[年报]芒果超媒(300413):2024年年度报告（英文版）
原标题:芒果超媒:2024年年度报告（英文版） AnnualReport2024 April2025 AnnualReport2024 SectionIImportantNote,TableofContentsandDefinitions TheBoardofDirectors,theBoardofSupervisors,directors,supervisorsandexecutivesoftheCompanyherebywarrantthattheinformationcontainedinthisAnnualReportistrue,accurateandcompleteandthisAnnualReportisfreefromanymisrepresentation,misleadingstatementormaterialomission,andagreetoassumejointandseveralliabilityforthisAnnualReport.CAIHuaijun,PrincipaloftheCompany,ZHANGZhihong,CFOandTAOJinyu,ChiefAccountant,herebyrepresentthatthefinancialstatementscontainedinthisAnnualReportaretrue,accurateandcomplete. AlldirectorsoftheCompanyattendedthemeetingoftheBoardofDirectorsreviewingthisReport. Alertofrisksrelatedtoasharpdeclineinoperatingresults:Duringthereportingperiod,duetothechangesinthepreferentialenterpriseincometaxpolicyapplicabletotheCompany,inaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprises,theCompany reversed certain deferred tax assets, resulting in a net decrease in the net profitattributabletotheshareholdersoftheListedCompanybyRMB420millioninthe2024financialstatements(incomparisontoanetincreaseinthenetprofitattributabletotheshareholdersoftheListedCompanybyRMB1.63billionin2023duetoanincreaseintheamountofdeferredtaxassets recognized), which led to a significant decrease in the net profit attributable to theshareholdersoftheListedCompanyin2024ascomparedtothepreviousyear.TherehasbeennomaterialadversechangeintheprimarybusinessandcorecompetenciesoftheCompany,ormaterialriskthatmightimpairtheCompany’sabilitytocontinueasagoingconcern.RefertoSectionII“CompanyProfileandKeyFinancialIndicators-Keyaccountingdataandfinancialindicators”fordetails. ThisReportcontainscertainforward-lookingstatementsregardingfutureplans,developmentstrategiesandotherprojectedmatters,whichdonotconstituteanysubstantialcovenantmadebytheCompanytotheinvestorsandrelatedpersons.Theinvestorsandrelatedpersonsshallbefullyaware of the relevant risks, and understand the differences among such plans, forecasts andcovenants. TheCompanydescribesindetailsthepossiblerisksinitsoperationandcountermeasuresinthisReport.PleaseseeSectionIII“Management’sDiscussionandAnalysis–ProspectsforfuturedevelopmentoftheCompany”. According to the profit distribution proposal approved by the Board of Directors, theCompanywilldistributeacashdividendofRMB2.2(taxinclusive)per10sharestoallshareholdersonthebasisof1,870,720,815shares,withoutdistributinganybonussharesortransferringanycapitalreservetothesharecapital. TableofContents SectionIImportantNote,TableofContentsandDefinitions........................................................................................1 SectionIICompanyProfileandKeyFinancialIndicators............................................................................................5 SectionIIIManagement’sDiscussionandAnalysis........................................................................................................9 SectionIVCorporateGovernance.................................................................................................................................34 SectionVEnvironmentalandSocialResponsibility.....................................................................................................53 SectionVIImportantEvents..........................................................................................................................................54 SectionVIIShareChangesandInformationofShareholders....................................................................................66 