证券代码：300413 证券简称：芒果超媒 公告编号：2025-040 芒果超媒股份有限公司 第四届董事会第三十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 芒果超媒股份有限公司（以下简称"公司"）第四届董事会第三十次会议（以下 简称"会议"）于 2025 年 11 月 13 日以通讯表决方式召开。会议由董事长蔡怀军主 持，应出席董事 9 人，实际出席董事 9 人，公司监事对表决结果进行了统计确认。会 议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、会议审议情况 1、审议通过《关于豁免第四届董事会第三十次会议通知期限的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 2、审议通过《关于公司参与张家界旅游集团股份有限公司重整投资暨关联交易 的议案》 经审议，董事会认为公司及旗下全资子公司参与张家界旅游集团股份有限公司 （以下简称"张旅集团"）重整投资，是基于自身产业优势、资源优势及张旅集团的 属地资源禀赋，通过资本合作促进业务协同，实现产业多元化拓展、资产增值的重要 举措，有利于推动公司长远发 ...

Group 1 - The core point of the article is that Mango Excellent Media (SZ 300413) held its 30th meeting of the fourth board of directors on November 13, 2025, via telecommunication voting, discussing the exemption of the notification period for the meeting [1] - For the year 2024, the revenue composition of Mango Excellent Media is as follows: 72.29% from new media platform operations, 18.47% from media retail, 8.97% from new media interactive entertainment content production, and 0.27% from other industries [1] - As of the report date, the market capitalization of Mango Excellent Media is 50.1 billion yuan [1]

芒果超媒股份有限公司 证券代码：300413 证券简称：芒果超媒 公告编号：2025-042 关于公司参与张家界旅游集团股份有限公司 重整投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 2.公司控股股东芒果传媒有限公司持有电广传媒 16.66%股份，根据《深圳证券交 易所创业板股票上市规则》相关规定，电广传媒及旗下子公司构成公司关联方，因此 1 一、参与重整投资暨关联交易概述 1.张家界旅游集团股份有限公司（以下简称"张旅集团"，股票代码 000430）是 张家界市属国有控股的旅游类上市公司，被誉为"山水旅游第一股"。目前，张旅集 团以及旗下张家界大庸古城发展有限公司因为债务问题已进入重整程序，重整申请已 正式获得法院受理，张旅集团将在重整中实施资本公积转增股本。 芒果超媒股份有限公司（以下简称"芒果超媒"或"公司"）及旗下全资子公司 湖南快乐阳光互动娱乐传媒有限公司（以下简称"快乐阳光"）拟以自有资金认购张 旅集团转增股份 1.2 亿股，认购价格为《重整投资协议》签订之日前 60 个交易日（不 含签订协议当日）张旅集团股票成交均价（以下 ...

Core Viewpoint - *ST Zhanggu (000430.SZ) has signed a restructuring investment agreement with several investors, indicating a strategic move towards financial recovery and operational restructuring [1] Group 1: Company Overview - The company has entered into a restructuring investment agreement with multiple parties, including Hunan Electric Media Co., Ltd., Hunan Mango Cultural Tourism Investment Co., Ltd., and others [1] - The agreement involves various investors such as Shenzhen Dacheng Caizhi Venture Capital Management Co., Ltd., Zhangjiajie Industrial Investment (Holding) Co., Ltd., and others, highlighting a collaborative effort for restructuring [1] Group 2: Industry Context - The involvement of multiple investment firms and media companies suggests a trend in the industry towards consolidation and strategic partnerships to enhance operational efficiency and financial stability [1]

