证券代码：300413 证券简称：芒果超媒 公告编号：2025-045 芒果超媒股份有限公司 第四届监事会第二十九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 经审议，监事会认为：芒果 TV 智慧视听媒体服务平台项目已经达到预期可使用 状态，将节余募集资金用于新增募投项目芒果 TV 音视频行业大模型矩阵项目建设， 符合募集资金管理相关规定，不存在违规存放与使用募集资金的情况，也不存在损害 股东，尤其是中小股东利益的情形。公司保荐机构就该事项出具了核查意见。保荐机 构核查意见、募投项目结项及节余募集资金用于新募投项目情况详见公司同日在巨潮 资讯网披露的公告。 表决结果：3 票同意，0 票反对，0 票弃权。 本议案尚需提交公司股东会审议。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届监事会第二十九次会议（以 下简称"会议"）于 2025 年 12 月 12 日以通讯表决方式召开。会议由公司监事会主 席谭丽主持，会议应出席监事 3 人，实际出席监事 3 人。会议的召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定 ...

1.审议通过《关于修订〈公司章程〉的议案》 证券代码：300413 证券简称：芒果超媒 公告编号：2025-044 芒果超媒股份有限公司 第四届董事会第三十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届董事会第三十一次会议（以 下简称"会议"）于 2025 年 12 月 12 日以通讯表决方式召开。会议由董事长蔡怀军 主持，应出席董事 9 人，实际出席董事 9 人，公司监事对表决结果进行了统计确认。 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、会议审议情况 为全面贯彻落实最新法律法规和监管规定要求，进一步规范公司运作机制，持续 提升公司治理水平，根据《公司法》《上市公司章程指引》《关于新〈公司法〉配套 制度规则实施相关过渡期安排》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等最新法律法规、 规范性文件的规定，公司对《公司章程》进行相应修订，主要包括：将"股东大会" 修改为"股东会" ...

Market Performance - The A-share market showed mixed results, with the Shanghai Composite Index down 0.23% and the Shenzhen Component Index up 0.29% as of the close [1] - The total market turnover was 1.79 trillion yuan, a decrease of 126 billion yuan compared to the previous day [1] Sector Performance - The consumer sector performed actively, with notable gains in retail, duty-free shops, film and television, and precious metals, with respective increases of 2.08%, 3.01%, 1.49%, and 3.38% [1] - In the retail sector, several stocks hit the daily limit, including Yonghui Supermarket and Central Plaza, with increases around 10% [2] - The duty-free shop sector saw stocks like Hainan Development and Zhongbai Group also reach the daily limit [2] - The film and television sector had notable performances, with Bona Film Group hitting a 10% limit and Beijing Culture rising over 3% [2] - Precious metals stocks like Xiaocheng Technology and Hunan Silver saw increases of 13.66% and 3.84%, respectively [2] Economic Indicators - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest level since March 2024 [3] - The Producer Price Index (PPI) increased by 0.1% month-on-month but decreased by 2.2% year-on-year [3] - The retail industry is being positioned as a key focus for developing a complete domestic demand system during the 14th Five-Year Plan period, emphasizing quality and service-driven growth [3]

Market Overview - The digital media sector increased by 0.37% on December 10, with Sanliuwang leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - Key stocks in the digital media sector showed varied performance, with Sanliuwang (300295) closing at 14.49, up 4.77% on a trading volume of 221,600 shares and a turnover of 316 million yuan [1] - Other notable performers included Zhangyue Technology (603533) at 20.20, up 3.17%, and Xinhua Net (603888) at 19.51, up 0.67% [1] Capital Flow - The digital media sector saw a net inflow of 32.75 million yuan from institutional investors, while retail investors experienced a net outflow of 60.47 million yuan [2][3] - The capital flow data indicates that institutional investors were net buyers, while retail investors were net sellers in the sector [2][3] Individual Stock Capital Flow - Zhangyue Technology (603533) had a net outflow of 48.57 million yuan from institutional investors, while it attracted a net inflow of 4.38 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 20.32 million yuan from institutional investors, indicating strong interest [3]

Group 1 - The annual conference on cultural industry investment in Shenzhen focuses on the theme of "empowering cultural industry development through digital technology" and aims to create a high-end platform for policy, capital, projects, and technology integration [1] - The cultural industry in China is projected to achieve a revenue of over 19 trillion yuan by 2024, marking a 37% increase from 2020, with new cultural business models generating 5.9 trillion yuan, a 90% growth [3] - Key players in the cultural industry, such as ByteDance and Tencent, are driving significant growth in sectors like short videos and gaming, reshaping content dissemination and consumer behavior [3][4] Group 2 - The conference highlighted the successful signing of 9 sub-funds totaling 33 billion yuan, with a total of 565 billion yuan in cooperative fund scale, indicating effective resource aggregation and strategic planning [5] - New cultural enterprises, supported by technology, are emerging as the backbone of the industry, with Tencent's cultural sector exceeding 300 billion yuan and ByteDance reaching 1 billion overseas users [4] - The event facilitated discussions on key topics such as the deep application of digital technology, innovation in cultural tourism integration, and the global expansion of culture, aiming to accelerate the industry's embrace of the digital era [5]

