这个春节，你看了电影、短剧，还是长剧？ 这个流媒体春节档的抢跑失败，同样折射了过去一年长剧市场的困境：竞争更多、爆款更少、盈利空间压缩、项目开机量下降。 尤其是伴随着去年生成式AI视频侧技术爆炸，整个视频内容行业都将跑步进入成本效率时代，生产格局正在颠覆重组中。 好在根据新年片单与近期平台战略，流媒体平台或将在2026年摸索出三大自救趋势：发力无限流等高度创新内容、大幅调整分账政策给腰部团队喘息生 机、布局全新漫剧赛道以争夺新用户。 不止电影有春节档，爱优腾芒抖快B站等国内流媒体平台同样会在春节档重点布局。不出意外，第一季度爆款长剧均在春节档期间产生。 去年春节，芒果TV《国色芳华》（杨紫+李现）、爱奇艺《漂白》（迷雾剧场大尺度悬疑）《白月梵星》（白鹿）、腾讯视频《大奉打更人》（王鹤棣古 装大男主）、优酷《异人之下之决战！碧游村》（爆款IP续集）同台对打，每一部都成为2025年头部热剧。 今年意外来了，爱优腾芒在这个春节档，交出了一份意料之中又略显平淡的答卷。各家普遍只敢上古偶、年代剧，结果是有黑马、无爆款，难以在花样百 出的泛文化消费产品中大范围夺走用户注意力。 反倒是短剧市场卡着春节档"千剧齐发"，仅红果 ...

格隆汇2月13日丨芒果超媒(300413.SZ)在投资者互动平台表示，公司旗下芒果TV与智谱公司在大模型技 术等领域开展了相关合作，暂无投资计划。 ...

Summary of Conference Call Records Company: Mango Excellent Media (芒果超媒) Key Points 1. **Collaboration with ByteDance**: Mango Excellent Media is a deep collaborator with ByteDance in the short drama sector, leveraging the content creation platform "Shanhai AIGC" which is now open to the entire network. This partnership enhances video production capabilities, particularly in short dramas and multi-modal content formats [1][2] 2. **Advancements in AI Production**: The AI production process for animated dramas has reached a high level of maturity. With the significant improvements in video generation capabilities of ByteDance's Seedance 2.0 and Keling 3.0, real-life short dramas are expected to become the next content form that utilizes multi-modal tools to reshape workflows, following animated dramas [1] 3. **IP Value Enhancement**: Mango has accumulated a substantial amount of high-quality long video intellectual property (IP). The integration of long and short content has become a standard for premium IP, and the enhancement of multi-modal capabilities is anticipated to unlock greater value from long video IP [1] 4. **Micro Short Drama Strategy**: The company is accelerating its layout in micro short dramas, covering the entire chain from platform, IP, to content production. This includes deep collaboration with ByteDance, such as the dual-platform premium short drama alliance "Guoguo Theater" and joint development of short dramas with Douyin [2] 5. **User Growth and Engagement**: By 2025, Mango TV's app is projected to have 268 million monthly active users (MAU), a year-on-year increase of 4.88%. The number of paid members is expected to reach 75.6 million, reflecting a 3.1% year-on-year growth. Effective plays of Mango TV's dramas are anticipated to grow by 28% year-on-year, with the variety show effective play volume maintaining the top position among long video platforms [2] 6. **Content Production and Workflow Efficiency**: The Shanhai AIGC platform is designed for professional film and television practitioners and has been applied in interactive film games and animated drama production. It covers a complete toolchain for script creativity, art setting, and storyboard production, with a workflow designed for team collaboration to enhance efficiency. The micro short drama "Coordinates" has already been completed using this platform [2] 7. **Performance Outlook**: The company is expected to see a dual enhancement in performance and valuation due to a richer and more diverse content reserve this year, alongside the implementation of long video policies [2]

