文 | 融中财经

cengjinghongjiyishidehuajiaozhibo，rujinzoudaoletuishidebianyuan。

qianbujiu，huajiaozhibomugongsihuafangjituanfabutuishigonggao。huafangjituanweinengzaiguidingde10yue2rizhiqianmanzujiaoyisuoguidingdesuoyoufupaitiaojian，yihuifuqigupiaojiaoyi，yinci，xianggangjiaoyisuodeshangshiweiyuanhuiyijuxiangguanshangshiguize，juedingchexiaohuafangjituandeshangshizige。huafangjituanyibiaomingbuhuijiushangshiweiyuanhuidezheiyijueyitichufuyi。juci，gaigongsidegupiaojiangzai2024nian12yue13riwanchengzuihoudejiaoyi，erqishangshizigejiangyu2024nian12yue16riqizhengshizhongzhi。

julejie，huajiaozhiboshizai2015nian5yueyou360jituantuichudezhibopingtai。zuoweihongyijiaozhuzhouhongyikanzhongdexiangmu，huajiaozhibokeweihanzhejinyaochizhangda。

zichenglichuqi，youzhouhongyichumianweihuajiaozhizaoredian。juziliao，zhouhongyicengyaoqingfanbingbingchuxihuajiaozhiye，haiyuwangsicongzaizhibojianpinfanhudongweihuajiaozhibozaoshi。

dao2018nianshi，huajiaozhiboyubishihuoredeyulezhibohudongpingtailiujianfangdengqitachanpinhebing，huafangjituanzhengshichengli。zaidao2022niandi，huafangjituanchenggongzaigangjiaosuoqiaozhong。genjudangshidezhaogushu，zhouhongyichigu38.21%，weidiyidagudong；songchengyanyiweidierdagudong。

zaigangjiaosuoipodedangtian，huafangjituangujiajiuyinglaileyiboshangzhang，zhangfu17.5%。jiezhishoupan，huafangjituanshizhichaoguo30yigangyuan。

zhideyitideshi，jiuzaihuafangjituanshangshizhiqian，360jituanfuhuade360shukeheludashiyexiangjizaimeiguheganggushangshi。zheiyeyiweizhezhouhongyizaiduanshijianneishouhuosangeipoxiangmu，keweifengguangwuxian。

zhouhongyicengshuo，shangshishihuafangjituandexin“qidian”。zhibuguo，lingtameixiangdaodeshi，shangshibuzubannian，huafangjituanbianyinbeidiaochaertingpai，rujin，qiangzhituishidexiaoxi，gengshichengwei“yasiluotuozuihouyigendaocao”。

congfengguangwuxiandaoluopolichang，zhouhongyikouzhongdexinqidianbingmeiyouchanshengguangmingdeweilai。

周鸿祎打造的直播平台

huajiaozhibodechenglihefazhanlibukaizhouhongyi。

zhongsuozhouzhi，zhouhongyishiyigeshifenai“zheteng”dedalao。zaichenggongdazao360zhihouyouxianhouchuangzaoqihu360、360jinrong、ludashisanjiaqiye，bingchenggongshangshi。houyouchenglitouzijijin、zuotouziren、rugunazhaqiche。

ershishishang，zhouhongyideyexinyuanbuzhiyuci。genjuguowangbaodaozhong，zhouhongyicengzai2011nianjiushuoguozhengzaikaolvrujushejiaowangluopingtai，huajiaozhibozhengshiciyexinxiadechanwu。

juziliao，zaihuajiaozhibopingtaichenglizhiqiandeliangnian，360gongsizaimeiguogushishangshi，gujiacongnianchude30meiyuanbiaoshengzhi94meiyuan，shizhitupobaiyimeiyuandaguan。jinguan360dezhuyaoshourulaiyuanshiguanggaohezhinengyingjian，zhuyaomianxiangqiyekehu（bduan）。duiyuzhouhongyilaishuo，zaiwengubduanshichanghou，tansuocduanshichangdexinyewumoshixiandeyouweizhongyao。

