According to the Guosheng Securities Research Report, Mango Supermedia's profits are under pressure, and new dramas and AI applications are expanding the room for growth. Net profit from 26Q1 to Q3 was 213 million yuan, down 79.01% year on year; net profit from 26Q3 was 11.5519 million yuan, down 95.42% year on year. New variety shows and key series will continue to be launched, and the supply of content is expected to support the restoration of membership and advertising businesses. The continuation of mature variety shows and innovative programs will help support advertising and investment, while the launch of key series one after another will provide an impetus for membership and renewal, which is expected to drive the recovery of membership and advertising revenue. The company collaborates on AI dramas, tools and interactive games to expand content supply and IP development. In terms of long AI dramas, “Journey to the West” has already revised the title of the pharmaceutical industry, and Lingchuang Theatre is preparing future projects such as “The Wind Rises Exquisite” and “Chengfeng”. In the long run, we are optimistic about the company's core content IP and platform resource advantages, and maintain a “buy” rating.

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