[年报]芒果超媒(300413):2021年年度报告全文（英文版）
原标题:芒果超媒:2021年年度报告全文（英文版） AnnualReport2021 2022-021 April2022 SectionIImportantNote,TableofContentsandDefinitions TheBoardofDirectors,theBoardofSupervisors,directors, supervisorsandexecutivesoftheCompanyherebywarrantthatthe informationcontainedinthisAnnualReportistrue,accurateand completeandthisAnnualReportisfreefromanymisrepresentation, misleadingstatementormaterialomission,andagreetoassumejoint andseveralliabilityforthisAnnualReport. ZHANGHuali,PrincipaloftheCompany,CFOLIANGDeping andChiefAccountantTAOJinyuherebyrepresentthatthefinancial statementscontainedinthisAnnualReportaretrue,accurateand complete. AlldirectorsoftheCompanyattendedthemeetingoftheBoard ofDirectorsreviewingthisReport. This Report contains certain forward-looking statements regardingfutureplans,developmentstrategiesandotherprojected matters,whichdonotconstituteanysubstantialcovenantmadeby theCompanytotheinvestors.Theinvestorsandrelatedpersonsshall befullyawareoftherelevantrisks,andunderstandthedifferences amongsuchplans,forecastsandcovenants. The Company has stated in details the possible risks in its operationandcountermeasuresinthisreport.Investorsareadvised torefertotheSectionIII“Management’sDiscussionandAnalysis- ProspectsforfuturedevelopmentoftheCompany”. Accordingtotheprofitdistributionproposalapprovedbythe BoardofDirectors,theCompanywilldistributeacashdividendof RMB1.30(inclusiveoftax)per10sharestoallshareholdersonthe basis of 1,870,720,815 shares, and will not distribute any bonussharesortransferanycapitalreservetothesharecapital. TableofContents SectionIImportantNote,TableofContentsandDefinitions..................................2SectionIICompanyProfileandKeyFinancialIndicators......................................6SectionIIIManagement’sDiscussionandAnalysis................................................10SectionIVCorporateGovernance...........................................................................39 SectionVEnvironmentalandSocialResponsibility...............................................62SectionVIImportantEvents....................................................................................63 SectionVIIShareChangesandInformationofShareholders..............................80SectionVIIIPreferredShares...................................................................................91 SectionIXBonds........................................................................................................92 SectionXFinancialReport.......................................................................................93 ListofReferences 1. Financialstatementssignedandchoppedbytheprincipal,CFOandChiefAccountantoftheCompany;2. Originaloftheauditor’sreportstampedwiththesealoftheaccountingfirmandsignedandchoppedbythecertifiedpublicaccountants; 3. OriginalsofalldocumentsoftheCompanypubliclydisclosedonthewebsiteforinformationdisclosuredesignated by the China Securities Regulatory Commission during the reporting period and relatedannouncements;and 4. Otherreferences. Definitions
I. Companyprofile
AccountingfirmengagedbytheCompany:
√Applicable□N/A
V. Keyaccountingdataandfinancialindicators DidtheCompanyneedtoretrospectivelyadjustorre-stateaccountingdataofprioraccountingyears?□Yes√No
tocontinueasagoingconcernisuncertain? □Yes√No Whetherthelowerofthenetprofitbeforeandafterdeductionofextraordinarygainorlossisnegative?□Yes√No VI.Keyfinancialindicatorsbyquarter InRMB
□Yes√No VII. Differencesinaccountingdata arisingfromadoptionofforeignandChineseaccountingstandardsconcurrently 1. Differencesbetweennet profitandnet assetsdisclosed onthe financialstatementsaccording to the international accounting standards and the Chinese accountingstandardsconcurrently □Applicable√N/A Therewasn’tanydifferencebetweennetprofitandnetassetsdisclosedonthefinancialstatementsforthereportingperiodduetoadoptionoftheinternationalaccountingstandardsandtheChineseaccountingstandardsbyusconcurrently. 2. Differencesbetweennet profitandnet assetsdisclosed onthe financialstatementsaccordingtotheforeignaccountingstandardsandtheChineseaccountingstandardsconcurrently □Applicable√N/A Therewasn’tanydifferencebetweennetprofitandnetassetsdisclosedonthefinancialstatementsforthereportingperiodduetoadoptionoftheforeignaccountingstandardsandtheChineseaccountingstandardsbyusconcurrently. VIII. Itemsandamountsofextraordinarygainsorlosses √Applicable□N/A InRMB
