[年报]芒果超媒(300413):2023年年度报告（英文版）
原标题:芒果超媒:2023年年度报告（英文版） Mango Excellent Media Co., Ltd. Annual Report 2023 April 2024 Annual Report 2023 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, the Company will distribute a cash dividend of RMB1.8 (tax inclusive) per 10 shares to all shareholders on the basis of 1,870,720,815 shares, without distributing any bonus shares or transferring any capital reserve to 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 ........................................................................................................................36 Section V Environmental and Social Responsibility ............................................................................................57 Section VI Important Events .................................................................................................................................58 Section VII Share Changes and Information of Shareholders ...........................................................................72 Section VIII Preference Shares ..............................................................................................................................79 Section IX Bonds .....................................................................................................................................................80 Section X Financial Report ....................................................................................................................................81 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:
?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? ? Yes □No Reason for retrospective adjustment or re-statement: Changes in accounting policies, the business combination involving entities under common control, and other reasons.
Enterprises No. 16 issued by the Ministry of Finance, regarding the “accounting treatment of deferred taxes related to assets and liabilities arising from single transactions to which the initial recognition exemption does not apply”, and adjusted the single transactions to which such provisions apply that occurred during the period from the beginning of the earliest period in which we adopted such provisions in the presentation of the financial statements for the first time, till the date of initial adoption of such provisions as follows: with respect to the taxable temporary difference and deductible temporary differences arising from lease liabilities and right-of-use assets, provisions related to retirement obligations and corresponding assets recognized in connection with the single transactions to which such provisions apply, at the beginning of the earliest period in which we adopted such provisions in the presentation of the financial statements for the first time, the cumulative effect is treated as an adjustment to the opening retained earnings and other related financial statement items for that period in accordance with such provisions and the provisions of the CASBE No. 18 – Income Tax. Whether the lower of the net profit before and after deduction of non-recurring gain or loss in the past three accounting years has 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 gain 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 The differences between the indicators set out above and the corresponding indicators contained in the quarterly reports and semi- annual reports already disclosed were primarily due to the effect of the business combination involving entities under common control (Hunan Golden Eagle Cartoon Media Co., Ltd.). 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 gain or loss ? Applicable □N/A
□Applicable ?N/A We do not have any other gain or loss items that can be defined as non-recurring gain or loss. Statement on defining non-recurring gain or loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Publicly Listed Companies – Non-recurring Gain or Loss as recurring gain or loss items □Applicable ?N/A We do not have any non-recurring gain or loss items listed in the Explanatory Announcement No. 1 on Information Disclosure of Publicly Listed Companies – Non-recurring Gain or Loss defined as recurring gain or loss items. Section III Management’s Discussion and Analysis I. Situations of our industry during the Reporting Period 1. Media convergence enters a new stage, and the mainstream media greet strategic opportunities. Since the overall implementation of media convergence as a national strategy, the development of media convergence has yielded remarkable results, including continuously expanding all-media arena, numerous phenomenal convergence media products, and wider and deeper mainstream communication through network channels. At present, China’s media convergence process has gradually moved from “addition” toward “convergence”, and in the context of new ecosystem and new technologies, entered the new stage of all-round development and system building. In the new journey, the mainstream media have the duty to continuously build a healthy network ecosystem, step up the development of media convergence, improve the communication and leadership powers, influence and public credibility of mainstream opinions, and provide strong support to the building of a strong country and national rejuvenation of China in the field of public opinions and communication. 