Revenue and Profit Decline - In the first half of the year, the company achieved operating revenue of 5.964 billion yuan and a net profit attributable to shareholders of 0.763 billion yuan, representing year-on-year declines of 14.31% and 28.31% respectively, with a fully diluted EPS of 0.41 yuan [1] - In Q2 2025, the company reported revenue of 3.063 billion yuan and a net profit of 0.385 billion yuan, down 15.74% and 35.09% year-on-year [1] - The decline in revenue is primarily due to the contraction of the traditional TV shopping business, while the drop in net profit is attributed to increased investments in top-tier film and television content, ecological layout, and technology applications [1] Core Platform Performance - In the first half of the year, Mango TV's internet video business generated revenue of 4.882 billion yuan, a slight year-on-year decline of 1.5%, maintaining overall stability; the average monthly active users increased by 14.24% year-on-year, and the average daily usage time per user remains among the industry leaders [1] - Membership revenue reached 2.496 billion yuan, continuing to grow; advertising revenue was 1.587 billion yuan, showing significant recovery compared to the first quarter but still facing considerable pressure [1] - The operator business revenue was 0.8 billion yuan, marking a year-on-year increase of 7%, recovering after a significant decline in 2024 due to industry governance factors [1] Content Ecosystem Development - The variety shows continue to maintain industry-leading advantages, with Mango TV's variety show effective playback volume ranking first in the industry [2] - The show "Singer 2025" innovatively combines vertical and horizontal screen viewing modes, achieving over 90 million total interactive live sessions; "Riding the Wind 2025" broke the traditional studio recording mode by setting the stage outdoors, with peak monthly playback volume increasing by over 30% compared to the previous season [3] - In terms of drama series, effective playback volume for Mango TV's dramas increased by 69% year-on-year, with "The National Color of Elegance" achieving an average playback volume exceeding 40 million; the company has a reserve of nearly 100 dramas, and the latest policies from industry regulators are expected to support the production of more high-quality hit dramas [3] - The strategy for micro-short dramas is accelerating, with 1,179 micro-short dramas launched under the Big Mango plan, a nearly 7-fold increase year-on-year; the self-produced horizontal short drama "Jiang Song" topped the short drama effective playback ranking in May [3]