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北京时间·🕒 发布 15:53:14·⟳ 抓取 15:55:31 +2m17s·⚡ 决策 08-21 17:10:54 +1h15m·67.2 天前

芒果超媒披露2026年半年报,归母净利润同比下降73.58%

利润端明显弱于收入端:上半年收入同比仅增3.86%,但归母净利润同比下降73.58%,显示成本费用或内容投入压力显著侵蚀盈利。

📄 原文芒果超媒↗ 原文
2026年半年度报告摘要(英文版)
Mango Excellent Media Co., Ltd. Summary of 2026 Semi-Annual Report 1 Stock Code: 300413 Stock Short Name: Mango Excelle…
不做 芒果超媒(300413.SZ)
事件本身是明确财报利空并触发风险信号,但当前未能取得stock_quote真实报价和event_study结果,不能按契约输出可执行SHORT;已有多头应按风险信号降低或规避。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-21 · 扩散 low · price-in 风险 medium ↗ ↗

消息传播链

  1. 2026-08-21 15:53 CST首发巨潮资讯/公司公告一手源原文 ↗
    芒果超媒盘后披露2026年半年度报告摘要,确认利润与经营现金流大幅下滑。

关键理由

  • 利润端明显弱于收入端:上半年收入同比仅增3.86%,但归母净利润同比下降73.58%,显示成本费用或内容投入压力显著侵蚀盈利。
  • 量级上,2026年半年归母净利润2.02亿元,只有2025年同期7.63亿元的约26%,而市场公开预测仍显示2026年全年净利润约14.59亿元,半年报兑现进度明显偏低。
  • 经营现金流从去年同期净流入4.60亿元转为净流出3.42亿元,短期会压制市场对内容平台盈利质量和全年业绩兑现的预期。

主要风险

  • A股业绩披露后追空容易受到次日低开消化和传媒板块情绪反抽影响,且本环境未取得可用于下单的实时stock_quote报价。
  • 若公司后续在完整半年报或交流中说明利润下滑主要来自一次性投入且下半年内容排播改善,负面重估可能被部分修复。

反向证据

  • 做空前查反向 · 来源 web · 日期 2026-08-13 · 影响 supports
    公开业绩预测仍给出2026年全年净利润14.59亿元,若市场此前未充分下修,本次半年报进度偏低支持看空;但全年预测可能滞后。
    检索:芒果超媒 2026 半年报 一致预期 业绩预测 机构 净利润 原文 ↗
  • 做空前查反向 · 来源 web · 影响 weakens
    可见行情页显示芒果超媒近一年跌幅较大且市值约300亿元,但未取得本次事件后的真实可交易报价,不能形成可执行做空入场价。
    检索:芒果超媒 股价 300413 最新 行情 市值 2026年8月 原文 ↗
  • 做空前查反向 · 来源 web · 影响 none
    未在当前检索中发现足以覆盖利润和现金流大幅下滑的明确订单、指引上修或公司澄清。
    检索:芒果超媒 2026 半年报 利好 内容 排播 AI 反向证据

先例如何影响了这次决策

对本次决策的影响:先例支持保留负面风险信号,但因缺少真实行情工具报价和高相似事件研究结果,不升级为可执行做空单。

方向:有限传媒股先例偏向财报披露后市场交易盈利持续性压力,对芒果超媒本次负面方向有支持。

涨幅量级:没有足够高相似、同主体或同市场同机制且锚点干净的先例,不能用先例直接校准止盈止损幅度。

形态:可见样本显示传媒财报披露后容易出现利空或利好兑现,但样本不足以证明稳定胜率。

历史先例(按相似度)

  • 相似度 6/10 300251 2026-04-22 光线传媒2026年一季报营收和归母净利润同比大幅下滑,次日股价收跌7.77%。 原文 ↗
    测光线传媒300251.SZ披露2026年一季报后次日反应。
    相似度依据:同为A股传媒公司财报后利润大幅回落,但公司、业绩基数和事件相位不同,只能辅助方向判断。
    经验:传媒公司业绩高基数回落披露后,市场会优先交易持续性担忧而非收入叙事。
  • 相似度 5/10 300251 2025-08-27 光线传媒2025年半年报利润高增后,次日股价仍下跌5.49%。 原文 ↗
    测光线传媒300251.SZ半年报后次日反应。
    ⚠非首发(转载/聚合)·来源层级不符(声明media/实为aggregator) — 该行涨幅别用来定止盈止损
    相似度依据:同为传媒股财报披露后交易持续性担忧,但该例利润同比高增而股价下跌,机制是利好兑现而非利润暴雷。
    经验:A股传媒财报披露日即使表观增长,也可能因预期已兑现而高开低走或下跌。

