21st Century Business Herald reporter He Hongyuan and intern Mo Ziteng
The development of the long-form video industry has hit a bottleneck.
According to QuestMobile data, in June 2026, the monthly active users (MAUs) of the four major online video platforms—Tencent Video, iQIYI, Mango TV, and Youku Video—were 319 million, 291 million, 243 million, and 161 million respectively, with year-over-year declines to varying degrees.
In terms of performance, all players are facing pressure.
In the second quarter of this year, iQIYI’s revenue fell 5.1% year over year to RMB 6.29 billion; net loss was RMB 288 million, compared with a net loss of RMB 134 million in the same period last year.
Specifically, iQIYI’s subscription revenue fell 2% year over year to RMB 4.0 billion; advertising revenue fell 2% year over year to RMB 1.25 billion. This pattern indicates that iQIYI’s original business model has fully moved on from growth.
Mango Super Media, meanwhile, has managed to maintain revenue growth.
In the first half, the company’s revenue increased 3.9% year on year to RMB 6.194 billion; net profit attributable to shareholders fell 73.6% year on year to RMB 202 million.
Specifically, in the first half, Mango TV’s online video business generated revenue of RMB 4.462 billion, down 8.6% year on year. Gross margin was 23.54%, down 3.95 percentage points year on year. Member business revenue was RMB 1.933 billion, down 22.6% year on year; advertising business revenue was RMB 1.684 billion, up 6.1% year on year; and carrier business revenue was RMB 845 million, up 5.6% year on year.
With cost rigidity, Mango Super Media’s overall gross margin fell 6.51 percentage points year on year to 20.05%. Operating profit decreased from RMB 569 million in the same period last year to RMB 30 million, down 94.7% year on year.
Therefore, they both need to find new directions.
iQIYI clearly sees AI as a lifeline.
On August 20, at the Creators Conference, iQIYI founder and CEO Gong Yu again emphasized that the platform will firmly commit to the All in AI strategy, deepen AI empowerment for live-action shooting and AIGC feature film long-form creation, and at the same time fully advance the transformation into decentralized social media.
Mango Super Media also emphasizes the AI concept. In its interim report, the company stated that it attaches great importance to the empowerment of new technologies represented by AI for content creation and intelligent operations of the platform.
It should be noted that Mango Super Media’s AI transformation appears less urgent than iQIYI’s, but it is also continuing to push forward.
Similarly, both are stepping up AI-driven cost reduction to build an AI content ecosystem. Mango TV’s homepage has also launched a dedicated AIGC channel to roll out an “AIGC Partner Program.”
The difference is that iQIYI, based on its resources in TV-series production, focuses more on the film and television track.
For example, iQIYI’s Nadou Pro is gradually expanding from a professional film-and-video production platform into a comprehensive creator ecosystem. At an earnings call, Gong Yu emphasized that Nadou Pro’s development strategy is to reduce the development and production costs of professional content internally, and to broaden monetization paths externally, converting professional production capabilities into incremental returns.
Mango Super Media, backed by Hunan Radio and Television, has more deployment scenarios. For example, its content e-commerce app, Mango Xiaomang, keeps rolling out AI scenario-based features such as “virtual try-on” and “co-creation art studio.” In terms of culture-tourism integration, based on digital and intelligent technologies, Zhangjiajie’s Dayong Ancient Town upgrades its experience to recreate the IP stories through digital imagery and immersive interactions.
Overall, the long-form video market is still looking for its way forward, and whether AI will be the final direction remains to be seen.
Hormel appoints new CFO
On August 24, Hormel appointed Ash Bhumbla as Chief Financial Officer, effective September 8. He will replace Paul Kuehneman, who has served as the company’s interim financial officer since October 2025.
Average pork price in major national agricultural product wholesale markets rose
On August 25, according to monitoring by the Ministry of Agriculture and Rural Affairs, as of 14:00 that day, the national average price of pork in major agricultural product wholesale markets was RMB 16.30 per kilogram, up 0.4% from yesterday.
Nongfu Spring: Profit attributable to owners of the parent company was RMB 8.887 billion in the first half, up 16.6% year on year
On August 25, Nongfu Spring announced on the Hong Kong Stock Exchange that in the first half of 2026, revenue was RMB 29.718 billion, up 16%; profit attributable to owners of the parent company was RMB 8.887 billion, up 16.6% year on year.
