Core Viewpoint - Mango Super Media reported a strong performance in the first half of 2025, with a focus on the integration of culture and technology, achieving operating revenue of 5.964 billion yuan and a net profit of 763 million yuan, while its core business, Mango TV's internet video segment, maintained steady operations [1][2] Group 1: Business Performance - The company’s main business segments include Mango TV internet video, new media interactive entertainment content production, and content e-commerce [1] - In the first half of 2025, Mango TV's effective viewership for dramas increased by 69% year-on-year, showcasing rapid growth despite a general contraction in the long video industry [1][2] - The advertising business showed signs of recovery, with operating revenue reaching 800 million yuan, a year-on-year increase of approximately 7% [2] Group 2: Policy Impact - The implementation of the "Broadcasting 21 Measures" by the National Radio and Television Administration is expected to enhance the flexibility and commercialization efficiency of drama production, benefiting Mango Super Media [1][2] - The policy is anticipated to open up more content creation and monetization opportunities for Mango, allowing it to capture market share more effectively [2] Group 3: Strategic Initiatives - Mango TV is leveraging a dual-engine strategy of "Variety N Generation + Vertical Innovation" to drive growth, maintaining a leading market share in effective viewership for variety shows [1] - The platform has introduced innovative membership programs, such as the Super Product Club and Close Membership, to deepen engagement with high-value users and enhance member benefits [2] - The company is increasing its investment in content and research despite industry-wide cost-cutting, which has temporarily impacted profits [2]