Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
Stock Code:300413 Stock abbreviation:Mango Excellent Media Number:
MANGO EXCELLENT MEDIA CO.,Ltd.
Summary of the Semi-Annual Report 2021
I. Important notes
The summary of this semi-annual report comes from the full text of the annual report. To fully understand the
Company’s operating results, financial situation and future development plan, investors should read the full text of the
semi-annual report carefully in the media designated by the China Securities Regulatory Commission (CSRC).
This semi-annual report is available in Chinese and English. In the event of any inconsistency between the Chinese
version and the English version, the Chinese version shall prevail.
All the directors attended in person the Board meeting for the review of this Report and its summary.
Non-standard auditor’s opinion
□ Applicable √ Not applicable
Preliminary plan for profit distribution to the common shareholders or turning the capital reserve into the share capital
for the reporting period, which has been reviewed and approved at the board meeting.
□ Applicable √ Not applicable
The Company has no plan of cash dividends carried out, bonus issued and capitalizing of common reserves either.
Preliminary plan for profit distribution to the preference shareholders for the reporting period which has been reviewed
and approved at the board meeting.
□ Applicable √ Not applicable
II. Basic Information of the Company
1. Company profile
Stock abbreviation Mango Excellent Media Stock Code 300413
Stock exchange for stock listing Shenzhen Stock Exchange
Contact and Contact information Secretary of the Board Securities affairs representative
Name WU Jun HUANG Jianyong
Address Golden Eagle TV Culture City, Changsha Golden Eagle TV Culture City, Changsha
City, Hunan Province City, Hunan Province
Telephone (0731)82967188 (0731)82967188
Email mangocm@mangocm.com mangocm@mangocm.com
2. Major accounting data and financial indicators
If it is necessary for the Company to make retrospective adjustment or restatement on the accounting data in previous
years
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
□ YES √ NO
Unit:CNY
Reporting period Same period of last year YoY+/-(%)
Operating income(RMB) 7,853,228,785.77 5,773,764,006.22 36.02%
Net profit attributable to the listed company’s
1,451,207,609.75 1,103,375,574.00 31.52%
shareholders (RMB)
Net profits attributable to listed company
shareholders after deducting non-recurring 1,440,022,162.65 975,131,242.87 47.67%
profits and losses (RMB)
Net cash flows from operating activities (RMB) 401,943,857.80 11,508,801.22 3,392.49%
Basic earnings per share (RMB/share) 0.82 0.62 32.26%
Diluted earnings per share (RMB/share) 0.82 0.62 32.26%
Weighted average return on equity (%) 12.87% 11.82% 1.05%
As at the end of the
As at the end of last year YoY+/-(%)
reporting period
Total assets(RMB) 21,270,163,889.69 19,265,699,802.98 10.40%
Net assets attributable to shareholder of
11,807,733,933.39 10,587,978,185.42 11.52%
listed company(RMB)
3.Shareholders and shareholding
Number of shareholders of preferred
Total Number of common shareholders at the end
27,955 stocks of which voting rights recovered 0
of the reporting period
in the report period (If any)
Top 10 shareholders
Quantity of Number or share
Nature of pledged/frozen
Name of shareholder Shareholding ratio Number of shares restricted shares
shareholders
held Status Quantity
State-owned
Mango Media Co. LTD 58.94% 1,049,300,301 849,019,732
legal person
Domestic
Hangzhou Ali Venture Capital Co.,
non-state 5.26% 93,647,857 0
Ltd.
