Core Viewpoint - Mango Excellent Media reported a decline in both revenue and net profit for the first three quarters of 2025, primarily due to a strategic shift away from traditional e-commerce and increased investment in content and R&D for Mango TV [1] Financial Performance - The company's revenue for the first three quarters was 9.063 billion, a year-on-year decrease of 11.82% [1] - Net profit attributable to shareholders was 1.016 billion, down 29.67% year-on-year [1] - In Q3, revenue decreased by 6.58% to 399 million, while net profit fell by 33.47% to 252 million [1] Business Strategy - The decline in revenue is attributed to a reduction in traditional e-commerce business as the company focuses more on developing Mango IP derivative products [1] - Core platform Mango TV's revenue remained relatively stable year-on-year [1] Content and User Engagement - Despite the overall revenue decline, Mango TV's monthly active users increased by approximately 11.08% year-on-year from January to September [1] - The advertising business showed signs of recovery, with advertising revenue experiencing year-on-year growth [1]