Industry Overview - The Chinese media industry has maintained rapid growth over the past 20 years, but growth rates have slowed due to the saturation of internet user demographics and the decline in traditional media advertising revenues [1][13] - In 2019, the growth rate of the media industry fell below 10% for the first time, with a total output value of 22,625.4 billion yuan, reflecting a growth rate of 7.95% [1][13] - The media industry experienced rare negative growth in 2022, primarily due to macroeconomic pressures, the impact of the pandemic, and regulatory changes in sectors like online gaming [1][13] - In 2023, the media industry began to recover, with a total output value of 31,518.23 billion yuan, marking an 8.38% year-on-year increase [1][13] - The projected total output value for the media industry in 2024 is approximately 34,157.9 billion yuan [1][13] Market Dynamics - The emergence of new competitive phenomena such as the rise of live-streaming e-commerce and the popularity of short dramas indicates that media companies must explore new avenues or enhance existing potential sectors to break through in a saturated market [1][13] - The media industry has formed a diverse and rich competitive landscape, encompassing content production, marketing services, channel distribution, and cultural communication [15] Policy and Regulation - Recent policies have focused on the integration of traditional and new media talent, encouraging professionals to leverage their skills across platforms to enhance the influence and credibility of mainstream media [7] - The government is also supporting high-quality cultural development, emphasizing the importance of original content creation across various media sectors [7] Industry Trends - The media industry is undergoing a profound transformation driven by technology, with AI and big data becoming core engines for content production and distribution [17] - The deep integration of media forms is reshaping user experiences, creating immersive storytelling through cross-media narratives and IP collaborations [18] - The industry is moving towards verticalization and community building, with platforms focusing on specific content areas to foster digital communities with strong cultural identities [19] Financial Performance - In 2022, the media sector's revenue was 4,701.87 billion yuan, a decline of 6.07% year-on-year, returning to 2019 levels [10] - The projected revenue for the media industry in 2024 is 6,059.64 billion yuan, reflecting a year-on-year growth of 1.89% [10] - The gaming sector showed significant growth, with revenues in the first half of 2025 reaching 544.52 billion yuan, a 22.17% increase year-on-year [11]

Market Overview - On November 17, the digital media sector increased by 0.84%, led by Zhidingmai, while the Shanghai Composite Index closed at 3972.03, down 0.46%, and the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable stock performances in the digital media sector included: - Guomai Culture (600640) closed at 13.21, down 3.01% with a trading volume of 137,500 shares and a turnover of 183 million yuan - Mango Super Media (300413) closed at 26.80, up 0.15% with a trading volume of 105,100 shares and a turnover of 282 million yuan - Fantuo Digital Creation (301313) closed at 29.91, up 0.30% with a trading volume of 41,000 shares and a turnover of 123 million yuan - People's Daily Online (603000) closed at 19.94, up 0.76% with a trading volume of 98,500 shares and a turnover of 195 million yuan - Zhaochuang Information (301299) closed at 57.15, up 0.79% with a trading volume of 5,804 shares and a turnover of 33.08 million yuan [1] Capital Flow - The digital media sector saw a net inflow of 59.73 million yuan from institutional investors, while retail investors experienced a net outflow of 66.05 million yuan [3] - Key capital flows included: - Zhidingmai (300785) had a net inflow of 98.57 million yuan from institutional investors, representing 6.56% of total inflow - Visual China (000681) had a net inflow of 21.24 million yuan from institutional investors, representing 2.98% of total inflow - People's Daily Online (603000) had a net inflow of 3.36 million yuan from institutional investors, representing 1.73% of total inflow [3]

Core Viewpoint - *ST Zhangjiajie has signed a restructuring investment agreement with three A-share companies, aiming to improve its financial situation and operational capabilities through capital restructuring and the establishment of a new operational company for the Duyong Ancient City project [1][3][8]. Group 1: Restructuring Investment - The restructuring investment involves eight companies, including three A-share listed companies: Electric Broadcasting Media, Mango Super Media, and Caesar Travel [1][3]. - The total number of shares to be transferred in the restructuring is 325 million, accounting for approximately 80.28% of the total share capital, with a total consideration of 1.287 billion yuan [1][5]. - The restructuring plan includes a capital reserve conversion to increase share capital, with specific share prices set at 3.96 yuan per share for various investors [3][4][5]. Group 2: Financial Performance - Zhangjiajie has faced continuous losses since 2020, with a projected net loss of 582 million yuan for 2024, largely attributed to the Duyong Ancient City project [2][7]. - In the first three quarters of 2025, Zhangjiajie reported revenue of 337 million yuan, an increase of 8.51% year-on-year, but still incurred a net loss of 22.4 million yuan [2][7]. - The third quarter of 2025 showed a revenue of 143 million yuan, up 4.82% year-on-year, with a significant net profit increase of 405.29% to 10.87 million yuan, primarily due to non-operating income [2][7]. Group 3: Duyong Ancient City Project - The Duyong Ancient City project, initiated in 2016, has faced significant financial challenges, with cumulative losses from 2021 to 2024 amounting to 596 million yuan [6][7]. - The project aims to undergo quality improvement and transformation through a joint venture with Electric Broadcasting Media, Mango Cultural Tourism, and Mango Super Media [8][9]. - The goal is to establish Duyong Ancient City as a base for Mango's film and television productions, enhancing its marketability and operational sustainability [8][9].

