Ac t i o n | 22 Jul 2026 04:29:22 ET │ 15 pages Online reading —For 1H26E, we lower online reading business revenue to RMB1.8bn, -8% yoy to reflect competition in Weixin channel distribution. Core IP business — Excluding NCM business, the core IP business momentum remains solid benefiting from the growth momentum of short dramas & AI comic dramas, see ttlink. We model FY1H26E revenue at RMB1.39bn, +24% yoy. NCM updates — In 1H26, NCM released three dramas and one movie called I Know Who You Are, with box of ...

July 22, 2026 08:00 AM GMT China Literature Ltd | Asia Pacific M Idea 1H26 Preview: IP strength intact amid NCM loss | What's Changed | | | | --- | --- | --- | | China Literature Ltd (0772.HK) | From | To | | Price Target | HK$29.00 | HK$23.00 | We expect 1H26 revenue to grow 3% YoY, as non-NCM IP growth offsets weakness in online business and NCM. Adjusted net profit may fall to Rmb217mn (vs. Rmb540mn in 1H25), driven by a Rmb300mn NCM tax-related net loss, while non-NCM earnings remain flat YoY. PT HK$23, ...