Summary of Conference Call for Mango Excellent Media Company Overview - The conference call discusses Mango Excellent Media, a company in the internet video industry, focusing on its business performance and strategic initiatives in AI and IP development. Key Points Internet Video Business Performance - The company is projected to maintain the top position in variety show viewership by 2025, with effective viewership of film and television dramas increasing by 28.1% year-over-year [1] - Mango TV's mobile monthly active users (MAU) reached 270 million, reflecting a 4.9% year-over-year growth [1] - The effective membership scale is nearly 75.6 million [1] - The "Big Mango Plan" aims to launch a total of 5,137 short dramas by 2025, representing an increase of over 14 times [1] - Collaboration with Hongguo on short drama licensing, IP development, and co-production has led to the establishment of a dual-platform premium short drama alliance called "Guo Guo Theater," facilitating content sharing [1] AI Drama Development - The company is advancing its AI drama initiatives, leveraging its self-developed Mango Large Model to create the Shanhai AIGC content production platform, which standardizes and professionalizes AIGC content production processes [2] - The AIGC micro-short drama "Find the Book" achieved 14 million effective views within five days of its launch, indicating potential for scalable production of AI dramas [2] IP Operations - Xiaomang E-commerce is focusing on the development of IP derivative products, achieving record GMV (Gross Merchandise Value) [2] - The company has partnered with TOYCITY to launch its first proprietary trendy toy IP "Cluebie," with the initial "Soul Escape" blind box series already available in channels like Miniso [2] - Xiaomang E-commerce has achieved annual profitability for the first time, marking a significant turning point and indicating potential for continued rapid expansion [2] Risk Factors - The company faces several risks, including: - Policy risks related to cultural regulation [2] - Changes in preferential policies for state-owned media enterprises [2] - Economic pressures on the macro environment [2] - Risks associated with outdated information data in research reports [2] - Risks of data distortion from third-party sources [2]

Core Insights - The long video industry in China is facing significant structural adjustments due to slowing membership growth, high content costs, and the rapid expansion of short dramas and free models, compounded by AI's ongoing influence on production and distribution [2][5][6] Group 1: Industry Trends - The collaborative sharing of major themes in long video content is entering a validation phase, with platforms increasingly cooperating on significant projects [7] - Platforms are focusing on maintaining type-specific content and scheduling during key periods, ensuring that popular genres remain available to audiences [8][9] - AI has transitioned from a cost-cutting tool to a foundational capability for content production and commercialization, with platforms needing to establish stable AI systems [8][9] Group 2: Company Strategies - iQIYI is testing its amusement park model in Yangzhou, which will influence future expansions in other cities [10][12] - Tencent Video is exploring more ad-driven product forms, including potential ad-supported VIP packages and free short dramas [12][13] - Mango TV has successfully transformed its content strategy, focusing on younger audiences and increasing its user base significantly [15][17] Group 3: Financial and Operational Adjustments - Long video platforms are shifting towards sustainable financial structures, moving away from reliance on single hits or large-scale miracles [25][26] - Pricing adjustments are being made subtly through tiered benefits and service upgrades, rather than direct notifications [26][28] - The competition for local resources is intensifying, with long video platforms collaborating with local governments for long-term content and scene integration [30][32] Group 4: Content Development and Audience Engagement - The long video industry is recognizing the need to create deeper narratives and emotional connections, as audiences grow weary of short, fast-paced content [38][39] - The rise of mini-series and the need for innovative storytelling are becoming crucial as traditional long-form narratives face challenges [42][43] - The differentiation between slice viewers and full episode viewers is impacting content creation and marketing strategies [44][46] Group 5: Future Outlook - The long video sector must actively seek new monetization strategies in the AI era, including using platform content for training AI models [35][36] - The competition for AI talent is becoming critical, with platforms needing to focus on niche AI skills rather than competing for top-tier talent [64][66] - The industry is expected to continue evolving, with a focus on creating unique content experiences that leverage AI and enhance user engagement [70][72]

