MANGO(SZ:300413) Guoxin Securities·2025-09-01 11:19Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4][17]. Core Insights - The company's revenue and profit have declined, with a reported revenue of 5.964 billion yuan and a net profit of 763 million yuan for the first half of the year, representing year-on-year decreases of 14.31% and 28.31% respectively [10][1]. - The decline in revenue is primarily attributed to the contraction of the traditional TV shopping business, while the decrease in net profit is due to increased investments in high-quality film and television content, ecological layout, and technology applications [10][1]. - The core platform business remains stable, with Mango TV's internet video business generating 4.882 billion yuan in revenue, a slight year-on-year decline of 1.5%, while user engagement metrics show a 14.24% increase in monthly active users [12][2]. - The content ecosystem continues to improve, with Mango TV's variety shows maintaining industry leadership and a 69% year-on-year increase in effective viewership for its dramas [16][3]. Summary by Sections Revenue and Profit Performance - In the first half of the year, the company achieved a revenue of 5.964 billion yuan and a net profit of 763 million yuan, with respective year-on-year declines of 14.31% and 28.31% [10]. - For Q2 2025, the company reported a revenue of 3.063 billion yuan and a net profit of 385 million yuan, reflecting year-on-year decreases of 15.74% and 35.09% [10]. Core Business Performance - Mango TV's internet video business generated 4.882 billion yuan in revenue, with a 1.5% year-on-year decline, while the user base showed a 14.24% increase in monthly active users [12]. - The membership revenue reached 2.496 billion yuan, continuing its growth trajectory [12]. - The advertising business saw a revenue of 1.587 billion yuan, showing signs of recovery compared to the previous quarter but still facing significant pressure [12]. Content Development - The variety shows on Mango TV continue to lead the industry, with significant viewer engagement and innovative formats [16]. - The effective viewership for dramas increased by 69% year-on-year, with notable successes in specific titles [16]. - The company has accelerated its strategy for micro-short dramas, launching 1,179 new episodes, a nearly sevenfold increase from the previous year [16].