{
  "url_hash": "db01d851577465df",
  "source_id": "sina",
  "title": "蓝月亮两年累亏10亿港元背后分红15亿港元",
  "text": "标题:蓝月亮两年累亏10亿港元背后分红15亿港元\n[sentiment=negative importance=4 event_type=其他 公司=蓝月亮 行业=家庭清洁]\n摘要:蓝月亮连续两年亏损超10亿港元，同时高额分红15亿港元，高管薪酬逆势上涨，引发市场对公司治理质疑。\n正文:（来源：经济参考报）\n正值“6·18”年中大促活动期间，蓝月亮集团控股有限公司（简称“蓝月亮”，06993.HK）在多渠道推出了优惠促销政策，实现了核心单品销量的亮眼增长。据京东超市开门红战报，蓝月亮10斤装洗衣液成交额同比增长10倍。但在电商平台热销的背后，蓝月亮的业绩基本面却难言乐观——公司已连续两年巨额亏损，销售及分销开支近两年合计近百亿港元，持续侵蚀利润。更加饱受市场诟病的是，蓝月亮连续两年高额分红和向高管发放数千万港元薪酬的操作。\n销售及分销开支年超40亿港元\n近两年净亏损合超10亿港元\n作为国内家庭清洁行业龙头，蓝月亮长期保持着行业领先的毛利率水平，这也是其品牌价值最直接的体现。2024年至2025年，公司毛利率分别为60.6%和59.7%，持续维持在约60%的高位，显示出较强的产品定价能力。\n但亮眼的毛利率数据并未转化为实实在在的净利润，反而出现了“高毛利、高亏损”的现象。财报显示，蓝月亮2024年净亏损7.49亿港元，2025年亏损收窄至3.29亿港元，两年合亏超10亿港元。\n而居高不下的销售及分销开支，成为侵蚀利润的最主要因素。2024年，蓝月亮销售及分销开支高达50.49亿港元，占全年总收入的比重达到59.01%。2025年，公司明显加大了费用管控力度，销售及分销开支降至44.68亿港元，占收入比重回落至53.13%。\n在业内人士看来，当前我国家庭清洁行业已步入存量竞争阶段，洗衣液核心品类渗透率接近天花板，市场份额争夺日趋白热化。立白、纳爱斯、奥妙等传统日化巨头亦在洗衣液赛道上重兵布局，凭借强大的品牌资产和全渠道分销能力持续抢占市场份额，新兴品牌则借助直播电商以高性价比策略抢占年轻用户。在此背景下，营销推广成为蓝月亮维持市场份额的刚性支出，也构成了长期挤压利润的因素，其“营销驱动增长”的底层经营逻辑或值得推敲。\n《经济参考报》记者注意到，从蓝月亮今年以来在电商领域的布局情况来看，公司短期内仍将在线上渠道持续发力，营销与渠道投入仍将持续。对于蓝月亮而言，在大促常态化的市场环境中，如何进一步优化费用投放结构、提升营销转化效率，从而摆脱对高投入的路径依赖，或是其实现扭亏为盈亟须破解的核心课题。\n一高管涨薪至4797万港元\n股权激励引市场关注\n值得关注的是，在连续两年亏损的背景下，蓝月亮的核心高管薪酬逆势上涨，进一步放大了市场和投资者对其公司治理机制的质疑。\n据年报披露，2025年，蓝月亮个别董事及主要行政人员共8人的整体薪酬达7187.9万港元，同比增长20.92%。其中，首席供应官兼执行董事罗东的年度总薪酬达4796.8万港元，同比增幅达30.28%，薪酬金额与增幅均位居高管团队首位。\n记者进一步拆解蓝月亮薪酬结构发现，股权激励是支撑罗东高薪的核心来源。2025年，罗东获得的股份薪酬高达3661.7万港元，占其当年总薪酬的比例超过76%；基本薪金、津贴及福利等现金薪酬仅占不到四分之一。换言之，在公司连续两年亏损的经营周期内，核心高管依然收获了数千万元级别的股权激励收益。