On November 2, the media sector continued to rally, with multiple stocks hitting their daily limit. Among them, Mango Excellent Media Co.,Ltd. (ASX: 300413.SZ) sealed a 20% limit-up just four minutes before the midday break, with buy orders exceeding 420,000 lots. Haikan Co. also achieved a 20% limit-up, while Dasheng Culture, Diandian Interactive, and Giant Network all hit their limit-up. On the news front, the reality show "Friends Reunion" on Mango TV has seen its popularity continue to climb since its broadcast, and the market performance of high-quality content along with its expected boost to platform performance has become a focal point for the capital markets.
Program Popularity Continues to Build, Market Attention Transmits to Capital Side
"Friends Reunion" uses old friends reuniting as its entry point, documenting the journey of friends coming together again and setting off on a shared adventure. Co-hosted by Zhang Quanling and Li Weijia, the show features over a dozen guests including Xu Fei, Li Na, Ma Tianyu, and Zhang Meng. The program places the theme of friendship within an outdoor travel setting, presenting genuine emotions in interpersonal relationships through reunions of old friends, shared exploration, and candid conversations. Related content has sparked widespread discussion since airing.
The program's popularity quickly transmitted to the capital side. On November 2, Mango Excellent Media sealed a 20% limit-up, becoming one of the standout performers in the media sector that day. As the listed entity of Mango TV, Mango Excellent Media's content reserves, variety show performance, and commercialization capabilities have drawn further market attention.
In terms of content supply, Mango Excellent Media launched 32 new seasonal variety shows in the third quarter, with exclusive broadcasts accounting for 94%. Several productions including "Friends Reunion" and "Call Me By Fire 2026" entered the top five in effective playback market share rankings. Among them, "Friends Reunion" ranked first on the entire network's variety show chart with a 32.6% effective playback market share. The concentrated performance of top-tier variety shows provides a new observation window for platform traffic and performance growth expectations.
Media Sector Rallies Collectively, Content Industry Prosperity Draws Attention
The rising popularity of top-tier content such as "Friends Reunion" coincides with overall activity in the media sector. Beyond variety content, emerging tracks like AI comic dramas have also become catalysts for this round of market movement. According to CCTV Finance reports, approximately 10 Chinese companies have established overseas short drama platforms, and more than a dozen overseas short drama apps have launched dedicated AI comic drama channels. Active users of AI comic dramas in overseas markets have collectively exceeded 150 million, and Chinese companies occupy nine of the top ten overseas short drama paid applications.
Industry insiders note that whether it is the buzz generated by top variety shows or the new increment brought by AI comic dramas, both point to high-quality content supply and continuous innovation in content production methods. For platforms, how to further convert content popularity into actual revenue from memberships, advertising, and IP operations remains the key to subsequent performance delivery.
Ping An Insurance Provides Over RMB 826 Million in Insurance Coverage and Global Emergency Rescue Services, Supporting Filming Throughout
As "Friends Reunion" continues to gain popularity, the support system behind the program's filming has also drawn attention. Ping An Insurance (Group) Company Of China, Ltd. (HK: 02318), serving as the program's "Journey Safety Officer," provided insurance coverage with total coverage exceeding RMB 826 million, including exclusive accident and medical coverage. It also established a "Ping An Global Emergency Rescue Team" to provide professional rescue support and health medical services for the production team, including wilderness search and rescue, medical transport, and helicopter rescue assistance, comprehensively supporting the filming.
To ensure smooth filming and the safety of cast and crew, Ping An coordinated with its member companies including Ping An Property & Casualty, Ping An Life, and Peking University Healthcare to provide exclusive accident and medical coverage spanning the entire filming cycle. Safeguarding cast and crew safety, the global emergency rescue services cover both domestic and overseas filming scenarios. Targeting emergency risks that may occur in home, outdoor, and overseas scenarios, Ping An has continued to upgrade its global emergency rescue services, building a comprehensive rescue system covering 38 services including on-site emergency verification, accompanied medical visits, medical transport, wilderness search, and safe evacuation.
Ping An has established a 7×24-hour global emergency rescue service center with round-the-clock response, and responds to rescue needs through the "SOS One-Click Emergency Call" function within the Ping An App and the "95511-9" service hotline. Relying on global professional rescue organizations, Ping An's cooperation network covers over 200,000 medical institutions and 600,000 quality service providers, with service reach extending to 233 countries and regions worldwide, capable of mobilizing global rescue resources within 20 minutes.
Financial Empowerment for the Film and Television Industry, Ping An Explores New B2B2C Cooperation Model
This support for "Friends Reunion" is also a practice of Ping An Insurance (Group) Company Of China, Ltd. (HK: 02318) continuously exploring the B2B2C service model in the film and television industry. In recent years, Ping An has gradually formed a diversified service system covering production support, emergency rescue, brand communication, and industry practitioner services, centered around risk management and comprehensive financial needs in the film and television industry.
This cooperation path has been practiced before. Ping An Insurance (Group) Company Of China, Ltd. (HK: 02318) previously served as the exclusive financial partner for the film "Welcome to Long Restaurant," combining global emergency rescue services with film IP communication around the film's narrative of overseas sudden risks. From "Welcome to Long Restaurant" to "Friends Reunion," the cooperation scenarios have extended from film to variety shows, but the underlying logic remains consistent: empowering the development of the film and television industry through finance and exploring comprehensive financial solutions.
In recent years, Ping An Insurance (Group) Company Of China, Ltd. (HK: 02318) has continued to explore comprehensive financial service models for the film and television industry. Beyond insurance coverage and emergency rescue services, for professionals in the film and television industry, Ping An has identified the industry characteristics of production companies, crew members, and performers — project-based work, significant income fluctuations, and high mobility — and launched a series of comprehensive financial services including wealth planning and credit management, effectively serving the diversified financial needs of institutions and practitioners across the film and television industry chain.
Additionally, at the brand communication level, Ping An has continued to carry out cross-industry cooperation with film and television projects through its mature entertainment marketing system. Beyond brand placement in film and television productions, it also conducts joint project marketing, simultaneously implementing social topic communication and customer screening events during the film's promotional cycle. Leveraging the popularity window of film and television IPs, it coordinates communication across various business units of the group, integrating brand information into mass entertainment scenarios, reaching moviegoers and drama viewers, and achieving joint communication between the brand and film and television IPs.
As "Friends Reunion" continues to air, whether the program's popularity can be further converted into platform traffic and commercial revenue will become the subsequent focus of market attention. Against the backdrop of the content industry continuously expanding into outdoor, cross-border, and other production scenarios, Ping An Insurance (Group) Company Of China, Ltd. (HK: 02318) will also continue to deepen its "comprehensive finance + healthcare and elderly care" strategy, exploring scenario-based needs for "finance + services" empowering the film and television industry, providing more complete comprehensive financial solutions for the development of domestic premium film and television, and contributing more Ping An strength to promoting the high-quality development of the cultural industry.
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