wen | yulezibenlun zhangyihong

shenmejiaogandehaoburuchaodehao？

jinriyijiayisi“jieqiao”deshangshigongsikaozheduanjugainian，duodasantianzhangting，qimuhoudalaozhengjianboyihaozhuan50%dejingshouyi，shangshigongsishizhiyebaozhangle5geyizuoyou。erzheigebeichaozuodeduanjugongsijuzhunhuyu，shiyijiazaiduanjuxingyemingbujianjingchuandejiangxigongsi。

zaiyenei，tamenpaibudaotop30，yichongzhiesuan，tamenzhukongdeduanjuzongemeiyoupoyi，danzixiyanjiujuzhunbeihou，tamenquejiyoukenengyuxiaoyucengdiaoyanguodejiangxibangyouguan。

zhongsuozhouzhi，guoneiduanjuxingyeyou95%yishangdegongsibingbuzhengqian，gaoda85%zuoyoudechongzhifeiyongdougongxianjiletouliufang，yanyuandengyoujiutoulu，jintarenshiderenzhong，2023nianjiuyou5renyinduanjujuzudegaoqiangdugongzuoercusi。daole2024nian，zheizhongneijuanxianxiangyuefatuchu。

jiuzaihualingjinggong（603356.sh）lianxuzhangtingdeneijitian，hetunjunzhenghaozaihangzhouheduanjutongrenmenyikuaichifanhecha，dajiatongyideganshoujiushi：“gandehaoburuchaodehao”，“shenmeshihoucainengzhijietaoxianzourenyuanliduanjuzheigexiuluochang”！

01 拍短剧没赚到钱，但要给上市公司四个亿？

12yue11ri，hualingjinggong（603356.sh）zaitingpaiwugejiaoyirihoudefupaidiertianzhangting，cihouduocichuxianzhangting。tongshi，zheisangejiaoyiridehuanshoulvjundadaojingrende30%zuoyou。zheiyixilieyichangbiaoxiandelaiyuan，jingshiyijiaduanjugongsi。

hualingjinggongzai9ripilu《guanyugongsiyutedingduixiangqianshufutiaojianshengxiaodegufenrengouxieyijiguanlianjiaoyidegonggao》。hualingjinggongnixiangtedingduixiangfaxinggupiao，shangraojuzhunnirengoujinebuchaoguo45,320.00wanyuan，faxingwanchenghou，shangraojuzhunchengweigongsikonggugudong，qishikongrenzhengjianboyejiangchengweihualingjinggongdeshijikongzhiren。

zhengjianbokongzhidejuzhunjituanguanwangxianshi，zheishiyijia“yixinmeitineirongyuanchuangyufaxingweihexinyewudegongsi”，“xunsujishenquanguotoubutidui，quannianyunyingxiaohaotupo2yi+，shejixiaoshuo、youxi、mcn、dianshangdengtuiguangyewu，leijixiaohao20yi+”。

yulezibenlunshenbazheiyijiaoyidezhongzhongxijie，faxianzheijiagongsibeihoujiyoukenengyuxiaoyucengdiaoyanguodejiangxibang（《qidizimeitijiede“jiangxibang”：piliangqihao，aifangliang，jiafangzuiai》）youguan。

图1 华菱精工近三个月股价走势与成交量，数据来源：同花顺iFind

xuyaozhuyideshi，cicidingxiangzengfadeduixiangshishangraojuzhunqimingqiyeguanlihehuoqiye（youxianhehuo）。zheishiyijiajinnian11yue22rideyouxianhehuoqiye，shelizhijinshangweishijikaizhanyewu。

lingyigeqiaohe，tianyanchashujuxianshi，shangraojuzhundechuziewei5yiyuan，zhenghaofugainirengoujinede4.5yiyuan。zuoweiduibi，erzhengjianbokongzhideqitahexinqiye，zhucezibenjunbuchaoguo5qianwanyuan。（genjuwoguoxiangguanguiding，hehuoqiyezhucezijinbingbuqiangzhiyaoqiushijiao）。

图2 上饶巨准出资份额情况，资料来源：公司公告，天眼查

keyishuo，shangraojuzhunshizhuanmenweilecicidingzengershelideqiye。gengjiazhideguanzhudeduixiang，shizhengjianbokongzhidehexinqiye——juzhunjituan。genjuhualingjinggongdebaogao，shangraojuzhunshiyongziyouzijinjinxingcicirengou。danduibijuzhunjituanyeji，4geyidejineyexiandeyouxie“tianfangyetan”。

图3 华菱精工公告中郑剑波控制的核心企业，资料来源：公司公告，天眼查

congguanwangtigongdeyewumokuailaikan，juzhundezhuyingyewuyijingyuduanjuchanyelianchengxianqiangbangdingdezhuangtai。raner，juzhunhuyujiezhimuqianshangxiandeduanjubingbuduo。yulezibenlungenjudataeyeshuju，juzhunhuyuguanlian13buduanju，qizhongchengzhi9bu。erjuzhunjuchangdouyinhaozhongtoufangjin27buduanjuzuopin，jiezhimuqianfensiliangjin27.1wan。yutoubupingtaidetiliangxiangbi，juzhundeguimokanchengmiaoxiao。

