China and South Korea, two major representatives of the micro-drama industry, have developed distinct development paths and industrial logics due to differences in market environments, industrial foundations, and cultural DNA. Relying on the ecosystem of short video platforms and algorithmic recommendations, China embraces a "channel-centric" approach. IP development relies on traffic-driven growth and rapid monetization, fostering a highly efficient "invest-test-money" commercialization model. However, this model suffers from content homogeneity, shallow narratives, and short IP lifecycles. South Korea, rooted in a mature film and television industry system and upholding a "content-centric" tradition, prioritizes emotional tension, character development, and narrative integrity, resulting in IP development with a more long-term perspective and the potential for cross-media storytelling. This study compares the differences between China and South Korea across five dimensions: industrial model, IP origins, development strategies, narrative logic, and case studies. China, driven by the "traffic logic," fosters fragmented narratives and a horizontally expanding "database consumption" model, while South Korea constructs a "story universe" with emotional depth and a complete worldview, promoting vertical IP development and brand building. By comparing Chinese and Korean cases, this paper reveals fundamental differences in IP operations between the two countries. It suggests that Chinese micro-short dramas, while maintaining their channel advantages, should shift from a "traffic logic" to a "content logic": promoting narratives from "stacked with exciting moments" to "building a story world"; guiding platforms from "traffic distributors" to "cultivators of the ecosystem"; and leveraging technology to enhance content quality and cultural connotations. By rebalancing "channels and content," an IP ecosystem with both commercial value, cultural appeal, and sustainable vitality can be built.