Investment Rating - The report maintains a "Buy" rating for the company Mango TV [2][4]. Core Views - The report highlights that Mango TV's membership revenue has shown significant growth, while advertising revenue has slightly declined. The company is expected to benefit from a recovery in the advertising market and the successful implementation of its international expansion plan [2][4]. - The report emphasizes the company's strong content supply and its investment in technology, particularly AI, which is anticipated to enhance its cultural content development [3][4]. Summary by Sections Financial Performance - In the first half of 2024, Mango TV reported total revenue of 6.96 billion yuan, a year-on-year increase of 2.46%. However, the net profit attributable to shareholders decreased by 15.45% to 1.065 billion yuan [2]. - For Q2 2024, the company achieved total revenue of 3.64 billion yuan, reflecting a year-on-year decline of 1.52% but a quarter-on-quarter increase of 9.36% [2]. - Membership revenue reached 2.486 billion yuan, up 27% year-on-year, while advertising revenue fell by 4% to 1.721 billion yuan [2]. Content Development - In the first half of 2024, Mango TV launched 56 new variety shows, an increase of 17 compared to the same period in 2023. The company is also expanding its drama offerings with 17 new series and plans to launch at least 300 short dramas throughout the year [2][3]. - The report notes that the company is actively increasing its content investment, with over 80 dramas in reserve, which is expected to drive membership growth and enhance content-related e-commerce [2][3]. Future Projections - The report forecasts that Mango TV's revenue will reach 15.6 billion yuan in 2024, with net profit projected at 1.92 billion yuan. The earnings per share (EPS) are expected to be 1.03 yuan, with a price-to-earnings (P/E) ratio of 19.4 times [4][6]. - The company is expected to see a recovery in its main business driven by content supply and technological advancements, particularly through collaborations with platforms like Douyin [4][6].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥6,959,926,553.07, representing a 2.46% increase compared to ¥6,689,380,452.70 in the same period last year[21]. - Operating profit for the period was ¥1,233,003,975.74, up 2.15% from ¥1,202,163,051.20 year-on-year[21]. - Net profit attributable to shareholders decreased by 15.45% to ¥1,064,832,991.18 from ¥1,250,733,373.80 in the previous year[21]. - Basic earnings per share fell by 14.93% to ¥0.57 from ¥0.67 year-on-year[21]. - The company reported a significant decrease in net profit after deducting non-recurring gains and losses, down 22.96% to ¥912,223,572.37 from ¥1,174,165,663.05 year-on-year[21]. - The company reported a total comprehensive income for the first half of 2024 was CNY 1.04 billion, down from CNY 1.22 billion, reflecting a decrease of about 14.68%[147]. - The profit attributable to shareholders of the parent company was CNY 1.06 billion, down from CNY 1.26 billion, which is a decrease of approximately 15.43%[147]. - The company reported a tax expense of CNY 193.83 million, compared to a tax benefit of CNY -0.60 million in the previous year[147]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥180,501,169.95, a decline of 117.25% compared to ¥1,033,397,458.37 in the same period last year[21]. - The cash and cash equivalents decreased significantly by 1,415.34% to approximately -¥8.71 billion, compared to an increase of ¥661.84 million in the previous year[51]. - The cash flow from operating activities for the parent company was -58,527,920.90 CNY, slightly improved from -63,256,915.27 CNY in the previous year[155]. - The cash and cash equivalents at the end of the period decreased to 3,161,889,529.17 CNY from 11,007,156,757.62 CNY in the previous year, reflecting a significant reduction in liquidity[154]. Assets and Liabilities - Total assets increased by 3.30% to ¥32,458,313,169.76 from ¥31,422,386,654.49 at the end of the previous year[21]. - The total amount of cash and cash equivalents at the end of the reporting period was approximately ¥3.18 billion, a decrease of 28.01% from ¥11.88 billion at the end of the previous year[57]. - Current liabilities increased to ¥10,134,285,334.99 from ¥9,860,481,719.86, representing a rise of about 2.77%[139]. - Total liabilities reached ¥10,347,965,320.28, up from ¥10,058,748,879.87, indicating an increase of approximately 2.87%[139]. - Owner's equity totaled ¥22,110,347,849.48, compared to ¥21,363,637,774.62, reflecting a growth of about 3.48%[139]. Market and Industry Insights - The online video industry maintained a stable user base of 779 million as of June 2024, with a competitive landscape stabilizing among the top four platforms[33]. - The advertising market showed signs of recovery with a year-on-year growth of approximately 2.7% in the first half of 2024[33]. - Mango TV's membership revenue reached 2.486 billion CNY, accounting for over 50% of the internet video business revenue, becoming the core driver of the company's performance growth[41]. - The number of overseas downloads for Mango TV's international app exceeded 190 million, indicating successful international expansion efforts[36]. Strategic Initiatives and Future Outlook - The company continues to focus on the integration of culture and technology, aiming to enhance its resilience against short-term fluctuations while pursuing long-term development[34]. - The company plans to enhance user experience across platforms, focusing on high-definition and interactive video solutions, although these projects do not directly generate economic benefits[68]. - Future outlook indicates a projected revenue growth of 15% for the next quarter, driven by new product launches and market expansion strategies[159]. - The company plans to pursue strategic acquisitions to enhance its content library, with an estimated budget of 2 billion yuan for potential targets[161]. Research and Development - Research and development expenses decreased by 21.13% to approximately ¥126.28 million, down from ¥160.10 million year-over-year[51]. - The company increased its R&D team from 287 to 558 personnel, resulting in the output of 70 patents[68]. - The company is investing in new technology development, with a budget allocation of 1.06 billion yuan for R&D in the upcoming fiscal year[161]. Shareholder Information - The total number of shares outstanding is 1,870,720,815, with 849,020,857 shares (45.38%) under limited sale conditions and 1,021,699,958 shares (54.62%) under unlimited sale conditions[120]. - The company plans to distribute cash dividends of 1.8 yuan per 10 shares, totaling 336.73 million yuan in cash dividends[82]. - The company has not reported any changes in the number of shares under limited sale conditions during the reporting period[120]. Social Responsibility - The "Mango Charity" platform raised a total of 24.54 million yuan through 100 public fundraising projects, emphasizing the company's commitment to social responsibility[92]. - The Mango TV investor education channel has accumulated over 12,000 minutes of video content with a total view count surpassing 567 million, highlighting the company's focus on investor protection[92].

