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 ...

本报讯 （记者何文英）8月22日晚间，芒果超媒股份有限公司（以下简称"芒果超媒"）披露2025年半年 度报告。上半年公司实现营业收入59.64亿元，归母净利润7.63亿元。 报告期内，公司核心平台芒果TV保持经营韧性，互联网视频业务保持稳健发展趋势。QM数据显示，报 告期内芒果TV月活均值同比增长14.24%，人均单日使用时长稳居行业前列。7月，平台月活用户超2.8 亿户，同比增长10.6%。QM数据显示，4月份芒果TV高价值用户行业占比达38.2%，人均单日时长达 128分钟，位于长视频平台第一。 报告期内，公司广告业务明显回暖。在行业整体招商数量下降的背景下，芒果TV自招商品牌数同比增 长21%，增速位居四大平台之首。此外，公司运营商业务实现营业收入8亿元，同比增长约7%，重新步 入增长通道。大屏业务推出行业首个电视弹幕产品，已覆盖3000万名用户，拉动节目观看时长提升 20%。 小芒抢滩新消费市场 今年以来，芒果TV加速布局微短剧板块，作为平台新的内容增量，市场份额显著提升。报告期内，公 司秉持"精品化+剧场化"运营策略，芒果TV大芒计划上线微短剧1179部，较去年同期增长近7倍。年 初，公司还与红果平 ...

Core Viewpoint - The e-commerce industry is experiencing significant changes as major platforms like Tencent, Baidu, and Xiaohongshu are making strategic moves to enter or expand their presence in the market, indicating a shift from a duopoly led by Alibaba and JD.com to a more competitive landscape [1][17]. Tencent's E-commerce Initiatives - Tencent has officially established an independent e-commerce product department, a move that has been anticipated for years but has only recently materialized [2][4]. - The company aims to enhance the WeChat ecosystem by creating a unified and trustworthy transaction experience, leveraging its social attributes and payment capabilities to support merchants [4][3]. - Despite the establishment of the e-commerce department, Tencent's leadership has downplayed the significance of this adjustment, suggesting a cautious approach to its e-commerce ambitions [4][3]. Baidu's Strategic Moves - Baidu is actively pursuing the development of an AI-driven e-commerce platform, integrating search, live streaming, video, and shopping functionalities to enhance user experience [5][6]. - Baidu's e-commerce initiative, "Baidu Youxuan," has seen impressive growth, with GMV doubling and a year-on-year increase of 227% as of May 2024 [6][8]. - The collaboration with influencer Luo Yonghao for live streaming events is a strategic effort to boost sales during major shopping events like the 618 festival [6][8]. Xiaohongshu's Collaboration with E-commerce Giants - Xiaohongshu has entered a strategic partnership with Taobao, launching the "Red Cat Plan" to facilitate data sharing and enhance the shopping experience for users [9][10]. - The collaboration allows for a seamless integration of user-generated content and e-commerce, enabling Xiaohongshu to leverage its strengths in lifestyle-oriented marketing while benefiting from Taobao's extensive e-commerce infrastructure [10][12]. - Xiaohongshu's shift towards collaboration with established platforms reflects a strategic pivot from a closed ecosystem to a more open approach, driven by the need to compete effectively in a saturated market [12][13]. Broader Industry Trends - The e-commerce landscape is transitioning from a focus on a few dominant players to a more diversified competitive environment, with various platforms exploring unique strategies to capture market share [17]. - The current economic climate, characterized by consumer spending declines, has prompted platforms to adopt collaborative strategies rather than relying solely on internal growth [17]. - The effectiveness of these new strategies will likely be assessed through performance metrics during key shopping events, such as the 618 festival, which will provide insights into the evolving dynamics of the e-commerce sector [17].

