The global expansion of Chinese short dramas has entered a new phase of efficient development and value enhancement, boosted by localized original works, AI empowerment and global collaboration. In 2025, they gained 2.15 billion downloads and over $2 billion in IAP revenue, with distinct regional market features. A complete cross-border industrial chain has taken shape, while traditional streaming platforms accelerate market entry. Facing high user acquisition costs and profit pressure, the industry is undergoing restructuring. Moving forward, AI, localized operation, IP value tapping and cross-border integration will lead sustainable global ecological development.