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 ...

Performance Overview - In the first three quarters of 2025, the company achieved revenue of 9.063 billion, a year-over-year decrease of 11.82%, and a net profit attributable to shareholders of 1.016 billion, down 29.67% year-over-year. The decline in revenue is primarily due to a decrease in traditional e-commerce business, with a greater focus on the development of Mango IP derivative products [1] - For Q3 2025, the company reported revenue of 3.099 billion, a year-over-year decrease of 6.58%, and a net profit attributable to shareholders of 252 million, down 33.47% year-over-year [1] Market Position and Content Reserve - The company maintains a leading position in the variety show market, with data showing that the top 20 variety shows in Q3 2025 had a total of 3.9 billion effective views, an increase of 30% year-over-year. Mango TV ranked first in the number of exclusive variety shows [2] - Key shows such as "The Life We Long For" and "Sound Alive" are expected to continue driving viewership and boosting membership and advertising revenue. The company launched 1,179 short dramas in the first half of the year, a sevenfold increase year-over-year, with significant success from the "Big Mango Plan" [2] Membership and Advertising Business - The company is actively promoting a "culture + technology" integration strategy, increasing investment in quality content and research and development for Mango TV. Monthly active users for Mango TV grew approximately 11.08% year-over-year from January to September, and advertising revenue saw year-over-year growth in Q3 [3] - The operating cash flow for the first three quarters was 674 million, a year-over-year increase of 307.14%, with cash reserves exceeding 13 billion by the end of September, providing strong support for future investments in content, technology, and new business initiatives [3] Investment Outlook - The company is expected to maintain its leading position in the variety show market, with projected revenues of 13.74 billion, 14.97 billion, and 16.17 billion for 2025-2027, compared to previous estimates of 14.92 billion, 16.00 billion, and 17.29 billion. Net profits attributable to shareholders are projected at 1.51 billion, 1.93 billion, and 2.12 billion for the same period, compared to previous estimates of 1.82 billion, 2.13 billion, and 2.41 billion. The investment rating is maintained at "Buy" [4]