秦关休的个人主页 - 老虎社区

秦关休

秦关休

我就看看

IP属地：福建

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1主题

0勋章

2021-12-02

$拼多多(PDD)$半个月没看怎么只剩800E不到了，拼不动了？

2021-02-03

这篇文章不错，转发给大家看

Alibaba revenues soar but Ant Group float uncertain

2021-02-03

这篇文章不错，转发给大家看

抱歉，原内容已删除

2020-12-18

$京东健康(06618)$顶半个京东？？？太过了吧

2020-07-29

$獐子岛(002069)$这韭菜绿油油，这扇贝这么大个！！！

2020-07-10

$A50指数主连(CNmain)$ 翻红了，下周接着涨！

2020-07-09

$小米集团-W(01810)$打新小米的同学们，你们快要解套了[开心]

2020-06-19

$拼多多(PDD)$也就值三百亿美金的

2020-03-24

这个做空是必须的啊，怎么会值这么多！！！

2020-03-13

$高盛(GS)$这。。。

2020-03-09

$洛阳钼业(03993)$混乱是上升的阶梯，你以为你能往上爬，猛然发现自己却是阶梯。

2020-03-02

$海螺水泥(00914)$上周55.55下车了[笑哭] [笑哭] [笑哭]

2020-01-14

奔着一千亿就去了，可以想想稳一望二了

2020-01-14

这让我昨天追买的一脚踏空啊[流泪] 眼泪掉下来。。。

2019-10-23

$腾讯控股(00700)$ ╯﹏╰难受

2019-09-02

$小米集团-W(01810)$ 这高位截瘫了

2019-08-22

$海底捞(06862)$ 快赶上小米了。火锅比手机值钱！

2019-08-07

$京东方Ａ(000725)$ 是不是可以抄底了。

2019-07-28

暴风这种公司能到现在也是奇观。

抱歉，原内容已删除

2019-07-23

$小米集团-W(01810)$ 先不说20几元山顶买进已经高位截瘫的老哥们，对前段时间10附近嚷嚷抄底进场的朋友们来说，也实现了资产九折的壮举。情怀终究是一厢情愿的好意，资本市场的回应确是冷酷无情。

