Mango Excellent Media Co. (300413) Q2 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 was ¥5.96 billion, down 14.31% year-over-year, mainly due to a decline in traditional e-commerce, while core Mango TV platform revenue remained stable.

• Net profit attributable to shareholders was ¥763 million, a 28.31% decrease year-over-year, primarily due to increased investment in content and R&D, raising internet video business costs.

• The company maintained its leading position in variety show viewership and saw a 69% year-over-year increase in drama viewership on Mango TV.

• Membership revenue grew slightly to ¥2.50 billion, with monthly active users up 14.24% year-over-year.

• The company accelerated its micro-drama strategy, launching 1,179 micro-dramas, nearly 7 times more than the previous year.

Financial highlights

• Operating revenue: ¥5.96 billion, down 14.31% year-over-year.

• Net profit attributable to shareholders: ¥763 million, down 28.31% year-over-year.

• Net profit excluding non-recurring items: ¥610 million, down 33.15% year-over-year.

• Operating cash flow: ¥460 million, up 354.88% year-over-year due to reduced operating expenses.

• Basic and diluted EPS: ¥0.41, down 28.07% year-over-year.

• Gross margin for internet video business: 27.49%, up 11.78% year-over-year.

Outlook and guidance

• The company will continue to invest in high-quality content and technology R&D, optimize its business structure, and explore diversified IP monetization.

• International expansion is a focus, with the Mango TV International App aiming for triple daily active users in three years.

• The company will further leverage AI and AIGC to enhance content production and operational efficiency.