记者 | 韩希言
编辑 | 吴晋娜
自开始炒币以来，美图终于回到话题中心，虽然获得的是“投机”的恶名。
Since the start of the practice, the map has finally returned to the centre of the topic, although it has gained the ill name of “speculation”.
8月25日，美图公司发布了2021年上半年财报。值得注意的一点是，公告显示，其已购买比特币的公允价值截至本报告期减少人民币1.119亿元。财报发布后，“美图公司买比特币巨亏1.1亿”的话题冲上了热搜。
On August 25, the company released its financial report for the first half of 2021. It is noteworthy that the announcement indicates that its fair value of the bitcoin was reduced by $111.9 million by the current reporting period.
作为第一个吃螃蟹的港股公司，美图早在今年3月开始加密货币投资之路，三次投资后，投资总额已经达到1亿美元。
As the first port stock company to eat crabs, Méto began encrypting the money investment route in March this year, with a total investment of $100 million after three investments.
但实际上，美图炒币还是赚的，并且收益率超45%。截至8月30日11时，BTC价格为48577美元，ETH价格为3213美元，按此价格计算，美图目前投资加密货币浮盈约4530万美元，合人民币2.93亿元。这个数字，近等于去年净利润5倍。
与美图在币圈得意相对的，是它失意的股价。美图上市几年内，市值持续下跌，已蒸发超过900亿港元。炒币也没能拯救美图的股价，从3月5日至今，美图公司股价已累计下跌超32%。
The market value of the map has continued to fall in the last few years, evaporating over HK$90 billion. Nor has the stock price of the map been saved. From March 5, to date, the stock price of the company has declined cumulatively by more than 32 per cent.
美图需要证明自己，但不应该是通过炒币，而是应该想办法让自身的业务能力更加具备说服力。在业内看来，美图一直没有找到盈利增长点。美图秀秀、美颜相机等王牌产品存在难变现的问题。市值和月活的斗转直下，反映的是业务的重重困境。
The map needs to prove itself, but not through currency production, but rather by finding ways to make its business more convincing. In the industry’s view, the map has never found a profit-making growth point. There are problems with the acetic products such as the map show, the beauty camera, etc. Market value and the lunar struggle reflect business dilemmas.
美图迄今都还没能拿出被各方认为有绝对信服力的、能够从根本上扭转颓势的市场对策。“资本市场已经不相信美图了，除非我们真的把事情做出来，取得很好的成绩。”创始人吴欣鸿很清楚，讲故事，已经救不了美图。
To date, the map has not been able to produce market responses that are perceived by all to be absolutely convincing and capable of fundamentally reversing the decline. “The capital market no longer believes in the map, unless we really do it and achieve good results.” The founder, Oh Hing-hung, is well aware of the story, and there is no way to save the map.
注：本文内容主要来自铅笔道记者采访和网络公开信息，论据难免偏颇，不存在刻意误导。
Note : The content of this paper is mainly based on a pencil-channel journalist interview and online public information, and arguments are inevitably biased and not deliberately misleading.
01 “炒币公司”美图
01 "Sniffing Money Company"
“总要有人第一个吃螃蟹。”斥资2.6亿元购买加密货币后，美图公司董事长蔡文胜曾在朋友圈如是说道。
彼时蔡文胜的语气颇为自得：“这应该算香港上市公司第一家购买BTC数字货币吧，也算是全球第一家上市公司把ETH以太坊作为货币价值储备。”
By the way, “This should count as the first BTC digital currency to be purchased by Hong Kong's listed company, and as the first global listed company to have ETH as a reserve of monetary value”.
蔡文胜的话更像是美图炒币的宣言。继3月5日花费2.6亿元之后，3月17日，美图第二次购买加密货币，其中有386枚BTC，买入价为55946美元；16000枚ETH，买入价1775美元；4月8日，美图又花费56922美元，购入了175枚BTC。
After spending 260 million yuan on 5 March, on 17 March, the map bought encrypted currency for the second time, including 386 BTCs at a purchase price of $55946; 16,000 ETHs at a purchase price of $1775; and on 8 April, another $56,922 was purchased and 175 BTCs were purchased.
美图三次购买BTC与ETH的时间点，上图为比特币，下图为以太币
至此，美图已经持有超过940枚BTC，平均买入价约52607美元；持有31000枚ETH，平均买入价约1629美元，总投资总额已经达到1亿美元。
So far, the map has held more than 940 BTCs with an average purchase price of approximately $52607, and 31,000 ETHs with an average purchase price of approximately $1629, bringing the total investment to $100 million.