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10:31","market":"us","language":"en","title":"Alibaba revenues soar but Ant Group float uncertain","url":"https://stock-news.laohu8.com/highlight/detail?id=2108417755","media":"BBC","summary":"Getty Images \n\nChinese e-commerce giant Alibaba has posted strong results for the last quarter of 20","content":"<html><body><figure>\n<img height=\"549\" src=\"https://s.yimg.com/uu/api/res/1.2/qxEwMPHNgcmfS_f3j9PAtQ--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/bbc_us_articles_995/20582e99c704a953ef38f06ec3e0b21f\" width=\"976\"/> Getty Images \n</figure>\n<p>Chinese e-commerce giant Alibaba has posted strong results for the last quarter of 2020. </p>\n<p>The company founded by Jack Ma saw revenues up 37% against the same quarter of 2019 to 221bn yuan ($34.2bn, £25bn). </p>\n<p>But the results come amid continued uncertainty over the company's financial affiliate Ant Group. </p>\n<p>Alibaba said it was \"unable to complete a fair assessment\" of the impact of Ant's stalled share market launch.</p>\n<ul>\n<li>China opens door to Ant Group's stock market debut</li>\n<li>Is the Ant Group shake-up a sign of things to come?</li>\n<li>Alibaba being investigated over monopoly tactics</li>\n<li>Alibaba says its technology won't target Uighurs</li>\n</ul>\n<h3>Strong growth in China</h3>\n<p>Alibaba's chief executive Daniel Zhang attributed the firm's strong results to China's economic growth. </p>\n<p>Although the world's second largest economy saw sluggish progress compared to previous years, it was the only major economy to grow during the Covid-19 pandemic. </p>\n<p>Strong results for Singles Day, Alibaba's biggest sale of the year, also helped the company's revenues. </p>\n<figure>\n<img height=\"549\" src=\"https://s1.yimg.com/uu/api/res/1.2/nQ3PPwJ1Fe9tSMeXk5sqKA--/cT03NTthcHBpZD15dmlkZW9mZWVkczs-/https://media.zenfs.com/en/bbc_us_articles_995/63911dadc5a5b9f6fbd87f11a511a49c\" width=\"976\"/> Getty Images \n</figure>\n<p>\"However, many are looking at the 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practices which was announced by regulators in December.</p>\n<p>\"If the Chinese government is looking to crack down on outspoken entrepreneurs and take a more conservative line with their larger tech businesses then this will dent investors' confidence in the brand, and may create an opening for others to exploit,\" said Mr Halliwell. </p>\n<p>The Ant Group is China's biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay.</p>\n<p>The company also has a consumer lending division, which takes fees from banks to match borrowers with lending services.</p></body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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2020. \nThe company founded by Jack Ma saw revenues up 37% against the same quarter of 2019 to 221bn ...</p>\n\n<a href=\"https://finance.yahoo.com/news/alibaba-revenues-soar-ant-group-023144396.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://s.yimg.com/uu/api/res/1.2/VT1JlO4DQnnbgbhTqKjikQ--~B/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-/https://s.yimg.com/uu/api/res/1.2/vEetSKzdWmhIL9fQNfsMMw--~B/aD01NDk7dz05NzY7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/bbc_us_articles_995/2aafb9823719231fa7f818326eb68fb4","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://finance.yahoo.com/news/alibaba-revenues-soar-ant-group-023144396.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2108417755","content_text":"Getty Images \n\nChinese e-commerce giant Alibaba has posted strong results for the last quarter of 2020. \nThe company founded by Jack Ma saw revenues up 37% against the same quarter of 2019 to 221bn yuan ($34.2bn, £25bn). \nBut the results come amid continued uncertainty over the company's financial affiliate Ant Group. \nAlibaba said it was \"unable to complete a fair assessment\" of the impact of Ant's stalled share market launch.\n\nChina opens door to Ant Group's stock market debut\nIs the Ant Group shake-up a sign of things to come?\nAlibaba being investigated over monopoly tactics\nAlibaba says its technology won't target Uighurs\n\nStrong growth in China\nAlibaba's chief executive Daniel Zhang attributed the firm's strong results to China's economic growth. \nAlthough the world's second largest economy saw sluggish progress compared to previous years, it was the only major economy to grow during the Covid-19 pandemic. \nStrong results for Singles Day, Alibaba's biggest sale of the year, also helped the company's revenues. \n\n Getty Images \n\n\"However, many are looking at the business and wondering where the next wave of growth will come from,\" said Andy Halliwell, a retail analyst from technology consultancy Publicis Sapient. \nAlibaba's cloud computing revenues rose 50% over the same quarter last year, hitting $2.5bn and posting a profit for the first time. \nIntense pressure\nIt's not all good news for Alibaba, as its financial technology (fintech) affiliate Ant Group remains under intense scrutiny from China's regulators.\nThe planned launch of Ant Group in November was due to become the biggest ever stock market debut, raising $37bn for the fintech.