10月24日晚间，芒果超媒发布2025年第三季度报告。前三季度公司进一步优化主营业务结构，核心主业 保持稳健经营，实现营业收入90.63亿元，归属于上市公司股东的净利润10.16亿元。其中，1-9月芒果 TV用户月活均值同比增长约11.08%；广告业务呈现回暖态势，第三季度广告收入同比实现增长，运营 商业务继续保持增长态势。此外，公司账上经营性现金流健康运转，前三季度经营性现金流量净额为 6.74亿元，同比增长307.14%，9月末资金储备规模超130亿元，为后续持续加大内容、技术和新业务布 局投入提供坚实支撑。 报告期内，公司战略收缩传统电商板块业务，更加聚焦芒果IP衍生品开发业务，传统电商业务收入下 降，对当期营收造成波动，核心平台芒果TV营业收入同比基本持平。此外，公司积极践行"文化+科 技"融合战略，致力于打造头部数智传播核心平台，持续加大优质内容及研发投入，互联网视频业务成 本有所上升，对公司当期利润造成短期影响。 展望四季度，公司王牌综艺《向往的生活·戏如人生》《声生不息·华流季》《再见爱人5》、头部剧集 《水龙吟》皆受到市场重点关注，广告主预算弹性有望持续恢复；即将于28日上线的音乐选秀节目《声 ...

Core Insights - Mango TV's popular variety show "Goodbye Lover" Season 5 has sparked significant discussion on social media, coinciding with Mango Super Media's Q3 2025 financial report release [1] - The company reported a revenue of 9.063 billion yuan and a net profit of 1.016 billion yuan for the first three quarters, with Q3 revenue at 3.099 billion yuan, down 6.58% year-on-year, and net profit at 252 million yuan, down 33.47% year-on-year [1] Financial Performance - For the first three quarters, Mango Super Media's revenue was 9.063 billion yuan, with a net profit of 1.016 billion yuan [1] - Q3 revenue was 3.099 billion yuan, showing a year-on-year decline of 6.58%, while net profit was 252 million yuan, reflecting a year-on-year decrease of 33.47% [1] - The decline in performance is attributed to a strategic shift away from traditional e-commerce towards the development of Mango IP derivative products, impacting revenue [1] User Engagement and Content Strategy - User engagement on Mango TV has improved, with average monthly active users increasing by approximately 11.08% year-on-year from January to September [1] - The company maintains a leading market share in the variety show sector at 35.2%, with significant viewership for its exclusive shows [2] - The company is focusing on high-quality content and has seen a recovery in advertising revenue in Q3 [1][2] Regulatory Environment and Future Outlook - The recent "Broadcasting and Television 21 Articles" policy indicates a shift towards more relaxed regulations, which may benefit long-form video platforms like Mango TV [3] - The company reported a strong operating cash flow of 674 million yuan for the first three quarters, up 307.14% year-on-year, with cash reserves exceeding 13 billion yuan, supporting future investments in content and technology [3] - Analysts suggest that the new policy will enhance content release efficiency and improve the financial structure of the industry, indicating potential recovery for major platforms like Mango Super Media [3]

报告期内，公司战略收缩传统电商板块业务，更加聚焦芒果IP衍生品开发业务，传统电商业务收入下 降，对当期营收造成波动，核心平台芒果TV营业收入同比基本持平。此外，公司积极践行"文化+科 技"融合战略，致力于打造头部数智传播核心平台，持续加大优质内容及研发投入，互联网视频业务成 本有所上升，对公司当期利润造成短期影响。 展望四季度，公司王牌综艺《向往的生活·戏如人生》《声生不息·华流季》《再见爱人5》、头部剧集 《水龙吟》皆受到市场重点关注，广告主预算弹性有望持续恢复；即将于28日上线的音乐选秀节目《声 鸣远扬》也未播先热，极具话题性和现象级爆款品相，借助八大平台的协同传播，其"全民造星"效应或 将进一步释放，成为2025年最具影响力的文化IP之一。 综N代+新IP两面开花，剧集深化独播+台网 综艺方面，芒果依然保持着绝对的市占率优势，呈现综N代+新IP两面开花，市占率高达35.2%，稳居行 业第一。云合数据显示，2025年Q3全网综艺TOP20累计有效播放39亿，同比上涨30%，其中芒果TV独 播综艺上榜数位列第一。一方面，芒果TV"综N代"依然展现出强势的长期主义价值，是平台稳定内容供 给的"压舱石"。艺恩数 ...