Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for the stock performance relative to the market index [7]. Core Insights - The company has demonstrated significant strategic effectiveness, with ongoing investments in content creation. Despite short-term profit impacts due to increased content spending, the long-term potential for high-quality content is expected to strengthen the company's leading position in the media sector [7]. - The company reported a revenue of 14.08 billion yuan for 2024, a decrease of 3.75% year-on-year, and a net profit of 1.36 billion yuan, down 61.63% year-on-year. The first quarter of 2025 saw a revenue of 2.90 billion yuan, a decline of 12.76% year-on-year, and a net profit of 379 million yuan, down 19.80% year-on-year [7]. - The company has successfully launched a variety of high-quality content, including 160 variety shows and 27 key dramas in 2024, maintaining its market leadership in the industry [7]. - The overseas user base has doubled, with the international app revenue increasing from 62 million yuan to 141 million yuan, and downloads rising from 130 million to 261 million [7]. - The integration of technology and AI in content production has been emphasized, with the establishment of an AI application platform enhancing the efficiency of content creation across various formats [7]. Financial Forecast Summary - Projected financial metrics for the company are as follows: - Revenue is expected to grow from 14.08 billion yuan in 2024 to 16.81 billion yuan in 2027, with a revenue growth rate of 6.57% in 2025 [2][9]. - Net profit is forecasted to increase from 1.36 billion yuan in 2024 to 2.11 billion yuan in 2027, with a profit growth rate of 26.14% in 2025 [2][9]. - The gross margin is expected to remain stable, increasing slightly from 29.03% in 2024 to 29.71% in 2027 [2][9]. - Earnings per share (EPS) is projected to rise from 0.73 yuan in 2024 to 1.13 yuan in 2027 [2][9].

长视频行业的复苏依然缓慢。近日，芒果超媒发布2024年年度报告。财报显示，2024年营收 为140.8亿元，同比下降3.75%；归母净利润为13.64亿元，同比大幅减少61.63%，这当中很 大原因是受递延所得税资产的影响。 相较于归母净利润的技术性调整，2024年芒果超媒经 营活动产生的现金流净额同比大幅下降102.32%，财报解释系该公司加大头部内容储备所 致，这增加了预付款的支出。不过，在爱优腾三家为会员增量苦恼的时候，芒果超媒却迎来 了会员同比大增19.3%，会员收入更是首次突破50亿大关，为其互联网视频业务贡献了过半 收入，成为了芒果超媒新的增长驱动力。 图源自芒果超媒2024年财报。 从内容板块来看，综艺方面，芒果TV继续保持着市占率第一的地位。一季度，芒果TV以38%的综艺正 片有效播放市占率蝉联行业冠军。在云合数据全网网络综艺有效播放霸屏榜中，芒果TV十占其六，稳 居各平台首位。其中《大侦探·拾光季》以超10%的市占率领跑2月综艺市场，与《妻子的浪漫旅行 2025》2部综艺播放效果达到云合评级S+。《乘风2025》今年创新节目形式，登顶3月灯塔网综正片播 放市占榜。 同时，芒果超媒在积极卡位大 ...

出品：新浪财经上市公司研究院 文/夏虫工作室 | | | | 企业所有制性质 | | | --- | --- | --- | --- | --- | | | | | [交易日期] 最新收盘 | | | 1 | 川行行的 | 切家间称 | IH | 一 新官 | | 3 | 300413.SZ | 芒果超媒 | 地方国有企业 | 5,000,000.00 | | 4 | 000917.SZ | 电厂假媒 | 地方国有企业 | 2.891.000.00 | | 6 | 002554.SZ | 東東日半 | 地方国有企业 | 2.000,800.00 | | ರಿ | 603825.SH | 华扬联众 | 地方国有企业 | 1.561.100.00 | | 10 | 000989.SZ | ST九芝 | 地方国有企业 | 1.467.200.00 | | 13 | 601577.SH | 长沙银行 | 地方国有企业 | 1,203,100.00 | | 15 | 600479.SH | 十等药业 | 地方国有企业 | 1.170.900.00 | | 16 | 000504.SZ | 南华生物 | 地方国有企业 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is focusing on increasing content and R&D investments to drive new growth momentum, with a significant emphasis on innovative content production and technology integration [4][5]. - The company aims to enhance its international presence through the "Mango Going Global Three-Year Action Plan" and the development of an AI-driven interactive platform [6][7]. - The financial forecast indicates a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenues of 154.67 billion, 168.59 billion, and 182.58 billion respectively, and net profits of 16.07 billion, 19.92 billion, and 24.62 billion [10][12]. Summary by Sections Company Overview - The company is a leading player in the media industry, continuously innovating in content production, with a strong focus on self-produced content and a comprehensive media ecosystem [4]. Financial Performance - In 2024, the company's new media interactive entertainment content production and copyright costs reached 810 million, up 17% year-on-year. The internet video business costs were 6.2855 billion, an increase of 8.46% year-on-year [5]. - The first quarter of 2025 saw a year-on-year decline in revenue and net profit of 12.76% and 19.8% respectively, primarily due to a contraction in traditional TV shopping business and increased content investment [5]. Growth Strategy - The company is leveraging AI technology through the establishment of the "Shanhai Research Institute" and the development of its own AI model to enhance content innovation and production efficiency [7]. - The company is also exploring new business models, including e-commerce through its "Xiaomang E-commerce" platform, which achieved an annual GMV of 161 million in 2024, with a compound growth rate of 125% over four years [9]. Profitability Forecast - The report projects a gradual increase in earnings per share (EPS) from 0.86 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 29.9 to 19.5 [10][12].