SectionVIIIPreferenceShares.......................................................................................................................................72 SectionIXBonds..............................................................................................................................................................73 SectionXFinancialReport.............................................................................................................................................74 ListofReferences 1.FinancialstatementssignedandsealedbythePrincipal,CFOandChiefAccountantoftheCompany;2.Originaloftheauditor’sreportstampedwiththesealoftheaccountingfirmandsignedandsealedbythecertifiedpublic accountants; 3.OriginalsofalldocumentsoftheCompanypubliclydisclosedonthewebsiteforinformationdisclosuredesignatedbythe ChinaSecuritiesRegulatoryCommissionduringthereportingperiodandrelatedannouncements;and4.Otherreferences. Definitions
I.Companyprofile
AccountingfirmengagedbytheCompany:
?Applicable?N/A FinancialadvisorengagedbytheCompanythatperformsthedutiesofongoingsupervisionovertheCompanyduringthereporting period: ?Applicable?N/A V.Keyaccountingdataandfinancialindicators DidtheCompanyneedtoretrospectivelyadjustorre-stateaccountingdataofprioraccountingyears??Yes ?No
incometaxpolicyin2023andthepreviousyears.However,theAnnouncementtoContinuetoImplementCertainTaxPolicies ApplicabletotheEnterprisesTransformedfromOperatingCulturalInstitutionsintheReformofCulturalSystemjointlyreleasedby theMinistryofFinance,theStateAdministrationofTaxationandthePublicityDepartment,CCCPCinOctober2023didnot explicitlyindicatewhethertheculturalenterprisesaffiliatedtousthatweretransformedfrompublicinstitutionswereeligibleto continuetoenjoythepreferentialenterpriseincometaxpolicy.Ontheprudenceprinciple,wejudgedthatsuchenterpriseswould ceasetoenjoythepreferentialenterpriseincometaxpolicyfrom2024,andrecognizedadeferredtaxassetofRMB1.63billioninthe 2023financialstatementsinaccordancewiththerelevantprovisionsoftheAccountingStandardsforBusinessEnterprises,resulting inanincreaseinthenetprofitattributabletotheshareholdersoftheListedCompanybyRMB1.63billion.InDecember2024,the MinistryofFinance,theStateAdministrationofTaxationandthePublicityDepartment,CCCPCjointlyreleasedtheAnnouncement ontheTaxPoliciesApplicabletotheEnterprisesTransformedfromOperatingCulturalInstitutionsintheReformofCulturalSystem, clarifyingthattheculturalenterprisesaffiliatedtousthatweretransformedfrompublicinstitutionscontinuetoenjoythepreferential enterpriseincometaxpolicybetween2024and2027.PursuanttotherelevantprovisionsoftheAccountingStandardsforBusiness Enterprises,in2024,weneedtoreverseatotaldeferredtaxassetofRMB630millionrecognizedin2023forthetaxexemption periodfrom2024to2027,resultinginadecreaseinthenetprofitattributabletotheshareholdersoftheListedCompanybyRMB630 million.Thisreversalofthedeferredtaxassetsrecognizedin2023wasaone-offadjustment,withouttheneedtomakeanyfurther adjustmentbetween2025and2027.Inaddition,werecognizedeferredtaxassetspursuanttotherelevantprovisionsofthe AccountingStandardsforBusinessEnterprisesin2024andsubsequentyears,wherethetotaldeferredtaxassetsrecognizedin2024 wasRMB210million,resultinginanincreaseinthenetprofitattributabletotheshareholdersoftheListedCompanybyRMB210 million.Therefore,thenetdeferredtaxassetsreversedin2024wasRMB420million,resultinginadecreaseinthenetprofit attributabletotheshareholdersoftheListedCompanybyRMB420million.Tosumup,duetothechangesintheenterpriseincome taxpolicies,thenetprofitattributabletotheshareholdersoftheListedCompanyincreasedbyRMB1.63billionin2023resulting fromanincreaseinthedeferredtaxassetsrecognized,anddecreasedbyRMB420millionin2024resultingfromanetreversalofthe deferredtaxassets,leadingtoasignificantchangeinthenetprofitattributabletotheshareholdersoftheListedCompanyin2024as comparedwiththepreviousyear. Whetherthelowerofthenetprofitbeforeandafterdeductionofnon-recurringgainorlossinthepastthreeaccountingyearshas uncertain? □Yes?No Whetherthelowestofthetotalauditedprofit,netprofitandnetprofitafterdeductionofnon-recurringgainorlossinthemostrecent accountingyearisnegative? □Yes?No VI.Keyfinancialindicatorsbyquarter
