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 Points - The "Love in Mango" internship exchange program for Taiwanese journalism and communication students concluded with a ceremony in Changsha, where 53 students shared their experiences through performances and speeches [1][2] - The program involved students from 24 universities, including Shih Hsin University and Fu Jen Catholic University, who participated in nearly a month-long internship at Hunan Broadcasting and Television Group, engaging in various roles such as planning, directing, and operating programs [2][4] - The initiative aims to provide Taiwanese youth with a platform for learning and growth, fostering a deeper understanding of the development in mainland China and encouraging them to become storytellers and creators of new narratives between Hunan and Taiwan [2][4] Industry Insights - During the internship, a short video competition titled "Love in Mango Days" was launched, resulting in nearly 200 videos that collectively garnered over 10 million views across platforms, highlighting the engagement of young people from both sides of the Taiwan Strait [4] - The program has been running for eight years, with nearly 400 students from Taiwanese universities having participated, showcasing the ongoing collaboration and exchange in the media industry between Taiwan and mainland China [4]

Core Insights - The article discusses the evolution of long video platforms, highlighting the challenges of sustaining growth while managing losses in a competitive environment [1] - It emphasizes the strategic partnership between Migu and Mango TV, showcasing how Migu leverages Mango's content to enhance its market presence [10][11] - The article raises questions about Migu's ability to transition from a content aggregator to a content creator in the long video space [22] Group 1: Market Dynamics - The long video industry has shifted from a focus on rapid user growth through heavy spending to a more sustainable model, facing increased pressure as overall internet growth slows [1] - Migu's partnership with Mango TV has been pivotal, with Migu investing 1.6 billion in Mango Media to secure a foothold in the market [10] - The collaboration aims to create a differentiated content ecosystem, but Migu faces challenges in consistently delivering high-quality content compared to competitors [11][12] Group 2: Content Strategy - Migu has successfully launched popular series like "Jinxiu Fanghua," achieving over 1.5 million reservations, indicating a growing user interest [1][10] - The platform is transitioning to a more diverse content strategy, focusing on original productions alongside sports content to attract a broader audience [15][20] - Migu's recent initiatives include signing a "blockbuster co-creation plan" with Mango TV and Hunan TV, aiming to enhance its content offerings [15][20] Group 3: User Engagement and Growth - Migu has implemented targeted marketing strategies to enhance user engagement, such as leveraging sports events to promote new series [18][20] - The platform's user base is expected to grow as it effectively integrates sports and entertainment content, creating a seamless viewing experience [20] - Despite the positive trends, Migu must navigate the challenges posed by the rising popularity of short-form content, which is rapidly gaining traction among users [24]

Core Viewpoint - The article discusses the phenomenon of identity fabrication in the entertainment industry, focusing on two figures, Zhe Lai Nu and Na Yi Na, who embody the complexities of modern identity and performance in a post-truth society [1][2][3]. Group 1: Identity and Performance - Both Zhe Lai Nu and Na Yi Na engage in identity fabrication, reflecting a modern survival metaphor where individuals must create and sell their identities in both job and consumer markets [2][6]. - The article highlights how Zhe Lai Nu's various aliases and Na Yi Na's initial portrayal as a foreigner serve as examples of how individuals navigate and manipulate their identities for public acceptance [4][5][6]. Group 2: Audience Reception and Cultural Commentary - The audience's perception of Zhe Lai Nu and Na Yi Na has shifted from ridicule to a more sympathetic understanding, indicating a complex relationship between performers and their audience in the context of identity and authenticity [9][11]. - The article notes that the public's engagement with these figures reflects a broader cultural trend where people seek to participate in the narrative, blurring the lines between reality and performance [13][16]. Group 3: Market Dynamics and Commercial Success - Na Yi Na's transition from a viral internet persona to a successful singer demonstrates the potential for identity manipulation to yield commercial success, as evidenced by her sold-out shows and significant ticket demand [14][15]. - The article suggests that the rise of such figures is fueled by a willingness among audiences to invest in experiences that allow for personal expression and community engagement, particularly within niche markets [15][16].

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 summer music variety show landscape is dominated by numerous programs, yet the market response remains tepid, raising questions about the future viability of music variety shows [2][8]. Group 1: Current Landscape of Music Variety Shows - There are currently six music variety shows airing, significantly outpacing other genres, indicating a trend of saturation in the weekend viewing schedule [1]. - Major players in the television industry include Zhejiang Satellite TV's "The Voice of China Season 6," which is still ongoing, and new entries like "Shining Summer Season 2" and "Asian New Voice" from Oriental Satellite TV [1]. - Long-form video platforms are also active, with iQIYI's "New Rap 2025" returning and Tencent Video launching an all-female music competition "Let Me Sing" [1]. Group 2: Challenges Facing Music Variety Shows - Despite the high number of shows, the rate of breakout hits is declining, with many programs struggling to achieve significant audience engagement [2]. - "The Singer 2025" continues to attract attention through its live performance format, while "The Voice of China" focuses on popular songs, appealing to broader audience tastes [2][10]. - New shows like "Shining Summer" emphasize band performances and aim to cultivate young talent, while "Asian New Voice" innovatively takes the music stage to a cruise ship, showcasing local artists [3][5]. Group 3: Audience Engagement and Market Performance - The audience for music variety shows is becoming increasingly niche, with shows like "Let Me Sing" targeting specific demographics, such as women, which may limit broader appeal [8]. - According to data from the Lighthouse Professional Edition, only "The Singer 2025" made it into the top five for effective viewership in June, indicating a lack of strong performance from other music shows [7]. - The historical success of music variety shows has shifted towards more specialized content, making it harder for shows to reach mainstream audiences [8]. Group 4: Future Directions and Recommendations - To address the current challenges, there is a need for music variety shows to enhance their ability to produce popular songs that resonate with a wider audience [10]. - The focus should shift from merely creating buzz through innovative formats to strengthening the core musical content, as the ability to generate "universal hits" is crucial for sustaining viewer interest [10].