\nMr Zhang said Ant's share market launch remained on hold indefinitely.\n\"Ant Group's business prospects and [Initial Public Offering] plans are subject to substantial uncertainties,\" the company said in a statement. \nAnalysts believe this could have a significant effect on the company, along with an investigation into Alibaba's alleged monopolistic practices which was announced by regulators in December.\n\"If the Chinese government is looking to crack down on outspoken entrepreneurs and take a more conservative line with their larger tech businesses then this will dent investors' confidence in the brand, and may create an opening for others to exploit,\" said Mr Halliwell. \nThe Ant Group is China's biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay.\nThe company also has a consumer lending division, which takes fees from banks to match borrowers with lending services.","news_type":1},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":314150826,"gmtCreate":1612322685465,"gmtModify":1703760346368,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"这篇文章不错，转发给大家看","listText":"这篇文章不错，转发给大家看","text":"这篇文章不错，转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314150826","repostId":"1104800733","repostType":2,"isVote":1,"tweetType":1,"viewCount":563,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":397279531,"gmtCreate":1608284499723,"gmtModify":1703852235795,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/06618\">$京东健康(06618)$</a>顶半个京东？？？太过了吧","listText":"<a href=\"https://laohu8.com/S/06618\">$京东健康(06618)$</a>顶半个京东？？？太过了吧","text":"$京东健康(06618)$顶半个京东？？？太过了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/397279531","isVote":1,"tweetType":1,"viewCount":1229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":942993735,"gmtCreate":1596033647927,"gmtModify":1704210724296,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/002069\">$獐子岛(002069)$</a>这韭菜绿油油，这扇贝这么大个！！！","listText":"<a href=\"https://laohu8.com/S/002069\">$獐子岛(002069)$</a>这韭菜绿油油，这扇贝这么大个！！！","text":"$獐子岛(002069)$这韭菜绿油油，这扇贝这么大个！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/942993735","isVote":1,"tweetType":1,"viewCount":1171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":943929304,"gmtCreate":1594372064008,"gmtModify":1704205420197,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/FUT/CNmain\">$A50指数主连(CNmain)$ &nbsp;</a>翻红了，下周接着涨！","listText":"<a href=\"https://laohu8.com/FUT/CNmain\">$A50指数主连(CNmain)$ &nbsp;</a>翻红了，下周接着涨！","text":"$A50指数主连(CNmain)$ 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快赶上小米了。火锅比手机值钱！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/994979774","isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":603796015,"gmtCreate":1638449635225,"gmtModify":1638449635225,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>半个月没看怎么只剩800E不到了，拼不动了？","listText":"<a href=\"https://laohu8.com/S/PDD\">$拼多多(PDD)$</a>半个月没看怎么只剩800E不到了，拼不动了？","text":"$拼多多(PDD)$半个月没看怎么只剩800E不到了，拼不动了？","images":[{"img":"https://static.tigerbbs.com/03709bc378cfad922f69ccfe77ece04f","width":"1125","height":"3598"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/603796015","isVote":1,"tweetType":1,"viewCount":1632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":918246486,"gmtCreate":1579009681745,"gmtModify":1704338639841,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"奔着一千亿就去了，可以想想稳一望二了","listText":"奔着一千亿就去了，可以想想稳一望二了","text":"奔着一千亿就去了，可以想想稳一望二了","images":[{"img":"https://static.tigerbbs.com/2a08b710b7de7910146644f98276e202","width":"1080","height":"1852"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/918246486","isVote":1,"tweetType":1,"viewCount":1293,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":993783167,"gmtCreate":1564319693759,"gmtModify":1704706917995,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"暴风这种公司能到现在也是奇观。","listText":"暴风这种公司能到现在也是奇观。","text":"暴风这种公司能到现在也是奇观。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/993783167","repostId":"1141077651","repostType":2,"repost":{"id":"1141077651","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1564369322,"share":"https://www.laohu8.com/m/news/1141077651?lang=&edition=full","pubTime":"2019-07-29 11:02","market":"sh","language":"zh","title":"「赌徒」暴风影音的致命时刻","url":"https://stock-news.laohu8.com/highlight/detail?id=1141077651","media":"老虎资讯综合","summary":"暴风就像进入赌场的“赌徒”，但不知道自己兜里有多少钱。","content":"<section>\n <section>\n  <section>\n   <section>\n    <section>\n     <section>\n      <p><span> </span><img src=\"https://static.tigerbbs.com/730439eeabadace6030efa41e5cfc204\"></p>\n      <p><span>7月29日，暴风集团<a href=\"https://laohu8.com/S/300431\">$(300431)$</a>开盘跌停，股价报5.67元，跌幅为10%。昨天晚间，暴风集团对外发布公告称，获悉公司实际控制人冯鑫因涉嫌犯罪被公安机关采取强制措施，相关事项尚待公安机关进一步调查。</span></p>\n      <p><b>延伸阅读：</b></p>\n      <p><b>「赌徒」暴风影音的致命时刻</b></p>\n      <p>暴风就像进入赌场的“赌徒”，但不知道自己兜里有多少钱。</p>\n      <p><b>作者</b><b><span>：袁斯来</span></b></p>\n     </section>\n    </section>\n   </section>\n  </section>\n </section>\n <section>\n  <section>\n   <p><b>数据整理：刘倩君</b></p>\n   <p><b>编辑：杨轩</b></p>\n  </section>\n </section>\n</section>\n<p>创业十载，终于一个头彩砸在暴风科技和冯鑫头上：登陆创业板，股价连续34个一字涨停板，董事长冯鑫的账面身家超过100亿。