[年报]芒果超媒(300413):2022年年度报告（英文版）
原标题:芒果超媒:2022年年度报告（英文版） Annual Report 2022 April 2023 Annual Report 2022 Section I Important Note, Table of Contents and Definitions The Board of Directors, the Board of Supervisors, directors, supervisors and executives of the Company hereby warrant that the information contained in this Annual Report is true, accurate and complete and this Annual Report is free from any misrepresentation, misleading statement or material omission, and agree to assume joint and several liability for this Annual Report. CAI Huaijun, Principal of the Company, ZHANG Zhihong, CFO and TAO Jinyu, Chief Accountant hereby represent that the financial statements contained in this Annual Report are true, accurate and complete. All directors of the Company attended the meeting of the Board of Directors reviewing this Report. This Report contains certain forward-looking statements regarding future plans, development strategies and other projected matters, which do not constitute any substantial covenant made by the Company to the investors and related persons. The investors and related persons shall be fully aware of the relevant risks, and understand the differences among such plans, forecasts and covenants. The Company has stated in details the possible risks in its operation and countermeasures in this Report. Investors are advised to refer to the Section III “Management’s Discussion and Analysis - Prospects for future development of the Company”. According to the profit distribution proposal approved by the Board of Directors, on the basis of 1,870,720,815, a cash dividend of RMB 1.3 (tax inclusive) will be distributed for every 10 shares held by shareholders, with 0 bonus share (tax inclusive) and no capital reserves converted into the share capital. Table of Contents Section I Important Note, Table of Contents and Definitions ........................................................ 2 Section II Company Profile and Key Financial Indicators ............................................................ 7 Section III Management’s Discussion and Analysis ...................................................................... 11 Section IV Corporate Governance ................................................................................................. 40 Section V Environmental and Social Responsibility ..................................................................... 70 Section VI Important Events .......................................................................................................... 73 Section VII Share Changes and Information of Shareholders .................................................... 91 Section VIII Preference Shares ..................................................................................................... 101 Section IX Bonds ............................................................................................................................ 102 Section X Financial Report ........................................................................................................... 103 List of References 1. Financial statements signed and chopped by the Principal, CFO and Chief Accountant of the Company; 2. Original of the auditor’s report stamped with the seal of the accounting firm and signed and chopped by the certified public accountants; 3. Originals of all documents of the Company publicly disclosed on the website for information disclosure designated by the China Securities Regulatory Commission during the Reporting Period and related announcements; and 4. Other references. Definitions
Section II Company Profile and Key Financial Indicators I. Company profile
Accounting firm engaged by the Company:
Period: ?Applicable ?N/A
Period: ?Applicable ?N/A V. Key accounting data and financial indicators Did the Company need to retrospectively adjust or re-state accounting data of prior accounting years?
been negative and the most recent annual auditor’s report indicates that the Company’s ability to continue as a going concern is uncertain? □Yes ?No Whether the lower of the net profit before and after deduction of non-recurring profit or loss is negative? □Yes ?No VI. Key financial indicators by quarter
corresponding financial indicators set out in any quarter report or semi-annual report of the Company already disclosed? ?Yes ?No VII. Differences in accounting data arising from adoption of foreign and Chinese accounting standards concurrently 1. Differences between net profit and net assets disclosed on the financial statements according to the international accounting standards and the Chinese accounting standards concurrently ?Applicable ?N/A During the Reporting Period, there was no difference in net profits and net assets in the financial report disclosed in accordance with the international accounting standards and the Chinese accounting standards. 2. Differences between net profit and net assets disclosed on the financial statements according to the foreign accounting standards and the Chinese accounting standards concurrently □Applicable ?N/A During the Reporting Period, there was no difference in net profits and net assets in the financial report disclosed in accordance with the foreign accounting standards and the Chinese accounting standards. VIII. Items and amounts of non-recurring profit or loss ? Applicable □N/A In RMB
