Core Viewpoint - Mango Excellent Media (300413.SZ) announced that independent director Ding Wenhua has resigned from his position due to the latest management regulations regarding part-time positions for academicians from the Chinese Academy of Engineering [1] Group 1 - Ding Wenhua's resignation will take effect after the election of a new independent director at the company's shareholders' meeting [1] - Until the resignation takes effect, Ding Wenhua will continue to fulfill his responsibilities [1] - The company will actively promote the process of selecting a new independent director [1] Group 2 - During his tenure, Ding Wenhua has diligently contributed to the company's development [1]

Core Points - The second "Peach You Like · iQIYI 717 Membership Festival" has officially launched on July 8, featuring a theme of "Peach You Like" and offering a variety of benefits in entertainment and lifestyle consumption [1] - iQIYI has introduced an unprecedented "Buy One Get Seven" membership package, allowing users to subscribe to annual plans at discounted prices while receiving additional memberships from seven other platforms [3] - The festival continues the theme from the first event, aiming to reward members with a series of benefits, including collaborations with various lifestyle service brands to distribute over one million brand benefits [4] Membership Subscription - From July 11 to July 17, users can subscribe to iQIYI's Golden VIP and Platinum VIP annual cards at promotional prices of 138 yuan and 249 yuan respectively, with the added benefit of receiving memberships from platforms like NetEase Yanxuan and Cool Dog Music [3] - The festival features attractive lottery events for all iQIYI VIP members, with prizes including tickets to the "iQIYI Scream Night" and exclusive limited edition collectibles [3] Brand Collaborations - iQIYI has partnered with brands such as JD.com, Meituan, and QQ Music to provide extensive brand benefits across shopping, music, and travel, enhancing the overall value of the membership festival [4] - An ongoing "Most Anticipated IP" voting activity adds an interactive element to the membership day, with plans for an "IP Interactive Carnival" to be launched later [4]

Core Viewpoint - The competition among major streaming platforms in China is intensifying, particularly with the release of new dramas like "Jinxiu Fanghua" and "Shu Juan Yi Meng," which are seen as pivotal for their respective platforms [1][8]. Group 1: Market Performance - "Jinxiu Fanghua" achieved a record-breaking pre-broadcast reservation of 6.45 million on Mango TV, surpassing previous records and approaching a total of 8 million across both Mango TV and Migu Video [1]. - "Guo Se Fang Hua," the predecessor of "Jinxiu Fanghua," generated significant revenue with 266 advertisements and a peak market share of 21.2% in Q1 2025, leading to a 42.7% increase in user growth for Mango TV [3][4]. - Despite initial success, subsequent dramas like "Wu Fu Lin Men" and others have not matched the performance of "Guo Se Fang Hua," indicating a decline in Mango TV's content effectiveness [4][5]. Group 2: Competitive Landscape - Mango TV's unique dramas are limited, with only "Guo Se Fang Hua" and "Wu Fu Lin Men" making it to the top 30 list, while competitors like iQIYI and Tencent Video dominate with 11 and 9 entries respectively [5]. - The "Jinxiu Fanghua" premiere broke Mango TV's records for viewership and advertisement density, indicating a strong start in the ongoing competition [9]. - iQIYI's "Shu Juan Yi Meng" and Youku's "Yi Fa Zhi Ming" are emerging as formidable competitors, with both achieving high ratings and market shares shortly after their releases [11]. Group 3: Financial Performance - Mango TV's parent company, Mango Super Media, reported a 61.63% decline in net profit for 2024, with a further 19.80% drop in Q1 2025, highlighting financial pressures despite an increase in membership [7][8]. - The overall gross margin for Mango Super Media reached a near eight-year low, indicating challenges in maintaining profitability amidst competitive pressures [7]. Group 4: Strategic Challenges - The shift in the industry from growth to competition for existing users has posed strategic challenges for Mango TV, which has relied heavily on a single content strategy [15][17]. - Mango TV has recognized the need to diversify its content offerings and has announced plans for 88 new dramas, aiming to strengthen its position in various genres [17]. - The company faces a critical need to break the cycle of relying on blockbuster hits while addressing content gaps to ensure sustainable growth [17].