Wedonothaveanyotheritemofgainorlosswithinthemeaningofextraordinarygainsorlosses.ClassificationofanyitemofextraordinarygainorlossdefinedbytheExplanatoryAnnouncementNo.1onInformationDisclosureforCompaniesPubliclyOfferingSecurities-ExtraordinaryGainorLossasrecurrentprofitorloss: □Applicable√N/A WehavenotclassifiedanyitemofextraordinarygainorlossdefinedbytheExplanatoryAnnouncementNo.1onprofitorlossduringthereportingperiod. SectionIIIManagement’sDiscussionandAnalysis I. Situationsofourindustryduringthereportingperiod 1. Asthemainarena,battlefieldandforefront,themediaareundergoingin-depthconvergence.TheResolutionoftheCentralCommitteeoftheCommunistPartyofChinaontheMajorAchievementsandHistoricalExperienceofthePartyoverthePastCenturystatesthatthePartyputsheavyemphasisondevelopingandcreatingnewmeansofcommunication;ithaspromotedintegrateddevelopmentofmedia,andworkedtostrengthenthepenetrationandcredibilityofthemediaanditsabilitytoguideandinfluence;thePartythereforeattachesgreatimportancetotheInternetasthemainarena,battleground,andforefrontoftheideologicalstruggle;ithasimprovedtheleadershipandmanagementsystemsfortheInternet,regulatedthecyberspaceaccordingtothelaw,andstrivedtofosteracleanonlineenvironment.Alongwiththepromulgation and implementation of the Anti-trust Guidelines for Platform Economy, comprehensiverectificationandcontroloftheculturalandentertainmentsectorandlaunchof“Qinglang”specialcampaigns,the elements of internal and external development of the Internet industries and the cultural andentertainmentsectorhavebeenfurtherregulated,disorderlycompetitionshavebeeneffectivelycurbed,andtheindustryhasbecomemoreorderly.Long-termdevelopment,proprietarycontentandinnovationhavebecomecommonunderstandingaboutthedevelopmentofInternetcontentplatformsinthenewera.2. Thevideoindustryenterstheeraofcompetitionforexistingusers,andwitnesseschangesinmarketrecognition,developmentpatternandunderlyinglogics. According to the Annual Report on China’s Mobile Internet Development 2021 published byQuestMobile,asoftheendof2021,therewere1.174billionmobileInternetsubscribersinChina;thecoverageofthemobileInternethasreachedthesaturationpointgenerally;thetotalnumberofsubscribersincreasedslightly.Theindustryenterstheeraofcompetitionforexistingusersinthenumberandactivenessofsubscribersandmarketpenetration.Themarketrecognition,developmentpatternandunderlyinglogicsofthelongvideoindustryareundergoingradicalchanges,thetraffic-guidedexpansionisdrawingtoanend,thedevelopmentmodelthatgainsmarketsharethroughcashburningcannotbecastoffovernight,andthenumberofsubscribersandpaidmembersofsomeplatformshasstoppedincreasing.Inthecontextofsuchchanges,thelongvideoindustryfindsnewopportunitiesofdevelopment,anditbecomescriticalforthenewpatternofthelongvidesectortoreturntotheessenceofcontentcreation,increasetheconversionrateofexistingusersandoperatememberserviceecosystemmeticulously. 3. TheInternetadvertisingmarketisgrowingsteadilyandthemediacontentmarketinghasbecomethecoredrivingforcefortheindustry. AccordingtotheAnnualReportonChina’sMobileInternetDevelopment2021andrelevantdatapublishedbyQuestMobile,thetotalsizeoftheadvertisingandpromotionmarketincreasedmorethan11%yearonyear;theInternetadvertisingmarkethasmaintainedagoodmomentumofdevelopment,reflectedbythecontinuousincreaseinthedurationofuseofonlineproductsandfrequencyofinteractionbyusersofvideoplatformsandothercontentmedia,whichpropelsthebrandstoattachgreatimportancetocontentoperations;themarketshareofcontentoperationshasbeenincreasingcontinuously;andthegrowthrateofeffectadvertisementsiscloseto60%.Inthefieldoflongvideostreamingadvertisements,theintegratedplatformshavingcontentecosystemcoveringtheentireindustrychainarecontinuouslyconsolidatingtheirmarket position. The integrated video platforms are enhancing their advantages in conversion rate at terminalsoftheadvertisingconsumermarket,customeradhesion,IPpremiums,brandexpansionandotherareas,andmajoradvertisersshowagreaterpreferenceforleadingnewmediaplatforms.4. Alongwiththeupgradingofuserbase,contentqualityandtechnicalstandards,thedevelopmentofbigscreensmartIPTVisaccelerating. AccordingtotheCommunicationsStatisticsBulletin2021,therewere349millionIPTVsubscribersinChinain2021,anetincreaseof33.36millionyearonyear;andthethreemajorcarriershad536millionbroadbandsubscribersintotal,whichmeansthatthepenetrationofIPTVamongbroadbandsubscribersreachesmorethan65%.AccordingtotheAsiaPacificPayTVForecastsissuedbyDigitalTVResearch,thenumberofIPTVsubscribersinChinawillincreaseby44millionbetween2021and2027.ThesubscribersofbigscreensmartTV,mainlyIPTV,havethecorecharacteristicsofhighconfidenceofTVsubscribersandhighadhesionofpaidsubscribers.Highqualitycontent,rapidpopularizationof4K/8KultraHDstandard,improveduserexperiencerealizedbysmart