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [8]. Core Insights - In Q3 2025, the fund holding market value proportion of the media and internet sector increased by 0.53 percentage points to 2.50%, ranking 11th among 32 industries, up from 15th in Q2 2025 [2][5][20]. - The media and internet sector has transitioned to an "overweight" position, with the actual fund holding market value proportion exceeding the benchmark by 0.20 percentage points for the first time since Q2 2023 [5][25]. - The gaming and internet sub-sectors within media are seeing increased holding intentions, driven by improved industry sentiment and strong performance of new games [6][29]. Summary by Sections Fund Holdings Analysis - The media and internet sector's fund holdings are still relatively low but benefited from the rising attractiveness of gaming and other related industries, with a notable increase in holdings [5][20]. - The sector's benchmark proportion was 2.29% in Q3 2025, while the actual holding proportion was 2.50%, marking a significant shift to an overweight position [25]. Performance Metrics - The media and internet sector recorded a cumulative increase of 26.37% in Q3 2025, ranking 9th among all industries, compared to a 10.77% increase in Q2 2025 [6][14]. - The TMT (Technology, Media, and Telecommunications) sector's fund holding proportion rose significantly by 11.43 percentage points to 40.59% in Q3 2025 [16][17]. Sub-sector Insights - The gaming sub-sector's allocation increased by 0.71 percentage points to 1.68%, while the internet information services sub-sector saw a slight increase of 0.08 percentage points to 0.14% [29]. - The entertainment sector, including gaming and film, saw a rise in holding market value proportion to 1.72%, while the media sector's proportion decreased to 0.64% [29]. Major Holdings - The top eleven heavily held stocks in the media and internet sector include companies like Kaiying Network, Century Huatong, and Giant Network, with significant increases in the number of funds holding these stocks [32][33]. - The top ten stocks by market value in Q3 2025 include Century Huatong (9.341 billion), Fenzhong Media (9.161 billion), and Giant Network (7.854 billion) [32][34]. Hong Kong Market Holdings - In Q3 2025, Hong Kong stock holdings slightly decreased to 19.0%, with Tencent remaining the second-largest holding among funds [32][39].

Group 1 - The report highlights that the media industry is entering a new phase in 2026, with companies actively exploring new products and business models driven by AI technology [4][16][18] - The report emphasizes the dual attributes of the media sector, combining technology applications and discretionary consumption, which presents new opportunities due to generational changes in user content demands [4][18] - The report recommends focusing on state-owned enterprises leveraging AI for cultural development, as well as major companies enhancing AI applications in consumer-facing sectors [4][16] Group 2 - The report provides a list of recommended stocks in the media sector, including Oriental Pearl (600637), BlueFocus (300058), Mango Excellent Media (300413), and Wanda Film (002739), highlighting their potential for growth driven by AI [5][9] - The report notes that Bilibili (9626.HK) is expected to see continued improvement in its commercial capabilities, with a projected revenue increase of 5% year-on-year [15] - The report indicates that Tencent's international gaming revenue has surpassed 20 billion, with a significant year-on-year growth of 43% in the international market [24] Group 3 - The report states that the film market is projected to exceed 45 billion in box office revenue for 2025, with several popular IP films set to release soon [30] - The report mentions that the micro-short drama market has seen a user base of 662 million, with a market size surpassing 50 billion, indicating a shift in content consumption trends [31] - The report highlights that the gaming sector is experiencing robust growth, with Tencent's gaming revenue reaching 636 billion, a 24% increase year-on-year [24]

Core Insights - The article provides a comprehensive overview of the Chinese media industry, highlighting its vast and complex supply chain, which includes upstream, midstream, and downstream sectors [1][2][5]. Industry Overview - The Chinese media industry consists of various sectors, including publishing, film, exhibitions, broadcasting, internet marketing, and gaming, with numerous companies participating in each area [2][10]. - The industry is characterized by a large number of enterprises, with significant representation from companies such as BlueFocus (蓝色光标), Leo Group (利欧股份), and 37 Interactive Entertainment (三七互娱), all of which reported revenues exceeding 17 billion yuan in 2024 [10]. Regional Distribution - The majority of media companies in China are concentrated in Beijing, with over 121,000 registered media enterprises as of October 20, 2025. Guangdong follows with approximately 92,000 registered companies [5][7]. - Major representative companies are also distributed in Shanghai, Zhejiang, and Guangdong, indicating a concentration in the southeastern region of China [7]. Investment Trends - Recent investment activities in the media sector include acquisitions and capital increases in subsidiaries to expand business operations. Notable investments involve various companies across different funding rounds, including strategic investments and angel rounds [11][12].

