4月27日，华谊影城（苏州）有限公司新增一条限制消费令信息，案号(2021)苏0591执2557号，限制消费人员为华谊影城（苏州）有限公司及其法定代表人王忠军。该限制消费令关联案件为谢国良与华谊影城（苏州）有限公司，苏州工业园区鲁代古建筑有限公司等相关建设工程分包合同纠纷。2021年4月20日，华谊影城（苏州）有限公司等成被执行人，执行标的均为235290元，执行法院为苏州工业园区人民法院。

On April 27, Huayi studio (Suzhou) Co., Ltd. added a new restriction order information, case No. (2021) su0591-2557, and the restriction personnel were Huayi studio (Suzhou) Co., Ltd. and its legal representative Wang Zhongjun. The case related to the consumption restriction order is a subcontract dispute between Xie Guoliang and Huayi movie city (Suzhou) Co., Ltd. and ludaigu Construction Co., Ltd. in Suzhou Industrial Park. On April 20, 2021, Huayi studio (Suzhou) Co., Ltd. and others became the executee, with the object of execution of 235290 yuan, and the court of execution was the people's Court of Suzhou Industrial Park.

对此，华谊兄弟表示，相关公司不存在有能力但拒不履行的情形，是由双方信息沟通不充分不及时而产生的误解。目前问题已消除，相关消费限制令解除中。法院等相关公开信息正在更新中。

In this regard, Huayi Brothers said that the relevant companies did not have the ability but refused to perform, which was due to the misunderstanding caused by inadequate and untimely information communication between the two sides. At present, the problem has been eliminated and the relevant consumption restriction order is being lifted. The court and other relevant public information are being updated.

实际上，近几年间，围绕华谊的负面消息不绝于耳。2018年，华谊兄弟陷入经营和资金瓶颈，迎来上市以后的首次亏损。去年，华谊立下“军令状”势要重整电影业务，却不料遇到疫情风暴，营收下滑，进入连续亏损的第3年。

In fact, in recent years, there has been a lot of negative news about Huayi. In 2018, Huayi Brothers fell into the bottleneck of operation and capital, ushering in its first loss after listing. Last year, Huayi made a "military order" to restructure its film business, but unexpectedly, it encountered an epidemic storm and its revenue fell, entering its third consecutive loss year.

不过积极的一面是，《八佰》算是给公司电影业务的回归打响了头炮，影片登顶去年票房榜冠军，据推算为华谊创收超过5亿元。同时得益于费用成本下降、手头资金增加等因素，公司亏损额度和短期资金缺口均有所收窄。

But on the positive side, "eight hundred" is the first shot for the return of the company's film business. The film topped last year's box office, and it is estimated that Huayi will generate more than 500 million yuan in revenue. At the same time, the company's loss and short-term capital gap have narrowed due to the decrease of expense cost and the increase of funds on hand.

目前来看，华谊已经为五一、暑期等重要档期安排好了片单，在疫情得到缓解、业务逐步常态化的背景下，华谊今年能否顺利走出困境？

At present, Huayi has already arranged for the May Day, summer and other important schedules. Under the background of alleviating the epidemic situation and gradually normalizing the business, can Huayi get out of the predicament this year?

亏所收窄 《八佰》创收或超5亿

Eight hundred's revenue may exceed 500 million

受到疫情冲击，去年影院停摆接近半年，导致影片上映延迟，电影公司业绩自然惨淡。

Under the impact of the epidemic, cinemas closed for nearly half a year last year, resulting in the delay of film release and the poor performance of film companies.

2020年，华谊实现营收15亿元，同比下降33.14%。其中，影视娱乐板块营收13.1亿元，同比下降38.87%，营收占比自上年的95%下降至87%；而品牌授权及实景娱乐板块营收则有所增长，同比上涨260.16%至1.25亿元，占比从1.5%提升至8%。

In 2020, Huayi achieved a revenue of 1.5 billion yuan, a year-on-year decrease of 33.14%. Among them, the film and television entertainment sector's revenue was 1.31 billion yuan, a year-on-year decrease of 38.87%, and the proportion of revenue decreased to 87% from 95% of the previous year; On the other hand, the revenue of brand licensing and live entertainment increased, with a year-on-year increase of 260.16% to 125 million yuan, and the proportion increased from 1.5% to 8%.

在华谊巨大的财务压力之下，“迟到”一年的《八佰》快速定档。作为去年行业复工后首部在院线上映的国产大片，《八佰》不仅对华谊创收起到至关重要的作用，同时毫无疑问也振奋了华谊重整电影业务的士气。

Under the huge financial pressure of Huayi, the "eight hundred" which was "late" for one year was quickly filed. As the first domestic blockbuster released in theaters after the industry resumed work last year, "eight hundred" not only plays a vital role in Huayi's revenue generation, but also undoubtedly inspires Huayi's morale in restructuring its film business.

