<p>华特迪士尼（DIS）最近的财报让我们看到了一个在激烈行业变革中挣扎的公司，不幸的是，情况并不顺利。这家娱乐巨头在 2012 年至 2019 年间达到了巅峰，得益于其漫威、星球大战和皮克斯电影的成功，以及 2019 年 Disney+ 的推出。然而，到了 2025 年，尽管在几年前 COVID-19 疫情后曾短暂表现出色，迪士尼的命运却发生了变化。</p>
<h3>利用数据驱动的洞察最大化您的投资组合：</h3>
<ul>
<li>利用 TipRanks 的智能评分这一数据驱动工具，帮助您发现表现优异的股票并做出明智的投资决策。</li>
<li>监控您的股票选择，并将其与华尔街顶级分析师的推荐进行比较，使用您的智能投资组合。</li>
</ul>
<p>在 2 月 5 日发布的第四季度财报中，尽管总收入同比神奇地增长了 5%，达到了 247 亿美元，但迪士尼的传统电视业务下滑和其直接面向消费者（DTC）部门的成长烦恼依然是巨大的障碍。公园与体验再次成为主要的增长引擎，但有迹象表明，迪士尼的船在经历越来越恶劣的市场海域时正在进水。</p>
<p>再加上尽管其股价被高估且长期落后于同行和基准，资本回报乏力，我认为在当前水平下风险大于回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-320.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-320.png"/></p>
<p>尽管该股票有小额分红，并且是全球最知名的品牌之一，具有长期商业化潜力，但自 COVID-19 疫情以来，其估值逐渐恶化。</p>
<h2><strong>传统电视缓慢走向过时</strong></h2>
<p>迪士尼的线性电视网络继续衰退——这是我在整个行业中追踪的趋势，因为越来越多的消费者选择取消有线电视。本季度，线性电视收入下降了 7%，降至 26 亿美元，而营业收入下降了 11%，降至 10 亿美元。如果您一直在关注媒体领域，这些都不令人感到震惊。正如您所知，传统电视面临结构性下滑，观众纷纷转向流媒体平台。</p>
<p>在国内，政治广告支出为线性收入提供了暂时的救命稻草，但较低的曝光率和整体的有线电视取消现象抵消了这一收益。迪士尼的国际业务表现更糟，收入因与信实工业的合资企业转让印度星电视资产而暴跌 31%。在我看来，随着消费者对点播平台的满意度不断提高，我们可以预期该部门将进一步恶化。</p>
<p>有趣的是，迪士尼的管理层似乎更专注于管理这些资产的衰退，而不是进行重大变革，这反映出一种行业普遍的信念，即线性电视的巅峰时代早已过去。</p>
<h2><strong>迪士尼的利润增长，但竞争也在加剧</strong></h2>
<p>从积极的一面来看，迪士尼的 DTC 部门终于实现了显著的营业利润，带来了 2.93 亿美元的收益，而去年则亏损了 1.38 亿美元。收入也看起来不错，增长了 9%，达到了 60 亿美元，得益于最近的提价和更强的广告销售。看到迪士尼在这里实现盈利是一个关键的里程碑，表明管理层终于找到了在如此激烈竞争的领域中平衡成本的方法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS3-1024x396.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS3-1024x396.jpg"/></p>
<p>然而，订阅用户的数字仍然喜忧参半。Disney+ Core 失去了 70 万订阅用户，目前总数为 1.25 亿。作为对比，Hulu modest 增长了 3%，达到了 5360 万。Netflix（NFLX）在用户规模上仍然远超 Disney+，全球拥有 3.016 亿付费订阅用户，并在同一日历期间（Netflix 的第四季度）庆祝创纪录的用户增长。</p>
<p>与此同时，亚马逊 Prime（AMZN）和 Apple TV+（AAPL）继续扩展，市场竞争愈发激烈，而消费者则变得挑剔。因此，迪士尼可能终于在进一步扩大其 DTC 部门的努力中遇到了瓶颈。</p>
<h2><strong>迪士尼的公园与体验正在缩小的强大力量</strong></h2>
<p>单独看迪士尼的公园与体验部门及其数字，很难忽视它为整个公司提供的稳定性。收入达到了 94 亿美元，同比增长 3%，反映出迪士尼的主题公园在文化结构中的深厚根基。</p>
<p>然而，国内营业收入下降 5%，主要由于与飓风相关的关闭和新游轮的成本，表明增长变得更加棘手。国际公园表现更好，营业收入因游客消费强劲而激增 28%，但进一步的收入增长还有多少空间呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS4-1024x340.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS4-1024x340.jpg"/></p>
<p>人均消费仍然强劲——游客愿意为迪士尼体验支付溢价——但出席人数似乎已达到平台期。无限制地提高票价并不是一个长期策略。</p>
<p>虽然新的游轮扩展可能会带来一些额外收入，但像迪士尼宝藏这样的巨型游轮的推出需要巨额的前期投资，这在 2024 年第四季度的自由现金流下降中显而易见。在我看来，迪士尼的公园与体验部门可能在短期内接近饱和点，甚至可能需要进一步投资，才能使该业务单位恢复到辉煌的好时光。</p>
<h2><strong>估值与资本回报并未形成机会</strong></h2>
<p>鉴于迪士尼的业绩疲软，尽管过去一年表现落后，但该股票在我看来并不便宜。您可以说市场已经将大部分线性电视的下滑和流媒体的不确定性计入，但我认为如果流媒体增长没有如预期那样迅速回升，仍然存在更多下行风险。</p>
<p>与此同时，迪士尼的资本回报仍然微乎其微。无论是股息还是回购都微不足道。再加上迪士尼的前瞻市盈率约为 20 倍，我并不觉得有必要为与传统电视退潮和艰难的流媒体竞争相关的执行风险辩护。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-321-1024x302.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-321-1024x302.png"/></p>
<h2><strong>沃尔特·迪士尼是买入、卖出还是持有？</strong></h2>
<p>华尔街对 DIS 股票的展望似乎比我更为乐观。在纽约，BBAI 股票在过去三个月内获得了 18 个买入、6 个持有和 0 个卖出的评级，整体评级为强烈买入。沃尔特·迪士尼的平均目标价为每股 128.32 美元，意味着从当前水平有 16% 的上涨潜力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS1-1024x350.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS1-1024x350.jpg"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS2-1024x274.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS2-1024x274.jpg"/></p>
