MANGO(SZ:300413) Xin Lang Ke Ji·2025-04-28 00:35Core 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].