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， ...

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 ...

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 ...

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].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -34% -26% -18% -10% -2% 6% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 芒果超媒 深证成指 [Table_Report] 相关报告 Q2 业绩符合预期，下半年望持续改善 芒果超媒(300413) 传播文化业 [Table_Industry] /社会服务 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 33.30 | | | 上次预测: | 33.30 | | [当前价格： Table_CurPrice] | | 19.90 | [table_A ...