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 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-044 芒果超媒股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，芒果超媒股份有限公司（以下简称"公司"） 将参加由湖南证监局指导、湖南省上市公司协会举办的"湖南辖区 2024 年度投资者网 上集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次 互动交流，活动时间为 2024 年 10 月 10 日（星期四）15:30 至 17:00。届时公司将就经 营情况、公司治理、发展战略等投资者关心的问题，在线与投资者进行沟通与交流， 欢迎广大投资者积极参与。 特此公告。 芒果超媒股份有限公司董事会 2024 年 9 月 28 日 ...

| --- | --- | --- | --- | |-------------------------------------------------------------------|-------------|-----------------|------------------------------------------------------------------------------------------------------------------| | [Table_Author] [Table_Rank] 投资评级：买入（维持） | | | 主要观点： | | 报告日期： 2024-8-27[Table_BaseData] 收盘价（元） | | 18.31 | ⚫[Table_Summary] 事件公司发布 2024 年中报，24H1 公司实现营收 69.6 亿元（由于 | | 近 12 个月最高/最低（元） | 30.69/18.31 | | 23 年收购金鹰卡通，对上年同期调整后，yoy +2.46%）；实现归母 | | 总股本（百万股） 流通股本（百万股） 流通股比例（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit remains stable, with significant breakthroughs in membership business and increased investment in content [1][3] - The company reported a revenue of 6.96 billion yuan for H1 2024, a year-over-year increase of 2.46%, while the operating profit was 1.23 billion yuan, up 2.15% year-over-year. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan, primarily due to tax policy impacts [2][3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 6.96 billion yuan (YOY +2.46%), operating profit of 1.23 billion yuan (YOY +2.15%), and net profit of 1.065 billion yuan (YOY -15.45%). The non-recurring net profit was 912 million yuan (YOY -22.96%), with non-operating gains of 153 million yuan (YOY +99.3%) mainly from investment income [2][3] - The gross margin for H1 2024 was 28.84% (down 6.26 percentage points), and the net margin was 14.99% (down 3.02 percentage points) [3] Quarterly Breakdown - In Q1 2024, revenue was 3.32 billion yuan (YOY +7.2%), and in Q2 2024, it was 3.64 billion yuan (YOY -1.52%). The operating profit for Q1 was 547 million yuan (YOY +3.7%) and for Q2 was 686 million yuan (YOY +0.95%) [3] Business Segments - In H1 2024, revenue from Mango TV, new media content production, and content e-commerce was 4.957 billion yuan (YOY -3.6%), 634 million yuan (YOY +63.8%), and 1.357 billion yuan (YOY +8.7%), respectively. The gross margins for these segments were 36.1%, 28.1%, and 2.7% [3] - The company increased content investment, with costs for Mango TV and new media content production rising by 7.46% and 71.75% year-over-year, respectively [3] Membership and Advertising - The membership business saw a significant breakthrough, with H1 2024 revenue of 2.486 billion yuan (YOY +26.77%), accounting for 50.1% of Mango TV's revenue [3] - Advertising revenue for H1 2024 was 1.721 billion yuan (YOY -3.85%), impacted by a sluggish recovery in the advertising industry [4] Future Outlook - The company expects to achieve revenues of 15.022 billion yuan, 16.647 billion yuan, and 17.995 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.916 billion yuan, 2.191 billion yuan, and 2.380 billion yuan [8][9] - The report emphasizes the company's dual-platform integration and the continuous self-production capability of hit content, which is expected to establish a positive cycle in the long video content ecosystem [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Insights - The company's revenue for the first half of 2024 reached 6.96 billion yuan, with a year-on-year growth of 2%, while the net profit attributable to shareholders was 1.065 billion yuan, showing a decline of 15% [5][6]. - The decline in net profit is primarily attributed to the expiration of tax exemption policies, which impacted earnings by 193 million yuan in the first half of the year [5][6]. - Membership revenue grew significantly by 27% year-on-year, reaching 2.486 billion yuan, driven by popular content and an innovative membership benefits system [5][6]. - The advertising business generated 1.721 billion yuan, a decrease