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宋城演艺直播红利难再续

2017-08-28 19:11:01   中国经济网

本刊记者 杨现华/文

日前,宋城演艺(300144.SZ)发布2017年半年报,公司继续保持了稳定的业绩增长,只是与线下的业绩增速相比,线上的直播业务并不尽如人意。

宋城演艺从事线上直播的主体是公司2015年花26亿元收购的北京六间房科技有限公司(下称“六间房”)。在收购之后经历了两年的高速增长后,如今六间房的增速迅速下滑。

六间房的高增长离不开公司实施的人海战术。主播人数的急剧膨胀推升公司业绩增长,如今这一战术似乎丧失了效力,公司在移动端也早已失去了客户端的优势地位,而供应商的集体变脸也说明六间房主播队伍发生了较大变动。

人海战术失效

2017年上半年,宋城演艺实现营业收入13.93亿元,同比增长17.41%;实现归属母公司股东的净利润5.24亿元,同比增长21.17%。

如果不是线上直播业务的拖累,宋城演艺或许能够获得更高的业绩增速。公司半年报显示,公司的“数字娱乐平台”即直播业务实现收入5.88亿元,同比增长12.63%。

上市公司的直播业务收入就是六间房的全部收入。上半年,六间房实现营业收入5.88亿元,净利润1.36亿元。与之前的营收增速相比,六间房2017年上半年增幅明显放缓。

根据收购书以及宋城演艺年报,六间房2014-2016年实现营业收入4.46亿元、7.27亿元和10.9亿元,同比增速分别为59.05%、62.92%和49.93%;净利润分别为7228万元(扣除股份支付)、1.62亿元、2.35亿元,同比增速分别为72.79%、124.13%和45.03%。

也就是说,公司的收入和净利润基本都保持了五成以上的增长,如今的收入增速只有10%出头,显然无法达到市场的期望。

例如,半年报发布后,中金公司就指出,直播行业竞争激烈,六间房发展不确定性高;考虑到直播行业监管政策趋严,以及激烈的行业竞争,未来六间房能否保持相对的竞争优势和利润增长存在不确定性。

或许是为了解除市场的担忧,宋城演艺在随后接受机构调研时特意指出,2017年上半年,为了产业布局,六间房在开发新产品方面成本投入显著增加,如果剔除这些费用,六间房整体利润实际呈现出约20%的增长。

即使如此,六间房增速放缓也是不争的事实,且公司收入和净利润增速放缓并非随着规模的扩大呈现曲线式下降,而是阶梯式下滑,考虑到六间房主播队伍的不断扩大,这种下滑更加剧烈。

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