Core Viewpoint - The competition in the variety show market is intensifying, particularly in the music variety segment, which still holds significant viewership and commercial value, but brands are struggling to convert this into effective marketing [1][2][10]. Group 1: Market Dynamics - Music variety shows dominate prime time with a 35% share of viewership, showcasing their commercial potential [1]. - Despite the popularity of shows like "Singer 2025," brands are questioning whether the excitement translates into sales [1][10]. - The traditional marketing strategies in music variety shows are showing signs of fatigue, as audience attention becomes increasingly fragmented [5][10]. Group 2: Brand Engagement - Brands like Mengniu are leveraging nostalgia and emotional connections to engage audiences, as seen with their sponsorship of "Singer 2025" [2][6]. - The effectiveness of brand exposure is diminishing; audiences may remember the show but not the brands associated with it [11][14]. - Successful brand integration requires more than just visibility; it necessitates creating meaningful connections with the audience through storytelling and emotional engagement [14][19]. Group 3: Evolving Strategies - Platforms are facing structural challenges, prompting them to explore new monetization strategies, such as Mango TV's "Yuanren Universe" and Tencent's "Micro Variety Plan" [17][19]. - Brands are shifting from traditional advertising to co-creating content that resonates with audiences, focusing on long-term value rather than short-term exposure [19][27]. - Effective variety show marketing now emphasizes three dimensions: online interaction, offline experiences, and social co-creation [20][24]. Group 4: Case Studies - The marketing strategy of Lays in "Planting Season 3" exemplifies effective brand integration by immersing the product in the storyline and allowing for direct purchasing options [24][26]. - Brands must embed their narratives within the emotional journeys of the audience to achieve measurable commercial outcomes [26][27].

Summary of Conference Call Records Industry Overview - The gaming sector is experiencing stable policies focusing on three main themes: overseas expansion, technology, and new consumption. Starting from September 2024, there will be an emphasis on promoting high-quality games for cultural export, with consumption policies for gaming and entertainment set to boost in March 2025 [5][6][7]. - Regional policies in Guangdong and Zhejiang are being implemented to support the gaming industry, with Guangdong focusing on industrial chain collaboration and Zhejiang emphasizing international ecological development [5][6]. Key Points on Gaming Sector - The approval process for game licenses is normal, with a slight increase in the number of licenses issued monthly for both imported and domestic games [5][6]. - From May 2025, there has been a noticeable increase in the supply of gaming products, particularly benefiting mid-sized developers and mobile games, as major players like Tencent and NetEase focus more on PC games [6][7]. - A-share leading gaming companies are currently valued at around 20 times earnings, with potential to rise to 25 times as product diversity increases. Recommended companies include Gigabit, Giant Network, Kaiying Network, and Hong Kong-listed Xindong [7]. AI Video Industry Insights - The AI video sector is seeing significant advancements in multi-modal technology, with Kuaishou being a standout performer. The company is expected to achieve a valuation premium due to its strong commercialization capabilities [8][9]. - Kuaishou is utilizing a dual-driven monetization model, focusing on both paid penetration and scenario expansion to achieve profitability. The company is exploring various fields including film production, advertising, and game development [8]. Financial Projections for Kuaishou - Kuaishou's AI video tools are estimated to be valued at approximately $6 billion, with projected revenue of $200 million by the end of 2025. The expected net profit for Kuaishou in 2025 is around 20.1 billion yuan, based on a 30 times valuation multiple [9]. Film Industry Performance - The film industry has seen a significant decline in box office revenue, with May's total box office at approximately 1.742 billion yuan, down 41% year-on-year. The number of viewers also dropped by 40% [10]. - The upcoming summer film season is expected to show greater elasticity and recovery, with a larger capacity for headlining commercial films. The summer season runs from June 1 to August 31, with a mix of imported and domestic films scheduled for release [10][11]. Digital Media Performance - In May, active users for major digital media platforms were reported as follows: iQIYI (350 million), Tencent Video (370 million), Mango TV (280 million), and Youku (200 million). Mango TV and Youku saw increases, while iQIYI and Tencent Video experienced declines [12][13]. - The summer period is considered the best window for historical dramas and major S-level series, with several anticipated releases already in the pipeline [13]. Conclusion - The gaming and AI video industries are poised for growth, driven by favorable policies and technological advancements. The film industry is expected to recover during the summer season, while digital media platforms continue to adapt to changing viewer preferences.