</p>\n<p>但四年过去，天降好运，正变成噩梦连连。</p>\n<p>巨额债务和诉讼正摆在暴风面前。光大证券刚刚宣布2018年净利润大幅下跌96.6%，而这主要因为跟暴风一起成立的浸鑫基金，使得光大一举计提了15亿元损失。据《财经》报道，光大证券认为这笔债务暴风应该负责，为此准备起诉暴风。</p>\n<p>这笔债务地雷，可能将暴风逼入绝境。</p>\n<p><img src=\"https://static.tigerbbs.com/638121bb9986babef2bdc1783f8737f3\"></p>\n<p>浸鑫基金的出现，源于暴风想要收购拥有英超、意甲等体育版权的公司MP&amp;Silva（以下简称MPS），于是玩了以小博大的一手——暴风出2亿，光大出资6000万元，但通过撬动其他出资方募资50亿元，来收购MPS的多数股权。</p>\n<p>以小博大的组局者，必须为其他人的收益兜底。如果赚钱则皆大欢喜：约定一年半内暴风上市公司“接盘”MPS，浸鑫基金则完成退出。如果亏损，优先级合伙人们作为债权人，要优先收回投资。而加杠杆的一方不得不偿还可能远远大于自身投资额的债务。</p>\n<p>不幸，花费巨资的MPS仅两年半即告破产清算，50亿元灰飞烟灭。作为组局者之一，光大由于签订了“差额补足”的债务兜底协议，于是有了它刚宣布的巨亏。</p>\n<p>但暴风和冯鑫才是这笔巨额债务的最大责任人。冯鑫旗下子公司暴风投资作为普通合伙人，要承担无限连带责任。光大称，自己之所以兜底债务是建立在暴风集团承诺回购MPS股权的基础上，但暴风集团及冯鑫尚未履行回购义务。“光大也是被拉下水了。”一知情人士对36氪说。</p>\n<p>暴风集团和冯鑫都无力偿债。暴风集团市值相比高点时已经跌去九成以上，目前仅余35亿元上下，而浸鑫基金目前已经爆出的优先债权方的投资就有35亿元之多。</p>\n<p>而暴风集团董事长冯鑫的上市公司股票，早已经全数被质押或冻结。</p>\n<p>这是暴风所有债务中最大、最致命的一笔。“MPS是一个炸弹，炸了（暴风）就没了。”上述知情人士对36氪说。</p>\n<p>更何况，暴风本身的经营已经步履维艰。据36氪了解，暴风从六百人规模，一批批裁员，今年初只剩下一百多人，两层办公楼也转手他人。暴风还拖欠了被裁员工工资和离职补偿金，前员工对36氪称，在法院做调解时，暴风当时的法务直言：“你们来这浪费时间干什么？”</p>\n<p>虽然暴风极力“节流”，上任CFO给每个部门都设了不可跨越的红线，哪怕是超了一万元，下个月也得想办法再缩减，把亏空补回来。厉行节约之下，暴风在管理费用上，去年相比2016年时省了大约2亿元。</p>\n<p>但这也无力回天。暴风刚发出一份堪称悲惨的2018年业绩快报，一举从前两年还年盈利5000多万，转为亏损10.9亿元。暴风称巨亏的原因之一，是计入了诸项“资产减值损失”。</p>\n<p>“应该用垂死挣扎形容它更准确”。提起老东家，一名前暴风人士对36氪说。</p>\n<p><img src=\"https://static.tigerbbs.com/bb0159e381ec0043fa4819860ee9d635\"></p>\n<p>埋雷：并购被否、融资落空</p>\n<p>四年时间，暴风已经从天堂走入地狱。</p>\n<p>在A股牛市疯长的大背景下，上市两个月，暴风市值暴涨十倍，内部一夜之间诞生了10个亿万富翁、31个千万富翁和66个百万富翁，据离职员工回忆，“那会儿天天按计算器算，看看自己身家多少。”</p>\n<p>“即难以置信，又将信将疑。“暴风前管理层对36氪回忆说，明眼人都知道这不可持续，因为暴风年利润五千万左右、370亿市值，意味着市盈率高达近千倍，但当内部对此的反应是，要想办法把市值”撑住”。</p>\n<p>“撑住”不易。在上市之前，暴风处于窘迫状态久矣。</p>\n<p>虽然暴风影音是曾风靡一时的电脑必备软件，号称有2亿用户，并能以此获得广告收入，但是，暴风影音却没在智能机时代占据先机，已经进入了衰退期。</p>\n<p>而且，暴风的核心业务有致命缺陷。长视频领域公司一直在版权上烧钱，三大视频网站每年至少需要投入50亿在版权购买上，且全部亏损。暴风此前一直难以抗衡，处于第二梯队，差距很大。</p>\n<p>虽然上市被冯鑫认为是掌握了“核武器”，但是，2.14亿元的IPO融资，以及一年4亿元左右来自广告业务的营收，跟三大视频网站的版权花费比，还是太捉襟见肘了。“</p>\n<p>最多快好省的办法，就是做收购。暴风计划快速搭起“DT大娱乐”的架子，办法是重资购买一家影视公司、一家游戏公司再加一个游戏发行公司。</p>\n<p>整个2015年，当时的CFO毕士钧主要精力都在看项目上。他曾在中信证券负责TMT领域的投资，并主导了暴风科技的上市。但毕士钧擅长的更多是投资，而不是上市公司募资，有内部人士认为，这对暴风此后的境况影响很大。</p>\n<p>“想并购的标的特别多。当时市值很高，心气也很高，”相关知情人士对36氪说，暴风瞄上的目标大都是视频和音乐类的平台型公司，后来这些公司不少都成长为了独角兽，比如跟快手也谈过。可惜花了很多时间看项目，却根本谈不下来，“真正的好公司，人家是不愿意卖的。”</p>\n<p>暴风只能退而求其次，选中了第二梯队的标的，也就是后来的稻草人影业、立动科技和甘普科技。</p>\n<p>当时上市公司正热衷于并购影视和游戏题材。只要注册一个影视公司，哪怕只有个兼职财务，就可以谈融资甚至上市。原因之一，是截留定向增发所获部分资金，用于公司业务运作，是当时上市公司的常用方法。</p>\n<p>“影游联动“也是暴风当时津津乐道的新方向：背后股东有吴奇隆、刘诗诗的江苏稻草人影业，做出了一个播放量尚可的IP《蜀山战纪》。这看起来两全其美：暴风本打算一手做收购，支撑市值；另一手以此为理由，同时在股票市场上做定向增发募资。</p>\n<p>冯鑫踌躇满志，在2016年3月的发布会上宣布了这桩收购案，要“为世界创造新娱乐”，并上台高唱《野子》——这首歌贾跃亭刚刚在半个月前的发布会上唱过。</p>\n<p>但其实，冯鑫在放声高歌时，融资的大门已经悄然关闭。市场气氛变了。</p>\n<p>2015年股灾之后，证监会重新祭出“脱虚向实” 的监管大棒，影视类公司首当其冲。虽然三家公司当时总资产只有2.19亿，但暴风开出的收购价码高达31亿元。2016年6月，证监会否决了这次重组。</p>\n<p>一年过去，由于暴风花费了太多时间在收购上，错过了2015年上市后再做股票增发融资的好时机，到2016年，被迎面打了个措手不及。</p>\n<p>据相关人士对36氪称，2016年时，当暴风提出增发，证监会看暴风报表扣除非经常性损益之后（例如财政补贴等），真实经营利润只有几百万， 认为是打擦边球，不符合增发条件。此外，市场上还有前车之鉴的乐视，让证监会对此类增发的审批愈加谨慎。</p>\n<p>暴风上市四年，前后共提出三次定向增发融资计划，三次都未获批。用冯鑫的话讲，在股价疯长的2015年，300亿市值的时候，他们实际上只是“吃瓜群众”。</p>\n<p>冯鑫后来曾反思说，吃的一个大亏，就是自己和团队关于A股资本市场是零经验。2017年，冯鑫更换了CFO、董秘和券商。</p>\n<p>通过增发来融资的失败，为暴风和冯鑫此后的巨额债务埋下了第一个雷。</p>\n<p><img src=\"https://static.tigerbbs.com/b6449dd8bb2c9ca6dccd89f61d31c791\"></p>\n<p>爆雷：明股实债</p>\n<p>没能从股市上直接募资，但当时冯鑫依然想收购MPS。</p>\n<p>体育也是暴风上市后新架开的一驾马车，它入局时体育版权大战烧钱正酣：乐视体育宣布用数亿美元获得了英超在香港的独家转播权，苏宁的PPTV不甘示弱，花2.5亿欧元签下西甲独家全媒体版权。</p>\n<p>当时MPS估值已经超过了10亿美元，未做成定增募资的暴风为了凑到收购MPS的钱，浸鑫基金因此而生。</p>\n<p>但暴风内部有反对声音。上述相关人士对36氪称，在收购前，管理层不少人表示了疑虑，“有人认为金额太高了，输不起”，甚至有高管“坚决反对”，因为MPS是一家轻资产公司，核心资产就是人，一旦拥有体育圈人脉关系的关键人士离职，“没人了就没版权了”，对这个国际体育零经验零人脉的暴风无力应对。</p>\n<p>但据相关人士称，最终冯鑫没有听进这些谏言。截至发稿，暴风对此没有确切的回应。</p>\n<p>此后，被担心的事情被一一验证：MPS的两名创始人套现离场后，在体育圈继续风生水起，而他们留下的MPS在国际版权争夺上频频失利，资不抵债，去年10月被英国高等法院宣布破产。</p>\n<p>根据公告，暴风在这笔交易上，权益性减值金额为1.4亿，还有4800万的坏账损失。而且，冯鑫已经将自己的1800多万股暴风集团股票质押给浸鑫基金优先合伙人招商资管。MPS的股权还没有捂热，就化为乌有了。</p>\n<p>噩梦还远没有结束。这颗地雷的引爆时间在一年半后的今天：浸鑫基金于今年2月底届满到期。这就是本文开头所述、对暴风来说可能致命的债务爆雷。</p>\n<p><img src=\"https://static.tigerbbs.com/b288b25829787ac9c849bb69f887833f\"></p>\n<p>这不是冯鑫第一次犯下此种错误。</p>\n<p>此前，冯鑫已经因为VR眼镜项目暴风魔镜，导致中信资本在去年申请冻结了他最后剩下尚未质押的327万股股份。</p>\n<p>暴风上市前后，VR眼镜是冯鑫力推的新项目，频频为其站台。2015年4月，暴风魔镜独立做A轮融资，估值5000万美元左右，但仅仅时隔几个月，拿B轮融资时魔镜身价就飞涨到了14.3亿人民币。</p>\n<p>估值飞涨的代价在于，据冯鑫在内部谈话中自述，B轮投资方提出如果2020年没有上市或者被并购，冯鑫要个人兜底、回购股份。即冯鑫为了魔镜项目的高估值，个人和资方签下了“对赌”的协议。</p>\n<p>冯鑫似乎没有深思，如果输了怎么办。</p>\n<p>VR是一个火热一时但很快冷却的领域，魔镜业务不佳，投资方要提前离场。冯鑫为此四处筹措，据他回忆，自己那年为此在四处出差中度过，“经常在机场里跑步赶飞机 。”最终，冯鑫为魔镜项目还了5000万，还有4000万拿不出来，这导致B轮领投方中信资本向法院申请冻结了冯鑫最后的股票。</p>\n<p>从2015年底开始，仅半年时间，暴风就参与到了数支产业基金中。其中就有类似浸鑫基金、以小博大的“债性”基金。这些基金一来为暴风新业务提供“血液”，例如和歌斐资管成立5亿元基金“暴风鑫源”，参与到暴风魔镜的B轮投资中；也具有类似的风险，例如冯鑫为6.84亿元的上海隽晟并购基金整体做了最低收益担保（年化11%的收益）。</p>\n<p><img src=\"https://static.tigerbbs.com/01f3d2ab7e4d3bae3d4dc1beba4e1534\"></p>\n<p>（数据来源：36氪根据暴风公告梳理）</p>\n<p>“资本是个双刃剑，你做成了，他就在帮你，你做砸了，那么你就会背负很多包袱。”一名知情人士对36氪称，通过各种基金暴风募资额度在80亿上下。</p>\n<p>对此，冯鑫做过一次反思，承认自己失误在“对不同属性的钱不理解”：暴风上市后，部分资本合作带有退出承诺，和上市前VC投资的性质完全不同；而自己还为融资做了个人担保。</p>\n<p>股权质押是冯鑫最重要的兜底资本，以及暴风的重要资金来源——冯鑫四年中质押了29次，最终达到了所持股份95%以上——而暴风的股价，是股权质押的关键点。</p>\n<p>当2015年中的股灾开始，暴风的股票也一落千丈、四天跌去超30%时，据老员工对36氪回忆，冯鑫还在内部发了倡议书，号召员工们买股票，如果损失了他来补差价，对入职三年以上的老员工，他还帮着掏一半的费用。</p>\n<p>36氪难以考证冯鑫所有股权质押所获资金的实际去处，但根据冯鑫的说法，股权质押的资金多用于暴风的新业务发展。</p>\n<p>可以确定，冯鑫涉及的财务问题是复杂的。