感谢大家参加本次会议会议即将开始请稍后感谢大家参加本次会议会议即将开始 感谢大家参加本次会议会议即将开始请稍后 感谢大家参加本次会议 大家好欢迎参加东吴传媒互联网芒果传媒策略会线上交流目前这三会者均处于静音状态下面开始播报声明东吴证券研究所提醒您本次电话会议仅面向巨够投资者或受邀客户第三方专家发言内容仅代表其个人观点 所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权远近录音转发及相关解读涉嫌违反上述情形等我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢 各位投资人大家下午好我是东吴证券传媒互联网联席首席周良久非常感谢大家来参加我们今天下午的这场芒果超媒的小范围的交流然后因为这次交流是我们策略会的线上的闭门会议所以那个大家在后期的话相关的资料的话就仅供内部参考不要对外发布今天的话我们是非常荣幸的邀请到了芒果超媒的 证券事务部的负责人周勇周总过来和我们交流一下公司近期的一些情况那我们能看到了近期芒果超媒在综艺巨集等等方面呢都有一些内容的出圈包括小三人家再见爱人还有生生不息等等啊最近都在这个整个这个播放的数据啊还包括一些舆论都非常的亮眼 然后我们能看到从四季度 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-051 芒果超媒股份有限公司 关于监事会主席、监事辞职暨补选非职工代表监事的公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 芒果超媒股份有限公司（以下简称"公司"）于 2024 年 12 月 9 日召开第四届监 事会第二十二次会议，审议通过《关于补选第四届监事会非职工代表监事的议案》。现 将相关情况公告如下： 一、监事会主席、监事辞职情况 公司监事会收到方菲先生和张尚斌先生的辞职报告。因工作调整，方菲先生辞去 第四届监事会非职工代表监事和监事会主席职务，张尚斌先生辞去第四届监事会非职 工代表监事职务。方菲先生和张尚斌先生原任期至第四届监事会届满之日止，本次辞 职将导致公司监事会成员低于法定人数，根据《公司章程》有关规定，在公司股东大 会选举产生新任非职工代表监事之前，方菲先生和张尚斌先生仍将履行相关职责。方 菲先生和张尚斌先生的辞职生效后，将不在公司继续任职。 方菲先生和张尚斌先生均未持有公司股份，无须遵守相关减持承诺。公司及监事 会对方菲先生和张尚斌先生在任职期间对公司发展所做出的努力和 ...

会议审议通过《关于提请召开公司 2024 年第一次临时股东大会的议案》。公司董 事会提议于 2024 年 12 月 26 日召开公司 2024 年第一次临时股东大会，审议《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议案》和《关 于补选第四届监事会非职工代表监事的议案》。股东大会通知详见公司同日在巨潮资 讯网披露的公告。 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。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届董事会第二十五次会议（以下 简称"会议"）于 2024 年 12 月 9 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 证券代码：300413 证券简称：芒果超媒 公告编号：2024-052 芒果超媒股份有限公司 第四届董事会第二十五次会议决议公告 表决结果：9 票赞成，0 票反对，0 票弃权。 三、备查文件 2、深交所要求的其他文件。 ...

证券代码：300413 证券简称：芒果超媒 公告编号：2024-053 芒果超媒股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会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有关规定。 （2）公司董事、监事和高级管理人员； （3）公司聘请的律师； （4）根据相关法规应当出席股东大会的其他人员。 4、会议召开的日期、时间 现场会议时间：2024年12月26日（星期四）15：00（参加现场会议的股东请于会前 30分钟到达开会地点，办理登记手续）。 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2024年12月 26日的交易时间，即9:15-9:25、9:30-11:30和13:00-15:00；通过深圳证券交易所互联网 投票系统进行网络投票的时间为：2024年12月26日9:15-15:00。 5、会议的召开方式 本次股东大会采取现场 ...

二、会议审议情况 1、审议通过《关于豁免第四届监事会第二十二次会议通知期限的议案》 证券代码：300413 证券简称：芒果超媒 公告编号：2024-050 芒果超媒股份有限公司 第四届监事会第二十二次会议决议公告 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"）第四届监事会第二十二次会议（以下 简称"会议"）于 2024 年 12 月 9 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。 三、备查文件 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 2、审议通过《关于补选第四届监事会非职工代表监事的议案》 因工作调整，方菲先生辞去第四届监事会非职工代表监事和监事会主席职务，张 尚斌先生辞去第四届监事会非职工代表监事职务。为确保监事会的正常运作，经控股 股东芒果传媒有限公司推荐，经出席会议监事逐项表决，监事会提名谭丽女士和邹庆 华先生为第四届监事会非职工代表监事候选人，任期与第四届监 ...

