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在全民阅读被提升到国家战略的高度背景下，方便快捷、易操作且不受时空 限制的移动阅读，伴随着移动互联网发展和数字化硬件渗透率的提升得以快速发 展。然而，短视频、游戏、动漫等多种娱乐方式的盛行导致移动阅读用户逐渐流 失，加之免费阅读软件的冲击，导致移动阅读市场规模增速放缓，用户增长疲软。 移动阅读企业亟需创新盈利模式，拓展盈利来源，实现自身和移动阅读行业的持 续高速发展。

本文依托产业链与价值链理论，首先对移动阅读行业的盈利模式进行了总体 性分析，指出全行业在用户、各盈利要素和价值链层面存在的问题。其次，选取 移动阅读行业的龙头企业阅文集团作为典型案例，并将同行业发展较好的掌阅科 技作为对比公司，运用四项基本能力分析、现金流量分析以及杜邦分析法，对两 家公司在 2015-2019 年间的财务状况进行对比。结果表明，阅文集团进行泛娱乐 布局，通过粉丝经济效应不断放大网络文学 IP 的影响力，从而拓展用户群体， 形成了在线业务和版权运营双核驱动的利润增长点，公司整体盈利能力良好，但 同时指出其营业成本居高不下，期间费用率偏高，营运风险持续增加等问题。最 后，针对阅文集团提出了建立战略联盟达成互惠合作，降低营业成本，加强 IP 价值链协同效应，实现海外扩张等优化建议，以期助力阅文集团探索出盈利模式 创新路径，保持稳定而快速的发展。

     Under the background that national reading is promoted to the height of national strategy, mobile reading, which is convenient, easy to operate and not limited by time and space, develops rapidly with the development of mobile Internet and the promotion of digital hardware penetration. However, the popularity of short videos, games, animation and other forms of entertainment has led to the gradual loss of mobile reading users. Coupled with the impact of free reading software, the growth of mobile reading market has slowed down and the growth of users is weak. Mobile reading enterprises need to innovate the profit model, expand the source of profit, and realize the sustained and rapid development of themselves and the mobile reading industry.

     Based on the theory of industry chain and value chain, this paper first makes an overall analysis of the profit model of mobile reading industry, and points out the problems existing in the whole industry at the level of users, profit factors and value chain. Secondly, Yuewen group, a leading enterprise in the mobile reading industry, is selected as a typical case, and ZhangYue technology, a better developed company in the same industry, is taken as a comparative company. Four basic ability analysis, cash flow analysis and DuPont analysis are used to compare the financial situation of the two companies from 2015 to 2019. The results show that Yuewen group carries out pan entertainment layout, continuously enlarges the influence of Internet Literature IP through the economic effect of fans, so as to expand the user group, and forms a profit growth point driven by online business and copyright operation. The overall profitability of the company is good, but at the same time, it points out that its operating cost is high, and the period expense rate is high, operational risks continue to increase. Finally, for Yuewen group, this paper puts forward some optimization suggestions, such as establishing strategic alliance, achieving mutually beneficial cooperation, reducing operating costs, strengthening the synergy effect of IP value chain, and realizing overseas expansion, so as to help Yuewen group explore the path of profit model innovation and maintain stable and rapid development.