“ （以前）没有人帮老大（冯鑫）在做这个事情，包括复杂的子公司、各种关联交易、合规性、嵌套，”一名前员工对36氪称，暴风上市后第二任CFO姜浩接手后，专门组建了一个每月支出过百万的团队，花了半年的时间，负责帮冯鑫梳理个人股权交易和财务问题。</p>\n<p>“就像你进赌场的时候，不知道自己兜里有多少钱，你赌的时候不知道自己的赌注有多少。”相关人士如此对36氪形容。</p>\n<p><img src=\"https://static.tigerbbs.com/09fe088c4a454bb761398bbc62a07035\"></p>\n<p>失败的学徒</p>\n<p>在暴风的所有业务中，除了老业务暴风影音能每年勉力带来四五亿元的广告营收外，其余的新业务——VR、体育、TV——都是吃钱的。</p>\n<p>但在上市后提出八大业务之时，冯鑫显然没有意识到这点。</p>\n<p>暴风做VR业务，源于Facebook以20亿美元收购Oculus引起的沸腾。相关人士对36氪回忆，暴风做VR的决策逻辑，就是“扎克伯格这么成功的人会去做这个方向，可能真的是对的，那为什么不去赌一赌？”</p>\n<p>VR行业其实在2016年已经开始降温，但暴风魔镜当时没有从冲刺转为小步快跑。“觉得身边有很多金融机构和资源支撑你，自我感觉能够做的过来。”冯鑫曾自己反思。但当暴风魔镜真正成为“先烈”时，连带着让控股接近20%的暴风集团上市公司产生了1.04亿的重大资产减值。</p>\n<p>对照乐视进行业务布局，则把暴风带向了更大的深渊。</p>\n<p>比照乐视体育的暴风体育，曾在最初一年过了一段好日子：成立三个月，产品都还没成型，暴风体育就拿了2亿的融资。据前暴风体育员工回忆，因为当时有部分中超场次移动端的版权和CBA版权，加上在各大应用市场买量，用户做到了100万左右。</p>\n<p>随着乐视连环暴雷，乐视体育也因资金紧张失去中超、亚足联版权，又被爆出欠了亚足联1.8亿，市场一时间噤若寒蝉。腾讯、苏宁还够钱继续买版权，但暴风体育在资本市场上也再找不到下一轮的接盘人。 另一名离职员工记得，2016年用户增长太快时机器还会有报警信号，但到了2017年，很少再会有这样激动人心的声音出现。</p>\n<p>一名内部人士反思说，暴风做体育，是比照了乐视体育的200亿估值，但没有认真思考这套商业模式是否真正可行：体育业务的核心是买版权，相当于一个视频网站的体育子频道，既然暴风影音买版权之路不通，没道理体育就可行。</p>\n<p>更何况，体育业务要争夺版权的特质，最终给暴风留下了“浸鑫基金”的债务巨雷。</p>\n<p>剩下的翻盘机会似乎只有电视。“2018年到2020年，我们内部和对外只说一件事情，就是暴风电视。” 冯鑫在去年反思说，应该早早把精力集中在TV这件事上。</p>\n<p>但这番表述可能源于骑虎难下。电视硬件业务一方面为暴风带来了七八成的营业收入，一面又在快速吞噬暴风的资金。</p>\n<p>暴风TV采取了与乐视相似的策略：根据当时流行“互联网打法”，乐视和冯鑫都设想，通过补贴做大出货量，但获得电视广告分成，补贴硬件亏损。暴风tv内部员工们经常在公司里喊口号“第一、第一、第一”。</p>\n<p>冯鑫曾经称，暴风每台电视会亏3、400元。而据暴风tv离职员工回忆，这只是硬件成本，还不算营销等费用。他对36氪介绍，暴风当时和爱奇艺合作，但分成比例在四六分以下，乐视自有版权卖会员尚不知几年才能收回成本，分成模式只会让回本周期继续拉长。</p>\n<p>据暴风披露，TV业务2016年和2017年亏损都超过了3亿，2018年前五个月亏损也达到了1.2亿。据离职员工回忆，公司拖了半年的工资发不出来。</p>\n<p><img src=\"https://static.tigerbbs.com/0c66d0d32a2bee42aa7af5b8865346a0\"></p>\n<p>其他同行都毛利为正，就连开创“互联网打法”的小米，都没有跟随乐视的烧钱策略，即使它因此一度出货量低于乐视。当时小米电视负责人王川公开说：“小米电视一直是盈利的，我们不追求销量，因为一旦要做到多少量，就意味着会赔钱。据我所知，乐视电视目前的亏损是巨额亏损。他们烧的钱太多，永远也赚不回来。”</p>\n<p>“乐视和暴风都把长跑当短跑来跑。1万米长跑，你跑400米速度去冲，前面当然冲得很快，但是没意义。”相关人士总结。</p>\n<p>乐视暴雷后，当时市场上知名的FA包括华兴、汉能等等都做过暴风tv的融资案，但都表示“卖不出去”，TV的包袱只能背在暴风和冯鑫身上。</p>\n<p>冯鑫控制的银川产权交易中心，前两年累计借给暴风TV超过3.8亿元。而根据暴风集团2018年第三季度的财报，可以看到应付票据及应付账款高达 14亿，主要来自暴风TV的欠款。</p>\n<p>TV业务明显是暴风2018年忽然转亏10.9亿元的关键原因：根据其业绩快报，营业收入同比下降约41.34%，少了7亿元，主要是TV业务“受资金周转影响，库存备货不足，收入有所下降”。而一般来说因为硬件生产有固定成本，产量下滑会导致亏损上升。此外，源于TV业务的营销和研发成本则在快速上升。</p>\n<p>几年过去，暴风TV2017年出货量不过84万台，去年出货量可能还下跌了。相较之下，小米电视2018年公布的数据为840万台。暴风TV始终没有望见成功的门槛。</p>\n<p>有暴风TV前员工对36氪说，自己第一天入职，在走廊上碰到一个正在抽烟的老员工，对方问了一句：你是谁的人？这让他觉得毛骨悚然，一时说不出话来。暴风TV内部各占山头，各自为政。</p>\n<p>但暴风的问题，根源不在执行层面，在战略方向上可能就错了。</p>\n<p>回顾往昔，有老员工觉得唏嘘，上市前后内部有人做出了类似快手的短视频App，还有团队加班加点三个月，做出了类似花椒的直播产品，但都无疾而终。“公司不知道怎么推广，不知道怎么定位，不知道主导UGC还是直播，然后就死了。”他对36氪回忆。</p>\n<p>冯鑫没有看到或者重视这些创新项目，“当时完全不可能想到这一点，”前述管理层说，暴风还是很难从长视频的思维范畴里跳出来，但是又看不清其他方向，于是在战略上选择了学习和跟随。</p>\n<p>关于冯鑫，媒体对其上市后的举动曾有一段浪漫的描述：股价飙涨，万众瞩目之时，他带着三本书——《道德经》、《刀锋》和《约翰·克里斯多夫》，回老家“闭关”去了。十多天后再出现时，冯鑫提出了“DT大娱乐”和“联邦生态”的概念，要做八个业务。业界称暴风为“小乐视”，冯鑫则认为自己能比乐视做得更好。</p>\n<p>“你认为自己是个300亿的公司，所以是站在300亿估值上去做决策的。300亿的时候做决策，你会觉得这些都不是问题。”前暴风管理层说，如果暴风市值没有这么高过反而好，大家不会被冲昏头脑。</p>\n<p>但A股的特点就是大涨大落，并且由于它要求盈利的上市规则、很长的排队时间，优秀互联网公司很难进来。又由于股票可选范围少，暴风、乐视这样二三流的公司一旦进入，就会获得巨大的赌注筹码。</p>\n<p>乐视则刚刚公告，它的2018年度所有者权益预计为负，如果归母净资产为负，将被暂停上市；如2019年度年报不满足创业板规定的恢复上市条件，存在被强制终止上市的风险。</p>\n<p>而暴风集团的2018年度所有者权益，也只剩下了2100万元。</p>\n<p><b>原文综合自36氪等</b></p>\n<p><b>推荐相关：</b></p>\n<p><a href=\"https://laohu8.com/HN/1955109125\" target=\"_blank\"><b>从A股奇迹到身陷囹圄，暴风冯鑫如何走上不归路？</b></a></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>「赌徒」暴风影音的致命时刻</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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*/\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n「赌徒」暴风影音的致命时刻\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2019-07-29 11:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<section>\n <section>\n  <section>\n   <section>\n    <section>\n     <section>\n      <p><span> </span><img src=\"https://static.tigerbbs.com/730439eeabadace6030efa41e5cfc204\"></p>\n      <p><span>7月29日，暴风集团<a href=\"https://laohu8.com/S/300431\">$(300431)$</a>开盘跌停，股价报5.67元，跌幅为10%。昨天晚间，暴风集团对外发布公告称，获悉公司实际控制人冯鑫因涉嫌犯罪被公安机关采取强制措施，相关事项尚待公安机关进一步调查。</span></p>\n      <p><b>延伸阅读：</b></p>\n      <p><b>「赌徒」暴风影音的致命时刻</b></p>\n      <p>暴风就像进入赌场的“赌徒”，但不知道自己兜里有多少钱。</p>\n      <p><b>作者</b><b><span>：袁斯来</span></b></p>\n     </section>\n    </section>\n   </section>\n  </section>\n </section>\n <section>\n  <section>\n   <p><b>数据整理：刘倩君</b></p>\n   <p><b>编辑：杨轩</b></p>\n  </section>\n </section>\n</section>\n<p>创业十载，终于一个头彩砸在暴风科技和冯鑫头上：登陆创业板，股价连续34个一字涨停板，董事长冯鑫的账面身家超过100亿。</p>\n<p>但四年过去，天降好运，正变成噩梦连连。</p>\n<p>巨额债务和诉讼正摆在暴风面前。光大证券刚刚宣布2018年净利润大幅下跌96.6%，而这主要因为跟暴风一起成立的浸鑫基金，使得光大一举计提了15亿元损失。据《财经》报道，光大证券认为这笔债务暴风应该负责，为此准备起诉暴风。</p>\n<p>这笔债务地雷，可能将暴风逼入绝境。</p>\n<p><img src=\"https://static.tigerbbs.com/638121bb9986babef2bdc1783f8737f3\"></p>\n<p>浸鑫基金的出现，源于暴风想要收购拥有英超、意甲等体育版权的公司MP&amp;Silva（以下简称MPS），于是玩了以小博大的一手——暴风出2亿，光大出资6000万元，但通过撬动其他出资方募资50亿元，来收购MPS的多数股权。</p>\n<p>以小博大的组局者，必须为其他人的收益兜底。如果赚钱则皆大欢喜：约定一年半内暴风上市公司“接盘”MPS，浸鑫基金则完成退出。如果亏损，优先级合伙人们作为债权人，要优先收回投资。而加杠杆的一方不得不偿还可能远远大于自身投资额的债务。</p>\n<p>不幸，花费巨资的MPS仅两年半即告破产清算，50亿元灰飞烟灭。作为组局者之一，光大由于签订了“差额补足”的债务兜底协议，于是有了它刚宣布的巨亏。</p>\n<p>但暴风和冯鑫才是这笔巨额债务的最大责任人。冯鑫旗下子公司暴风投资作为普通合伙人，要承担无限连带责任。光大称，自己之所以兜底债务是建立在暴风集团承诺回购MPS股权的基础上，但暴风集团及冯鑫尚未履行回购义务。“光大也是被拉下水了。”一知情人士对36氪说。</p>\n<p>暴风集团和冯鑫都无力偿债。暴风集团市值相比高点时已经跌去九成以上，目前仅余35亿元上下，而浸鑫基金目前已经爆出的优先债权方的投资就有35亿元之多。</p>\n<p>而暴风集团董事长冯鑫的上市公司股票，早已经全数被质押或冻结。