legal person
China Mobile Capital Holdings Co. State-owned
3.99% 70,959,923 0
Ltd. legal person
Hong Kong Securities Clearing Co. Foreign
3.17% 56,489,606 0
Ltd. legal person
Citic Bank Co., LTD.- BoCOM
Schroeder New Vitality Flexible
Others 0.88% 15,724,043 0
allocation of hybrid securities
investment fund
China Merchants Bank Co., LTD. -
Xingquan appropriate flexible
Others 0.86% 15,254,530 0
allocation of hybrid securities
investment funds(LOF)
China Life Insurance Co., Ltd.-
Dividends-Individual Dividends Others 0.85% 15,045,255 0
-005L-FH002 SHEN
China Construction Bank
Corporation-Bank of
Communications Schroder Kernel Others 0.82% 14,644,617 0
Driven Hybrid Securities
Investment Fund
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
China Life Insurance Company
Limited-Dividend-Individual Others 0.64% 11,399,039 0
Dividend-005L-FH002 SHEN
Postal Savings Bank of China Co.,
LTD. - Central Europe small - cap
Others 0.56% 9,975,200 0
equity securities Investment Fund
(LOF)
Mango Media Co., Ltd. as the controlling shareholder of the Company has no
Related or acting-in-concert parties among the related-party relationship or concerted action relationship with other top ten
shareholders above shareholders, and it is unknown whether or not there is a related-party
relationship or concerted action relationship among other top ten shareholders.
4. Change of the Controlling Shareholder or the Actual Controller in the Reporting Period
Change of holding shareholder
□ Applicable √ Not applicable
No change of holding shareholder in the report period.
Change of substantial controller
□ Applicable √ Not applicable
No change of actual controller in the report period.
5. Table of the total number of preferred stock shareholders and the shareholding situation of the top 10
preferred stock shareholders of the Company
□ Applicable √ Not applicable
No preferred shareholders in the Reporting Period.
6. Corporate bonds
Does the Company have any corporate bonds publicly offered on the stock exchange, which were outstanding before
the date of this Report’s approval or were due but could not be redeemed in full?
□ Applicable √ Not applicable
III. Important matters
As the main position of the Party's public opinion and propaganda, Hunan Broadcasting System has always adhered to
the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, earnestly implemented
the important principles of the Party's management of publicity, ideology and media, and placed the correct political
orientation, public opinion orientation and value orientation in a prominent position. Company as a new media platform
of Hunan Broadcasting System, unified operation, actively response to the central development strategy about
promoting media depth fusion, in the process of Hunan Broadcasting System in the construction of a new mainstream
media group, give full play to its own media platform properties and content of homemade advantages, consciously
perform for flags, morale and people, culture, studies show that the image of the mission, As the first batch of national
radio and television media convergence pilot units of the State Administration of Radio, Film and Television. In the
open and my state of the state program of the "difference" "about accelerating the opinion of the media fusion depth
development" of the marked, as the a-share market is the only state-owned holding company long video new media
companies, will advance with main force position in the sense of responsibility, sense of mission, focus on the company
into A "positive energy" the mainstream of the new media, We will continue to explore new benchmarks for
state-owned Internet companies in the new era.
Challenge during the reporting period, the company personnel endeavour, lead the team to keep positive innovation, and
constantly strengthen the construction of high quality content and platform efficiency operation, high threshold long
video continued to consolidate the core competitive ability, give full play to the premium content IP brand effect at the
same time, the layout of the hatching new formats, promote the coordinated development of whole industry chain
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
upstream and downstream business. During the reporting period, the company achieved a total revenue of
7,853,228,785.77 yuan, up 36.02% year on year; The net profit attributable to shareholders of the listed company was
RMB 1,451,207,609.75 yuan, up 31.52% year on year. Mango TV members, advertising, operators and other businesses
maintain a sound momentum of steady and rapid growth. Its operating body happy Sunshine realized operating income
of 6,752,599,813.32 yuan, a year-on-year growth of 45.96%, and net profit of 1,386,408,436.14 yuan, a year-on-year
growth of 32.84%. The main business models and operating conditions of the company are as follows:
1.The main businesses engaged in by the company
1.1. Mango TV Internet video service
Mango TV's Internet video business is mainly divided into advertising, membership and operator business.
Advertising business is mainly divided into soft and hard advertising business. With content as the core, the soft
Guangzhou business fully explores the marketing value of high-quality content IP and provides customers with
advertising products such as naming and placement. The hard - advertising business provides customers with
advertising services such as patch and middle - insertion.
Membership business is divided into online and offline parts. Online membership business refers to the company's
advantage of rich copyright resources and high-quality exclusive broadcast content to attract users to buy monthly,
seasonal and annual membership through online consumption. Offline membership business mainly attracts the target
audience to become members through various forms of promotion activities.
The large-screen business model of operators mainly consists of signing cooperation agreements with major operators
and cable TV operators. The company provides content products and cooperate with market promotion and marketing.