<p><strong>查看更多 DIS 分析师评级</strong></p>
<h2><strong>迪士尼尚未准备好迎接媒体流媒体的风浪</strong></h2>
<p>迪士尼的各个业务部门讲述了一个复杂的故事，展现了一家公司在转型的媒体环境中努力寻找立足点的过程。对于面临传统电视、直面消费者订阅者增长和公园容量限制等艰难挑战的企业来说，股票仍然显得高估。</p>
<p>我的看法是，迪士尼的好消息，比如 DTC 盈利里程碑，并不能抵消前方的严峻现实。因此，尽管我乐于看到能够激发真正上涨的新催化剂，但我现在找不到一个令人信服的理由去投资这个多元化的娱乐和媒体企业。</p>
<p>披露</p>

迪士尼

<p>华特迪士尼公司（DIS）最近的财报显示，该公司面临行业转型的挑战。尽管 2024 年第四季度收入增长了 5%，达到了 247 亿美元，但传统电视业务的下滑以及直面消费者部门的困难构成了重大障碍。虽然迪士尼的直面消费者部门实现了盈利，但用户流失和来自 Netflix 等公司的激烈竞争仍然令人担忧。公园与体验部门的收入稳定，达到了 94 亿美元，但增长可能已经趋于平稳。总体而言，迪士尼在疫情后的估值恶化，给投资者带来了风险</p>

<p>Walt Disney’s (DIS) recent earnings gave us a good look at a company navigating intense industry shifts, and unfortunately, things aren’t going smoothly. The entertainment powerhouse peaked between 2012 and 2019, buoyed by the success of its Marvel, Star Wars, and Pixar films, including the launch of Disney+ in 2019. In 2025, Disney’s fortunes have changed despite a brief gurgle of outperformance following the COVID-19 pandemic a few years back.</p>
<div class="lb-trans"><p>华特迪士尼（DIS）最近的财报让我们看到了一个在激烈行业变革中挣扎的公司，不幸的是，情况并不顺利。这家娱乐巨头在 2012 年至 2019 年间达到了巅峰，得益于其漫威、星球大战和皮克斯电影的成功，以及 2019 年 Disney+ 的推出。然而，到了 2025 年，尽管在几年前 COVID-19 疫情后曾短暂表现出色，迪士尼的命运却发生了变化。</p>
</div><h3>Maximize Your Portfolio with Data Driven Insights:</h3>
<div class="lb-trans"><h3>利用数据驱动的洞察最大化您的投资组合：</h3>
</div><ul>
<li>Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.</li>
<li>Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio</li>
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<div class="lb-trans"><ul>
<li>利用 TipRanks 的智能评分这一数据驱动工具，帮助您发现表现优异的股票并做出明智的投资决策。</li>
<li>监控您的股票选择，并将其与华尔街顶级分析师的推荐进行比较，使用您的智能投资组合。</li>
</ul>
</div><p>In Q4 results published on February 5, while total revenues magically crept up 5% year-over-year to $24.7 billion in its Q4 2024 results, Disney’s legacy TV decline and growing pains in its direct-to-consumer (DTC) division remain formidable hurdles. Parks &amp; Experiences once again came through as the main engine of growth, yet there are signs that Disney’s ship is taking on water as it traverses increasingly rougher market seas.</p>
<div class="lb-trans"><p>在 2 月 5 日发布的第四季度财报中，尽管总收入同比神奇地增长了 5%，达到了 247 亿美元，但迪士尼的传统电视业务下滑和其直接面向消费者（DTC）部门的成长烦恼依然是巨大的障碍。公园与体验再次成为主要的增长引擎，但有迹象表明，迪士尼的船在经历越来越恶劣的市场海域时正在进水。</p>
</div><p>Combine that with an overvalued share price despite its prolonged lagging of peers and benchmarks, not to mention anemic capital returns, and I see more risk than reward at current levels.</p>
<div class="lb-trans"><p>再加上尽管其股价被高估且长期落后于同行和基准，资本回报乏力，我认为在当前水平下风险大于回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-320.png" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/image-320.png"/></p>
<p>Despite the stock sporting a small dividend and being one of the most recognizable global brands with long-term commercialization potential, its valuation has progressively worsened since the COVID-19 pandemic.</p>