Core Insights - The entertainment industry is increasingly focusing on short dramas derived from popular variety show IPs, with several new titles launched this year [1][3] - Despite the potential of these adaptations, the reception has been underwhelming, with only "狸猫书生" achieving notable success [4][6] Group 1: Current Trends in Short Dramas - Several short dramas have been released this year, including "羽刃," "乘风2025之三十而励," and "全员加速中之赏金猎人," all derived from established variety shows [1][3] - "狸猫书生," based on "密室大逃脱6," has performed well, gaining popularity and trending on social media during its airing [4][6] - The adaptation process involves maintaining core elements from the original variety shows while expanding the narrative [7][9] Group 2: Adaptation Strategies - Successful adaptations like "狸猫书生" respect the original storylines and character settings, while others like "羽刃" and "乘风2025之三十而励" incorporate new storylines and themes relevant to contemporary audiences [9][11] - The casting strategy often involves using original cast members from the variety shows, which helps maintain audience connection and interest [13][14] Group 3: Audience Dynamics and Challenges - The audience for these short dramas tends to be more fixed, as they are drawn from the fanbase of the original variety shows, which can limit broader appeal [22][24] - The challenge lies in creating relatable characters and narratives that resonate with viewers, especially when the original shows feature a star-driven format [24][25]

Core Insights - The report focuses on the online variety show industry in China, analyzing user scale, content innovation, and marketing trends for 2024-2025, aiming to provide decision-making references for platforms and brands [1] User Scale of Online Video - The overall user base has reached 1 billion, with a year-on-year growth of 3.4%, indicating a significant recovery in the industry [2] - Monthly active devices in the online video sector showed a notable increase, particularly in Q2 and Q4 of 2024, with an average year-on-year growth rate of 3.4% [2] User Trends in Online Variety Channels - The variety show user market remains stable at 500-600 million, with peaks in June and October 2024 due to seasonal programming and user influx [6] - The market is benefiting from the influx of student users during summer and the demand for popular programs during holidays [6] User Demographics of Variety Channels - Young audiences, particularly those aged 18-24, and female viewers are the primary demographics for variety channels, with a TGI index of 122 for young viewers and 111 for female viewers [7] Performance of Variety Content Creation - The number of new variety shows and sequels has increased, with 20 new shows launched in 2024, reflecting a stable content innovation capability [11] - Existing variety IPs are gaining market recognition, with 32 sequels produced in 2024, an increase of 3 from 2023 [11] Content Type Performance of Exclusive Variety Shows - The outdoor experience category remains the highest in market share, with significant growth in both quantity and viewership in 2024 [13] - Comedy variety shows have seen a resurgence, with viewership increasing by 143% compared to 2023, becoming the second-largest contributor to viewership [13] Performance of Reality Game Shows - In 2024, six reality game shows were produced, with Youku leading in both quantity and viewership, contributing 35.5% of the total viewership in this category [16] Overview of New Exclusive Variety Shows in 2024 - New variety shows in 2024 exhibit diverse themes, with Q2 and Q3 being peak periods for premieres [18] Key Highlights of Reality Game Shows - Reality game shows redefine the boundaries of "game variety," using immersive experiences to engage audiences with real-world issues [20] Key Highlights of Comedy Variety Shows - The comedy variety sector is characterized by a "dual-hero" competition, with Tencent and iQIYI leading in viewership through innovative programming [25] Innovation in Content Creation - The rise of new IPs and the "second season phenomenon" indicate a shift towards a focus on content innovation and long-term value creation [30] - The integration of film and variety shows is becoming a significant trend, enhancing audience engagement and extending the lifespan of IPs [32] Changes in Sponsorship Brand Trends - The number of sponsorship brands for variety shows has slightly decreased, but the number of brands in top new variety shows has increased from 3.3 to 3.9 [40] - Fast-moving consumer goods (FMCG) brands account for 62.4% of sponsorship frequency, indicating their dominant role in the variety show sponsorship market [45] Marketing Budget Changes - Overall marketing budgets are tightening, with a decrease of 7-10% expected in 2025, affecting various industries differently [50] - The internet service industry maintains a high marketing budget, while the food and beverage sector is seeing a decline due to budget constraints [51] Evaluation of Sponsorship Effectiveness - The evaluation of sponsorship effectiveness has developed a dual verification system, focusing on both basic traffic and business conversion metrics [57] Innovations in Marketing Strategies - Brands are increasingly leveraging variety shows for integrated marketing, utilizing KOLs and co-creation strategies to enhance brand visibility and engagement [62][65] - The trend of "combination投放" is emerging, allowing brands to maximize exposure across multiple shows while reducing costs [68]