The operators develop users.
1.2. New media interactive entertainment content production
The company's new media interactive entertainment content production business includes content production and
operation, artist management, music copyright, IP derivative development and games and other businesses.
Content production and operation business mainly includes variety show and TV drama production and content
copyright operation, which is the most concentrated embodiment of the company's core competitiveness. As a head
content producer, on the one hand, the company produces high-quality high-quality content through self-made,
customized and other ways to transfer positive social energy, lead the cultural value of youth, and realize the social
benefits of state-owned cultural enterprises; On the other hand, through the high-quality quality content to attract
members, service advertisers and other economic benefits.
In terms of artist management business, the company develops and cultivates new talents with potential, provides
full-range services for artists from positioning, publicity, modeling, commercial endorsement and so on, and forms an
artist echelon with rich levels and complete types. It also maximizes the talent management value by performing in film
and television variety shows, commercial performances, brand concerts, brand endorsement and authorization of
peripheral derivative products.
In terms of music copyright business, based on the long-term accumulation and continuous rich music IP resources
accumulated by artist agents, the company carries out online APP licensing, overseas digital music licensing, game
licensing, program licensing, film and television score cooperation and other digital music licensing business.
In the IP derivative development and game business, the company relies on the advantages of Mango IP, such as "Star
Detective" and "Escape room" and other popular programs to develop offline real scene script killing games and secret
room games, to build m-City brand; In addition, also based on mango's excellent IP resources and a large female user
group, the layout of female game track.
1.3. Content E-commerce business
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
The company's content e-commerce business includes happy shopping business segment, which has been transformed
from traditional TV shopping to media e-commerce, and Xiaomang business segment, a vertical content e-commerce
platform for young people launched based on the advantages of long video content.
Relying on the large TV screen, the media e-commerce business expands the interaction of IPTV, APP and small
program and multi-channel operation, and sells a variety of products such as daily life, home, food, health, beauty,
investment and collection.
Xiaomang e-commerce is positioned as a "new generation of trend content e-commerce", in line with the characteristics
of young consumer groups for operation. With double platform strong content production advantage of mango, small
mans electricity to content as the carrier, through to the KOL the gen set from the user creation, content to IP
professional output link, the content of the pyramid based on clothing, tide play, the chamber of secrets, of pet, such as
young people's interest in the community, brand manufacturers at the same time and the development of related
products, Form a commercial transformation closed-loop between content IP and e-commerce retail, and build a new
e-commerce model with "content + community + e-commerce" as the core.
2. Operating conditions of each business segment
2.1. Operation status of Mango TV Internet video business
During the reporting period, The revenue of Mango TV's Internet video business reached 5.898 billion yuan, up 49.45%
year on year, and the advertising, member and operator business maintained steady growth.
2.1.1. Advertising business operation
In the first half of 2021, the revenue of advertising business reached 3.142 billion yuan, up 74.75% year on year. The
factors driving the growth of advertising revenue mainly include: the company's head IP keeps refreshing the
investment record, for example, "Sister Riding the Wind and Waves (second season)" set the most investment amount of
a single project in the first half of the year; In the chamber of Secrets (season 3), "wife's Romantic travel (Season 5)"
and other IP represented by the N generation project advertising investment volume steady growth; Breakthrough
progress has been made in advertising product innovation and sales of head dramas such as "Rational Life", "8090",
"Grow Up with You" and customized variety shows, and significant achievements have been made in DSP and IGRP
marketing upgrading.
2.1.2. Business operation of members
During the reporting period, the company realized the membership revenue of 1.745 billion yuan, a year-on-year
increase of 23.05%. The driving factors for the growth include: first, continue to enrich the rights and interests of
members, relying on the advantages of high-quality content, through differentiated customization, to create exclusive
member derivative programs; Second, the implementation of precise membership marketing strategy, focus on
improving the proportion of health card, annual card users increased by 6.6%, the proportion of continuous monthly
monthly users remained stable; Third, through the APP home page content accurate push, improve the member
conversion rate, improve user engagement; Fourth, strengthen cooperation among different industries and channels,
realize the distribution of high-quality content outside the website, and promote user transformation; Fifth, the user base
is cultivated to promote the user to break the circle. The TGI of male users' preference for the first work "Wolf Borzoi"
of Monsoon Theater reached 170%. During the reporting period, the growth rate of the revenue of the company's
members slowed down, mainly due to the large base of the growth rate of the revenue of the company's members during
the same period last year, driven by the popular TV series such as "The Next Station is Happiness" and "Under the Robe
of Prosperity". In the second half of the year, the broadcast of popular variety shows such as "The elder brother",
monsoon theater quality series "I'm good in the home" and "with your song" and other head series are expected to drive
the revenue of members to continue to grow.