Core Insights - Netflix will launch a NASA+ streaming project this summer [1] Company Summary - The introduction of NASA+ indicates Netflix's strategy to diversify its content offerings and attract a broader audience [1]

User Growth and Engagement - Bilibili's daily active users surpassed 107 million in Q1, with monthly active users reaching 368 million, indicating a continuous expansion of its user base [1] - The average age of users is 26, with over 70% coming from universities, and an impressive 82% coverage from 985 universities [1] - User engagement is strong, with 16 million users logging in more than 360 days a year and 26 million logging in every month, reflecting year-on-year increases of 60% and 30% respectively [1] - Daily average usage time exceeds 108 minutes, showcasing deep user affection for the platform [1] - Retention rates are high, with 80% of users retained after 12 months, 84% for those over 10 years, and 90% for users registered for over 15 years [1] Creator Economy - In 2024, over 3.1 million creators (UP主) earned income on Bilibili, with monthly average transaction volume per creator increasing by 28% and monthly average charging income rising by 122% [2] Personal Connection and Community - The CEO shared personal experiences with Bilibili, highlighting the joy of interests and community, which resonate with users regardless of age or income [5] - Notable creators include "-Lks-", who has been active for over 10 years and has diversified content across various fields, and "小潮院长", who transitioned from gaming to becoming a well-known director on the platform [5] - "小透明明TM" experienced significant growth after returning to his passion for art and history, with a video on "清明上河图" achieving over 7 million views and his art book selling over 20,000 copies [6] Future Outlook - The CEO emphasized that the commonality among Bilibili users is their passion for interests, which is fundamental to the platform's community and future development [9]

Core Insights - iQIYI reported a 125% year-on-year increase in the number of projects utilizing virtual production technology in the first half of 2025 [1] - The company's self-developed Clip all-in-one machine has achieved multi-camera synchronous recording and playback, as well as real-time cloud uploading of samples [1] - Virtual production technology has been implemented in 87 official projects by iQIYI [1]

Core Viewpoint - The long video industry is under significant pressure due to the rise of micro-short dramas, advancements in AI technology, and increasing abandonment rates of long dramas, leading to a need for accurate industry assessments and strategic adaptations [1][6][20]. Group 1: Strategic Insights - Tencent Video's leadership emphasizes a focus on professionalism and long-termism as essential strategies to navigate industry challenges [3][22]. - The core decision-making team at Tencent Video has articulated a comprehensive approach to address the industry's uncertainties, highlighting the importance of survival, production, and growth [8][24]. - The company aims to maintain a balance between long-form and short-form content, recognizing the evolving preferences of viewers and the need for innovative content strategies [12][30]. Group 2: Content Production and Innovation - Tencent Video's Chief Content Officer advocates for a "zero-based thinking" approach, encouraging fresh perspectives in content creation to avoid complacency [10][28]. - The platform is committed to supporting creators with adequate time and resources, emphasizing the importance of high-quality storytelling and audience alignment [10][14]. - The classification of content into horizontal and vertical formats reflects a deeper understanding of user behavior and content consumption patterns, aiming to enhance viewer engagement [12][14]. Group 3: Financial and Operational Strategies - Tencent Video prioritizes metrics such as completion rates, popularity, and return on investment to evaluate content performance, ensuring transparency in its assessment processes [16][22]. - The company has reaffirmed its commitment to investing in long-form content while maintaining fair and transparent payment practices for creators [16][22]. - The strategic focus on both premium and niche content aims to create a robust ecosystem that supports diverse viewer preferences and enhances overall market competitiveness [26][30]. Group 4: Future Outlook and Industry Trends - The long video industry is experiencing a transformative phase driven by technological advancements and changing viewer habits, with Tencent Video positioning itself to adapt and thrive amidst these shifts [20][30]. - The rise of AI technology and micro-short dramas presents both challenges and opportunities, prompting Tencent Video to explore innovative content creation methods and distribution strategies [28][30]. - The leadership at Tencent Video remains optimistic about the future, believing that a commitment to quality content and professional integrity will ultimately lead to sustained success in the evolving landscape [20][30].

