Summary of Mango TV Conference Call Company Overview - **Company**: Mango TV (芒果超媒) - **Industry**: Long Video Industry Key Points and Arguments Content as the Core Driver - High-quality dramas and variety shows are the main drivers for Mango TV's membership growth, with hit content like "Sisters Who Make Waves" and "The Knockout" significantly boosting membership revenue, validating the "content is king" logic in the long video industry [2][3][10] Advantages in Self-produced Variety Shows - Mango TV has a strong advantage in self-produced variety shows, successfully operating multiple IPs to their tenth season, such as "Detective Chinatown" and "I Am a Singer," which effectively promote membership and advertising revenue through innovative formats and long-term operations [2][5] IP Derivation and Operations - Mango TV utilizes various channels for IP derivation and operations, including the Xiaomang APP, which has achieved semi-annual profitability, and offline immersive theme venues, enhancing the transition from variety IP to backend operations [2][6] Upcoming Quality Content - For Q4, Mango TV has reserved quality content such as "Voice of Life 2025," "Forest Far Away," and "Goodbye Lover 5," with the talent show "Forest Far Away" expected to have breakout potential, positively impacting advertising and membership growth [2][8] Strong Performance in Q3 - In Q3, Mango TV's variety content performed strongly, with shows like "The Next Top Singer 2025" leading the market and significantly boosting advertising revenue, indicating a solid content reserve [2][9] Membership Business Strategy - The membership strategy focuses on increasing content investment to boost membership scale, which may pressure profit margins in the short term, but there is still significant room for improvement compared to competitors [4][10][11] Impact of Regulatory Policies - The "21 Regulations" from the broadcasting authority have optimized long drama supply, removing restrictions on episode counts and improving content review processes, which is expected to enhance the quantity and quality of new dramas [4][12] Overall Content Performance - In the second half of the year, Mango TV's content performance has been notable, with new variety shows and a solid foundation for IPs, despite not reaching the volume of "Sisters Who Make Waves" [2][13] Strategic Investment Timing - Increasing investment at this time is deemed appropriate due to lower acquisition costs and the positive impact of regulatory changes on content supply, indicating a clear upward trend for Mango TV [2][14] Other Important Insights - The Xiaomang APP not only serves as a content e-commerce platform but also includes various merchandise related to popular shows, contributing to the overall revenue quality [6] - The company is actively seeking a balance between investment and profit margins while maintaining a focus on expanding its membership business [10][11]

Core Viewpoint - The news discusses the potential addition of new cast members to the popular variety show "Women's Detective Agency," which has sparked resistance among fans who fear it may disrupt the show's established chemistry and narrative continuity [1][2][3]. Group 1: Fan Reactions - Fans have expressed strong opposition to the idea of adding new members, with key cast members like Qi Wei and Li Yitong stating they are unaware of any changes [2][10]. - The resistance stems from a belief that the original cast's chemistry is crucial to the show's success, and any new additions could undermine this dynamic [3][9]. - Fans feel that new members might be seen as opportunists who want to benefit from the show's success without having contributed to its development [7][10]. Group 2: Show Structure and Narrative - "Women's Detective Agency" is structured as a serialized mystery show, where each episode builds on the previous ones, creating a cohesive storyline that fans have come to appreciate [3][4]. - The addition of new cast members could disrupt the narrative flow and continuity that has been established over the first two seasons [4][8]. - The show has a unique format that relies on the established relationships and interactions among the original cast, making it challenging for newcomers to integrate seamlessly [8][9]. Group 3: Industry Trends - The trend of adding new cast members to variety shows has become common, especially in the context of cost-cutting measures in the industry [2][10]. - Other shows have faced similar backlash when introducing new members, indicating a broader resistance among fans of ensemble casts [10][11]. - The success of ensemble variety shows has led to the creation of spin-off programs, which often rely heavily on the original cast's chemistry and audience attachment [8][15].