证券之星刘浩浩 近日，华谊兄弟（300027）(300027.SZ)董事长王忠军油画作品流拍的消息引发关注。该作品曾以368万 元成交，如今以30万元起拍却无人问津。该画作市场遇冷，从侧面折射了华谊兄弟这家昔日影视巨头当 前的业绩"落寞"。 证券之星注意到，作为"中国影视娱乐第一股"的华谊兄弟业绩一度十分辉煌，但如今却深陷亏损泥潭。 负债高企叠加流动性危机压顶，近两年公司频频靠出售资产"回血"。而在这背后，公司主营业务大幅萎 缩，盈利能力显著下滑。 高额费用和减值损失侵蚀利润 华谊兄弟由王忠军、王忠磊兄弟创立于1994年，于2009年登陆创业板。 2017年，凭借推出的《西游伏妖篇》、《芳华》、《前任3：再见前任》等爆款电影，华谊兄弟业绩到 达巅峰，营收和归母净利润分别高达39.46亿元、8.283亿元。不过从2018年起，公司业绩急剧变脸，除 收入大幅下滑，归母净利润也持续为负值。 2024年，华谊兄弟实现营收4.652亿元，同比下降30.18%。实现归母净利润-2.846亿元，上年同期为亏损 5.39亿元。这已经是华谊兄弟归母净利润连续第七年亏损。2018-2024年，华谊兄弟归母净利润累计净 亏损超过8 ...

影视业务坚持提质减量，切入短剧赛道并获良好发展。公司影视业务聚焦"提质减量"策略，2024 年 《小日子》《今天的她们》《执行法官》等多分制作精良剧作相继播出。同时，公司近年来发力短剧赛 道，创建微短剧频道"她的世界"，覆盖抖音等全媒体平台。2024 年，《大过年的》《皎月流火》等多 分短剧相继播出并获得广大用户喜爱。 盈利预，：公司多端产品全球化发行初见成效，新游上线并获良好市场表现，我们上调盈利预， ， 预 计公司2025-2027 年分别实现归母净利润7.41/10.60/12.12 亿元， 同比增长157.6%/43.0%/14.4% ， 对应 PE32/23/20x，维持"买入"评级。 业绩概览：公司发布2024 年年报及2025 年一季报。2024 年，公司实现营业收入55.70 亿元，同比下滑 28.50%；实现归母净利润-12.88 亿元；实现扣非归母净利润-13.13 亿元。2025Q1，公司实现营业收入 20.23 亿元，同比增长52.22%；实现归母净利润3.02 亿元，同比增长1115.29%；实现扣非归母净利润 1.63 亿元，同比增长203.06%。公司2024 年利润分配预案拟向 ...

Core Viewpoint - Perfect World reported a significant financial performance in 2024, with total revenue of 5.57 billion yuan and a net loss of 1.288 billion yuan, while announcing a cash dividend plan for shareholders [2][3] Financial Performance - In 2024, Perfect World achieved total revenue of 5.57 billion yuan, with a net loss attributable to shareholders of 1.288 billion yuan and a non-GAAP net loss of 1.313 billion yuan [2] - For the first quarter of 2025, the company reported revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit attributable to shareholders of 302 million yuan [2][3] Dividend Policy - Despite the losses in 2024, Perfect World plans to distribute a cash dividend of 2.3 yuan per 10 shares, totaling 437 million yuan, maintaining its annual cash dividend practice since 2015 [2] Business Segment Performance - In 2024, the gaming segment generated approximately 5.18 billion yuan, a year-on-year decline of 22.32%, while the film and television segment earned about 350 million yuan, down 66.17% [4] - The company is focusing on long-term games and reassessing its operational strategies to concentrate resources on more promising projects [4] New Product Launches - The launch of "Zhu Xian World" in December 2024 is expected to bolster revenue, contributing to a 10.37% increase in gaming revenue in Q1 2025 [5] - Perfect World is actively developing and preparing for the release of several new games, including "Zhu Xian 2" and "Yihuan" [7] E-sports and Short Video Content - Perfect World plans to host the CS Asia Invitational 2025, aiming to strengthen its e-sports ecosystem [7] - The company is also expanding into the micro-short drama market, with successful releases in 2024 and early 2025 [8]