图4 巨准集团业务模块，资料来源：公司官网

zaijuzhunhuyuyishangxiandeguanlianjujizhong，biaoxianliangyanzheyeliaoliaowuji。chule1yuejuzhunhuyudeshoubuzuopin《mengbaoshenzhugong，diedinalitao》zaishichangshangjiqileyixieshuihuayiwai，juedaduoshuzuopinzairibangshangzhitingliuleduanduanyiliangtian。

图5 巨准互娱关联短剧榜单情况，资料来源：DataEye

genjudataeyeshuju，juzhunhuyuzuoweipingtaifangdetouliurelizhiwei4197.8w，yuanyuandiyufanqie、dianzhong、jiuzhoudengtouliurelizhidongzhechao20yidetoubupingtai，zuoweichengzhifangrelizhiwei4248.3w，yehebangdanqianliedezhongqingsiyuelianmeng、maiyazizhidengchengzhifangxiangchalianggeshuliangji。

zaihexinyewuyebiaoxianpingpingdeqingkuangxiaxuanzetunxiayijiashangshigongsi，daodishiweileyejidezengzhang，haishizibendezengzhang？

02 短剧和电梯上市公司，有什么关系？

jiaoyidelingyifang，hualingjinggong，yijiazhuyaocongshi“diantilei、jixieshitingcheshebeilei、fengdianleidengpeijianchanpindeyanfa、shengchanhexiaoshou”dejixieshebeigongsi。2018nianshangshi，jinjinianshoudaofangdichanxingyeyingxiang，yingyeshouruchixusinianxiahua，jinglirunzaishengsixianshangpaihuai；buchuyiwai，2024nianyingdangshilianxudisanniandefulirun。

图6 华菱精工2020年至今盈利情况，数据来源：同花顺iFind

zheibingbushihualingjinggongdiyicixunqiumaishen。qunian5yue，hualingjinggonggonggaocheng，gongsishikongrenhuangyehuajiazunitongguozhuanrangguquanfangshiyinrujiedenglingtan（jiangsu）xinnengyuankejiyouxiangongsi，diyibuguquanzhuanrangyijingshishi，danzuizhongdingzengbeizhongzhi。

zaizheiyangdebeijingxia，hetunjunhennanxiangxin，zhengjianbocishitouzihualingjinggong，shikanzhonglediantixingyedeqianjing。

qianwenzhongxiaoyutidao，shangraojuzhunshiyijiayouxianhehuoqiye。shiyongyouxianhehuoqiyetouzirugu，kenengcunzaidehaochuzaiyushangraojuzhunheyuanyoudejuzhunjituanbeiqiegedeganganjingjing，zheihuoxunengshidecicidingzenggengrongyitongguojiaoyisuohezhengjianhuideshencha。

ergengjiazhongyaodeshi，zhengjianbokeyitongguozijiputonghehuorendeshenfen，laolaobawoduishangshigongsidekongzhiquan。danzheiyijiagouzhiyouzaijiarugengduoyouxianhehuorendeqingkuangxiacainengfahuizuoyong，ershangraojuzhunmuqiandelingyiweihehuorenwangxianvshishizhengjianboqizi，weiyizhixingdongren。

shenmeyangdeqingkuangkenengchuxianxindeyouxianhehuorenqiexuyaozhangwokongzhiquan？zheirangrenxunsulianxiangzhongdazichanzhongzujiaoyi。

shishishang，rangzhengjianbodeyizourugongzhongshiyede，zhengshiyichangzhongdazichanzhongzujiaoyi。2017nian，sanweitongxin（002115.sz）shiyongziyouxianjin+faxinggufendefangshi，shougoulejuwangkeji100%deguquan，qizhongxianjinbufenjiaoyizongebuchaoguo2.5yi。zhengjianboyeyinciyiyuechengweishangshigongsideqianshidagudong，woyousanweitongxin11.5%degufen。

zaizheichangshougouzhong，juwangkejideguzhigaoda13.5yiyuan。juwangkeji2016niandeyingshougangcong1geyiyueshengdao5geyi，jinglirunweibuguoqianwanjibie。ruguoanzhaojingzichanjisuan，juwangkejidesuoyouzhequanyigangguo1geyi。2015-2017nian，juwangkejizaixinsanbanshangshishi，zongshizhidazhiweichizai7geyishangxia。

yejiushishuo，juwangkejizaibeibinggoushi，guzhijijinfanfan！

图7 巨网科技上市前利润表，数据来源：公司公告

youci，xiaoyuhuoxunengkanjianhualingjinggonghejuzhunkejideweilai——suiran12geyueneizhengjianbobuhuidiaozhenggongsidezhuyingyewu，danyichanggaoyijiashougou，sihuzhengzaiyunniang。