□Applicable ?N/A The Company does not have any other profit or loss items that can be defined as non-recurring profit or loss. Statement on defining non-recurring profit or loss items listed in the “Explanatory Announcement No. 1 on Information Disclosure of Publicly Listed Companies - Non-recurring Profit or Loss” as recurring profit or loss items □Applicable ?N/A The Company does not have any non-recurring profit or loss items listed in the “Explanatory Announcement No. 1 on Information Disclosure of Publicly Listed Companies - Non-recurring Profit or Loss” defined as recurring profit or loss items. Section III Management’s Discussion and Analysis I. Situations of our industry during the Reporting Period 1. Cultural confidence is built and the development of a digital China is accelerated to secure successes in developing a confident and flourishing digital culture The report to the 20th National Congress of CPC points out that to build a modern socialist country in all respects, we must develop a socialist culture with Chinese characteristics and be more confident in our culture; to develop cultural programs and the cultural section, we will encourage people-centered cultural creation and make sure the cultural sector prioritizes social benefit while also producing economic returns, deepen reform of the cultural management system and improve economic policy for the cultural sector; we will implement a national cultural digitization strategy, improve the modern system of public cultural services and launch new public-benefit cultural programs; and we will improve the modern systems for cultural industries and markets and implement major cultural projects to spur the development of the sector. The Central Committee of the CPC and the State Council issued the Plan for the Overall Layout of Building a Digital China (hereinafter, the “Plan”). The Plan points out that we will forge a confident and flourishing digital culture; we will vigorously develop cyber culture, strengthen the supply of top-quality cyber cultural products and guide all kinds of platforms as well as Internet users at large to create and produce positive, healthy, upright and beneficial cyber cultural products; we will promote the digital development of culture, deepen the implementation of national culture digitization strategy, build a national big data cultural system, and form a data bank of Chinese culture; we will raise capacity for digital cultural services, create a number of comprehensive digital culture exhibition platforms, and accelerate the development of novel cultural enterprises, industrial models, and consumption models. Guided by new macro policies and jointly advanced by technology upgrading and market demands, the Internet digital economy, platform economy, media integration, cultural innovation and content consumption will embrace new opportunities. 2. Reducing costs, increasing efficiency, and putting profits first have become a common understanding of the long video industry According to QM data report, as of the end of 2022, the number of China’s mobile Internet users reached 1.2 billion, further increasing customer stickiness. On average, Internet users spent more than 177 hours every month, and the number of their use exceeded 2,600 times. Regarding the video industry, various platforms continued to implement their plans for burden alleviation. The long video industry moved faster to return to media attributes and content essence. Reducing costs, increasing efficiency, making both ends meet, and putting profits first have become a common understanding of the industry, and old days of “losing money for the market” have come to an end. Confronted with the continued fluctuations in the advertising market caused by macroeconomic instability, leading platforms further intensified efforts to expand their ecological membership layout and conduct refined operations, and the periodic increase in membership prices has become the market norm. Intelligent, comprehensive, long-tail operations continued to raise the member conversion rate and made users develop payment habits. The emerging leverage effect brought by high-quality content of leading platforms and the efforts to explore users’ core extended needs by focusing on low-cost targeted content jointly push the long video content consumption to a new level. 3. The advertising market moves forward under pressure in 2022, while e-commerce and beauty advertising spending scale remains in the front rank According to CTR data, QM data, GfK’s China Consumer Confidence survey and other reports, the advertising market moved forward under pressure in 2022, and the market shares decreased by 11.8% year on year, including a year-on-year decline of over 57% in the cinema video advertising spending. Online shopping, online games, digital reading and other Internet industry advertising spending decreased on a year-on-year basis, while the advertising spending for the non-Internet industries, such as household appliances, medicine and health care, mother and baby products, maintained a year-on-year growth. Core customer groups, including e-commerce platforms and international beauty care brands, still ranked among the top in term of advertising spending. Different channels such as long and short videos, social media and live streaming platforms, continue to show differentiated unique content advantages and attract different types of advertisers for more accurate advertisement putting cooperation. Given the large-scale promotion activities at the end of 2022 and the expectations of a stable macroeconomic prospect in 2023, the customers’ confidence is improving, and the overall advertising growth is expected to resume. 