Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 9.063 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.82%, with a net profit attributable to shareholders of 1.016 billion yuan, down 29.67% year-on-year [4] - The decline in revenue is primarily attributed to a decrease in traditional e-commerce business income, leading to a greater focus on the development of Mango IP derivative products [4] - The company maintains a leading position in the variety show market, with a significant increase in effective views for its shows, and a robust content pipeline expected to drive growth in advertising and membership revenue [5][6] Financial Performance - In Q3 2025, the company achieved a revenue of 3.099 billion yuan, a year-on-year decrease of 6.58%, and a net profit of 252 million yuan, down 33.47% year-on-year [4] - The company’s operating cash flow for the first three quarters was 674 million yuan, a year-on-year increase of 307.14%, with cash reserves exceeding 13 billion yuan by the end of September [6] - Revenue projections for 2025-2027 are 13.74 billion, 14.97 billion, and 16.17 billion yuan respectively, with net profits expected to be 1.51 billion, 1.93 billion, and 2.12 billion yuan [7] Market Position and Strategy - The company continues to lead in the variety show market, with Mango TV ranking first in the number of exclusive shows in the top 20 for Q3 2025 [5] - The company has launched 1,179 short dramas in the first half of the year, marking a sevenfold increase year-on-year, indicating the success of its "Big Mango Plan" [5] - The integration of culture and technology is a key strategy, with ongoing investments in high-quality content and research and development [6]

证券研究报告 | 公司点评报告 2025 年 10 月 28 日 芒果超媒（300413.SZ） 25Q3 广告业务及芒果 TV 用户增长稳健，Q4 热门综艺 剧集值得期待 公司发布 2025 年三季度报告，前三季度实现营收 90.63 亿元，同比-11.82%； 归母净利润 10.16 亿元，同比-29.67%；扣非归母净利润 7.91 亿元，同比 -35.50%。25Q3 单季度实现营收 30.99 亿元，同比-6.58%；归母净利润 2.52 亿元，同比-33.47%；扣非归母净利润 1.81 亿元，同比-42.34%。 % 1m 6m 12m 绝对表现 -18 13 14 相对表现 -22 -12 -5 -20 0 20 40 60 Oct/24 Feb/25 Jun/25 Sep/25 (%) 芒果超媒 沪深300 资料来源：公司数据、招商证券 ❑ 25Q3 广告业务收入回暖，芒果 TV 用户增长稳健。2025 年前三季度，公司 实现营业收入 90.63 亿元，同比下降 11.82%，主要是传统电商业务收入下降 所致，公司战略收缩传统电商板块业务，更加聚焦芒果 IP 衍生品开发业务， 核心平台芒果 ...

展望四季度，公司王牌综艺《向往的生活·戏如人生》《声生不息·华流季》《再见爱人5》、头部剧 集《水龙吟》皆受到市场重点关注，广告主预算弹性有望持续恢复；即将上线的音乐选秀节目《声鸣远 扬》也未播先热，极具话题性和现象级爆款品相，借助八大平台的协同传播，其"全民造星"效应或将进 一步释放，成为2025年最具影响力的文化IP之一。 10月24日晚间，芒果超媒发布2025年三季报，前三季度公司进一步优化主营业务结构，核心主业保 持稳健经营，实现营业收入90.63亿元，归属于上市公司股东的净利润10.16亿元。 中金研报分析指出，短期而言，"广电21条"新政落实将促进各大平台积压剧释放，审核周期缩短促 进资金周转；中期而言，将持续加强"剧本中心制"，优化成本结构；长期而言，剧集的系列化开发将加 强公司投产稳定性和IP价值潜力，政策新周期下行业有望实现复苏。 具体来看，1-9月芒果TV用户月活均值同比增长约11.08%；广告业务呈现回暖态势，第三季度广告 收入同比实现增长，运营商业务继续保持增长态势。此外，芒果超媒账上经营性现金流健康运转，前三 季度经营性现金流量净额为6.74亿，同比增长307.14%，9月末资金储备 ...