海看网络科技（山东）股份有限公司2025年度报告详情

报告摘要要点

• 2025年度报告由海看网络科技（山东）股份有限公司（简称“海看股份”，证券代码：301262）发布，所有董事均出席了审议本报告的董事会会议，财务报告获得信永中和会计师事务所标准无保留审计意见。
• 公司董事会通过了利润分配预案：以417,000,000股为基数，每10股派发现金红利0.5元（含税），不送红股，也不以资本公积金转增股本。
• 公司主营业务为IPTV业务，是山东广播电视台、山东广电传媒集团视听新媒体业务的市场运营主体，IPTV业务为主要收入来源。
• 公司规划建设了六大产业板块：海看IPTV、海看数字应用、海看科创、海看产业发展、海看版权、海看投资，实现从单一业态到多元布局、媒体产业到跨界融合、产业运营到资本运营的转变。

业务与经营模式

• IPTV业务： 公司独家运营山东IPTV集成播控服务经营性业务，打造“海看TV”品牌。通过与山东移动、电信、联通合作，将中央及地方内容平台信号集成到IPTV专用传输网络，向家庭用户提供直播、点播、时移、回看、智能推荐等多种服务。
• IPTV收入结构： 基础业务以免费内容为主，由电信运营商向用户收取基础收视费，并向公司支付分成；增值业务包括付费点播内容，由运营商收取增值业务订购费并向公司分成。
• 其他业务： 依托公司平台、技术能力及内容资源，开展版权运营与营销、集客技术服务、微短剧业务等。微短剧业务已覆盖抖音、快手、微信、番茄、百度、红果、自有短剧APP等多元分发渠道，尝试与商业品牌开展短剧营销合作，实现商业变现。

财务数据与关键指标

季度表现

• 营业收入季度分布相对均衡，第一至第四季度分别为2.35亿、2.30亿、2.33亿、2.40亿元。
• 归属于上市公司股东的净利润季度分别为1.17亿、1.15亿、8741万、9587万元。
• 经营活动现金流净额季度波动较大，一季度高达3.19亿元，三季度则为负8,813万元。

股东结构

• 报告期末普通股股东总数为15,347人。
• 前十大股东中，广电传媒集团持股比例高达69.59%，为绝对控股股东；其次为朴华惠新（7.91%）、中文产投（5.02%）。
• 广电传媒集团与部分股东存在关联关系，如持有广电泛桥23.81%的合伙份额及相关执行事务合伙人30%合伙份额。
• 公司无优先股股东、无表决权差异安排。

对股东及投资者的重要提示

• 公司利润分配方案为每10股派0.5元现金红利，未送红股或用资本公积转增股本。
• 公司主要收入来源为IPTV业务，2025年营业收入同比下降4.10%，需关注收入下滑的趋势。
• 2025年经营活动现金流净额同比大幅提升150.50%，显示公司经营现金流状况明显改善。
• 净利润同比增长3.68%，但扣非净利润略下降，需留意非经常性损益影响。
• 股东结构高度集中，控股股东广电传媒集团持股近七成，对公司决策有决定性影响。
• 公司暂无重大事项披露，未有存续债券。

潜在影响与投资建议

• 公司现金红利方案、经营活动现金流大幅提升、净利润上升等均为利好信息，或对股价形成积极影响。
• 营业收入有所下滑需引起警惕，若未来无法扭转下行趋势，可能影响公司估值。
• 控股股东高度集中，决策稳定性强，但也需关注未来若有股权变动，可能对公司治理及股价产生影响。

免责声明

本文内容仅为信息披露解读，不构成任何投资建议。投资者应结合自身情况及市场环境，审慎决策。公司未来经营状况、分红方案等均可能因政策、市场变化等因素产生波动。请以公司正式公告及年度报告全文为准。

Detailed Report Summary for Investors (English)

Key Points from the 2025 Annual Report

• Haikan Network Technology (Shandong) Co., Ltd. (Stock code: 301262) released its 2025 annual report. All directors attended the board meeting, and the financial statements received a standard unqualified opinion from ShineWing Certified Public Accountants.
• The board approved a profit distribution plan: based on 417,000,000 shares, a cash dividend of RMB 0.5 (tax included) for every 10 shares will be paid; no bonus shares or capital reserve transfer.
• Main business is IPTV, acting as the market operator for new media business of Shandong Radio and Television Station and Shandong Radio and Television Media Group. IPTV business is the primary revenue source.
• Six major industry segments established: Haikan IPTV, Digital Applications, Sci-Tech Innovation, Industrial Development, Copyright, Investment—transitioning from single business model to diversified layouts, cross-industry integration, and capital operation.

Business and Operating Model

• IPTV Business: Exclusively operates Shandong IPTV integrated broadcast control services, building the “Haikan TV” brand. Content signals from CCTV, provincial and local platforms are integrated and transmitted via specialized networks (China Mobile, Telecom, Unicom) to home users, offering live, VOD, time-shift, playback, and intelligent recommendations.
• Revenue Structure: Basic services (free content) generate revenue sharing from telecom operators; value-added services (paid VOD content) also generate revenue sharing.
• Other Businesses: Copyright operations, marketing, technical services, and micro-short drama business. Micro-short drama covers Douyin, Kuaishou, WeChat, Tomato, Baidu, Hongguo, proprietary apps, and explores brand marketing, commercial monetization via user payments, revenue sharing, and ads.

Financial Data and Key Metrics

Quarterly Performance

• Revenue per quarter is stable: Q1-Q4 at 235M, 230M, 233M, 240M RMB respectively.
• Net profit for shareholders per quarter: 117M, 115M, 87M, 96M RMB respectively.
• Operating cash flow per quarter fluctuates, Q1 at 319M RMB, Q3 negative 88M RMB.

Shareholder Structure

• Ordinary shareholders at period end: 15,347.
• Top shareholder: Broadcasting Media Group (69.59%), followed by Puhua Huixin (7.91%), Zhongwen Chengtou (5.02%).
• Broadcasting Media Group has equity relationships with some shareholders (e.g., holds 23.81% in Guangdian Fanqiao, 30% in related partnership).
• No preferred shareholders, no differential voting rights.

Important Information for Shareholders

• Dividend: Cash payout of RMB 0.5 per 10 shares, no bonus shares or capital reserve transfer.
• Main revenue source (IPTV) declined by 4.10% YoY; watch for downward revenue trend.
• Operating cash flow increased significantly (+150.50%), indicating improved cash management.
• Net profit up 3.68%, but non-recurring net profit down slightly.
• Shareholding highly concentrated; Broadcasting Media Group holds nearly 70%, strong influence on company decisions.
• No major events disclosed, no outstanding bonds.

Potential Impact and Investment Advice

• Dividend plan, cash flow improvement, and net profit growth are positive signals—may support share price.
• Revenue decline needs monitoring; if not reversed, valuation could be affected.
• Highly concentrated shareholding means stable control, but any future changes in shareholding structure could impact governance and share price.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Please refer to the official company announcement and complete annual report for accurate and comprehensive information. Investors should consider their own circumstances and make prudent decisions.

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