Core Viewpoint - Mango Super Media announced on September 19 that its new media platform Mango TV will participate in live broadcasts of certain events and launch programs like "Hot and Spicy Xiang Chao" to enhance the visibility of "Xiang Chao" [1] Group 1 - Mango TV is an important part of the "Xiang Chao" communication matrix and will support the initiative by broadcasting selected events [1] - The company has already released several short dramas overseas, primarily based on domestic productions, which can also be accessed by international users through the Mango TV international app [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 5.964 billion CNY, with membership income contributing 2.496 billion CNY, advertising revenue at 1.587 billion CNY, and operator business income of 800 million CNY, showing a year-on-year growth of approximately 7% [2][3] - The average monthly active users of Mango TV increased by 14.24% year-on-year, with daily usage time remaining among the industry leaders [2] Group 2: Content and Programming - The talent show "Voice of the Future 2025" was launched globally, with extensive promotion across various platforms including Weibo, Douyin, and Bilibili [3] - The company is committed to producing high-quality dramas, with a 69% year-on-year increase in effective viewership for its dramas in the first half of 2025 [7] Group 3: Strategic Partnerships and Innovations - Mango TV has established a partnership with Douyin for a short drama support plan, focusing on quality content and commercialization [4] - The company has initiated a three-year action plan (2025-2027) for international expansion, aiming for a daily active user growth of threefold [7] Group 4: Regulatory and Industry Impact - The implementation of the "Broadcasting 21 Regulations" by the National Radio and Television Administration is expected to enhance content supply and industry confidence [3] - The company is actively involved in the "Xiangchao" football league, providing live broadcasts and related programs [6] Group 5: Technological Advancements - The company has developed a comprehensive solution for virtual digital humans, including advanced modeling and interaction technologies [8] - Mango TV is enhancing its gaming platform "Mango Fun," integrating IP, technology, and traffic to create an immersive experience [8]

Group 1 - The company, Mango Excellent Media, confirmed its relationship with Hunan Jingshi, stating that both belong to Hunan Broadcasting System [2] - Mango TV, as part of the "Xiangchao" broadcasting matrix, will live stream certain matches and launch programs like "Spicy Xiangchao" to enhance the visibility of "Xiangchao" [2] - The company has already distributed several short dramas overseas, primarily produced domestically, and international users can access these dramas through the Mango TV international app [2]

Core Points - The phenomenon of "virtual countdown" in internet advertising is drawing widespread attention, as users have discovered discrepancies between the displayed countdown time and the actual ad playback duration, with the latter often exceeding the former [1] Group 1: User Experience - Users reported feeling deceived due to the longer actual ad durations compared to the indicated times, raising potential legal concerns regarding advertising practices [1] - Testing on major video platforms like Youku, Mango TV, and iQIYI revealed that actual ad playback times exceeded the displayed countdowns by several seconds, with specific examples showing discrepancies of 4 seconds on Youku, 3 seconds on Mango TV, and 2 to 3 seconds on iQIYI [3] Group 2: Platform Responses - Youku's customer service acknowledged the issue and stated it would be reported to the relevant team [3] - Mango TV initially claimed there was no problem with the countdown but later explained that the additional time was due to loading and buffering delays when the ad video started [3] - iQIYI advised users to rely on the front-end display for accurate timing [3]

Core Insights - The online video industry is experiencing a new competitive landscape in 2025, with active user numbers reaching 815 million by July 2025, driven by policy relaxation and a trend towards content innovation and quality [1][10] Group 1: Market Positioning - Tencent Video and iQIYI remain the leading platforms in the long video market, with monthly active users of 365 million and 358 million respectively, while Mango TV and Youku follow with 284 million and 202 million [1][3] - Tencent does not disclose user scale and monthly active data in its reports, focusing instead on paid membership numbers, which were 117 million and 114 million in the first two quarters of 2025 [3] - iQIYI has shifted its focus from disclosing specific membership numbers to emphasizing the core value of its membership business, although its membership revenue has declined year-on-year due to reduced content scheduling [3] Group 2: Competitive Dynamics - Mango TV has gained significant traction, surpassing Youku by over 80 million monthly active users, with its membership business revenue showing a slight year-on-year increase to 2.496 billion yuan [5] - Youku's underperformance is attributed to its non-core status within Alibaba Group, which has undergone a restructuring that places Youku under the "other" category [5] Group 3: Content Trends - The number of new series released in the first seven months of 2025 has increased by 12.9%, with exclusive broadcasts becoming a core competitive focus for major platforms [7] - The proportion of exclusive broadcasts has risen across all platforms, with Youku leading at 87.5%, followed by iQIYI and Tencent Video at 78.8% and 78.5% respectively [7] - Despite industry speculation about reducing the number of episodes for long series, the average number of episodes for new series has not shown significant change, with 21-40 episodes still dominating [7] Group 4: Short Video Competition - The competition in the short video segment is intensifying, with Tencent Video and iQIYI leading in the number of new short series released, at 88 and 64 respectively [9] - iQIYI has significantly increased its short series output from 25 to 64 compared to the previous year, while Youku has reduced its new short series by 20 [9] Group 5: Regulatory Environment - The recent regulations from the National Radio and Television Administration, known as the "21 measures," aim to boost industry confidence and provide greater creative space for content innovation and diversification [10]