</p>\n<p>这是暴风所有债务中最大、最致命的一笔。“MPS是一个炸弹，炸了（暴风）就没了。”上述知情人士对36氪说。</p>\n<p>更何况，暴风本身的经营已经步履维艰。据36氪了解，暴风从六百人规模，一批批裁员，今年初只剩下一百多人，两层办公楼也转手他人。暴风还拖欠了被裁员工工资和离职补偿金，前员工对36氪称，在法院做调解时，暴风当时的法务直言：“你们来这浪费时间干什么？”</p>\n<p>虽然暴风极力“节流”，上任CFO给每个部门都设了不可跨越的红线，哪怕是超了一万元，下个月也得想办法再缩减，把亏空补回来。厉行节约之下，暴风在管理费用上，去年相比2016年时省了大约2亿元。</p>\n<p>但这也无力回天。暴风刚发出一份堪称悲惨的2018年业绩快报，一举从前两年还年盈利5000多万，转为亏损10.9亿元。暴风称巨亏的原因之一，是计入了诸项“资产减值损失”。</p>\n<p>“应该用垂死挣扎形容它更准确”。提起老东家，一名前暴风人士对36氪说。</p>\n<p><img src=\"https://static.tigerbbs.com/bb0159e381ec0043fa4819860ee9d635\"></p>\n<p>埋雷：并购被否、融资落空</p>\n<p>四年时间，暴风已经从天堂走入地狱。</p>\n<p>在A股牛市疯长的大背景下，上市两个月，暴风市值暴涨十倍，内部一夜之间诞生了10个亿万富翁、31个千万富翁和66个百万富翁，据离职员工回忆，“那会儿天天按计算器算，看看自己身家多少。”</p>\n<p>“即难以置信，又将信将疑。“暴风前管理层对36氪回忆说，明眼人都知道这不可持续，因为暴风年利润五千万左右、370亿市值，意味着市盈率高达近千倍，但当内部对此的反应是，要想办法把市值”撑住”。</p>\n<p>“撑住”不易。在上市之前，暴风处于窘迫状态久矣。</p>\n<p>虽然暴风影音是曾风靡一时的电脑必备软件，号称有2亿用户，并能以此获得广告收入，但是，暴风影音却没在智能机时代占据先机，已经进入了衰退期。</p>\n<p>而且，暴风的核心业务有致命缺陷。长视频领域公司一直在版权上烧钱，三大视频网站每年至少需要投入50亿在版权购买上，且全部亏损。暴风此前一直难以抗衡，处于第二梯队，差距很大。</p>\n<p>虽然上市被冯鑫认为是掌握了“核武器”，但是，2.14亿元的IPO融资，以及一年4亿元左右来自广告业务的营收，跟三大视频网站的版权花费比，还是太捉襟见肘了。“</p>\n<p>最多快好省的办法，就是做收购。暴风计划快速搭起“DT大娱乐”的架子，办法是重资购买一家影视公司、一家游戏公司再加一个游戏发行公司。</p>\n<p>整个2015年，当时的CFO毕士钧主要精力都在看项目上。他曾在中信证券负责TMT领域的投资，并主导了暴风科技的上市。但毕士钧擅长的更多是投资，而不是上市公司募资，有内部人士认为，这对暴风此后的境况影响很大。</p>\n<p>“想并购的标的特别多。当时市值很高，心气也很高，”相关知情人士对36氪说，暴风瞄上的目标大都是视频和音乐类的平台型公司，后来这些公司不少都成长为了独角兽，比如跟快手也谈过。可惜花了很多时间看项目，却根本谈不下来，“真正的好公司，人家是不愿意卖的。”</p>\n<p>暴风只能退而求其次，选中了第二梯队的标的，也就是后来的稻草人影业、立动科技和甘普科技。</p>\n<p>当时上市公司正热衷于并购影视和游戏题材。只要注册一个影视公司，哪怕只有个兼职财务，就可以谈融资甚至上市。原因之一，是截留定向增发所获部分资金，用于公司业务运作，是当时上市公司的常用方法。</p>\n<p>“影游联动“也是暴风当时津津乐道的新方向：背后股东有吴奇隆、刘诗诗的江苏稻草人影业，做出了一个播放量尚可的IP《蜀山战纪》。这看起来两全其美：暴风本打算一手做收购，支撑市值；另一手以此为理由，同时在股票市场上做定向增发募资。</p>\n<p>冯鑫踌躇满志，在2016年3月的发布会上宣布了这桩收购案，要“为世界创造新娱乐”，并上台高唱《野子》——这首歌贾跃亭刚刚在半个月前的发布会上唱过。</p>\n<p>但其实，冯鑫在放声高歌时，融资的大门已经悄然关闭。市场气氛变了。</p>\n<p>2015年股灾之后，证监会重新祭出“脱虚向实” 的监管大棒，影视类公司首当其冲。虽然三家公司当时总资产只有2.19亿，但暴风开出的收购价码高达31亿元。2016年6月，证监会否决了这次重组。</p>\n<p>一年过去，由于暴风花费了太多时间在收购上，错过了2015年上市后再做股票增发融资的好时机，到2016年，被迎面打了个措手不及。</p>\n<p>据相关人士对36氪称，2016年时，当暴风提出增发，证监会看暴风报表扣除非经常性损益之后（例如财政补贴等），真实经营利润只有几百万， 认为是打擦边球，不符合增发条件。此外，市场上还有前车之鉴的乐视，让证监会对此类增发的审批愈加谨慎。</p>\n<p>暴风上市四年，前后共提出三次定向增发融资计划，三次都未获批。用冯鑫的话讲，在股价疯长的2015年，300亿市值的时候，他们实际上只是“吃瓜群众”。</p>\n<p>冯鑫后来曾反思说，吃的一个大亏，就是自己和团队关于A股资本市场是零经验。2017年，冯鑫更换了CFO、董秘和券商。</p>\n<p>通过增发来融资的失败，为暴风和冯鑫此后的巨额债务埋下了第一个雷。</p>\n<p><img src=\"https://static.tigerbbs.com/b6449dd8bb2c9ca6dccd89f61d31c791\"></p>\n<p>爆雷：明股实债</p>\n<p>没能从股市上直接募资，但当时冯鑫依然想收购MPS。</p>\n<p>体育也是暴风上市后新架开的一驾马车，它入局时体育版权大战烧钱正酣：乐视体育宣布用数亿美元获得了英超在香港的独家转播权，苏宁的PPTV不甘示弱，花2.5亿欧元签下西甲独家全媒体版权。</p>\n<p>当时MPS估值已经超过了10亿美元，未做成定增募资的暴风为了凑到收购MPS的钱，浸鑫基金因此而生。</p>\n<p>但暴风内部有反对声音。上述相关人士对36氪称，在收购前，管理层不少人表示了疑虑，“有人认为金额太高了，输不起”，甚至有高管“坚决反对”，因为MPS是一家轻资产公司，核心资产就是人，一旦拥有体育圈人脉关系的关键人士离职，“没人了就没版权了”，对这个国际体育零经验零人脉的暴风无力应对。</p>\n<p>但据相关人士称，最终冯鑫没有听进这些谏言。截至发稿，暴风对此没有确切的回应。</p>\n<p>此后，被担心的事情被一一验证：MPS的两名创始人套现离场后，在体育圈继续风生水起，而他们留下的MPS在国际版权争夺上频频失利，资不抵债，去年10月被英国高等法院宣布破产。</p>\n<p>根据公告，暴风在这笔交易上，权益性减值金额为1.4亿，还有4800万的坏账损失。而且，冯鑫已经将自己的1800多万股暴风集团股票质押给浸鑫基金优先合伙人招商资管。MPS的股权还没有捂热，就化为乌有了。</p>\n<p>噩梦还远没有结束。这颗地雷的引爆时间在一年半后的今天：浸鑫基金于今年2月底届满到期。这就是本文开头所述、对暴风来说可能致命的债务爆雷。</p>\n<p><img src=\"https://static.tigerbbs.com/b288b25829787ac9c849bb69f887833f\"></p>\n<p>这不是冯鑫第一次犯下此种错误。</p>\n<p>此前，冯鑫已经因为VR眼镜项目暴风魔镜，导致中信资本在去年申请冻结了他最后剩下尚未质押的327万股股份。</p>\n<p>暴风上市前后，VR眼镜是冯鑫力推的新项目，频频为其站台。2015年4月，暴风魔镜独立做A轮融资，估值5000万美元左右，但仅仅时隔几个月，拿B轮融资时魔镜身价就飞涨到了14.3亿人民币。</p>\n<p>估值飞涨的代价在于，据冯鑫在内部谈话中自述，B轮投资方提出如果2020年没有上市或者被并购，冯鑫要个人兜底、回购股份。即冯鑫为了魔镜项目的高估值，个人和资方签下了“对赌”的协议。</p>\n<p>冯鑫似乎没有深思，如果输了怎么办。</p>\n<p>VR是一个火热一时但很快冷却的领域，魔镜业务不佳，投资方要提前离场。冯鑫为此四处筹措，据他回忆，自己那年为此在四处出差中度过，“经常在机场里跑步赶飞机 。”最终，冯鑫为魔镜项目还了5000万，还有4000万拿不出来，这导致B轮领投方中信资本向法院申请冻结了冯鑫最后的股票。</p>\n<p>从2015年底开始，仅半年时间，暴风就参与到了数支产业基金中。其中就有类似浸鑫基金、以小博大的“债性”基金。这些基金一来为暴风新业务提供“血液”，例如和歌斐资管成立5亿元基金“暴风鑫源”，参与到暴风魔镜的B轮投资中；也具有类似的风险，例如冯鑫为6.84亿元的上海隽晟并购基金整体做了最低收益担保（年化11%的收益）。</p>\n<p><img src=\"https://static.tigerbbs.com/01f3d2ab7e4d3bae3d4dc1beba4e1534\"></p>\n<p>（数据来源：36氪根据暴风公告梳理）</p>\n<p>“资本是个双刃剑，你做成了，他就在帮你，你做砸了，那么你就会背负很多包袱。”一名知情人士对36氪称，通过各种基金暴风募资额度在80亿上下。</p>\n<p>对此，冯鑫做过一次反思，承认自己失误在“对不同属性的钱不理解”：暴风上市后，部分资本合作带有退出承诺，和上市前VC投资的性质完全不同；而自己还为融资做了个人担保。</p>\n<p>股权质押是冯鑫最重要的兜底资本，以及暴风的重要资金来源——冯鑫四年中质押了29次，最终达到了所持股份95%以上——而暴风的股价，是股权质押的关键点。</p>\n<p>当2015年中的股灾开始，暴风的股票也一落千丈、四天跌去超30%时，据老员工对36氪回忆，冯鑫还在内部发了倡议书，号召员工们买股票，如果损失了他来补差价，对入职三年以上的老员工，他还帮着掏一半的费用。</p>\n<p>36氪难以考证冯鑫所有股权质押所获资金的实际去处，但根据冯鑫的说法，股权质押的资金多用于暴风的新业务发展。</p>\n<p>可以确定，冯鑫涉及的财务问题是复杂的。“ （以前）没有人帮老大（冯鑫）在做这个事情，包括复杂的子公司、各种关联交易、合规性、嵌套，”一名前员工对36氪称，暴风上市后第二任CFO姜浩接手后，专门组建了一个每月支出过百万的团队，花了半年的时间，负责帮冯鑫梳理个人股权交易和财务问题。</p>\n<p>“就像你进赌场的时候，不知道自己兜里有多少钱，你赌的时候不知道自己的赌注有多少。”相关人士如此对36氪形容。</p>\n<p><img src=\"https://static.tigerbbs.com/09fe088c4a454bb761398bbc62a07035\"></p>\n<p>失败的学徒</p>\n<p>在暴风的所有业务中，除了老业务暴风影音能每年勉力带来四五亿元的广告营收外，其余的新业务——VR、体育、TV——都是吃钱的。</p>\n<p>但在上市后提出八大业务之时，冯鑫显然没有意识到这点。</p>\n<p>暴风做VR业务，源于Facebook以20亿美元收购Oculus引起的沸腾。相关人士对36氪回忆，暴风做VR的决策逻辑，就是“扎克伯格这么成功的人会去做这个方向，可能真的是对的，那为什么不去赌一赌？”</p>\n<p>VR行业其实在2016年已经开始降温，但暴风魔镜当时没有从冲刺转为小步快跑。“觉得身边有很多金融机构和资源支撑你，自我感觉能够做的过来。”冯鑫曾自己反思。但当暴风魔镜真正成为“先烈”时，连带着让控股接近20%的暴风集团上市公司产生了1.04亿的重大资产减值。</p>\n<p>对照乐视进行业务布局，则把暴风带向了更大的深渊。</p>\n<p>比照乐视体育的暴风体育，曾在最初一年过了一段好日子：成立三个月，产品都还没成型，暴风体育就拿了2亿的融资。据前暴风体育员工回忆，因为当时有部分中超场次移动端的版权和CBA版权，加上在各大应用市场买量，用户做到了100万左右。</p>\n<p>随着乐视连环暴雷，乐视体育也因资金紧张失去中超、亚足联版权，又被爆出欠了亚足联1.8亿，市场一时间噤若寒蝉。腾讯、苏宁还够钱继续买版权，但暴风体育在资本市场上也再找不到下一轮的接盘人。 