8月22日晚，芒果超媒披露2025半年度报告。报告显示，上半年芒果TV会员业务营收24.96亿元，月活 均值同比增长14.24%，人均单日使用时长稳居行业前列。其中，芒果TV国际APP出海成绩亮眼，全球 累计下载量超2.95亿，较年初增加13.8%。公司旗下快乐阳光入选"2025-2026年度国家文化出口重点企 业"，芒果TV国际APP智能化基座升级项目入选"2025-2026年度国家文化出口重点项目"。 造船出海 实现自主平台建设与技术赋能双轮驱动 此前，芒果的"披系""浪系"两个爆款IP也在海外落地开花。《乘风破浪的姐姐》越南版是公司内容版权 成功出海的最佳范式，两季节目均取得了骄人的成绩。基于芒果TV原版，越南版《姐姐》邀请了58位 越南头部艺人，采用了4K拍摄技术，打造越南综艺制作标杆，整个节目定位为高档稀缺综艺，全平台 播放量超200亿次，行业排名第一；YouTube上线即登顶越南娱乐频道。越南版《披荆斩棘的哥哥》播 出后稳居收视榜首，荣获越南信息与传媒部颁发的最佳励志电视节目奖，获得超2000篇媒体报道， Facebook和TikTok等社交媒体观看次数超5亿。 此外，匈牙利国家广播电视台(MTV ...

Group 1 - The event on June 5 celebrated the United Nations' "International Day of Civilizational Dialogue" and marked the beginning of the 2025 China-Kenya Cultural and Tourism Season, featuring performances by the "Mango International Art Troupe" from Hunan, China [5][8] - The performance included a duet of the Swahili song "Malaika" by a Chinese tenor and a Kenyan girl, showcasing cultural exchange and collaboration [3][6] - The event highlighted the importance of respecting cultural diversity as a foundation for building a community with a shared future for mankind, as stated by the Chinese ambassador to Kenya [5][8] Group 2 - The "Mango International Art Troupe" aims to strengthen cultural ties between China and Africa, supported by Hunan Broadcasting's established communication framework with Africa [8][9] - The Hunan Broadcasting International Channel in Kenya is enhancing a "media + e-commerce + culture" model, facilitating cultural exchange and promoting Chinese products in Africa [9][10] - The event included various performances that blended traditional Chinese arts with African elements, demonstrating the ongoing cultural dialogue and skill transfer between the two regions [7][10]

Group 1 - The 21st China (Shenzhen) International Cultural Industries Fair showcases the integration of culture and technology, with a focus on Hunan's cultural heritage and innovative achievements [3][6] - Hunan Museum and Hongrui Cultural Group have developed AI interactive digital display cabinets that allow visitors to engage with cultural relics and learn their historical significance [3][5] - The exhibition area of Hunan covers 1,134 square meters and features the theme "Huxiang Cultural Pulse, Sci-tech Future," attracting audiences from over 110 countries and regions [3][10] Group 2 - The "Digital Han Life" project, developed by Hunan Museum in collaboration with the Malanshan Cultural Digital Innovation Center, expands the application of artifacts from the Mawangdui Han Tomb through digital databases [8] - The Mawangdui pattern digital gene library is a systematic database based on over 3,000 Han Dynasty patterns, enabling high-precision restoration and cultural interpretation [8] - The fair attracted over 6,000 exhibitors from across the country and more than 300 overseas exhibitors, promoting cultural exchange and the global outreach of Huxiang culture [10] Group 3 - Wangxing Technology showcased its new video creative software, which is the first professional video editing software adapted for HarmonyOS, featuring over 20 deep adaptations for efficient editing [12] - The software integrates elements of Huxiang culture, allowing users to create videos with traditional Chinese aesthetics and music [12] - 49 Technology presented DIY cultural creation devices, enabling consumers to design their own cultural products at home, thus expanding their global service network [14] Group 4 - Mango TV's international app has accumulated 288 million downloads, with a goal to achieve 3 million daily active users and over 1 billion in revenue by 2027 [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 14.08 billion yuan in 2024, a year-on-year decrease of 3.75%, with a net profit of 1.364 billion yuan, down 61.63% year-on-year, primarily due to changes in corporate income tax policies [5][6] - The company maintains a stable leading position in the variety show market, launching 160 variety shows in 2024, with 40% being innovative shows, and holding 5 out of the top 10 spots in online variety show views [7] - The company’s membership numbers and revenue reached new highs, with 73.31 million members and membership revenue of 5.148 billion yuan, a year-on-year increase of 19.3% [8] - The company is leveraging AI technology for content creation, with a rich project reserve including various content categories [9] - Revenue projections for 2025-2027 are 14.92 billion, 16.00 billion, and 17.29 billion yuan respectively, with net profits expected to be 1.824 billion, 2.125 billion, and 2.412 billion yuan [11] Financial Performance - In Q1 2025, the company reported a revenue of 2.9 billion yuan, a year-on-year decrease of 12.76%, and a net profit of 379 million yuan, down 19.80% year-on-year [6] - The company’s net profit margin for 2024 was 9.7%, with a gross margin of 29.0% [5] - The company’s financial indicators for 2024 include a return on equity (ROE) of 6.1% and earnings per share (EPS) of 0.73 yuan [13][15]

Group 1: Financial Performance - The company achieved an annual revenue of 14.08 billion yuan and an operating profit of 1.742 billion yuan in 2024, indicating steady operational progress and improved quality and efficiency [1] - The core membership segment saw significant growth, with the number of effective members reaching 73.31 million and membership revenue exceeding 5 billion yuan, a year-on-year increase of 19.3% [1] - The company expects to benefit from a tax exemption policy from 2024 to 2027, which will enhance profits by allowing a full refund of previously paid corporate income tax amounting to 260 million yuan [2] Group 2: Membership and International Expansion - The company focused on enhancing membership value, achieving a dual increase in membership scale and revenue through improved operational efficiency and innovative strategies [3] - The international app downloads surged from 130 million in 2023 to 261 million in 2024, with overseas revenue growing from 62 million yuan to 141 million yuan, exceeding the target of doubling [3] Group 3: Content and Innovation - The company made significant investments in original and customized series, with over 60% of its content being self-produced, leading to a notable increase in viewership [4] - The company has developed over 70 scenarios for generative AI applications, significantly reducing production costs and enhancing creative capabilities [4]