Investment Rating - The report maintains an "Accumulate" rating for the company [5][10]. Core Views - The company's Q3 performance was temporarily impacted by the Olympics and industry regulations, but Q4 has seen a strong start with the launch of "Goodbye Lover 4" and a significant improvement in the supply of quality dramas compared to the first three quarters [3][10]. - The membership business is showing positive momentum, with Mango TV's membership surpassing 70 million, reflecting a growth of over 5% from the end of 2023 [10]. - The report projects a recovery in year-on-year growth for Q4, despite the challenges faced in Q3 [10]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 10.28 billion yuan, a year-on-year decline of 0.9%, and a net profit attributable to shareholders of 1.44 billion yuan, down 19% year-on-year [10]. - In Q3 alone, the company reported revenue of 3.32 billion yuan, a decrease of 7.1% year-on-year, and a net profit of 380 million yuan, down 27.4% year-on-year [10]. - The EPS forecast for 2024-2026 has been adjusted to 1.04, 1.32, and 1.50 yuan respectively, with a target price maintained at 33.30 yuan [10][11]. Market Data - The current stock price is 26.80 yuan, with a target price of 33.30 yuan, indicating potential upside [5]. - The stock has a market capitalization of 50.135 billion yuan and a P/E ratio of 25.70 based on the current price [6][11]. - The stock has shown a 33% increase over the past month and a 40% increase over the past three months [9].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 31.50 CNY, while the stock price as of October 25, 2024, is 26.80 CNY [7][9]. Core Insights - The company reported a revenue of 10.278 billion CNY for the first three quarters of 2024, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 1.444 billion CNY, down 18.96% year-on-year [3][4]. - The performance in Q3 was particularly challenging, with revenue declining by 7.14% and net profit decreasing by 27.41% compared to the same period last year, primarily due to changes in corporate income tax policies [4][5]. - Despite the revenue decline, the company has made progress in cost control, with sales, management, and financial expense ratios decreasing by 3.65, 1.40, and 0.63 percentage points respectively [4]. Revenue Structure and Growth - The company's revenue structure is improving, with membership business showing strong growth. The number of effective members has exceeded 70 million, and the monthly active user count reached 268 million in August 2024 [5]. - Mango TV continues to lead in original variety shows, with a significant increase in effective plays for its shows, which rose to 2.5 billion times in Q3, a 22% year-on-year increase [5][6]. - The contribution of series to membership revenue has also increased, with the effective play ratio for member content rising to 79%, up 16% year-on-year [5]. Q4 Performance Outlook - The report highlights the importance of upcoming popular variety shows and high-quality dramas in Q4, with several key programs expected to drive viewership and engagement [6]. - The company is also focusing on short dramas and international expansion, with a significant number of micro-short dramas being produced [6]. Financial Projections - The report adjusts the company's earnings expectations, forecasting revenues of 14.975 billion CNY, 16.481 billion CNY, and 17.813 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 1.925 billion CNY, 2.265 billion CNY, and 2.481 billion CNY [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [4][5]. Core Insights - The company reported Q3 2024 revenue of 3.32 billion, a year-on-year decrease of 7.1%, and a net profit of 380 million, down 27.4% year-on-year, which was below previous forecasts [4][5]. - Despite the revenue decline, the company effectively controlled costs, leading to an increase in gross margin and a historical low in absolute management expenses [4]. - The company is expanding its content offerings with several key shows set to launch in Q4, including popular variety shows and exclusive dramas [5]. - The international expansion strategy is underway, with significant growth in overseas app downloads, indicating potential for long-term revenue growth from membership and content distribution [5]. - Profit forecasts have been revised downwards due to the slow recovery of advertising revenue, with expected net profits for 2024-2026 adjusted to 1.725 billion, 1.965 billion, and 2.259 billion respectively [5]. Financial Summary - For Q3 2024, the company achieved total revenue of 3.32 billion, with a year-to-date revenue of 10.28 