On November 30th, at the 5th China Internet Audiovisual Conference, Lv Huanbin, the Party Secretary and Director of Hunan Radio and Television, and the Party Secretary and Chairman of Hunan Radio and Television Group Co., Ltd., shared some exciting updates about the company’s restructuring plan. The plan was officially recognized by the Central Propaganda Department and the General Administration of Radio, Film, and Television. With the necessary approvals in place, the listed company has committed to achieving a net profit of 4.1 billion yuan over the next four years following the reorganization.
Lv Huanbin emphasized that Hunan Radio and Television has been proactive in exploring new opportunities and is not afraid to take bold steps. By aligning with the unified standards of both social and economic benefits, the company has accelerated its journey toward media integration. As a state-owned platform, Mango TV holds a strong position, ranking fourth in the online video industry. This year, the company also initiated a major asset restructuring involving Happy Purchase, aiming to bring key areas like new media platforms, media e-commerce, content production, game interaction, and artiste management into the capital market, thus fueling faster growth through financial support.
Mango TV made history this year as the first online video platform to turn a profit in the industry. In the first half of the year, it reported a profit of 150 million yuan, with projections of 400-500 million yuan for the full year. Its diversified revenue model is robust and well-balanced. While it may not be the top earner among leading online video platforms, Mango TV benefits from multiple income streams, including advertising, copyright distribution, membership fees, IPTV, and OTT services. Notably, revenue from copyright distribution—covering both Hunan Satellite TV's and Mango TV's own copyrights—has dropped below 25%. Meanwhile, membership, IPTV, and OTT revenues have all seen increases of over 100%. Even though ad revenue across the industry is facing challenges, Mango TV managed to boost its ad income by 70% this year. More importantly, the company maintains strong control over content creation and investment, which gives it a significant advantage in managing costs effectively.
From the very beginning, Mango TV has focused on building a comprehensive ecosystem by investing in film and television, music, social networking, hardware, and gaming through fund establishment and strategic partnerships. These efforts have laid a solid foundation for long-term industrial development. Recently, the reorganization plan was approved by the relevant departments under the Central Propaganda Department and the SARFT. The four-year performance target for the listed company now stands at an impressive 4.1 billion yuan in net profit.
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