奈飞2025年表现如何，流媒体这一行还有这么大的增长空间？

苕国土鱼01-28

继续看发布了2025年财报的上市公司，奈飞公司（Netflix）1997年成立于美国加州，2002年在纳斯达克上市，奈飞公司最初是经营在线DVD及蓝光光碟租赁服务，2007年推出流媒体播放服务，之后发展出原创内容等业务。从近几年的营收构成看，DVD相关的收入几乎归零，全部收入均来自于流媒体相关业务。各大市场都在较快增长，其中美国和加拿大市场占比四成多，继续稳居第一大市场；欧洲、中东和非洲市场占比超...

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industry?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NFLX":1.95},"content_text":"继续看发布了2025年财报的上市公司，奈飞公司（Netflix）1997年成立于美国加州，2002年在纳斯达克上市，奈飞公司最初是经营在线DVD及蓝光光碟租赁服务，2007年推出流媒体播放服务，之后发展出原创内容等业务。从近几年的营收构成看，DVD相关的收入几乎归零，全部收入均来自于流媒体相关业务。各大市场都在较快增长，其中美国和加拿大市场占比四成多，继续稳居第一大市场；欧洲、中东和非洲市场占比超三成多，拉丁美洲市场和亚太地区市场各占一成多。增长最快的是亚太地区市场，但比其他市场快得不多，占比提升也有限。全部市场都在增长，2025年增长15.9%就不让人意外了，这是其连续两年的增速维持在15%以上，算是终结了2022年和2023年连续低速增长的模式。在我们的印象中，中长视频领域，近几年受到短视频的冲击比较大，应该是在下跌才对。虽然没有查到腾讯视频单独的数据，但爱奇艺的数据还是有的，2024年营收下跌，2025年前三季度也是下跌状态，也就是说，我们的感觉并没有错，国内中长视频行业的情况确实是在下跌。2025年不仅是营收创下新高，净利润更是大幅增长26.1%，超过百亿美元，达到了 110亿美元的规模。这当然不是小数字了，拿到A股来，这个金额可以排在10多位，和茅台的水平差不多。分季度来看，已经连续八个季度的营收都是同比增长状态，增速相对平稳，都在一成以上，最近两年的各季度，并没有因为“螺旋”增长而减速，甚至最近两个季度还在加速增长。净利润在也都是同比增长状态，增速上一般比营收的幅度更大，仅有个别季度（2025年三季度）增速相对低一些。近两年的净利润大幅增长，除了营收增长较快之外，还有毛利率持续提升，2025年的毛利率接近50%，比五年前高了近10个百分点。在“量价齐升”的情况下，业绩不好才是怪事。销售净利率和净资产收益率也创下了新高。其中净资产收益率的提升，除了得益于净利润增长，奈飞公司通过回购股票等大量消耗掉部分高流动资产，避免净资产太高，也是重要原因。“经营活动的现金流量净额”表现越来越好，和盈利能力提升基本同步，也就是钱不仅赚到了，也收到账上了。近三年都在通过融资活动（主要方式是回购股票）大量消耗这些多出来的现金，特别是2025年消耗掉的现金，比“经营活动的现金流量净额”还高。之所以要这样做，原因就是不能过分稀释净资产收益率，考虑到最近可能有较大规模的收购活动，估计后续年份这方面的力度要下降一些了。奈飞公司的长短期偿债能力都是极强的，他们的收益水平较高，并没有过分通过加杠杆来强行提升净资产收益率，反而在财务方面中规中矩，甚至还相对保守。最后看一下其主要的两项费用，研发费用和营销费用的占比都是7%出头，由于营收规模较大，这些费用都是巨款了。这当然能形成一定的优势地位，起码是把行业的进入门槛提得比较高了。这类流媒体的公司，还是要以全球市场为主才好搞，虽然这样在各地都面临着监管之类的风险，但把各地风险综合后，反而成为基本平衡状态。单一大市场虽然有政策屏障等优势，但也容易受环境变化的过度影响。由于收购行为的发生，奈飞公司2026年的营收，大概率还会较快增长，至于说会不会更赚钱，那就面临很多不确定性了。或许，他们也面临着增长变慢的压力，才会选择通过并购来快速发展吧。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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