Webnovel.Forum

First 100 chapters are free to read (about 200,000 words)

Paid spirit stone chapter purchase: authors get 50% of net income
Paid Spirit Stone Gift: authors get 50% of net income
Ad Revenue: authors get 50% of net income

I am guessing they are using net income because there is fee in PayPal, Apple/Google probably take 30% cut if you buy spirit stones in their App Store. So net income is the amount that Webnovel gets from selling spirit stone / net ad revenue. They will pay authors 50%

Authors also get 50% split from

Movies/tv shows adaptation
Comic books adaptation
Game adaptation
E-books adaptation
Audiobooks adaptation

This is what I gather from all the public information detailed below:

Anyway, this is a quote from @Alemillach (Author of Last Wish System) from a comment on this: https://www.webnovel.com/book/10678377306098705/31268052968461157/Alternate-World-Online/'Contract'

I am tired of seeing this type of information, so I obtained permission to clarify things about the contract because the information here is incorrect. Moreover, I asked, and Webnovel didn't send a contract to this author, so I don't know from where did he obtain such a fake contract.
The contracts needed to be read well because they are easy to misunderstand clarifying points.
1. Meaning of 200k free words. No premium until having published around 200k, the number didn't need to be exactly as it is possible to be a bit less or a bit more. After the 200k words, you can expect every contracted work to go premium at any moment. (the number can be different for each contract, but this is the standard one)
2.License. They can adapt it to any format (comic, movie, audiobook, e-book, etc.), but you are still the author and have a share of everything without any cost for you.
3. If you earn less than 200$, they accumulate it for next month and then pay it to you when you have more than 200$, you don't lose it, just get it later.
4. Payments from Premium are always the next month. For example, Premium from August is paid in September. Those three months are for other types of income besides the Premium.
5. In case you need to go to China they pay everything to you, I just come back today from Beijing, and they paid it all so I can ensure it, you can also ask Moloxiv who was also there. Moreover, they ask you if you can go; if you can't just say it. Of course, once you say that you will go, then you need to go, that is just being professional, but in any case, the travel is all paid by Webnovel.
6. They can make suggestions like every editorial in the world with the books they have. However, they are suggestions; you didn't need to follow them if you don't want.
7. If you break the contract and stop writing the novel, they can put someone else to continue, only in that case and it is to avoid novels being dropped before being finished.
8. Actually, no one is checking the drafts (published chapters), nor forcing anyone to make changes, the suggestions can be followed or not, they suggest to help the authors, but if the author didn't like, there is no need to follow the suggestion.
9. That is in case if you break the contract, breaking contracts always had consequences. If you sign, you mustn't break it. Although I doubt that they will really act in that way, they have the possibility, but sue someone is expensive and I doubt it will be good for them, maybe they will end wasting more than winning.
10. They remain the copyright if you broke the contract, the solution is not breaking it.
11. All the net income is split 50% Webnovel and 50% the author and that includes adaptations to comics, movies, e-books, audiobooks, etc. Although the author didn't need to do anything in those adaptations.
12. The net income is split in 50/50; there is no 30% in any case. Webnovel have their own artists for covers, so you don't need to hire one. As for editors, some works will get although not all (at least this is that I know)
13. Free SS are free, so they aren't money. They split 50% of the net income, but free SS are 0, so the 50% is still 0.
14. The contract should be almost the same, but the contract isn't bad as people is always saying, it is a pretty good contract, the few restrictions are perfectly normal when signing a contract and as long you didn't break the contract there wouldn't be any problems.

But, take everything with a grain of salt. You won't know the contract until webnovel gives you one. shrugs Or simply just don't sign anything and self-publish on Amazon or something... ¯(ツ)/¯ Nobody forces you to sign.