中证报中证网讯(王珞)8月22日晚间，芒果超媒（300413）披露2025年半年度报告。上半年公司紧扣"文 化+科技"融合主线，进一步优化主营业务结构，推动新旧动能转换，实现营业收入59.64亿元，归母净 利润7.63亿元，核心主业芒果TV互联网视频业务保持稳健经营。 其中，公司报告期内会员业务实现营收24.96亿元，收入增速优于行业表现；广告实现营收15.87亿元， 二季度环比明显回暖；运营商实现营收8亿元，同比增长约7%，重新步入增长通道。 报告期内，公司在行业普遍缩减内容成本的背景下，逆势布局加大内容、研发投入。芒果TV互联网视 频业务成本同比上升11.78%，研发投入同比增长26.41%，对公司当期利润造成短期影响。此外，公司 在传统电商板块主动调整运营策略，整体营收有所波动，核心平台芒果TV各项主业保持稳健经营。 综艺及剧集势头保持 2025年上半年，长视频行业综艺节目和长剧集供给基本保持稳定，但有效播放量同比有不同程度下降。 芒果TV坚持"综N代+垂类创新"双引擎驱动，上半年综艺有效播放量和市占率持续稳居行业第一。QM 数据显示，芒果TV上半年全网综艺市场份额达36.5%，全网综艺播放量TOP榜中 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company achieved significant growth in net profit due to increased fair value of financial assets and investment income from joint ventures, with a notable increase in net profit of 156.26% year-on-year [1]. - The gaming business is expected to continue stable growth, supported by AI algorithms enhancing user experience and the expansion of digital marketing services [2]. - The company is deepening its digital technology layout, with ongoing advancements in data center infrastructure and AI applications in various sectors [3]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenue of 1.414 billion RMB, a year-on-year increase of 0.09%, and a net profit of 377 million RMB, up 156.26% year-on-year [1]. - In Q2 2025, revenue was 708 million RMB, down 3.66% year-on-year but up 0.16% quarter-on-quarter, with a net profit of 234 million RMB, reflecting a year-on-year increase of 386.45% [1]. Business Segments - The gaming business generated 706 million RMB in revenue, a year-on-year increase of 9.02%, while the subsidiary achieved 1.015 billion RMB in revenue, up 1.62% year-on-year [2]. - Digital marketing services saw significant growth, with revenue reaching 382 million RMB, a year-on-year increase of 13.97% [2]. Future Outlook - The company forecasts net profits of 673 million RMB, 773 million RMB, and 906 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 31.57%, 14.88%, and 17.16% [4]. - The target price for the stock is set at 19.65 RMB, based on a sum-of-the-parts valuation method [10][14].

Core Points - The Palace Museum launched the English and Traditional Chinese versions of its youth website, aiming to promote Chinese culture among young people globally [1][3] - The website, originally launched in 2015, focuses on integrating knowledge and providing engaging educational resources through various formats such as illustrations, games, and videos [3] - A "Culture + Technology Training Camp" for young cultural practitioners from Hong Kong and the Palace Museum will be held in 2025, emphasizing talent development and the fusion of culture and technology [3] Group 1 - The Palace Museum's youth website is a significant outcome of a five-year collaboration with the Public Welfare Research Institute, designed to make Chinese culture accessible and enjoyable for the younger generation [1][3] - The new website versions were translated by a professional team from the China Foreign Languages Publishing Administration, ensuring cultural and contextual accuracy [3] - The training camp aims to cultivate talents with international perspectives and innovative capabilities, contributing to the development of cultural tourism [3]

