如何读懂兑吧财报“经调整后盈利”1.26亿元？
8月15日，兑吧(01753.HK)发布上市后首份业绩公告，旗下两大主营业务呈高速增长态势，财务表现强劲。公告显示，2019上半年兑吧总收入同比增长64.5%至7.8亿元，调整后净利润为1.26亿元,同比增长78.2%。报告期内实现经营性现金流净额2.00亿元，同比增长974%。
那么要怎样理解“经调整后的利润”这一项目的“经调整后”四个字呢？
按照上市公司的行业惯例，财报的分析者一般会更加关注“经调整后利润”这一项目。兑吧2019年上半年影响金额较大的调整项目主要有三个，分别是“以公允价值计量且其变动计入损益的金融负债的公允价值变动”，“以权益结算的股份激励费用”还有“上市费用”。详细如下：
3.8亿并非实际经营性亏损，这种亏损只是一种会计处理，其中有4.7亿元是来自于“以公允价值计量并计入损益的金融负债的公允价值变动”，也就是兑吧于今年5月上市，估值大幅增加导致的会计处理方式。许多新公司上市前的历次融资中与投资者签订的投资协议中往往有相关特别规定，例如公司业务发生重大变化或者未完成上市目标时投资者可以按一定标准赎回相应投资等，上述权利在国际会计准则/香港会计准则下会被认为是一项金融负债，需按照公允价值进行计量，公司上市前估值上涨越多，金融负债公允价值变动带来的亏损就会越大。因此该项损失并不是企业日常经营状况的真实体现。
同时，造成亏损的还有“以权益结算的股份奖励开支”898万元，这一部分是由于公司以股份为对价支付员工的报酬和奖励造成，也仅是一种会计处理，企业经营活动现金并未流出，因此该项损失也同样不是企业日常经营状况的真实体现。
还有专为上市而发生的“上市费用”3224万元，在兑吧上市后该项费用将不会再发生，对于此类为特定上市目的的一次性费用由于不能反映企业真实经营状况，按照行业惯例会将该项费用剔除后考虑企业经营状况。
上述费用中，优先股的公允价值变动及上市费用对财务报表的影响仅截止至上市之日。上市之后上述两项费用都不会继续发生，因此将不会再影响2020年及以后年度的财务报告。海通证券分析师张向伟指出：考虑经调整项的非持续性以及对现金流影响很小，我们采取经调整后利润进行估值。
按照通行的规则，一般会在利润表中列示经过调整以后的利润，调整后净利润剔除了不能够反应公司真实经营情况的例外因素，使得投资者和公众能够真实的审视公司的经营状况。对很多在香港上市的公司而言，财务报表都受类信息影响，这很普遍。小米集团(01810.HK)在港股递交上市招股书中，显示2017年度利润亏损438.89亿，由于“可转换可购回优先股公允价值变动”影响，计为亏损540.71亿元，实际经调整后净利润为53.62亿元。
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