借投资加密货币一事，美图终于重回公众视线中，但是作为第一个吃螃蟹的“炒币公司”，迎接它的并不是赞许与掌声。“老板准备跑路，转移资产”“开始用新手段割韭菜”之类的言论甚嚣尘上。
The map was finally back in public view of the investment in encrypted money, but as the first crab-eating “coupling company” it was not a compliment and a applause. The words “the owner is ready to run away, transfer assets” and “start cutting vegetables by new means” were rife.
值得一提的是，美图大举购入加密货币的那段时间，也正是加密货币行情爆火的时候，以BTC、ETH为代表的加密货币的价格一直呈震荡攀升态势。在美图购买第一批加密货币不过三日，账面赚逾485万美元左右，赚幅12%。在最高时，美图曾浮盈超过1亿美元。
It is worth mentioning that the price of the encrypted currency, represented by BTC and ETH, has been on a shaky upward trend at the time of the explosion of the encrypted currency. The purchase of the first encrypted currency was only three days, with the book making more than $4.85 million and 12 per cent. At the highest, it was more than $100 million.
但是，从5月19日，BTC价格开始迎来瀑布式暴跌，短时跌幅超30%，最低跌倒29000美元，创2021年1月以来最低价。ETH大跌超40%，最低触达1736美元。此后，加密货币市场持续低迷近两个月，而高调购买加密货币的美图则陷入了炒币亏损的舆论中。
But, on May 19, BTC prices began to fall sharply in waterfalls, falling by more than 30% at short notice, down to $29,000, the lowest since January 2021. The ETH fell by more than 40%, reaching a low of $1736.
对于炒币亏损的事实，美图无法逃避。8月25日，美图公司（01357.HK）发布了2021年上半年财报，上半年净亏损1.29亿元，同比增长708.6%；亏损净额大幅增加至1.377亿元，同比增长450.8%。美图表示，亏损净额的大幅增长主要是因为减值的已购买加密货币的公允价值减少导致一次性开支增加。
On 25 August, Mets Inc. (01357.HK) issued a financial statement for the first half of 2021, representing a net loss of $129 million, an increase of 708.6 per cent over the previous half year; the net loss increased significantly to $137.7 million, an increase of 450.8 per cent over the same period, indicating that the large increase in the net loss was due mainly to a reduction in the fair value of the devalued purchased encrypted currency, resulting in an increase in one-time expenditure.
公告显示，已购买比特币的公允价值截至本报告期减少的人民币1.119亿元已确认为减值，而已购买以太币的公允价值截至报告期增加的约人民币9490万元未确认为重估收益。
The bulletin indicated that the amount of RMB 111.9 million, the fair value of which had been purchased, which had decreased by the current reporting period, had been recognized as impairment and that the amount of RMB 94.9 million, which had been increased by the fair value of the purchase by the current reporting period, had not been recognized as a revaluation gain.
财报发布后，“美图公司买比特币巨亏1.1亿”的话题冲上了微博热搜，再次引发关于美图的热议。
After the publication of the paper, the subject of “the purchase of $110 million in bitcoin” was the subject of a microscopic search, triggering renewed debate on the map.
02 巨亏1.1亿？实赚近3亿
{\bord0\shad0\alphaH3D}What's the big loss, $110 million?
事实上，外界对美图这波“炒币巨亏1.1亿”的印象并不准确。
In fact, the outside world does not have an accurate impression of the United States dollar, which is a “loose loss of 110 million dollars”.
自7月20日以来，加密货币市场行情迅速回暖，美图的投资收益自然也跟着发生了天翻地覆的变化。8月23日，比特币价格重回50000美元关口，接近美图比特币成本价，以太坊价格超3000美元，远超美图成本价。
Since July 20, the encrypt currency market has been warming rapidly, and the investment earnings of the map have naturally changed dramatically. On August 23, the price of Bitcoin reverted to the $50,000 mark, close to the price of Metupbit, exceeding the price of the taupulega by $3,000, far above the cost of the map.
