COL Group short-drama revenue doubles as ReelShort stays outside its consolidated accounts
The Chinese publisher's half-year report shows short drama and IP derivatives at RMB 411m, up 108.72%, against web literature down 54.91%. Crazy Maple Studio, which operates ReelShort, is disclosed as a 49.24% equity-method associate rather than a subsidiary.
What this basis means: Regulatory filing, government body, court or industry association.
COL Group, listed in Shenzhen as 300364, filed its 2026 half-year report through cninfo with a disclosure date of 26 August 2026. Group revenue was RMB 577.9m, up 3.85%, with a net loss attributable to shareholders of RMB 43.0m.
The segments moved in opposite directions. Short drama and IP derivatives reached RMB 411.3m, up 108.72%. Web literature fell to RMB 145.4m, down 54.91%. The two named segments do not sum to group revenue; a third line of RMB 21.2m accounts for the difference. Selling expenses were RMB 254.2m, down 4.49%, against RMB 953.2m for the 2025 financial year.
The report defines Crazy Maple Studio, which operates ReelShort, as an associate held through the group's Hong Kong company. The 2025 annual report gives the holding as 49.24% on the equity method, with 47.81% of voting rights across A, B and C share classes. No ReelShort revenue therefore appears in COL Group's consolidated revenue line; the group recorded RMB 28.4m of investment income, which it attributes principally to associates.
Crazy Maple figures disclosed alongside the report cover January to March 2026 only, a limitation the filing states expressly: revenue of RMB 1.57bn and net profit of RMB 55.7m, against a loss-making 2025.
Companies ReelShort, FlareFlow