2.1.3. Business operation of operators
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
During the reporting period, the revenue of operator business was 1.011 billion yuan, up 38.63% year-on-year. By the
end of the report, the company's operator business has covered 31 provincial administrative regions, covering more than
300 million users. Among them, there are nearly 14 million IPTV users in Hunan Province. On the basis of high
penetration rate, the company continuously improves user value by strengthening fine management and innovative
product operation. For example, the split screen of short video was launched for users in the province, the content
matrix with local characteristics was built, the in-depth cooperation with the financial media at the county level in
Hunan was carried out, and the IPTV was piloted in one county with one screen. In terms of business outside the
province, the company gives full play to its own copyright content advantages, and combines with its strategic partner
China Mobile to increase the business expansion in the provinces, so as to realize the deep coverage of basic content
packages and value-added packages. At the same time, we will jointly explore the construction of the big-screen
advertising alliance project with national radio, television and operators to enhance the commercial value of big-screen
advertising. For OTT business, it focuses on promoting the channel of manufacturers, transforming the cooperation and
operation mode, deeply integrating with the resources of manufacturers, and promoting the steady development of OTT
business.
2.2 Production and operation of new media interactive entertainment content
During the reporting period, the new media interactive entertainment content production business realized the operating
revenue of 0.985 billion yuan, up 18.51% year on year. Content production and operation, artist management, music
copyright, IP derivative development and game business steady development.
2.2.1. Adhere to the integrity of innovation, expand the mainstream voice
Adhere to the integrity of innovation, expand the mainstream voice Party media and state-owned enterprises are the
main protagonists of cultural construction and cultural industry development, and the vanguard of mainstream
values. On content creation, the company always adhere to the people as the center of creation concept, innovative ways,
methods, and to fully present the user a new aesthetic demand, and strive to continuously produce popular high-quality
goods high-quality content, really realize the innovation in from the form (means) to the content and value leading
change, from shallow to deep influence across the entertainment, Providing rich nutrition for the people's spiritual
life. During the celebration of the centenary of the founding of the Party, the company broadcast a series of high-quality
theme and positive energy content through multi-screen linkage, constantly expanding the mainstream voice volume
and consolidating the mainstream propaganda position. In different forms, the dramas "Ideals Shine Over China",
"Toughened into Steel" and "Beautiful Land" focus on the historic leap that the Communist Party of China (CPC) has
led the Chinese people to stand up, become rich and become strong, and show the brilliant achievements of the CPC in
leading the people to fight poverty. The retrospectives and exhibitions of a large number of thematic DRAMAS and
movies have formed a matrix of works that transmit positive energy and promote thematic themes. On July 1st, the
company's new media platform, Mango TV, launched the exclusive large-scale media customized special feature "One
Hundred Years of Youth", and simultaneously broadcast major activities such as the celebration of the 100th anniversary
of the founding of the Communist Party of China (CPC), the Awarding ceremony of the "July 1st Medal" and the
large-scale artistic performance to celebrate the 100th anniversary of the founding of the CPC. In promoting Chinese
culture, Mango TV international APP strives to tell Chinese stories and spread The voice of China. During the
celebration of the centenary of the founding of the Party, MangoTV international APP (MangoTV) synchronously
translated and promoted the hot content related to the celebration of the centenary of the founding of the Party, and
became the only platform among the overseas video apps to set up the sub-channel of the centenary of the founding of
the Party and set up a special area. The company made a documentary "Shining Ordinary 2" as the publicity department
of the Central Committee of the Communist Party of China to celebrate the 100th anniversary of the external publicity
of a key project released on a number of overseas media platforms.