4. The popularization of IPv6 and ultra-high-definition video technologies is accelerated and the smart large-screen users hit record high The State Council issued the Plan for Development of the Digital Economy During the “14th Five-Year” Period, pointing that the popularization of ultra-high-definition TV should be strengthened, and new technologies and business modes such as 8K ultra- high-definition video, interactive video and immersive video should be developed. The Cyberspace Administration of China, the National Development and Reform Commission of China and the Ministry of Industry and Information Technology of China jointly printed and issued the document, pointing out that we should deeply promote IPv6 scale deployment and application, continuously optimize IPv6 network performance, enhance IPv6 network interoperability, explore and advance live network deployment of IPv6 single stack and SRv6 technology, step up the IPv6 upgrading and transformation of broadcasting networks, and improve the end-to- end IPv6 support capability of IPTV services. In 2022, China’s three basic telecommunications enterprises continuously devoted great energy to developing IPTV, Internet data centers, big data, cloud computing, the Internet of Things and other emerging reached 380 million, with a net increase of 31.92 million. CSM report shows that China’s audience size, market share and monthly active users of IPTV and OTT grew steadily throughout 2022, and that the personalized, timely, multi-selective and interactive large- screen viewing experience made the smart large-screen viewers further show a younger trend, bringing more opportunities for industry communication and marketing. 5. The films, TV dramas and variety shows implement the plan of “cost-reducing and efficiency-increasing” throughout 2022 and the shares of the long video platforms remain stable by adhering to the business philosophy that “content quality is the king” With respect to variety shows, according to the reports issued by ENLIGHTENT, the Institute of Media Economics and other institutes, 274 home-made seasonal variety shows were released in 2022, an increase of 7 shows year on year. The major long video platforms enjoyed an important market share, while short video platforms continued to increase their investment in variety shows. The high-quality variety shows maintained a high level, and the “N-generation variety show” took the lead in the segmented field. Music variety shows have become a core engine, and their nostalgic theme and sentiment help them become a hot-selling product. The vertically classified and derivative customized variety shows were further expanded. Efforts were made to develop “small but beautiful” mid-tier and micro variety shows to precisely attract core target audiences under the guidance of cost reduction and efficiency increase as well as value co-creation. In terms of films and TV dramas, according to Endata, 301 dramas were released on long video platforms in 2022, a year-on-year decrease of 18 dramas, with the number of Internet dramas representing over 60%. The high-quality dramas and series were still concentrated in major long video platforms, and the number of popular dramas wining good reputation and audience rating increased significantly. The reality, history and women dramas and series outperformed the market, and more high-quality costume dramas, comedies, suspense dramas and workplace dramas were produced. Further, the content modes and consumption experience of short dramas made a new breakthrough. 6. Content protection continues to strengthen, and the in-depth cooperation between long and short videos becomes a general trend The administrative and judicial organs further enhance efforts to combat infringements of content copyright and continuously impose more severer punishments. The national-level network copyright protection work, represented by “Jianwang” special campaigns jointly carried out by the National Copyright Administration, the Ministry of Industry and Information Technology, the Ministry of Public Security, the Cyberspace Administration of China and other departments to combat Internet infringement and piracy, has been conducted over a long period of time. This effectively promotes mutual in-depth cooperation between leading long and short video platforms, so that they work together to protect original copyrights, broadly grant genuine authorization and effectively advance joint innovation. On the basis of high-quality product content matrix, long video platforms continued to explore the new direction of micro dramas and micro variety shows, and more and more derivative high-quality PUGC products were released and well received by target audiences. The attention, rate of becoming widely known and rate of return of the original works grew steadily. Capitalizing on the traffic, algorithm and scale advantages, the leading short video platforms continued to expand the ecological deployment of original long videos, and broaden two-way promotion and distribution channels of the original, cooperative and derivative long videos between upstream and downstream, and further explore the global market. 