華夏視聽教育(1981.HK)主動“排雷”,短期波動不改長期向好趨勢
22日晚,華夏視聽教育發佈盈警公吿。截至2023年6月30日止的6個月,華夏視聽教育將錄得不超過1.2億元的綜合虧損,而2022年同期實現淨利潤約1.65億元(未經審核數據)。究其原因,主要是華夏視聽教育影業業務進行了減值計提。實際上,近幾年影視行業的商譽減值現象已是屢見不鮮,華誼、萬達、慈文、新麗等頭部影視公司陸續計提損失。業界也逐漸達成共識,這是影視行業價值迴歸的必經之路。同時,從“時機”上看,華夏視聽教育亦是在面臨新業務契機時做出的主動選擇。上半年,公司在教育主業的基礎上正式開闢了直播電商新的增長曲線,完成商業模式迭代升級,同時與戚薇直播團隊簽訂獨家合作協議,通過創新“分賬”模式(由品牌費+GMV分成兩部分構成)突破行業已有的“只賺吆喝不賺錢”的模式。並且,這一業務迅速取得一定成效,第三方平台數據顯示,僅5-6月,戚薇直播間累計GMV近8000萬元。且據公司內部人員透露,華夏視聽教育旗下高教業務發展穩健。據此,此次虧損與公司基本面和主要增長邏輯並無關聯,不妨關注後續報期表現。
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