报告要点 [Table_Summary] 芒果公布 25 年半年报：2025 年上半年公司实现营业收入 59.64 亿元，同比下降 14.31%；实 现归母净利润 7.63 亿元，同比下降 28.31%；实现扣非后归母净利润为 6.10 亿元，同比下降 33.15%。公司优质综艺和剧集储备丰富，我们持续看好公司在 S 级综艺加密、剧集&微短剧突 破下带来的业绩增长。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 丨证券研究报告丨 公司研究丨点评报告丨芒果超媒（300413.SZ） [Table_Title] 广告业务环比改善，综艺&剧集&微短剧三驾马 车齐头并进 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芒果超媒（300413.SZ） cjzqdt11111 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-08-26 [Table_Title 广告业务环比改善，综艺 2] &剧集&微短剧三驾马 车齐头并进 [Table_Summary2] 事件描述 芒果公布 25 年半年报：202 ...

8月25日，芒果超媒盘中上涨2.08%，截至10:51，报26.06元/股，成交6.17亿元，换手率2.37%，总市值 487.51亿元。 资金流向方面，主力资金净流入1836.44万元，特大单买入3897.60万元，占比6.32%，卖出3528.03万 元，占比5.72%；大单买入1.60亿元，占比26.00%，卖出1.46亿元，占比23.62%。 芒果超媒今年以来股价跌2.29%，近5个交易日跌1.47%，近20日涨15.46%，近60日涨17.71%。 资料显示，芒果超媒股份有限公司位于湖南长沙金鹰影视文化城金鹰阁，成立日期2005年12月28日，上 市日期2015年1月21日，公司主营业务涉及芒果TV互联网视频业务、新媒体互动娱乐内容制作及内容电 商业务等。主营业务收入构成为：芒果TV互联网视频业务72.29%，内容电商18.47%，新媒体互动娱乐 内容制作与运营8.97%，其他0.27%。 芒果超媒所属申万行业为：传媒-数字媒体-视频媒体。所属概念板块包括：跨境电商、华为鸿蒙、短剧 概念、区块链、网红经济等。 截至7月31日，芒果超媒股东户数6.20万，较上期增加9.14%；人均流通股16483股， ...

Core Insights - Mango TV's flagship programs are facing criticism for declining quality and over-reliance on sensationalism rather than content depth [1][3][6] - The company's financial performance has significantly deteriorated, with a record drop in net profit and advertising revenue [1][9][10] Financial Performance - In 2024, Mango TV reported a net profit decline of 61.63%, marking the largest drop in its 10-year history [9] - Total revenue for 2024 was 140.80 billion, down 3.75% year-on-year, with advertising revenue falling to 34.38 billion, a 12% decrease [1][9] - For Q1 2025, revenue and net profit further declined by 12.76% and 19.80%, respectively [1][9] Audience Reception - Recent shows like "乘风2025" and "歌手2025" have been criticized for their focus on drama and controversy rather than genuine talent and growth [3][6] - The casting choices in "披荆斩棘的哥哥5" have raised eyebrows, with many returning contestants and a perceived lack of new talent [6][7] Market Position - Mango TV's market capitalization has dropped from nearly 2000 billion to 494.81 billion, losing approximately 1500 billion [10] - The company's cash flow has also seen a drastic decline, with a 102.32% drop in net cash flow from operating activities in 2024 [10] Industry Trends - The rise of short video platforms, particularly ByteDance's "红果短剧," is challenging traditional long-form video platforms like Mango TV [12][15] - Short dramas have lower production costs and faster turnaround times, making them increasingly popular among viewers [14][15]