原文全文

展开原文 · 6,245 字
Mango Excellent Media Co., Ltd. Summary of 2026 Semi-Annual Report
1
Stock Code: 300413
Stock Short Name: Mango Excellent Media
Announcement No.: 2026-035
Mango Excellent Media Co., Ltd.
Summary of 2026 Semi-Annual Report
I.
Important Note
This summary of the semi-annual report comes from the full text of our semi-annual report. Investors should
carefully read the full text of our semi-annual report published in the media designated by the China Securities
Regulatory Commission (the "CSRC") to fully understand our results of operations, financial position, and future
development plan.
All directors attended the meeting ofthe Board of Directors reviewing this report.
Notice of Non-standard Audit Opinion
Applicable N/A
Proposal for profit distribution or transfer of capital reserve to share capital for the reporting period considered by
the Board of Directors
Applicable N/A
The Company has no plan for distribution of cash dividends and bonus shares, or capitalization of common
reserves.
Proposal for distribution of profits to the preferred shareholders for the reporting period adopted by the Board of
Directors
Applicable N/A
II.
Basic Information of the Company
1.
Company profile
Stock short name
Mango Excellent Media
Stock code
300413
Stock exchange on which the shares are
listed
The Shenzhen Stock Exchange
Contact person and contact
information
Board Secretary
Securities Affairs Representative
Name
ZHANG Zhihong
ZHOU Yong
Telephone
(0731) 82967188
(0731) 82967188
Office address
Golden Eagle TV Culture City, Changsha,
Hunan
Golden Eagle TV Culture City, Changsha,
Hunan
Email
mangocm@mangocm.com
mangocm@mangocm.com
2.
Key accounting data and financial indicators
Did the Company need to retrospectively adjust or restate accounting data of prior accounting years?
Yes No
Semi-annual 2026
Semi-annual 2025
YoY Change
Operating revenue (RMB)
6,193,781,216.45
5,963,683,329.69
3.86%
Net profit attributable to shareholders of the Listed
Company (RMB)
201,686,706.95
763,397,450.94
-73.58%
Net profit attributable to shareholders of the Listed
Company after deduction of non-recurring gain or loss
(RMB)
181,023,429.50
609,820,469.81
-70.32%

Mango Excellent Media Co., Ltd. Summary of 2026 Semi-Annual Report
2
Net cash flows from operating activities (RMB)
-341,693,041.31
460,068,739.04
-174.27%
Basic earnings per share (RMB/share)
0.11
0.41
-73.17%
Diluted earnings per share (RMB/share)
0.11
0.41
-73.17%
Weighted average return on net assets
0.86%
3.35%
-2.49%
June 30, 2026
December 31, 2025
Change vs. Prior Year-End
Total assets (RMB)
32,778,671,091.07
33,171,867,484.43
-1.19%
Net assets attributable to shareholders of the Listed
Company (RMB)
23,083,868,033.10
23,368,627,338.67
-1.22%
3.
Shareholders and shareholdings
Unit: Shares
Total ordinary shareholders as
of the end of the reporting
period
66,889
Total preferred shareholders (ifany) with
recovered voting rights as of the end ofthe
reporting period
0
Total shareholders
(if any) holding
special voting
right shares
0
Shareholdings of the top 10 shareholders (excluding the shares lent via refinancing)
Name of shareholders
Nature of
shareholders
Share
holding ratio
Number of shares
held
Number
of
restricted
shares held
Pledged, marked or frozen
Status
Quantity
Mango Media Co., Ltd.
State-owned
corporation
56.09%
1,049,300,301
849,019,732
N/A
0
Zhongyi Capital Holding
Group Limited
State-owned
corporation
7.01%
131,188,792
0
N/A
0
Hunan Caixin Jingguo
Equity Investment
Partnership (LP)
State-owned
corporation
5.01%
93,647,857
0
N/A
0
Hong Kong Securities Clearing
Company Limited
Others
1.28%
23,959,614
0
N/A
0
National Social Security
Fund – Portfolio No. 118
Others
0.94%
17,515,252
0
N/A
0
Industrial Bank Co., Ltd. –
ICBC‑Credit Suisse
Cultural & Sports Industry
Equity Securities
Investment Fund
Others
0.48%
9,024,900
0
N/A
0
Industrial and Commercial
Bank of China Limited –
Dongfanghong New‑
Dynamics Flexible Allocation
Hybrid Securities Investment
Fund
Others
0.46%
8,666,100
0
N/A
0
China Merchants Bank Co., Ltd.
– Dongfanghong JD Big‑Data
Flexible Allocation Hybrid
Securities Investment Fund
Others
0.38%
7,032,800
0
N/A
0
China Merchants Bank Co.,
Ltd. – Hua’an Qianyu Bond‑
type Initiation Securities
Investment Fund
Others
0.26%
4,800,000
0
N/A
0
Industrial
and
Commercial
Bank of China Limited – E‑
Fund
ChiNext
Exchange ‑
Traded
Open ‑ End
Index
Securities Investment Fund
Others
0.20%
3,762,567
0
N/A
0
Related-party relationship or concerted action
relationship among the
aforementioned shareholders
Mango Media Co., Ltd., the controlling shareholder ofthe Company, has no related-party relationship
or concerted action relationship with other top 10 shareholders, and it is unknown whether or not there
is a related-party relationship or concerted action relationship among other top 10 shareholders.
Top
10 ordinary shareholders participating
in
financing and securities lending activities (if any)
None
Share lending via refinancing by holders of 5% or more of the shares, top 10 shareholders and top 10 unrestricted
shareholders
Applicable N/A

Mango Excellent Media Co., Ltd. Summary of 2026 Semi-Annual Report
3
Changes in top 10 shareholders and top 10 unrestricted shareholders compared to the previous period due to
lending or return of shares via refinancing
Applicable N/A
Whether the Company has made any arrangement for voting right differences?
Yes No
4.
Change in the controlling shareholder or actual controller
Change in the controlling shareholder during the reporting period
Applicable N/A
There was no change in our controlling shareholder during the reporting period.
Change in the actual controller during the reporting period
Applicable N/A
There was no change in our actual controller during the reporting period.
5.
Total preferred shareholders and shareholdings of thetop 10 preferred shareholders of the Company
There was no shareholding of shareholders ofpreference shares during the reporting period.
6.
Outstanding bonds as of the approval date of the semi-annual report
Applicable N/A
Ⅲ.
Significant Matters
During the reporting period, the Company's principal business, operating results, and significant matters are detailed
in the Company's "2026 Semi-Annual Report".

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