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 | ...

最近小芒电商正在搅动内娱！仅两个多月时间，小芒接连与三家行业头部娱乐经纪公司达成了官方合作—— 2月15日，时代峰峻官方店铺入驻了小芒App，同时上线了TFBOYS《十年》纪念专辑、时代少年团《溯·海》文具套装等多款正版周边；再是2月27日，K- POP顶流之一的SM娱乐官方店也入驻小芒，打出了买周边、看演出不用去首尔也能逛旷野的宣传口号；然后是3月20日，乐华娱乐也宣布官方店铺入驻小 芒，入驻宣传涉及到李汶翰、朱正廷、程潇、吴宣仪、Boyhood、Loong9等旗下多组艺人。 这还没完，除了与明星IP持有方达成合作，4月7日，小芒又与号称"做中国的万代"的IP衍生品开发公司杰森娱乐达成战略合作升级。旗下拥有「集卡社」 品牌的杰森娱乐今年推动了曾上线小芒的「《哪吒之魔童闹海》典藏版收藏卡」一周销售额破亿，此番小芒与杰森娱乐的强强联手，令各界无比期待他们 将如何开拓IP衍生品这片超级蓝海。 今年发猛力的小芒"赚"起来了吗？ 刚好，恰逢最近芒果超媒发布了2024年财报&2025年一季报，我们可特别观察下小芒电商的营收数据。一方面，财报提到小芒电商2024年全年营收10.67 亿元，同比增长4.5%，且小芒2024 ...

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].

Core Viewpoint - Mango Super Media reported a decline in both revenue and profit for the year, with membership business being the main revenue driver, but continuous declines in advertising and operator business, along with significant fluctuations in net profit, overshadowed the financial results [2][4]. Revenue Performance - In 2024, Mango Super Media achieved revenue of 14.08 billion yuan, a year-on-year decrease of 3.75%, with internet video business revenue at 10.179 billion yuan, down 4.1% [4][8]. - Membership revenue surpassed 5 billion yuan for the first time, reaching 5.148 billion yuan, a growth of 19.3%, accounting for over 50% of internet video business revenue [4][5]. - Advertising revenue was 3.438 billion yuan, down 2.7%, marking the third consecutive year of decline [4][5][7]. - Operator business revenue fell sharply by 42% to 1.593 billion yuan, primarily due to regulatory changes affecting IPTV [7][8]. Profitability - The net profit attributable to shareholders dropped by 61.63% to 1.363 billion yuan, largely due to changes in corporate income tax policy [8][10]. - Excluding tax policy impacts, the adjusted net profit still declined by 2.99%, indicating ongoing pressure on core business operations [8][10]. - The gross margin for internet video business decreased to 35.33%, down 5.98% from the previous year, contributing to an overall slight decline in gross margin from 33% to 29% [8][9]. Cash Flow and Executive Compensation - Operating cash flow turned negative at -25.18 million yuan in 2024, compared to a positive 1.084 billion yuan in 2023, attributed to increased content investment [9][10]. - Total compensation for directors, supervisors, and senior management decreased to 24.4352 million yuan in 2024, down nearly 30% from previous years [2][10].

" 从「综艺主导」向「剧综并行」转型。 " 作者丨成妍菁 编辑丨董子博 4月25日晚，芒果超媒发布2024年年报及2025年一季报。 数据显示，2024年芒果超媒实现营业收入140.8亿元，净利润16.45亿元，其中会员收入首次突破50亿元 大关，Q1营业总收入29.0亿元，较上年同期的33.24亿元下降12.76%。Q1归母净利润3.79亿元，同比 下降19.8%。 虽然芒果超媒Q1营业收入同比下降，主要归因于传统电视购物业务板块的收缩，但鉴于传统电商并非芒果 超媒主要利润来源，所以整体对利润端的影响并不大。 业内分析师认为，本次芒果超媒财报中，芒果TV的表现符合预期，公司其他业务线仍有提升空间。 分析师章雷看来，芒果TV的综艺优势源于湖南卫视的创新体系，回顾过去，湖南卫视一直秉承"不创新， 毋宁死"的观念，积极鼓励内容创新，2019年芒果TV正式提出独创战略，通过建立"工 作室制度"等改革 措施，成功打造《妻子的浪漫旅行》、《密室大逃脱》、《乘风破浪 的姐姐》等系列 IP。 财报显示，2024全年广告收入34.38亿元，同比下滑12%，分析师章雷认为，广告收入的下滑主要受品牌 广告主的需求回暖相对更慢，影 ...

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]

Group 1: Industry Overview - The new media industry utilizes digital technology to provide information and services through various channels, with a focus on devices like smartphones, computers, and digital TVs [1] - In 2024, China's smartphone shipments are projected to reach 286 million units, with color TV production at 207 million units, and shipments of tablets and PCs at 29.87 million and 37.53 million units respectively [1] Group 2: User Growth in New Media Applications - In 2024, user growth in various new media applications continues, with online literature, food delivery, online payment, and online travel booking seeing the fastest growth, increasing by 54.74 million, 47.77 million, 75.05 million, and 39.35 million users respectively, with growth rates of 10.5%, 8.8%, 7.9%, and 7.7% [2] Group 3: Investment Trends in New Media - From 2017 to 2024, the new media industry in China experienced 439 financing events totaling 59.452 billion yuan, with an average single financing amount exceeding 100 million yuan [3] - The peak financing year was 2019, with 65 events and a total of 12.504 billion yuan, but the number and amount of financing events have declined since then, with only 8 events and 0.395 billion yuan in 2024 [3] Group 4: Investment Funds in New Media - The number of domestic new media-related investment funds is limited, primarily concentrated in developed cities like Beijing, Zhejiang, and Guangdong, with Beijing Digital Matrix Investment Management Co., Ltd. managing the most funds, totaling 21 [5]

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].

Short Video Sector - The competitive landscape of short video platforms has evolved from a "duopoly" to a "tripod" structure, with Douyin maintaining over 600 million daily active users, and Kuaishou achieving an average of 685 million monthly active users and 387 million daily active users, both reaching new highs [1][4] - WeChat Video Account has become a significant player in the short video market, integrating various features such as messaging, Moments, public accounts, mini-programs, and "Look" [1] - Other short video platforms like CCTV Video, Xigua Video, Tencent Weishi, and Haokan Video are carving out niches with average monthly active users ranging from 100 million to 300 million [1] Long Video Sector - In the long video sector, major platforms such as iQIYI, Tencent Video, Mango TV, Youku, Bilibili, and Migu Video account for nearly 93% of the market penetration [7] - As of August 2024, the top five video apps by monthly active users are iQIYI (394 million), Tencent Video (386 million), Mango TV (268 million), Bilibili (219 million), and Youku (199 million), with Youku lagging significantly behind the top three [10] Live Streaming Sector - The live streaming market is dominated by platforms like Douyu, Huya, and YY, which collectively hold a market share of 74.2%, indicating a strong concentration of users in entertainment and gaming live streaming [11] Gaming Sector - In the gaming industry, Tencent Games leads with a revenue of 48.505 billion yuan in the first half of 2024, followed by NetEase with 20.9 billion yuan in revenue for the first three quarters of 2024 [14][15]

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]