qichu，huajiaopingtaizaiduiwaixuanchuanshi，changyi“360qixiadehuajiao”zicheng，danzuoweiyigeyijishuzhichiweihexindegongjuxingqiye，qiwenhuazhongsihuquefayuleyuansu。huajiaozuichushangxianshi，qijingzhengduishoushiguowaideliumeitizhibopingtaiperiscope。raner，genjugongkaixinxi，zheiyidingweizaigongsineibubingweidedaoyizhirentong。

daole2015nianxiabannian，huajiaodedingweijinglilesancidiaozheng，zhuyaodetiaozhanzaiyuzhouhongyiduishejiaoshuxingchanpindejianchiyutuanduiquefashejiaolingyujingyanzhijiandechongtu。

kekebanbanhouhuajiaozhongyumianshi，errangtazhenzhenghuoqilaideqijiyuanziyichangshigu。

2015nian8yue，zhouhongyizaicanjiawan360shoujixinpinfabuhuihou，jiashibaomachehuijiatuzhongzaoyucheliangziranshijian。mianduizheiyijinjiqingkuang，taxuanzeyongshoujijinxingxianchangzhibo，yiwaixiyinledaliangwangyouhezhimingrenshiruwangsicongdeguanzhu。zheichangzhiboshijian，jiashangliuyan、lixiangdengmingxingdejiaru，yiji《mayashuo》《mabindubao》dengzizhijiemudetuichu，shidehuajiaozhibopingtaixunsujueqi，yudouyu、huya、yingke、kuaishoudengpingtaizhengduoshichangfene。

daole2016nian6yue，huajiaoderihuoyueyonghushuchaoguo500wan，yuehuoyueyonghushutupo1000wan。genjudangniandeshuju，qihuanbizengzhanglvdadao191%，lingxianyutongxingyeqitachanpin，chengweifanyulezhibolingyudelingtouyang。

zaihuajiaozhibodedingshengshiqi，tayexiyinlezhongduotouzizhedemuguang。2016nian10yue，huajiaozhiboxuanbuhuode3yiyuanrenminbidealunrongzi；2017nian，tiangehudongtouzi1yiyuanrenminbi；tongnian12yue，huajiaozhibowanchengle5.1yiyuanrenminbideblunrongzi，gongsiguzhidadao50yiyuanrenminbi。

raner，jinguanzai2016nianyuehuoyueyonghushuchaoguoqianwan，huajiaozhibodangniankuisunchaoguo4yiyuanrenminbi，2017niansuiranyingshoudadao24.19yiyuanrenminbi，danjingkuisun1.41yiyuanrenminbi，lianxuliangniankuisunchaoguo5yiyuanrenminbi。mianduizheiyangdecaiwuzhuangkuang，zhouhongyixuyaoweihuajiaozhiboxunzhaoxindefazhanlujing，jiyuliujianfangdehebingzhongzu。

zai2016nianzuoyou，zhiboxingyexunsujueqi，yinfalesuoweide“qianbodazhan”。liujianfanghehuajiaodouzaizheiyixingyelangchaozhongcunhuoxialai。danhuajiaoweinenggenshangtongqipingtaidefazhanbufa，zhongzuqian，huyayijingshangshi，shizhiyidudadao68yimeiyuan，erhuajiaodeblunrongziguzhijinwei51yiyuanrenminbi。

2018nian6yue27ri，guzhi51yiyuanrenminbidehuajiaoyuguzhi34yiyuanrenminbideliujianfanghebing，chenglileguzhi85yiyuanrenminbidehuafangjituan。dangshi，zhouhongyichiyou38.21%degufen，songchengyanyichigu37.06%。

hebinghou，huafangjituandejinglirunzhuanweizhengshu，2019nian、2020nianhe2021nianqian8geyuedejinglirunfenbiewei2.11yiyuanrenminbi、3.67yiyuanrenminbihe2.6yiyuanrenminbi。bujinlirunxianghao，2020nian12yue，huafangjituanshougouleholla，jiakuailejinjunhaiwaishichangdebufa。tongshi，huafangjituanyegongkaileshejiaowangluoyewudeshouru，2021nianqian8geyuedeshouruwei7177.1wanyuanrenminbi，zhanzongyingshoude2.4%。