另一名离职员工记得，2016年用户增长太快时机器还会有报警信号，但到了2017年，很少再会有这样激动人心的声音出现。</p>\n<p>一名内部人士反思说，暴风做体育，是比照了乐视体育的200亿估值，但没有认真思考这套商业模式是否真正可行：体育业务的核心是买版权，相当于一个视频网站的体育子频道，既然暴风影音买版权之路不通，没道理体育就可行。</p>\n<p>更何况，体育业务要争夺版权的特质，最终给暴风留下了“浸鑫基金”的债务巨雷。</p>\n<p>剩下的翻盘机会似乎只有电视。“2018年到2020年，我们内部和对外只说一件事情，就是暴风电视。” 冯鑫在去年反思说，应该早早把精力集中在TV这件事上。</p>\n<p>但这番表述可能源于骑虎难下。电视硬件业务一方面为暴风带来了七八成的营业收入，一面又在快速吞噬暴风的资金。</p>\n<p>暴风TV采取了与乐视相似的策略：根据当时流行“互联网打法”，乐视和冯鑫都设想，通过补贴做大出货量，但获得电视广告分成，补贴硬件亏损。暴风tv内部员工们经常在公司里喊口号“第一、第一、第一”。</p>\n<p>冯鑫曾经称，暴风每台电视会亏3、400元。而据暴风tv离职员工回忆，这只是硬件成本，还不算营销等费用。他对36氪介绍，暴风当时和爱奇艺合作，但分成比例在四六分以下，乐视自有版权卖会员尚不知几年才能收回成本，分成模式只会让回本周期继续拉长。</p>\n<p>据暴风披露，TV业务2016年和2017年亏损都超过了3亿，2018年前五个月亏损也达到了1.2亿。据离职员工回忆，公司拖了半年的工资发不出来。</p>\n<p><img src=\"https://static.tigerbbs.com/0c66d0d32a2bee42aa7af5b8865346a0\"></p>\n<p>其他同行都毛利为正，就连开创“互联网打法”的小米，都没有跟随乐视的烧钱策略，即使它因此一度出货量低于乐视。当时小米电视负责人王川公开说：“小米电视一直是盈利的，我们不追求销量，因为一旦要做到多少量，就意味着会赔钱。据我所知，乐视电视目前的亏损是巨额亏损。他们烧的钱太多，永远也赚不回来。”</p>\n<p>“乐视和暴风都把长跑当短跑来跑。1万米长跑，你跑400米速度去冲，前面当然冲得很快，但是没意义。”相关人士总结。</p>\n<p>乐视暴雷后，当时市场上知名的FA包括华兴、汉能等等都做过暴风tv的融资案，但都表示“卖不出去”，TV的包袱只能背在暴风和冯鑫身上。</p>\n<p>冯鑫控制的银川产权交易中心，前两年累计借给暴风TV超过3.8亿元。而根据暴风集团2018年第三季度的财报，可以看到应付票据及应付账款高达 14亿，主要来自暴风TV的欠款。</p>\n<p>TV业务明显是暴风2018年忽然转亏10.9亿元的关键原因：根据其业绩快报，营业收入同比下降约41.34%，少了7亿元，主要是TV业务“受资金周转影响，库存备货不足，收入有所下降”。而一般来说因为硬件生产有固定成本，产量下滑会导致亏损上升。此外，源于TV业务的营销和研发成本则在快速上升。</p>\n<p>几年过去，暴风TV2017年出货量不过84万台，去年出货量可能还下跌了。相较之下，小米电视2018年公布的数据为840万台。暴风TV始终没有望见成功的门槛。</p>\n<p>有暴风TV前员工对36氪说，自己第一天入职，在走廊上碰到一个正在抽烟的老员工，对方问了一句：你是谁的人？这让他觉得毛骨悚然，一时说不出话来。暴风TV内部各占山头，各自为政。</p>\n<p>但暴风的问题，根源不在执行层面，在战略方向上可能就错了。</p>\n<p>回顾往昔，有老员工觉得唏嘘，上市前后内部有人做出了类似快手的短视频App，还有团队加班加点三个月，做出了类似花椒的直播产品，但都无疾而终。“公司不知道怎么推广，不知道怎么定位，不知道主导UGC还是直播，然后就死了。”他对36氪回忆。</p>\n<p>冯鑫没有看到或者重视这些创新项目，“当时完全不可能想到这一点，”前述管理层说，暴风还是很难从长视频的思维范畴里跳出来，但是又看不清其他方向，于是在战略上选择了学习和跟随。</p>\n<p>关于冯鑫，媒体对其上市后的举动曾有一段浪漫的描述：股价飙涨，万众瞩目之时，他带着三本书——《道德经》、《刀锋》和《约翰·克里斯多夫》，回老家“闭关”去了。十多天后再出现时，冯鑫提出了“DT大娱乐”和“联邦生态”的概念，要做八个业务。业界称暴风为“小乐视”，冯鑫则认为自己能比乐视做得更好。</p>\n<p>“你认为自己是个300亿的公司，所以是站在300亿估值上去做决策的。300亿的时候做决策，你会觉得这些都不是问题。”前暴风管理层说，如果暴风市值没有这么高过反而好，大家不会被冲昏头脑。</p>\n<p>但A股的特点就是大涨大落，并且由于它要求盈利的上市规则、很长的排队时间，优秀互联网公司很难进来。又由于股票可选范围少，暴风、乐视这样二三流的公司一旦进入，就会获得巨大的赌注筹码。</p>\n<p>乐视则刚刚公告，它的2018年度所有者权益预计为负，如果归母净资产为负，将被暂停上市；如2019年度年报不满足创业板规定的恢复上市条件，存在被强制终止上市的风险。</p>\n<p>而暴风集团的2018年度所有者权益，也只剩下了2100万元。</p>\n<p><b>原文综合自36氪等</b></p>\n<p><b>推荐相关：</b></p>\n<p><a href=\"https://laohu8.com/HN/1955109125\" target=\"_blank\"><b>从A股奇迹到身陷囹圄，暴风冯鑫如何走上不归路？</b></a></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/638121bb9986babef2bdc1783f8737f3","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141077651","content_text":"7月29日，暴风集团$(300431)$开盘跌停，股价报5.67元，跌幅为10%。昨天晚间，暴风集团对外发布公告称，获悉公司实际控制人冯鑫因涉嫌犯罪被公安机关采取强制措施，相关事项尚待公安机关进一步调查。\n延伸阅读：\n「赌徒」暴风影音的致命时刻\n暴风就像进入赌场的“赌徒”，但不知道自己兜里有多少钱。\n作者：袁斯来\n\n\n\n\n\n\n\n数据整理：刘倩君\n编辑：杨轩\n\n\n\n创业十载，终于一个头彩砸在暴风科技和冯鑫头上：登陆创业板，股价连续34个一字涨停板，董事长冯鑫的账面身家超过100亿。\n但四年过去，天降好运，正变成噩梦连连。\n巨额债务和诉讼正摆在暴风面前。光大证券刚刚宣布2018年净利润大幅下跌96.6%，而这主要因为跟暴风一起成立的浸鑫基金，使得光大一举计提了15亿元损失。据《财经》报道，光大证券认为这笔债务暴风应该负责，为此准备起诉暴风。\n这笔债务地雷，可能将暴风逼入绝境。\n\n浸鑫基金的出现，源于暴风想要收购拥有英超、意甲等体育版权的公司MP&Silva（以下简称MPS），于是玩了以小博大的一手——暴风出2亿，光大出资6000万元，但通过撬动其他出资方募资50亿元，来收购MPS的多数股权。\n以小博大的组局者，必须为其他人的收益兜底。如果赚钱则皆大欢喜：约定一年半内暴风上市公司“接盘”MPS，浸鑫基金则完成退出。如果亏损，优先级合伙人们作为债权人，要优先收回投资。而加杠杆的一方不得不偿还可能远远大于自身投资额的债务。\n不幸，花费巨资的MPS仅两年半即告破产清算，50亿元灰飞烟灭。作为组局者之一，光大由于签订了“差额补足”的债务兜底协议，于是有了它刚宣布的巨亏。\n但暴风和冯鑫才是这笔巨额债务的最大责任人。冯鑫旗下子公司暴风投资作为普通合伙人，要承担无限连带责任。光大称，自己之所以兜底债务是建立在暴风集团承诺回购MPS股权的基础上，但暴风集团及冯鑫尚未履行回购义务。“光大也是被拉下水了。”一知情人士对36氪说。\n暴风集团和冯鑫都无力偿债。暴风集团市值相比高点时已经跌去九成以上，目前仅余35亿元上下，而浸鑫基金目前已经爆出的优先债权方的投资就有35亿元之多。\n而暴风集团董事长冯鑫的上市公司股票，早已经全数被质押或冻结。\n这是暴风所有债务中最大、最致命的一笔。“MPS是一个炸弹，炸了（暴风）就没了。”上述知情人士对36氪说。\n更何况，暴风本身的经营已经步履维艰。据36氪了解，暴风从六百人规模，一批批裁员，今年初只剩下一百多人，两层办公楼也转手他人。暴风还拖欠了被裁员工工资和离职补偿金，前员工对36氪称，在法院做调解时，暴风当时的法务直言：“你们来这浪费时间干什么？”\n虽然暴风极力“节流”，上任CFO给每个部门都设了不可跨越的红线，哪怕是超了一万元，下个月也得想办法再缩减，把亏空补回来。厉行节约之下，暴风在管理费用上，去年相比2016年时省了大约2亿元。\n但这也无力回天。暴风刚发出一份堪称悲惨的2018年业绩快报，一举从前两年还年盈利5000多万，转为亏损10.9亿元。暴风称巨亏的原因之一，是计入了诸项“资产减值损失”。\n“应该用垂死挣扎形容它更准确”。提起老东家，一名前暴风人士对36氪说。\n\n埋雷：并购被否、融资落空\n四年时间，暴风已经从天堂走入地狱。\n在A股牛市疯长的大背景下，上市两个月，暴风市值暴涨十倍，内部一夜之间诞生了10个亿万富翁、31个千万富翁和66个百万富翁，据离职员工回忆，“那会儿天天按计算器算，看看自己身家多少。”\n“即难以置信，又将信将疑。“暴风前管理层对36氪回忆说，明眼人都知道这不可持续，因为暴风年利润五千万左右、370亿市值，意味着市盈率高达近千倍，但当内部对此的反应是，要想办法把市值”撑住”。\n“撑住”不易。在上市之前，暴风处于窘迫状态久矣。\n虽然暴风影音是曾风靡一时的电脑必备软件，号称有2亿用户，并能以此获得广告收入，但是，暴风影音却没在智能机时代占据先机，已经进入了衰退期。\n而且，暴风的核心业务有致命缺陷。长视频领域公司一直在版权上烧钱，三大视频网站每年至少需要投入50亿在版权购买上，且全部亏损。暴风此前一直难以抗衡，处于第二梯队，差距很大。\n虽然上市被冯鑫认为是掌握了“核武器”，但是，2.14亿元的IPO融资，以及一年4亿元左右来自广告业务的营收，跟三大视频网站的版权花费比，还是太捉襟见肘了。“\n最多快好省的办法，就是做收购。暴风计划快速搭起“DT大娱乐”的架子，办法是重资购买一家影视公司、一家游戏公司再加一个游戏发行公司。\n整个2015年，当时的CFO毕士钧主要精力都在看项目上。他曾在中信证券负责TMT领域的投资，并主导了暴风科技的上市。但毕士钧擅长的更多是投资，而不是上市公司募资，有内部人士认为，这对暴风此后的境况影响很大。\n“想并购的标的特别多。当时市值很高，心气也很高，”相关知情人士对36氪说，暴风瞄上的目标大都是视频和音乐类的平台型公司，后来这些公司不少都成长为了独角兽，比如跟快手也谈过。可惜花了很多时间看项目，却根本谈不下来，“真正的好公司，人家是不愿意卖的。”\n暴风只能退而求其次，选中了第二梯队的标的，也就是后来的稻草人影业、立动科技和甘普科技。\n当时上市公司正热衷于并购影视和游戏题材。只要注册一个影视公司，哪怕只有个兼职财务，就可以谈融资甚至上市。原因之一，是截留定向增发所获部分资金，用于公司业务运作，是当时上市公司的常用方法。\n“影游联动“也是暴风当时津津乐道的新方向：背后股东有吴奇隆、刘诗诗的江苏稻草人影业，做出了一个播放量尚可的IP《蜀山战纪》。这看起来两全其美：暴风本打算一手做收购，支撑市值；另一手以此为理由，同时在股票市场上做定向增发募资。\n冯鑫踌躇满志，在2016年3月的发布会上宣布了这桩收购案，要“为世界创造新娱乐”，并上台高唱《野子》——这首歌贾跃亭刚刚在半个月前的发布会上唱过。\n但其实，冯鑫在放声高歌时，融资的大门已经悄然关闭。市场气氛变了。\n2015年股灾之后，证监会重新祭出“脱虚向实” 的监管大棒，影视类公司首当其冲。虽然三家公司当时总资产只有2.19亿，但暴风开出的收购价码高达31亿元。2016年6月，证监会否决了这次重组。\n一年过去，由于暴风花费了太多时间在收购上，错过了2015年上市后再做股票增发融资的好时机，到2016年，被迎面打了个措手不及。