03 重大资产重组，下一步呢？

zhongdazichanzhongzuzhihou，juwangkejiyijingwanchenglezibenhuazhilushangcongyijiaputongdeduanjugongsimaixiangshangshigongsidezuiguanjiandeyibu。dangaoyijiabiranyoudaijia，zibenhuadezuihouyihuanhaimeiyouquanbuwancheng。

binggoubiaodezaiyejichengnuoqimanhoubianliandeqingkuangbingbushaojian。juwangkeji“bianlian”quefashengzaimaolilvshang。

shougouwanchenghoude2017-2019nian，juwangkejiyuanmanwanchengyejichengnuorenwu。youyusanweitongxinyuanxiandezhuyingyewuweitongxinyewu（zhuyaoweiyunyingshanghexingyekehutigongyidongtongxinwangluoshebeijixitongjiejuefanganzonghefuwu），keyirenwei2017niankaishibaobiaozhongchuxiandehulianwangxinxifuwuweijuwangkejichuangzao。

图8 巨准科技业绩承诺完成情况，数据来源：公司公告

dan2020niankaishi，hulianwangxinxifuwudemaolilvyixiazicong6%diaodao1%。duici，sanweitongxinjichudeliyoushi：suizhegongsiyewudefazhan，gongsiyewuzhongxindiaozheng，bufendimaolilvdeyewuqudailegaomaolilvdeyewu，yihuanqugongsizhengtimaolidezengzhang。

图9 三维通信互联网信息服务分部收入和毛利情况，数据来源：同花顺iFind

duiyuguanggaogongsilaishuo，yejibianlianzaizhengchangbuguo。xiaoyuzai《qidizimeitijiede“jiangxibang”：piliangqihao，aifangliang，jiafangzuiai》yiwenzhongxiedao，jiangxibang“jiedanbizuohaogengniu”，yejiushi“shangyouquzhaokehunaguanggaoyusuan，xiayouwajuelianxizimeiti，baokuogerenhao、guimohuadezimeitigongsi、songsanxingdemcnjigoudengdeng”。erhulianwangguanggaotoufang、zimeitiyewu，qiaqiashizhuceyushangraodejuwangkejidezhuyaoyewuzhiyi。congzheigejiaodulaikan，juwangkejidegaoyingshoudimaoli，sihubiandegengjiarongyilijiele。

raner，zaiyemeiyouhuifudao2%yishangshuipingdehulianwangfenbu，youruheshixianzhengdejinglirunni？genjuhulianwangbaodao，2021nianjiangxijuwangkejiyingshou90yiyuan（yusanweitongxinpilushuexiangdang），nashui1.12yiyuan；ergenjunianbaojisuan，hulianwangxinxifuwumaolijiuzhiyou1.25yiyuan。yilianduonian，sanweitongxindejinglirunshizhongzailingdefujinzhengzha。

图10 三维通信收购前后盈利情况，数据来源：同花顺iFind

lingyibian，zhengjianboyuwangxiadexianshouguyu2020nian12yue28rijiejin。zaixianshougujiejinhou，zhengjianbotongguoduocipaoshou，rujinzaisanweitongxindechiguzhanbijinwei2.57%。zai2020niandegonggaozhong，juwangkeji“junweifashengjianzhi”，zai2021nian，queyijujiti8yishangyujianzhi——2017nianshougoushideguzhi，yebuguo13yi。

图11 郑剑波持有三维通信股份占比情况，数据来源：同花顺iFind

注：除主动减持股票以外，2021年公司实施非公开发行、股权激励等，也会造成一定的被动稀释。

gudongjianchihoushangyujianzhi，zheibianshizhengjianboshangyilunzibenyunzuodezuihouyihuan。

04 结语：干得好不如炒得好？

ruguozuizhongmudedoushizhuruxinzichan，weishenmehualingjinggongyaotongguodingzenghuanshikongren，zaijinxingzhongdazichanzhongzu？hualingjinggongzuixinjibaozhongzhangshangjinyou7qianwanxianjin、xiangyaoraokai“jieqiaoshangshi”deshenchadoushikenengdeyuanyin。erlianxu3ribeihoudemeitian30%huanshoulv，youshisheizaifangliang？

cicidingzengrengxuyaodedaozhengjianhuidepifu，dingzengdechenggongyufou，tongyangshiyigejudadeyituan。ruguohualingjinggonganzhaorenmensuoyuxiangdedingzengchenggong，yinianhouzhunbeizhongdazichanzhongzu，neimedingzengqianlihao、gaoguzhiyijiashougou、shougouhoujianchidelianxuju，shifouhuizhongfushangyan？

hetunjunnengquedingdeshi，zibenyunzuonengdailaideshouyi，yuanyuandayurenzhenzuoshiyenengdailaideshouyi——bijingjuxiaoyusuozhi，yenei98%dexiangmudouzaikuiqian。danduiyuzai2024nianzhongbaozhongxinjinruqianshidagudongdezhengjianbo、humuhua（weihualingjinggongxiankonggugudonghuangyehuadeyizhixingdongren）laishuo，yierjidudejunjia12.23yuan/gujisuanchengben，qishouyiyichaoguo50%——erzheibuguoshiyicilihaoxiaoxidailaidehaochu。