MANGO(SZ:300413) Xin Lang Cai Jing·2025-08-29 00:46Core Viewpoint - Mango Super Media reported a decline in both revenue and profit for the first half of 2025, primarily due to a contraction in its traditional e-commerce business while maintaining stable performance in its core internet video segment [1][2][3] Financial Performance - For H1 2025, Mango Super Media's revenue was 5.964 billion yuan, down 14.31% year-on-year (yoy), and net profit attributable to shareholders was 763 million yuan, down 28.31% yoy [1] - The company's non-recurring net profit was 610 million yuan, down 33.15% yoy [1] - Total costs decreased by 11.56% due to the revenue decline, but the operating costs for Mango TV's internet video business increased by 11.78%, leading to a gross margin drop of 8.6 percentage points to 27.49% [1] Business Segment Analysis - The e-commerce segment generated 447 million yuan in revenue, a significant decline of 67.09% yoy, as the company actively optimized its traditional e-commerce structure [2] - The internet video business, which is the company's core, achieved revenue of 4.883 billion yuan, a slight decrease of 1.50% yoy [2][3] - Membership revenue reached 2.496 billion yuan, showing slight growth, while the average monthly active users for Mango TV increased by 14.24% yoy [3] - Advertising revenue was 1.587 billion yuan, and operator business revenue was 800 million yuan, reflecting a growth of approximately 7% [3] Strategic Focus - The company is undergoing a strategic adjustment, focusing on optimizing its business structure and increasing investments in content and technology to strengthen its long-term competitive advantage [3] - Despite short-term profit pressures, the long-term growth logic remains clear, with expectations for recovery in advertising and membership revenues as the market stabilizes [3]