2. Content supply focuses on top-tier works, and the share of exclusively broadcast films, TV dramas and variety shows is increasing. Though the major long video platforms may adopt different content patterns, TV dramas and variety shows are their foundation. According to Enlightent, in 2023, the supply of variety shows, films and TV dramas was generally stable, the number of new works was almost the same as that in 2022, and the video platforms focused more on top-tier works that can remarkably attract new users and vertical contents focusing on core users, and cut certain ordinary contents having a poor return on investment. In terms of broadcasting strategy, the video platforms adopted exclusive broadcast as their primary strategy, with the share of exclusively broadcast new TV dramas and series increasing from 72% to 78%, the share of variety shows exclusively broadcast on TV and online both exceeded 50%, and the share of variety shows exclusively broadcast online reached 93%. As micro and short dramas become a new incremental content market, the long video platforms have increased their deployment in short dramas. 3. The long video user base is basically stable and membership operation enters a high-quality development stage. According to QuestMobile, the number of online video users was 786 million in December 2023, almost the same as one year ago. The competition pattern of the domestic long video industry has gradually shifted from the original “top 3” toward “2+2” top 4 video platforms. The user base and duration of watch time on the major video platforms may fluctuate due to the release of key contents and popular programs, but the overall competition pattern is stabilizing. In the context of competition over existing users, the platforms are actively exploiting existing users taking into account their user development stage, developing new user terminals and channels, improving the refined content operation level, and increasing their ARPPU, in order to achieve high-quality development. 4. The industry is gradually regaining its confidence, and the advertising market is showing a structural recovery trend. According to CTR, the domestic advertising market was gradually recovering amid fluctuations in 2023, up about 6% year on year. Despite the recovery of the market confidence to a certain extent, certain advertisers are cautious in the utilization of their advertising budget. In terms of different advertisement types, general performance-based advertisements have taken the lead in strong recovery, while the recovery of brand advertisements lags behind. When the consumer market enters an upward cycle, a more reliable and sustainable recovery of brand advertisements can be expected, due to replenishment of budget. The top-tier media have relative advantages in market competition due to their brand value, user access and transformation effect. AI and other technologies may bring about new drives for the upgrading of advertisement operation system. 5. Large screen users are increasing stably, and the new policies promote the healthy development of the industry. The industrial authorities have taken a combination of actions against the Matryoshka doll-style charges, complicated operations and other problems existing in the household large screen TV business, to continuously regulate the order of business operation of the industry, and achieved staged results of governance. IPTV and OTT license holders are expected to benefit from the regulatory compliant and high-quality development of the industry. According to Gozen Analytics, in 2023, the percentage of homes using IPTV, OTT and other types of intelligent TV in China was 52% per day or 91% per month, which was basically stable. As of the end of 2023, there were 326 million intelligent TV subscribers in China, an increase of 4% year on year. As a household information and entertainment hub and major channel for the content ecosystem of long and short video platforms, intelligent TV still occupies an important position in content terminals. 6. AIGC promotes industrial reform and enables the application scenarios in the field of media in an all-round way. In July 2023, the Cyberspace Administration of China and other six authorities jointly promulgated the Interim Measures for the Administration of Artificial Intelligence Generated Content Services, designed to promote the healthy development of the artificial intelligence generated content (AIGC) industry with policies. AIGC provides a new way to create content following PGC and UGC. A large number of large model products have been released, and widely applied in the exploration of innovative applications and business models in gaming, social networking, video and other media fields. The continuous upgrading of AI models is expected to create more application scenarios and space for growth, further reduce content production costs, improve the efficiency and quality of content production, and open up new commercial spaces. II. Our main business during the Reporting Period We are required to comply with the disclosure requirements for “Internet Video Business” set forth in the Guide on Self-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 sole state-owned long video and new media company listed on the A-share market, represent an important achievement in reform made by the Hunan Broadcasting System (HBS) in actively responding to the strategy of the Central Government on promoting the in-depth media convergence and development, and are one of the first group of leading entities in the convergence of radio, TV and media named by the State Administration of Radio, Film and Television (“SARFT”). Leveraging the Mango media convergence ecosystem, and centered on our Internet video platform, Mango TV, we have focused on the control of the entire industry chain and ecosystem synergy, integrated resources of key elements, opened up the upstream and downstream of the industry chain, established an interconnected ecosystem matrix with multiple linkages, and built a mainstream new media group with strong leadership, communication and competitive powers. We are primarily engaged in Mango TV Internet video, new media interactive entertainment content production, and content e-commerce businesses. 