Market Overview - The digital media sector experienced a decline of 1.49% on November 14, with "Zhidingmai" leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - "Zhidingmai" (300785) closed at 38.80, down 4.06% with a trading volume of 452,500 shares [1] - "Zhangyue Technology" (603533) closed at 20.50, down 2.84% with a trading volume of 161,300 shares [1] - "Vision China" (000681) closed at 21.00, down 2.60% with a trading volume of 264,500 shares [1] - "ST Fanli" (600228) closed at 6.90, down 2.13% with a trading volume of 95,700 shares [1] - "Xinhua Net" (603888) closed at 19.60, down 1.95% with a trading volume of 107,500 shares [1] - "Fantao Digital" (301313) closed at 29.82, down 1.55% with a trading volume of 55,500 shares [1] - "Chuanwang Media" (300987) closed at 17.70, down 1.39% with a trading volume of 24,400 shares [1] - "Guomai Culture" (600640) closed at 13.62, down 1.30% with a trading volume of 140,600 shares [1] - "Mango Super Media" (300413) closed at 26.76, down 1.11% with a trading volume of 156,100 shares [1] - "Shengyibao" (002095) closed at 19.93, down 0.94% with a trading volume of 50,500 shares [1] Capital Flow Analysis - The digital media sector saw a net outflow of 305 million yuan from institutional investors, while retail investors experienced a net inflow of 100 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with "Shengyibao" showing a net inflow of 10.39 million yuan from institutional investors [2] - "Mango Super Media" had a net inflow of 7.84 million yuan from institutional investors but a net outflow of 27.67 million yuan from retail investors [2] - "Guomai Culture" experienced a net outflow of 1.84 million yuan from institutional investors, while retail investors had a net inflow of 1.03 million yuan [2] - "ST Fanli" had a significant net outflow of 9.88 million yuan from institutional investors, with a net inflow of 7.85 million yuan from retail investors [2]

Group 1 - The media sector has shown a significant upward trend in performance, with a year-to-date increase of 24.36% in the Shenwan Media Index, outperforming the CSI 300 by 10.35% [3][76] - In the first three quarters of 2025, the media sector achieved a total revenue of 387.6 billion yuan and a net profit of 32.1 billion yuan, representing year-on-year growth of 5.41% and 37.18% respectively [3][16] - The current TTM-PE for the Shenwan Media Index is 44x, which is at the 80th percentile of the past five years, indicating a recovery in valuation [3][76] Group 2 - The gaming sector has benefited from a strong product cycle, with Q3 2025 revenues reaching 30.4 billion yuan and net profits of 4.6 billion yuan, marking year-on-year increases of 28.60% and 111.65% respectively [4][29] - The popularity of collectible toys and IP-based products remains high, with the domestic market for IP economy projected to grow from 94.1 billion yuan in 2022 to 240.6 billion yuan by 2025, maintaining a growth rate of over 10% [112][118] Group 3 - The shift in policy direction is expected to positively impact the entertainment content industry, with ongoing improvements in content supply likely to stimulate demand recovery [5][127] - AI applications are rapidly penetrating the entertainment content industry, enhancing efficiency and return on investment in content production, thus creating new opportunities [5][127] Group 4 - Investment recommendations focus on sectors with strong growth potential, particularly in gaming and AI-driven content creation, with specific companies highlighted for their promising performance [6][111] - The report emphasizes the importance of monitoring product cycles and performance trends in the gaming sector, recommending companies such as Giant Network and 37 Interactive Entertainment [6][111]

Core Insights - The 2025 China New Media Conference highlighted the integration of culture and technology in the "Malan Mountain" area, showcasing its development as a hub for innovation and creativity [1][8] - The region is rapidly developing a complete industrial chain, with 206 enterprises, 158 technology-based SMEs, and 166 high-tech companies, indicating a robust ecosystem for content creation and technology research [1][5] Infrastructure Development - Malan Mountain is building a "cloud-network-computing" infrastructure, with total computing power expected to exceed 500P by the end of the year, supporting advanced technologies like AIGC [3][5] - The area has achieved a storage capacity of over 140PB, enabling simultaneous production of 20 programs and significantly reducing storage costs for enterprises [5][6] Financial Support and Policies - The park has introduced six special policies to support enterprises, offering financial assistance ranging from 20,000 to 500,000 yuan based on company size and type [6][7] - A notable initiative includes a 200,000 yuan copyright pledge loan, addressing financing challenges for cultural technology companies [6][7] Industry Collaboration and Innovation - The event saw the signing of agreements with six new industry players, enhancing collaboration across sectors like animation, gaming, and smart sports equipment [8][10] - Several AI models were launched, including the "Onestory" model, which streamlines the content creation process, showcasing the park's commitment to integrating AI in cultural technology [10][12] Future Outlook - The park aims to create a supportive environment for AI-driven industry development, positioning itself as a key player in the "AI + Culture" sector [14]