Core Insights - The fifth China (Beijing) Radio and Television Media Integration Development Conference was held on May 21-22, focusing on innovative development, communication ecology, value empowerment, technology application, and cross-border cooperation [1] Group 1: Media Integration and Reform - The National Radio and Television Administration has prioritized the systemic reform of the broadcasting and television media and the implementation of media integration development projects as key tasks for 2025 [2] - As of 2024, the number of online audio-visual users in China is expected to reach 1.091 billion, with an internet penetration rate of 98.4% [2] - The establishment of the National New Media Alliance has led to a 79% increase in member downloads since its inception, with over 90 cross-regional live broadcasts and more than 90 viral short videos exceeding 10 million views [2] - Beijing has set up the first national special fund for media integration development, investing over 30 million yuan and supporting over 200 projects [2] Group 2: Technological Empowerment - The deep integration of artificial intelligence and ultra-high-definition technology is reshaping the underlying logic of the audio-visual industry [4] - Over 90% of broadcasting institutions in China have adopted AI tools across the entire production chain [4] - The use of AI in content creation is advancing towards intelligent and large-scale production, with platforms like Douyin and Kuaishou implementing AI creative assistants [5] Group 3: Collaborative Ecosystem - The development of media integration is accelerating the formation of a collaborative national framework, exemplified by the "Rural Revitalization Thousand Miles Tour" series of live broadcasts initiated by the National New Media Alliance [6] - The "Beijing Festival High" service community aims to link 100 festival activities and 200 regional brand products, enhancing cultural and commercial connections [6] - The "Star Index" micro-short drama evaluation system has seen over 160 out of 241 recommended works go live, promoting tourism and local products [7]

Core Insights - The company reported a decline in both revenue and net profit for 2024, with total revenue at 14.08 billion yuan, down 3.75% year-on-year, and net profit attributable to shareholders at 1.364 billion yuan, down 61.63% due to a one-time tax asset reversal [1] - In Q1 2025, the company continued to experience revenue decline, with total revenue at 2.9 billion yuan, down 12.76% year-on-year, and net profit attributable to shareholders at 379 million yuan, down 19.80% [1] - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares, totaling 412 million yuan [1] Business Performance - The company's Mango TV internet video business revenue decreased by 4.10% to 10.179 billion yuan in 2024, with membership business showing healthy growth, increasing revenue by 19.30% to 5.148 billion yuan [2] - The advertising business saw a slight recovery but still declined by 2.66% to 3.438 billion yuan, while the operation business faced a significant drop of 42.44% to 1.593 billion yuan due to industry governance impacts [2] - The new media interactive entertainment content production business grew by 9.77% to 1.262 billion yuan, and the content e-commerce business revenue decreased by 7.87% to 2.6 billion yuan, with a GMV of 16.1 billion yuan [2] Content and Production - In Q1 2025, the company had six variety shows in the effective viewing TOP 10, leading among long video platforms, and increased investment in drama series by 12% [3] - The company has over 100 drama series in reserve, which is expected to drive future business growth [3] - The company's gross margin for 2024 was 29.03%, down 3.95 percentage points, and net margin was 9.54%, down 14.19 percentage points, primarily due to the one-time tax asset reversal [3] Future Outlook - The company anticipates a positive impact from tax policy changes from 2025 to 2027, which will benefit profits [4] - Revenue projections for 2025-2027 are 14.608 billion yuan, 15.438 billion yuan, and 16.448 billion yuan respectively, with net profits of 1.839 billion yuan, 2.045 billion yuan, and 2.408 billion yuan [4] - The company maintains a "buy" rating with projected EPS of 0.98, 1.09, and 1.29 for 2025, 2026, and 2027 respectively, and corresponding PE ratios of 23, 21, and 18 [4]

