Credit Brief — Mango Excellent Media Co.,Ltd. (芒果超媒)
300413.SZ · Shenzhen ChiNext · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 蔡怀军
- Registered address: 湖南长沙金鹰影视文化城
- Office address: 湖南长沙金鹰影视文化城
- Employees: 4,426
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 10,369.7 | 11,882.2 | 3,900.7 | 1,879.4 | 2,774.6 |
| Trading financial assets | 2,695.0 | 1,052.0 | 1,606.8 | 814.8 | 1,386.1 |
| Accounts receivable | 3,239.4 | 3,496.5 | 4,540.0 | 3,883.4 | 4,052.8 |
| Other receivables | 57.1 | 47.9 | 60.3 | 76.1 | 103.5 |
| Inventories | 1,608.8 | 1,717.4 | 1,331.6 | 1,320.1 | 1,376.4 |
| Long-term equity investments | 4.1 | — | 12,178.6 | 28.3 | 86.3 |
| Fixed assets | 173.7 | 142.4 | 131.3 | 126.6 | 123.1 |
| Construction in progress | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Intangible assets | 6,968.0 | 8,113.9 | 8,696.0 | 8,754.9 | 8,156.8 |
| Total assets | 29,783.6 | 31,422.4 | 32,530.2 | 33,171.9 | 32,778.7 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 1,057.9 | 33.8 | 33.8 | 32.0 | 80.3 |
| Notes payable | 1,641.0 | 1,714.5 | 1,414.2 | 1,764.1 | 1,449.3 |
| Accounts payable | 4,929.9 | 5,211.7 | 5,788.4 | 5,316.9 | 5,511.7 |
| Contract liabilities | 1,096.0 | 1,223.4 | 1,322.0 | 1,509.2 | 1,431.8 |
| Other payables | 508.8 | 118.9 | 117.3 | 124.6 | 601.5 |
| Current portion of non-current liabilities | 52.9 | 63.4 | 78.0 | 68.4 | 59.2 |
| Long-term borrowings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bonds payable | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total liabilities | 10,813.3 | 10,058.7 | 10,000.3 | 9,752.5 | 9,641.4 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 1,870.7 | 1,870.7 | 1,870.7 | 1,870.7 | 1,870.7 |
| Capital reserve | 9,646.2 | 8,811.4 | 8,780.3 | 8,844.4 | 8,844.4 |
| Retained earnings | 7,371.5 | 10,630.5 | 11,458.9 | 12,257.2 | 11,972.5 |
| Equity attributable to owners of the parent | 19,014.7 | 21,492.4 | 22,489.0 | 23,368.6 | 23,083.9 |
| Minority interests | -44.4 | -128.8 | 40.9 | 50.7 | 53.4 |
| Total equity | 18,970.3 | 21,363.6 | 22,529.8 | 23,419.3 | 23,137.3 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 13,976.8 | 14,628.0 | 14,079.7 | 13,813.5 | 6,193.8 |
| Cost of sales | 9,208.1 | 9,803.0 | 9,991.7 | 10,623.6 | 4,952.0 |
| Selling expenses | 2,244.8 | 2,260.1 | 1,991.0 | 2,048.5 | 851.6 |
| Administrative expenses | 646.5 | 612.0 | 440.4 | 477.8 | 182.7 |
| Finance costs | -142.4 | -147.7 | -189.2 | -8.5 | 18.1 |
| Investment income | 133.1 | 73.2 | 284.6 | 251.5 | 119.7 |
| Operating profit | 1,764.4 | 1,819.0 | 1,742.4 | 892.2 | 30.2 |
| Profit before tax | 1,805.6 | 1,850.6 | 1,763.1 | 900.9 | 36.1 |
| Net profit | 1,805.5 | 3,471.3 | 1,342.9 | 1,222.1 | 204.4 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 2.08x | 2.12x | 1.82x | 1.49x | 1.72x |
| Quick ratio | 1.93x | 1.95x | 1.69x | 1.35x | 1.58x |
| Debt-to-asset ratio | 36.3% | 32.0% | 30.7% | 29.4% | 29.4% |
| Total debt / EBITDA | 0.44x | 0.04x | 0.04x | 0.07x | 0.29x |
| EBITDA interest coverage | 17.61x | 17.76x | 13.87x | 165.53x | 26.38x |
| Gross margin | 34.1% | 33.0% | 29.0% | 23.1% | 20.0% |
| Net margin | 12.9% | 23.7% | 9.5% | 8.8% | 3.3% |
| Return on equity (ROE) | 9.5% | 16.2% | 6.0% | 5.2% | 0.9% |
| Revenue growth | — | 4.7% | -3.7% | -1.9% | -55.2% |
| Net profit growth | — | 92.3% | -61.3% | -9.0% | -83.3% |
| Receivable days | 85 | 87 | 118 | 103 | 239 |
| Cash received / revenue | 93.7% | 96.5% | 100.5% | 104.5% | 98.7% |
| Operating CF / net profit | 0.34x | 0.31x | -0.02x | 0.97x | -1.67x |
| Free cash flow | 871.3 | 1,148.8 | 226.3 | 1,657.0 | -401.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.49 (level: medium, reference threshold: <1.5)
- ⚠ Debt-to-asset ratio: 0.29 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 1,522.0 vs 1,512.5 CNY mn (deviation 0.62%, severity low)
Sources: 2023年年度报告.pdf p.78 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.69 「货币资金」. CF-statement figure above the balance-sheet movement by 9.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: -7,997.5 vs -7,981.5 CNY mn (deviation 0.2%, severity low)
Sources: 2024年年度报告.pdf p.75 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.66 「货币资金」. CF-statement figure below the balance-sheet movement by 16.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: -2,025.7 vs -2,021.3 CNY mn (deviation 0.21%, severity low)
Sources: 2025年年度报告.pdf p.76 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.67 「货币资金」. CF-statement figure below the balance-sheet movement by 4.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 911.8 vs 895.2 CNY mn (deviation 1.82%, severity mid)
Sources: 2026年半年度报告.pdf p.44 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.35 「货币资金」. CF-statement figure above the balance-sheet movement by 16.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 1,879.4 | 2025年年度报告.pdf | 67 | 货币资金 | 1879413287.38 (元) |
| Total assets | 2025 | 33,171.9 | 2025年年度报告.pdf | 68 | 资产总计 | 33171867484.43 (元) |
| Accounts receivable | 2025 | 3,883.4 | 2025年年度报告.pdf | 67 | 应收账款 | 3883424957.99 (元) |
| Fixed assets | 2025 | 126.6 | 2025年年度报告.pdf | 67 | 固定资产 | 126608418.89 (元) |
| Short-term borrowings | 2025 | 32.0 | 2025年年度报告.pdf | 68 | 短期借款 | 32042666.66 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.