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 ...

上 市 公 司 传媒 2025 年 08 月 26 日 芒果超媒 (300413) ——短期经营压力已体现，关注政策变化带来的积极影响 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 27.09 | | 一年内最高/最低（元） | 32.10/18.07 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 0.81 | | 流通 A 股市值（百万元） | 27,678 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | 夏嘉励 (8621)23297818× xiajl@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 12.23 | | 资产负债率% | 29.91 | | 总股本/流通 A 股（百万） | 1,871/1,022 | | 流通 B 股/H 股（百万） | -/- ...

晨会纪要 证券研究报告 2025 年 08 月 26 日 核心结论 【电子】汇顶科技(603160.SH) 2025 年半年报点评:多点布局新品持续 放量，旺季催化看好业绩增长 公司是指纹传感器全球领先企业，覆盖"传感、AI 计算、连接、安全"四大 核心业务,成长动力充足。我们预计汇顶科技 2025-2027 年营收分别为 55.24、65.8、78.4 亿元，归母净利润分别为 8.56、10.78、12.68 亿元。我 们持续看好公司未来业务拓展及业绩增长,维持"买入"评级。 【电子】聚辰股份（688123.SH）2025 年半年报点评：DDR5 SPD 与车规 EEPROM 齐放量,利润率显著提升 我们预计公司 25/26/27 年营收分别为 13.09/17.95/24.03 亿元,归母净利润 分别为 4.42/6.32/8.67 亿元，维持"买入"评级。 【传媒】芒果超媒（300413.SZ）2025 年上半年业绩点评: 芒果 TV 表现相 对稳定,看好新政下平台发展 我们预计公司 25-27 年归母净利润分别为 14.47/15.10/18.95 亿元, YoY+6%/+4%/+25%，内容储备丰富 ...

中证报中证网讯(王珞)8月22日晚间，芒果超媒（300413）披露2025年半年度报告。上半年公司紧扣"文 化+科技"融合主线，进一步优化主营业务结构，推动新旧动能转换，实现营业收入59.64亿元，归母净 利润7.63亿元，核心主业芒果TV互联网视频业务保持稳健经营。 其中，公司报告期内会员业务实现营收24.96亿元，收入增速优于行业表现；广告实现营收15.87亿元， 二季度环比明显回暖；运营商实现营收8亿元，同比增长约7%，重新步入增长通道。 报告期内，公司在行业普遍缩减内容成本的背景下，逆势布局加大内容、研发投入。芒果TV互联网视 频业务成本同比上升11.78%，研发投入同比增长26.41%，对公司当期利润造成短期影响。此外，公司 在传统电商板块主动调整运营策略，整体营收有所波动，核心平台芒果TV各项主业保持稳健经营。 综艺及剧集势头保持 2025年上半年，长视频行业综艺节目和长剧集供给基本保持稳定，但有效播放量同比有不同程度下降。 芒果TV坚持"综N代+垂类创新"双引擎驱动，上半年综艺有效播放量和市占率持续稳居行业第一。QM 数据显示，芒果TV上半年全网综艺市场份额达36.5%，全网综艺播放量TOP榜中 ...

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 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 曾几何时，传媒影视行业傲视整个资本市场。 2015年A股暴跌之中，传媒影视板块异军突起，年内上涨了172%，成为那一年表现最好的行业，没有之一。 然而此后，多数影视股便陷入长久下跌。 随着广电所谓新21条小作文的来袭，影视股终于翻了一把身。 政策发布后，影视股轮番暴涨。芒果超娱、慈文传媒一度涨停，欢瑞世纪、华谊兄弟、中视传媒等纷纷走高。 在来势汹汹的短剧面前，长剧终于迎来了自己的"及时雨"。 但政策带来的利好，似乎仍未被资本市场完全认可。 影视股，能够再现辉煌吗？ 01 Wind数据显示，2016年至今，影视指数整体下跌超50%。 其中，曾经的电影大厂万达电影、华谊兄弟、北京文化，均跌超80%。 专注长剧市场的慈文传媒、欢瑞世纪，也跌超70%。 影视股股价的过山车，是暴涨背后没有突出的业绩支撑，最终只能成为空中楼阁。 以2015年上市的芒果超媒为例，尽管没能赶上2015年以前的盛况，但上市之后的6年内，芒果超媒股价持续上涨15倍，成为影视股的低潮 中，罕见维持上涨的影视股。 某种意义上讲，芒果超媒并非传统意义上单一的媒体平台，而是 ...

