综艺IP的增量，正在瞄准短剧。 仅在今年，就有由《女子推理社》衍生而来的《羽刃》、《乘风2025》衍生而来的《乘风2025之三十而励》、《全员加速中》衍生而来的《全员加速中之 赏金猎人》等横短接连上线，而由《密室大逃脱》衍生而来的《狸猫书生》，已经上线两季，而拥有多部头部综艺 IP 的芒果 TV 算得上其中的头号玩 家。 《羽刃》剧照 处于夹缝生存之中的横短似乎又找到了另一条道路，除了经典IP的"复刻"之外，扩写站内当下热门IP的表达路径，是否也值得观望？ 进一步承载观众当 下即时反应的综艺，转战横短，是否更具可扩展性与想象力？ 然而，当以上这一部部综艺改编的横短问世之后，结果却不尽如人意。 即便是热门综艺IP，目前来看， 也只有从《密室大逃脱6》走出来的《狸猫书生》溅起了水花。 《狸猫书生》诞生于《密室大逃脱6》的一个密室，节目播出时就因为故事设定和两位 NPC 的精彩演绎而受到好评，衍生成为短剧后，两季都取得了不错 的播出效果，播出期间还有不少话题登上微博热搜，两位主演"书生"也陆续积累了一批印象粉。 《狸猫书生（第一季）》剧照 除此之外，大众关注度最高的《乘风》找来王蓉、谭薇、蒋一侨等节目里的热度明星加 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [7]. Core Insights - The company reported a revenue of 9.063 billion yuan for the first three quarters of 2025, a year-on-year decrease of 11.82%, and a net profit attributable to shareholders of 1.016 billion yuan, down 29.67% year-on-year [6]. - The advertising business showed signs of recovery, with a notable increase in user growth for Mango TV, which saw a monthly active user growth of approximately 11.08% year-on-year [6]. - The company is focusing on enhancing its content offerings, with several popular shows and series expected to launch in Q4 2025, which are anticipated to drive further growth [6][7]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 3.099 billion yuan, a decrease of 6.58% year-on-year, and a net profit of 252 million yuan, down 33.47% year-on-year [6]. - The gross margin decreased by 2.24 percentage points to 26.91% due to increased costs associated with content and technology investments [6]. - The operating cash flow for the first three quarters was 674 million yuan, a significant increase of 307.14% year-on-year, indicating strong operational cash generation [6]. User and Content Strategy - The company has a robust content pipeline, with several successful shows in Q3 2025, including popular variety shows and dramas that ranked highly in viewership [6]. - The company is accelerating its strategy for micro-short dramas and has initiated a plan to co-create a thousand IPs, collaborating with leading content platforms [6]. Future Projections - The report projects revenues of 12.953 billion yuan, 13.731 billion yuan, and 14.417 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.307 billion yuan, 1.854 billion yuan, and 2.252 billion yuan for the same years [8].