recommendationandwaterfalldisplayhavebecomemaindrivingforcesbehindtheupgradingandaccelerateddevelopmentofthesmartbigscreensector.5. Thecontentsectorisimprovingqualityandreducingvolume,andthemarketshareofpositiveenergyandcentralthemecontentisgrowingsteadily. Accordingtothe2021InsightsintoEntertainmentissuedbyEndata,theproductionofvarietyshowshasdecreasedforthreeconsecutiveyears.In2021,428varietyshowswerereleasedintotal,adecreaseofmorethan5%ascomparedwiththeprecedingyear.Thepoliciesrelatingtovarietyshowshavebeenfurtherimproved,asaresultofwhich,thetraffichype,excessiveentertainmentandotheradversetrendshavebeeneffectivelycurbed,andthepositiveenergyworkscontinuouslyguidetheindustry.Thoughlongvideoplatformsstillmaintainthetraditionalsystemsuperiorityinthefieldofvarietyshows,shortvideoplatformsareactivelymakingbreakthroughsbyreleasingverticalandinnovativevarietyshows,andavarietyofmid-form,shortandmicrovarietyshowshavesprungupandbecomenewfocusoftheindustry.InthefieldoffilmsandTVdramas,thetotalnumberofhome-madeTVdramasandseriesdecreasedascomparedwiththeprecedingyear,trafficstars,hottopichypeandotherdevelopmentpatternsoftheindustryinthepastbegan to ebb, and excellent TV dramas and series with good conception, stories and reputation andrespectingaestheticstandardsofaudiencesbecomethefocusofthemarket.TVdramasandseriesgivingfullscopeofthecentralthemeofthetimesandfocusingonhottopicswinthemarketbytheirqualityandgainreputationandpopularity;keyTVdramasandseriesmakeastrongperformanceonthemarket;shortTVdramasgrowrapidly;high-qualityshortTVdramashavebecomethenewandmaindevelopmentdirectionforthelongvideostreamingplatformsduetotheirbrands,intensificationandnormality;andcreativenetworkmicro-dramasandIPderivatedramasgrowcontinuously,tofurthersatisfythediversifieddemandsofmarketsegments. 6. Enhancingtheprotectionofcontentcopyrighthasbecomeacommonunderstandingoftheindustry,promotingtheintegrationandsounddevelopmentoflongandshortvideos.In2021,anumberofcontentindustryassociations,videoplatforms,filmandTVcompaniesandotherstakeholdersjointlyparticipatedinthepublicationoftheJointDeclarationontheprotectionofcopyrightinfilmsandTVdramas,the2021WhitepaperontheProtectionofCopyrightinShortVideosinChina,andtheStandardandDetailedRulesfortheExaminationofNetworkShortVideos,appealedtotheshortvideoplatformsandpublicaccountproducersandoperatorstorespectauthorshipandprotectcopyright,sothatthepracticesandstandardsrelatingtoshortvideoshavebeenfurtherdefinedandimproved.Toimprovethecopyrightprotectionpracticesofthelongandshortvideoindustryhasbecomeacommonunderstandingoftheindustry,andthemajormarketplayers’awarenessofcopyrightprotectionhasbeenenhancedgenerally.Thelongvideoplatforms,onthebasisofhigh-qualityvarietyshows,dramas,series,filmsandotherkeycontentIPs,activelyinnovateinmid-form,shortandmicro videos,continuouslyenhancecommercialincentivesandtrafficsupport,andactivelypromotetheecologicalextensionofPUGC,resultinginanincreaseinmarketshareofexcellentmicro-showsandmicro-dramas.Theshortvideoplatformscontinuouslyincreaseinvestmentintheecosystemforprofessionalusergeneratedcontent,widenthetrafficdistributionchannelsinavarietyofways,furtherexploitthelower-tierandoverseasmarkets,andfocusonmonetizationofthevalueof“shortvideo+e-commerce”users. 7. Themetaverseindustryisontheupswing,andvirtualhuman,VR/AR,digitalcollectionandotherfrontiermetaversetechnologiesguidethetrendofinnovationofthecontentindustry.Digitalvirtualhuman,VR/AR,digitaltwin,digitalcollectionandotherfrontiermetaversetechnologies,explorationofnew-generationInternetpatternsandothernewtrendsoftheindustryhavedrawnwideattentionthroughouttheworld,andmoreandmoresocialmedia,gaming,e-commerce,advertising,andlongandshortvideoplatformsbegintosetfootinthisfield.Creationofvirtualcontent,copyrightprotectionusingblockchainencryptiontechnologyanddigitalcirculationofassetshavebecometheinnovationtrendsoftheculturalandmediaindustry.Theindustries,universitiesandresearchinstitutesworktogethertopromotethecommercializationofmetaversetechnologies.Avarietyofsoftwareandhardwareproductsdesignedtocopewiththedemandsofyoungpeoplefornew-patterncontenthavebeenreleased,promotinginnovationinhigh-qualitycontentIPs,developmentofrelatedfrontiertechnologies,andrapidupgradingofbusinessmodels.New-typeinteractioncontent,3Dvirtualsocialmedia,integratedvirtualandrealshopping,andotherkindsofmetaverse-relatedbusinessinnovationshavebecomehottopicsofthemarket.8. Thecompetitionincontentamonge-commerceplatformsisturningwhite-hot,andtheconstructionofverticalplatformecosystemisenhanced. AccordingtotheAnnualReportpublishedbyQuestMobile,e-commerceshoppingisgrowingsteadily,andthenumberofmobilesubscribershasexceeded1.1billion.Inthecontextofnewmarketpattern,thecompetitionforcustomertrafficamongallkindsofe-commerceplatformsintheirsocialmedia,communityandcontentoperationsisturningwhite-hot.Thelower-tiermarketshavebecomethemainsourceofnewcustomers.Thenew-typecontente-commerceplatformsfurtherenhancetheiradvantageintheconversionrate of “recommendation”. The major e-commerce platforms continuously innovate in and produce“recommendation”content,andonthebasisofintelligentalgorithms,accessdifferentkindsofpotentialusers through multiple channels, in various forms and a variety of market segments, and promotemulti-dimensional binding and in-depth linkage between audiences and content, products, brands andplatforms.Throughrestructuringhuman,goods,storesandotherfactors,thenew-typecontente-commerceplatformscontinuouslyupgradethepastshoppingenvironmentto“socialmedia+shoppingenvironment”,andcreate animmersiveshoppingexperience bybuildingdiversified scenarios andusingnewdigitaltechnologies,toimprovetheefficiencyofmonetization.BycooperatingwithleadingIPandcreativecontentproviders,professionalartistsandKOLtalents,theplatformsactivelyexplorenewe-commercemodels,andcollaborate with mid- and short-form content, IP derivates, live streaming commerce and other newe-commercedistributionchannels,inordertostimulateusers’purchaseintentionbymeansofcontent,andcreateanorganiccycleofhuman,goodsandcontentthatco-existandpromoteeachother.II. Ourmainbusinessduringthereportingperiod Wearerequiredtocomplywiththedisclosurerequirementsapplicableto“Internetvideobusiness”setforth intheGuideonSelf-regulatorySupervisionforCompaniesListedontheShenzhenStockExchangeNo.4– DisclosureofIndustryInformationbytheCompaniesListedontheChiNextBoard. Wearethefirststate-ownednewmediacompanylistedontheA-sharemarketthatischaracterizedby integrateddevelopment,andhasbuiltacoreindustrychaincoveringallchannelsandtheentirecontent ecosystem,andistheintegratedconvergencemediaindustryandcapitaloperationplatformaffiliatedtoGBS (HBC).OurmainbusinessincludesMangoTVInternetvideobusiness,newmediainteractiveentertainment contentproductionandcontente-commercebusiness.RelyingontheMangoconvergencemediaecosystem, andcenteredontheInternetvideoplatformoperation,wehavebuiltanentiremediaindustrychainecosystem coveringmembership,advertising,IPTV,OTT,filmsandTVdramas,varietyshows,artistagency,music copyright operation, IP derivative development and live entertainment, content e-commerce, etc., characterizedbysynergeticdevelopmentoftheupstreamanddownstream.1. MangoTVInternetvideobusiness MangoTVInternetvideobusinessmainlyincludesadvertising,membershipandoperatorbusiness.Theadvertisingbusinessisclassifiedintosoftadvertisingbusinessandhardadvertisingbusiness;wherethesoftadvertisingbusinesscentersoncontent,andfullyexploitsthemarketvalueofhigh-qualitycontentIPs,toprovidecustomerswithnamingrights,implantandotheradvertisingproducts;andhardadvertisingbusinessprovidescustomers withpre-roll, insertedandother advertisingservices.Themembership businessisclassifiedintoonlinemembershipbusinessandofflinemembershipbusiness;wheretheonlinemembershipbusinessmeanssuchbusinessactivitieswhereweattractuserstopurchasememberpackagesonlineonthebasisofourrichcopyrightresourcesandhigh-qualitycontentreleasedbyusexclusively;andtheofflinemembershipbusinessmainlyattractstargetaudiencestobecomeourmembersthroughpromotionalactivitiesinvariousforms.TheoperatorbigscreenbusinessmeanssuchbusinessactivitieswhereweenterintocooperationagreementswithmajorcarriersandcableTVoperators,pursuanttowhichweprovidethemwithcontentproductsandgivecooperationtothemintheirmarketingandpromotionalactivities,andsharetherelevantrevenueswiththem. 