Group 1 - The core viewpoint of the report indicates that the online video industry is experiencing significant growth, with active user numbers projected to reach 815 million by July 2025 [1] - Major platforms such as Tencent Video, iQIYI, Mango TV, and Youku Video have substantial monthly active user bases of 365 million, 358 million, 284 million, and 202 million respectively [1] - The report highlights two major trends in the drama and variety show market for 2025: content premiumization and the shortening of series length [1] Group 2 - In terms of content premiumization, the top four platforms have released a total of 157 new series from January to July this year, marking a year-on-year increase of 12.9% [1] - The proportion of exclusive dramas on these platforms has significantly increased, with iQIYI, Tencent Video, Youku Video, and Mango TV having exclusive drama shares of 78.8%, 78.5%, 87.5%, and 71.4% respectively, exceeding last year's figures by over 20 percentage points [1] - The trend of shortening series is evident, with the majority of series falling within the 21 to 40 episode range, and popular genres being romance, crime, and workplace dramas, accounting for 49.2%, 19.9%, and 11.5% of viewership respectively [1] Group 3 - The competition in the short drama segment is intensifying, with Tencent Video, iQIYI, Mango TV, and Youku Video releasing 88, 64, 44, and 7 new short dramas respectively from January to July, showing year-on-year changes of 1.1%, 156%, 2.2%, and -74% [2] - iQIYI has notably increased its short drama offerings by 39 compared to last year, while Youku Video has decreased its output by 20 [2] - Advertising remains a crucial revenue source for online video platforms, with the number of advertisers for new series on the app platforms being 146 for iQIYI, 131 for Youku Video, 119 for Tencent Video, and 88 for Mango TV [2]

Revenue and Profit Decline - In the first half of the year, the company achieved operating revenue of 5.964 billion yuan and a net profit attributable to shareholders of 0.763 billion yuan, representing year-on-year declines of 14.31% and 28.31% respectively, with a fully diluted EPS of 0.41 yuan [1] - In Q2 2025, the company reported revenue of 3.063 billion yuan and a net profit of 0.385 billion yuan, down 15.74% and 35.09% year-on-year [1] - The decline in revenue is primarily due to the contraction of the traditional TV shopping business, while the drop in net profit is attributed to increased investments in top-tier film and television content, ecological layout, and technology applications [1] Core Platform Performance - In the first half of the year, Mango TV's internet video business generated revenue of 4.882 billion yuan, a slight year-on-year decline of 1.5%, maintaining overall stability; the average monthly active users increased by 14.24% year-on-year, and the average daily usage time per user remains among the industry leaders [1] - Membership revenue reached 2.496 billion yuan, continuing to grow; advertising revenue was 1.587 billion yuan, showing significant recovery compared to the first quarter but still facing considerable pressure [1] - The operator business revenue was 0.8 billion yuan, marking a year-on-year increase of 7%, recovering after a significant decline in 2024 due to industry governance factors [1] Content Ecosystem Development - The variety shows continue to maintain industry-leading advantages, with Mango TV's variety show effective playback volume ranking first in the industry [2] - The show "Singer 2025" innovatively combines vertical and horizontal screen viewing modes, achieving over 90 million total interactive live sessions; "Riding the Wind 2025" broke the traditional studio recording mode by setting the stage outdoors, with peak monthly playback volume increasing by over 30% compared to the previous season [3] - In terms of drama series, effective playback volume for Mango TV's dramas increased by 69% year-on-year, with "The National Color of Elegance" achieving an average playback volume exceeding 40 million; the company has a reserve of nearly 100 dramas, and the latest policies from industry regulators are expected to support the production of more high-quality hit dramas [3] - The strategy for micro-short dramas is accelerating, with 1,179 micro-short dramas launched under the Big Mango plan, a nearly 7-fold increase year-on-year; the self-produced horizontal short drama "Jiang Song" topped the short drama effective playback ranking in May [3]

