10月24日晚间，芒果超媒发布2025年第三季度报告。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。其中，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，公司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 6.74亿元，同比增长307.14%，9月末资金储备规模超130亿元，为后续持续加大内容、技术和新业务布 局投入提供坚实支撑。 报告期内，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，传统电商业务收入下 降，对当期营收造成波动，核心平台芒果TV营业收入同比基本持平。此外，公司积极践行"文化+科 技"融合战略，致力于打造头部数智传播核心平台，持续加大优质内容及研发投入，互联网视频业务成 本有所上升，对公司当期利润造成短期影响。 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；即将于28日上线的音乐选秀节目《声 ...

Core Viewpoint - The company has optimized its main business structure, achieving steady operations with a revenue of 9.063 billion yuan and a net profit of 1.016 billion yuan in the first three quarters of 2025, alongside a significant increase in operating cash flow and user engagement metrics [1][14]. Business Performance - The company reported a year-on-year increase of approximately 11.08% in average monthly active users for Mango TV from January to September 2025, with a total user base reaching 750 million by August [8]. - The advertising business showed signs of recovery, with third-quarter revenue increasing year-on-year, continuing the positive trend from the first half of the year [9][14]. - 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 [1][14]. Strategic Focus - The company has strategically reduced its traditional e-commerce business to focus more on the development of Mango IP derivative products, which has led to fluctuations in revenue from traditional e-commerce [3]. - The company is actively implementing a "culture + technology" integration strategy, aiming to create a leading digital communication platform while increasing investments in quality content and research and development [3][14]. Content and Programming - Mango TV maintains a dominant market share of 35.2% in the variety show sector, with a strong performance in both established and new IPs [5]. - The company has successfully launched a variety of new IPs and shows, with significant audience engagement, including the upcoming music talent show "Voice of the Future" expected to generate substantial buzz [3][6]. - The company has strengthened its drama content, achieving a 67% share of exclusive and network-broadcasted new domestic dramas, with several shows performing well in viewership rankings [6][14]. Market Position and Future Outlook - The company is well-positioned for future growth with a robust pipeline of high-profile shows and a focus on enhancing the quality of its content offerings [6][14]. - The recent regulatory changes are expected to facilitate the release of accumulated dramas and improve operational efficiency, potentially leading to a recovery in the industry [13][14].

报告期内，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，传统电商业务收入下 降，对当期营收造成波动，核心平台芒果TV营业收入同比基本持平。此外，公司积极践行"文化+科 技"融合战略，致力于打造头部数智传播核心平台，持续加大优质内容及研发投入，互联网视频业务成 本有所上升，对公司当期利润造成短期影响。 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；即将于28日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。 综N代+新IP两面开花，剧集深化独播+台网 综艺方面，芒果依然保持着绝对的市占率优势，呈现综N代+新IP两面开花，市占率高达35.2%，稳居行 业第一。云合数据显示，2025年Q3全网综艺TOP20累计有效播放39亿，同比上涨30%，其中芒果TV独 播综艺上榜数位列第一。一方面，芒果TV"综N代"依然展现出强势的长期主义价值，是平台稳定内容供 给的"压舱石"。艺恩数 ...