事件 公司发布2025 年中期报告：2025 年上半年年公司实现营业收入59.64亿元，同比下降14.31%；归 母净利润7.63 亿元，同比下降28.31%；扣非归母净利润6.10 亿元，同比下降33.15%。其中，2025Q2 公 司实现营业收入30.63 亿元，同比下降15.74%；归母净利润3.85 亿元， 同比下降35.09%；扣非归母净利 润3.06 亿元， 同比下降31.18%。 会员业务稳健增长， 优质内容夯实用户基础 公司会员业务实现营业收入24.96 亿元，略有增长，QM 数 据显示，报告期内芒果TV 用户月活均值同比增长14.24%，人均单日使用时长稳居行业前列。年内公司 旗下《乘风2025》《歌手2025》等王牌综艺" 断层领跑"，推动芒果TV 综艺2025H1 有效播放量稳居行 业第一；芒果TV 影视剧有效播放量同比增长69%，《国色芳华》等作品表现亮眼。公司持续输出优质 内容，有效激活用户付费意愿。展望后续，《密室大逃脱第七季》等综艺已上线，且公司储备有《水龙 吟》《咸鱼飞升》等百余部剧作，叠加"广电21 条"对行业内容供给的最新政策支持，或将催生更多的 优质爆款剧集。 探索多元化 ...

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 ...

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 ...

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]

Core Insights - The variety show market is capturing the zeitgeist, with a notable shift towards content that resonates with contemporary societal emotions and themes [1][4][18] - The emergence of "sister variety shows" has highlighted generational innovation and audience engagement, particularly focusing on the silver-haired demographic [5][6][7] - A diverse range of new formats and themes are being introduced, reflecting a growing interest in nature, exploration, and social issues [8][10][15] Group 1: Market Trends - As of July 9, 2025, the top ten shows include titles like "乘风2025" and "你好，星期六2025," indicating a strong performance in the variety show sector [1] - The variety show landscape is evolving with the introduction of new genres and formats, such as travel-themed shows and social experiments, which are gaining popularity [8][10] - The "sister variety shows" have become a significant trend, showcasing the lives and challenges of older women, thus broadening the narrative scope of variety content [5][6][7] Group 2: Audience Engagement - The audience's interest in female narratives is growing, as seen in shows that focus on women's perspectives and societal issues, enhancing the depth of content [7][8] - Comedy variety shows are emerging as key emotional outlets for viewers, addressing social anxieties and providing a platform for humor and reflection [13][14] - The integration of themes like nature and exploration in variety shows is resonating with audiences, reflecting a collective desire to reconnect with the environment [8][10] Group 3: Content Diversity - The variety show market is characterized by a blend of traditional and innovative formats, with a focus on emotional resonance and audience relatability [12][18] - Music variety shows are also diversifying, with new formats that challenge traditional competition structures and aim to engage a broader audience [15][16][17] - Overall, the variety show ecosystem is becoming increasingly rich and varied, catering to a wide range of emotional and social needs [18]

Core Viewpoint - The recent launch of the music variety show "Asian New Voices" challenges the traditional reliance on popular songs and flow-driven artists, focusing instead on originality and diverse cultural expressions [1][21][28] Industry Insights - The music cover rights market has seen skyrocketing costs, with single song rights often reaching hundreds of thousands to millions, creating an "invisible competition" within the industry [1][18] - The current music variety show landscape is characterized by high costs associated with popular song rights, leading to a reliance on familiar faces and hit songs, which has resulted in a lack of innovation and diversity [14][16][20] Show Characteristics - "Asian New Voices" features a unique format, taking place on a cruise ship and involving musicians from nine Asian countries, aiming to present a fresh perspective in the music variety show sector [1][11] - The show emphasizes live performances and authentic musical expressions, with a focus on original or lesser-known songs rather than mainstream hits [21][28] Talent and Performance - The show showcases a diverse range of young talent, including musicians who have gained recognition in niche genres, thus expanding the musical landscape of Chinese variety shows [10][21] - Performers like Mei Yuna and others demonstrate strong emotional expression and musicality, contributing to the show's overall appeal [4][8][10] Production Strategy - The production team prioritizes budget allocation towards visible aspects of the show, such as immersive live performance environments and collaboration with young musicians, enhancing the overall quality and experience [11][13] - The show aims to build a sustainable content model by focusing on original music and diverse cultural backgrounds, rather than short-term popularity [23][29] Future Implications - The success of "Asian New Voices" could signal a shift in the industry towards valuing content creation and originality over mere commercial viability, potentially influencing future music variety show formats [28][30] - The industry may need to rethink its approach to content investment, focusing on long-term value and diverse musical exploration rather than short-term trends [29][30]

