芒果超媒归母净利预计11亿元至14亿元，小芒电商首次实现年度盈利

Core Viewpoint - Mango TV is expected to achieve a net profit of between 1.1 billion to 1.4 billion yuan for the fiscal year 2025, indicating stable overall performance [1] Group 1: Performance and Content Strategy - In 2025, Mango TV continues to strengthen its quality content reserve and optimize the release schedule, with effective play volume for variety shows ranking first among long video platforms [1] - The effective play volume for film and television dramas increased by 28.12% year-on-year, maintaining a positive upward trend [1] - Mango TV's exclusive broadcasting strategy has shown significant results, with its exclusive variety shows ranking first in the industry for the number of shows on the all-network variety show cumulative effective play list, achieving a market share peak of over 20% for five shows [1] - The proportion of joint broadcasts between Mango TV and its network reached 75% in 2025, leading the industry [1] - The number of micro-short dramas launched by Mango TV reached 5,137 in 2025, representing an increase of over 14 times compared to the previous year [1] Group 2: Technological Innovation and Business Diversification - Technological innovation is a key driver for Mango TV, which has implemented AI throughout the content production process using its self-developed "Mango Large Model," achieving over 93% coverage in business applications [1] - The CTO of Mango TV stated that the AIGC production tools have reached "commercial-grade" capabilities, enhancing efficiency in audio-visual content production through intelligent decision-making and content generation [2] - Mango TV's growth engine is becoming more diversified, with its small Mango e-commerce segment achieving record GMV and profitability for the first time in 2025 [2] - The company is accelerating its offline layout, with the opening of a global flagship store in Shanghai and expanding its distribution network to nearly 3,000 stores across 80 cities [2] - Mango TV has launched a strategic partnership with the domestic toy brand TOYCITY to create a new dual-driven model of "content IP + physical consumption," targeting the emotional consumption needs of Generation Z [2]