Core Viewpoint - The online gaming sector has shown a positive performance with a 1.55% increase, ranking 7th among various concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Stock Performance - 39 stocks within the online gaming sector experienced gains, with Xinghui Entertainment reaching a 20% limit up, followed by Wolong New Energy, Perfect World, and ST Huaton also hitting the limit up [1]. - Notable gainers included Mango Super Media, which rose by 8.87%, and 37 Interactive Entertainment, which increased by 6.41% [1]. - Conversely, stocks such as *ST Huicheng, New Xunda, and Variety Shares faced declines of 4.95%, 4.13%, and 3.11% respectively [1]. Group 2: Capital Inflow - The online gaming sector attracted a net inflow of 1.413 billion yuan, with 29 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. - Xinghui Entertainment led the inflow with 384 million yuan, followed by Perfect World, 37 Interactive Entertainment, and ST Huaton with net inflows of 362 million yuan, 271 million yuan, and 257 million yuan respectively [2]. Group 3: Capital Flow Ratios - The top stocks by net inflow ratio included Xinghui Entertainment at 25.83%, Wolong New Energy at 24.79%, and Perfect World at 22.08% [3].

证券代码：300413 证券简称：芒果超媒 公告编号：2025-034 芒果超媒股份有限公司 关于参加 2025 年湖南辖区上市公司投资者 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、湖南省上市公司协会与深圳市全景网络有限公司联合举办的 "资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接待日暨半 年度业绩说明会"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 2025 年 9 月 19 日（星期五）15:40-17:00。届时公司将在线 就投资者关心的问题，与投资者进行沟通与交流。欢迎广大投资者踊跃参与！ 特此公告！ 芒果超媒股份有限公司董事会 2025 年 9 月 16 日 ...

Market Overview - On September 15, the digital media sector rose by 1.93%, led by Mango Excellent Media [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Mango Excellent Media (300413) closed at 31.91, with an increase of 8.87% and a trading volume of 407,900 shares [1] - Other notable stocks included *ST Fanli (600228) with a 5.05% increase, and Chuanwang Media (300987) with a 1.06% increase [1] - Visual China (000681) and Worth Buying (300785) saw minor increases of 0.53% and 0.25%, respectively [1] Capital Flow - The digital media sector experienced a net inflow of 65.54 million yuan from institutional investors, while retail investors saw a net outflow of 42.09 million yuan [2] - The main capital inflow was primarily directed towards Mango Excellent Media, which had a net inflow of 1.29 billion yuan [3] Individual Stock Analysis - Visual China (000681) had a net inflow of 39.12 million yuan, while *ST Fanli (600228) saw a net inflow of 11.13 million yuan [3] - Conversely, stocks like Business Treasure (002095) and 365 Network (300295) experienced significant net outflows of 9.52 million yuan and 12.12 million yuan, respectively [3]

Group 1 - Mango Excellent Media Co., Ltd. experienced a stock price increase of 5.02%, reaching 30.78 CNY per share, with a trading volume of 543 million CNY and a turnover rate of 1.78%, resulting in a total market capitalization of 57.581 billion CNY [1] - The company, established on December 28, 2005, and listed on January 21, 2015, primarily engages in internet video services through Mango TV, new media interactive entertainment content production, and content e-commerce [1] - The revenue composition of the company is as follows: 81.87% from Mango TV internet video services, 10.16% from new media interactive entertainment content production and operation, 7.49% from content e-commerce, and 0.48% from other sources [1] Group 2 - The Guotai Fund has a significant holding in Mango Excellent Media, with the Guotai CSI Film and Television Theme ETF (516620) reducing its position by 9,000 shares in the second quarter, now holding 156,300 shares, which accounts for 6.78% of the fund's net value, making it the third-largest holding [2] - The Guotai CSI Film and Television Theme ETF was established on October 20, 2021, with a latest scale of 50.3468 million CNY, achieving a year-to-date return of 25.94% and a one-year return of 68.05% [2] - The fund manager, Wang Yu, has been in position for 5 years and 267 days, managing assets totaling 22.275 billion CNY, with the best fund return during his tenure being 32.84% and the worst being -46.02% [3]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The newly announced variety show "Voice of the Future 2025" is expected to drive a recovery in advertising revenue, as it features a unique collaboration among eight major platforms, aiming to become a hit content [2][13] - The company has adjusted its EPS forecasts for 2025-2027 to 0.82, 1.08, and 1.32 yuan respectively, based on improved expectations for advertising revenue [13] - The target price has been raised to 41.04 yuan, reflecting a PE ratio of 38x for 2026, based on comparable company valuations [15] Financial Summary - Total revenue is projected to decline from 14,628 million yuan in 2023 to 13,147 million yuan in 2025, before rebounding to 15,497 million yuan in 2026 and 16,601 million yuan in 2027, with a CAGR of 7.1% from 2025 to 2027 [4] - Net profit attributable to the parent company is expected to decrease significantly from 3,556 million yuan in 2023 to 1,364 million yuan in 2024, before recovering to 1,539 million yuan in 2025 and reaching 2,463 million yuan by 2027 [4] - The net asset return rate is forecasted to improve gradually from 6.1% in 2024 to 9.2% in 2027 [4] Industry Context - The "Broadcasting and Television 21 Regulations" are anticipated to promote innovation in content production, which may benefit the company as it has a substantial reserve of nearly 100 film and television projects [13] - The company is also expanding its micro-short drama offerings, with a significant increase in the number of releases in the first half of 2025 [13]