Core Viewpoint - Bilibili (B站) is attempting to establish a foothold in the competitive summer drama market by launching multiple self-produced ancient costume dramas, aiming to replicate the success of "Ancient Love Poetry" [1][3][12] Group 1: Bilibili's Strategy and Market Position - Bilibili has launched four ancient costume dramas this summer, including "Qingchuan Rumo," which is the first to utilize the platform's "super point" service [2][3] - Despite the initial underperformance of "Qingchuan Rumo," Bilibili has three more dramas ready for release, indicating a willingness to experiment and learn from initial setbacks [3][19] - The platform's focus on the female ancient costume genre is driven by confidence from past successes and a perceived gap in the market for quality content [8][12] Group 2: Challenges and Market Dynamics - Bilibili's previous self-produced dramas have struggled to gain traction, with only a few achieving significant viewership, highlighting the challenge of cultivating a dedicated audience [15][18] - The platform's historical focus on user-generated content (UGC) has limited its investment in self-produced dramas, but changing market dynamics and user acquisition needs are prompting a strategic shift [18][19] - The competition from established players like iQIYI, Youku, and Tencent Video (爱优腾) necessitates a unique approach, with Bilibili opting for shorter, high-quality dramas rather than direct competition in long-form content [8][12] Group 3: Audience Engagement and Content Strategy - Bilibili aims to attract viewers by addressing common issues in the ancient costume drama market, such as content saturation and lack of originality, by selecting strong leads and experienced directors [8][12] - The platform's strategy includes leveraging its existing user base's interest in classic dramas while attempting to cultivate new viewing habits for original content [21][22] - The success of "Ancient Love Poetry" has prompted Bilibili to focus on the ancient costume genre, but the platform must navigate the challenges of audience expectations and content quality to retain viewers [19][23]

Core Insights - Xiaohongshu is rapidly expanding its presence in the short drama market, having achieved over 75 million views and 200 million discussions for its exclusive short drama "The Love of a Fool" within two weeks of its release, setting a record on the platform [1][7] - The competition between Xiaohongshu and Hongguo Short Drama is intensifying, with both platforms targeting female audiences and aiming to capture a larger share of the short drama market [3][11] - Xiaohongshu's strategy includes a significant investment in micro-short dramas and a support plan for short dramas, indicating a commitment to building a new content ecosystem [4][10] Xiaohongshu's Short Drama Strategy - Xiaohongshu's entry into short dramas is seen as a necessary move to enhance user engagement and expand its user base beyond young urban women, leveraging the growing popularity of short dramas [4][5] - The platform has a unique advantage with a large existing user base, including 320 million monthly active users, 70% of whom are female, and nearly 90% are aged 18-34, making it well-positioned to attract female-oriented short drama viewers [5][12] - The recent success of "The Love of a Fool" highlights the platform's focus on emotional storytelling and high production quality, which resonates with its target audience [7][10] Competitive Landscape - Hongguo Short Drama has established a strong foothold in the market, with 173 million monthly active users as of March, showing a 220% year-on-year growth, indicating its rapid ascent in the online video app rankings [14][15] - The competition is characterized by both platforms diversifying their content offerings, with Hongguo introducing community features and Xiaohongshu focusing on high-quality short dramas [3][17] - Both platforms are vying for user attention and engagement, with their strategies reflecting a broader trend in the industry towards short-form content [17][18] Challenges and Opportunities - Xiaohongshu faces challenges in establishing a robust short drama ecosystem and differentiating itself from competitors, as it entered the market later than others [11][12] - The platform's current image as a lifestyle and social media app may hinder its ability to attract users specifically for short drama viewing, unlike Hongguo, which has a more focused approach [11][13] - Despite these challenges, Xiaohongshu's emphasis on niche content and brand collaborations presents opportunities for growth in the short drama sector [13][14]

Core Insights - Hongguo Short Drama is testing a new "community" feature to transition from a pure short drama platform to a "content + social" ecosystem [1] - The app has launched a community content incentive program, rewarding users for posting quality content, with 10,000 coins (approximately 1 yuan) for a single post [1] - Monthly active users (MAU) of the Hongguo Short Drama app reached 158 million in December 2024, with a slight increase to 166 million by January 2025 and 173 million by March 2025, indicating a potential slowdown in growth [1] Industry Context - Hongguo is facing competition from established content and social platforms, with major internet companies launching their own short drama initiatives [2] - Baidu has introduced the "Bai Ju Plan" and "Short Drama Star Plan," aiming to produce over 300 premium micro-short dramas with significant budget and resource allocation [2] - Other platforms like Tencent Video and iQIYI are also increasing their investments in short dramas, indicating a competitive landscape [2] - Hongguo's parent company, ByteDance, has previously launched several community apps that did not achieve widespread success, raising questions about Hongguo's ability to create a competitive community ecosystem [2]