<div class="lb-trans"><p>尽管该股票有小额分红，并且是全球最知名的品牌之一，具有长期商业化潜力，但自 COVID-19 疫情以来，其估值逐渐恶化。</p>
</div><h2><strong>Legacy TV Slow-Marches Towards Obsolescence</strong></h2>
<div class="lb-trans"><h2><strong>传统电视缓慢走向过时</strong></h2>
</div><p>Disney’s linear TV networks continue to wind down—a trend I’ve been tracking across the industry as more consumers cut the cord. This quarter, linear TV revenue slid 7% to $2.6 billion, while operating income dipped 11% to $1 billion. If you’ve been watching the media space, none of this is a shock. As you know, traditional TV faces a structural decline as viewers flock to streaming platforms.</p>
<div class="lb-trans"><p>迪士尼的线性电视网络继续衰退——这是我在整个行业中追踪的趋势，因为越来越多的消费者选择取消有线电视。本季度，线性电视收入下降了 7%，降至 26 亿美元，而营业收入下降了 11%，降至 10 亿美元。如果您一直在关注媒体领域，这些都不令人感到震惊。正如您所知，传统电视面临结构性下滑，观众纷纷转向流媒体平台。</p>
</div><p>Domestically, political ad spending gave linear revenues a temporary life raft, but lower impressions and overall cord-cutting more than offset this gain. Disney’s international side fared worse, with revenues plunging 31% following the shift of Star India assets into a joint venture with Reliance Industries. In my view, we can expect further erosion in the division as consumers grow ever more satisfied with on-demand platforms.</p>
<div class="lb-trans"><p>在国内，政治广告支出为线性收入提供了暂时的救命稻草，但较低的曝光率和整体的有线电视取消现象抵消了这一收益。迪士尼的国际业务表现更糟，收入因与信实工业的合资企业转让印度星电视资产而暴跌 31%。在我看来，随着消费者对点播平台的满意度不断提高，我们可以预期该部门将进一步恶化。</p>
</div><p>Interestingly, Disney’s management seems more focused on managing the decline of these assets rather than making significant changes, reflecting what appears to be an industry-wide belief that linear TV’s peak days are long past.</p>
<div class="lb-trans"><p>有趣的是，迪士尼的管理层似乎更专注于管理这些资产的衰退，而不是进行重大变革，这反映出一种行业普遍的信念，即线性电视的巅峰时代早已过去。</p>
</div><h2><strong>Disney’s Profits Grow, but So Does the Competition</strong></h2>
<div class="lb-trans"><h2><strong>迪士尼的利润增长，但竞争也在加剧</strong></h2>
</div><p>On the brighter side, Disney’s DTC division finally posted a noteworthy operating profit, bringing in $293 million following a $138 million loss last year. Top-line numbers looked bright, too, with revenue up 9% to $6 billion, driven by recent price hikes and stronger ad sales. Seeing Disney achieve profitability here is a key milestone, signaling that management has finally figured out how to balance costs in such a brutally competitive space.</p>
<div class="lb-trans"><p>从积极的一面来看，迪士尼的 DTC 部门终于实现了显著的营业利润，带来了 2.93 亿美元的收益，而去年则亏损了 1.38 亿美元。收入也看起来不错，增长了 9%，达到了 60 亿美元，得益于最近的提价和更强的广告销售。看到迪士尼在这里实现盈利是一个关键的里程碑，表明管理层终于找到了在如此激烈竞争的领域中平衡成本的方法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS3-1024x396.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/DIS3-1024x396.jpg"/></p>
<p>However, subscriber figures remain a mixed bag. Disney+ Core lost 700,000 subscribers to now have a total of 125 million. For perspective, Hulu notched a modest 3% growth to 53.6 million. Netflix (NFLX) still crushes Disney+ in sheer scale, boasting 301.6 million paying subscribers globally while celebrating record subscriber ads in the same calendar period (Q4 for Netflix).</p>