correspondingfinancialindicatorssetoutinanyquarterreportorsemi-annualreportoftheCompanyalreadydisclosed? □Yes?No VII.DifferencesinaccountingdataarisingfromadoptionofforeignandChineseaccountingstandardsconcurrently 1.DifferencesbetweennetprofitandnetassetsdisclosedonthefinancialstatementsaccordingtotheinternationalaccountingstandardsandtheChineseaccountingstandardsconcurrently?Applicable?N/A Duringthereportingperiod,therewasnodifferenceinnetprofitandnetassetsinthefinancialreportdisclosedinaccordancewith theinternationalaccountingstandardsandtheChineseaccountingstandards.2.DifferencesbetweennetprofitandnetassetsdisclosedonthefinancialstatementsaccordingtotheforeignaccountingstandardsandtheChineseaccountingstandardsconcurrently□Applicable?N/A Duringthereportingperiod,therewasnodifferenceinnetprofitandnetassetsinthefinancialreportdisclosedinaccordancewith theforeignaccountingstandardsandtheChineseaccountingstandards.VIII.Itemsandamountsofnon-recurringgainorloss ?Applicable□N/A
Wedonothaveanyothergainorlossitemthatcanbedefinedasnon-recurringgainorloss.Classificationofanyitemofnon-recurringgainorlossdefinedbytheExplanatoryAnnouncementNo.1onInformationDisclosure byCompaniesPubliclyOfferingSecurities-Non-recurringGainorLossasarecurringgainorloss:□Applicable?N/A Wehavenotclassifiedanyitemofnon-recurringgainorlossdefinedbytheExplanatoryAnnouncementNo.1onInformation DisclosurebyCompaniesPubliclyOfferingSecurities-Non-recurringGainorLossasarecurringgainorloss.SectionIIIManagement’sDiscussionandAnalysis I.Situationsofourindustryduringthereportingperiod 1.Thepromotionoftheintegrateddevelopmentofcultureandtechnologyprovidesstrategicopportunitiesformainstream mediaoutlets. th TheThirdPlenarySessionofthe20 CPCCentralCommitteemadeimportantarrangementsto“explorelong-termmechanisms fortheintegrationofcultureandtechnologyandacceleratethedevelopmentofnewtypesofculturaloperation”,andprovided directionandguidefortheinnovativedevelopmentoftheculturalandmediaindustry.Intheeraofdigitalandintelligentindustrial transformation,theintegrationofcultureandtechnology,asanimportantformofnewproductiveforces,isaninherentrequirement andimportantpathwayforenhancingculturalsoftpower,andalsooffersgreaterpotential,innovativenessandspaceforcontent creation,andwilldrivetheemergenceofmoreinnovativeformsofartisticexpression.Themainstreammediaoutletsshoulderthe responsibilityofexploringlong-termmechanismsfortheintegrationofcultureandtechnology,andpromotingacomprehensive transformationofcontent,platforms,technologyandindustry.Atthesametime,aseriesofsupportingpoliciesforpromotingthe integrationofcultureandtechnology,alongwiththecontinuousiterationandupgradingofnewtechnologies,willbringgreater developmentopportunitiesformainstreammediaoutlets. 