\n据相关人士对36氪称，2016年时，当暴风提出增发，证监会看暴风报表扣除非经常性损益之后（例如财政补贴等），真实经营利润只有几百万， 认为是打擦边球，不符合增发条件。此外，市场上还有前车之鉴的乐视，让证监会对此类增发的审批愈加谨慎。\n暴风上市四年，前后共提出三次定向增发融资计划，三次都未获批。用冯鑫的话讲，在股价疯长的2015年，300亿市值的时候，他们实际上只是“吃瓜群众”。\n冯鑫后来曾反思说，吃的一个大亏，就是自己和团队关于A股资本市场是零经验。2017年，冯鑫更换了CFO、董秘和券商。\n通过增发来融资的失败，为暴风和冯鑫此后的巨额债务埋下了第一个雷。\n\n爆雷：明股实债\n没能从股市上直接募资，但当时冯鑫依然想收购MPS。\n体育也是暴风上市后新架开的一驾马车，它入局时体育版权大战烧钱正酣：乐视体育宣布用数亿美元获得了英超在香港的独家转播权，苏宁的PPTV不甘示弱，花2.5亿欧元签下西甲独家全媒体版权。\n当时MPS估值已经超过了10亿美元，未做成定增募资的暴风为了凑到收购MPS的钱，浸鑫基金因此而生。\n但暴风内部有反对声音。上述相关人士对36氪称，在收购前，管理层不少人表示了疑虑，“有人认为金额太高了，输不起”，甚至有高管“坚决反对”，因为MPS是一家轻资产公司，核心资产就是人，一旦拥有体育圈人脉关系的关键人士离职，“没人了就没版权了”，对这个国际体育零经验零人脉的暴风无力应对。\n但据相关人士称，最终冯鑫没有听进这些谏言。截至发稿，暴风对此没有确切的回应。\n此后，被担心的事情被一一验证：MPS的两名创始人套现离场后，在体育圈继续风生水起，而他们留下的MPS在国际版权争夺上频频失利，资不抵债，去年10月被英国高等法院宣布破产。\n根据公告，暴风在这笔交易上，权益性减值金额为1.4亿，还有4800万的坏账损失。而且，冯鑫已经将自己的1800多万股暴风集团股票质押给浸鑫基金优先合伙人招商资管。MPS的股权还没有捂热，就化为乌有了。\n噩梦还远没有结束。这颗地雷的引爆时间在一年半后的今天：浸鑫基金于今年2月底届满到期。这就是本文开头所述、对暴风来说可能致命的债务爆雷。\n\n这不是冯鑫第一次犯下此种错误。\n此前，冯鑫已经因为VR眼镜项目暴风魔镜，导致中信资本在去年申请冻结了他最后剩下尚未质押的327万股股份。\n暴风上市前后，VR眼镜是冯鑫力推的新项目，频频为其站台。2015年4月，暴风魔镜独立做A轮融资，估值5000万美元左右，但仅仅时隔几个月，拿B轮融资时魔镜身价就飞涨到了14.3亿人民币。\n估值飞涨的代价在于，据冯鑫在内部谈话中自述，B轮投资方提出如果2020年没有上市或者被并购，冯鑫要个人兜底、回购股份。即冯鑫为了魔镜项目的高估值，个人和资方签下了“对赌”的协议。\n冯鑫似乎没有深思，如果输了怎么办。\nVR是一个火热一时但很快冷却的领域，魔镜业务不佳，投资方要提前离场。冯鑫为此四处筹措，据他回忆，自己那年为此在四处出差中度过，“经常在机场里跑步赶飞机 。”最终，冯鑫为魔镜项目还了5000万，还有4000万拿不出来，这导致B轮领投方中信资本向法院申请冻结了冯鑫最后的股票。\n从2015年底开始，仅半年时间，暴风就参与到了数支产业基金中。其中就有类似浸鑫基金、以小博大的“债性”基金。这些基金一来为暴风新业务提供“血液”，例如和歌斐资管成立5亿元基金“暴风鑫源”，参与到暴风魔镜的B轮投资中；也具有类似的风险，例如冯鑫为6.84亿元的上海隽晟并购基金整体做了最低收益担保（年化11%的收益）。\n\n（数据来源：36氪根据暴风公告梳理）\n“资本是个双刃剑，你做成了，他就在帮你，你做砸了，那么你就会背负很多包袱。”一名知情人士对36氪称，通过各种基金暴风募资额度在80亿上下。\n对此，冯鑫做过一次反思，承认自己失误在“对不同属性的钱不理解”：暴风上市后，部分资本合作带有退出承诺，和上市前VC投资的性质完全不同；而自己还为融资做了个人担保。\n股权质押是冯鑫最重要的兜底资本，以及暴风的重要资金来源——冯鑫四年中质押了29次，最终达到了所持股份95%以上——而暴风的股价，是股权质押的关键点。\n当2015年中的股灾开始，暴风的股票也一落千丈、四天跌去超30%时，据老员工对36氪回忆，冯鑫还在内部发了倡议书，号召员工们买股票，如果损失了他来补差价，对入职三年以上的老员工，他还帮着掏一半的费用。\n36氪难以考证冯鑫所有股权质押所获资金的实际去处，但根据冯鑫的说法，股权质押的资金多用于暴风的新业务发展。\n可以确定，冯鑫涉及的财务问题是复杂的。“ （以前）没有人帮老大（冯鑫）在做这个事情，包括复杂的子公司、各种关联交易、合规性、嵌套，”一名前员工对36氪称，暴风上市后第二任CFO姜浩接手后，专门组建了一个每月支出过百万的团队，花了半年的时间，负责帮冯鑫梳理个人股权交易和财务问题。\n“就像你进赌场的时候，不知道自己兜里有多少钱，你赌的时候不知道自己的赌注有多少。”相关人士如此对36氪形容。\n\n失败的学徒\n在暴风的所有业务中，除了老业务暴风影音能每年勉力带来四五亿元的广告营收外，其余的新业务——VR、体育、TV——都是吃钱的。\n但在上市后提出八大业务之时，冯鑫显然没有意识到这点。\n暴风做VR业务，源于Facebook以20亿美元收购Oculus引起的沸腾。相关人士对36氪回忆，暴风做VR的决策逻辑，就是“扎克伯格这么成功的人会去做这个方向，可能真的是对的，那为什么不去赌一赌？”\nVR行业其实在2016年已经开始降温，但暴风魔镜当时没有从冲刺转为小步快跑。“觉得身边有很多金融机构和资源支撑你，自我感觉能够做的过来。”冯鑫曾自己反思。但当暴风魔镜真正成为“先烈”时，连带着让控股接近20%的暴风集团上市公司产生了1.04亿的重大资产减值。\n对照乐视进行业务布局，则把暴风带向了更大的深渊。\n比照乐视体育的暴风体育，曾在最初一年过了一段好日子：成立三个月，产品都还没成型，暴风体育就拿了2亿的融资。据前暴风体育员工回忆，因为当时有部分中超场次移动端的版权和CBA版权，加上在各大应用市场买量，用户做到了100万左右。\n随着乐视连环暴雷，乐视体育也因资金紧张失去中超、亚足联版权，又被爆出欠了亚足联1.8亿，市场一时间噤若寒蝉。腾讯、苏宁还够钱继续买版权，但暴风体育在资本市场上也再找不到下一轮的接盘人。 另一名离职员工记得，2016年用户增长太快时机器还会有报警信号，但到了2017年，很少再会有这样激动人心的声音出现。\n一名内部人士反思说，暴风做体育，是比照了乐视体育的200亿估值，但没有认真思考这套商业模式是否真正可行：体育业务的核心是买版权，相当于一个视频网站的体育子频道，既然暴风影音买版权之路不通，没道理体育就可行。\n更何况，体育业务要争夺版权的特质，最终给暴风留下了“浸鑫基金”的债务巨雷。\n剩下的翻盘机会似乎只有电视。“2018年到2020年，我们内部和对外只说一件事情，就是暴风电视。” 冯鑫在去年反思说，应该早早把精力集中在TV这件事上。\n但这番表述可能源于骑虎难下。电视硬件业务一方面为暴风带来了七八成的营业收入，一面又在快速吞噬暴风的资金。\n暴风TV采取了与乐视相似的策略：根据当时流行“互联网打法”，乐视和冯鑫都设想，通过补贴做大出货量，但获得电视广告分成，补贴硬件亏损。暴风tv内部员工们经常在公司里喊口号“第一、第一、第一”。\n冯鑫曾经称，暴风每台电视会亏3、400元。而据暴风tv离职员工回忆，这只是硬件成本，还不算营销等费用。他对36氪介绍，暴风当时和爱奇艺合作，但分成比例在四六分以下，乐视自有版权卖会员尚不知几年才能收回成本，分成模式只会让回本周期继续拉长。\n据暴风披露，TV业务2016年和2017年亏损都超过了3亿，2018年前五个月亏损也达到了1.2亿。据离职员工回忆，公司拖了半年的工资发不出来。\n\n其他同行都毛利为正，就连开创“互联网打法”的小米，都没有跟随乐视的烧钱策略，即使它因此一度出货量低于乐视。当时小米电视负责人王川公开说：“小米电视一直是盈利的，我们不追求销量，因为一旦要做到多少量，就意味着会赔钱。据我所知，乐视电视目前的亏损是巨额亏损。他们烧的钱太多，永远也赚不回来。”\n“乐视和暴风都把长跑当短跑来跑。1万米长跑，你跑400米速度去冲，前面当然冲得很快，但是没意义。”相关人士总结。\n乐视暴雷后，当时市场上知名的FA包括华兴、汉能等等都做过暴风tv的融资案，但都表示“卖不出去”，TV的包袱只能背在暴风和冯鑫身上。\n冯鑫控制的银川产权交易中心，前两年累计借给暴风TV超过3.8亿元。而根据暴风集团2018年第三季度的财报，可以看到应付票据及应付账款高达 14亿，主要来自暴风TV的欠款。\nTV业务明显是暴风2018年忽然转亏10.9亿元的关键原因：根据其业绩快报，营业收入同比下降约41.34%，少了7亿元，主要是TV业务“受资金周转影响，库存备货不足，收入有所下降”。而一般来说因为硬件生产有固定成本，产量下滑会导致亏损上升。此外，源于TV业务的营销和研发成本则在快速上升。\n几年过去，暴风TV2017年出货量不过84万台，去年出货量可能还下跌了。相较之下，小米电视2018年公布的数据为840万台。暴风TV始终没有望见成功的门槛。\n有暴风TV前员工对36氪说，自己第一天入职，在走廊上碰到一个正在抽烟的老员工，对方问了一句：你是谁的人？这让他觉得毛骨悚然，一时说不出话来。暴风TV内部各占山头，各自为政。\n但暴风的问题，根源不在执行层面，在战略方向上可能就错了。\n回顾往昔，有老员工觉得唏嘘，上市前后内部有人做出了类似快手的短视频App，还有团队加班加点三个月，做出了类似花椒的直播产品，但都无疾而终。“公司不知道怎么推广，不知道怎么定位，不知道主导UGC还是直播，然后就死了。”他对36氪回忆。\n冯鑫没有看到或者重视这些创新项目，“当时完全不可能想到这一点，”前述管理层说，暴风还是很难从长视频的思维范畴里跳出来，但是又看不清其他方向，于是在战略上选择了学习和跟随。\n关于冯鑫，媒体对其上市后的举动曾有一段浪漫的描述：股价飙涨，万众瞩目之时，他带着三本书——《道德经》、《刀锋》和《约翰·克里斯多夫》，回老家“闭关”去了。十多天后再出现时，冯鑫提出了“DT大娱乐”和“联邦生态”的概念，要做八个业务。业界称暴风为“小乐视”，冯鑫则认为自己能比乐视做得更好。\n“你认为自己是个300亿的公司，所以是站在300亿估值上去做决策的。300亿的时候做决策，你会觉得这些都不是问题。”前暴风管理层说，如果暴风市值没有这么高过反而好，大家不会被冲昏头脑。\n但A股的特点就是大涨大落，并且由于它要求盈利的上市规则、很长的排队时间，优秀互联网公司很难进来。又由于股票可选范围少，暴风、乐视这样二三流的公司一旦进入，就会获得巨大的赌注筹码。\n乐视则刚刚公告，它的2018年度所有者权益预计为负，如果归母净资产为负，将被暂停上市；如2019年度年报不满足创业板规定的恢复上市条件，存在被强制终止上市的风险。\n而暴风集团的2018年度所有者权益，也只剩下了2100万元。\n原文综合自36氪等\n推荐相关：\n从A股奇迹到身陷囹圄，暴风冯鑫如何走上不归路？","news_type":1},"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":981649922,"gmtCreate":1583753549166,"gmtModify":1704350604885,"author":{"id":"3494217766320869","authorId":"3494217766320869","name":"秦关休","avatar":"https://static.tigerbbs.com/943a298f9430915ab95905bc5dab9edb","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3494217766320869","idStr":"3494217766320869"},"themes":[],"htmlText":"<a 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