Core Viewpoint - The "Lotus Appreciation" event in Shenzhen's Honghu Park has successfully integrated cultural, artistic, and technological elements to enhance consumer experiences and drive local economic activity, attracting significant visitor numbers and boosting sales for local businesses [2][5][8]. Group 1: Event Overview - The "Lotus Appreciation" event, themed "Lotus Beauty in Shenzhen, Coexistence of Ten Thousand Images," features rare lotus varieties from various countries, attracting numerous visitors [1]. - The event has transformed Honghu Park into a comprehensive cultural and consumption hub, with a lotus planting area of 170,000 square meters and over 700 lotus varieties [2][5]. Group 2: Economic Impact - Visitor numbers reached 230,000 within 11 days of the event, a 30% increase year-on-year, with daily peaks of around 40,000 [5]. - The cumulative sales revenue during the event was approximately 600,000 yuan, with some businesses reporting sales doubling due to the influx of visitors [4][5]. Group 3: Consumer Experience - The event introduced innovative experiences such as a VR space and a self-service coffee shop, enhancing the overall visitor experience and attracting younger demographics [3][4]. - Various promotional activities, including discounted food and beverage options, have been implemented to further engage consumers and stimulate spending [4][7]. Group 4: Business Collaboration - The event has fostered collaboration among over 20 local businesses, creating a series of cultural and entertainment activities that enhance the overall consumer experience [6][7]. - Businesses have reported significant sales increases, with some noting a 90% rise in sales compared to the previous year, driven by the event's promotional activities [8].

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair serves as a significant platform for showcasing cultural achievements and promoting industry cooperation, with a focus on innovation and integration, attracting over 3,000 cultural institutions from more than 50 countries and regions [1] Group 1: Park Ecosystem - Chengdu's cultural industry achieved a value-added output of 287.6 billion yuan, with a year-on-year growth of 11.69%, maintaining over 10% of GDP for five consecutive years, supported by a robust network of cultural parks [3] - The fair highlighted Chengdu's cultural parks, such as the Dongjiao Memory International Fashion Industry Park and the Chengdu International Intangible Cultural Heritage Expo Park, which attracted numerous exhibitors across various industry segments [3][4] - Chengdu's parks represent a new exploration in creating a diverse and integrated industrial ecosystem, showcasing the city's commitment to cultural innovation [3] Group 2: Market Forces - Chengdu's digital cultural sector has seen the emergence of numerous successful products, with over 680 large-scale digital cultural enterprises, placing it in the top tier nationally [6] - The fair showcased Chengdu's market strength through innovative technologies and products, including the electronic poster for the film "Ne Zha" and an 8K live broadcast of giant pandas, demonstrating the city's advanced digital cultural industry [6] - The event illustrated Chengdu's ambition to elevate Chinese animation technology on a global scale, with cutting-edge special effects technology being a focal point [6] Group 3: IP Effect - Chengdu is recognized as a hub for cultural IP, with significant representations such as the giant panda, Sanxingdui, and Kuanzhai Alley at the fair, showcasing their cultural influence [11] - The fair featured innovative presentations of ancient Shu civilization artifacts, blending traditional culture with modern technology, enhancing consumer engagement [11][14] - The first Panda Home Cultural Creative Competition attracted over 13,854 original entries from more than 20 countries, highlighting Chengdu's role as a vital resource for cultural creativity [15]

Group 1 - The "May Day" holiday saw significant growth in the tourism sector, with Electric Broad Media's cultural tourism segment receiving 523,000 visitors, a year-on-year increase of over 83%, and revenue growth of 63.8% [1] - The "International Street Art Festival" in Changsha attracted 80,000 visitors over five days, marking a 60% increase, with revenue reaching 12 million yuan, up 73% [2] - The newly opened Anhua Tea Horse Road Scenic Area achieved record highs with 15,000 visitors and revenue of 1.55 million yuan, showcasing the successful integration of cultural elements [3] Group 2 - The third Hunan Tourism Development Conference highlighted innovative experiences, such as the digital Shanshan Academy, which allows visitors to interact with AI figures, attracting 187,000 visitors [4] - The hotel sector experienced high occupancy rates, with the Saint Jue Feisi Hotel's "May Day Fresh Catch" event drawing 15,000 visitors and achieving an average occupancy rate of 83.3% [4] - Electric Broad Media's "New Cultural Tourism" strategy is proving effective, with plans to continue product innovation and technology integration to enhance consumer experiences and drive high-quality development in the cultural tourism industry [4]