Group 1 - The core issue of the show "Chengfeng 2025" is the lack of singing and dancing skills among contestants, leading to disappointing performances and negative audience feedback [1] - The show's format has shifted to outdoor settings, which, while visually appealing, cannot compensate for the overall decline in contestant performance [1] - The focus on sensational topics and drama among contestants has overshadowed the original intent of showcasing personal growth and talent [1] Group 2 - The deeper contradiction lies in the degradation of contestant skills, which weakens the inspirational core of the show [2] - The emotional connection with the audience is maintained through the genuine and resilient attitudes of some contestants, highlighting the importance of authenticity over superficial trends [2] - To overcome current challenges, the show must return to a foundation of genuine creativity and focus on the contestants' skills rather than relying on flashy gimmicks [2]

Core Viewpoint - The article discusses the decision of actress Ye Tong to conclude her participation in the "New Legend of Madame White Snake Concert" after the performance in Suzhou, marking a significant moment in her career and connection with the audience [1]. Summary by Sections Performance Details - The "New Legend of Madame White Snake Concert" had performances in various cities including Nanjing, Hangzhou, Zhenjiang, and Chengdu, with the next and final stop being Suzhou on July 12 [1]. Personal Reflection - Ye Tong expresses gratitude towards the audience for their support and affection for the character Xu Xian, highlighting the emotional connection and memories associated with the role over her 40-year acting career [1]. Future Prospects - Ye Tong indicates a desire to reconnect with the audience in different ways in the future, suggesting potential new projects or appearances beyond the concert series [1].

Core Insights - The long video industry is experiencing a slow recovery, with Mango TV reporting a revenue of 14.08 billion yuan in 2024, a year-on-year decline of 3.75%, and a significant drop in net profit attributable to shareholders by 61.63% to 1.364 billion yuan, largely due to deferred tax asset impacts [1][8] - Despite challenges faced by competitors in increasing membership, Mango TV saw a 19.3% year-on-year increase in membership, with membership revenue surpassing 5 billion yuan for the first time, contributing over half of its internet video business revenue [1][3] Revenue Breakdown - Membership revenue is the only segment showing positive growth, reaching 5.148 billion yuan in 2024, accounting for over 50% of internet video business revenue [3] - Advertising revenue continues to decline, with 3.438 billion yuan in 2024, down 2.7% from the previous year, marking three consecutive years of decline [7] - Operator revenue also fell significantly by 42% to 1.593 billion yuan, influenced by regulatory changes affecting the television industry [7] Content Strategy - Mango TV maintains the leading market share in variety shows, with a 38% effective playback market share in Q1 2024 [6] - The company is actively engaging in the micro-short drama segment, collaborating with Hongguo Short Drama to explore monetization paths [6] - Internationally, Mango TV's app downloads increased from 130 million in 2023 to 261 million in 2024, with revenue rising from 62 million yuan to 141 million yuan [6] Financial Performance - The significant drop in net profit is attributed to changes in corporate income tax policies, with deferred tax assets impacting profit figures [8] - The cash flow from operating activities saw a drastic decline of 102.32% due to increased investments in premium content [9] - The company reported a net profit of 3.79 billion yuan in Q1 2025, down 19.8% year-on-year, primarily due to increased investments in high-quality content [10]

" 从「综艺主导」向「剧综并行」转型。 " 作者丨成妍菁 编辑丨董子博 4月25日晚，芒果超媒发布2024年年报及2025年一季报。 数据显示，2024年芒果超媒实现营业收入140.8亿元，净利润16.45亿元，其中会员收入首次突破50亿元 大关，Q1营业总收入29.0亿元，较上年同期的33.24亿元下降12.76%。Q1归母净利润3.79亿元，同比 下降19.8%。 虽然芒果超媒Q1营业收入同比下降，主要归因于传统电视购物业务板块的收缩，但鉴于传统电商并非芒果 超媒主要利润来源，所以整体对利润端的影响并不大。 业内分析师认为，本次芒果超媒财报中，芒果TV的表现符合预期，公司其他业务线仍有提升空间。 分析师章雷看来，芒果TV的综艺优势源于湖南卫视的创新体系，回顾过去，湖南卫视一直秉承"不创新， 毋宁死"的观念，积极鼓励内容创新，2019年芒果TV正式提出独创战略，通过建立"工 作室制度"等改革 措施，成功打造《妻子的浪漫旅行》、《密室大逃脱》、《乘风破浪 的姐姐》等系列 IP。 财报显示，2024全年广告收入34.38亿元，同比下滑12%，分析师章雷认为，广告收入的下滑主要受品牌 广告主的需求回暖相对更慢，影 ...