Venable Zhong Shibeng donated shares worth RMB 927 million
On August 25, Wantai Bio announced that its actual controller, Zhong Shibeng, will make a no-cost donation of 33 million shares of the company that he directly holds, consisting of unrestricted circulating shares, to the Fujian Xiang’an Innovation Laboratory Science and Technology Development Foundation, accounting for 2.61% of the company’s total share capital. After the donation, Zhong Shibeng’s direct shareholding percentage decreased from 17.71% to 15.10%, and the combined shareholding percentage of him and the controlling shareholder Yangshengtang decreased from 73.53% to 70.92%. Based on the closing price on that day, the value of this donation is RMB 927 million.
Yantang Dairy: Net profit in the first half was RMB 14.033 million, down 59.84% year on year
On August 25, Yantang Dairy disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 749 million, down 2.11% year on year; and net profit attributable to shareholders of listed companies was RMB 14.033 million, down 59.84% year on year.
Zhongyou Liquor: Net profit in the first half was RMB 10.4401 million, down 79.71% year on year
On August 25, Tianyou Liquor disclosed its interim report. In the first half of 2026, the company achieved total operating revenue of RMB 575 million, down 14.68% year on year; and net profit attributable to shareholders of listed companies was RMB 10.4401 million, down 79.71% year on year.
Wanglaoji International headquarters relocated to Singapore
On August 25, according to (Securities Times), a reporter learned from Guangzhou Baiyunshan’s subsidiary Wanglaoji that Wanglaoji has officially relocated its international headquarters to Singapore. The international headquarters will coordinate brand promotion, channel management, and customer service, while also exploring supply-chain models such as overseas processing and local bottling. In the future, it will also undertake functions including global business coordination, industrial mergers and acquisitions, cross-border fund management, and the introduction of internationally oriented talent. Wanglaoji simultaneously rolled out multiple cooperation projects in Singapore, signing three strategic cooperation agreements with Nanyang Technological University in Singapore, Baosteel Packaging, and Shengsheng Foods, covering areas such as brand and market research, supply-chain support, and terminal networks.
Yingjia Gongjiu: Net profit in the first half was RMB 1.162 billion, up 2.79% year on year
On August 25, Yingsaijin Gongjiu disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 3.416 billion, up 8.08% year on year; and net profit attributable to shareholders of listed companies was RMB 1.162 billion, up 2.79% year on year.
Huangtai Liquor: Net profit attributable to shareholders in the first half was a loss of RMB 17.1173 million, with the loss widening year on year
On August 25, Huangtai Liquor disclosed its interim report. In the first half, the company achieved operating revenue of RMB 48.5051 million, down 15.99% year on year; net profit attributable to shareholders of listed companies was a loss of RMB 17.1173 million, compared with a loss of RMB 5.2675 million in the same period last year.
Nissin Foods: First-half revenue was HKD 2.071 billion, up 2.8% year on year
On August 25, Nissin Foods released its performance results. In the first half, the company’s revenue was HKD 2.071 billion, up 2.8% year on year; profit during the period was HKD 178 million, up 11.8% year on year.
Weiling Food: Net profit in the first half was about RMB 822 million, up 21.62% year on year
On August 25, Weiling Food released its 2026 interim report. In the first half, the company achieved operating revenue of about RMB 9.266 billion, up 21.85% year on year; net profit attributable to the parent company was about RMB 822 million, up 21.62% year on year.
Li and Tao Bread’s net profit in the first half of the year declined
On August 25, Liǎngpǔ Pùzi released its 2026 interim report. In the first half, the company achieved operating revenue of about RMB 2.56 billion, down 1.98% year on year; net profit attributable to shareholders was about RMB 145 million, down 28.75% year on year.
Jinzi Foods: Net profit in the first half was about RMB 106 million, down 4.98% year on year
On August 25, a half-year report released by Jinzi Foods showed that in the first half, the company achieved revenue of about RMB 1.383 billion, up 23.08% year on year; and net profit attributable to shareholders was about RMB 106 million, down 4.98% year on year.
Youran Animal Husbandry turned losses into profits in the first half
On August 25, Youran Animal Husbandry disclosed its interim report. During the reporting period, the company’s revenue was RMB 10.627 billion, up 3.3% year on year. Profit during the period was RMB 845 million, compared with a loss of RMB 297 million in the same period last year, achieving a turnaround to profit.