Group 1 - Mango Super Media plans to invest in Zhanglv Group by subscribing to 120 million shares at a price of 3.96 yuan per share, which is 50% of the average trading price over the last 60 trading days prior to the signing of the restructuring investment agreement [1] - The total investment amount for Mango Super Media is approximately 475.2 million yuan, with 30 million shares directly subscribed by the company and 90 million shares subscribed through its subsidiary, Hunan Happy Sunshine Interactive Entertainment Media [1] - The lock-up period for both direct and fund-based subscriptions is set at 18 months [1] Group 2 - Electric Broad Media and its subsidiaries plan to subscribe to 80 million shares of Zhanglv Group, with a total investment amount of approximately 316.8 million yuan [2] - The direct subscription of 30 million shares will be made by Electric Broad Media and Hunan Mango Cultural Tourism Investment, with an 18-month lock-up period [2] - The remaining 50 million shares will be subscribed through a fund managed by Shenzhen Dacheng Venture Capital Management, with the same 18-month lock-up period [2]

Group 1 - Mango Excellent Media (300413.SZ) announced plans to subscribe to 120 million shares of Zhanglv Group at a price of 3.96 yuan per share, which is 50% of the average trading price over the 60 days prior to the signing of the restructuring investment agreement, totaling approximately 475.2 million yuan [1] - The company will directly subscribe to 30 million shares with a lock-up period of 18 months, while its wholly-owned subsidiary, Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd., will subscribe to 90 million shares through a fund managed by Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd. [1] - The restructuring investment agreement was signed on November 13, 2025, with conditions for effectiveness [1] Group 2 - Electric Wide Media and its subsidiaries plan to subscribe to 80 million shares of Zhanglv Group, with an investment amount of approximately 316.8 million yuan [2] - Electric Wide Media and Hunan Mango Cultural Tourism Investment Co., Ltd. will directly subscribe to 30 million shares with an 18-month lock-up period [2] - The remaining 50 million shares will be subscribed through a fund managed by Dacheng Chuangtou and Dacheng Caizhi, also with an 18-month lock-up period [2]

Group 1 - Mango Excellent Media (300413.SZ) and its wholly-owned subsidiary Hunan Happy Sunshine Interactive Entertainment Media Co., Ltd. plan to subscribe for 120 million shares of Zhanglv Group at a price of 3.96 yuan per share, which is 50% of the average trading price over the 60 trading days prior to the signing of the restructuring investment agreement, with a total investment amount of approximately 475.2 million yuan [1] - The company will directly subscribe for 30 million shares with a lock-up period of 18 months, while Happy Sunshine will invest through a fund to subscribe for 90 million shares, also with an 18-month lock-up period, managed by Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd. [1] - The conditional restructuring investment agreement was signed on November 13, 2025, between the company, Zhanglv Group, and Dacheng Caizhi [1] Group 2 - Electric Wide Media and its subsidiaries plan to subscribe for a total of 80 million shares of Zhanglv Group, with an investment amount of approximately 316.8 million yuan [2] - Electric Wide Media and Hunan Mango Cultural Tourism Investment Co., Ltd. will directly subscribe for 30 million shares with an 18-month lock-up period, while the remaining 50 million shares will be subscribed through a fund managed by Dacheng Chuangtou and Dacheng Caizhi, also with an 18-month lock-up period [2]

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。 证券代码：300413 证券简称：芒果超媒 公告编号：2025-041 芒果超媒股份有限公司 第四届监事会第二十八次会议决议公告 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届监事会第二十八次会议（以 下简称"会议"）于 2025 年 11 月 13 日以通讯表决方式召开。会议由公司监事会主 席谭丽主持，会议应出席监事 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《关于豁免第四届监事会第二十八次会议通知期限的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 1、第四届监事会第二十八次会议决议； 2、深交所要求的其他文件。 表决结果：3 票同意，0 票反对，0 票弃权。 2、审议通过《关于公司参与张家界旅游集团股份有限公司重整投资暨关联交易 的议案》 经审议，监事会认为公司及旗下全资子公司参与张家界旅游集团股份有限公司 （以下简称"张旅集团"）重整投资，通过发挥自身的产业优势、IP 资源 ...