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 ...