7. The new AI is on the upswing, and AIGC opens up a new direction of content creation The new AI represented by ChatGPT grows rapidly, and new opportunities, new modes and new applications of related industries and sectors have commanded high attention worldwide. The heads of related departments in the Ministry of Science and Technology of China said that, AI, as a strategic emerging technology, has become an important driver for scientific and technological innovation, industrial upgrading and productivity improvement in many fields. In March 2023, the Ministry of Science and Technology of China officially started the special deployment of “Artificial Intelligence for Science”, a project to promote the use of AI in frontier sci-tech research, with a view to accelerating the building of a new generation of national AI innovation platforms. Local AI special campaigns or development plans were issued successively in Beijing, Tianjin, Chengdu and Hangzhou, etc., further supporting the development of China’s AI and its applications. The evolution of AIGC creation and production system for texts, images, 3D, audio, video and games based on a new generation of AI technology is accelerating. New AI has a broad prospect of application in the key aspects of content creation and systemic design from content informatization, digitization to intelligentization, which exerts far-reaching impacts on the evolution and upgrading of the cultural industry in terms of production efficiency, cost optimization and access threshold. As a result, more and more major Internet platforms, games and content-based companies begin to set foot in this field. 8. The e-commerce expansion continues to accelerate across all domains and all scenarios, and the content e-commerce penetration rate increases steadily According to QM data, the number of major e-commerce platform users remained on the rise in 2022, and the overall gap between the leading platforms and medium-sized platforms continued to widen in terms of user scale, resource investment and other key areas. In the industry with strong demand for liquidity, e-commerce platforms worked to deploy multiple channels, and actively made the growth of user scale become a new growth driver. The users of the mobile shopping all-scenic traffic channels represented by applets reached 700 million, becoming a core pillar of differentiated ecological traffic. The self-built e-commerce channels emerged in leading vertical industries such as liquor and mobile phones. The interest-based content e-commerce platforms represented by “live + short video” further deepened the integration of content and consumption scenarios, increasing consumer reach and conversion rates. By community marketing, the use habits of targeted users were further cultivated. The user scale of the group, community and takeaway e-commerce platforms were expanded steadily. II. Our main business during the Reporting Period regulatory Supervision for Companies Listed on the Shenzhen Stock Exchange No. 4 – Disclosure of Industry Information by the Companies Listed on the ChiNext Board. We are the first state-owned new media company listed on the A-share market that is characterized by integrated development, and has built a core industry chain covering all channels and the entire content ecosystem, and is the integrated convergence media industry and capital operation platform affiliated to GBS (Hunan Broadcasting System). Our main business includes Mango TV Internet video business, new media interactive entertainment content production and content e-commerce business. Relying on the Mango convergence media ecosystem, and centered on the Internet video platform operation, we have built an entire media industry chain ecosystem covering membership, advertising, IPTV, OTT, films and TV dramas, variety shows, artist agency, music copyright operation, IP derivative development and live entertainment, content e-commerce, etc., characterized by synergetic development of the upstream and downstream. 1. Mango TV’s Internet video service Mango TV’s Internet video business is mainly categorized into advertising, membership and operator businesses. The advertising business is mainly categorized into soft advertising business and hard advertising business. The soft advertising business focuses on contents, fully explores the marketing value of high-quality content IPs, and provides clients with naming, placement and other advertising products; hard advertising business provides clients with patching, inserting and other advertising services. The membership business is divided into two parts, that is, the online part and the offline part. The online membership business means that the Company attracts users to purchase membership packages through online consumption with its enriched copyright resources and high-quality exclusive contents; the offline membership business mainly attracts target audience and make them members through promotional activities in various forms. The operator’s large-screen business model is mainly to sign cooperation agreements with major operators, cable TV operators, etc., where the Company provides content products for promotion and marketing, and both parties share related revenues. 