证券之星消息，9月5日数字媒体板块较上一交易日上涨2.7%，芒果超媒领涨。当日上证指数报收于 3812.51，上涨1.24%。深证成指报收于12590.56，上涨3.89%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300413 | 芒果超媒 | 27.33 | 7.47% | 39.19万 | 10.42亿 | | 300785 | 值得买 | 34.22 | 2.79% | 10.90万 | 3.62亿 | | 301313 | 凡拓数创 | 25.86 | 2.13% | 2.21万 | 5662.96万 | | 300987 | 川网传媒 | 18.15 | 2.08% | 3.93万 | 7077.02万 | | 66ZI0E | 卓创资讯 | 61.21 | 1.95% | 9260.0 | 5626.26万 | | 002095 | 生意宝 | 20.73 | 1.77% | 6.59万 | 1.34亿 | | 603466 | 风語筑 | 9. ...

截至2025年9月5日 14:10，中证沪港深线上消费主题指数(931481)强势上涨1.45%，成分股中国电影(600977)上涨10.04%，巨人网络(002558)上涨8.14%，万润 科技(002654)上涨7.55%，芒果超媒(300413)，姚记科技(002605)等个股跟涨。线上消费ETF基金(159793)上涨2.71%，最新价报1.06元。拉长时间看，截至 2025年9月4日，线上消费ETF基金近1月累计上涨5.62%。 线上消费ETF基金紧密跟踪中证沪港深线上消费主题指数，中证沪港深线上消费主题指数从内地与香港市场中选取50只主营业务涉及线上购物、数字娱乐、 在线教育以及远程医疗等领域上市公司证券作为指数样本，以反映内地与香港市场线上消费主题上市公司证券的整体表现。 数据显示，截至2025年8月29日，中证沪港深线上消费主题指数(931481)前十大权重股分别为腾讯控股(00700)、阿里巴巴-W(09988)、快手-W(01024)、美团- W(03690)、京东健康(06618)、科大讯飞(002230)、哔哩哔哩-W(09626)、巨人网络(002558)、拓维信息(002261)、 ...

证券之星消息，9月4日数字媒体板块较上一交易日下跌1.28%，*ST返利领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600228 | *ST返利 | 4.71 | -5.04% | 17.45万 | 8285.33万 | | 300413 | 芒果超媒 | 25.43 | -2.57% | 23.49万 | 6.00亿 | | 000681 | 视觉中国 | 20.65 | -1.81% | 46.03万 | 269.6 | | 603000 | 人民网 | 20.26 | -1.51% | 15.82万 | 3.22亿 | | 301313 | 凡拓教创 | 25.32 | -1.02% | 2.97万 | 7647.86万 | | 603466 | 风语筑 | 9.80 | -0.81% | 14.39万 | 1.42亿 | | 301299 | 卓创资讯 ...

9月2日，第三方数据机构QuestMobile发布报告，数据显示，今年以来视频行业头部平台持续发力，截 至2025年7月，在线视频APP行业活跃用户规模达到8.15亿。其中，腾讯视频、爱奇艺、芒果TV、优酷 视频月度活跃用户规模分别为3.65亿、3.58亿、2.84亿、2.02亿。 根据报告，2025年的剧综市场呈现出两大发展趋势。一是内容精品化，今年1至7月，"爱优腾芒"四大平 台共上新157部剧集，同比增长了12.9%。爱奇艺、腾讯视频、优酷视频、芒果TV等平台独播剧占比分 别为78.8%、78.5%、87.5%、71.4%，远超去年20个百分点以上。 此外，"长剧变短"是剧综市场的另一趋势。报告显示，在剧集集数方面，21集至40集占比最多。同时， 剧综题材则以爱情、罪案、职场类为主流，播放量占比分别为49.2%、19.9%、11.5%。其中，各大平台 还根据核心用户特征对剧综进行了针对性设计，例如爱奇艺的"恋恋剧场"女性用户占比51.3%，90后及 00后用户的占比43.1%。 同时，在线视频平台在短剧赛道的竞争更加激烈。今年1至7月，腾讯视频、爱奇艺、芒果TV、优酷视 频分别上新短剧88部、64部、4 ...

