Core Insights - The core message emphasizes the importance of innovation and breakthrough strategies for success in the media industry, as highlighted by the remarks of the general manager of Hunan Broadcasting and Television Group at the 2025 Mango Leading Fresh Conference [1]. Group 1: Innovation and Content Strategy - Mango has established 127 teams across 7 major tracks to transform creative ideas into unique intellectual properties (IPs), converting content popularity into long-term brand assets [1]. - The company is implementing an intelligent commercial system that creates a closed loop for product effectiveness, tracking the entire content performance evaluation process from advertising exposure to product conversion [1]. - Mango's ecosystem is expanding into various areas, including micro-short dramas, educational research, new offline concert formats, animation games, and immersive cultural tourism, aiming for comprehensive brand value resonance [1]. Group 2: Content Development and IP Utilization - The company showcased a variety of content types, including classic IPs like "Riding the Wind" and "Singer," which are being revitalized with new formats such as outdoor episodes and ultra-high-definition live broadcasts [1]. - Mango has initiated a "sample plan" strategy for its variety shows, unveiling 13 new sample episodes during the event [1]. - The company is adapting popular national IPs like the "Return of the Pearl" series into short dramas, with over 20 derivative dramas in development, including workplace themes and cultural heritage topics [1]. Group 3: Collaborations and Partnerships - Mango has formed a long-term partnership with Wuyou Media to enhance talent cultivation and content post-link exploration, focusing on creating efficient conversion pathways with new product forms [2]. - The company also launched a collaborative interview IP titled "Behind" with technology brands Ningde Times and Avita during the event [2].

本报告导读： 25Q1 公司加大对头部剧集、技术应用的投入，受此影响业绩短期承压，未来内容释放有望带动业绩回 升。此外，公司积极推动头部综艺出海，并加强与东南亚多国当地机构的合作，海外放量可期。 投资要点： 剧综播放量稳 居行业前列，出海业务具有较大潜力，维持"增持"评级。考虑到品牌广告回暖相对滞 后，我们下调2025-2026 年EPS预测值至1.01/1.18 元（前值为1.16/1.33 元），新增2027 年EPS 预测值 1.34 元。我们参考可比公司给予公司2025 年31.3X PE，下调目标价至31.5 元，维持"增持"评级。 事件：4 月25 日，公司发布2024 年及2025Q1 财报，2024 全年实现营收140.8 亿元，同比下滑3.8%，实 现归母净利润13.6 亿元，同比下滑61.6%；2025Q1 实现营收29 亿元，同比下滑12.8%，实现归母净利润 3.8 亿元，同比下滑19.8%。 优质内容带动下，会员业务保持良性增长，广告业务回暖相对滞后。 2024 年会员业务收入达51.5 亿元，同比增长19.3%，具体来看，截至2024 年末芒果TV 有效会员规模达 7331 万，同 ...