芒果超媒(300413)：坚持创新驱动 构建IP全链路生态

Company Update - The 2025 Mango Autumn Investment Conference was held in Changsha on October 28, 2025, under the theme "Sound Resonates Far and Wide, Ecology Revitalizes" [1] - The company announced its core content and key development projects for Hunan TV and Mango TV for 2025-2026, including over 80 major dramas and more than 70 key variety shows, as well as resources for galas, short dramas, and micro-variety shows [1] Innovation and IP Ecosystem - The company emphasized its commitment to innovation-driven strategies and building a full-link IP ecosystem, focusing on content e-commerce and trendy derivative products [2] - The company aims to enhance the value of quality content IP, which is expected to support the construction of a more comprehensive IP ecosystem based on drama, variety content, and entertainment industry resources [2] Drama Series Focus - The company plans to invest in high-quality drama series, with a focus on the potential of exclusive dramas [2] - The drama lineup for Q4 2025 to 2026 includes titles such as "Salmon Ascension," "Yuming Tea Bone," "Taiping Year," and others, indicating a continued emphasis on premium content [2] - The company anticipates healthy growth in membership revenue, with content cost investments stabilizing, and expects to leverage new broadcasting regulations for more precise content investments [2] Variety Shows and Advertising - The preliminary rounds of the variety show "Sound Resonates Far and Wide 2025" aired on October 28, 2025, with the total sponsorship from Dove [3] - The show will have concentrated broadcasts from October 28-30 and November 4-6, with the finals starting on November 9 [3] - The company has additional variety shows in its pipeline, which are expected to generate more traffic and advertising revenue, especially in a cautious advertising budget environment [3] Profit Forecast and Valuation - The company maintains its net profit forecasts of 1.1 billion and 1.74 billion for 2025 and 2026, respectively [4] - The current price corresponds to P/E ratios of 48.7 and 30.8 for 2025 and 2026 [4] - The target price remains at 35 yuan, implying a 21.8% upside potential based on a 38 times P/E for 2026 [4]