Xu Feilina is a hit on the Internet, is Mango’s career about to take off?

This year, even me, a straight man who doesn’t pay attention to variety shows at all, started paying attention to Mango, Li Na

Don’t ask me what Li Na means. It has no meaning, it’s just a fashionable punctuation mark.

I believe all of you missionaries have heard about it. If you feel confused, then Shichao will quickly take you to catch up with the latest wave of the Internet.

On October 22, Mango Channel launched “The Friendship Period”. Xu Fei and Li Na, who had been separated for fifteen years, reunited and confronted each other in the show. Li Na accused Xu Fei of reporting on her to the company, which led to her being hidden. Xu Fei always denied deliberately reporting on them. Both sides insisted on their own opinions and harbored grievances, but the actual process of getting along was funny and hilarious.

For example, Xu Fei nearly collapsed and shouted, “I draw the ground as a prison, Li Na.”

After hearing this, Li Na went back to the room and asked AI what it meant, and ordered a McDonald’s.

Also, everyone used Li Na as a punctuation mark earlier, because Xu Fei called Li Na at the end of almost every sentence during the confrontation. Netizens quickly deconstructed it. Adding Li Na at the end of the sentence would make her look very deep, which triggered Li Na.

Because the knot between the two was caused by the whistleblower, and at the same time, everyone found that this pair was unforgiving in words, but in actual actions they still considered each other.

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Netizens who want to see their reconciliation come out to claim it and put “I sued Mi Lina” on Weibo’s hot search list.

At the beginning of November, Mango Super Media’s stock price experienced a sharp rise for many days. Many people attributed it to the fact that this wave of “Later Friendship Period” was too out of the circle.

Think about it carefully, not onlyThis variety show, Mango this year can be called the era of great results.

In April, it was Sun Yang Doudou in “Wife’s Romantic Travel”, in May, “Wish Post-it” in “Riding the Wind”, in August, Jing Boran and Mao Amin in “Flower Flower 2” were analyzed frame by frame, and then there was “My Girl” which became an internet sensation.

Because much of Mango’s popularity this year is due to variety shows, and in these real-life variety shows, teachers have guests with narcissistic personality traits (NPD). In the eyes of some netizens, Mango has become the most understanding psychology person on the Internet, because when everyone is troubled by NPD, his friends directly become NPD.

Some people say that if you eat a lot of mangoes with traffic, you will definitely lose money.

But is that really the case? How much benefit can the hit variety show bring to Mango?

Out of curiosity, we opened the financial report and embarked on the journey to find the answer.

Mango TV, like Ayouteng, is essentially in the content business. There is enough high-quality content (movies/TV series/variety shows, etc.) on the platform. If it can produce popular content, it can attract users. Users are the main source of income.

There is no doubt that Mango is currently one of the platforms that is best at producing hit variety shows, probably close to none.

But how much economic conversion can traffic bring?

——It’s hard to say.

Judging from the financial report, Mango Super Media mainly has three major business segments:

Mango TV Internet video, this segment is the largest revenue business and the focus of profitability. In 2025, it contributed 73.31% of the company’s revenue and 84.45% of its gross profit. This segment can be further divided into three parts, membership income, advertising income, and income sharing obtained from cooperation with operators.

New media interactive entertainment content production can be further subdivided into content production and operation, artist management, music copyright, IP derivatives, etc.

Finally, there is the content e-commerce business.

In order to facilitate everyone’s understanding, let us also give an example.

Chacha TV has launched a paid variety show, “Chacha Riding the Wind and Waves”. If you want to watch it, you have to sign up for a Chacha membership. This is the membership income in the Internet video business.

Although you have paid, in this variety show, you will also see sponsored ads, pre-roll ads, pause ads, etc., which are of course advertising revenue in the Internet video business.

Not only do you put this variety show on your own video platform, but operators such as telecommunications also purchase it and sell it in their own channels. The money coming in from such cooperation channels is considered the operator’s income.

After the show becomes popular, there will be some spin-off businesses.

For example, if you launch a talent show, you also sign the stars who are selected, and then you earn money by operating these celebrity artists; and if a certain program becomes popular in China and becomes a big IP, and you want to sell it overseas, such as Vietnam or something, these will most likely belong to the new media interactive entertainment content production sector.

Everyone is familiar with content e-commerce, so I won’t go into details. . .

After having a general understanding of Mango Super Media’s business sectors, let’s take a look at the specific data.

Mango has not only become popular this year, but has continued to release hit movies in recent years. For example, “Singer 2024”, which was ridiculed as “the old lady in her fifties staying home”, and “Goodbye Lover 4” starring Mai Lin and Li Xingliang were both two years ago.

So there is no shortage of popular mango super media.In the past three years, the number of members has not declined at all.

From 2023 to 2025, the number of effective members of Mango at the end of the year is: 66.53 million, 73.31 million, and 75.6 million.

However, the growth in the number of members does not mean that the membership business will inevitably grow.

In 2024, the increase in the number of members successfully brought about an increase in membership income of 833 million yuan. However, by 2025, although the number of members is still rising, member income has decreased by more than 500 million yuan.

The statement in the financial report is that the income generated by some program members is less than expected.

Some people bought memberships, but they only bought memberships and did not make any more purchases.

Moreover, there are no shortage of “promotions” for mangoes. . .

Starting from the second half of 2023, Mango has cooperated with China Mobile to launch the M-Zone Mango Card, which comes with Mango TV membership. 88VIP, which cooperates with Taobao, can also receive Mango membership for free. This year, joint members of Mango and JD.com can get two annual passes for 108 during the event.

This feels very similar to mass-selling snacks.

Snack companies have rapidly grown their user base with the help of mass-selling snacks, but this model of small profits but quick turnover will greatly impact profit margins. In the past, the money you could earn from selling one product may now have to be sold several to earn it back.

At the same time, behind the hot hits one after another,The cost of producing this content is also rising.

In 2025, the total cost of Mango TV’s Internet video business will increase by 12.90% year-on-year, and the total cost of new media interactive entertainment content production and operation business will increase by 17.56% year-on-year.

When “Sister Riding the Wind and Waves” was launched this year with a full live broadcast and full open mic, netizens who were worried about Mango teased whether all editing was cut off in order to reduce funds this year. . .

In the Mango TV Internet video business sector, for every 100 yuan of revenue, after deducting direct costs, there will be about 41 yuan left in 2023, which will drop to just over 35 yuan in 2024. In 2025, this number will further drop to nearly 27 yuan.

Therefore, in the past three years, the number of Mango members has not changed.But the operating income and net profit in the final financial report were not very good.

As for the recent surge in stock prices, in addition to the popularity of variety shows, it has also been largely attributed to the capital market. The dividends of the explosion of AI concepts.

At the end of August, Mango’s AI long-form drama “Journey to the West” was scheduled to be launched, and the stock continued to hit the limit. The market recognized that AI can help long-form videos compress production costs and restore gross profit margins, thus driving profit growth.

Including the daily limit on November 2, most of them benefited from the explosion of the concept of AI comics. Related companies such as Tianhaikan, Mango Super Media, Huashi Technology, Guomai Culture, Yuanwang Technology, CTV Media, Zhangyue Technology, etc. all increased by the daily limit.

So, although everyone now says they want to take over Mango’s career fortune.

But maybe for Mango, its story is turning a new page, and it is also in “Riding the Wind and Waves”.

撰文:Dodo Samurai

美編：煥妍

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