美图并没有减仓任何加密货币，虽然目前比特币依然亏损，但以太坊获利不少。截至8月30日11时，BTC价格为48577美元，ETH价格为3213美元，而美图持有的比特币公允价值为4566万美元，浮亏约379万美元，持有以太币公允价值为9960万美元，浮盈4910万美元。合并后，美图目前投资加密货币浮盈约4530万美元，合人民币2.93亿元。
所以实际上，美图炒币的这波操作还是赚的，并且收益率超45%。值得注意的是，长期以来美图公司处于亏损状态，直到2020年才宣布首次盈利，全年净利润为6090万，这次炒币半年带来的收益近乎等于美图5年净利润之和。 So, in fact, it is a profit-making operation with a profit rate of over 45%. It is worth noting that the company has long been in a state of loss, declaring its first profit in 2020, with a net profit of $60.9 million a year, and that the six-month gain from this campaign is almost equal to the sum of five years of net profit in the map. 当然，加密货币行情波动瞬息万变，此时论美图炒币成败还为时过早。 Of course, it is too early to say that the currency of the United States of America is the currency of the United States, which is subject to rapid fluctuations in the behaviour of the encoded currency. 与美图币圈得意相对的，是它失意的股价。 2016年的冬天，蔡文胜、吴欣鸿带着Angelbaby在港交所敲响了美图上市的钟声，成为腾讯之后最大的互联网IPO。上市后，美图股价一路飙升，市值最高逼近了千亿港元，董事长蔡文胜还借此成为厦门首富。 In the winter of 2016, with Angelbaby in Hong Kong, Choi Wen Sheng-hung rang the bell on the map, making it the largest Internet IPO since the announcement. After the market, the share price of the map rose sharply and the market was close to a hundred billion Hong Kong dollars. 但此后短短几年时间内，美图的市值持续下跌，市值蒸发超过了900亿港元，截至8月30日11时收盘，市值仅剩76.59亿港元。 However, in the short period of a few years since then, the market value of the United States dollar has continued to decline, evaporate in excess of HK$90 billion, closing at 11 a.m. on 30 August, leaving a market value of HK$7,659 million. 炒币也没能救得了美图的股价。自年初宣布投入巨额资金炒币后，美图公司的股价便开启了阴跌之路。从3月5日至今，美图公司股价已累计下跌超32%。 “股价不与公司主营业务相关，而是与其投资的虚拟货币相关，股民则会对这家公司的大方向产生怀疑，对公司的形象而言并不是一件好事。”中国人民大学金融科技研究所高级研究员蔡凯龙曾向媒体表示。 “The share price is not related to the company's main business, but to the virtual currency in which it invests, and the shareholder will question the company's general direction, which is not a good thing for the company's image.” Chai Kailong, Senior Researcher, Institute of Financial Science and Technology, People's University of China, told the media. 今年的三次炒币也不是美图第一次与币圈扯上干系。实际上，美图董事长蔡文胜早已混迹币圈多年。2014年，他就投资了加密货币交易所OKEx（欧易）。2018年初，他成为“三点钟区块链群”的轮值群主。此外，蔡文胜创办的隆领投资还参股了加密货币交易所FCoin。 In 2014, he invested in the crypto-currency exchange OKEx. In early 2018, he became the troupe owner of the “three o’clock block chain.” 同样在2018年初，美图上线了一款区块链钱包产品Beautychain(美链)。随后，美链的代币“美蜜”（BEC）登陆OKEx，美图被指为BEC代币的发行者。到了4月，上线两月的BEC代币出现异常交易，有黑客通过合约的批量转账方法无限生成代币，引发抛售潮，币价近乎归零。美图随后申明“没有、也不会发行任何数字货币”。 Also in early 2018, the map went on the line with a block wallet product, Beautychain (the American chain). Subsequently, the United States chain’s token “BEC” landed on OKEx, and the map was identified as the issuer of the BEC. By April, the two-month BEC coins on the line had been abnormally traded, and hackers had generated inexhaustible currency through the bulk transfer method of the contract, triggering a wave of sale, and the value of the currency was almost zero. The map then stated that “no and no digital currency would not be issued”. 03 讲故事，救不了美图 03 Storytelling can't save Meto 美图为何热衷于“炒币”？公司在公告中也表明，投资是为了进军区块链行业做准备，集团目前正在评估将区块链技术整合到其各项海外业务中的可能性。 Why is the map keen on “firing currency”? The company also stated in its bulletin that investments were made to prepare for the military block chain industry, and the group is currently assessing the possibility of integrating block chain technology into its overseas operations. 创始人吴欣鸿曾表示，“购买加密货币更多是做一个资产配置，以及对海外业务的布局，不会进行短线的操作。” The founder, Oh Heinhong, once said that “the purchase of encrypted money is more about an asset allocation and the layout of overseas operations without short-term operations”. 