Core Insights - The company reported its 2024 annual results and Q1 2025 performance, with total revenue for 2024 at 14.08 billion yuan, representing a year-over-year decline of 3.75% [1] Group 1: Financial Performance - The net profit attributable to the parent company for 2024 was 1.364 billion yuan, with a net profit margin of 10%. The non-recurring net profit was 1.645 billion yuan, down 2.99% year-over-year, with a non-recurring net profit margin of 11.7% [2] - Membership revenue for 2024 reached 5.148 billion yuan, up 19% year-over-year, accounting for over 50% of the internet video business revenue. The number of Mango TV members increased to 73.31 million, with a net addition of 6.78 million members, representing a 10% year-over-year growth. The average revenue per user (ARPU) was 6.1 yuan, up from 5.7 yuan in 2023, reflecting a 7% year-over-year increase [2] - Advertising revenue for 2024 was 3.438 billion yuan, down 3% year-over-year. The advertising industry is showing signs of recovery, although brand advertising is lagging. Mango TV has maintained its advertising base by providing long-term marketing solutions for leading clients in industries such as dairy, health, and liquor [2] - Revenue from operator services declined to 1.593 billion yuan, down 42% year-over-year, but is expected to benefit from high-quality industry development trends in the long term [2] - New media interactive entertainment content production revenue was 1.262 billion yuan, up 10% year-over-year [2] - E-commerce content revenue was 2.6 billion yuan, down 8% year-over-year, with Xiaomang e-commerce achieving a GMV of 16.1 billion yuan [2] - International revenue from the Mango TV international app reached 141 million yuan in 2024, up from 62 million yuan, driving the export of quality content [2] Group 2: Q1 2025 Performance - In Q1 2025, the company's revenue declined primarily due to a reduction in low-margin traditional e-commerce shopping business and increased investment in drama series, with Q1 revenue at 2.9 billion yuan, down 13% year-over-year [3] - The net profit attributable to the parent company for Q1 2025 was 378 million yuan, down 20% year-over-year, while the non-recurring net profit was 303 million yuan, down 35% year-over-year. Investment in drama series increased by 12% in Q1 [3] Group 3: Valuation and Investment Outlook - The company forecasts net profits attributable to the parent company of 1.992 billion yuan and 2.373 billion yuan for 2025 and 2026, respectively. Based on the PS valuation of streaming video platforms, the reasonable value for Mango TV's streaming business is estimated at 43.7 billion yuan, with IPTV/OTT business valued at 8.5 billion yuan, leading to a total reasonable value of 52.2 billion yuan, corresponding to a price of 27.88 yuan per share, maintaining a "buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved breakthroughs in its series, with both membership revenue and the number of members reaching new highs [2] - The company reported a revenue of 14.08 billion yuan for 2024, a year-over-year decrease of 3.75%, with a net profit attributable to shareholders of 1.364 billion yuan, down 61.63% year-over-year [5][6] - The first quarter of 2025 saw a revenue of 2.9 billion yuan, a year-over-year decline of 12.76%, and a net profit of 379 million yuan, down 19.80% year-over-year [6] Summary by Sections Recent Performance - The company's stock performance over the last year shows a decline of 19.0% over 1 month and 3 months, and a decrease of 3.9% over 12 months compared to the CSI 300 index [4] - As of April 29, 2025, the current stock price is 22.51 yuan, with a market capitalization of approximately 42.11 billion yuan [4] Membership and Revenue Growth - By the end of 2024, the company's membership reached 73.31 million, an increase of 10.2% year-over-year, with membership revenue of 5.148 billion yuan, up 19.3% year-over-year [8] - Membership revenue accounted for over 50% of the internet video business revenue, indicating its importance for future performance [8] Advertising and Operational Performance - The advertising business generated 3.438 billion yuan in revenue for 2024, a decrease of 2.66% year-over-year, but the decline is narrowing [9] - The company's operator business revenue was 1.593 billion yuan, with a year-over-year decline of 46.0% in the first half and 38.82% in the second half of 2024 [9] Content Production and Strategy - In 2024, the company launched 27 key dramas, with significant sponsorships, and has over 100 dramas in reserve [10] - The company is focusing on micro-short dramas, having launched 340 such productions in 2024 [11] E-commerce and International Expansion - The content e-commerce business generated 2.6 billion yuan in revenue for 2024, with a gross merchandise volume (GMV) of 16.1 billion yuan, reflecting a compound annual growth rate (CAGR) of 125% over four years [12] - The international app achieved a revenue of 141 million yuan, a year-over-year increase of 127.42% [12] Financial Forecast - The company is projected to achieve revenues of 14.945 billion yuan in 2025, with a net profit of 1.850 billion yuan, reflecting a growth rate of 36% [14] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 22, 20, and 19 respectively [14]