Investment Rating - The report maintains a "Recommend" rating for Mango Excellent Media with a target price of 31.65 CNY per share [1][8] Core Views - Mango Excellent Media is a state-owned long-video platform with strong content reserves, particularly in variety shows, and is expected to see a performance inflection point soon [1] - The company's variety show production capabilities are well-established, while its drama segment is still catching up but shows potential for breakthroughs [1][6] - The company is actively expanding its international presence through the "Mango Overseas 2024 Action Plan" and the "Mango TV International App Doubling Plan" [1] Content Segment - Variety shows remain the company's core strength, with a proven track record of producing hit series such as "Mystery Variety," "Singing and Dancing Brothers and Sisters," and "Family Variety" [1][6] - The drama segment has seen increased investment since 2020, with notable improvements in viewership starting in 2023, and several hit dramas such as "Meet Yourself" and "You Are My Fireworks" have emerged [1][6] - The company has a rich pipeline of dramas for 2024 and 2025, including "Good Luck Family," "National Beauty," and "Five Blessings," which are expected to drive further growth [1][6] Monetization Segment - Membership revenue is expected to grow healthily, driven by both B2B and B2C channels, with ARPPU (Average Revenue Per Paying User) already showing significant improvement [1][6] - Advertising revenue is expected to recover in 2025, supported by cyclical recovery and continuous content innovation [1][6] - The operator business, which has been under pressure due to policy changes, is expected to return to healthy growth starting in 2025 [1][6] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.722 billion CNY, 1.973 billion CNY, and 2.146 billion CNY, respectively, representing year-on-year growth rates of -52%, +15%, and +9% [1][8] - The company's revenue for 2024-2026 is projected to be 14.517 billion CNY, 16.206 billion CNY, and 17.724 billion CNY, with year-on-year growth rates of -0.8%, +11.6%, and +9.4%, respectively [2] International Expansion - Mango TV International App's overseas downloads have increased from 130 million in 2023 to 210 million in 2024, with a 5.3% increase in downloads from Europe and the Americas [1] Business Structure - The company's revenue is primarily driven by Mango TV (71% in H1 2024), followed by e-commerce (19%) and content production (9%) [1][20] - Mango TV's core business has the highest gross margin among the company's segments [1][20]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 31.65 CNY per share, indicating a potential upside from the current price of 27.70 CNY [4][2]. Core Insights - The company has a rich reserve of content for 2025, including over 100 dramas and variety shows, which is expected to drive a positive product cycle [2]. - The operational turning point is anticipated soon, with the company showing growth in content viewership and advertising recovery expected in the coming year [2]. - The international expansion plan is underway, with significant growth in downloads of the Mango TV international app, indicating potential new revenue streams [2]. - The financial outlook includes projected net profits of 1.72 billion CNY, 1.97 billion CNY, and 2.15 billion CNY for 2024, 2025, and 2026 respectively, reflecting a recovery trajectory after a significant decline in 2024 [3][2]. Summary by Sections Content Strategy - The company is enhancing its content team and introducing innovative products such as "story-based advertising" and "IP derivative shows" to strengthen content dissemination [2]. - The variety show lineup includes over 100 new shows, maintaining a structure of 60% returning shows and 40% new formats, with notable titles like "Singer 2025" and "Riding the Wind 2025" [2]. - The drama reserve is also robust, featuring over 100 titles across various genres, with collaborations from renowned writers and producers [2]. Market Position - As of the first three quarters of 2024, the company holds 9 out of the top 20 spots in both TV and online variety shows, showcasing its strong market presence [2]. - The company has experienced a 24% increase in viewership, contrasting with a 15% decline in the overall long video platform segment [2]. Financial Projections - Total revenue is projected to be 14.52 billion CNY in 2024, with a slight decline from 2023, followed by a recovery to 16.21 billion CNY in 2025 [3]. - The net profit is expected to rebound from a significant drop in 2024, with a forecasted growth of 14.6% in 2025 and 8.7% in 2026 [3]. Valuation - The company is valued at a PE ratio of 30x for 2025, with a market capitalization of 592 billion CNY, reflecting its status as a unique state-owned long video platform [2][3].