今天给大家分享一下2025全景生态流量年度报告。QuestMobile数据显示，截止到2025年12月，全网月活跃用户规模已经达到12.76亿，用 户月人均使用时长达186.2小时，同比提升8.4%；黏性的高速增长，与AI技术红利释放密切相关，12月，AIGC APP行业月活跃用户规模 净增量超2亿，MAU同比增速达150.4%；AI应用插件也展现出强劲增长势头，月活跃用户规模达到6.96亿，同比增速达37.8%。 生态流量正在形成规模化矩阵。小程序方面，各平台的生态规模持续增长，生活服务已经成为微信、支付宝及百度智能小程序的核心场 景，各平台TOP100小程序行业占比分别达到35%、50%和29%。这当中，微信平台中，月活用户规模超过千万的生活服务类小程序已经 达到68个，同比增加了14个；相比之下，生活服务类APP中，月活用户规模超过千万的仅为36个，同比只增加了3个，平台流量加持和聚 合作用可见一斑。 同时，内容形态更新、短剧持续崛起，带来了内容平台的快速革新，一方面，红果免费短剧、河马剧场月活用户规模分别达到2.75亿、 0.47亿；另一方面，推动了微信与抖音生态中视频类小程序的繁荣发展，TOP100 ...

华鑫证券研报指出，2025年芒果超媒持续加码优质内容，影视剧有效播放量同比增加28%（代表剧集如 《国色芳华》《锦月如歌》《水龙吟》《五福临门》等），微短剧战略加速推动，大芒计划在2025年上 线超5000部微短剧，同比增加超14倍。优质内容是拉动会员新增的主驱动力，2025年芒果TV有效会员 达7560万人，较2024年7331万人同比增加3.12%，在短剧及其它娱乐方式影响下用户稳定增长。小芒电 商在2025年首次年度盈利，持续深耕IP衍生品开发拉动GMV。作为融媒体头部公司正处于新旧动能转 换阶段，优质内容产品供给拉动会员稳增，小芒电商首次迎来业绩拐点，后续看IP"cluebie"咕噜比撬动 情绪经济新进展以及看AI如何赋能文化内容新发展，维持"买入"投资评级。 ...

Group 1 - The core viewpoint of the news is that Mango TV is expected to maintain a stable performance in 2025, with projected net profit ranging from 1.1 billion to 1.4 billion yuan, reflecting a year-on-year change of -19.38% to 2.61% compared to the previous year's profit of 1.36 billion yuan [1] - In 2025, Mango TV continues to strengthen its quality content reserves and optimize the release schedule, with effective viewing volume of variety shows ranking first among long video platforms and a 28.12% year-on-year increase in effective viewing volume of film and television dramas [1] - The company has achieved significant results with its exclusive broadcasting strategy, with Mango's exclusive variety shows ranking first in the industry and a peak market share of over 20% for five major variety shows [1] Group 2 - Mango TV's network broadcast ratio reached 75% in 2025, leading the industry, and the micro-short drama strategy has accelerated, with the "Big Mango Plan" launching 5,137 micro-short dramas, a growth of over 14 times compared to the previous year [1] - The "Mango Big Model" has achieved full-process AI empowerment, with AIGC and data-driven approaches deeply integrated into the content production chain, achieving over 93% business application coverage [1] - The average daily usage time per user on Mango TV remains the highest among long video platforms, with mobile MAU reaching 268 million, a year-on-year growth of 4.88%, and the effective membership scale nearing 75.6 million [2] Group 3 - The company’s subsidiary, Golden Eagle Cartoon, is expected to complete its annual performance commitments successfully [3] - Continuous investment in quality content and innovative technologies has increased operational costs, impacting current profits, with non-recurring gains expected to be between 230 million and 300 million yuan for 2025 [3] - The previous year's non-recurring gains were affected by a reversal of deferred tax assets amounting to 630 million yuan, resulting in non-recurring losses of 280 million yuan [3]

