晨会纪要 证券研究报告 2025 年 08 月 26 日 核心结论 【电子】汇顶科技(603160.SH) 2025 年半年报点评:多点布局新品持续 放量，旺季催化看好业绩增长 公司是指纹传感器全球领先企业，覆盖"传感、AI 计算、连接、安全"四大 核心业务,成长动力充足。我们预计汇顶科技 2025-2027 年营收分别为 55.24、65.8、78.4 亿元，归母净利润分别为 8.56、10.78、12.68 亿元。我 们持续看好公司未来业务拓展及业绩增长,维持"买入"评级。 【电子】聚辰股份（688123.SH）2025 年半年报点评：DDR5 SPD 与车规 EEPROM 齐放量,利润率显著提升 我们预计公司 25/26/27 年营收分别为 13.09/17.95/24.03 亿元,归母净利润 分别为 4.42/6.32/8.67 亿元，维持"买入"评级。 【传媒】芒果超媒（300413.SZ）2025 年上半年业绩点评: 芒果 TV 表现相 对稳定,看好新政下平台发展 我们预计公司 25-27 年归母净利润分别为 14.47/15.10/18.95 亿元, YoY+6%/+4%/+25%，内容储备丰富 ...

中证报中证网讯(王珞)8月22日晚间，芒果超媒（300413）披露2025年半年度报告。上半年公司紧扣"文 化+科技"融合主线，进一步优化主营业务结构，推动新旧动能转换，实现营业收入59.64亿元，归母净 利润7.63亿元，核心主业芒果TV互联网视频业务保持稳健经营。 其中，公司报告期内会员业务实现营收24.96亿元，收入增速优于行业表现；广告实现营收15.87亿元， 二季度环比明显回暖；运营商实现营收8亿元，同比增长约7%，重新步入增长通道。 报告期内，公司在行业普遍缩减内容成本的背景下，逆势布局加大内容、研发投入。芒果TV互联网视 频业务成本同比上升11.78%，研发投入同比增长26.41%，对公司当期利润造成短期影响。此外，公司 在传统电商板块主动调整运营策略，整体营收有所波动，核心平台芒果TV各项主业保持稳健经营。 综艺及剧集势头保持 2025年上半年，长视频行业综艺节目和长剧集供给基本保持稳定，但有效播放量同比有不同程度下降。 芒果TV坚持"综N代+垂类创新"双引擎驱动，上半年综艺有效播放量和市占率持续稳居行业第一。QM 数据显示，芒果TV上半年全网综艺市场份额达36.5%，全网综艺播放量TOP榜中 ...

#芒果超媒上半年会员收入近25亿#【#芒果超媒上半年净利7.63亿#，内容电商营收骤降超六成】 芒果超 媒上半年会员收入近25亿元，小芒电商首次盈利，加大内容、研发投入致净利润同比降28%。8月22日 晚间，芒果超媒股份有限公司（芒果超媒，300413.SZ）披露2025年半年度报告，上半年公司实现营业 收入59.64亿元，同比下降14.31%；归属于上市公司股东的净利润7.63亿元，同比下降28.31%。（澎 湃，泽塔） | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 年同期增減 | 营业成本比上 生目油清赋 | 毛利率比上年 国湖博览 | | --- | --- | --- | --- | --- | --- | --- | | 分产品或服务 | | | | | | | | 芒果 TV 互联 网视频业务 | 4,882,735,440.64 | 3,540,414,144,40 | 27.49% | -1.50% | 11.78% | -8.62% | | 新媒体互动娱 乐内容制作 | 606,065,982.42 | 448,132,860.84 | 26.06% | -4.34% | - ...