zaiipoqian，360dongshizhangzhouhongyikongzhihuafangjituanyue38.21%degufen，songchengyanyitongguoglobal bacchus limitedchigu37.06%，huafangfeitengtongguoblossom bliss limitedchigu6.25%；zhirunyihaohezhirunerhaotongguosun link tradechigu4.38%，simingjunchengchigu3.85%，zhangfatongguojy infinitaschigu2.88%，shanghaizuosanchigu2.63%，mangguowenchuangtongguomango ningzechigu1.54%。

binggouzhongzuwanchenghou，huafangjituanzhongyuyinglaileiposhike。2022nian12yue12ri，huafangjituandengluganggu，faxingjiawei2.8gangyuan，muzijingewei7240wangangyuan。danyouyisideshi，you51yiguzhidehuajiaohe34yiguzhideliujianfanghebingerlaidehuafangjituan，zaishangshidangtianjinjinzhanhuo30yigangyuandeguzhi。sihubingmeiyouqidao1+1＞2dexiaoguo，shenzhishi1+1＜2。

花房集团退市之殇

zaibuguoliangniandeguangjingzhong，huafangjituancongshengjiyishidaozuizhongdeanrantuichang，qibeihoudeyuanyinjiujingshishenme？

zuoweiyongyouhuajiaozhiboheliujianfangliangdapingtaidehuafangjituan，zaibeixuanbutuishiqianyitingpaizhangda20geyuezhijiu。

2023nian4yue，huafangjituanxuanbugupiaojiaoyizanting，bingyanchifabu2022niannianbao，danweitoulujutiyuanyin。zhidao4yue25ri，huafangjituanjinyibugonggaocheng，qichigu25%degongsizaodaodiaocha，bufenzhanghubeidongjie，shejijinegaoda1.36yiyuanrenminbi。

julihuafangjituanshangshijinbannianshijian，2023nian7yue，huafangjituanxiangzhengfujiguanzhifuleyue1.55yiyuanrenminbidedaijieankouyakuan，jiezhi7yue25ri，suoyoudongjiezhanghujunyijiedong，keyongyurichangyunying。

huafangjituanzaigonggaozhongtidao，jiangxianglianjiaosuotijiaogengxinhoudefupaijianyishu，yizhengmingyimanzufupaitiaojian。zi4yue3ritingpaiyilai，yonghurengkezhengchangfangwenheshiyonghuafangjituandezhibojiyinshipinshejiaowangluochanpin。raner，tingpaizhuangtairengzaichixu，qijianhuafangjituandeshichangguanzhudu、pinpaiyingxianglijiyuzibenshichangdehudongshoudaoxianzhi，yingxiangleyeji。

caibaoxianshi，huafangjituan2023nianyingshouwei25.7yiyuanrenminbi，jiaoshangnianxiajiang49.6%；2024nianshangbannian，yingshoujixutongbixiajiang40.6%，jiangzhi9.65yiyuanrenminbi，qizhongzhibojiyinpinshejiaowangluoshourutongbijianshaoyue45.3%，zhuyaoyouyuwaibuhuanjingtiaozhanhejituanjingyingcelvedeshenshendiaozheng。

congshangyemoshilaikan，huajiaozhibozhuyaoyikaozhibodashanghuodeshouru，zheiyeshiyulezhibopingtaidepubianyingshoumoshi。an2021nianshouyijisuan，huafangjituanzaizhongguozaixianyulezhibopingtaizhongpaimingdisan，zhanzongede13.1%。

ciwai，yulezhiboxingyedeguyoufengxianyizhiduihuajiaozhibogouchengtiaozhan。

zaozai2020nian，beijingshihulianwangxinxibangongshiyifadui“huajiaozhibo”、“xiguashipin”he“quanminxiaoshipin”sanjiawangluozhibopingtaidefuzerenjinxingleyuetan，zhenduizheixiepingtaichuanbodisuneirongheweinengyouxiaolvxingqiyezerendewenti，yaoqiutamencong6yue23ri0shizhi7yue8ri0shijinxingzhenggai。

huafangjituanzaiqizhaogushuomingshuzhongtoulu，gongsicengyinpingtaishangbofangbudangneirongerbeizhengfubumenfakuanjiuci，shejixinganshideyuyanhuobiaoyan，meicifakuanjinezai1wanyuanzhi1.5wanyuanzhijian，zongjiyue10wanyuanrenminbi。tongshi，you33mingzhuboyinzhanshibudangneirongbeilieruzhongguoyanchuxingyexiehuidewangluozhibozhubojingshimingdan，qizhong25renyinxinganshibiaoxianjiyuyanshangbang。