Core Viewpoint - The recent news highlights a significant positive shift in the Chinese internet content industry, driven by new regulatory measures aimed at enhancing content supply and easing restrictions on production and distribution [1][2]. Group 1: Market Reactions - The internet ETF Hu-Kong-Shen (159550) saw a price increase of 4% on August 18, with major stocks like Mango Super Media hitting a 20% limit up and other companies like Reading Group and Guiding Compass also experiencing substantial gains [1]. - The surge in stock prices reflects a market response to the anticipated regulatory changes, indicating a potential recovery in the internet content sector [1][2]. Group 2: Regulatory Changes - The new regulations are expected to relax restrictions on content production, including the number of historical dramas allowed to air and the quota for imported shows, which is seen as a major benefit for the long video industry [1][2]. - Internal sources confirm that while the details of the regulations are still pending, the general direction is clear, aiming to enhance the quality and diversity of content available [1]. Group 3: Company Performance - Reading Group reported a significant increase in revenue, achieving 3.19 billion yuan and a net profit of 850 million yuan in the first half of the year, marking a 68.5% year-on-year growth [2]. - The growth is attributed to Reading Group's strong IP reserves and successful ventures into new content formats, such as short dramas and derivative products, which generated a GMV of 480 million yuan [2]. Group 4: Industry Outlook - The internet content community is positioned for growth, with the IP industry entering a golden period, suggesting that companies with substantial IP reserves will benefit significantly [3]. - The internet sector has shown signs of recovery from previous valuation compressions, with leading companies experiencing notable increases in market capitalization as profitability improves [3]. Group 5: Index Information - The China Securities Hu-Kong-Shen Internet Index tracks 50 major internet companies, including Tencent, Alibaba, and Xiaomi, reflecting a diverse range of internet enterprises [4]. - As of August 15, 2025, the top ten weighted stocks in the index include major players in both B2B and B2C segments, indicating a robust representation of the internet sector [4].

Core Viewpoint - The Guangdong Provincial Government is actively promoting the development of the online audio-visual industry through a comprehensive policy package aimed at enhancing financial support, improving content quality, and fostering collaboration within the industry [2][3]. Group 1: Policy Measures - The policy package includes nine measures such as increasing financial support, enhancing the development capabilities of industrial parks, improving the supply of quality audio-visual content, and promoting the integration of culture and technology [2]. - The Guangdong Provincial Radio and Television Bureau is focusing on resource integration and tailored strategies to promote differentiated development in the online audio-visual industry [2]. Group 2: Industry Performance - Guangdong's online audio-visual industry generated revenues accounting for 1/7 of the national total last year, with a year-on-year growth of nearly 40%, indicating strong market vitality and technological advancement [3]. - The province has established a complete industrial chain with leading companies in content creation, platform distribution, and technology research, including Tencent Video, YY, and QQ Music [3][4]. Group 3: Challenges and Recommendations - Despite the growth, challenges such as insufficient original content supply, weak collaboration across the industry chain, and the need for transformation from traditional development models have been identified [3][4]. - Recommendations include enhancing content quality by leveraging local culture, strengthening technological empowerment, and fostering collaboration within the Greater Bay Area [4]. Group 4: Company Insights - iQIYI highlighted that 10% of its paid members are from Guangdong, emphasizing the province's significant role in its user base and content creation [5]. - Youku is focusing on ultra-high-definition virtual shooting and AIGC technology, with a research base established in Shenzhen [5]. - Tencent Video is committed to telling Guangdong stories through original programming that reflects local culture and is seeking targeted support for high-quality content projects [6]. - Douyin Group and Xiaohongshu are both looking to deepen their engagement in Guangdong, leveraging local policies to enhance their content ecosystems and support the live-streaming economy [7].

频频被媒体报道，视频平台的会员广告乱象就像"牛皮癣"一样，经久难治。消费者开通会员，开了个寂 寞？ 开会员前，看剧要么被"拒之门外"，要么被广告"狂轰滥炸"；咬牙充了会员，本以为能清净看剧，结果 广告还是见缝插针、频频出现。 近日，智通财经"马上测"实测芒果TV、优酷、爱奇艺、腾讯视频、哔哩哔哩五款 APP发现，即便开通 不同级别的会员，所获得的"广告特权"也多仅限于去除"前贴片广告"，但暂停广告、植入广告等十几种 形式的广告仍可能出现，部分无法关闭。 其他槽点同样突出：手机晃动易跳转广告页面；手机端与电视端会员不互通，如芒果TV 手机SVIP需升 级为35元"全屏会员"才能在电视端享受权益等。 2021年10月，浙江省消保委检查相关工作时提到成为会员后还有广告、容易误点且难以退出的问题，并 建议，针对各视频网站会员服务的"顽疾"，相关职能部门应依据广告法、民法典、《广播电视广告播出 管理办法》等相关法律法规，形成长效监管机制。 充值了会员还得看广告，居然是平台默认"惯例"？ 充值视频APP后能否真正免除广告？"广告特权"具体包含哪些权益？ 芒果TV、优酷、腾讯的VIP虽可免前贴片广告，但观看过程中仍可能出现 ...

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]