证券代码：300413 证券简称：芒果超媒 公告编号：2024-040 芒果超媒股份有限公司 第四届监事会第二十次会议决议公告 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次会议（以下简 称"会议"）于 2024 年 8 月 20 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 2024 年半年度报告及其摘要的议案》 经审议，监事会认为董事会编制和审核公司 2024 年半年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 年半年度报告及其摘要 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 2024 年半年度募集资金存放与使用情况专项报告的议案》 经审议，监事会认 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-041 芒果超媒股份有限公司 关于全资子公司与咪咕文化科技有限公司签署 整体合作框架协议暨关联交易的公告 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。 重要内容提示： 1、芒果超媒股份有限公司（以下简称"公司"）全资子公司湖南快乐阳光互动娱 乐传媒有限公司（以下简称"芒果 TV"）拟与中国移动通信有限公司（以下简称"中 国移动"）全资子公司咪咕文化科技有限公司（以下简称"咪咕文化"）签署《咪咕文 化与芒果 TV 2024-2026 年整体合作框架协议》，双方将充分发挥各自内容、渠道等方 面优势，在多个业务领域开展深度合作实现互利共赢。合作期限为 2024 年 1 月 8 日起 至 2027 年 1 月 7 日。双方在合作期限内的预计合作金额不低于人民币 44 亿元。 2、本次签订的合作框架协议涉及的合作金额、合作内容、合作形式等具体合作事 宜，在实施过程中可能受到市场环境变化、技术迭代、政策调整等因素的影响，合作 预期目标具有一定的不确定性。如果合作框架协议与双方后续签署的落地协议文件的 约定存 ...