\n记者进一步研读公告发现，这笔大额股权激励源自蓝月亮专门针对核心董事设立的专项激励计划。2022年3月，公司董事会批准采纳“2022年股份奖励计划”，该计划与面向全集团员工的2021年股份奖励计划相互独立，授予范围仅限定为公司执行董事、附属公司董事等。计划最初设定授予上限为已发行股份总数的2%，单人授予上限为1%；2024年3月董事会对计划进行修订，将总授予上限提升至已发行股份的3%，对应约1.76亿股，单人1%的上限保持不变，约合5863万股。\n根据2022年股份奖励计划，合资格参与者的奖励授予资格由董事会不时厘定，评定依据为对各选定参与者的全面评估结果，具体涵盖业绩目标、对本集团发展增长的贡献及预期未来贡献。其中，向身为公司执行董事的合资格参与者授予奖励，须由薪酬委员会成员（该执行董事本人除外）审批。\n2024年5月，蓝月亮向罗东授出5860万股股份奖励，基本触及单人授予额度的上限。该笔奖励归属期长达9年，分10期逐步解锁，全部归属完成要到2033年4月，整体跨度长达9年。\n业内人士分析认为，股权激励作为上市公司绑定核心人才的市场化工具，通常与公司净利润、营收增长等核心业绩指标深度绑定，初衷是实现管理层与股东利益的一致性。但在蓝月亮连续两年亏损、主要指标持续承压的情况下，大额股权激励依然得以落地兑现，引发投资者对考核标准严谨性的讨论。\n边亏损边分红\n约七成流向实控人家族\n除核心高管逆势涨薪外，蓝月亮在两年亏损期内维持高额分红的做法也引发市场热议。\n数据显示，2024年蓝月亮在上市首亏的背景下，宣布派息5.53亿港元；2025年亏损收窄后，派息规模反而进一步提升至10.04亿港元。计算下来，两年合计派发（含拟派发）约15.57亿港元。\n拉长时间维度看，自2020年登陆港交所以来，蓝月亮累计宣布派发股息约40亿港元，而同期公司累计归母净利润尚不足22亿港元，累计分红规模相当于累计归母净利润的近两倍。也就是说，上市5年多来，蓝月亮分给股东的资金，已超过其净利润。\n值得投资者关注的是，蓝月亮高额分红的绝大多数最终流向了公司实控人家族。截至2025年末，蓝月亮实控人潘东、罗秋平夫妇通过ZED Group Limited持有公司73.78%的股份。以此持股比例粗略计算，公司2024年和2025年两年，约有超11亿港元分红流入其实控人家族。\n有市场人士指出，上市公司可持续的分红应当建立在稳定盈利、现金流健康的基础之上，本质是对经营创造的增量利润进行分配。港股市场普遍看重上市公司的分红连续性，蓝月亮维持高分红政策有维护投资者信心、稳定股价的考量。但蓝月亮在连续亏损、经营层面未实现稳定盈利的情况下高额分红，其本质是在消耗公司的存量家底，而非分享当期经营成果，这种模式或难以长期持续。\n财报也显示，截至2025年末，蓝月亮现金及现金等价物为36.05亿港元，较上年末的52.16亿港元下降30.90%。\n业内人士分析指出，对蓝月亮而言，“6·18”大促的热销验证了品牌的市场基础，近60%的高毛利率也证明了其品牌与产品依然具备核心竞争力，其连续亏损或并非产品端失去市场认可，而是费用模式与治理机制出现了偏差。面向未来，如何跳出“高营销投入—低利润转化”的增长怪圈，如何让高管激励与企业经营成果更好绑定，如何平衡短期分红回报与长期发展投入的关系，或是蓝月亮在销量数据之外必须向市场回答的深层命题。针对蓝月亮存在的相关问题，记者致电致函公司采访，截至发稿时蓝月亮方面尚未回复。\nMACD金叉信号形成，这些股涨势不错！\n海量资讯、精准解读，尽在新浪财经APP\n责任编辑：郝欣煜",
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}