Mango Excellent Media: The Broadcast-to-Internet Counterattack from TV Shopping to Mango TV

Origin

As a traditional satellite TV broadcaster, Hunan Broadcasting System suffered severe audience attrition amidst the internet invasion. In 2005, Hunan Broadcasting System established Happigo, testing the waters of TV shopping to revitalize channel resources and build direct-to-consumer commercial capabilities. When TV shopping was overtaken by e-commerce, Hunan Broadcasting System completed a 2018 asset restructuring, injecting subsidiaries like Mango TV and EE-Media into the listed company. This transformed the company from a retail-dependent channel distributor into a new media platform centered on self-produced content, completing a secondary venture.

Milestones

Turning Points

• Happigo's listing in 2015 laid the foundation for subsequent capital operations.
• The 2018 restructuring injected Mango TV, shifting the company from retail to a content platform.
• The 2026 bet on AI long-form dramas attempted to reconstruct the content cost structure through technology.

Failures & Pitfalls

• The core TV shopping business continued to shrink under the impact of e-commerce, failing to become a long-term growth engine.
• Mango TV remained in the second tier caught between iQiyi, Tencent Video, and Youku, with market share difficult to break through.
• After the broadcast of the AI long-form drama "The Journey to the West: Sequel", capital still dared not act, and the business model remained unverified.

Core Data

• 股票代码：300413 (Based on public data, independent verification pending)
• 上市年份：2015 (Based on public data)
• 2025年营收：13.813 billion yuan (Based on public data, independent verification pending)
• 2025年营收行业排名：1st (Based on public data, independent verification pending)
• 2026年单日市值增长：10 billion yuan (Based on public data, independent verification pending)

Competitors / Peers

Mango Excellent Media's primary competitors include the three major long-form video platforms iQiyi, Tencent Video, and Youku, as well as short-form video platforms such as Douyin and Kuaishou. Backed by internet giants, iQiyi, Tencent Video, and Youku hold advantages in copyright procurement and user scale. Mango TV forms differentiation through Hunan TV's exclusive content and self-produced variety shows, but its market share remains in the second tier. Meanwhile, Bilibili and Migu Video also compete in niche segments, while the TV shopping business faces peer competition from competitors like Orient Shopping and CCTV Shopping.