芒果超媒股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 一、募集资金基本情况 （一）实际募集资金金额和资金到账情况 1、募集配套资金到位情况 芒果超媒股份有限公司（以下简称"公司"）经中国证券监督管 理委员会《关于核准快乐购物股份有限公司向芒果传媒有限公司等发 行股份购买资产并募集配套资金的批复》（证监许可[2018]999 号） 核准，通过非公开发行方式发行股票 57,257,371 股，发行价格 34.93 元/股，募集配套资金总额为人民币 1,999,999,969.03 元，扣除承销费、 律师费、验资等费用（不含税）人民币 17,299,299.41 元后，募集资 金净额为人民币 1,982,700,669.62 元。上述募集资金于 2019 年 5 月 21 日全部到账，并经天健会计师事务所（特殊普通合伙）验证并出 具了天健验[2019]2-16 号验资报告。 2、向特定对象发行股票募集资金到位情况 公司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，向特定对象发行 A 股股票 90,343,304 股 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-039 芒果超媒股份有限公司 第四届董事会第二十三次会议决议公告 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。 表决结果：9 票赞成，0 票反对，0 票弃权。 2、审议通过《关于 2024 年半年度募集资金存放与使用情况专项报告的议案》 经审议，董事会认为公司严格按照相关法律法规和规范性文件的要求存放和使用 募集资金，并及时、真实、准确、完整地履行了信息披露义务，不存在违规存放和使用 募集资金的情形。募集资金存放与使用情况专项报告详见公司同日在巨潮资讯网披露 的公告。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届董事会第二十三次会议（以下 简称"会议"）于 2024 年 8 月 20 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 2024 年半年度报告及其摘要的议案》 经审议，董事会认为 ...

2024年半年度 第 2 页，共 2 页 | 编制单位：芒果超媒股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 会计科目 | 2024年期初 占用资金余额 | 2024年度占用累 计发生金额 （不含利息） | 2024年上半年 度占用资金的 利息 （如有） | 2024年上半年 度偿还累计发 生金额 | 2024年6月期末 占用资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控制人 及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | ...

芒果超媒股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范芒果超媒股份有限公司（以下简称"公司"）选聘（含续聘、改聘， 下同）执行年报审计业务的会计师事务所的有关行为，提高财务信息披露质量，切实 维护股东利益。根据《中华人民共和国公司法》《中华人民共和国会计法》《中华人民 共和国注册会计师法》《国有企业、上市公司选聘会计师事务所管理办法》及相关法 律、法规和规范性文件，制定本制度。 第二条 公司选聘会计师事务所对财务会计报告发表审计意见、出具审计报告， 应当遵照本制度的规定。公司聘任会计师事务所从事除财务会计报告审计之外的其他 法定审计业务的，视重要性程度，可参照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称"审计委员 会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在董事会、股东大 会审议前聘请会计师事务所开展审计业务。 第二章 会计师事务所执业要求 第四条 公司选聘的会计师事务所应当具备下列条件： （一）依法设立并具备国家行业主管部门和中国证券监督管理委员会（以下简称 "中国证监会"）规定的相关业务从业资质； （二）具有固定的工作场所，组织机构健全，内 ...

Investment Rating - The investment rating for the company is "Add" [5][11]. Core Viewpoints - The company’s subsidiary, Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd., has successfully passed the generative AI model registration review by the Central Cyberspace Administration, marking it as the third batch and fourth entity in Hunan Province to achieve this [3]. - The Mango AI model aims to cover all scenarios in AI, supporting various applications in the audio-visual industry, including program creative planning, content generation, character dialogue, and content recommendation, thereby enhancing the company's AI capabilities across program creation, advertising, and platform operations [4]. - The company has launched over 40 AI products, applying AI in media asset operations, advertising, member interaction, video editing, and content production, which significantly improves operational efficiency and reduces costs [4][11]. Financial Forecast - The projected revenue for 2024, 2025, and 2026 is 162.77 billion, 177.62 billion, and 193.37 billion respectively, with corresponding net profits of 21.73 billion, 23.28 billion, and 26.51 billion [5][11]. - The earnings per share (EPS) are expected to be 1.16, 1.24, and 1.42 for the years 2024, 2025, and 2026, with price-to-earnings ratios of 16.36X, 15.27X, and 13.41X respectively [5][11].

证券代码：300413 证券简称：芒果超媒 公告编号：2024-036 芒果超媒股份有限公司 第四届监事会第十九次会议决议公告 表决结果：3 票赞成，0 票反对，0 票弃权。 三、备查文件 1、第四届监事会第十九次会议决议； 2、深交所要求的其他文件。 特此公告。 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"）第四届监事会第十九次会议（以下简 称"会议"）于 2024 年 7 月 23 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 会议审议通过《关于以债转股方式增资控股子公司暨关联交易的议案》。经审议， 监事会认为，本次以债转股方式向控股子公司小芒电子商务有限责任公司（以下简称 "小芒电商"）增资 41,423.60 万元，有助于进一步增强小芒电商资金实力和综合竞争 力，符合公司发展战略，定价公平、公允，不存在损害公司或股东利益的情形。监事会 同意本次增资事项。增 ...