MANGO(SZ:300413) Hua Xia Shi Bao·2025-10-27 01:35Core Viewpoint - Mango TV is facing challenges due to a decline in revenue and profit, attributed to strategic shifts in its traditional e-commerce business and increased investments in quality content and technology [3][6][8] Financial Performance - In Q3 2025, Mango TV reported revenue of 3.099 billion yuan, a year-on-year decrease of 6.58%, and a net profit of 252 million yuan, down 33.47% [3][6] - For the first three quarters of 2025, total revenue was 9.063 billion yuan, a decline of 11.82%, with a net profit of 1.016 billion yuan, down 29.67% [6] - The decline in revenue is primarily due to a strategic reduction in traditional e-commerce operations, while the core Mango TV platform's revenue remained stable [6][8] User Engagement - From January to September 2025, the average monthly active users of Mango TV increased by approximately 11.08% [3][7] - As of August 2025, the total user base reached 750 million, with significant growth in both app and OTT platforms [7] Advertising and Content Strategy - The advertising business showed signs of recovery in Q3, with revenue growth compared to previous periods [3][7] - Mango TV's strong content IP continues to attract brands, with notable collaborations in various popular shows [7][8] Industry Context - The challenges faced by Mango TV are reflective of broader issues within the long video consumption landscape, rather than being unique to the company [6] - The company is strategically refocusing on its core business while navigating the competitive e-commerce landscape [8]