2. Newmediainteractiveentertainmentcontentproduction Our new media interactive entertainment content production business mainly includes contentproductionandoperation,artistagency,musiccopyright,IPderivativesdevelopmentandlocationbasedentertainmentbusiness.Thecontentproductionandoperationbusinessmainlyincludesproductionofvarietyshows,filmsandTVdramasandcontentcopyrightoperation,reflectingourcorecompetencies.Asaleadingcontentproducer,weproduceproprietaryandcustomizedhigh-qualitycontent,topublicizethepositiveenergy of the society, guide the culture and values of young people, and bring social benefits as astate-ownedculturalcompany.Ontheotherhand,weuseourhigh-qualitycontenttoattractmembers,serveadvertisersorotherwisebringeconomicbenefits.Intheartistagencybusiness,weseekandtrainnewtalentshavinggreatpotentialities,provideartistswithcomprehensiveservicesincludingpositioning,publicity,modeling,commercialsponsorship,etc.,buildanechelonofartistsatalllevelsandofvarioustypes,andcreateaclosedloopofartistagencybusinessbyarrangingtheartiststotakepartinfilms,TVdramas,varietyshows,commercialperformances,brandedconcerts,brandsponsorship,peripheralderivativeslicenseorotherwise.Inthemusiccopyrightbusiness,onthebasisofmusicIPresourcesaccumulatedandcontinuouslyenrichedbytheartists,wegrantonlineApplicenses,overseasdigitalmusiclicenses,gamelicenses,programlicenses,backgroundmusiclicensesforfilmsandTVdramasandotherdigitalmusiclicenses.IntheIPderivativedevelopmentandliveentertainmentbusiness,relyingontherichIPsofMangofamily,suchasWho’stheMurderer,GreatEscapeandotherhotprograms,wegrantmulti-dimensionalIPderivativeslicenses,carryoutofflinelocationbasedentertainmentbusinessaroundthecountry,andbuildM-CITYbrand. 3. Contente-commercebusiness Ourcontente-commercebusinessmainlyincludesHappigo,amediae-commerceplatformtransformedfromtraditionalTVshopping,andXiaomang,averticalcontente-commerceplatformtargetingyoungstersonthebasisofourrichlongvideos.Themediae-commercebusinessmainlyreliesonTVscreen,whilealsopromotesinteractionbetweenbigscreenandIPTV,mobileApp,miniprogramandothersmallscreens,andmulti-channeloperations.Xiaomange-commerceplatformisdesignedas“acontente-commerceplatformfocusingonhome-madenewfashions”,putsforwardasloganof“gotoXiaomangtofindhome-madenewfashions”,recommendshome-madegoodstoyoungusersusinghigh-qualitycontent,andbuildsawhollynewe-commercemodelcenteredon“content+community+e-commerce”.III.Analysisofcorecompetencies 1. Importantopportunitiesforin-depthintegrateddevelopmentofmediath The commencement of the 14 Five-year plan period and thepromulgation of the Opinions onAcceleratingtheIn-depthIntegratedDevelopmentofMediabytheGeneralOfficeofCCCPCandtheGeneralAffairsOfficeoftheStateCouncilmarktheintegrateddevelopmentofmediaentersanewjourneyinthesecondhalf,andthePartymediaandstate-ownedenterprisesfaceaperiodofimportantopportunitiesforhigh-qualitydevelopment.Inthiscourseofhistoryfullofhonorsanddreams,wehavethesenseofresponsibilityandmissionthat“themainforcesshallenterthemainarena”,andwillgivefullplaytoouradvantagesasanintegratedmediaplatform,activelycarryoutmainstreampropagandacampaignsandcontent upgrading campaigns, lay stress on talent management, cope with trade competition, throughinnovationinsystemsandmechanisms,buildanintegratedmainstreamnewmediagroupandecosystem,andestablishnewstandardsforstated-ownedInternetcompanies,tomakethemainforcesbecomerealmainforcesandthemainarenaactuallyplayitsrole. 2. AdvantagesofMangoconvergencemediainjointdevelopmentofdoubleplatformsInconformitywiththetrendofin-depthintegrateddevelopmentofmedia,HBShasbuiltthesoledoubleplatformsinthecountry,i.e.themainstreamnewmediaplatformMangoTVandthetraditionalmediaHunanTV.Thesetwoplatformsarecommittedtorealizingwin-windevelopment,bybuildingajointdevelopmentmodelcharacterizedbyco-creationandsharing,haverealizedcontentcreation,advertisingmarketing,jointinterviewandbroadcastingandotherareas,andmutualsupplementinproductclusterandlinkage,andactuallybroughtbenefitsofreformanddevelopmentthroughintegrateddevelopmentofmedia,andiniterationandsymbiosis,laidasolidfoundationforthebuildingofamainstreamnewmediagroupwithstrongpropagationforce,guidingforce,influenceandcredibility.3. Innovationgenebasedontheconceptof“innovateordie” WecarrytheinnovationspiritofHBS,andsticktotheconceptof“innovateordie”;withrespecttomechanisms,haveestablishedtheopenandinnovativeincentivesystem,andvigorouslypromotedteamsystemandstudiosystem,tocreateasoundexternalenvironmentfortheemployeesthatbearsthebasicrisksandarousestheirenthusiasm;withrespecttomanagement,organized“MangoYouthTalk”,“YoungCEOClub”,“QingmangInternshipProgram”andotheractivities,tobuildinnovationandcreationexchangeplatformsforyoungpeopleandcontinuouslyimproveourinnovativetalentpoolandechelonbuildingsystem;withrespecttobusiness,setthegoalof“doitfirstorbethebest”,continuouslyenhancedcontentinnovationandupgrading,andpreservedourcorecompetenciesincontentcreation;andwithrespecttotechnology,accuratelyunderstoodthedevelopmenttrendoftheindustry,madeforward-lookingarrangementsfornewtechnologies and new businesses, taken part in competition for future communication patterns, andacceleratedthein-depthintegrationofcultureandtechnology. 4. Thesmartmid-endmatrixenablessystemicproductionofproprietarycontentWesticktothebusinessphilosophythat“contentistheking”,relyonourstrongcontentproductionteams,securecoreessentialproductionfactors,andbuildahigh-levellongvideoplatform.Asoftheendofthereportingperiod,MangoTVhas26varietyshowproductionteams,andhasbuiltaproprietaryvarietyshowsystemhavingstrongcompetenciesandhighmarketvalueintheindustry,andbecomethelargestvariety showproducer.Withrespect toTVdramas andseries, we nowhave29film andTV dramaproductionteamsand34strategicstudiosundertheXinmangProgram,andinrelianceonMangoecosystem,activelyinnovateintheintegrationofTVstationandnetwork.Inaddition,wehavebuiltasmartmid-endmatrix,andrealizedstandardizedcoordinationinassessment,operation,product,technologyandotheraspectsofcontentproduction,inordertobuildajointactionmechanismwithefficientprocesses,activatedelementsandagileoperationthatenablessoundmanagement,liberatetheproductionforcesofthecontentteamsandcontinuouslyconsolidateandimprovethehigh-qualityproprietarycontentwithplentifullayersandspecialcharacteristicsofMango. Westicktothespecialcontentstrategyandplatformpositioningof“youth,metropolisandwomen”,toensurethatourclearuserbase,finecontentproductsandadvertisersarelinkedandfitperfectlywitheachother.TheoveralluserimageofMangoTVis“vigor,fashionandquality”,amongothers,anditspercentageofwomenusersishigherthantheaverageleveloftheindustry.ClearuserimagingandplatformpositioningwillenhanceourspecialadvantagesinrealizingcompoundvalueofcontentIPsthroughmultiplechannelsandinavarietyofways,andbuildingmembershipoperationsystem.Onthisbasis,wewillcontinuouslyenrichthecontentmatrix,toacquiremorediversifiedusers. 6. Ecologicaladvantagewithjointactionsoftheupstreamanddownstreamoftheentireindustrychain Inrelianceonouradvantagesincontentproduction,wecontinuouslybuildtheclosedloopofnewmediaecosystemcoveringtheentireindustrychainofmediaandInternet,wheretheupstreammainlyincludes artist agency and variety show, film and TV drama production business, the mid-stream isresponsibleforcontentoperationanddistributionthroughmultiplechannelsprovidedbytheonlinevideoplatforms,inrelianceonourstrongcontentproductioncapabilitiesandhigh-qualitycontentmatrix,andthedownstreamisresponsibleforadaptionanddevelopmentofMangofamilycontentIPsandderivativesofofflinelocationbasedentertainment,andonthebasisofcontent,createsawhollynewvideocontente-commercemodelcenteredon“video+content+e-commerce”,andrealizesmonetizationofderivativesthroughmultipleonlineandofflinechannels.Alllinksinourindustrychaincoordinateandsupplementwitheach other, creating integrated Mango ecosystem covering the entire industry chain with specialcharacteristicsinthecontextofmediaconvergence. 7. “Onecloudandmultiplescreens”systemcoveringallterminalsandsupportedbymultiplelicenses MangoTVisthesolemarketplayerintheInternetvideoindustrythatholdsbothIPTVandOTTbusinesslicenses,anditssmartbigscreenbusinesshascovered31provincialregionsinChina,andisanimportantsupportingpointforustodevelop5Gandlivingroomeconomy.Inrelianceonourcompletelicenses,ourvideocontentbusinesscoversallterminals,includingmobilephone,PAD,TV,IPTVandOTT.Wearethefirstvideomediaplatformthathasactuallybuilt“onecloudandmultiplescreens”systemintheindustry. 