Core Viewpoint - Mango Super Media (芒果超媒) is expected to achieve a net profit of between 1.1 billion and 1.4 billion yuan in 2025, with significant growth in its membership and e-commerce segments, indicating a strong performance and strategic advancements in AI and content production [1] Group 1: Financial Performance and Membership Growth - The expected net profit for 2025 is projected to be between 1.1 billion and 1.4 billion yuan [1] - Mango TV's effective membership reached a record high of 75.6 million by the end of the year [1] - The small Mango e-commerce segment achieved its first annual profit [1] Group 2: Content Strategy and Production - In 2025, Mango Super Media plans to triple its new drama reserves for 2026, with a total of 89 new series, significantly increasing its content output [2] - Mango's original content strategy includes reviving classic IPs and launching new shows, maintaining its leading position in the variety show sector [2] - The company achieved a 28.12% year-on-year increase in effective viewership for its dramas [2] Group 3: Technological Advancements - The "Mango Big Model" has been developed to enhance content production, utilizing AI capabilities for efficient video content creation [3] - The platform's AI tools have reached commercial-grade quality, enabling advanced features like intelligent decision-making and content generation [3] - The company is focusing on automating content production processes, improving efficiency and personalization in service delivery [3] Group 4: User Engagement and Demographics - As of October 2025, users born after 2000 accounted for 24.8% of Mango TV's audience, with high engagement metrics [4] - The platform leads in user stickiness, with 35.4% of variety show viewers watching frequently and a 31.9% increase in weekly viewing time for dramas [4] - Active user interaction on the platform reached 53%, significantly above industry averages [4] Group 5: E-commerce and Consumer Trends - The small Mango e-commerce segment reported record GMV and achieved profitability for the first time in 2025 [5] - The company is expanding its offline distribution network, reaching nearly 3,000 stores across 80 cities [5] - The launch of the "Cluebie" IP in collaboration with TOYCITY marks a strategic move into the emotional consumption market, targeting Gen Z consumers [5][6] Group 6: Market Insights - The emotional economy in China surpassed 2.72 trillion yuan in 2025, with projections to exceed 4.5 trillion yuan by 2029 [6] - The trend towards emotional consumption is driving growth in the toy industry, emphasizing the importance of IP storytelling and social attributes [6] - The introduction of "Cluebie" signifies Mango's active role in shaping new consumer trends and leveraging its IP resources for market growth [6]

Group 1 - The company Mango TV (芒果超媒) expects a net profit attributable to shareholders of 1.1 billion to 1.4 billion yuan for the year 2025, representing a year-on-year change of -19.38% to 2.61% [4] - The non-recurring net profit is projected to be between 870 million and 1.1 billion yuan, indicating a decline of 33.12% to 47.11% year-on-year [4] - As of January 30, the company's price-to-earnings ratio (TTM) is approximately 34.03 to 43.32 times, with a price-to-book ratio (LF) of about 2.06 times and a price-to-sales ratio (TTM) of around 3.7 times [4] Group 2 - Mango TV continues to strengthen its quality content reserves and optimize the launch rhythm, with effective play volume of variety shows ranking first among long video platforms, and the effective play volume of TV dramas increasing by 28.12% year-on-year [15] - The company has accelerated its micro-short drama strategy, with the "Big Mango Plan" set to launch 5,137 micro-short dramas in 2025, representing a growth of over 14 times compared to the previous year [15] - The "Mango Big Model" has achieved full-process AI empowerment, with over 93% coverage in business applications, enhancing user experience through AI-driven content delivery [15] Group 3 - The average daily usage time per user on Mango TV remains the highest among long video platforms, with mobile MAU reaching 268 million, a year-on-year increase of 4.88%, and the effective membership scale nearing 75.6 million [16] - The company's overseas expansion plan is progressing smoothly, with Mango TV selected as a key enterprise for cultural exports in 2025-2026 [16] - The small Mango e-commerce segment has achieved record GMV and annual profitability, marking a significant turning point for the business [16]