Group 1 - The core viewpoint of the article highlights the competitive landscape and market concentration of the Chinese media industry, indicating that the industry is characterized by a large number of listed companies and varying levels of competition among them [1][5]. Group 2 - In terms of revenue rankings, the top three media companies in China are BlueFocus, Leo Group, and 37 Interactive Entertainment, each projected to exceed 17 billion yuan in revenue by 2024 [2]. Group 3 - The overall revenue of China's media industry is expected to reach 507.1 billion yuan in 2024, with a CR3 of 20.62%, CR5 of 28.14%, and CR10 of 41.10%, indicating a relatively low market concentration and intense competition [5]. Group 4 - Among the listed media companies, 37 Interactive Entertainment has the highest gross profit margin for its products, reaching 78.63% in 2024 [6]. Group 5 - An analysis using the Five Forces model reveals that the media industry is primarily dominated by large enterprises, with intense competition from smaller firms. The bargaining power of suppliers is strong, while the bargaining power of consumers is weak due to the low substitutability of media products. The threat of new entrants is significant due to low entry barriers, and the risk of market substitution is low [8].

Core Viewpoint - The restructuring of Zhangjiajie Tourism Group, with the involvement of Hunan Broadcasting and Television Group, aims to revitalize the "Dayong Ancient City" project and enhance the tourism industry in Zhangjiajie [1][2]. Group 1: Restructuring and Investment - Zhangjiajie Tourism Group's subsidiary, Dayong Ancient City Development Co., plans to sign an operational cooperation agreement with a joint venture company formed by Hunan Broadcasting and other partners [1]. - The restructuring process was officially initiated by the Zhangjiajie Intermediate People's Court, which accepted the restructuring application on November 3, 2025 [1]. Group 2: Project Details - The Dayong Ancient City project covers approximately 240 acres and aims to create a comprehensive cultural tourism complex that integrates dining, accommodation, entertainment, and shopping [2]. - The project will be themed "Youth Dayong City" and is scheduled to open in July 2026 after significant renovations [2]. Group 3: Strategic Importance - This strategic cooperation is a key action to implement the Hunan provincial government's requirements for revitalizing the Dayong Ancient City and is part of a broader initiative to transform Zhangjiajie into a world-renowned tourist destination [2][3]. - Hunan Broadcasting's involvement is seen as a response to the call for cultural and tourism integration in Hunan, leveraging its IP advantages to activate core tourism assets in Zhangjiajie [3].

Core Insights - The recent large-scale events hosted by iQIYI and WeTV in Bangkok signify a strategic expansion into Southeast Asia, particularly Thailand, which is seen as a new growth opportunity for Chinese streaming platforms [1][3][4] Group 1: Market Dynamics - The Southeast Asian streaming market is projected to grow to $6.8 billion by 2030, with Thailand's entertainment industry expected to surpass 600 billion Thai Baht by 2025, indicating a robust demand for digital content [3][4] - Chinese platforms have captured approximately 40% of the Thai market, surpassing American platforms like Netflix, which hold about 30% [3][4] - The local content production capabilities and pricing strategies of Chinese platforms align well with the preferences of Thai consumers, creating a favorable environment for growth [4][9] Group 2: Content Strategy - iQIYI plans to double its exclusive Thai drama offerings in 2026 and aims to establish Thailand as its "second content production center" [11] - WeTV reported a 54% year-on-year increase in VIP subscriptions, with Chinese content making up over 50% of its paid subscriptions, indicating a successful integration of local and Chinese content [11][22] - The focus on genres like BL/GL and variety shows, which resonate well with Thai audiences, showcases the adaptability of Chinese platforms to local tastes [4][21][36] Group 3: Competitive Landscape - Netflix's approach in Thailand has been characterized by a lack of deep investment in local content, which has allowed Chinese platforms to gain a competitive edge [8][16] - The collaboration between Chinese platforms and Thai production companies is evolving into a "co-creation growth model," contrasting with Netflix's more transactional approach [26][36] - The rapid adaptation of Chinese platforms to local market demands positions them to potentially reshape the streaming landscape in Southeast Asia over the next few years [36]