Investment Rating - The investment rating for the company is maintained as "Buy" [5][8]. Core Views - The company is backed by Hunan Broadcasting and has over 30 years of content accumulation, with a sustained advantage in variety shows and a growing presence in drama series. As of September this year, Mango TV's monthly active users (MAU) exceeded 250 million, ranking third in the industry with a growth trend better than peers [5][6]. - Increased investment in content has shown results, with both variety shows and drama series market shares improving. From the second half of 2023, the company increased its content investment, with the value of new film and television copyrights increasing by 39% year-on-year in the second half of 2023 and by 8% in the first half of 2024 [6][8]. - The company is entering a content release period in Q4 2024 and 2025, with a rich lineup of shows and dramas expected to perform well. The variety shows and dramas scheduled for release include high-profile titles and a diverse range of genres, with over 100 variety shows and dramas planned [7][8]. - A short-term operational turning point is anticipated, with pressures from advertising and operator businesses expected to ease. If consumer recovery occurs, the advertising business is likely to rebound significantly [8]. - Globalization is expected to open up membership revenue and content distribution opportunities, with Mango TV's international app covering 195 countries and regions, accumulating 229 million downloads [8]. Financial Summary - The company's total revenue for 2023 is projected at 14,628 million yuan, with a year-on-year growth rate of 4.7%. The net profit attributable to the parent company is expected to be 3,556 million yuan, reflecting a significant increase of 90.7% [9][14]. - The forecast for net profit for 2024-2026 is 1,725 million yuan, 1,965 million yuan, and 2,259 million yuan respectively, with corresponding price-to-earnings ratios of 31x, 28x, and 24x [8][9].

Investment Rating - The investment rating for the company is "Buy" as of November 7, 2024 [4]. Core Views - The company reported a revenue of 10.278 billion yuan for the first three quarters of 2024, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 1.444 billion yuan, down 18.96% year-on-year [4]. - The company has maintained stable operating income and operating profit, with a strong growth in membership revenue, exceeding 70 million effective members for Mango TV [4]. - The content performance remains strong, with significant increases in viewership for variety shows and a notable contribution from series to membership revenue [4]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.835 billion, 2.155 billion, and 2.384 billion yuan respectively, with corresponding P/E ratios of 28.5, 24.3, and 22.0 [4]. Financial Summary - For 2023, the company reported a gross profit margin of 33.0% and a return on equity (ROE) of 16.5% [3]. - The projected operating revenue for 2024 is 15.101 billion yuan, with a year-on-year growth of 3.2% [3]. - The net profit attributable to shareholders is expected to decline by 48.4% in 2024, with a recovery projected in subsequent years [3]. - The company’s total assets are reported at 32.623 billion yuan, with net assets of 22.569 billion yuan [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][7][8] Core Views - The company reported a revenue of 10.278 billion yuan and a net profit of 1.444 billion yuan for the first three quarters of 2024, representing a year-on-year decline of 0.85% and 18.96% respectively. The decline is attributed to the impact of industry regulations and the expiration of tax exemption policies [1][5] - The effective membership count for Mango TV exceeded 70 million, with membership revenue for the first half of the year reaching 2.486 billion yuan, a year-on-year increase of 27%. This growth is driven by high-quality content and an innovative membership benefits system [1][5] - The content ecosystem continues to improve, with 31 seasonal variety shows launched in Q3, positioning the company among the top in the long video platform sector. Upcoming key programs are expected to further enhance content performance in Q4 [1][6][7] Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 3.318 billion yuan and a net profit of 380 million yuan, with year-on-year declines of 7.14% and 27.41% respectively. The decline in revenue and profit is primarily due to the impact of regulatory changes in the television industry and the expiration of tax benefits [1][5] - The net cash flow from operating activities for the first three quarters was -325 million yuan, a significant decrease from 1.091 billion yuan in the same period last year, mainly due to increased investment in content [1][5] Membership and Advertising Business - The membership business showed strong performance, with Mango TV's effective membership exceeding 70 million. The membership revenue for the first half of the year was 2.486 billion yuan, up 27% year-on-year, supported by popular shows and an enhanced membership benefits system [1][5] - The advertising revenue for the first half was 1.721 billion yuan, down 4% year-on-year, with expectations of continued trends into Q3. The company aims to recover advertising revenue through innovative marketing strategies and optimized AI algorithms [1][5] Content Development - The company launched 31 seasonal variety shows in Q3, ranking among the top in the long video platform sector. Notable shows include "Hello, Saturday 2024" and "Chinese Restaurant 8," which are expected to drive content performance in Q4 [1][6][7] - In terms of drama series, popular titles such as "You Are More Beautiful Than Starlight" and "Private Romance" were released in Q3, with more anticipated releases expected to maintain viewer engagement [1][6][7] Investment Outlook - The profit forecast for the company remains unchanged, with expected net profits of 1.96 billion yuan, 2.19 billion yuan, and 2.44 billion yuan for 2024, 2025, and 2026 respectively. The corresponding EPS is projected to be 1.05 yuan, 1.17 yuan, and 1.30 yuan [1][7][8]