Haidilao’s net profit attributable to the parent company increased slightly
On August 25, Haidilao released its financial report. In the first half of 2026, the company achieved revenue of RMB 22.337 billion, up 7.9% year on year; net profit attributable to shareholders increased slightly by only 0.47% to RMB 1.767 billion.
Kidzone: Net profit in the first half increased year on year by 19.9%?
On August 25, Kidzone disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 5.095 billion, up 3.74% year on year; and net profit attributable to shareholders of listed companies was RMB 172 million, up 19.9% year on year.
Hema established Xiananmei Network Technology company in Nanjing
The Tianyancha app shows that Nanjing Xiananmei Network Technology Co., Ltd. was established, with Xiao Hua as the legal representative and registered capital of RMB 10 million. Its business scope includes food sales, alcohol business, retail of publications, catering services, and food internet sales, among others. It is wholly owned by Hema (China) Co., Ltd.
Läppé Foods turned losses into profits
On August 25, a half-year report released by Liǎngpǔ Pùzi showed that during the period it achieved operating revenue of RMB 3.145 billion, up 11.18% year on year; net profit attributable to shareholders of listed companies was RMB 16.1944 million, compared with RMB -93.5531 million in the same period last year, turning losses into profits.
Step performance declined
On August 25, Step International released its 2026 first-half performance. In the first half, the company achieved revenue of RMB 6.795 billion, down 0.62% year on year; profit attributable to holders of ordinary shares was RMB 818 million, down 10.47% year on year.
Tianfu Culture and Tourism had a loss of RMB 21.066 million in the first half
On August 25, Tianfu Culture and Tourism disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 141 million, down 31.11% year on year; it posted a net loss of RMB 21.066 million, turning from profit to loss year on year.
Guangshen Railway: Net profit attributable to the parent company was RMB 1.19 billion in the first half, up 7.32% year on year
On August 25, Guangshen Railway disclosed its interim report. In the first half, the company achieved operating revenue of RMB 14.789 billion, up 5.87% year on year; net profit attributable to shareholders of listed companies was RMB 1.19 billion, up 7.32% year on year.
Baitai Ni: Net profit in the first half increased 18.30% year on year
On August 25, Baitai Ni released its 2026 interim report. In the first half, the company achieved operating revenue of about RMB 2.592 billion, up 9.27% year on year; net profit attributable to shareholders was about RMB 292 million, up 18.30% year on year.
Lao Pu Gold’s performance grew
On August 25, Lao Pu Gold released its 2026 interim performance announcement. In the first half, it achieved sales performance (tax-inclusive revenue) of RMB 22.78 billion, up 60.6% year on year; revenue of RMB 19.81 billion, up 60.3% year on year; and net profit attributable to shareholders of RMB 4.27 billion, up 88.2% year on year.
MIIT: In the first half, revenue from the digital industry exceeded RMB 20 trillion, up 13.6% year on year
On August 25, according to the “MIIT Weibo” account, in the first half, China’s digital industries accelerated development overall, showing a generally positive direction and momentum. Digital industries achieved revenue of RMB 20.71 trillion, up 13.6% year on year; the growth rate accelerated by 4.1 percentage points year on year, and accelerated by 0.7 percentage points quarter on quarter compared with Q1.
Shandong Publishing: Net profit in the first half decreased 4.72% year on year
On August 25, Shandong Publishing disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 4.605 billion, down 8.09% year on year; net profit attributable to shareholders of listed companies was RMB 638 million, down 4.72% year on year.
37 Interactive Entertainment: Net profit in the first half increased year on year by 26.14%
On August 25, 37 Interactive Entertainment disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 7.275 billion, down 14.28% year on year; net profit attributable to shareholders of listed companies was RMB 1.766 billion, up 26.14% year on year.
Xinhua Net’s net profit in the first half declined
On August 25, Xinhua News Agency disclosed its interim report. In the first half of 2026, the company achieved operating revenue of RMB 832 million, up 2.66% year on year; net profit attributable to shareholders of listed companies was RMB 146 million, down 5.51% year on year.
Film performance of Yuyi Media declined
On August 25, Yuyi Film released its 2026 interim report. In the first half, the company’s operating revenue was RMB 5.09 billion, down 23.9% year on year; net loss was RMB 155 million.
Tianzhou Culture’s operating revenue in the first half was RMB 221 million, down 11.03% year on year
