Core Points - The actor Deng Sha announced her withdrawal from the show "Goodbye Lover" due to personal reasons, effective immediately [1] - Mango TV's variety show "Goodbye Lover 5" has adjusted its broadcast schedule, delaying the release of the second episode [2] - The show "Goodbye Lover 5" features the couple Lu Xing and Deng Sha, who have been married since 2012 and have a child born in 2013 [3] Company Summary - Lu Xing has been involved in a bribery scandal, where he allegedly offered nearly 10 million yuan in stocks and cash to a retired official [5] - Lu Xing resigned as the executive director and chairman of Chuanglian Holdings Limited, effective October 17, 2025, to focus on personal business development [8][9] - Chuanglian Holdings is a Hong Kong-listed company focused on lifelong education and online training services [10] Industry Summary - Mango TV reported a decline in revenue, with a 11.82% decrease in operating income to 9.063 billion yuan and a 29.67% drop in net profit to 1.016 billion yuan for the first three quarters [13] - The show "Goodbye Lover" was expected to boost revenue, but its focus on divorce themes has limited its advertising appeal [13] - Despite the challenges, Mango TV's membership revenue grew by 19.3% to 5.148 billion yuan by the end of 2024, driven by popular shows [13] - The upcoming variety show "Voice of the Future 2025" is anticipated to be a highlight for Mango TV's performance in the second half of the year [14]

Core Viewpoint - Mango TV's variety show "Goodbye Lover 5" has faced delays in its broadcast schedule, which may impact the company's revenue recovery efforts amid declining financial performance [2][9]. Company Performance - Mango TV reported a 11.82% year-on-year decrease in revenue for the first three quarters, totaling 9.063 billion yuan, and a 29.67% drop in net profit to 1.016 billion yuan [9]. - The earnings per share decreased by 29.87% to 0.54 yuan, with the third quarter showing a revenue decline of 6.58% to 3.099 billion yuan and a net profit drop of 33.47% to 252 million yuan [9]. Show Impact - "Goodbye Lover" is a flagship show for Mango TV, with its previous season generating significant social media buzz, but the current season's focus on divorce may limit advertising revenue compared to other shows [10]. - The delay in airing "Goodbye Lover 5" is expected to have a smaller impact on advertising than initially anticipated [10]. Future Prospects - The upcoming show "Voice of the Future 2025" is anticipated to be a highlight for the second half of the year, featuring a collaborative production across multiple major platforms [10]. - Despite the challenges, Mango TV is expected to maintain its leading position in the variety show market, although the unpredictability of the market is evident [11]. Market Reaction - On October 24, Mango TV's stock closed at 28.88 yuan per share, reflecting a 1.8% decline, with a market capitalization of 54 billion yuan [12].