MANGO(SZ:300413) Xin Lang Cai Jing·2025-10-28 12:39Performance Overview - In the first three quarters of 2025, the company achieved revenue of 9.063 billion, a year-over-year decrease of 11.82%, and a net profit attributable to shareholders of 1.016 billion, down 29.67% year-over-year. The decline in revenue is primarily due to a decrease in traditional e-commerce business, with a greater focus on the development of Mango IP derivative products [1] - For Q3 2025, the company reported revenue of 3.099 billion, a year-over-year decrease of 6.58%, and a net profit attributable to shareholders of 252 million, down 33.47% year-over-year [1] Market Position and Content Reserve - The company maintains a leading position in the variety show market, with data showing that the top 20 variety shows in Q3 2025 had a total of 3.9 billion effective views, an increase of 30% year-over-year. Mango TV ranked first in the number of exclusive variety shows [2] - Key shows such as "The Life We Long For" and "Sound Alive" are expected to continue driving viewership and boosting membership and advertising revenue. The company launched 1,179 short dramas in the first half of the year, a sevenfold increase year-over-year, with significant success from the "Big Mango Plan" [2] Membership and Advertising Business - The company is actively promoting a "culture + technology" integration strategy, increasing investment in quality content and research and development for Mango TV. Monthly active users for Mango TV grew approximately 11.08% year-over-year from January to September, and advertising revenue saw year-over-year growth in Q3 [3] - The operating cash flow for the first three quarters was 674 million, a year-over-year increase of 307.14%, with cash reserves exceeding 13 billion by the end of September, providing strong support for future investments in content, technology, and new business initiatives [3] Investment Outlook - The company is expected to maintain its leading position in the variety show market, with projected revenues of 13.74 billion, 14.97 billion, and 16.17 billion for 2025-2027, compared to previous estimates of 14.92 billion, 16.00 billion, and 17.29 billion. Net profits attributable to shareholders are projected at 1.51 billion, 1.93 billion, and 2.12 billion for the same period, compared to previous estimates of 1.82 billion, 2.13 billion, and 2.41 billion. The investment rating is maintained at "Buy" [4]