, and derivative IP content.
• QQ Reading (QQ阅读) Mobile reading software covering iOS and Android with massive original works, leveraging early user base from the WAP era of QQ Book City.
• WebNovel (起点国际) Global multilingual reading platform providing Chinese-translated and overseas-original novels in 15+ languages with AI-powered translation and monetization for international creators.
• Tencent Animation & Comics (腾讯动漫) Leading Chinese anime and comics comprehensive platform cultivating creators and user ecosystem, spawning IPs such as Hitori no Shita and Fox Spirit Matchmaker with cross-media adaptations.
• New Classics Media (新丽传媒) Film and television production company specializing in drama series and films, integrated into YUEWEN in 2018 as a key component of the content industry chain; produced the 2024 Spring Festival box office champion YOLO.
• Yuewen Animation & Comics (阅文动漫) Animation and comics brand responsible for visual IP development, producing works like Battle Through the Heavens, The King's Avatar, Stellar Transformations, and Martial Universe.
• Yuewen Games (阅文游戏) IP-adapted game R&D and publishing brand developing games based on IPs such as Soul Land, Battle Through the Heavens, Stellar Transformations, and Joy of Life, with global publishing.
• Yuewen Goods (阅文好物) IP commercialization brand focusing on derivative product development and licensing for IPs like Battle Through the Heavens, The King's Avatar, and Lord of Mysteries; 2025 GMV exceeded RMB 1.1 billion.
• Yuewen Audio (阅文有声) Audio content development and production brand producing audio dramas such as Da Feng Da Geng Ren, Ye De Ming Ming Shu, and Battle Through the Heavens, in collaboration with dubbing and audio production partners.
• Yuewen Short Drama (阅文短剧) Short drama platform leveraging YUEWEN's IP library and distribution capabilities, producing premium short dramas including hits like Mother Rises to the Top and This Bodyguard Is Invincible.
• Storyland (阅文书园) Offline IP social experience space targeting young users, combining content consumption, IP experience, and social functions with Reading + IP Merchandise + Interactive Experience + Social Activities + Themed Dining.
• Writer's Assistant (作家助手) Multi-platform writing application supporting Android, iOS, HarmonyOS and desktop, offering professional writing tools, data analytics, and cloud synchronization for web novel creators.
• XiaoXiang Academy (潇湘书院) Female-oriented online literature platform producing IPs like Proud Wind, Rebirth of the General's Door, and various female-targeted web novels adapted into hit TV dramas.
• HongXiu Reading (红袖读书)
• Qidian Chinese Network (起点中文网) Industry-leading original literature portal and writing platform, pioneering the online VIP paid reading model in 2003 and incubating 200+ web novel genres.
• Yuewen Open Platform (阅文开放平台) Open platform for developers and partners to access Yuewen's resources and services.