Group 1 - The core viewpoint of the article is that the new variety show "Voice Rising 2025" is expected to drive a recovery in advertising revenue through its unique multi-platform collaboration model [1][2][3] - "Voice Rising 2025" is a民间选秀类音综 (folk talent selection variety show) that leverages the company's extensive production experience and talent pool, aiming to create a new hit program with the collaboration of six major TV stations and two online platforms [2][3] - The show is designed to recruit talented singers globally, featuring three singing styles: bel canto, folk, and pop, which is an innovative approach in the variety show sector [3] Group 2 - The advertising revenue for the company in the first half of 2025 was approximately 1.6 billion yuan, showing a year-on-year decline of 8%, while membership revenue increased to 2.5 billion yuan [3] - The introduction of the "Broadcasting 21 Regulations" by the National Radio and Television Administration aims to enhance content quality and increase the supply of quality broadcasting content, which is expected to benefit leading content producers [3] - The company has a reserve of nearly 100 film and television dramas, including titles like "Water Dragon Chant," "Salted Fish Rising," and "Wild Dog Bones," which are anticipated to be released under the new policy support [3]

Market Overview - On September 12, the digital media sector experienced a slight decline of 0.1%, with Mango Excellent Media leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhi De Mai (300785) with a closing price of 40.39, up 5.02% [1] - ST Fan Li (600228) with a closing price of 4.92, up 3.80% [1] - Xinhua Net (603888) with a closing price of 20.43, up 1.59% [1] - Conversely, Mango Excellent Media (300413) saw a decline of 2.19%, closing at 29.42 [2] Capital Flow Analysis - The digital media sector saw a net inflow of 27.01 million yuan from institutional investors, while retail investors contributed a net inflow of 72.87 million yuan [2] - However, there was a significant net outflow of 99.87 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks and their capital flow included: - People's Daily (603000) had a net inflow of 39.58 million yuan from institutional investors, but a net outflow of 25.56 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 14.11 million yuan from institutional investors [3] - ST Fan Li (600228) had a net inflow of 13.85 million yuan from institutional investors [3]

Core Viewpoint - Mango Excellent Media's stock price has shown significant fluctuations, with a year-to-date increase of 10.50% and a notable rise of 40.87% over the past 60 days, indicating strong market interest despite recent declines [1] Financial Performance - For the first half of 2025, Mango Excellent Media reported a revenue of 5.964 billion yuan, a year-on-year decrease of 14.31%, and a net profit attributable to shareholders of 763 million yuan, down 28.31% compared to the previous year [2] - The company has distributed a total of 1.751 billion yuan in dividends since its A-share listing, with 999 million yuan distributed over the last three years [3] Shareholder Information - As of August 31, 2025, the number of shareholders for Mango Excellent Media decreased by 14.07% to 53,300, while the average number of circulating shares per person increased by 16.37% to 19,181 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 46.9934 million shares, a decrease of 2.8107 million shares from the previous period [3] Market Activity - On September 12, 2025, Mango Excellent Media's stock price fell by 2.03% to 29.47 yuan per share, with a trading volume of 270 million yuan and a turnover rate of 0.89% [1] - The net outflow of main funds was 14.4965 million yuan, with significant buying and selling activity from large orders [1]

