Col Group Co.,Ltd. (Stock Code: 300364) has released its financial report for the year 2025. The report indicates that the company achieved annual revenue of 1.657 billion yuan, representing a 43% increase compared to 1.159 billion yuan from the same period last year.
However, Col Group reported a net loss of 671 million yuan for 2025, a significant increase from a net loss of 243 million yuan in the previous year. After excluding non-recurring gains and losses, the adjusted net loss was 637 million yuan, compared to an adjusted net loss of 271 million yuan a year earlier. The company also experienced a net cash outflow of 200 million yuan during the year.
For the fourth quarter of 2025, Col Group posted revenue of 646 million yuan. The net loss for the quarter was 150 million yuan, while the adjusted net loss stood at 117 million yuan. The company operates several original content platforms, including 17K Novel Network, April Sky Novel Network, and Beaver Story.
In terms of business segments, revenue from online literature amounted to 673 million yuan in 2025, a slight decrease of 1.83% year-over-year. In contrast, revenue from short drama and intellectual property (IP) derivative businesses reached 900 million yuan, marking a substantial growth of 125% compared to the previous year.
Significant changes occurred in the company's shareholder structure. As of December 31, 2025, founder and actual controller Tong Zhilei held 11.97% of the shares. Shanghai China Literature Information Technology Co., Ltd. held a 3.5% stake, while Shenzhen Litong Industrial Investment Fund Co., Ltd. also held 3.5%. Xunyuan Private Fund Investment Management (Guangdong) Co., Ltd. - Xunyuan Yuanding No.6 Private Securities Investment Fund held a 1.72% stake.
Other major shareholders included Beijing Create Chestnut Information Technology Co., Ltd. (1.1%), China Life Insurance Company Limited (various portfolios holding a combined stake), Barclays Bank (1.04%), China Merchants Bank Co., Ltd. - China Europe Digital Economy Hybrid Fund (0.95%), and China Life Insurance (Group) Company (0.72%). In total, Tong Zhilei controls 13.69% of the company's equity.
A comparison with the shareholding structure as of September 30, 2025, shows that Shenzhen Litong and Shanghai China Literature previously each held a 4.49% stake.
In November 2025, Col Group announced that it had received notifications from shareholders Shenzhen Litong (affiliated with Tencent) and Shanghai China Literature regarding the reduction of their shareholdings. Their combined stake decreased from 8.98% to 6.991%, a reduction of approximately 2 percentage points. This divestment plan has now been completed.
Based on the current closing share price of 30.43 yuan, giving Col Group a market capitalization of approximately 22.168 billion yuan, the combined cash proceeds from the share sales by Tencent and China Literature are estimated to exceed 400 million yuan.
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