Quantifiable outcome

• Soul Land game series achieved global revenue exceeding CNY 20 billion
• +6 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• NetflixcoreChannel Partner/ Reseller/ Distributor · 1 September 2025Licensing partnership for distributing Yuewen IP adaptations internationally. Joy of Life and other drama series distributed through Netflix globally, reaching 180+ countries.
• Disney+coreChannel Partner/ Reseller/ Distributor · 1 September 2025Streaming partnership where Joy of Life Season 2 became the highest-trending mainland Chinese drama on Disney+. Content distributed across Disney+ platforms globally.
• Universal Studios SingaporeflagshipStrategic or Co-development Partner · 1 September 2025First Chinese literary IP to be adapted into a haunted house experience. The Unruly Immortals featured at Halloween Horror Nights 13, marking significant cultural milestone for Chinese web novels.
• Singapore Tourism BoardcoreStrategic or Co-development Partner · 1 September 2025Strategic cooperation to explore new cultural tourism models. Includes partnership for Universal Studios Singapore collaboration and broader IP-driven tourism initiatives.
• Tencent (Parent Company)flagshipStrategic or Co-development Partner · 1 September 2025Tencent-backed platform leveraging WeChat, QQ, and Tencent Video for distribution. 2023 acquisition of Tencent Animation and Comics IP assets expanded the content ecosystem.
• Sony PicturescoreChannel Partner/ Reseller/ Distributor · 1 September 2025Global distribution partner for YOLO (热辣滚烫), the 2024 China box office champion. Film achieved CNY 3.75 billion domestically and international distribution reach.
• Switzerland TourismcoreGTM or Marketing Partner · 1 May 2025Collaboration where Ye Xiu, protagonist of The King's Avatar, served as Swiss Travel Explorer 2025. Partnership to promote Chinese IP internationally through cultural exchange.
• SOFTOPIAminorChannel Partner/ Reseller/ Distributor · 1 May 2025Partnership to launch curated pop toy store in Singapore, expanding IP merchandise distribution internationally through retail partnerships.
• HaidilaominorGTM or Marketing Partner · 1 January 2025The Outcast x Haidilao collaboration reached 1,300+ stores and generated nearly 400 million social media impressions, demonstrating IP appeal for consumer brands.
• OPPOminorGTM or Marketing Partner · 1 January 2025The King's Avatar x OPPO collaboration featuring limited edition gift boxes for Reno14 series, targeting the esports and IP fan demographic.
• International Publishers (14 language markets)coreChannel Partner/ Reseller/ Distributor · 1 January 2025Publishing partnerships for Lord of Mysteries and other IPs licensed in English, German, French, Thai, Turkish, Russian, Hungarian, Ukrainian markets. Over 1,300 works licensed globally.

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• iQIYI: Major Chinese streaming platform that both licenses Yuewen IPs and produces original content. Competes for premium drama production budgets and viewer attention; key customer for IP adaptation licensing.
• Bilibili: Chinese video platform with significant anime, comics, and literature community overlap. Operates competing IP incubation programs and animation production capabilities that intersect with Yuewen's IP adaptation business.
• Shogakukan / Shueisha (Hitotsubashi Group): Japanese manga publishing giants with deep IP libraries (One Piece, Naruto, Dragon Ball) and successful cross-media adaptation track record. Comparable vertically-integrated publishing-to-entertainment model in Asian markets.

Direct peers

• Naver Webtoon: Naver-owned webtoon platform with global expansion to 170+ countries via Webtoon Entertainment (NYSE-listed). Direct competitor in serialized online reading/comics with similar IP development model and creator monetization programs.
• ByteDance (Fanqie Novel/番茄小说): ByteDance's free-to-read online novel platform leveraging Douyin traffic for distribution. Most aggressive direct competitor in Chinese online literature with rapid user growth and ad-supported model threatening paid reading.
• Kakao Entertainment: South Korea's leading web novel (Kakao Page) and webtoon platform with strong IP-to-drama/movie adaptation track record. Comparable vertically-integrated model spanning web novels, comics, and entertainment production.
• Wattpad (Naver-owned): Global user-generated fiction platform with strong Western market presence and Hollywood adaptation pipeline. Direct competitor in serialized online reading with similar creator ecosystem model.

Regional players

• JOONGANG Group / Munpia: South Korea-based web novel platforms operating in Korean market with focus on serial fiction publishing. Comparable paid reading model and IP-to-entertainment adaptation pipeline but geographically limited to Korean market.

Others

• Tencent Music / Tencent Video: Sister Tencent entities providing distribution channels for Yuewen IP (Tencent Video for drama/animation, QQ Music ecosystem). Strategic ecosystem partners rather than direct competitors, but represent the same parent company's broader entertainment portfolio.
• Shanda Literature (盛大文学 historical): Historical predecessor entity (Cloudary) that merged with Tencent Literature in 2015 to form Yuewen. Now a legacy reference but provides context for industry consolidation history and competitive dynamics in Chinese online literature.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xweibo.com/u/5108921291
• Instagramxiaohongshu.com/user/profile/66bad44c000000001d0336f4

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries16 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments13 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Literature