billion, reflecting a year-on-year decrease of 0.9% [4][6]. - The net profit for the first three quarters of 2024 was 1.44 billion, down 19% year-on-year [6]. - The company’s gross margin for Q3 2024 was reported at 29.1%, with a projected gross margin of 28.8% for 2024 [6]. - The earnings per share (EPS) for 2024 is estimated at 0.92 yuan, with a projected increase to 1.21 yuan by 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 10.278 billion yuan for Q1-Q3 2024, a year-on-year increase of 0.80%, while the net profit attributable to shareholders decreased by 18.20% to 1.444 billion yuan due to increased tax expenses following changes in corporate income tax policies [1] - The effective playback volume for variety shows and dramas increased by 22% and 16% year-on-year, respectively, indicating a strong platform advantage [1] - The company has a rich content reserve, with significant upcoming releases expected to drive performance growth [1] - The membership business continues to deepen, with over 70 million effective members and a significant increase in average revenue per user [1] - The company is expanding its overseas market presence, with international app downloads exceeding 210 million [1] Financial Summary - For 2024, the company is expected to achieve a net profit of 1.77 billion yuan, with a year-on-year change of -50.2%, followed by 2.04 billion yuan in 2025 and 2.26 billion yuan in 2026, reflecting a growth of 15% and 11%, respectively [3][11] - The projected P/E ratios for 2024, 2025, and 2026 are 28, 25, and 22 times, respectively [1][3] - The company’s total revenue for 2024 is estimated at 15.192 billion yuan, with a growth rate of 3.9% [3][11]

财联社财经通讯社打开APP20:09:00【芒果超媒：第三季度净利润同比下降27.41%】财联社10月25日 电，芒果超媒公告，2024年第三季度归属于母公司所有者的净利润5.23亿元，同比下降27.41%。 芒果超媒+4.65%A股公告速递财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 20:09:00143627 阅读商务合作发送 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-045 芒果超媒股份有限公司 第四届董事会第二十四次会议决议公告 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"）第四届董事会第二十四次会议（以下 简称"会议"）于 2024 年 10 月 24 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 1、审议通过《关于公司 2024 年第三季度报告的议案》 经审议，董事会认为公司 2024 年第三季度报告所载信息真实、准确、完整，不存 在任何虚假记载、误导性陈述或者重大遗漏。2024 年第三季度报告详见公司同日在巨 潮资讯网披露的公告。 表决结果：9 票赞成，0 票反对，0 票弃权。 2、审议通过《关于调整内容资源库扩建项目内部投资结构的议案》 经审议，董事会认为本次调整内容资源库扩建项目内部投资结构系根据项目实际 情况所作的必要 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-047 芒果超媒股份有限公司 关于调整内容资源库扩建项目内部投资结构的公告 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。 芒果超媒股份有限公司（以下简称"公司"）2024 年 10 月 24 日召开的第四届董 事会第二十四次会议和第四届监事会第二十一次会议审议通过了《关于调整内容资源 库扩建项目内部投资结构的议案》。在募集资金投资项目实施主体、募集资金投资用 途及投资总规模不发生变更的情况下，为了确保募集资金的有效使用和项目的顺利推 进，结合项目实施实际情况，公司拟调整内容资源库扩建项目内部投资结构，根据相 关规则本次调整无需提交股东大会审议。现就相关事项公告如下： 一、募集资金及投资项目基本情况 1、募集资金基本情况 经中国证券监督管理委员会《关于同意芒果超媒股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2021〕2105 号）核准，公司向特定对象发行 A 股股票 90,343,304 股，发行价格为 49.81 元/股，募集资金总额为人民币 4,499,999,972.24 元， ...

Financial Performance - Revenue for Q3 2024 was RMB 3,317,814,008.84, a decrease of 7.14% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was RMB 379,514,088.32, a decrease of 27.41% year-over-year[2] - Basic earnings per share for Q3 2024 was RMB 0.20, a decrease of 28.57% year-over-year[2] - The company's total revenue for the first three quarters of 2024 was RMB 10,277,740,561.91, a slight decrease of 0.85% compared to the same period last year[2] - Net profit attributable to shareholders decreased by 18.96% YoY due to a RMB 280 million increase in income tax expenses[7] - Total operating revenue for the period was 10,277,740,561.91 yuan, slightly down from 10,365,650,609.35 yuan in the previous period[13] - Net profit attributable to parent company shareholders reached 1,444,347,079.50 RMB[15] - Basic earnings per share were 0.77 RMB, down from 0.95 RMB in the previous period[15] Cash Flow - Operating cash flow for the first three quarters of 2024 was negative RMB 325,541,825.67, a significant decrease of 129.86% compared to the same period last year[2] - Net cash flow from operating activities decreased by 129.86% to RMB -325.54 million, mainly due to increased investment in top content reserves[7] - Operating cash flow was -325,541,825.67 RMB, a significant decrease from 1,090,179,623.07 RMB in the previous period[17] - Investment cash flow was -8,268,922,275.46 RMB, compared to 1,610,624,499.77 RMB in the previous period[17] - Net cash flow from investing activities dropped by 613.40% to RMB -8.27 billion, influenced by changes in fixed deposits and large certificates of deposit[7] - Total cash inflow from operating activities was 10,869,472,987.71 RMB, up from 