实际上，一直以来吴欣鸿（目前蔡文胜持股美图26%左右，吴欣鸿13%多一点）对加密货币的态度并不算热情。 In fact, the attitude of Oh Heinhong (currently around 26% of Chai Wen's share of the map and more than 13% of Oh Hein Hong) towards encrypted money is not as enthusiastic as ever. 近期海克财经在采访吴欣鸿时，他表示，“我有我的兴趣，我的兴趣就是美图的主业。另外（投资加密货币）这是董事会做的决定，我也不好说这个决定具体是怎么做出的。我觉得一家公司能做好一件事就很了不起了，美图是一家以美为内核的公司……我对其他的，真的没什么想法。” In a recent interview with Oh Hein-hong, he said, “I have my interest, and my interest is in the main business of the map. And this is the decision of the board of directors, and I can't say how it was made. I think it's amazing that a company can do one thing, and it's a company that uses the U.S. as a core and I really don't have any idea of the rest.” 吴欣鸿还表示，“现在无论台前还是幕后，（美图）都是我在负责。”在投资这件事情上，他表示最好的投资就是投资公司主业，把美图做好，绝对可以获得丰厚回报，这是他的价值观。 He also said, “I am responsible now, both in front of the stage and behind the scenes.” In the case of investment, he said that the best investment would be to invest in the company’s main business, to make it good and to get a good return, which is his value. 实际上，之前美图宣布投资加密货币时，认同度最高的说法就是“美图急了”。 In fact, when the map announced an investment in encrypted money, the most agreed term was “the map is in a hurry”. 在业内看来，美图一直没有找到盈利增长点。即便是曾贡献了绝大部分营收的手机业务，也一直没有为美图带来真正的盈利，直到2019年“卖身”小米。美图秀秀、美颜相机等“王牌”产品，则存在难变现的问题。 Even the mobile phone business, which contributed most of its revenue, did not make a real profit for the map until 2019, when “sell yourself” Meem. “Ace” products, such as the beauty show, the beauty camera, are difficult to realize. 市值和月活的斗转直下，反映的是业务的重重困境。美图迄今都还没能拿出被各方认为有绝对信服力的、能够从根本上扭转颓势的对策，包括其To B业务也是如此。 The market value of 美图一直在寻求突破。2018年，美图推出“美和社交”，定义为“照片社交平台”；美图钱包还曾于2018年前后上线信用卡申请、借钱、贷款超市和保险频道等金融服务（2020年下线）；2019年，美图推出了一款名为“meituspa”的洁面仪，以及名为“美图游戏盒”的女性手游。 The map has been searching for a breakthrough. In 2018, the map launched “American and social”, defined as a “photo social platform”; its wallet also went online around 2018 to apply for financial services such as credit cards, loans, loan supermarkets and insurance channels (downline 2020); in 2019, the map launched a facedress called “meituspa”, as well as a women's hand-to-hand tour called “Meitus Game Box”. 据悉，美图还在医美、电商直播等板块试水。2019年以来，美图先后推出皮肤检测、电商、医生线上诊断、小游戏等细分领域产品；还曾于2019年11月收购社交招聘网平台大街网，试图以流量优势为大街网赋能。2020年，在盲盒火热的时候，美图还申请了“美妆盲盒”、“美妆盲盒MT”等多条商标。 In November 2019, it acquired a network of social recruitment platforms in an attempt to empower the network with traffic advantages. In 2020, when the box was hot, it also applied for several labels, such as “Chatterblind Box” and “MT” in the makeupblind Box. 不过目前来看，这些探索都不算成功。 For the time being, however, none of these explorations have been successful. 美图下一步胜算在哪？吴欣鸿始终强调美图是一家以美为内核、以人工智能为驱动的科技公司，未来10年，他希望通过影像产品和颜值管理服务，帮助用户全方位变美，以及通过SaaS服务，助力美丽产业数字化升级。 What's next for the map? He has always emphasized that it is a US-based technology company, driven by artificial intelligence. Over the next 10 years, he hopes to contribute to the overall beauty of the user community through video products and image value management services, as well as to the digital upgrading of the beautiful industry through the SaaS service. 但是美图需要拿出更多的东西来以增强说服力。 But the map needs to come up with more to make it more persuasive. “资本市场已经不相信美图了，除非我们真的把事情做出来，取得很好的成绩。”在接受媒体采访时，吴欣鸿坦言。他很清楚，单靠讲故事，已救不了美图。 “The capital market has lost faith in the map, unless we really do it and do it well.” In an interview with the media, Wu Hing-hung told the truth. He knows that he can't save the map by telling stories alone.
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