Group 1 - Novo Nordisk shares rose by 5.9% following FDA approval for the weight loss drug Wegovy to be used in liver disease treatment [1] - Terawulf shares increased by 12.6% after Google announced an increase in its stake in Terawulf from approximately 8% to 14% [1] - Soho House shares surged by 16.2% as MCR Hotels' lead investor plans to take the company private at approximately $9 per share [1] - iQIYI shares jumped by 17.1% with the recent launch of the new series "生万物," achieving significant viewership on both TV and online platforms [1]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Communication Services Index, which has shown significant growth over various time frames, including a 31.61% increase year-to-date [1] - The index has risen by 7.15% in the past month and 13.34% over the last three months, indicating strong momentum in the communication services sector [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with the largest sector being interactive media at 61.67%, followed by telecommunications services at 20.77%, gaming at 10.21%, and video media at 7.34% [1] Group 2 - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, although temporary adjustments can occur under special circumstances, such as changes in the parent index or significant events affecting sample companies [2] - The handling of sample companies undergoing mergers, acquisitions, or delistings is governed by specific calculation and maintenance guidelines [2]

Group 1 - The A-share market's three major indices closed mixed, with the CSI 300 Media (secondary industry) index at 805.98 points [1] - The CSI 300 Media index has increased by 0.50% over the past month, decreased by 1.56% over the past three months, and has declined by 4.08% year-to-date [1] - The CSI 300 index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Media index is entirely composed of stocks from the Shenzhen Stock Exchange, with a 100.00% allocation [1] - Within the CSI 300 Media index, the industry composition includes 51.48% from Other Advertising and Marketing, 20.50% from Interactive Media, 16.19% from Gaming, and 11.83% from Video Media [1] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - Mango TV has experienced a decline in viewership for its series following initial successes, indicating a potential issue with audience retention and the need for consistent quality content to maintain viewer interest [1][2][4]. Group 1: Series Performance - The viewership for Mango TV's series has shown a significant downward trend, with the average viewership for recent shows dropping below 1 million, contrasting sharply with earlier hits like "Guo Se Fang Hua" which had 40 million [2][3]. - The series "Guo Se Fang Hua" and "Wu Fu Lin Men" were outliers, achieving high viewership, but subsequent series have failed to replicate this success, indicating a broader issue with audience engagement [4][6]. - Mango TV's strategy of relying on older inventory series has not yielded the desired results, as newer series have not performed well despite being from established directors [6][12]. Group 2: Competitive Landscape - Compared to competitors like iQIYI and Tencent Video, Mango TV's series have struggled to maintain a baseline viewership of 1 million, with most of its recent series failing to achieve this mark [4][10]. - The overall performance of Mango TV's series in the first half of the year has been below expectations, with a significant gap in viewership compared to its competitors [4][9]. Group 3: Strategic Shifts - Mango TV is shifting its focus towards increasing the quantity and quality of its series to compete more effectively in the market, as evidenced by plans to release over 20 new series [6][10]. - The company has increased its investment in original content, with a reported 12% year-on-year increase in spending on series production [10][11]. - The upcoming series and collaborations with popular variety shows are seen as potential strategies to enhance viewership and attract new subscribers [14].