huafangjituanyerenshidaoyilaidashangfenchengdeshangyemoshicunzaifengxian。zaigongsishangshishi，zhouhongyiqiangdiao，shangshishihuafangjituandexinqidian，gongsijianggoujianyigemianxiang“weilai”dezaixianshejiaoyuleshengtaixitong。2020nian12yue，huafangjituanshougouleholla group，tuozhanlehaiwaiyewu。

raner，zheixiezhanlvediaozhengbingweinengyouxiaoyingduihuafangjituanmianlinde“neiyouwaihuan”。

jinguangongsijixuyilaihuajiaozhibozuoweizhuyaoshourulaiyuan，danzhenggeyulezhiboxingyeyibuzaichuyuyemanshengzhangjieduan。

jinnian1yue，songchengyanyifabudetouzijianzhigonggaoxianshi，genjuchubupinggu，songchengyanyijihuaduihuafangjituandezhangqiguquantouzijitijianzhizhunbei，jinezai8.6yiyuanzhi9yiyuanzhijian，zheijiangyingxianggongsi2023niandudejinglirun。

songchengyanyijieshicheng，liulianghonglizhujianxiaoshi，shichangjingzhengjiaju，yulezhiboxingyedejingqidumingxianxiajiang。ciwai，zi2023nian5yueyilai，huafangjituanjiaqianglefengxianguanliheneikongcuoshi，daozhiyunyingguimosuojian，yejidafuxiahua。

zheixielianxudeweijizuizhongdaozhihuafangjituanzouxiangletuishidedaolu。

红衣主教，科技界的硬核大佬，投资界的“乐子人”

shangwenzhongyijingtidao，zhouhongyishiaizhetengde。

dangleijunshezuxinnengyuanchehou，zhouhongyiyejuedingxiaofangleijunjinxinggekuajie。erzaiyifanjingtiaoxixuanzhihou，zhouhongyikanzhonglelezaochexinshilidenazhaqiche。bingqiezaizheizhihouxuanbutouru 9 yihe 10 yi，bingchengweilenazhadedierdagudong。

“leijundounengzaoche，woyouhebuneng？”zaineinian360xuanbuyunazhaqichedelianhefabuhuishang，zhouhongyitaotaobujuedijianglejinlianggexiaoshi，yuanchaozhubanfangjizijianpaide30fenzhong。

neimezheibitouzidehouxuni？judangshidecaibao，zai2021 nian-2023 nianjian，nazhaqicheshixianyingshoufenbiewei 50.86 yiyuan、130.40 yiyuanhe135.55 yiyuan，danduiyingdenianneikuisunfenbiedadao 48.40 yiyuan、66.66 yiyuanhe 68.67 yiyuan，caiwukuisunrutongxueqiuyuegunyueda，nanyiezhi。

ernazhayerangzhouhongweichengshoulebuxiaodekuisun。genju360jituancaibao，2022nian，zhuyaoyounazhaqichedailaidetouzisunshiwei5.93yiyuande，2023nianzengzhi7yi。zheizhongkuisundemaimaiyerang360zainazhaqichedechigubilicong2021niande16.6%jianchizhi9.12%。

zaizhouhongyitouzinazhazheijianshishang，yigongkuisunleshijigeyi。qidehongyizhujiaogongkaipaohongnazhaqichezhangyong。suishuozhouhongyishenjiabaiyi，danyixiakuisun10duogeyi，qidaomajieyezaiqinglizhizhong。

qishizaitouzinazhazhiqian，zhouhongyiyijingzaitouzizheitiaolushangchangshilehaojiu，wuyiliwai，quanbuzheji。

