Swhy's research pointed out that Mango Excellent Media (300413.SZ) is backed by Hunan Radio and Television, with a content base accumulated for over 30 years. Its first advantage in variety shows continues to expand, with dramas as the second curve. As of September this year, Mango TV's MAU has exceeded 0.25 billion, ranking third in the industry (according to Questmobile data), and its growth trend is better than its peers'. The period from Q4 2024 to 2025 will see a release of more content. The subsequent number of series will be more abundant, with more diverse genres. It is bullish on the product cycle continuing to rise, with a short-term operational turning point imminent. In addition, there is hope for globalization to open up membership income and content distribution space. Profit forecasts are maintained, and a "buy" rating is also maintained.