2.Thesupplyoffilm,TVdramaandvarietyshowcontentremainsstable,whilemicrodramasbecomeanewsourceofcontent growth. AccordingtoEnlightent,in2024,thesupplyofonlinevarietyshows,filmsandTVdramaswasgenerallystable.Thenumberof newvarietyshowsincreasedslightly,whilethenumberofnewfilmsandTVdramasdecreasedslightlyyearonyear.Video platformsfocusedontop-tiercontentthathasaremarkablesiphoneffect,andverticalcontentcateringtocoreusers.Intermsof broadcast strategy, thevideo platforms adoptedexclusivebroadcast astheir primary strategy. Thepercentageofexclusively broadcastonlinevarietyshowsexceeded90%,asthetop-tiervarietyshowplatformscontinuouslyenhancedtheircontentoutput capabilityandrecognition.ThepercentageofexclusivelybroadcastfilmsandTVdramaswasnearly80%,aslightdeclineyearon year.ThevideoplatformsspreadcontentcoststhroughconcurrentbroadcastsofthesameTVdramasonmultipleplatforms.Micro dramasarebecominganewsourceofcontentgrowth,withmajorvideoplatformssignificantlyincreasingtheirinvestmentinthis area. 3.Thelongvideouserbaseisbasicallystableandtheplatformsseekhigherqualitydevelopmentintheirmembershipoperation. AccordingtoQuestMobile,inDecember2024,themonthlyactiveusersofthefourmajorlongvideoplatforms,namely,TencentVideo,iQIYI,MangoTV,andYouku,were387million,354million,277million,and184million,respectively,indicating that the market is highly concentrated, the competitive landscape is stabilizing, and thetop-tier platforms show an evident agglomerationeffect.Theusernumbersanddurationofwatchtimefluctuatedwiththereleasescheduleandeffectofmajorcontent. Eachplatform,takingintoaccountitsdevelopmentstage,useshigh-qualitycontenttodevelopnewusersandexploitexistingusers, enhancesmemberbenefits,exploresvalue-addedservices,andinnovatesinthemembershipsystem,inordertoincreasetheARPPU (averagerevenueperpayinguser)andpursuehigher-qualitygrowth. 4.Theadvertisingmarketisregainingconfidence,andshowsastructuralrecovery.AccordingtoCTR,thedomesticadvertisingmarketwasgraduallyrecoveringin2024,upabout1.6%yearonyear.Byadvertisement type,general performance-based advertisementstake thelead instrongrecovery, whiletherecovery ofbrand advertisementsstilllagsbehind.Whentheconsumermarketentersanupwardcycle,amorereliableandsustainablerecoveryof brandadvertisementscanbeexpected,duetoreplenishmentofbudget.Thetop-tiermediaoutletshaverelativeadvantagesinmarket competitionduetotheirbrandvalue,useraccessandtransformationeffect.AIandothernewtechnologiesarepromotinginnovation inadvertisingproductsandupgradingofmarketingsystems,potentiallybringingnewmomentumforindustrydevelopment. 5.Large-screentelevisionsremainimportantterminalsinthecontentecosystem,andindustrygovernancehasachievedstaged results. TheindustrialauthoritieshavetakenaseriesofactionsagainsttheMatryoshkadoll-stylecharges,complicatedoperationsand otherproblemsexistinginthehouseholdlarge-screenTVbusiness,tocontinuouslyregulatetheorderofbusinessoperationofthe industry,andachievedstagedresultsinindustrialgovernance.Inthelongrun,IPTVandOTTlicenseholdersareexpectedtobenefit fromtheregulatorycomplianceandhigh-qualitydevelopmentoftheindustry.AccordingtothedatareleasedbytheMinistryof IndustryandInformationTechnology,bytheendof2024,thetotalnumberofIPTV(InternetProtocolTelevision)subscribersofthe threemajortelecommunicationcarriersreached408million.AccordingtoQuestMobile,inDecember2024,thetotalnumberof activesmarttelevisiondevicesinChinawas281million.Asahouseholdinformationandentertainmenthubandmajorchannelfor thecontentecosystemoflongandshortvideoplatforms,large-screentelevisionsstilloccupyanimportantpositionincontent terminals. 