凤凰网《公司研究院》 近期，知名演员张雨绮因陷入一场个人争议风波，其商业版图正经历一场剧烈的震荡。 最直接的影响来自其原定的公开活动。 首当其冲的是其公开行程。据媒体报道，或受网络舆情影响，原定其参与的辽宁卫视春晚被调整，"张雨绮不会出现在辽视春晚"。 更严重的连锁反应在商业代言领域爆发。目前，包括美妆护肤品牌NEXXUS、奢思雅、玉容初、谷雨在内的多个合作方，在官方微博上已经搜索不到与 张雨绮相关的宣传内容。 NEXXUS客服对凤凰网财经《公司研究院》表示"品牌与张雨绮合作已在既定合约周期内自然结束"，但未透露具体时间。奢思雅客服回应合作"在既定合 约后期自然结束"，时间为2025年12月。玉容初客服称目前已无明星合作，谷雨方面也作出已没有与张雨绮合作的类似表态。 这意味着，张雨绮的公开代言在短时间内被迅速切割。 其待播作品也可能受到影响。其中包括《鬼吹灯之巫峡观山》，这是天下霸唱所著的爆款IP，该系列一直由潘粤明、张雨绮、姜超组成的"铁三角"主演， 豆瓣显示预计2027年播出；还包括《女子推理社3》，张雨绮是前两季常驻嘉宾，目前节目官微仍保留张雨绮相关宣传内容，豆瓣显示预计2026年播出。 ◎ 在看 G ...

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].