芒果超媒上半年会员收入近25亿元，小芒电商首次盈利，加大内容、研发投入致净利润同比降28%。 8月22日晚间，芒果超媒股份有限公司（芒果超媒，300413.SZ）披露2025年半年度报告，上半年公司实现营业收入59.64亿元，同比下降14.31%；归属于上 市公司股东的净利润7.63亿元，同比下降28.31%。 据半年报，芒果超媒主营业务板块包括芒果TV互联网视频、新媒体互动娱乐内容制作和内容电商等。具体来看，报告期内，芒果TV互联网视频业务实现营 业收入48.83亿元，同比下降1.5%；新媒体互动娱乐内容制作营收6.06亿元，同比下降4.34%；内容电商营收4.46亿元，同比下降67.09%；其他业务营收 2844.66万元，同比增长127.69%。 | | 本报告期 | 上年同期 | 本报告期 | | --- | --- | --- | --- | | 营业收入(元) | 5.963.683.329.69 | 6,959,926,553.07 | | | 归属于上市公司股东的净利润(元) | 763,397,450.94 | 1,064,832,991.18 | | | 归属于上市公司股东的扣除非经常性损 ...

本报讯 （记者何文英）8月22日晚间，芒果超媒股份有限公司（以下简称"芒果超媒"）披露2025年半年 度报告。上半年公司实现营业收入59.64亿元，归母净利润7.63亿元。 报告期内，公司核心平台芒果TV保持经营韧性，互联网视频业务保持稳健发展趋势。QM数据显示，报 告期内芒果TV月活均值同比增长14.24%，人均单日使用时长稳居行业前列。7月，平台月活用户超2.8 亿户，同比增长10.6%。QM数据显示，4月份芒果TV高价值用户行业占比达38.2%，人均单日时长达 128分钟，位于长视频平台第一。 报告期内，公司广告业务明显回暖。在行业整体招商数量下降的背景下，芒果TV自招商品牌数同比增 长21%，增速位居四大平台之首。此外，公司运营商业务实现营业收入8亿元，同比增长约7%，重新步 入增长通道。大屏业务推出行业首个电视弹幕产品，已覆盖3000万名用户，拉动节目观看时长提升 20%。 小芒抢滩新消费市场 今年以来，芒果TV加速布局微短剧板块，作为平台新的内容增量，市场份额显著提升。报告期内，公 司秉持"精品化+剧场化"运营策略，芒果TV大芒计划上线微短剧1179部，较去年同期增长近7倍。年 初，公司还与红果平 ...

B站董事长兼首席执行官陈睿表示："1 6 年来， B站依靠优质内容，形成了独特的社区生态，支撑了商业化的发展，并实 现了盈利。我们相信，在任何时代，好内容都是稀缺品，它拥有带我们穿越历史周期的力量。因此，B站将继续坚持优质 内容战略，放大自己的独特价值，推动社区生态的持续繁荣和商业化的进一步发展。" B站发布2025年二季度财报，营收达73.4亿元人民币，同比 增长20%。社区规模与活力持续提升，日均活跃用户达1.09 亿，创历史新高；月均活跃用户达3.63亿，同比增长8%。 封图：图片资料室 北京时间 8月21日（美东时间8月21日），哔哩哔哩（NASDAQ:BILI，HKEX:9626；以下简称"B站"）公布了截至2025 年6月30日第二季度未经审计的财务报告。财报显示，2025年第二季度B站总营收达73.4亿元人民币，同比增长20%。 二季度， B站广告业务收入为24.5亿元，同比增长20%；游戏业务收入为16.1亿元，同比增长60%。运营效率的提升与 高毛利业务的快速增长，推动B站毛利润同比增长46%，毛利率连续十二个季度环比提升至36.5%；净利润和调整后净利 润均创下历史新高，分别为2.2亿元和 ...

Core Viewpoint - Mango Excellent Media announced the resignation of Deputy General Manager Shen Yadong due to personal reasons, and he will no longer hold any position in the company after his resignation [1]. Company Information - Shen Yadong was born in June 1980, is a member of the Communist Party of China, and holds a master's degree in law from Wuhan University [4]. - As of the announcement date, Shen Yadong did not hold any shares in the company and had no unfulfilled commitments [4]. - Mango Excellent Media is a well-known cultural media enterprise, with business operations including internet video platform management, content production, and artist management [4].

