Core Points - The eighth "Love in Mango" internship exchange program for Taiwanese university students in journalism and communication concluded in Changsha, Hunan, with 53 students participating [1] - The program included internships at Hunan Broadcasting and Television Group, where students engaged in various roles such as planning, directing, and operations for popular shows [1] - The initiative has successfully hosted eight editions, providing nearly 400 Taiwanese students with opportunities to experience the development of the media industry in Hunan and the broader economic growth of mainland China [2] Group 1 - The internship program involved students from 24 universities, including Shih Hsin University and National Taiwan University, who participated in hands-on experiences in media production [1] - During the internship, a short video competition titled "Days in Mango" was held, resulting in nearly 200 videos created by students, which collectively garnered over 10 million views across platforms [1] - The closing ceremony featured performances by the interns, who expressed their insights and experiences gained during the program, highlighting the importance of creativity and respect for content [1] Group 2 - The program aims to bridge cultural gaps between Taiwan and mainland China, fostering a sense of pride and mission among media professionals [2] - The "Love in Mango" initiative has become a prominent platform for Taiwanese youth to engage in internships, employment, and entrepreneurship opportunities in mainland China [2] - The program is recognized as a significant brand for youth exchange between the two sides of the Taiwan Strait, emphasizing the importance of media in connecting cultures [2]

Core Viewpoint - Mango TV reported a revenue of 14.08 billion yuan for 2024, a year-on-year decrease of 3.75%, and a net profit attributable to shareholders of 1.364 billion yuan, down 61.63% year-on-year, aligning with performance forecasts [1] Financial Performance - For 2024, the company achieved a revenue of 14.08 billion yuan (yoy -3.75%) and a net profit of 1.364 billion yuan (yoy -61.63%), meeting the performance forecast of 1.25 to 1.61 billion yuan [1] - In Q1 2025, the company reported a revenue of 2.9 billion yuan (yoy -12.76%, qoq -23.71%) and a net profit of 379 million yuan (yoy -19.80%) [1] - The non-recurring net profit for 2024 was 1.645 billion yuan (yoy -2.99%) [1] - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, totaling 412 million yuan, with a payout ratio of 30.17% [1] Content and Membership Growth - In Q1 2025, Mango TV's content investment increased significantly, with a 12% year-on-year rise in drama production costs [1] - The company maintained growth in membership revenue, driven by high-quality content [1] - In 2024, membership revenue reached 5.148 billion yuan, a 19.3% increase year-on-year, with an effective membership base of 73.31 million, up 10% from the end of 2023 [2] - The advertising revenue for 2024 was 3.438 billion yuan, a decrease of 2.7% year-on-year [2] Content Strategy and Future Outlook - Mango TV secured five spots in the top 10 variety shows in Q1 2025, with "乘风2025" achieving 176 million views on its premiere day [2] - The company has over 100 dramas in its pipeline for 2025, including major shows like "歌手2025" [2] - The advertising business is expected to stabilize through customized long-term marketing strategies and innovative marketing models [2] Profit Forecast and Valuation - Due to increased content investment and underperformance in the operator business, the company has adjusted its profit forecasts, lowering the net profit estimates for 2025 and 2026 by 20% and 22% to 1.76 billion yuan and 1.92 billion yuan, respectively [3] - The target price is set at 30.80 yuan based on SOTP valuation, down from 34.23 yuan [3]