<div class="lb-trans"><p>然而，订阅用户的数字仍然喜忧参半。Disney+ Core 失去了 70 万订阅用户，目前总数为 1.25 亿。作为对比，Hulu modest 增长了 3%，达到了 5360 万。Netflix（NFLX）在用户规模上仍然远超 Disney+，全球拥有 3.016 亿付费订阅用户，并在同一日历期间（Netflix 的第四季度）庆祝创纪录的用户增长。</p>
</div><p>Meanwhile, Amazon Prime (AMZN) and Apple TV+ (AAPL) continue to expand, leaving the market crowded while consumers are picky. Thus, Disney may finally be hitting the wall in its efforts to further grow its DTC division.</p>
<div class="lb-trans"><p>与此同时，亚马逊 Prime（AMZN）和 Apple TV+（AAPL）继续扩展，市场竞争愈发激烈，而消费者则变得挑剔。因此，迪士尼可能终于在进一步扩大其 DTC 部门的努力中遇到了瓶颈。</p>
</div><h2><strong>Disney’s Parks &amp; Experiences is a Shrinking Powerhouse</strong></h2>
<div class="lb-trans"><h2><strong>迪士尼的公园与体验正在缩小的强大力量</strong></h2>
</div><p>Looking at Disney’s Parks &amp; Experiences division and its numbers in isolation, it’s hard to ignore the stability it provides for the broader company. Revenue hit $9.4 billion, up 3% year-over-year, reflecting how deeply embedded Disney’s theme parks are in the cultural fabric.</p>
<div class="lb-trans"><p>单独看迪士尼的公园与体验部门及其数字，很难忽视它为整个公司提供的稳定性。收入达到了 94 亿美元，同比增长 3%，反映出迪士尼的主题公园在文化结构中的深厚根基。</p>
</div><p>And yet, a 5% dip in domestic operating income, largely thanks to hurricane-related closures and costs tied to new cruise ships, signals that growth is becoming trickier. International parks did better, with operating income surging 28% on robust guest spending, but how much room is there for further revenue growth?</p>
<div class="lb-trans"><p>然而，国内营业收入下降 5%，主要由于与飓风相关的关闭和新游轮的成本，表明增长变得更加棘手。国际公园表现更好，营业收入因游客消费强劲而激增 28%，但进一步的收入增长还有多少空间呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS4-1024x340.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/DIS4-1024x340.jpg"/></p>
<p>Per-capita spending is still robust—visitors are willing to pay a premium for the Disney experience—but attendance seems to be plateauing. Hiking ticket prices indefinitely isn’t exactly a long-term strategy.</p>
<div class="lb-trans"><p>人均消费仍然强劲——游客愿意为迪士尼体验支付溢价——但出席人数似乎已达到平台期。无限制地提高票价并不是一个长期策略。</p>
</div><p>While the new cruise line expansions might capture some extra dollars, launching massive ships like the Disney Treasure comes with hefty upfront investments, evident in the declining free cash flow in Q4 2024. In my view, Disney’s Parks &amp; Experiences may be close to hitting saturation point in the near term and may even require further investment before the business unit returns to its majestic good times.</p>
<div class="lb-trans"><p>虽然新的游轮扩展可能会带来一些额外收入，但像迪士尼宝藏这样的巨型游轮的推出需要巨额的前期投资，这在 2024 年第四季度的自由现金流下降中显而易见。在我看来，迪士尼的公园与体验部门可能在短期内接近饱和点，甚至可能需要进一步投资，才能使该业务单位恢复到辉煌的好时光。</p>
</div><h2><strong>Valuation &amp; Capital Returns Don’t Form An Opportunity</strong></h2>
<div class="lb-trans"><h2><strong>估值与资本回报并未形成机会</strong></h2>
</div><p>Given Disney’s soft results, the stock doesn’t strike me as a bargain despite its lagging performance over the past year. You could argue that the market has already priced in most of the linear TV declines and streaming uncertainty, yet I believe there’s more downside risk if streaming growth doesn’t ramp up as quickly as hoped.</p>