Revenue and Profit Decline - In the first half of the year, the company achieved operating revenue of 5.964 billion yuan and a net profit attributable to shareholders of 0.763 billion yuan, representing year-on-year declines of 14.31% and 28.31% respectively, with a fully diluted EPS of 0.41 yuan [1] - In Q2 2025, the company reported revenue of 3.063 billion yuan and a net profit of 0.385 billion yuan, down 15.74% and 35.09% year-on-year [1] - The decline in revenue is primarily due to the contraction of the traditional TV shopping business, while the drop in net profit is attributed to increased investments in top-tier film and television content, ecological layout, and technology applications [1] Core Platform Performance - In the first half of the year, Mango TV's internet video business generated revenue of 4.882 billion yuan, a slight year-on-year decline of 1.5%, maintaining overall stability; the average monthly active users increased by 14.24% year-on-year, and the average daily usage time per user remains among the industry leaders [1] - Membership revenue reached 2.496 billion yuan, continuing to grow; advertising revenue was 1.587 billion yuan, showing significant recovery compared to the first quarter but still facing considerable pressure [1] - The operator business revenue was 0.8 billion yuan, marking a year-on-year increase of 7%, recovering after a significant decline in 2024 due to industry governance factors [1] Content Ecosystem Development - The variety shows continue to maintain industry-leading advantages, with Mango TV's variety show effective playback volume ranking first in the industry [2] - The show "Singer 2025" innovatively combines vertical and horizontal screen viewing modes, achieving over 90 million total interactive live sessions; "Riding the Wind 2025" broke the traditional studio recording mode by setting the stage outdoors, with peak monthly playback volume increasing by over 30% compared to the previous season [3] - In terms of drama series, effective playback volume for Mango TV's dramas increased by 69% year-on-year, with "The National Color of Elegance" achieving an average playback volume exceeding 40 million; the company has a reserve of nearly 100 dramas, and the latest policies from industry regulators are expected to support the production of more high-quality hit dramas [3] - The strategy for micro-short dramas is accelerating, with 1,179 micro-short dramas launched under the Big Mango plan, a nearly 7-fold increase year-on-year; the self-produced horizontal short drama "Jiang Song" topped the short drama effective playback ranking in May [3]

期待《声鸣远扬》等新管线驱动广告回暖 ——芒果超媒（300413.SZ）25 年中报点评 核心观点 盈利预测与投资建议 ⚫ 公司热门综艺 IP 矩阵持续延展，广电新政预期将长期对行业产生正面驱动，预期公 司 ROI 有望逐渐回升。我们预计公司 25~27 年归母净利润分别为 15.57/18.31/19.93 亿元（25~26 年原预测值为 18.49/21.08 亿元，根据中报，下调 电商等业务收入预测），因广电新政对 26 年产生更大影响，我们切换可比公司 26 年估值，给予公司 26 年 32 倍 PE，对应目标价 31.36 元，维持"增持"评级。 风险提示 行业监管严格，市场竞争激烈，劣迹艺人风险，投资收益不及预期 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,628 | 14,080 | 12,910 | 14,158 | 15,150 | | 同比增长 (%) | 4.7% | -3.7% | -8.3% | 9.7% | 7. ...

Core Insights - The long video platforms are facing challenges with revenue growth slowing down and profitability becoming more difficult, prompting a shift towards optimizing content costs and exploring new revenue sources like micro-short dramas, AIGC, IP derivatives, and content globalization [37] Industry Overview - Long video platforms are entering a new phase of project reduction and AI efficiency improvements due to stagnation in membership growth and weak advertising revenue [1][5] - The rise of short videos has significantly impacted the user base of long video platforms, with monthly active users (MAU) for Tencent Video, iQIYI, and Youku projected to drop from 5.3 billion, 5.65 billion, and 4.7 billion in August 2018 to 3.63 billion, 3.56 billion, and 2.01 billion by June 2025, respectively [3] Company-Specific Insights iQIYI - iQIYI reported a decline in revenue and net profit in the first two quarters, with major business segments like membership services and online advertising also experiencing downturns, although other income streams showed growth [7] - The platform is focusing on a balanced approach between long and short content, emphasizing high-quality productions to enhance user engagement and attract advertisers [15] - iQIYI's international membership revenue grew by 35% year-on-year, and the company is leveraging AI to reduce costs and enhance efficiency [13] Youku - Youku's strategy centers on content quality, series development, and cross-industry integration, with successful shows like "藏海传" achieving significant viewership and advertising revenue [16][19] - The platform is expanding its talent pool by recruiting notable industry figures to enhance content creation capabilities [19] Tencent Video - Tencent Video reported a paid membership count of 111.4 million, the only platform to disclose such figures, and is focusing on high-quality content to improve viewer retention [22] - The platform is shifting its strategy to prioritize A+ and S+ level projects, aiming to enhance the return on investment and avoid resource wastage [25] Mango TV - Mango TV's revenue for the first half of 2025 was 5.964 billion yuan, a decline of 14.31%, with significant drops in its content e-commerce segment [29][32] - The platform is increasing its investment in content, particularly in short dramas, with a reported 1179 micro-short dramas set to launch, marking a nearly sevenfold increase from the previous year [36]