6.AIGCcontinuestopromoteindustrialtransformationandenablestheapplicationscenariosinthefieldofmediainanall- roundway. AIGCprovidesanewwaytocreatecontentfollowingPGCandUGC.WiththedeepeninginnovativeapplicationsofAIGCinthecontentindustryandcontinuousexplorationofbusinessmodels,particularlythebreakthroughsinkeytechnologiessuchastext- to-video,theculturalandmediaindustryfacesacriticalwindowperiodtoembracetechnologyandacceleratethecultivationofnew productiveforces.Theopen-sourcingofmultiplegeneral-purposeopen-sourcelargemodelswillfurtherreducethecostofAI applications.Inthefuture,alongwiththereleaseandcontinuousupgradingofmorelargeAImodelproducts,themediaindustryis expectedtodevelopmoreapplicationscenarios,continuouslyimprovecontentproduction,disseminationefficiencyandquality,and giverisetomorenewbusinessmodels. II.Ourprimarybusinessduringthereportingperiod Wearerequiredtocomplywiththedisclosurerequirementsfor“InternetVideoBusiness”setforthintheGuideonSelf- regulatorySupervisionforCompaniesListedontheShenzhenStockExchangeNo.4–DisclosureofIndustryInformationbythe CompaniesListedontheChiNextBoard. Weare thesolestate-ownedlongvideo andnew mediaplatformlistedon theA-sharemarket, represent animportant achievementinreformmadebytheHunanBroadcastingSystem(HBS)inactivelyrespondingtothestrategyoftheCentral Governmentonpromotingthein-depthmediaconvergenceanddevelopment,andareoneofthefirstleadingentitiesinthe convergenceofradio,TVandmedianamedbytheStateAdministrationofRadio,FilmandTelevision(“SARFT”).Leveragingthe Mangomediaconvergenceecosystem,andcenteredonourInternetvideoplatform,MangoTV,wehaveactivelyexploredthe effectivemechanismforintegrationofcultureandtechnology,focusedonthecontroloftheentireindustrychainandecosystem synergy,establishedaninterconnectedecosystemmatrixwithmultiplelinkages,andbuiltastate-owneddigital,intelligent,platform- basednewmediagroupwithstrongleadership,communicationandcompetitivepowers.Weareprimarilyengagedintheoperation ofMangoTVInternetvideo,newmediainteractiveentertainmentcontentproduction,andcontente-commercebusinesses.1.MangoTVInternetvideo OurMangoTVInternetvideobusinesscomprisesadvertising,membershipandoperatorbusinesses,wherethemembership businessisdesignedtoattractthetargetaudiencetobecomesubscribingmembersthroughpromotionalcampaignsandchannel expansions,byleveragingourrichcopyrightresourcesandexclusivebroadcaststrategy;theadvertisingbusinessfocusesonhigh- qualitycontent,fullyexploresthemarketingvalueofIPs,andprovidesclientswithnaming,placement,patching,insertingandother advertisingproductsandservices;andintheoperator’slarge-screenbusiness,asalicenseholderwithadvantageouscontents,we cooperatewiththetelecommunicationcarriersandcableTVoperators,andsharetherevenuesfromVODwiththem.2.Newmediainteractiveentertainmentcontentproduction Ournewmediainteractiveentertainmentcontentproductionbusinessmainlycomprisescontentproductionandoperation,artist agency,musiccopyright,andIPderivativesbusinesses.Inthecontentproductionandoperationbusiness,wecreateandproduce varietyshows,films,TVdramas,cartoonsforchildrenandotherprograms,andearnrevenuesthroughcontentoperationand copyrightdistribution,amongothers.Intheartistagencybusiness,webuildanechelonofartistsatalllevelsandofvarioustypes, andcreateaclosedbusinessloopbyarrangingfortheartiststotakepartinfilms,TVdramas,variety shows,commercial performances,brandedconcerts,amongothers.Inthemusiccopyrightbusiness,wegrantlicensesonthebasisofmusicIPresources accumulatedandcontinuouslyenrichedbytheartists.IntheIPderivativesbusiness,wehavecreatedM-City,studytour,Maijiand otherofflinebrandsthroughmulti-dimensionaldevelopmentofIPderivatives.3.Contente-commerce Inthecontente-commercebusiness,leveragingouradvantagesinmediacreativity,contentproductionandartistresources,we conductintegratedcommunicationsandmarketingthroughAPP,largescreen,miniprogram,livestreamingroomsandotherchannels, toattractconsumerdemandsandsellgoods.XiaomangE-commerceiscommittedtobuildingaconsumerplatformcenteredon emotionalvalue,focusingondomesticbrandswithChinesedesignelements”,whichfocusesontheintegrationofIPcontentande- commercemodes,exploresinnovativepathsforthemonetizationofMangofamilyIPs,andcontinuouslyimprovestheclosed