以下文章来源于第一财经YiMagazine ，作者叶雨晨 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀请你一起探寻明亮的商业世界。 芒果超媒的财报，不好看。 文 ｜ 叶雨晨 编辑 ｜ 倪妮 来源｜ 第一财经YiMagazine（ID:CBNweekly2008） 封面来源 ｜ Pexels 2024年，芒果TV交出了一份亮眼的综艺成绩单。 上半年，5月复播的《歌手2024》推出创新赛制，不仅有网友贡献的「五旬老太守国门」等热梗，还在全国范围内的多个省市收获高收视率，在播放量、收 视率、热度值等多维度上都可称为现象级。下半年，成本较低的综艺《再见爱人4》更是在播出期间一直占据流量高地，形成了一个社会话题的「发酵 场」。 此外，这一年，芒果TV的其他综艺也稳定输出：《大侦探 第九季》豆瓣评分8.4；《快乐老友记 第2季》口碑回升，豆瓣评分8.9；《花儿与少年·丝路季》 年初收官后，该系列迅速追加了《花儿与少年·好友记》《花儿与少年 第六季》，「花学」再次出圈。根据第三方数据平台云合发布的《2024年综艺网播年 度观察》报告，全网网络综 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a significant drop in net profit attributed to tax policy changes and increased content costs [1][4][5] Financial Performance - For 2024, the company achieved revenue of 14.08 billion yuan, a year-on-year decrease of 3.75%, and a net profit of 1.364 billion yuan, down 61.63% [1] - In Q4 2024, revenue was 3.802 billion yuan, a decline of 10.8%, with a net profit turning negative at -79.99 million yuan [1] - In Q1 2025, revenue was 2.9 billion yuan, down 12.76%, and net profit was 379 million yuan, a decrease of 19.8% [1] Business Segments - Membership revenue for 2024 was 5.148 billion yuan, an increase of 19%, with a year-end membership count of 73.31 million, up 10% [2] - Advertising revenue fell to 3.438 billion yuan, down 12%, while operator business revenue dropped 42% to 1.593 billion yuan [2] - New media interactive entertainment content production revenue grew by 10% to 1.262 billion yuan, while content e-commerce revenue decreased by 8% to 2.6 billion yuan [2] Cost and Profitability - Operating profit was under pressure due to increased content costs, which rose by 12.5% to 5.762 billion yuan, accounting for 67.1% of revenue [4][5] - The company’s content acquisition costs reached 6.348 billion yuan, a slight increase of 1.3% [4] - The gross margin for the internet video business fell to 35.3%, a decline of 6 percentage points [5] Future Outlook - Membership revenue is expected to continue double-digit growth, but at a slowing rate, while operator business is anticipated to stabilize [6][7] - Advertising revenue is projected to remain under pressure due to scheduling and macroeconomic factors [7] - Revenue forecasts for 2025-2027 are 14.351 billion, 14.871 billion, and 15.423 billion yuan, with corresponding net profits of 1.773 billion, 1.932 billion, and 2.061 billion yuan [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company is focusing on increasing content and R&D investments to drive new growth momentum, with a significant emphasis on innovative content production and technology integration [4][5]. - The company aims to enhance its international presence through the "Mango Going Global Three-Year Action Plan" and the development of an AI-driven interactive platform [6][7]. - The financial forecast indicates a gradual recovery in revenue and net profit from 2025 to 2027, with expected revenues of 154.67 billion, 168.59 billion, and 182.58 billion respectively, and net profits of 16.07 billion, 19.92 billion, and 24.62 billion [10][12]. Summary by Sections Company Overview - The company is a leading player in the media industry, continuously innovating in content production, with a strong focus on self-produced content and a comprehensive media ecosystem [4]. Financial Performance - In 2024, the company's new media interactive entertainment content production and copyright costs reached 810 million, up 17% year-on-year. The internet video business costs were 6.2855 billion, an increase of 8.46% year-on-year [5]. - The first quarter of 2025 saw a year-on-year decline in revenue and net profit of 12.76% and 19.8% respectively, primarily due to a contraction in traditional TV shopping business and increased content investment [5]. Growth Strategy - The company is leveraging AI technology through the establishment of the "Shanhai Research Institute" and the development of its own AI model to enhance content innovation and production efficiency [7]. - The company is also exploring new business models, including e-commerce through its "Xiaomang E-commerce" platform, which achieved an annual GMV of 161 million in 2024, with a compound growth rate of 125% over four years [9]. Profitability Forecast - The report projects a gradual increase in earnings per share (EPS) from 0.86 in 2025 to 1.32 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 29.9 to 19.5 [10][12].