“不是借壳上市！”黎瑞刚影视版图大整合：邵氏兄弟拟45.77亿元“发股换资”收购正午阳光、UME等影视资产，阿里、腾讯入局

每日经济新闻01-26

黎瑞刚掌舵的华人文化，正以资本并购的方式将旗下核心影视资产打包注入资本市场。　　近日，邵氏兄弟控股（HK00953，股价0.315港元，市值4.5亿港元）发布公告称，公司已与主要股东华人文化签订买卖协议，拟通过向定向接收人发行代价股份的方式，收购华人文化旗下一批核心影视资产，交易对价约45.77亿元人民币。此次被收购的标的包括正午阳光50%股权、运营UME 影城的上海思远100%股权以及华人影业...

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影城的上海思远100%股权以及华人影业100%股权等。　　值得关注的是，邵氏兄弟当前市值仅4亿元左右，此次收购对价相当于其市值的近12倍，成为影视传媒领域久违的“蛇吞象”重磅并购案。交易完成后，华人文化继续保持邵氏兄弟的控股股东地位，阿里、腾讯等公司也将通过此次交易入局成为股东。　　“由于此次交易的实际控制人及核心业务体系均未发生变化，也使得华人文化得以促成这一看似极端的并购操作，从而与通常意义上的‘借壳上市’有本质区别，这类情况在市场中也极难被复制效仿。”《每日经济新闻》记者向相关知情人士了解到，此次资产注入的核心逻辑在于业务协同，通过上市平台整合华人文化影视板块资源，打造大型综合影视上市公司，挖掘跨区域、全产业链的潜力。 　　影视黄金资产“打包打折”出售 　　来看这次拟交易标的“资产包”，其含金量可谓影视领域天花板。　　正午阳光是国内影视剧制作龙头，创始人班底侯鸿亮、孔笙等都来源于山东影视集团，正午阳光在成立初期曾参与制作《闯关东》《生死线》《伪装者》等标杆剧集。 　　2015年是正午阳光的高光时刻，其推出的由网络小说改编的连续剧《琅琊榜》，一改当时市面上注水悬浮剧风貌，豆瓣评分9.2，并远销海外，成为现象级作品，奠定了正午阳光在行业内的地位。 　　2016年，正午阳光获得华人文化融资，随后几年还陆续推出《北平无战事》《父母爱情》《大江大河》《知否知否应是绿肥红瘦》《山海情》《县委大院》《小巷人家》等精品，也被网友们称为“豆瓣8分最多的影视公司”。　　UME影城的实际运营方是上海思远，该公司由香港导演吴思远在2002年创立，是中国高端影院的标杆品牌，2017年被华人文化全资收购。当时正逢中国电影市场高速增长期，华人文化虽未公布收购数字，但通过行业逻辑和类比来推测，当时的收购估值在高位。　　还有华人文化自建的华人影业，主导电影《巨齿鲨》《巨齿鲨2》，被称为 “中国主控+国际资源”，彼时华人影业总裁曾分享，“中国主控就是中国电影公司主投加主控，成为最大的投资方，且全盘控制题材、主题以及创作过程。”国际资源在于国际制片人以及全球发行。　　另外，资产包中的Pearl Studio，其成立也是当年中美影视合作的里程碑事件。由美国梦工厂动画与华人文化等中方投资企业合资创办“东方梦工厂”，市场屏息以待在中国再造一个“梦工厂动画”，这场合作在2018年以华人文化收购全部股权并将其改名Pearl Studio结束。　　显然，这些影视标的均诞生于影视产业高歌猛进、市场热度高涨的黄金时期。当年华人文化将其收入麾下时，市场氛围热烈，彼时的交易估值，与当下行业相对冷清背景下的估值水平已不可同日而语。 　　而眼下的打包收购，这些当初熠熠生辉的影视资产，如今价值几何？邵氏兄弟公告显示，交易目标业务于2025年9月30日的资产净值约为85.58亿元，较45.77亿元的交易定价，折价幅度约46.5%。据董事评估，可比公司的企业价值与销售额比率范围分别为7.1至22.3倍（剧集分部）、0.7至13.1倍（非剧集分部）及2.7至12倍（影院分部）；而可比公司的市净率范围为2.6至27.3倍（电影分部）。　　最终收购价考虑了影视行业项目波动、资产流动性等因素。这组资产去年9个月收入12.25亿元，税前净利润1.74亿元。而从估值倍数的参考来看，剧集分部看上去最高，核心原因是正午阳光的剧集业务“收入稳定、可预测性强”。电影分部市净率范围波动远大于其他板块，也反映出行业中电影票房的不确定性。　　腾讯、阿里入局 　　再看此次交易对手，也堪称阵容豪华。　　某种程度上，邵氏兄弟和TVB象征着影视剧集的黄金年代与精神图腾。1958年，邵逸夫与兄长邵仁枚创立“邵氏兄弟”品牌，邵逸夫主导时期，邵氏兄弟拍摄过逾千部华语电影，捧红过周润发、周星驰、梁朝伟等一众巨星。同时搭建起完善的影视工业体系，成为华语电影的标杆。　　邵逸夫还是TVB走向辉煌的核心奠基者与关键掌舵人，他曾以“最大私人股东”身份接手TVB控制权，主导创办TVB艺员训练班，任职30余年间，TVB成为香港电视业龙头，影响力辐射全球华人市场。　　随着电视话语权的衰落，TVB影响力也在被稀释。2015年，华人文化拿下TVB控股股东最大股权。2016年，华人文化通过控股上市公司并推动更名的方式，间接获得“邵氏兄弟”这一上市平台控制权。　　在内地的传媒影视领域，华人文化颇为知名。早在2018年，该公司就获得了100亿元A轮融资，投资方为阿里巴巴、腾讯、万科等，估值达到约400亿元。传媒人出身的黎瑞刚，也是国内最具影响力的投资人之一。　　而在当下，影视传媒并非资本最青睐资产。无论是邵氏兄弟、TVB还是华人文化旗下影视资产，重拾往日辉煌并非朝夕之功。　　近年来，邵氏兄弟的业绩表现整体低迷。2022年至2024年，公司归母净亏损分别为30.2万元、289.8万元、577.9万元。2025年上半年，公司业绩有所回暖，实现营收1.06亿元，同比增长734.61%，归母净利润0.07亿元，同比扭亏为盈。　　记者留意到，邵氏兄弟此次发行的部分代价股份，将分配给华人文化的相关股东，其中包括阿里巴巴、腾讯控股等企业。这意味着，阿里巴巴、腾讯等华人文化的老牌股东，也通过此次交易深度参与到华人文化的影视资本整合进程中。　　因为华人文化和邵氏兄弟的实际控制人都是黎瑞刚，且注入资产属于相同行业，是港交所上市规则定义为“极端交易”——在监管层面是反向收购制度下的豁免交易类别（需满足严格条件）。　　交易完成后，邵氏兄弟能整合华人文化的影视业务板块，这家上市平台将成为集内地影院、影视剧、电影的制作发行以及香港影视制作、经纪人业务为一体的大型影视公司，上下游资源彻底贯通，或将在资本市场上释放更大价值。　　不过，此次资产重组消息发布后，市场反映比较冷淡，此后两个交易日股价累计下跌19.74%。1月26日收盘，邵氏兄弟最新股价0.315港元/股，当日股价上涨3.28%。（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","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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