2. New media interactive entertainment content production Our new media interactive entertainment content production business mainly includes content production and operation, artist agency, music copyright, IP derivatives development and location-based entertainment business. The content production and operation business mainly include production of variety shows, films and TV dramas and content copyright operation, reflecting our core competencies. As a leading content producer, we produce proprietary and customized high-quality content, to publicize the positive energy of the society, guide the values of young people, and bring social benefits as a state-owned cultural company. On the other hand, we use our high-quality content to attract members, serve advertisers or otherwise bring economic benefits. In the artist agency business, we seek and train new talents having great potentials, provide artists with comprehensive services including positioning, publicity, modeling, commercial sponsorship, etc., build an echelon of artists at all levels and of various types, and create a closed loop of artist agency business by arranging the artists to take part in films, TV dramas, variety shows, commercial performances, branded concerts, brand sponsorship, peripheral derivatives license or otherwise. In the music copyright business, on the basis of music IP resources accumulated and continuously enriched by the artists, we grant online App licenses, overseas digital music licenses, game licenses, program licenses, background music licenses for films and TV dramas and other digital music licenses. In the IP derivatives development and location-based entertainment business, relying on the IPs of Who’s the Murderer, Great Escape and other programs, we grant multi-dimensional IP derivatives licenses, carry out offline location-based entertainment business around the country, and build M-CITY brand. 3. Content e-commerce business Our content e-commerce business includes Happigo and Xiaomang. Happigo e-commerce seeks to develop a service and tool platform around the closed loop of large-screen TV and TV audience sales, with its focus on TV shopping business, and supply chain building and expansion. Xiaomang e-commerce is designed as “a content e-commerce platform focusing on home-made new fashions”, focuses on the integration of IP content and e-commerce modes, and creates a vertical Mang brand with the help of multiple unique content-based product lines. Meanwhile, we strengthened the overall linkage between Xiaomang e-commerce and each business sector of the overall Mango ecosphere. We took advantage of IP cooperation rights and interests to further expand the cooperation matrix of home-made brands, and continued to improve the closed loop of “content + video + e-commerce”. III. Analysis of core competencies The report to the 20th National Congress of CPC points out that we will improve the systems for communications across all forms of media and create a new environment of mainstream public opinion. In this report, a comprehensive plan is developed for being more confident in our culture, carrying forward China’s cultural heritage and turning China into a country with a strong socialist culture, bringing new strategic opportunities for the in-depth integrated development of media. As a Party media and state- owned enterprise, we build the integration ecosystem of mainstream new media group in a comprehensive manner, keep improving the effectiveness of international communication, and deliver high-quality political leadership projects, hot innovation projects, operation optimization projects, industrial upgrading projects, and youth talent projects. By strengthening and innovating the Internet content building, we have effectively turned opportunities into development effectiveness. 2. System and mechanism advantages in joint development of double platforms Hunan Broadcasting System has the advantage of leading double platforms in the country, i.e. the mainstream new media platform Mango TV and the traditional media Hunan TV. These two platforms continue to create a new pattern of media integration, realizing the effect of making one plus one bigger than two. These two platforms have actively explored the integration of strategies, marketization of mechanism and rejuvenation of talents, and built a joint development model characterized by co-creation and sharing. With these efforts, we have realized opening up and cooperation in content creation, advertising marketing, joint interview and broadcasting and other areas, and mutual supplement in product cluster and linkage, and actually brought benefits of reform and development through integrated development of media in iteration and symbiosis. 3. Mango innovation gene based on the concept of “innovate or die” We carry Mango innovation spirit of “innovate or die”, and continue our efforts to explore endogenous driving force through the synergy innovation of the system, management, business and technology. With respect to mechanisms, we have established the open and innovative incentive system, and vigorously promoted team system and studio system, to create a sound external environment for the employees that bears the basic risks and arouses their enthusiasm; with respect to management, we have organized “Mango Youth Talk”, “Young CEO Club”, “Qingmang Internship Program” and other activities to iterate young talent training programs and internal competition mechanisms, and promoted the rejuvenation of the management team; with respect to business, we have got rid of the dependency on channels, set the goal of “do it first or be the best”, create highly innovative content works, and preserve our core competencies in proprietary content. 4. The intensive and smart mid-end enabling production of proprietary content We encourage people-centered cultural creation, rely on our strong content production teams, secure core essential production factors, and build a high-level long video platform. As of the end of the Reporting Period, Mango TV has 24 show production teams, and has built a proprietary variety show system having strong competencies and high market value in the industry, and become the （未完）  |