Core Insights - The digital media sector experienced a rise of 1.12% on November 13, with "值得买" leading the gains at 20% [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Digital Media Sector Performance - "值得买" (Code: 300785) closed at 40.44, with a significant increase of 20.00% and a trading volume of 266,700 shares, amounting to a transaction value of approximately 993 million [1] - "凡拓数创" (Code: 301313) saw a rise of 3.45%, closing at 30.29 with a trading volume of 80,800 shares [1] - "三六五网" (Code: 300295) increased by 2.78%, closing at 13.66 with a trading volume of 75,300 shares [1] - "生意宝" (Code: 002095) rose by 1.67%, closing at 20.12 with a trading volume of 36,300 shares [1] - "国脉文化" (Code: 600640) had a modest increase of 0.29%, closing at 13.80 with a trading volume of 94,800 shares [1] Capital Flow Analysis - The digital media sector saw a net inflow of 311 million in main funds, while retail investors experienced a net outflow of 162 million [2] - "值得买" attracted a net inflow of 260 million from main funds, but faced a net outflow of 149 million from speculative funds [3] - "芒果超媒" (Code: 300413) had a net inflow of 30.53 million from main funds, while retail investors withdrew 24.18 million [3]

Market Overview - The digital media sector experienced a decline of 0.86% on November 12, with *ST Fanli leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Mango Super Media (300413) closed at 26.92, up 0.19% with a trading volume of 120,300 shares and a transaction value of 324 million yuan [1] - ST Fanli (600228) closed at 6.97, down 2.38% with a trading volume of 207,900 shares and a transaction value of 146 million yuan [2] - Visual China (000681) closed at 21.47, down 2.14% with a trading volume of 321,100 shares and a transaction value of 691 million yuan [2] Capital Flow - The digital media sector saw a net outflow of 177 million yuan from institutional investors, while retail investors contributed a net inflow of 137 million yuan [2][3] - Major stocks like Mango Super Media and Xinhua Net experienced varying levels of net inflow and outflow from different investor categories [3] Investor Behavior - Institutional investors showed a significant net outflow from stocks like People's Daily (603000) and Guomai Culture (600640) [3] - Retail investors favored stocks such as Business Treasure (002095) and River Network Media (300987), showing positive net inflows [3]

Core Points - Fund manager Li Deqing has resigned from six funds due to personal reasons, effective November 7, 2025 [2][3] - Li Deqing has no other funds under management following this resignation [2] - The funds managed by Li Deqing include the Xin'ao Hengsheng Mixed Fund and the Xin'ao Xinyu 6-Month Holding Period Bond Fund, among others [2][3] Fund Performance Summary - The Xin'ao Xinyu 6-Month Holding Period Bond Fund has a net asset value of only 21.76 million yuan as of the end of Q3, with a single institution holding 45.88% of its shares [3] - This fund has experienced a decline, with its net asset value falling below 50 million yuan for 60 consecutive working days, prompting the fund company to report to regulatory authorities [3] - Since its inception on March 21, 2024, the fund has seen a unit net value growth of 7.02%, underperforming its benchmark by 4.44 percentage points [4] - The Xin'ao Hengsheng Mixed Fund has a net asset value of approximately 53.44 million yuan as of Q3, also nearing the threshold for a mini-fund [4] - This fund has recorded a unit net value growth of only 0.74% since its inception on September 24, 2021, lagging behind its benchmark by 14.62 percentage points [4] Holdings Overview - The Xin'ao Xinyu 6-Month Holding Period Bond Fund holds 4.26% in stocks and 59.12% in bonds, with top holdings including Zijin Mining, Tencent Holdings, and Alibaba [4] - The Xin'ao Hengsheng Mixed Fund has a stock allocation of 20% and a bond allocation of 59.92%, with similar top holdings to the Xin'ao Xinyu fund, including Alibaba and Tencent [4][5]