businessloopfromwatchingvideocontenttointeractiveconsumption.Happigotargetssilver-hairedoldpeopleonthebasisoflarge screenTVaudience,servesmembersthroughprivatedomainmarketing,andsellsgoodsthroughTV,APPandotherchannels. III.Analysisofcorecompetencies 1.Platformadvantages AsaParty-controlledmainstreammediaoutletandstate-ownedculturalplatform-basedcompany,weinheritthemediagene that“orientationismorepreciousthangold”,sticktothecorrectpoliticaldirection,publicopinionguidanceandorientationofvalues, adheretothecreationconceptcenteringonpeople,buildastrongideologicalfront,vigorouslycreateasoundnetworkecosystem, andimprovethecommunicationandleadershipspowers,influenceandpubliccredibilityofmainstreampublicopinions.Ourcontent ecosystemintegrateswiththecommunicationsystemforsocialmainstreamvaluesandmainstreamculture,andhaspreciseinsight, profoundunderstandingandstrongexecutioncapabilityinmainstreampropaganda.2.Advantagesinintegration Wevigorouslypromotethe“twointegration”,namelyintegrateddevelopmentofnewmediaandtraditionalmedia,and integrateddevelopmentofcultureandtechnology.WehavesuccessfullybuiltanintegratedecosystemcomprisingMangoTV, GoldenEagleCartoon,XiaomangE-commerceandHunanSatelliteTV,whichgivefullplaytotheeffectofbusinesssynergyand resourceintegration,andeffectivelytransformtheadvantagesofmediaintegrationintodrivesfordevelopment.Meanwhile,we leveragetheadvantagesofourtechnicalteamthattakestheleadintheindustry,enablescontentiterationthroughtechnological innovation,acceleratestheintegrateddevelopmentofcultureandtechnology,andfosteringofnewproductiveforces,tocontinuously enhancethenewcommunicationforces. 3.Institutionaladvantages Relyingonourefficientandflexiblemarket-orientedoperatingmechanism,wehavecontinuouslyimprovedthemanagement andoperatingefficiencyofourplatforms,introducedtheinnovativetrackmanagerregime,studioregimeandothercontentteam management regimes, and explored the optimal content production organization regimes; promoted the orderly and benign competitionamonginternalteamsthroughmarket-orientedtalentflows,“H”typedoubletalentchannelmanagement,youngtalent trainingproject,amongothers;andusedthe“intelligentmid-endmatrix”tobuildacontent-technology-riskcontrol-operation coordinatedlinkagemechanism,tofurtherliberatetheproductiveforcesofcontentteams.4.Advantagesininnovation Wehavestucktothecreationconceptof“innovateordie”,builtastrongcontentteamsystem,continuouslysecuredcore essentialproductionfactors,andfirmlymaintainedourcorecompetenciesincontentinnovation.MangoTVandHunanSatelliteTV currentlyhave55varietyshowproductionteams,24filmandTVdramaproductionteams,and40strategicstudiosunderthe XinmangProgram,therebybecomingthelargestvarietyshowproducerinChina.Byestablishingthecontentinnovationbidding system,innovatingincreativityresearch,developmentandproductionchainorotherwise,westimulatetheteams’creativepower, andachieverapidresponseandimplementationincontentinnovation.5.Advantagesinusers MangoTVstickstothedistinctcontentstrategyandplatformpositioningof“youth,metropolisandwomen”,andrealizesthat ourclearuserbase,finecontentproductsandadvertisersarelinkedandfitperfectlywitheachother.Theoveralluserimageof MangoTVis“vigor,fashionandquality”,amongothers,anditspercentageofwomenusersishigherthantheaveragelevelofthe industry.Clearuserprofileandplatformpositioningwillenhanceourspecialadvantagesinmonetizingthebrandvalueofour platformthroughmultiplechannelsandinavarietyofways,andbuildingthemembershipoperationsystem.6.Advantagesinecosystem Leveragingouradvantagesinproprietarycontent,wehavebuiltthesynergisticandcomplementaryclosedloopofMangonew