“sanfentianzhuding，qifenkaodapin”。zheijuhuaduiyutouzilaishuoyeshifenshiyong。bijingyousanfentianzhudingdeqianti，suoyitouzixiangmuhuangjigezaizhengchangbuguo。zhibuguo，zuowei“hubeidisancongming”dezhouhongyi，tacaiguodekengtaiduotaiduole，keyiduibiaoribendelingyiyuandatousunzhengyile。

zhouhongyizicong 2005 nianchengletianshitouzirenzhihou，jiuyikedoumeixianzhe，ertadedaomeizhilu，yejiuciqicheng。

yougehenyouyisidegushi，jushuo，dangshiyouyigemaiyangnaidechuangyezhezhaodaozhouhongyi，biaoshixianzainaiyebixudekanyangnai，niunaiyijingbuxingle。yangnaibuguangyingyangjiazhihenjiejinrennai，erqiefadongnongminlaiyangyang，haikeyibangzhutamentuopinzhifu。zhenggejiushishuangyingdehaoxiangmu。

yidunchuixuguohou，zhouhongyilashangjigehezuohuobantoulejibaiwan。keshicaiguoyigeyue，zheijibaiwanjiushaomeile，jiuhaoxiangyangchidebushicaoliaoershichaopiao。dangzhouhongyishididiaochazhihoucaifaxianshishoupianle。

lingrenmeixiangdaodeshi，gushihaiyouhouxu。zhouhongyimaosigenyanggangshangle，touziqileyang。wangyidingleiyangzhu、koubeilizhiguoyangji、360zhouhongyiyangyang……

danqianliangzheshizhaogenongcun，baogeshantou，gaodianxiandaihuayangzhi。erzhouzongzeshizhijiezaicuntucunjindebeijingquanqilediyangyang。zuihoujiejujiushi，zanmenzhouzongzhinengkanzhejinshengdejizhiyangfadai。“woyebuhuiyanga，nahuilaihouyeburenxinchi，jiufangzaizheili ( changpingde360tezhongxunlianying ) rangtamenzijishengzhang，xianzaijiushengxiaqiangbianneiliangzhile。fangzaineiliyehao，rangwoshishikanjian，yetixingwoziji，wocengjingduomedeer。”

erzaiyangzhihoudejichangzhengjingtouzini？zhouhongyixianshitouzilekuaibo，benlaifazhandeshunfengshunshui，08 nianhaihuodedaoleruanyindealuntouzi。beizhouhongyihesunzhengyitongshikanzhong，haosizhijiejieshilekuaibodejieju。

2014，kuaiboyinweibanquanwenti，chile 2.6 yidefadan。houlaiguojiasaohuangdafei，kuaibobeidaluomaxia。bishibeizhouhongyichengzuoshi“shengdazuihaodechanpinjingli”dekuaibo ceo wangxinyelangdangruyu。

zaihoulai，zhouhongyiyouzuoqileshouji，dangshidehezuozheshikupai，shuangfangjuedingxieshouzuoyikuanqikushouji。jieguohezuohuobankupai “ hunneichugui ”，2015nian 6 yue，kupaixuanbuyinjinleshiziben。leshiyi 21.8 yiyuanrugukupai，yiyuechengweilekupaidedierdagudong。liangjialakaileyichangshengshihaodadegekongduipen。zhouhongyipengyouquanneihanbeitongdao，kupai ceo jiangchaoweibopenzhouhongyishamao。

zhouzongzhendezhaobudaohaoxiangmuma？xianranbingbushi。zhouhongyizaozaokanzhonglejinritoutiao，bingqiexuanzelechushou。jieguozai 2016 nianniandi，jinritoutiaodeblunrongzizhong，zhouhongyiyouxuanbuzhongtutuichule。dangnian，kanzouyancuoguojinritoutiaodetouzidalaoduodeshi，zhuxiaohu、shennanpengdengdeng，danmeiyouyigebizhouhongyizhongtupaolugengkuidele。

zhouhongyibuzhizuozhitou，tahaishigaorongziben、erfutouzidengdelp。erruguocongqihu360chufa，zheijiagongsizuoweilpsuotouzidegpmingdanyoukeyilachuyizhangchuan——feidianziben、airuiziben、zhongtouzhongcaijijin、yingnuotianshijijin、hutongjijin、pinganchuangtou、chuangxingutouzi、zhongguancunfazhanjituan、shoujiantou、sanqianzibendengdeng。

zongjieyijuhua，hongyizhujiaozhouhongyidetouzizhilushiyizhishuaidaoqueyouyizhirechen。