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上证报记者史丽摄

  上证报中国证券网讯(记者张雪)国家卫生健康委医政司司长焦雅辉21日在国新办新闻发布会上介绍,《加快推进服务业扩大开放综合试点工作方案》在医疗领域提出,要支持符合条件的外籍和港澳台医生在当地开设诊所,支持境外医师、护士、药剂师等医疗专业技术人员按照规定在当地短期执业,并简化和优化审批流程;在确保数据安全和患者隐私的基础上,探索健康医疗数据库的共建共享,要加强临床医疗数据的标准化和院际间共享等任务。

  焦雅辉表示,在医疗领域扩大开放试点目的是要引进优质的医疗资源,一方面是要丰富当地的医疗服务供给,满足国内居民以及在华外籍人士差异化、个性化的医疗服务需求,同时,要和国内的基本医疗服务供给形成互补格局。

  国家卫生健康委积极推进商业健康保险支持外资医疗机构发展,目前已形成了中国版国际医院评审认证标准并鼓励外资医疗机构积极参加和使用,以此对接国际上的商业健康保险。

  华谊兄弟近期披露的2024年财报及2025年一季报显示,公司在行业调整与市场挑战中呈现复杂的经营态势。

  亏损收窄与现金流压力并存

  2024年全年,华谊兄弟实现营业收入4.65亿元,同比下滑30.18%,主要受影视娱乐板块收入下降29.36%拖累,其中影院上座率不足及票房不及预期是核心因素。

  尽管归母净亏损从5.39亿元收窄至2.85亿元(同比减亏47%),但扣非净亏损仍达3.83亿元,显示主营业务尚未实现真正盈利。值得注意的是,经营活动现金流净额从上年同期的8282万元骤降至-3225万元,降幅达138.94%,反映出资金链紧张的局面。

  2025年一季度,公司营收同比增长11.26%至1.06亿元,归母净利润实现1976万元(同比扭亏),但扣非净亏损扩大至2754万元,表明盈利主要依赖非经常性损益项目(如出售英雄互娱股权带来的约9100万元利润)。经营活动现金流净额进一步恶化至-1696万元,同比降幅达149.02%,现金流压力持续加剧。

  影视项目推进与资产整合并行

  影视业务方面,华谊兄弟在2025年一季度重点推进《向阳·花》《东极岛》等院线电影及多部剧集制作,其中冯小刚执导的《抓特务》已杀青,周星驰的《美人鱼2》进入后期阶段。但影视娱乐板块收入尚未显著恢复,一季度营收同比增幅仅为11%,显示内容产出对业绩的拉动作用仍待观察。

  资产运作层面,公司以3.36亿元清仓所持英雄互娱5.17%股权,结束近十年投资。该交易虽带来账面利润,但相较2015年19亿元初始投资本金,累计浮亏高达7亿元,反映出文娱行业股权投资的高风险性。实景娱乐板块则通过资源整合、引入合作方进行战略调整,但该业务收入在2024年同比暴跌78.95%,转型成效尚不明确。

  高负债与资产质量隐忧

  截至2025年一季度末,公司资产负债率达85%,流动比率仅0.44,货币资金对流动负债覆盖率不足17%,短期偿债能力堪忧。有息负债规模虽同比减少36%至7.63亿元,但财务费用仍达1095万元(2024年全年),债务负担持续侵蚀利润。此外,总资产从2022年末的52.75亿元缩水至2025年一季度末的29.48亿元,资产减值风险需警惕。

  华谊兄弟正处于战略调整关键期:一方面通过处置非核心资产缓解现金流压力,另一方面加速影视内容储备以期市场回暖。然而,行业竞争加剧、观众偏好变化及高企的债务压力,对其扭亏能力构成多重考验。

  未来需重点关注暑期档《东极岛》等影片的市场表现,以及实景娱乐开放平台战略的落地成效。若主营业务盈利能力无法实质性改善,依赖非经常性损益的业绩增长模式将难以持续。

  (注:本文结合AI工具生成,不构成投资建议。市场有风险,投资需谨慎。)

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