1. Mango TV Internet video Our Mango TV Internet video business comprises advertising, membership and operator businesses, where the membership business is designed to attract target audience to become subscribing members through promotional campaigns and channel expansions, by leveraging our rich copyright resources and premium exclusive contents; the advertising business focuses on contents, fully explores the marketing value of high-quality content IPs, and provides clients with naming, placement, patching, inserting and other advertising products and services; and in the operator’s large-screen business, we, as a license holder with advantageous contents, cooperate with telecommunication carriers and cable TV operators, and share the revenues from VOD with them. 2. New media interactive entertainment content production Our new media interactive entertainment content production business mainly comprises content production and operation, artist agency, music copyright, and IP derivatives businesses; in the content production and operation business, we create and produce variety shows, films, TV dramas, cartoons for children and other programs, and earn revenues through copyright distribution, content operation or otherwise; in the artist agency business, we build an echelon of artists at all levels and of various types, and create a closed loop by arranging for the artists to take part in films, TV dramas, variety shows, commercial performances, branded concerts or otherwise; in the music copyright business, we grant licenses on the basis of music IP resources accumulated and continuously enriched by the artists; and in the IP derivatives business, we develop multi-dimensional derivatives based on our premium content IPs, and M-CITY, Maiji and other offline location based entertainment and amusement brands. 3. Content e-commerce In the content e-commerce business, leveraging our advantages in media creativity and content production, we conduct integrated communications and marketing through APP, large screen, mini program, live streaming room and other channels, to attract consumer demands and sell goods. Xiaomang e-commerce is designed as “a content e-commerce platform focusing on home-made new fashions”, that focuses on the integration of IP content and e-commerce modes, creates the “super live steaming rooms” with the help of multiple unique content-based product lines, and continuously improves the closed loop of “content + video + e-commerce”. Happigo e- commerce targets silver-haired old people on the basis of large screen TV audience, serves high-end members through private domain marketing, and sells goods through TV, APP and other channels. III. Analysis of core competencies 1. Platform advantages As a Party-controlled media and state-owned enterprise, we inherit the media gene that “orientation is more precious than gold”, enter the main battlefield as a main force, stick to the correct political direction, direction of guidance of public opinion and orientation of values, strictly implement the content “three reviews” system and the responsibility system for ideological work, build a strong ideological front, vigorously create a sound network ecosystem, and improve the communication and leaderships powers, influence and public credibility of mainstream public opinions. We have precise insight, profound understanding and strong execution capability in mainstream communication, and integrate mainstream communication with the communication system for social mainstream cultural values. 2. Advantages in convergence th The Report to the 20 National Congress of the Communist Party of China (“CPC”) requires the improvement of the systems for communications across all forms of media and creation of a new environment of mainstream public opinion”, which marks that the in- depth media convergence enters a period of important opportunities for high-quality development. We have intensively implemented the strategic plan made by the Central Government on accelerating the in-depth media convergence, and built an integrated ecosystem comprising Mango TV, Golden Eagle Cartoon, Xiaomang e-commerce and Hunan Satellite TV. Through multi-screen linkage, multi- domain marketing and diversified convergence, the four platforms give full play to the effect of business synergy and resource integration, create a linked development model featuring joint creation and sharing, and effectively transform the advantages of media convergence into drives for development. 