2.2.2.Content production and operation business
Content production and operation business mainly includes variety show, film and TV drama production and content
copyright distribution. Adhering to the concept of people-centered literary and artistic works creation, the company's
content production strengthens the realism creation orientation, highlights the core socialist values, and constantly
creates high-quality works of "profound thought, exquisite art and excellent production". As the top variety show
production platform in China, the company has 20 high-quality variety show homemade teams, adhere to N generation
optimization and new variety show research and development and continue to consolidate the leading edge in variety
show production. Mango TV has set up a program production center to provide service support for program production,
such as technology and production. The variety show project approval committee was set up to extensively solicit
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
creative proposals from the whole company, stimulate creative vitality, further activate the creative environment of all
staff, and build a good organizational mechanism for the output of popular shows. As the content creation team of the
media platform, the producer of the company is good at deeply capturing the inner call of the public, grasping the pulse
of social emotion, and then caring for the reality to create high-quality content recognized by the audience. "Sister
(Season 2)" continues the phenomenon of social topics, and continues to promote the platform's broken circle with the
tenacious female power. It is a vivid case that cultural programs are good at capturing social emotions, responding to
public concerns, and actively producing positive cultural energy. "Detective" (Season 6) and "Escape Chamber" (Season
3) have maintained a high level of program quality and strong advertising attraction. Among them, "Detective" (Season
6) received a rating of 8.9 out of 68,000 on Douban. Continue to platform "suspense reasoning program with solid
circle" new. "mother and mother in law” ( second quarter), the wife romantic trip (fifth season), such as zong N for now.
The entry of our innovative real career focused for the first time, focus on the social reality with "inverse entertainment"
attitude, is well received by users.
In terms of film and television dramas, the company has 24 film and television production teams and 30 "Xinaomen
Plan" strategic studios. During the report period, a total of 79 drama series were launched, including 23 miniseries. In
the face of the industry chaos such as water injection, suspension expression and flow dependence of long drama series,
the company actively practices the mission of a state-owned film and television enterprise, and has launched a
high-quality network and network linked Mango Monsoon Theater. Monsoon Theater adopts the short play mode, with
a single episode of 70 minutes, 2 episodes per week, a total of 12 episodes, which is the first time in China to deeply test
the short play mode combined with the network. Since its premiere, Monsoon Theater has launched the short series
"Wolf Borzoi", "True Detective Lies", "I'm Fine at Home" and other short series. It creates a new narrative style and
image quality with high concentration of plot and film-level narrative means, bringing innovation to the film and
television industry, and has won unanimous praise from the industry and the audience. In addition, during the report
period, mango TV platform drama drama series, the self-made drama "Rational Life" to show independent women in
the new era background, is the first Domestic TV series introduced by Netflix this year; "Don't Bother My Study", a
customized drama about educational discrimination, was exported to Hunan SATELLITE TV. The first warmhearted
drama focusing on the elderly "8090" actively explore the new direction of the elderly theme. At the same time, the
company actively laid out the micro drama track, incorporated the micro drama into the "Big Aeng Plan", and created
the "dining theater". Adhering to the strategy of "vertical theater + quality + creator", the company customized the
horizontal screen exquisite drama to meet the platform female users' rigid demand for short drama content.
2.2.3.Operation of artist brokerage business
As a state-owned party media company, the company has always taken the transfer of mainstream social values and the
promotion of the main theme as its duty to cultivate artists, and has continuously strengthened the education and
training management of artists. First, the establishment and improvement of the artist management rules and
regulations. It has formulated the Compilation of Management System of Artist Brokerage Center, Management
Measures for Contracted Artists of The Company and Management Manual for Performing Arts Practitioners. Establish
the "artist review committee" system to supervise the whole process from the selection, signing, management, use and
termination of artists; To guide artists to spontaneously sign a letter of commitment for artists in the new era, and call
for the establishment of a literary and artistic environment for the worship of virtues and art. Second, continuously
strengthen the mainstream values education of artists. Organize artists to participate in political theory study to improve
their political literacy; Mango TV established the first artistes Party branch in the history of Hunan Radio, Film and
Television Group, and actively played the vanguard and exemplary role of party members; To guide artists to actively
participate in mainstream works with little or no pay, and strengthen their mission as artists on the party media
platform. Third, to strengthen the daily management of artists. In order to avoid the risk from the source, the artist to be
signed should be adjusted back in advance. Records shall be archived in the form of "Manager's Work Log" and
"Artist's Learning Experience", etc., and shall be included in the AGENT'S KPI assessment and artist's annual rating
assessment.
