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 - 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]

Group 1 - The company achieved operating revenue of 5.96 billion yuan in H1 2025, a year-on-year decrease of 14%, primarily due to a decline in e-commerce revenue [1] - The net profit attributable to shareholders was 760 million yuan, down 28% year-on-year, mainly due to increased content and R&D investments leading to higher costs in the internet video business [1] - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of 1.78 billion, 2.18 billion, and 2.44 billion yuan respectively, with corresponding EPS of 0.95, 1.16, and 1.30 yuan [1] Group 2 - Membership revenue was 2.5 billion yuan in H1 2025, a slight increase of 0.4% year-on-year, while advertising revenue was 1.59 billion yuan, down 8% due to cautious spending by advertisers [2] - The operator business revenue grew by 7% year-on-year to 800 million yuan, benefiting from improved viewing experiences and user engagement [2] - The company launched 1,179 micro-short dramas under the "Big Mango Plan," a nearly sevenfold increase year-on-year, and has a reserve of nearly 100 series including "Water Dragon Chant" [2] Group 3 - The international app of Mango TV has accumulated 295 million downloads as of H1 2025, reflecting a 14% increase since the beginning of the year [3] - The company initiated the "Mango Going Global Three-Year Action Plan," collaborating with over 20 media organizations in countries like Vietnam to promote content co-creation and partnerships [3] - The introduction of an Arabic interface and the launch of independent international advertising and membership platforms are part of the company's strategy to expand into the Middle East [3]

Core Insights - Mango TV's membership revenue reached 2.496 billion yuan in the first half of 2025, with a year-on-year growth of 14.24% in monthly active users and maintaining a leading position in average daily usage time per user [1] - The international app of Mango TV has achieved significant success with a total download of over 295 million globally, marking a 13.8% increase since the beginning of the year [1] Group 1: International Expansion and Strategy - The company aims to establish the Mango TV international app as a top-tier platform for cultural export, aligning with national strategies to promote cultural outreach [2] - A three-year action plan (2025-2027) has been initiated to triple daily active users through local content creation and partnerships [2] - The international app has been launched in 9 interface languages and offers subtitles in 17 languages, covering over 255,000 hours of content across 1,122 media assets in 195 countries [2][3] Group 2: Content Creation and Market Adaptation - Mango TV has successfully leveraged its youthful and empathetic content to stand out in international markets, with programs like "Happy Again: Mountain and Sea Season" recorded in Dubai and "Singer 2025" achieving a total social media reach of 131 million [4] - The Vietnamese versions of "Sisters Who Make Waves" and "Brothers Who Overcome Obstacles" have set benchmarks in local production, with the former achieving over 20 billion views across platforms [4] - The company has also expanded its influence through partnerships with international broadcasters, showcasing Chinese culture and content [5] Group 3: Strategic Collaborations and Regional Focus - Mango TV has made significant strides in the Middle East, signing strategic cooperation agreements with various regional entities to enhance its presence [6] - Southeast Asia has been identified as a key market, with joint ventures established in Vietnam and Thailand to facilitate localized content development [7] - The company has collaborated with over 20 media organizations across Southeast Asia to promote co-creation of content and enhance its operational footprint [7]

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]