of 4% year-on-year, but is expected to recover as the industry stabilizes [5][6]. - The company has launched over 300 membership benefits, enhancing the average revenue per paying user (ARPPU) [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net cash flow from operating activities of -180 million yuan, compared to 1.05 billion yuan in the same period last year, due to increased investment in content [5][6]. - The second quarter of 2024 saw revenue of 3.636 billion yuan and a net profit of 593 million yuan, with respective year-on-year growth of 0.1% and a decline of 15.1% [5][6]. Business Segments - Membership business revenue was 2.486 billion yuan, up 27% year-on-year, supported by hit shows like "Singer 2024" and "Riding the Wind 2024" [5][6]. - The advertising segment's revenue was 1.721 billion yuan, down 4% year-on-year, but expected to recover with improved marketing strategies and AI optimization [5][6]. - The content e-commerce segment saw a gross merchandise volume (GMV) of 6.65 billion yuan, growing nearly 50% year-on-year [5][6]. Content Development - The company launched 56 new variety shows in the first half of 2024, an increase of 17 shows compared to the previous year, maintaining the highest effective viewership in the industry [5][6]. - Upcoming key shows in the second half of 2024 are expected to further boost membership and advertising revenues, with over 80 films in reserve for future releases [5][6]. Future Outlook - The company maintains its profit forecast, projecting net profits of 1.96 billion yuan, 2.19 billion yuan, and 2.44 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.05, 1.17, and 1.30 yuan [5][6].

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][5]. Core Views - The company's Q2 performance met expectations, with a positive outlook for Q3 and Q4 due to rich content reserves and ongoing improvements in core and new business segments [4][5]. - The total revenue for H1 2024 reached 6.96 billion yuan, a year-on-year increase of 2.5%, while the net profit attributable to shareholders was 1.06 billion yuan, down 15.5% due to changes in corporate income tax policies [5]. - Membership revenue grew significantly, reaching 2.49 billion yuan, up 26.8% year-on-year, driven by popular shows and an enhanced membership rights system [5]. - Advertising revenue was 1.72 billion yuan, a decline of 3.9%, but the decrease was notably smaller compared to previous periods, indicating a steady recovery [5]. - New business developments showed promise, with profits from Jin Ying Cartoon increasing by approximately 15% and the GMV of Xiaomang E-commerce reaching 6.65 billion yuan, a nearly 50% year-on-year growth [5]. Financial Summary - The company adjusted its EPS forecasts for 2024-2026 to 1.08, 1.32, and 1.50 yuan respectively, maintaining a target price of 33.30 yuan based on a 25X PE for 2025 [5]. - The financial summary indicates a projected revenue growth from 15.62 billion yuan in 2024 to 20.00 billion yuan in 2026, with a net profit forecasted to rise from 2.02 billion yuan in 2024 to 2.80 billion yuan in 2026 [6][14]. - The company’s net asset return is expected to stabilize around 10% by 2026, with a projected net profit margin of approximately 13.7% [14]. Market Data - The current stock price is 19.90 yuan, with a target price of 33.30 yuan, indicating significant upside potential [3][5]. - The company has a total market capitalization of 37.23 billion yuan and a P/E ratio of 18.40 based on the latest diluted shares [7][14]. Content Strategy - The company has a robust content pipeline for Q3 and Q4, with several key shows set to launch, which are expected to drive revenue growth [5]. - The successful launch of popular shows in previous quarters has helped maintain revenue levels despite high base pressures [5]. Conclusion - Overall, the report presents a cautiously optimistic outlook for the company, highlighting its ability to adapt and grow in a competitive market environment while maintaining a solid financial foundation [4][5].

