本报（chinatimes.net.cn）记者于玉金 北京报道 热门综艺节目《再见爱人5》深陷舆论漩涡，延播、删减的风波未平，芒果超媒交出的三季度业绩又 添"寒意"。10月24日晚间，芒果超媒披露2025年三季度报告，公司第三季度营收为30.99亿元，同比下 降6.58%；归母净利润2.52亿元，同比下降33.47%。 在战略收缩传统电商板块业务叠加芒果TV优质内容投入和研发投入加大导致业绩阵痛背后，芒果超媒 第三季度广告业务呈现回暖态势，广告收入实现同比增长；此外，1—9月芒果TV用户月活均值同比增 长约11.08%，优质内容为平台带来了稳健的用户基本盘。 热门节目陷入风波 "生儿子是最大贡献"——嘉宾路行在《再见爱人5》中对妻子邓莎的这句评价，在引爆节目话题的同 时，也让他本人遭到了全网批评。不过，正因为路行站在了聚光灯下，其"黑历史"也被扒出。 路行在参加节目前，任职于创联控股有限公司（下称"创联控股"）。公开信息显示，路行自2014年12月 11日被委任为创联控股执行董事及董事会主席。不过，就在《再见爱人5》开播次日，创联控股发布公 告称，路行因欲投入更多时间用于其个人业务发展，已辞任创联控股执行董事 ...

Core Insights - Mango TV's user monthly active average increased by 11.08% year-on-year in the first three quarters of 2025, indicating strong user engagement and growth potential [1][2] - The company reported a significant increase in operating cash flow, with a net amount of 674 million yuan, up 307.14% year-on-year, providing a solid financial foundation for content and technology investments [1] - The advertising business showed signs of recovery in the third quarter, continuing the positive trend from the first half of the year [2] Financial Performance - For the first three quarters of 2025, Mango Super Media achieved operating revenue of 9.063 billion yuan and a net profit attributable to shareholders of 1.016 billion yuan [1] - The company has over 13 billion yuan in cash reserves as of the end of September, supporting its strategic focus on content and technology investments [1] Content Strategy - The company is focusing on the development of Mango IP derivatives while reducing its traditional e-commerce business, which has led to short-term revenue fluctuations [1] - Mango TV maintains a leading position in the variety show sector with a market share of 35.2%, and it ranked first in the number of exclusive variety shows in the top 20 for the third quarter [2] - The company has launched a "short drama IP joint creation plan" to enhance its content offerings, with a focus on collaboration and investment incentives [3] Industry Trends - The new regulatory policies are expected to accelerate the release of accumulated dramas in the short term and strengthen the "script-centered system" in the medium term, benefiting IP series development in the long run [4] - The industry is witnessing a shift towards content innovation, with a notable increase in the production of micro-short dramas, which have shown a significant rise in user engagement and monetization potential [3]