8. Sustainablebusinessmodel Onthebasisofourattributesasavideoplatformandgeneofcontentproduction,wehaveblazedadevelopmentpathdifferentfromotherInternetplatforms.Ontheonehand,wehaverealizedeffectivecontrol over content production costs through accurate user positioning, strong content productioncapabilities, and effective cluster of core production factors. On the other hand, in reliance on our industry-leadingmodelofmonetizationthrough“membership+advertising+operator”channels,wehavedevelopedmultiplesourcesofrevenue,andbecomethesolemarketplayerintheInternetvideoindustrythathasmadeprofitsandmaintainedprofitability. IV.Analysisofmainbusiness 1. Overview th Theyearof2021stoodatthehistoricalintersectionoftheTwoCentenaryGoalsandwasthe100th anniversaryoftheCommunistPartyofChinaandthefirstyearofthe14 Five-yearPlan,startinganewjourneyforbuildingamodernsocialistcountryinallrespects.GuidedbythespiritofseriesofimportantspeechesofGeneralSecretaryXiJinping,weresolutelyimplementthedecisionsandarrangementsbytheCentralGovernmentaboutthein-depthintegrateddevelopmentofmediaandcomprehensiverectificationofthecultural and entertainment sector, strictly perform our missions and duties as a Party media andstate-ownedcompany,focusonthebuildingofamainstreamnewmediagroupinthenewperiodofdevelopment,copewiththechangesinthecompetitionpatternoftheindustry,continuouslyenhancethevaluesguidingroleofmediaandinnovationinproprietarycontent,activelydealwiththerepeatedshocksbroughtaboutbyCOVID-19,andpromotethesteadyandhigh-qualitydevelopmentofalllinesofbusiness.Duringthereportingperiod,ouroperatingrevenuetotaledRMB15.356billion,anincreaseof9.64%yearonyear;andthenetprofitattributabletotheshareholdersoftheListedCompanywasRMB2.114billion,anincreaseof6.66%yearonyear.Ourcorebusiness,MangoTVInternetvideobusiness(advertising+membership+operatorbusiness),hasgrownsteadilyandrealizedanoperatingrevenueofRMB11.261billion,up24.29%yearonyear. (1) Increasethemainstreamvoiceandplaythestrongtoneofthetimes,tocelebratethe100thanniversaryoftheCommunistPartyofChina “APartymediamustbeabsolutelyloyaltotheParty”.Wealwaysfollowthecorrectpoliticaldirection,directionofpublicopinionsandvalues,innovateonthebasisofwhathasworkedinthepast,andresolutelyoccupythemainstreampropagandafront.Withrespecttothepropagandaofimportantthemes,MangoTVth alwaysplaces “StudyTime”highlightedinred onitshomepage, launched thespecial channel “100“RefinementofFaith”dedicatedtothe100thanniversaryoftheCommunistPartyofChina,focusingonthe historicleapachievedbytheChinesepeopleundertheleadershipoftheCommunistPartyofChinafrom standinguprighttobecomingprosperousandgrowinginstrengthinvariousforms.Withrespecttonewsreels, weestablishedspecialdocumentarystudiosfocusingonthecreationofcentralthemeworks,andreleased17 centralthemehigh-qualitydocumentariescarryingforwardpositiveenergy,including“Daughterofthe Party”,“WeAreYoung”and“MundaneGlory:HereComesTheParty”,ofwhich,“MundaneGlory”was awardedasecondprizeinthe31stChinaNewsAwards,whichfullyreflectsourmissionandresponsibilityof thetimesasamainstreamnewmedia.Withrespecttointernationalcommunication,weupgradedthe th internationalAppofMangoTVinanall-roundway,andlaunched“ChineseCulture”,“100 anniversaryof theCommunistPartyofChina”,“TraditionalChineseCultureChannel”andotherspecialsections,tobuildit intoanimportantwindowforChineseculturetogoglobal.(2) Innovate in the system and mechanisms, consolidate our advantages in the production ofproprietarycontentandenhancethevaluesguidingroleofcontent Westicktothephilosophythatcontentisthekingforahigh-levellongvideoplatform,concentrateoureffortsonthecreationofcontentthatsatisfythedemandsofthetimes,reflectthesocialsentimentandaddresstheconcernsofthepublic,resistthechaoticphenomenonoftheindustrythroughourpracticalactions,andstrivetoguidethenew-roundofinnovationandbuildahigh-quality,soundandsustainableproprietarycontentecosystem. Withrespecttovarietyshows,MangoTVhas26varietyshowproductionteams,andhasestablishedaproductioncenter,andtechnical,directorandphotographic,packagingandothermulti-dimensionalstudios,toprovideprofessionalsupporttocontentproduction;establishedthevarietyshowauthorizationcommittee,toregulatethewhole-coursemanagementofcontentproductionandeffectivelycontrolproductioncosts;madecontinuouseffortstoexploreinnovationmechanismsandincentivemechanismsforcontentproducts,improvetheefficiencyofteamcooperation,fullystimulatethecreativityofcontentteams,andcultivatetheendogenousimpetusforcontentinnovation.Duringthereportperiod,MangoTVreleasedmorethan40varietyshowprograms;ofwhich,“CallMeByFire”,“BravingLife”andotherprogramssalutethefightingspiritofthetimes;“CallMeByFire”hasbecomeanotherhotprogramfollowing“SistersWhoMakeWaves”;“DawanDistrictBrothers”markstheintegrationofHongKongandChineseMainland;“SeeYouAgain”reflectsthesocialrealityfromtheperspectiveof“cooling-offperiodbeforedivorce”introducedbythenewmarriagelaw;and“SistersWhoMakeWaves”,“Who’stheMurderer”,“GreatEscape”,“VivaLaRomance”,“MeetingMr.Right”andotherN-generationproprietaryflagshipvarietyshowprogramshavebecometheevergreenoftheindustry. WithrespecttofilmsandTVdramas,MangoTVhas29filmandTVdramaproductionteamsand34strategicstudiosunderthe“XinmangProgram”,andhasestablishedthefilmandTVdramaplanningcommittee,responsibleforoverallmanagementofplanning,productionandassessmentofTVdramasandseries,andwhole-coursecontrolovertheassessment,authorization,production,broadcasting,reviewandotheractivities,inordertoeffectivelyimprovethequalityoffilmsandTVdramas,andcompetenciesoftheplatforminthefieldofTVdramasandseries.In2021,MangoTVreleased170filmsandTVdramasintotal,including55keyfilmsandTVdramas,and84microandshortdramasunderthe“BigMangoProgram”.The“MangoMonsoon”theatertakestheleadintheindustryinresistingwaterinjectiondramas,suspendedexpressions,relianceontrafficandtraditionalbroadcastingsystem,promotesthenewpatternoftheindustryandinnovationanddevelopmentofthefilmandTVindustry,andhasreleasedninehigh-qualityinnovativeshortdramas,including“Hunter”,“TheLieDetective”and“RemembranceofThingsPast”.“TheRationalLife”,“UnforgettableLove”,“StandbyMe”,“LoveatNight”,“LoveisBeautiful”,“AsWeWish”andotherkeyfilmsandTVdramashavealsobeenwellreceivedbytheaudiences.Withrespecttomicroandshortdramas,MangoTVhasestablishedthe“BigMangoProgram”tosupporttheproductionofmid-andshort-formvideos.“TheQueenofAttack”,ahotmicroandshortdramaoftheyear,hasbeenwellreceived(3) Consolidatethesmartmid-end,gatherthemomentumofdevelopmentandmaintainthesteady growthofthecoreInternetvideobusiness MangoTVhasmadecontinuouseffortstobuildabigoperationsystem,andinrelianceontheintegrated smartmid-endmatrixconsistingofcontentmid-end,technologymid-end,riskcontrolmid-endandoperation mid-end,createdbusinesssynergyinmulti-screenintegration,advertisingmembershipoperationandother corebusinesssegments,andimprovedthemarketvalueofcontentIPs.MangoTVInternetvideobusiness hasrealizedsteadygrowthofrevenue,andincreaseinmarginrateyearonyear,andconstitutesanever increasingproportioninourtotaloperatingrevenue,anditspositionasthecorepillarofthemainplatform becomesmoreandmoreprominent.Withrespecttotheadvertisingbusiness,inadditiontoensuringhigh-qualitycontent,weactivelyexplorethenewmarketingmodels,andexploittheadvertisingvalueofprograms.Duringthereportingperiod,wedeveloped118newadvertisers,morethan1,000brandsransoft,hard,programmaticandotheradvertisementsonMangoTV,andourrevenuefromtheadvertisingbusinessexceededRMB5billionforthefirsttime,totalingRMB5.453billion,anincreaseof31.75%yearonyear.Byprovidingone-stopmarketingservices,theamountofsponsorshipfeesreceivedbyourmajorvarietyshowprogramshashitrecordhighsrepeatedly.Theamountofsponsorshipfeesreceivedby“SistersWhoMakeWavesS2”hitrecordhighintheindustry.Theadvertisingandsponsorshipfeesreceivedbyhigh-qualityN-generationproprietaryvarietyshowprogramshavebeenincreasingsteadily.Thecustomizedadvertisementsinsertedinvarietyshowprograms adopt the model of “IP & brand interaction”, and the revenues from which have grownsignificantlyforfourconsecutiveyears.WithrespecttoadvertisementsinsertedinTVdramas,weadoptthedifferentialstrategy,anddevelopnewsoftadvertisingproducts,toexpandthechannelsforcooperation.Withrespecttothemembershipbusiness,MangoTVhasovercometheadverseeffectofrepeatedbreaksofCOVID-19onofflinemembershipoperationsandproductionofimportantprogramsandcontent,andattracted50.4millionactivemembersasoftheendof2021,anincreaseof39.5%ascomparedwith2020.Duringthereportingperiod,ourrevenuefromthemembershipbusinesstotaledRMB3.688billion,anincreaseof13.3%yearonyear.Inviewoftheevolutionofthelongvideoindustryandthecurrentpatternofmarketcompetition,MangoTVhasgraduallyenhancedchannelcooperation,concentrateditseffortsonincreasingthememberconversionrateanduserpenetrationrate,whilemaintainingtheestablishedpracticessuchasaccuratemarketingandusercirclebreak,triedfull-cyclecustomizedoperationforvarietyshowmembers,suchasin“CallMeByFire”,“Who’stheMurderer”andothermajorproprietaryprograms.Whilefullyupgradingthemembershipinterestmatrix,wehaveadjustedthemembershippricessinceJanuary2,2022.（未完）  |