3. Institutional advantages Relying on our efficient and flexible market-oriented operating mechanism, we continuously improve the management and operating efficiency of our platforms, implement the compensation and incentive system that gives more pay for more work, and gives priority to efficiency, to stimulate the employees’ creativity; grant the power to manage and allocate personnel and property to the front-liners based on the four-level management system comprising independent studios, teams, etc.; accelerate the competition among internal teams through market-oriented talent flows, “H” type double talent channel management, young talent training project or otherwise; and use the “intelligent mid-end matrix” to build a content-technology-risk control-operation coordinated linkage mechanism, to further liberate the productive forces of content teams. 4. Advantages in innovation We stick to the concept of “innovate or die”, build a strong content team system, continuously secure core essential production factors, and firmly maintain our core competencies in content innovation. Our four platforms currently have 56 variety show production teams, 22 film and TV drama production teams, and 36 strategic studios under the Xinmang Program, thereby becoming the largest variety show producer in China. By establishing the content innovation bidding system, innovating in creativity research, development and production chain or otherwise, we stimulate the teams’ creative power, maintain a keen sense of smell, and rapidly respond to market changes with innovative contents. 5. Advantages in users As of the end of 2023, Mango TV had 66.53 million paying users, ranking steadily among the top long video platforms in China. We stick to the special content strategy and platform positioning of “youth, metropolis and women”, to realize that our clear user base, fine content products and advertisers are linked and fit perfectly with each other. The overall user image of Mango TV is “vigor, fashion and quality”, among others, and its percentage of women users is higher than the average level of the industry. Clear user imaging and platform positioning will enhance our special advantages in realizing the brand value of our platform through multiple channels and in a variety of ways, and building the membership operation system. 6. Advantages in ecosystem Leveraging our advantages in proprietary contents, we have built the synergistic and complementary closed loop of Mango new media ecosystem covering the entire industry chain of media and Internet, where the upstream mainly includes artist agency and variety show, film and TV drama, and children’s cartoon production business, the mid-stream is responsible for content operation and distribution through multiple channels provided by the online video platforms, in reliance on our strong content production capabilities and premium content matrix, and the downstream centers on offline location-based entertainment, parent-child amusement park, and other derivative operations based on Mango family content IPs, creates a wholly new business model comprising “content + video + e-commerce” with content as the basis, and realizes monetization of derivatives through multiple online and offline channels. 7. Advantages in licenses Mango TV is the sole market player in the Internet video industry that holds both IPTV and OTT business licenses, with its smart large-screen business covering 31 provincial regions in China, which is an important supporting point for us to develop 5G and living room economy. In reliance on our complete licenses, our video content business covers all terminals, including mobile phone, PAD, PC, TV, IPTV and OTT. We are the first video media platform that has actually built “one cloud and multiple screens” system in the industry. As the Internet TV industry enters the high-quality development stage, the licenses held by us will further show our advantages. 8. Advantages in business model We firmly believe that the content is the king, and have established a sustainable and sound business model. In reliance on our sound market-oriented operation mechanisms, we have continuously improved the efficiency of business innovation and the risk control level, maximized the input-output ratio, and become a market player in the online video industry that has made profits for many years. We have realized effective control over content production costs through accurate user positioning, strong content production capabilities, and effective cluster of core production factors. In reliance on our industry leading model of monetization through “membership + advertising + operator + e-commerce” channels, we have developed multiple sources of revenue. IV. Analysis of main business 1. Overview th The year of 2023 is the first year for the full implementation of the spirit of the 20 National Congress of the CPC, and also the th 10 year of the overall implementation of media convergence as a national strategy. During the Reporting Period, we adhered to the spirit of General Secretary Xi Jinping’s cultural ideology and the instructions in his series important speeches on media convergence as the fundamental principles and guidelines, addressed the uncertainties of the external environment with the certainties of our own development, focused on in-depth media convergence, consolidated the advantages of multi-platform coordinated development, stimulated intrinsic drives for our core business through content innovation, promoted diversified development of the emerging types of operations on the basis of ecosystem coordination, and took into consideration both short-term goals and medium- and long-term strategies, made steady and strong progress in high-quality development, and achieved steady improvement of all key operating （未完）  |