Core Viewpoint - The company is increasing investments in top-tier series and technology applications, which has led to short-term pressure on performance, but future content releases are expected to drive a recovery in performance [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 14.08 billion yuan, a year-on-year decline of 3.8%, and a net profit attributable to shareholders of 1.36 billion yuan, down 61.6% year-on-year [2] - For Q1 2025, the company reported revenue of 2.9 billion yuan, a year-on-year decline of 12.8%, and a net profit attributable to shareholders of 380 million yuan, down 19.8% year-on-year [2] - The company has adjusted its EPS forecasts for 2025-2026 to 1.01 and 1.18 yuan respectively, down from previous estimates of 1.16 and 1.33 yuan, and introduced a new EPS forecast of 1.34 yuan for 2027 [2] Group 2: Business Segments - The membership business showed healthy growth, with revenue reaching 5.15 billion yuan in 2024, a year-on-year increase of 19.3%, and the effective membership size reaching 73.31 million, up 10.2% [3] - The average revenue per paying user (ARPPU) was approximately 73.6 yuan per person per year, reflecting a year-on-year growth of 7.2% [3] - Advertising revenue in 2024 was 3.44 billion yuan, a year-on-year decline of 2.7%, primarily due to the overall lag in the recovery of the brand advertising industry [3] Group 3: Strategic Initiatives - The company is increasing investments in top-tier series, with spending on TV dramas rising by 12% year-on-year, and is also enhancing investments in micro-short content, animation, gaming, and technology applications [4] - The overseas revenue is projected to grow from 62 million yuan in 2023 to 140 million yuan in 2024, with cumulative downloads increasing from 130 million to 260 million [4] - The company plans to continue promoting top-tier variety shows overseas and strengthen collaborations with local institutions in countries like Vietnam, Singapore, and Malaysia to explore more content and business formats [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 14.08 billion, with a net profit of CNY 1.364 billion, driven by a membership revenue exceeding CNY 5 billion, marking a year-on-year growth of 19.3% [2] - In Q1 2025, the company reported a revenue of CNY 2.9 billion and a net profit of CNY 379 million, with a decline in revenue attributed to a strategic reduction in traditional TV shopping business [2] - The company’s effective playback data for major series like "国色芳华" and "五福临门" saw a 117.7% year-on-year increase in Q1 2025 [7] Content Strategy - The introduction of the "赛道主理人" system aims to optimize content production, resulting in 160 new variety shows launched in 2024, maintaining a leading position in the industry [3] - The company is focusing on the integration of culture and technology, establishing the "山海研究院" for AI content creation, which has been applied across various content types [4][5] Cash Flow and Taxation - The operating cash flow significantly decreased in 2024 due to increased investments in high-quality content, particularly in major series [7] - A tax policy adjustment allows the company to enjoy a tax exemption from 2024 to 2027, positively impacting net profit in subsequent years [9] Membership Business - The company aims to grow its membership business by enhancing content quality and optimizing member benefits, focusing on both membership scale and ARPPU value [10] Micro-Short Drama Development - The company has launched 340 micro-short dramas in 2024, with strategic partnerships to enhance production and distribution [11] International Expansion - The international app revenue grew from CNY 62 million in 2023 to CNY 141 million in 2024, with downloads increasing from 130 million to 261 million [12]

Core Insights - The company reported a revenue of 14.08 billion yuan for 2024, a year-on-year decrease of 3.75%, and a net profit attributable to shareholders of 1.364 billion yuan, down 61.63% year-on-year [1] - In Q1 2025, the company achieved a revenue of 2.9 billion yuan, a year-on-year decline of 12.76%, with a net profit of 379 million yuan, down 19.8% year-on-year [1] Business Performance - The core business revenue remains stable, but increased investment in top-tier content has led to profit fluctuations. The decline in Q1 2025 revenue is primarily due to a contraction in the traditional TV shopping segment, while the core membership business shows a steady trend [1] - Membership revenue reached 5.148 billion yuan in 2024, marking a 19.3% increase year-on-year, with the membership base growing to 73.31 million by the end of 2024 [2] - Advertising revenue was 3.438 billion yuan in 2024, a slight decrease of 2.7% year-on-year, while operator business revenue fell to 1.593 billion yuan, down 42.4% year-on-year [2] Content Strategy - The company has a rich reserve of quality shows, with a leading market share in effective viewership for variety shows. Notable programs include "Detective Chinatown" and "Women's Reasoning Society," which ranked in the top 10 [3] - The investment in drama series increased by 12% year-on-year in Q1, with upcoming releases like "Singer 2025" and "Jinxiu Fanghua" expected to enhance membership growth and performance [3] Future Outlook - The company plans to increase quality content investment starting in 2024, which may lead to short-term profit fluctuations but is expected to accelerate membership revenue in Q2 [4] - Revenue projections for 2025-2027 are estimated at 14.78 billion, 15.8 billion, and 16.94 billion yuan, with net profits of 1.72 billion, 1.98 billion, and 2.2 billion yuan respectively [4]