<div class="lb-trans"><p>鉴于迪士尼的业绩疲软，尽管过去一年表现落后，但该股票在我看来并不便宜。您可以说市场已经将大部分线性电视的下滑和流媒体的不确定性计入，但我认为如果流媒体增长没有如预期那样迅速回升，仍然存在更多下行风险。</p>
</div><p>Meanwhile, Disney’s capital returns remain minimal. Both the dividend and buybacks are negligible. Along with Disney still trading at a forward P/E of about 20x, I am not compelled to justify the execution risks tied to the linear TV unwind and the uphill streaming battle.</p>
<div class="lb-trans"><p>与此同时，迪士尼的资本回报仍然微乎其微。无论是股息还是回购都微不足道。再加上迪士尼的前瞻市盈率约为 20 倍，我并不觉得有必要为与传统电视退潮和艰难的流媒体竞争相关的执行风险辩护。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/image-321-1024x302.png" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/image-321-1024x302.png"/></p>
<h2><strong>Is Walt Disney a Buy, Sell, or Hold?</strong></h2>
<div class="lb-trans"><h2><strong>沃尔特·迪士尼是买入、卖出还是持有？</strong></h2>
</div><p>Wall Street’s outlook on DIS stock seems more encouraging than mine. In New York, BBAI stock carries a Strong Buy consensus rating based on 18 Buy, six Hold, and zero Sell ratings over the past three months. Walt Disney’s average price target of $128.32 per share implies a 16% upside potential from current levels.</p>
<div class="lb-trans"><p>华尔街对 DIS 股票的展望似乎比我更为乐观。在纽约，BBAI 股票在过去三个月内获得了 18 个买入、6 个持有和 0 个卖出的评级，整体评级为强烈买入。沃尔特·迪士尼的平均目标价为每股 128.32 美元，意味着从当前水平有 16% 的上涨潜力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS1-1024x350.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/DIS1-1024x350.jpg"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2025/02/DIS2-1024x274.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2025/02/DIS2-1024x274.jpg"/></p>
<p><strong>See more DIS analyst ratings</strong></p>
<div class="lb-trans"><p><strong>查看更多 DIS 分析师评级</strong></p>
</div><h2><strong>Disney Isn’t Ready for the Media Streaming Rough Seas</strong></h2>
<div class="lb-trans"><h2><strong>迪士尼尚未准备好迎接媒体流媒体的风浪</strong></h2>
</div><p>Disney’s various segments tell an elaborate story of a company trying to find its footing in a transformed media landscape. The stock still looks overpriced for a business facing uphill battles in linear TV, DTC subscriber growth, and park capacity constraints.</p>
<div class="lb-trans"><p>迪士尼的各个业务部门讲述了一个复杂的故事，展现了一家公司在转型的媒体环境中努力寻找立足点的过程。对于面临传统电视、直面消费者订阅者增长和公园容量限制等艰难挑战的企业来说，股票仍然显得高估。</p>
</div><p>My take is that Disney’s good news, like the DTC profit milestone, doesn’t offset the harsh realities ahead. So, while I’d be happy to see fresh catalysts that spark genuine upside, I can’t find a compelling reason to invest in this diversified entertainment and media enterprise right now.</p>
<div class="lb-trans"><p>我的看法是，迪士尼的好消息，比如 DTC 盈利里程碑，并不能抵消前方的严峻现实。因此，尽管我乐于看到能够激发真正上涨的新催化剂，但我现在找不到一个令人信服的理由去投资这个多元化的娱乐和媒体企业。</p>
</div><p>Disclosure</p>
<div class="lb-trans"><p>披露</p>
</div>

Can Disney (DIS) Stock Regain its Magic, or is it a Sinking Ship?

- Disney 在 2025 年面临行业转型挑战，尽管 Q4 收入增长 5% 至 247 亿美元。  
- 传统电视收入下降 7%，DTC 部门虽盈利但订阅用户减少 70 万。  
- 主题公园收入稳定，但增长乏力，整体估值仍显高。  

迪士尼（DIS）股票能否重现辉煌，还是已经成为一艘正在沉没的船只？