Mango Excellent Media Co. (300413) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was RMB 2.90 billion, down 12.76% year-over-year, mainly due to contraction in traditional TV shopping.

• Net profit attributable to shareholders was RMB 378.81 million, down 19.80% year-over-year.

• Adjusted net profit (excluding non-recurring items) was RMB 303.43 million, down 35.03% year-over-year.

• Mango TV maintained leading market share in variety show streaming, with significant growth in drama viewership and member income.

• Increased investment in premium drama, content ecosystem, and technology applications impacted profitability.

Financial highlights

• Operating cash flow was negative RMB 216.57 million, a sharp decline from positive RMB 173.32 million a year ago.

• Basic and diluted EPS were both RMB 0.20, down 20% year-over-year.

• Total assets at quarter-end were RMB 32.21 billion; equity attributable to shareholders was RMB 22.91 billion.

• Gross margin and segment cost details not disclosed.

Outlook and guidance

• Continued focus on high-quality content, especially premium drama and ecosystem expansion (micro-short content, animation, games).

• Ongoing investment in technology and content expected to support long-term growth but may pressure short-term margins.