猫眼专业版数据显示，《八佰》累计票房超过31亿元，登顶去年票房榜冠军。《八佰》票房超过11.55亿时，华谊曾公告表示源自影片的营收区间约为2．05亿-2.45亿，按此推算，《八佰》最终为华谊创收区间或达5.5-6.5亿。

According to the data of cat's eye professional edition, the cumulative box office of "eight hundred" exceeded 3.1 billion yuan, reaching the top of last year's box office list《 When the box office of "eight hundred" exceeded 1.155 billion, Huayi announced that the revenue range from the film was about 205 million to 245 million. According to this calculation, the final revenue range of "eight hundred" for Huayi might reach 550 million to 650 million.

虽然营收整体出现下滑，但华谊去年亏损额度却有所收窄，归母净利润为-10.48亿元，同比上升73.65%，扣非归母净利润为-10.18亿元，同比上升74.03%。

Although the overall revenue declined, Huayi's loss limit narrowed last year. The net profit attributable to the parent company was -1.048 billion yuan, up 73.65% year-on-year, and the net profit deducted from non attributable parent company was -1.018 billion yuan, up 74.03% year-on-year.

华谊亏损收窄由几个因素所致。一方面，华谊在2019年出售了东阳浩瀚、华宇讯科技等公司股权，上述公司不再并表，使得管理和研发费用分别大降31.34%和88.29%。此外，由于偿债减少了利息费用，华谊去年财务费用也较上年同期下降22.15%。另一方面，去年华谊计提资产减值损失4.4亿，而2019年为26.93亿。

Huayi's loss narrowed due to several factors. On the one hand, Huayi sold the shares of Dongyang Haohan, huayuxun technology and other companies in 2019, and the above companies are no longer consolidated, resulting in a sharp decrease of 31.34% and 88.29% in management and R & D expenses respectively. In addition, as the debt service reduced the interest expense, Huayi's financial expense last year also decreased by 22.15% compared with the same period last year. On the other hand, Huayi made provision for assets impairment loss of 440 million last year, compared with 2693 million in 2019.

冯小刚对赌再败 合计赔2.3亿

Feng Xiaogang lost another gamble and lost 230 million yuan in total

在多年的发展历程中，华谊热衷于与明星导演、演员绑定，曾与张国立、冯小刚、冯绍峰、郑恺等明星存在公司股权关系。而2020年则是冯小刚关联公司浙江东阳美拉传媒有限公司（以下简称“东阳美拉”）与华谊业绩对赌的最后一年。

Over the years of development, Huayi has been keen to bond with star directors and actors, and has had equity relations with Zhang Guoli, Feng Xiaogang, Feng Shaofeng, Zheng Kai and other stars. And 2020 is the last year for Feng Xiaogang's affiliated company, Zhejiang Dongyang Meila Media Co., Ltd. (hereinafter referred to as "Dongyang Meila"), to compete with Huayi's performance.

2015年，华谊以10.5亿元收购东阳美拉70%股权，后者当时的资产总额仅为1.36万元，负债总额为1.91万元，高溢价的估值一度引发市场强烈质疑。

In 2015, Huayi acquired 70% equity of Dongyang Meila with 1.05 billion yuan. At that time, the total assets of the latter was only 13600 yuan and the total liabilities was 19100 yuan. The valuation of high premium once aroused strong doubts in the market.

当时，华谊为此桩交易设置了5年的业绩对赌协议：2016-2020年，东阳美拉净利润应不低于1亿、1．15亿、1.32亿、1．52亿和1．75亿，而根据财报数据，东阳美拉在2018年和2020年均未能实现业绩承诺。

At that time, Huayi set up a five-year performance gambling agreement for this transaction: in 2016-2020, the net profit of Dongyang Meila should not be less than 100 million, 115 million, 132 million, 152 million and 175 million. According to the financial report data, Dongyang Meila failed to realize its performance commitment in 2018 and 2020.

2018年影视行业因阴阳合同等舆论进入调整期，东阳美拉当年实现利润6501万，需要赔付6821万。来到2020年，受疫情影响，东阳美拉的项目进度受到延迟，净利润仅为552.38万元，远低于1．75亿的业绩承诺，同时也是整个对赌期内利润最低的一年。

In 2018, the film and television industry entered a period of adjustment due to public opinions such as the yin yang contract. In that year, Dongyang Meila realized a profit of 65.01 million yuan and needed to pay 68.21 million yuan. In 2020, affected by the epidemic, the project progress of Dongyang Meila is delayed, and the net profit is only 5.5238 million yuan, far below the performance commitment of 175 million yuan, which is also the lowest profit in the whole gambling period.

因未完成2020年对赌业绩，冯小刚需要赔付业绩补偿款约1.68亿。这意味着，在两年未完成业绩承诺后，冯小刚合计赔付约2．3亿元，不过相比起10.5亿的收购价，冯小刚等股东还是“躺赚”了超8亿元。

Feng Xiaogang needs to pay performance compensation of about 168 million yuan because he has not completed the performance appraisal of the gambling industry in 2020. This means that Feng Xiaogang paid about 230 million yuan in total after two years of failure to fulfill his performance commitments. However, compared with the purchase price of 1.05 billion yuan, Feng Xiaogang and other shareholders still made more than 800 million yuan.