mediaecosystemcoveringtheentireindustrychainofmediaandtheInternet,wheretheupstreammainlyincludesartistagencyand varietyshows,filmandTVdrama,andchildren’scartoonproductionbusiness;themid-streamisresponsibleforcontentoperation throughmultiplechannelsprovidedbytheonlinevideoplatforms,inrelianceonourstrongcontentproductioncapabilitiesand premiumcontentmatrix;andthedownstreamcentersonofflinelocation-basedentertainment,parent-childamusementparks,live concertsandotherderivativeoperationsbasedonMangofamilycontentIPs,createsawhollynewbusinessmodelcomprising “content+video+e-commerce”. 7.Advantagesinlicenses MangoTVisthesolemarketplayerintheInternetvideoindustrythatholdsbothIPTVandOTTbusinesslicenses,withits smartlarge-screenbusinesscovering31provincialregionsinChina,whichisanimportantsupportingpointforustodevelopliving roomeconomy.Inrelianceonourcompletelicenses,ourvideocontentbusinesscoversallterminals,includingmobilephone,PAD, PC,IPTVandOTT.Wearethefirstvideomediaplatformthathasactuallybuilt“onecloudandmultiplescreens”systeminthe industry.AstheInternetTVindustryentersthehigh-qualitydevelopmentstage,thelicensesheldbyuswillfurthershowour advantages. 8.Advantagesinbusinessmodel Wefirmlybelievethatcontentistheking,andhaveestablishedasustainableandsoundbusinessmodel.Inrelianceonour soundmarket-orientedoperationmechanisms,wehavecontinuouslyimprovedtheefficiencyofbusinessinnovationandriskcontrol level,maximizedtheinput-outputratio,andbecomeamarketplayerintheonlinevideoindustrythathasmadeprofitsformanyyears. Wehavegraduallyachievedeconomiesofscaleincontentproductionthroughaccurateuserpositioning,strongcontentproduction capabilities,andeffectiveclusterofcoreproductionfactors,andrealizedmonetizationofcontentthroughmultiplechannels, includingmembership,advertising,operator,e-commerceandIPderivativesbusinesses.IV.Analysisofprimarybusiness 1.Overview Theyear2024isacrucialandkeyyearforustoadvancetheintegrateddevelopmentofcultureandtechnology.Wethoroughly learnedanddigestedtheimportantspeechesandinstructionsregardingculturaldevelopmentgivenbyGeneralSecretaryXiJinping duringhisinspectiontoursinHunan,stuckto“culture+technology”,focusedonbuilding“content+technology”dualengines, addressedtheuncertaintiesoftheexternalenvironmentwithourowndeterminationandresilienceindevelopment,tookaseriesof measuresandmadeconcertedefforts,tocontinuouslyoptimizeourbusinessstructure,promotethesteadyimprovementofquality th EnterpriseNationwide”forthefifthtime,andranked19 onthelistof“Top100InternetEnterprisesinChinafor2024”,beingthe onlystate-ownedenterpriseamongthetop20.In2024,ourtotaloperatingrevenuewasRMB14.080billion,operatingprofitwas RMB1.742billion,netprofitattributabletotheshareholdersoftheListCompanywasRMB1.364billion,andclosingbalanceoftotal assetswasRMB32.530billion. (1)UpholdthemissionofParty-controlledmediaoutletsandbuildapremiummainstreampropagandapositionWealwaysupholdtheprinciplethat“amediaoutletcontrolledbythePartyshalladheretotheleadershipofthePartywithstrict loyalty”,continuouslyenhancethereach,guidingforce,influenceandcredibilityofmainstreamcommunication,andactively shoulderthenewculturalmissioninthenewera.Ontheonehand,weholdhighthebannerofthoughtandvigorouslyimplementthe “headlineproject”.MangoTVhasprominentlyfeatured“StudyMoments”onthefirstscreenofitshomepage,withatotalofover 6.1billionviewsofthespecialsectionofimportantreportsfeaturingGeneralSecretaryXiJinping.Duringimportantevents,suchas th th thenationaltwosessions,theThirdPlenarySessionofthe20 CPCCentralCommittee,andthe75 anniversaryofthefoundingof NewChina,wecompleted150publicityprojects,delivered51majorlivenewsreportsand669regularlivenewsreports,released 71,400piecesofnewsonline,produced228thematicspecialfeatures,fullyleveragedtheadvantagesofintegratedcommunication, andexpandedmainstreamthoughtsandideas.Ontheotherhand,weremaintruetoouroriginalaspirationforcontent,andstriveto producehigh-qualitymainstreamworks.Wevigorouslydisseminatepositiveenergywithmoreyouthful,creativeandhitworks.In 2024,255worksproducedbyuswonmainstreamawards,achievinga“GrandSlam”atmajorawardsincludingtheFeitianAward, GoldenEagleAward,WhiteMagnoliaAwardandStarlightAward.