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 23 日 芒果超媒(300413.SZ) 公司快报 会员业务表现亮眼，关注短剧、出海等 新方向进展 事件： 公司发布 2024 年半年报：实现营业收入 69.60 亿元，同比增长 2.46%；归母净利润 10.65 亿元，同比减少 15.45%。 收入端企稳，净利润仍受税收优惠政策变化影响。 2024 年上半年，公司业绩有所下滑，主要系企业所得税优惠政策变 化带来的影响，公司实现营业利润 12.33 亿元，同比增长 2.15%。从 单季度来看，2024 年第二季度公司营业收入为 36.36 亿元，季度环 比增长 9.36%，归母净利润 5.93 亿元，季度环比增长 25.45%。受主 业毛利率下滑影响，2024 年上半年公司毛利率为 28.84%，同比下降 6.26pct。 998345889 会员业务为核心驱动，运营商业务承压。 分业务看，2024 年上半年，芒果 TV 互联网视频业务作为公司营收的 主要来源，实现营业收入 49.57 亿元，占总营收的 71.23%，毛利率 为36.11%；新媒体互动娱乐内容制作业务收入6.34亿 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.16 CNY based on a 23x PE for 2024 [4][6]. Core Views - The company's revenue for Q2 2024 was 3.64 billion CNY, showing a year-on-year decline of 1.5% but a quarter-on-quarter increase of 9.4%, driven by popular shows like "Singer 2024" and "Riding the Wind 2024" [3]. - The gross margin for Q2 2024 was 29%, down 7.9 percentage points year-on-year but up 0.4 percentage points quarter-on-quarter [3]. - The net profit attributable to the parent company for Q2 2024 was 590 million CNY, reflecting a year-on-year decrease of 17% but a quarter-on-quarter increase of 25% [3]. - The company is expanding its popular content IP matrix, which is expected to stabilize traffic and enhance profitability [4]. Financial Summary - The company's revenue is projected to grow from 14.63 billion CNY in 2023 to 19.05 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 9.8% [1]. - Operating profit is expected to increase from 1.82 billion CNY in 2023 to 2.60 billion CNY in 2026, reflecting a steady growth trajectory [1]. - The net profit attributable to the parent company is forecasted to decline significantly in 2024 to 1.73 billion CNY, before recovering to 2.28 billion CNY by 2026 [1]. - The earnings per share (EPS) is expected to decrease from 1.90 CNY in 2023 to 0.92 CNY in 2024, before gradually increasing to 1.22 CNY in 2026 [1]. Revenue Breakdown - New media operations revenue for H1 2024 was 4.96 billion CNY, down 3.6% year-on-year, with a gross margin of 36.1% [3]. - Membership revenue for H1 2024 reached 2.49 billion CNY, up 27% year-on-year, driven by popular shows and the introduction of the 88VIP membership system [3]. - Advertising revenue for H1 2024 was 1.72 billion CNY, down 4% year-on-year, indicating a sluggish recovery in the advertising industry [3]. - The company's content e-commerce revenue for H1 2024 was 1.36 billion CNY, up 9% year-on-year, with a gross margin of 2.7% [3].

[Table_Main] 证券研究报告 | 公司点评 芒果超媒(300413.SZ) 2024 年 08 月 23 日 买入（维持） 所属行业：传媒/数字媒体 当前价格(元)：18.58 证券分析师 马笑 资格编号：S0120522100002 邮箱：maxiao＠tebon.com.cn 研究助理 王梅卿 邮箱：wangmq＠tebon.com.cn 市场表现 芒果超媒 沪深300 -43% -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -5.55 | -7.82 | -25.81 | | 相对涨幅(%) | 0.19 | -2.59 | -15.74 | 资料来源：德邦研究所，聚源数据 相关研究 1.《芒果超媒（300413.SZ）点评：《歌 手 2024》热度超预期，关注后续片单 及招商情况》，2024.5.21 2.《芒果超媒（300 ...