同时，2015年被收购之时，东阳美拉为华谊带来了10.46亿商誉。2018-2020年，华谊连续3年对东阳美拉计提商誉减值，计提金额为3．02亿、3．6亿和1．86亿，一定程度上对华谊利润造成影响。

At the same time, when it was acquired in 2015, Dongyang Meila brought 1.046 billion goodwill to Huayi. From 2018 to 2020, Huayi made provision for goodwill impairment of Dongyang Meila for three consecutive years, with the amount of 302 million, 360 million and 186 million, which affected Huayi's profits to a certain extent.

王氏兄弟减持解困 短期资金存10亿缺口

Wang brothers reduce their holdings and solve the short-term fund shortage of 1 billion

虽然利润亏损收窄，手头资金更加宽裕，但华谊仍存在超过10亿的短期资金缺口。

Although profits and losses narrowed and funds on hand were more abundant, Huayi still had a short-term capital gap of more than 1 billion yuan.

财报数据显示，截至去年底，华谊拥有现金6.44亿，短期债务为19.61亿，而上年现金为5.54亿，短期债务为27.59亿，可见资金缺口虽有所缩小，但华谊手头资金依然难以覆盖短期债务，偿债压力可见一斑。

According to the financial report data, by the end of last year, Huayi had 644 million cash and 1.961 billion short-term debt, compared with 554 million cash and 2.759 billion short-term debt last year. It can be seen that although the capital gap has narrowed, Huayi's funds on hand are still difficult to cover the short-term debt, and the debt repayment pressure is obvious.

从现金流量表也可以看到，华谊去年经营和投资而来的现金净额合计约6.61亿，但全部资金都用于还债，偿还债务支付的现金为19.28亿，筹资活动产生的现金净流量为净流出7.06亿元。

It can also be seen from the cash flow statement that the total net cash from Huayi's operation and investment last year was about 661 million yuan, but all the funds were used for debt repayment, the cash paid for debt repayment was 1.928 billion yuan, and the net cash flow from financing activities was 706 million yuan.

自2018年开始，华谊陷入流动性困境，过去两年，公司曾通过银行授信、实控人借款、转让股权收益权等方式积极筹资。去年4月，华谊还曾发布定增方案，拟募资约23亿元。

Since 2018, Huayi has been in a liquidity dilemma. In the past two years, the company has actively raised funds through bank credit, actual controller loan, transfer of equity usufruct and other means. In April last year, Huayi also issued a fixed increase plan to raise about 2.3 billion yuan.

2020年下半年开始，王忠军、王忠磊还相继减持公司股份解困。截至报告期末，两人分别持有5.66亿和1.4亿股，占公司股本的20.37%和5.04%，较年初分别减持了1220万股和2785万股，按均价4.5元/股计算，合计套现约1.8亿元。

Since the second half of 2020, Wang Zhongjun and Wang Zhonglei have successively reduced their shares of the company to solve their difficulties. As of the end of the reporting period, they held 566 million and 140 million shares respectively, accounting for 20.37% and 5.04% of the company's share capital. Compared with the beginning of the year, they reduced their holdings by 12.2 million shares and 27.85 million shares respectively. According to the average price of 4.5 yuan / share, they cashed out about 180 million yuan in total.

对于减持的解释，公司当时公告称，是因为个人资金需求，减持所得资金主要用于偿还股票质押融资，降低质押风险，更好地保障控制权稳定性。截至2020年末，王氏兄弟质押股份数合计为6.81亿，占所持股本的96.4%，占公司股本24.49%，靠近30%的质押警戒线。

As for the explanation of the reduction, the company announced at that time that it was due to personal capital demand, and the funds obtained from the reduction were mainly used to repay the stock pledge financing, reduce the pledge risk, and better guarantee the stability of the control right. By the end of 2020, the total number of Pledged Shares of Wang brothers is 681 million, accounting for 96.4% of the share capital and 24.49% of the company's share capital, which is close to the 30% pledge warning line.

据了解，今年华谊预计上映的影片包括五一档的《阳光劫匪》、暑期档的《盛夏未来》、《涉过愤怒的海》以及国庆档的《铁道英雄》（暂定名）。

It is understood that Huayi's films to be released this year include "sunshine robber" in May 1st, "the future of midsummer" in summer, "crossing the sea of anger" in summer and "railway hero" in national day.

王忠磊此前曾批评电影团队“断货”的现象，而从目前计划上映的情况来看，重掌电影业务的王忠磊不愿放弃任何一个重要档期，华谊走出困境的斗志高昂、决心彰显，而成果还有待市场和时间来验证。

Wang Zhonglei has previously criticized the phenomenon that the film team is "out of stock". Judging from the current planned release, Wang Zhonglei, who is in charge of the film business, is unwilling to give up any important schedule. Huayi's fighting spirit and determination to get out of the predicament are high, and the results have yet to be verified by the market and time.