10,240,605,067.76 RMB[17] - Cash paid for goods and services was 8,233,839,466.00 RMB, up from 6,304,783,248.79 RMB[17] - Cash received from other operating activities was 295,482,556.59 RMB, down from 339,192,102.23 RMB[17] - Cash paid for employee benefits was 1,264,367,914.00 RMB, up from 1,224,201,217.44 RMB[17] - Cash paid for taxes was 315,823,269.62 RMB, up from 205,868,873.36 RMB[17] - Net cash flow from financing activities was -278,403,787.32 RMB[18] - Total cash inflow from financing activities was 258,515,632.97 RMB[18] - Cash used for debt repayment was 98,486,532.97 RMB[18] - Cash used for dividend, profit distribution, or interest payment was 338,626,750.27 RMB[18] - Total cash outflow from financing activities was 536,919,420.29 RMB[18] - Net increase in cash and cash equivalents was -8,872,927,854.51 RMB[18] - Beginning cash and cash equivalents balance was 11,867,316,344.43 RMB[18] - Ending cash and cash equivalents balance was 2,994,388,489.92 RMB[18] - The impact of exchange rate changes on cash and cash equivalents was -59,966.06 RMB[18] Assets and Liabilities - Total assets as of the end of Q3 2024 were RMB 32,623,277,283.34, an increase of 3.82% compared to the end of the previous year[3] - Shareholders' equity as of the end of Q3 2024 was RMB 22,568,906,981.92, an increase of 5.01% compared to the end of the previous year[3] - Monetary funds decreased by 74.63% to RMB 3.01 billion, mainly due to reclassification of fixed deposits and large certificates of deposit[7] - Trading financial assets increased by 84.86% to RMB 1.94 billion, driven by growth in bank structured deposits[7] - Prepaid expenses rose by 77.10% to RMB 1.80 billion, primarily due to increased advance payments for TV drama purchases[7] - Other current assets surged by 3257.89% to RMB 4.37 billion, mainly from short-term fixed deposits and large certificates of deposit[7] - Total assets increased to 32,623,277,283.34 yuan from 31,422,386,654.49 yuan[12] - Monetary funds decreased to 3,014,032,304.46 yuan from 11,882,208,257.60 yuan[10] - Trading financial assets increased to 1,944,681,583.61 yuan from 1,052,000,000.00 yuan[10] - Accounts receivable rose to 4,366,412,230.02 yuan from 3,496,523,370.15 yuan[10] - Prepayments increased to 1,800,480,470.95 yuan from 1,016,664,374.18 yuan[10] - Inventory decreased to 1,616,337,362.51 yuan from 1,717,435,689.33 yuan[11] - Contract assets increased to 896,295,686.52 yuan from 838,691,849.14 yuan[11] - Other current assets surged to 4,371,239,101.50 yuan from 130,178,232.12 yuan[11] - Total current liabilities decreased slightly to 9,799,581,268.95 yuan from 9,860,481,719.86 yuan[12] Investment and Income - Non-recurring gains and losses for Q3 2024 amounted to RMB 65,414,375.08, primarily driven by investment management gains of RMB 65,210,525.47[4] - Investment income increased by 203.68% to RMB 215.92 million, driven by interest income from fixed deposits and structured deposits[7] - Revenue from sales of goods and services was 10,573,989,519.11 RMB, up from 9,901,412,965.53 RMB[16] Shareholder Information - Mango Media Co., Ltd. remains the largest shareholder with a 56.09% stake[8] Tax and Subsidies - Government subsidies received during Q3 2024 amounted to RMB 2,336,077.37[4] - Income tax expenses skyrocketed by 16055.59% to RMB 277.28 million due to changes in corporate income tax preferential policies[7] Miscellaneous - Weighted average return on equity for Q3 2024 was 1.70%, a decrease of 0.89 percentage points compared to the same period last year[3] - The third quarter report was unaudited[18]

中国国际金融股份有限公司 关于芒果超媒股份有限公司 调整内容资源库扩建项目内部投资结构的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为 芒果超媒股份有限公司（以下简称"芒果超媒"、"公司"）2020 年度向特定对 象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》等法律、法规和规范性文件的规定，对芒果超媒调整 内容资源库扩建项目内部投资结构事项进行了核查，具体情况如下： 一、募集资金及投资项目基本情况 1、募集资金基本情况 经中国证券监督管理委员会《关于同意芒果超媒股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2021〕2105 号）核准，公司向特定对象发行 A 股股票 90,343,304 股，发行价格为 49.81 元/股，募集资金总额为人民币 4,499,999,972.24 元，扣除发行费用（不含增值税）人民币 14,207,871.04 元，实 际募集资金净额为 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-046 芒果超媒股份有限公司 表决结果：3 票赞成，0 票反对，0 票弃权。 第四届监事会第二十一次会议决议公告 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。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届监事会第二十一次会议（以下 简称"会议"）于 2024 年 10 月 24 日以通讯表决方式召开。会议由监事会主席方菲主 持，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。 二、会议审议情况 1、审议通过《关于公司 2024 年第三季度报告的议案》 经审议，监事会认为董事会编制和审核公司 2024 年第三季度报告的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。2024 年第三季度报告详 见公司同日在巨潮资讯网披露的公告。 表决结果：3 票赞成，0 票反对，0 票弃权。 2、审议通过《关于调整内容资源库扩建项目内部 ...