MANGO(SZ:300413) Nan Fang Du Shi Bao·2025-10-27 10:09Core Insights - The long video platform industry is facing challenges, prompting companies to focus on strategic resource allocation to weather the downturn [2] - Mango TV's Q3 2025 report shows a decline in revenue and net profit, with Q3 revenue at 3.099 billion yuan, down 6.58% year-on-year, and net profit at 252 million yuan, down 33.47% [2][3] - Despite the overall decline, Mango TV's monthly active users grew by approximately 11.08% from January to September 2025, indicating some resilience in user engagement [2][4] Financial Performance - The decline in revenue is largely attributed to a decrease in traditional e-commerce business, as the company shifts focus to developing Mango IP derivative products [3] - Mango TV's revenue has been on a downward trend over the past three years, with the largest year-on-year decline of 11.82% in the first three quarters of 2025 [3] - The company's net profit has also decreased significantly, with a year-on-year drop of 29.67% in the first three quarters of 2025, following a previous growth of 6.19% in 2023 [3] Cost and Investment - Increased investment in quality content and research and development has led to rising costs, with R&D expenses reaching 174 million yuan, up 35.93% year-on-year [3] - The total profit for Q3 saw a significant decline of 56.24% year-on-year, reflecting the short-term pressure on performance due to rising costs [3] Advertising and User Engagement - Despite challenges in user growth, Mango TV's advertising revenue showed signs of recovery, driven by its popular variety shows [4] - The company reported a net operating cash flow of 674 million yuan in the first three quarters, a substantial increase of 307.14% year-on-year, with cash reserves exceeding 13 billion yuan by the end of September [4] - Upcoming programs, such as the music talent show "Voice of the Future," are expected to enhance brand visibility and attract advertising budgets [5]