Core Insights - The long video platforms are facing challenges with revenue growth slowing down and profitability becoming more difficult, prompting a shift towards optimizing content costs and exploring new revenue sources like micro-short dramas, AIGC, IP derivatives, and content globalization [37] Industry Overview - Long video platforms are entering a new phase of project reduction and AI efficiency improvements due to stagnation in membership growth and weak advertising revenue [1][5] - The rise of short videos has significantly impacted the user base of long video platforms, with monthly active users (MAU) for Tencent Video, iQIYI, and Youku projected to drop from 5.3 billion, 5.65 billion, and 4.7 billion in August 2018 to 3.63 billion, 3.56 billion, and 2.01 billion by June 2025, respectively [3] Company-Specific Insights iQIYI - iQIYI reported a decline in revenue and net profit in the first two quarters, with major business segments like membership services and online advertising also experiencing downturns, although other income streams showed growth [7] - The platform is focusing on a balanced approach between long and short content, emphasizing high-quality productions to enhance user engagement and attract advertisers [15] - iQIYI's international membership revenue grew by 35% year-on-year, and the company is leveraging AI to reduce costs and enhance efficiency [13] Youku - Youku's strategy centers on content quality, series development, and cross-industry integration, with successful shows like "藏海传" achieving significant viewership and advertising revenue [16][19] - The platform is expanding its talent pool by recruiting notable industry figures to enhance content creation capabilities [19] Tencent Video - Tencent Video reported a paid membership count of 111.4 million, the only platform to disclose such figures, and is focusing on high-quality content to improve viewer retention [22] - The platform is shifting its strategy to prioritize A+ and S+ level projects, aiming to enhance the return on investment and avoid resource wastage [25] Mango TV - Mango TV's revenue for the first half of 2025 was 5.964 billion yuan, a decline of 14.31%, with significant drops in its content e-commerce segment [29][32] - The platform is increasing its investment in content, particularly in short dramas, with a reported 1179 micro-short dramas set to launch, marking a nearly sevenfold increase from the previous year [36]

Group 1 - Mango TV has partnered with Huawei to develop a native HarmonyOS-based in-car application ecosystem, enhancing the HarmonyOS native application ecosystem [2] - The collaboration will focus on optimizing video application experiences, technological innovations, and building the HarmonyOS cockpit ecosystem [2] - The goal is to provide smart car users with richer content, smarter interactions, and a more immersive high-quality audio-visual entertainment service [2]

Core Insights - The online video industry is experiencing steady growth, with a significant increase in active users and content innovation driven by major platforms [4][10][12]. Group 1: Online Video Industry Overview - By July 2025, the active user base of online video apps is projected to reach 815 million, with major players like Tencent Video, iQIYI, Mango TV, and Youku Video having monthly active users of 365 million, 358 million, 284 million, and 202 million respectively [4]. - The trend of content premiumization is evident, with a 12.9% year-on-year increase in new series launched by the top four platforms, totaling 157 new series from January to July 2025 [17][19]. - The proportion of exclusive series has significantly increased, with iQIYI and Tencent Video having exclusive series accounting for 78.8% and 78.5% of their total series respectively [5][17]. Group 2: Content Innovation and User Engagement - The industry is shifting from long series to shorter formats, with series of 21 to 40 episodes becoming the norm, allowing for more efficient storytelling and higher user engagement [5][21]. - Genres such as romance, crime, and workplace dramas remain dominant, with their respective viewership shares at 49.2%, 19.9%, and 11.5% [5]. - Platforms are focusing on creating a diverse content ecosystem by blending genres and themes, which enhances user stickiness and engagement [5][25]. Group 3: Advertising and Marketing Trends - The advertising landscape is evolving, with a focus on both content quality and user demographics, as advertisers seek to align their campaigns with the right series [43]. - The number of advertisers on major platforms has varied, with iQIYI leading with 146 advertisers, followed by Youku Video with 131, Tencent Video with 119, and Mango TV with 88 [5]. Group 4: Variety Show Market Insights - The variety show market is stable, with a slight increase in the number of new shows and a growing emphasis on unique IPs to drive viewer engagement [54][56]. - Game, travel, and performance genres are identified as key drivers of viewership in the variety show segment [60]. - Platforms like iQIYI and Mango TV are leveraging established stars to attract diverse audiences, while also focusing on emotional engagement to convert viewer sentiment into commercial value [72][76].