Core Viewpoint - Mango Excellent Media has experienced a decline in stock price over five consecutive trading days, with a cumulative drop of -2.61% [1] Group 1: Company Overview - Mango Excellent Media Co., Ltd. is a new media audio-visual comprehensive communication service platform that integrates online and television features, achieving "multi-screen integration" [1] - It is the only internet video platform under Hunan Broadcasting System [1] Group 2: Financial Performance - The financial report indicates that Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of Mango Excellent Media, having reduced its holdings in the second quarter of this year [1] - Year-to-date return for the fund is 5.45%, ranking 2207 out of 3282 in its category [1][2] Group 3: Fund Manager Profile - The fund manager for Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management and has been with Huatai-PineBridge since 2004 [3][4] - Liu Jun holds a master's degree in financial management from Fudan University and has managed various funds over his career [3][4]

Market Overview - A-shares continued to rise, with the three major indices reaching new highs for the year, with the Shanghai Composite Index up 0.62%[14] - The Hang Seng Index increased by 0.54%, marking a new high since February 2022[10] - European markets declined due to unclear progress in US-EU trade negotiations, with the Stoxx 600 index down 0.53%[8] Economic Indicators - In 2025, pensions in mainland China will be raised by 2%, benefiting 147 million retirees, with an estimated increase in disposable income of 65 to 100 RMB per month, reaching 3,900 RMB[5] - The total expenditure on pensions in 2025 is projected to be 400 billion RMB, potentially driving an additional 200 billion RMB in consumption, significantly impacting GDP through multiplier effects[5] Commodity and Currency Trends - International oil prices continued to decline, with NYMEX crude oil down 1.47% to $66.21 per barrel[27] - The US dollar weakened, contributing to a rise in gold prices, which increased by 1.09% to $3,443.7 per ounce[27] - The dollar index fell by 0.5%, marking a year-to-date decline of 10.2%[26] Fixed Income Market - US Treasury yields fell to their lowest levels in over a week, with the 10-year yield at 4.34%, down 3.4 basis points[29] - Asian investment-grade bonds showed balanced trading, with a preference for mid-term bonds[29] Sector Performance - In the US, 9 out of 11 S&P sectors rose, with healthcare leading gains at 1.90%[8] - The coal sector in Hong Kong saw significant gains, driven by regulatory actions on coal production, while cement stocks experienced mixed performance[10]

Group 1: Legislative Developments - The U.S. House of Representatives passed President Trump's large-scale tax and spending bill, known as the "Big and Beautiful" bill, with a vote of 218 in favor and 214 against [1] - The bill has been controversial due to cuts in federal aid, increased long-term debt, and tax reductions for the wealthy and large corporations [1] - The bill was previously approved by the Senate and is set to be signed by Trump on July 4, coinciding with Independence Day [1] Group 2: Market Performance - On July 3, U.S. stock markets closed early, with the S&P 500 index rising by 0.83%, the Nasdaq by 1.02%, and the Dow Jones by 344.11 points, or 0.77% [2] - The S&P 500 index reached a new historical closing high for the seventh time this year, while the Nasdaq achieved its fourth closing high of the year [2] - For the week, the S&P 500 index increased by 1.7%, the Nasdaq by 1.6%, and the Dow by 2.3% [2] Group 3: Sector Performance - Technology stocks generally rose, with Nvidia increasing by 1.33% to a historical high of $159.34, bringing its market capitalization to $3.89 trillion [3] - Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index rising by 0.40% [6] - The solar panel sector saw significant gains, with companies like Xuri Sheng Technology rising over 19% and Daqo New Energy ADR increasing over 7% [6] Group 4: Economic Indicators - The U.S. non-farm payrolls for June showed an increase of 147,000 jobs, significantly above expectations, while the unemployment rate unexpectedly dropped to 4.1% [9] - The ISM non-manufacturing PMI for June reported at 50.8, exceeding expectations of 50.5, indicating continued growth in the services sector [10] - Industrial orders in the U.S. for May increased by 8.2%, marking the largest growth since 2014 [11]