Mango Excellent Media Co., Ltd. (300413.SZ) has released its annual report for 2025. The company's operating revenue reached 13.813 billion yuan, a decrease of 1.89% year-on-year. Net profit attributable to shareholders of the listed company was 1.227 billion yuan, down 10.06% compared to the previous year. Net profit after deducting non-recurring gains and losses stood at 1.152 billion yuan, falling 29.93% year-on-year. Basic earnings per share were 0.66 yuan. Additionally, the company plans to distribute a cash dividend of 2.6 yuan per 10 shares (tax inclusive) to all shareholders.
In 2025, the company's core platform, Mango TV, generated operating revenue of 11.172 billion yuan. The advertising business deepened value-based marketing, rebuilt the value of IP integration across platforms, and actively explored in-depth co-creation of "content + brands," expanding into high-growth sectors such as artificial intelligence, new energy, new consumption, and cultural tourism. The number of variety show clients remained the highest among long-form video platforms, with per-client contribution leading the industry. Advertising revenue and the number of ads per episode for series like "National Beauty" and "Splendid Beauty" set new platform records during their premiere. Following a sequential recovery in the second quarter, the advertising business continued to improve in the second half of the year, achieving full-year advertising revenue of 3.831 billion yuan.
The membership business effectively stabilized its user base through refined measures such as upgrading user benefit systems, implementing segmented and layered operations, strengthening promotions during key marketing periods, and enhancing synergy between content and algorithms. Throughout the year, the average daily usage time per user ranked first among long-form video platforms. Mobile monthly active users reached 268 million (QuestMobile data), a year-on-year increase of 4.88%. By year-end, Mango TV had 75.6 million valid members, with annual membership revenue totaling 4.646 billion yuan. However, membership revenue growth faced pressure, primarily due to lower-than-expected revenue generation from certain programs.
The operator business seized the development window for ultra-high-definition video on large screens, launching exclusive IPTV ultra-HD products like "Cloud TV" and "Watch Freely on Big Screen." It introduced over 30,000 hours of ultra-HD content and innovative features such as "Watch and Exercise" and "Big Screen Bullet Comments," significantly improving screen-on rates and viewing duration on large screens. Full-year revenue from the operator business reached 1.649 billion yuan.
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