文 | 新浪科技 徐苑蕾 芒果超媒交出了一份营收利润双降的年度成绩单。尽管会员业务成为公司营收的核心驱动力，但广告和 运营商业务的持续下滑以及净利润的大幅波动，仍为这份财报蒙上了一层阴影。 财报数据显示，芒果超媒全年实现营收140.8亿元，同比下滑3.75%，其中互联网视频业务收入101.79亿 元，同比下降4.1%。作为芒果TV互联网视频业务的"三驾马车"之一，芒果超媒的广告业务收入已经连 续三年下滑，此外运营商业务收入在2024年更是暴跌42%。 盈利能力方面，2024年，芒果超媒归母净利润同比下滑61.63%至13.63亿元，主要受企业所得税政策调 整影响。若剔除这一因素，扣非归母净利润仍下降2.99%，反映出主营业务面临的增长压力。 在经营压力下，2024年，芒果超媒向董事、监事和高级管理人员支付薪酬金额有所下滑，共计2443.52 万元，2023年为3388.1万元。其中，芒果超媒董事兼总经理梁德平薪酬最高，达到330万元，不过相较 2023年的500万薪酬已缩水超三成。 同时，芒果超媒的现金流也有明显变化。2023年经营活动产生的现金流达到10.84亿元，2024年由正转 负为-2518万元。 广 ...

Group 1: Financial Performance - The company achieved an annual revenue of 14.08 billion yuan and an operating profit of 1.742 billion yuan in 2024, indicating steady operational progress and improved quality and efficiency [1] - The core membership segment saw significant growth, with the number of effective members reaching 73.31 million and membership revenue exceeding 5 billion yuan, a year-on-year increase of 19.3% [1] - The company expects to benefit from a tax exemption policy from 2024 to 2027, which will enhance profits by allowing a full refund of previously paid corporate income tax amounting to 260 million yuan [2] Group 2: Membership and International Expansion - The company focused on enhancing membership value, achieving a dual increase in membership scale and revenue through improved operational efficiency and innovative strategies [3] - The international app downloads surged from 130 million in 2023 to 261 million in 2024, with overseas revenue growing from 62 million yuan to 141 million yuan, exceeding the target of doubling [3] Group 3: Content and Innovation - The company made significant investments in original and customized series, with over 60% of its content being self-produced, leading to a notable increase in viewership [4] - The company has developed over 70 scenarios for generative AI applications, significantly reducing production costs and enhancing creative capabilities [4]

Core Insights - Mango TV has demonstrated strong performance in the competitive long video industry, achieving significant growth in both its variety and drama segments despite overall market pressures [1][3]. Group 1: Variety Business Performance - In 2024, Mango TV had 21 variety shows ranked S and S+ in annual ratings, accounting for over 80% of the total [2]. - The company maintained a 38% market share in effective plays of variety shows in Q1 2025, leading the industry [2]. - The show "乘风2025" achieved over 120 million views overseas and topped the YouTube Asia entertainment chart, showcasing Mango TV's innovative approach to content [2]. - Mango TV has over 100 new variety shows in the pipeline for 2025, with 40% being new IPs, indicating a strong content development strategy [2]. Group 2: Drama Business Performance - Mango TV's drama segment saw a remarkable increase of 117.7% in effective play volume in Q1 2025, contrasting with a 16% decline across other platforms [3]. - The drama "国色芳华" ranked second in effective plays with 1.44 billion views, contributing to a dual-driven strategy of historical and contemporary themes [3]. - The company has several high-profile dramas in development, enhancing its ability to convert viewers into paying members [3]. Group 3: Short Drama Ecosystem - Mango TV is pioneering a "long, medium, and short" content ecosystem, launching 340 micro-dramas in 2024 [4]. - The collaboration with Hongguo Short Drama aims to create a dual-platform revenue-sharing model, enhancing monetization opportunities for creators [4]. - The "果果剧场" initiative allows for content sharing between Mango TV and Hongguo, promoting a sustainable commercial model in the short drama sector [4]. Group 4: Future Projects - Mango TV has several upcoming micro-drama projects in collaboration with renowned authors, aiming to enrich its content portfolio [5].

