芒果超媒(300413)：“一综多星” 声鸣远扬

Group 1 - The core viewpoint of the article is that the new variety show "Voice Rising 2025" is expected to drive a recovery in advertising revenue through its unique multi-platform collaboration model [1][2][3] - "Voice Rising 2025" is a民间选秀类音综 (folk talent selection variety show) that leverages the company's extensive production experience and talent pool, aiming to create a new hit program with the collaboration of six major TV stations and two online platforms [2][3] - The show is designed to recruit talented singers globally, featuring three singing styles: bel canto, folk, and pop, which is an innovative approach in the variety show sector [3] Group 2 - The advertising revenue for the company in the first half of 2025 was approximately 1.6 billion yuan, showing a year-on-year decline of 8%, while membership revenue increased to 2.5 billion yuan [3] - The introduction of the "Broadcasting 21 Regulations" by the National Radio and Television Administration aims to enhance content quality and increase the supply of quality broadcasting content, which is expected to benefit leading content producers [3] - The company has a reserve of nearly 100 film and television dramas, including titles like "Water Dragon Chant," "Salted Fish Rising," and "Wild Dog Bones," which are anticipated to be released under the new policy support [3]