According to statistics from the National Radio and Television Administration, 21 domestically produced TV dramas totaling 658 episodes were completed and approved for release in Q3 2025. Among them, 14 series (413 episodes) were contemporary-themed, accounting for 66.67% of the total. Historical dramas comprised 7 series (245 episodes), with 4 being modern-era productions (127 episodes) and 3 ancient-themed (118 episodes).
Yunhe Data reported that the top 20 long-form dramas in Q3 2025 generated 14.5 billion valid plays, down 10% year-over-year (YoY). Thirteen new series achieved V30 ratings between 10–20 million, up by 7 YoY. Streaming platforms released 161 new long dramas, a decrease of 8 YoY, including 73 domestic productions (up 7 YoY), totaling 1,909 episodes and 1,408 hours—both growing approximately 5% YoY.
By October 31, all A-listed TV production companies had disclosed Q3 2025 results. This analysis focuses on five firms: Huarui Century, Ciwen Media, Baina Qiancheng, Huazhi Shumei, and Huace Film & TV.
**Industry Overview: Revenue Growth Without Profit** The sector collectively posted revenue of 1.86 billion yuan (+2.17% YoY) but net losses of 320 million yuan—65 times wider than 2024.
**Key Performers:** 1. **Baina Qiancheng** suffered the steepest decline, with Q1–Q3 revenue at 177 million yuan (-73.43% YoY), the only company reporting shrinkage due to reduced productions. Net loss expanded 24.89% to 68 million yuan. Q3 revenue plummeted 90.05% to 41 million yuan, with losses widening 94.92% to 48 million yuan. - Only one series, *Crime Scene* (18 episodes), aired during this period. - Inventory surged 32.72% YoY to 1.83 billion yuan, comprising 54.56% of current assets. - Credit impairment losses skyrocketed 223.97% to 103 million yuan, with accounts receivable turnover days ballooning to 553.62 (+301 days YoY), signaling heightened collection risks.
2. **Huace Film & TV**, the industry leader, achieved dual growth: revenue rose 16.62% to 1.04 billion yuan, while net profit edged up 5.35% to 175 million yuan. Q3 revenue fell 52.21% YoY but grew 22.99% quarter-over-quarter (QoQ); net profit dropped 39.38% YoY but surged 119.23% QoQ. - Three series premiered, including *Our Homeland*, a 40-episode flagship drama commemorating the 80th anniversary of WWII’s end, which ranked second in August ratings with 291.5 million average viewership.
3. **Huarui Century** reported revenue up 123.30% to 342 million yuan but losses widening 164.94% to 35 million yuan. Q3 revenue jumped 216.90% YoY, while net loss narrowed 59.08%. - Reliant on short-form dramas, it aired only one long series, *Eternal Legends*. A much-anticipated idol drama, *Perfect Match*, remains delayed. - Its subsidiary co-produced the hit interactive game *Love Is All Around 2*, scoring 8.7/10 on Taptap and 82% positive Steam reviews.
4. **Ciwen Media Co.,Ltd.** saw revenue surge 266.36% to 193 million yuan but swung to a 27-million-yuan loss (from profit in 2024). Q3 revenue dipped 1.80% to 2.88 million yuan, with losses expanding 52.87% to 4.33 million yuan. - Released 1 film, 4 web dramas, and 3 mini-series in Q3, including *Justifiable Defense* and *Northeast Stories*, but none gained significant traction.
5. **Huazhi Shumei**’s revenue grew 90.81% to 110 million yuan, but losses exploded 590.84% to 366 million yuan. Q3 revenue spiked 2,634.01% YoY to 66 million yuan, while net loss ballooned 917.22% to 295 million yuan. - Operating costs (318 million yuan) dwarfed revenue by 4.8x, driven by its interactive film-game *Charge Forward, Youth!* (*CEO It Is!*). Despite an 86% initial Steam rating, recent reviews dropped to 68%, citing weak plots and poor UI. - Operating cash flow worsened to -55 million yuan (-32.08% YoY).
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