“InfinityandBeyond2023”and“ChinaS3”receivedthe“Five- OneProjectsAward”fromthePublicityDepartment,CCCPC.Ourmainstreamdocumentarieshavewonthe“ChinaNewsAward” forsevenconsecutiveyears.Ourculturalmicro-documentary“AdmonitionstoOfficialsinChina”isakeyprogramunderthe “BroadcastandTelevisionCommunicationProjectforChineseCulture”,whichinnovativelycombinesreal-lifeshootingwithAI- generatedimages,togivecontemporaryconnotationtohistoricalstories.(2)ActivelyexploretheoptimalcontentproductionregimesandstrengthenMangoecosystemmoatinanall-roundwayWefirmlymaintainculturalself-confidence,upholdfundamentalprinciplesandbreaknewground,continuouslyexplorethe optimalcontentproductionorganizationregimes,breakthepathdependency,focusonhitprograms,continuouslyconsolidateour advantagesinthesupplyofcreative,high-level,large-sizedandprofessionalcontent,firmlysafeguardtheabsoluteleadingposition of“MangoProduction”incontentinnovation,andformaMangostylecontentmatrix,therebycontinuouslyfortifyingthemoatfor high-qualitydevelopmentwithpremiumcontent. Continuouslyconsolidateleadershipinthefieldofvarietyshowswithphenomenalhitprograms.Duringthereportingperiod,in ordertobettergraspthecontentdisseminationpatterns,understandthedevelopmenttrendsinprogramproduction,andcreate innovativetracksandhitprograms,MangoTVlaunchedthe“TrackManager”regimetofurtherimprovetherefinedmanagementof varietyprogramteams,adopteda“trackmanagement”approachinthecontentresearch,developmentandproduction,established multiplevarietytracksincludingstagecompetition,majorinnovation,musicvarietyshow,realityshowandreasoning.Underthe “TrackManager”regime,atrackmanagerisresponsibleforprojectmanagement,contentsupervision,andresearchanddevelopment ofinnovativecontentforthetrackassignedtohimorher.In2024,MangoTVreleased160varietyshowsintotal,40%ofwhich wereinnovativevarietyshows.Westeadilymaintainedthefirstplaceintermsofnumberofvarietyshowseffectivelybroadcast,and furtherconsolidatedourleadershipinthefieldofvarietyshows.AccordingtoEnlightent,amongthetop10varietyshowseffectively broadcastonlineinChina,fivewereproducedbyus,namely“SeeYouAgainS4”,“RidetheWind2024”,“Who’stheMurdererS9”, “DivasHittheRoad·SilkRoad”and“CallMebyFireS4”;andamongthetop10varietyshowseffectivelybroadcastonTV,four wereproducedbyus,namely“Singer2024,”“Hello,Saturday2024,”“theChineseRestaurantS8”and“RunForTimeS4”. Increasethereserveofmajordramas,asinvestmentinfilmsandTVdramasgraduallyenterstheoutputcycle.Weproactively adaptedtothedevelopmenttrendsinthefilmandTVdramaindustry,tookaseriesofactions,suchasestablishingthedrama evaluationandqualitycontrolcenter,buildingsuperstudiosforfilmandTVdramaproduction,andimplementingthesuperpartner regimeunderthe“XinmangSProgram”,andactivelyincreasedthecontentinvestmentinfilmsandTVdramas,especiallythe developmentanddeploymentofmajorprojects.In2024,MangoTVreleased27keyfilmsandTVdramas.Amongthetop10MandarinTVdramaswiththehighestratingsonDoubanin2024,threewereproducedbyus,namely“RomanceintheAlley”,“The Forerunner”and“CityofDaylights”.Ourself-producedTVdramas,“TheForerunner”,“CityofDaylightsand“BeginAgain”,were airedonCCTVatprimetime.“RomanceintheAlley”tooktheleadintheTVdramasbroadcastonlineintermsofpopularityand（未完）  |