During the reporting period, the company's EE Media and Happy Sunshine signed a total of 125 artists, and the artist
matrix includes film, variety show, host, music and other directions. By implementing the strategy of prioritising the
development of mango's own artists, the company gives priority to selecting contracted artists in self-made variety
shows, monsoon Theater, Damang plan and other content products, providing broad space for the development of
artists. Tianyu Media's income from artist management business has achieved a large growth despite the low base of the
epidemic last year. Head artists Such as Hua Chenyu, Ou Hao, Zhang Xincheng, Li Sidanyi and the new generation of
artists Such as Qi Sijun, Li Shaminzi, Tong Mengshi, Lu Xiaoyu influence is increasing, artist endorsement products,
play, participate in commercial performance has been improved.
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Summary of the 2021 Semi-annual Report of MANGO EXCELLENT MEDIA CO., Ltd.
2.2.4. Music copyright business operation
By the end of the report, the total number of music music library of EE Media has reached 1523 songs, an increase of
37 songs compared with that of the beginning of the year. During the reporting period, music copyright revenue
increased by nearly 40% year on year. The main driving factors for the growth include: first, in music creation, the
production mode of single case was changed, a series of music projects were launched, and music albums were
created; Second, in terms of promotion, the new planning and production department and the promotion department
have been set up to increase the planning and promotion of key songs. Songs such as "SAY YA", "Splash", "Love",
"Seahorse" and "Stay in My Heart" have performed well in various music charts. Third, in terms of marketing, with
high-quality music copyright resources and continuously expanding music library, the bargaining power and revenue
volume of music copyright are constantly improved.
2.2.5. IP derivative development and game business operation
During the reporting period, based on the unique advantages accumulated at the user end and the industrial chain end,
the company aimed at the new wind mouth of the real scene entertainment industry and formally laid out the offline real
scene interactive entertainment industry. On the user side, Mango TV focuses on the young female user group, and has
accumulated a large number of vertical members who are keen on real scene decrypting through the two classic IP of
"Star Detective" and "Secret Room Escape" and their derivative IP. In terms of the industrial chain, the company relies
on the IP advantage in the upstream of the industrial chain, develops the cloud platform of script killing business, and
extends to the downstream of the industrial chain to build the flagship brand of Mango M-City Star Detective. Through
the cooperation of upstream and downstream as well as online and offline, the company gradually builds the whole
industrial chain advantage in the subdivision field of real scene detective + round table script killing. Since its opening
three months ago, "Mango M-City"Changsha flagship store has become a new landmark for Internet stars. In the future,
"Mango M-City" will be launched in Shanghai, Chengdu, Haikou and other cities. In addition, in terms of game
business, the company will continue to focus on mango TV users, focus on building female and Mango variety
VARIETY IP games, continue to enrich the platform ecology, and continuously enhance user engagement.
2.3. Content E-commerce business
The company's content e-commerce business includes happy shopping business segment, which has been transformed
from traditional TV shopping to media e-commerce, and Xiaomang business segment, a vertical content e-commerce
platform for young people launched based on the advantages of long video content.
Relying on the large TV screen, the media e-commerce business expands the interaction and multi-channel operation of
IPTV, mobile APP and small program, etc., and sells a variety of products including daily life, home, food, health,
beauty, investment and collection.
Xiaomang e-commerce is positioned as a "new generation of trend content e-commerce". With double platform strong
content production advantage of mango, small mans electricity to content as the carrier, through to the KOL the gen set
from the user creation, content to IP professional output link, the content of the pyramid based on clothing, tide play, the
chamber of secrets, of pet, such as young people's interest in the community, brand manufacturers at the same time and
the development of related products, Build a new e-commerce model with "content + community + e-commerce" as the
core.
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