Core Insights - Mango TV reported a revenue of 14.08 billion yuan for 2024, a year-on-year decrease of 3.75%, with a net profit of 1.364 billion yuan, down 61.63% compared to the previous year [1] - The decline in net profit is attributed to changes in corporate income tax policies, which affected the recognition of deferred tax assets [1] Revenue Breakdown - The revenue structure shows that over 72% of the total revenue comes from Mango TV's internet video business, amounting to 10.18 billion yuan [2] - Content e-commerce and new media interactive entertainment contributed 2.6 billion yuan and 1.26 billion yuan, respectively, accounting for 18.47% and 8.97% of total revenue [2] - The e-commerce segment, Xiaomang E-commerce, achieved a GMV of 16.1 billion yuan, with a compound annual growth rate of 125% over four years [2] Internet Video Business Performance - The internet video business generated 51.48 billion yuan from membership, 34.38 billion yuan from advertising, and 15.93 billion yuan from operator services [3] - Membership revenue surpassed 5 billion yuan for the first time, growing by 19.3% year-on-year, and accounted for over 50% of the internet video business revenue [3] - As of the end of 2024, Mango TV had 73.31 million effective members, with positive growth in monthly active users compared to competitors [3] Content Strategy - Mango TV's strength lies in variety shows, with 160 new shows launched in 2024, 40% of which were innovative formats, maintaining the highest effective playback volume in the industry [5] - The platform released 27 key dramas in 2024, with three of the top ten rated Chinese dramas on Douban [6] - The company has over 100 dramas in reserve, although cash flow from operating activities decreased by 102.32% due to increased content investment [6] Short Video Development - In 2024, Mango TV launched 340 micro-dramas and partnered with Hunan TV to create the "Damang Theater" brand, with 14 short dramas broadcasted [7] - The short drama market has surpassed the box office of films, prompting major platforms to invest in this segment [7] - Mango TV and Hongguo Short Drama established a collaboration focusing on high-quality short drama licensing, IP development, and commercialization [7][8]

Core Viewpoint - Mango Super Media reported a decline in revenue and net profit for Q1 2025, primarily due to a contraction in traditional TV shopping and increased investments in high-quality content and technology applications [1] Group 1: Financial Performance - The company achieved operating revenue of 2.9 billion yuan, a year-on-year decrease of 12.76% [1] - Net profit attributable to shareholders was 379 million yuan, down 19.80% year-on-year [1] Group 2: Content and Market Position - Mango TV maintained the highest market share in effective viewership for variety shows among long video platforms, with "Detective Chinatown: Season of Memories" leading the February market with over 10% share [3] - The effective viewership for dramas reached a new high, with a year-on-year increase of 117.7%, featuring popular titles like "National Color and Fragrance" and "Five Blessings Arrive" in the top 10 [4] Group 3: Strategic Initiatives - Mango TV has entered a strategic partnership with Hongguo Short Drama to develop high-quality short dramas, utilizing a dual-platform revenue-sharing model [4] - The company has over 200 high-quality drama and variety show projects in reserve for 2025, with a continued innovation rate of over 40% in variety show production [4] Group 4: Membership and International Expansion - Mango TV's membership revenue surpassed 5 billion yuan for the first time, maintaining a nearly 20% year-on-year growth [5] - The effective membership size reached 73.31 million by the end of 2024, with significant growth in international app downloads from 130 million to 261 million [5]

Group 1 - The company is the only state-controlled long video new media platform in the A-share market, recognized as a pioneer in media integration by the National Radio and Television Administration [3] - The main business segments include Mango TV internet video, new media interactive entertainment content production, and content e-commerce [3][4] - The internet video business generates revenue from advertising, membership, and operator partnerships, leveraging content rights and unique strategies to attract subscribers [4][5] Group 2 - The new media interactive entertainment content production segment includes content creation, artist management, music copyright, and IP derivatives, aiming to create a commercial ecosystem through various media formats [6] - The content e-commerce business utilizes media creativity and artist resources to drive sales through multiple channels, focusing on integrating IP content with e-commerce [7] - The company has confirmed a deferred tax asset of 1.63 billion yuan for 2023, increasing net profit attributable to shareholders by the same amount, due to tax policy changes affecting cultural enterprises [10] Group 3 - The company plans to distribute cash dividends of 2.2 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers [2] - The company has not changed its accounting firm, maintaining its relationship with Tianjian Accounting Firm [1]