电视剧上市公司正在从"主投主控"角色中安全撤离。 这并不是说这些上市公司都在退出电视剧业务，而是指上市公司正在减少自己开发的项目，转向对外部项目的投资。而这些投资经常通过在项目过会后垫 款、在平台开始回款后退出的"垫资"模式实现。真正前期开发的风险型资金，则由业内中小公司承担。 据小娱观察，这一现象最早可以追溯到2020年，但从2023年开始，采用这一模式开发的项目越来越多。 以慈文传媒披露的电视剧项目为例，小娱逐条研究了各阶段项目中慈文传媒所处的角色，发现：1）由慈文自己报备并出品的项目的比重已经较低，且集 中在2024年及之前；2）2025年开机的项目中，慈文都是以联合出品或参投的形式出现。 | 序号 | 剧名 | 项目类型 | 題材 | 集数 | 生产进度 | (拟)合作方 / 播出本号 | 拍摄时间 | 角色 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 生而有翼 | 电视剧 | 都市律政 | 30 | 拍摄中 | 爱奇艺 | 2025 | 联合出品 | | 2 | 平等之门 | 电视剧 | 检察法医 | 36 | 后期 ...

Core Viewpoint - The recent investigation and temporary detention of the chairman of Wuhan Huakang Century Clean Technology Co., Ltd. (Huakang Clean) has raised concerns about the company's governance and operational stability, although the chairman has since been released and is resuming his duties [3][5]. Company Overview - Huakang Clean, established in 2008 and headquartered in Wuhan, specializes in cleanroom system integration solutions, primarily serving public hospitals, higher education institutions, and industrial electronics companies [6]. - The company's core clients are public hospitals, which form a significant part of its business model [6]. Recent Events - On August 13, 2023, the chairman, Tan Pingtao, was placed under investigation by the Guangdong Provincial Supervisory Committee, leading to his temporary detention [3]. - By August 18, 2023, the detention was lifted, and Tan Pingtao resumed his responsibilities as the legal representative and chairman of the company [5]. Business Performance - In 2024, Huakang Clean achieved a record revenue of 1.708 billion yuan, but net profit decreased by 37.75% compared to 2023 [8]. - For the first half of 2023, the company reported revenue of 835 million yuan, a year-on-year increase of 50.73%, but faced a significant decline in operating cash flow, which dropped to -294 million yuan, a 74.03% decrease year-on-year [9]. Financial Challenges - As of 2024, accounts receivable reached 1.553 billion yuan, accounting for 91% of revenue, with a long repayment cycle of 18 months [9]. - By the first half of 2025, accounts receivable further increased to 1.65 billion yuan, representing 43.64% of total assets, while cash reserves decreased from 1.05 billion yuan at the beginning of the year to 470 million yuan [9].