每经AI快讯，有投资者在投资者互动平台提问：有媒体报道，芒果TV联合华为打造鸿蒙车载娱乐新生 态，共同启动以HarmonyOSNEXT为基础的原生鸿蒙车机应用开发计划。双方合作将将推动鸿蒙原生应 用生态的构建。请问：上述消息是否属实？芒果鸿蒙车机应用开发包括哪些内容？目前进展情况如何？ （文章来源：每日经济新闻） 芒果超媒（300413.SZ）9月2日在投资者互动平台表示，芒果TV已与华为智能座舱达成鸿蒙座舱原生应 用合作，双方将从视频应用体验优化、技术创新突破以及鸿蒙座舱生态体系建设等多维度展开合作，旨 在为智能汽车用户打造内容更为丰富、交互更趋智能、体验更加沉浸的高品质影音娱乐服务。 ...

各位童鞋搭嘎猴啊，上周"运动健康行业报告"看的怎么样？有童鞋在后台留言："今年帝都 的雨水太多了，影响我跑步锻炼的进程，减肥大业又泡汤了……" (° _ °)…童鞋，恐怕老天爷 会说，这个锅我不背啊，毕竟，雨再大再多，也没能挡住大家烧烤和火锅的路啊( * ´▽｀)ノ ノ 言归正传，今天就给大家分享一下2025年剧综市场。Qu e s tMobi l e数据显示，受政策松绑 影响，内容创新化和精品化趋势持续加速，视频行业头部平台持续发力，截止到2025年7 月，在线视频APP行业活跃用户规模达到8.15亿，头部四大玩家腾讯视频、爱奇艺、芒果 TV、优酷视频月度活跃用户规模分别为3.65亿、3.58亿、2.84亿、2.02亿。 纵观2025年的剧综市场，两大发展趋势不容忽视，一方面，内容精品化，核心是平台深度参 与定制剧、优化运营策略，表现则是"独播攀升"，1-7月份，四大平台共上新了157部剧 集，同比增长了12.9%，其中，爱奇艺、腾讯视频、优酷视频、芒果TV等平台独播剧占比 分别为78.8%、78.5%、87.5%、71.4%，均远超去年二十个百分点以上。 另一方面，内容创新化，核心表现是"长剧向短"，21 ...

证券研究报告 | 2025年09月01日 芒果超媒（300413.SZ） 优于大市 中报点评：核心业务保持稳健，内容投入压制短期利润 核心观点 公司研究·财报点评 营收及利润下滑。1）上半年公司实现营业收入 59.64 亿元、归母净利润 7.63 亿元，同比分别下滑 14.31%、28.31%，对应全面摊薄 EPS 0.41 元；实现扣 非归母净利润 6.10 亿元，同比下滑 33.15%；2）25 年 Q2 公司实现营收 30.63 亿元、归母净利润 3.85 亿元，同比分别下滑 15.74%、35.09%；3）营业同比 下降主要是传统电视购物业务板块收缩；归母净利润同比下降主要是由于公 司加大头部影视剧内容、生态布局及技术应用等方面的投入。 核心平台业务表现稳健，运营商业务恢复增长。1）上半年芒果 TV 互联网视 频业务实现营收 48.82 亿元、同比下滑 1.5%，整体保持稳健；芒果 TV 用户 月活均值同比增长 14.24%、人均单日使用时长稳居行业前列；会员业务收入 达到 24.96 亿元，继续保持增长；广告业务实现营业收入 15.87 亿元环比 一季度明显回暖但仍面临较大压力；2）运营商业务收入为 ...