Investment Rating - The report upgrades the investment rating for the media sector to "Outperform" [1] Core Insights - The media sector shows significant revenue growth with a notable divergence among sub-sectors. The overall revenue for the media sector reached 272.89 billion yuan in H1 2025, marking a year-on-year increase of 2.91%, while the net profit attributable to shareholders surged by 38.08% to 22.27 billion yuan [7][14] - The gaming sector exhibits high market vitality and robust fundamentals, with a year-on-year revenue increase of 23.78% in H1 2025, reaching 47.90 billion yuan, and a net profit increase of 74.54% to 8.22 billion yuan [27][38] - The film sector experienced a significant drop in performance in Q2 2025 after a strong Q1, with total box office revenue for H1 2025 at 29.23 billion yuan, up 22.29% year-on-year, primarily driven by the Spring Festival [58][60] - The publishing sector faced revenue declines due to changes in educational book ordering policies, but profit growth was supported by favorable tax policies [27][60] - The advertising sector showed steady revenue growth, with a focus on the recovery of advertising demand driven by improvements in the economic and consumer environment [5][27] Summary by Sections Overview - The media sector's overall revenue reached 2728.86 billion yuan in H1 2025, a record high, with a net profit of 222.74 billion yuan, marking a significant recovery from the previous year [14][7] Gaming - The gaming market size reached 1680 billion yuan in H1 2025, with a user base of approximately 679 million, reflecting a year-on-year growth of 14.08% [29][32] - The gaming sector's revenue for H1 2025 was 478.98 billion yuan, with a net profit of 82.20 billion yuan, indicating strong growth potential [38][40] Film - The film sector's revenue for H1 2025 was 184.39 billion yuan, with a net profit of 17.24 billion yuan, showing a year-on-year increase of 17.16% and 120.85% respectively [60][64] - The film market saw a significant decline in Q2 2025, with box office revenue dropping to 4.84 billion yuan, a decrease of 34.71% year-on-year [58][59] Publishing - The publishing sector's revenue was 664.72 billion yuan in H1 2025, down 8.19% year-on-year, but net profit increased due to tax policy changes [27][60] Advertising - The advertising sector's revenue reached 1021.16 billion yuan in H1 2025, with a net profit of 36.88 billion yuan, reflecting a year-on-year increase of 2.34% [28][5] Broadcasting - The broadcasting sector continues to face challenges, with ongoing losses for eight consecutive quarters [27][5] Internet Media - The internet media sector's performance is heavily influenced by individual company results, with varying degrees of success across the board [27][5]

Core Viewpoint - The online gaming sector has shown a positive performance with a 1.93% increase, ranking sixth among various concept sectors, indicating strong investor interest and potential growth in this industry [1][2]. Group 1: Market Performance - As of September 10, the online gaming concept saw 51 stocks rise, with notable performers including Giant Network, Wolong New Energy, and ST Kevin hitting the daily limit up [1]. - The top gainers in the sector included Xichuang Data, Xinghui Entertainment, and Founder Technology, which rose by 11.29%, 9.25%, and 9.11% respectively [1]. - Conversely, the sector also experienced declines, with Oriental Pearl, Kaiying Network, and 37 Interactive Entertainment dropping by 3.40%, 2.79%, and 2.37% respectively [1]. Group 2: Capital Flow - The online gaming sector attracted a net inflow of 1.354 billion yuan from major funds, with 37 stocks receiving net inflows and 7 stocks exceeding 100 million yuan in net inflow [2]. - Founder Technology led the net inflow with 598.32 million yuan, followed by Light Media, Mango Super Media, and Perfect World with net inflows of 367.06 million yuan, 188.80 million yuan, and 165.41 million yuan respectively [2][3]. - In terms of net inflow ratios, Cixing Co., Mango Super Media, and Light Media had the highest ratios at 19.45%, 14.34%, and 14.21% respectively [3]. Group 3: ETF Performance - The gaming ETF (product code: 159869) tracking the China Animation and Gaming Index experienced a 4.38% increase over the past five days, although it saw a net outflow of 71.58 million yuan [6]. - The food and beverage ETF (product code: 515170) reported a slight increase of 0.65% over the last five days, with a net inflow of 12.06 million yuan [6].