On the evening of January 29, the performance of listed companies began to "accelerate the explosion". According to statistics, a total of 58 listed companies have issued advance loss announcements. According to the upper limit of advance loss, 46 companies have lost more than 100 million yuan, 16 companies have lost more than 1 billion yuan and 6 companies have lost more than 2 billion yuan.

Over the past three days, 90 companies have issued advance loss announcements. Similarly, according to the upper limit of advance loss, 68 companies have lost more than 100 million yuan, 24 companies have lost more than 1 billion yuan and 9 companies have lost more than 2 billion yuan. In addition to a large loss, the performance of the big change in the face of the market more nervous. Originally profitable hundreds of millions of dollars, but now suddenly, huge losses of billions.

This is mainly caused by the impairment of goodwill. Data show that eight of the nine companies with an estimated loss of more than 2 billion yuan mentioned the deduction of goodwill.

A number of industry insiders put forward three lightning protection suggestions:

1. Reasonable M&A price is the key to protection

2. Be alert to large number of acquisition

3. Buy listed companies without a large amount of goodwill assets

Around 2015, the mergers and acquisitions of A-share listed companies reached a climax, and a large number of performance against gambling agreements were signed. The performance commitment period is usually three years and many acquired companies will find ways to fulfill their performance commitments during this period. Once the period has passed, the decline in performance is a common situation, which is the main cause of goodwill impairment in the 2018 annual report.

In addition, according to regulatory requirements, listed companies can disclose the goodwill impairments in the quarterly, semi-annual and annual reports. Listed companies are generally disclosed in the final annual report, but fewer in the quarterly and semi-annual reports.

At the same time,listed companies whose performance fluctuates over 50% need to be disclosed before January 31, and the second board must perform the performance forecast before January 31. Therefore, January will become the concentration period of goodwill impairment, especially at the end of the month.

There are two trading days left in January, risk of explosion-proof mines is still should be mentioned.

From the reasons for the above-mentioned changes in the performance of listed companies, the goodwill impairments has become the most important factor.

From the perspective of the entire market, according to the disclosure of China Securities Regulatory Commission, as of the third quarter of 2018, the size of A-share goodwill has reached 1.45 trillion and its absolute value is still expanding although the growth has slowed down in recent years. It is not only harmful to the listed company, but also for many investors.

In terms of the industry aspect, some top industries with the best reputation are pharmaceutical biology, information technology, transportation equipment, internet and finance. Their goodwill scale exceeds 100 billion, taking up over 7% of the entire A-share.

(Shanghai Securities News) On the last day of the performance forecast, the number of companies with a pre-loss of over 1 billion yuan reached 57. As for the reasons, the provision for diminution of goodwill is undoubtedly one of the biggest influencing factors. In addition, factors such as the inability to recover receivables, the shortage of funds lead to business restrictions are also mentioned by many companies. More companies have huge pre-losses, which are related to the factors above.

According to the China Securities Journal, as a special asset in the listed corporate financial statements, goodwill has no pros and cons. However, the blind expansion of individual listed companies, the high-value mergers and acquisitions have brought a goodwill bubble. For listed companies, the goodwill without performance support is just like the 'physical fatness', which hinders the healthy growth of the company. For investors, it is necessary to clearly identify the inherent quality of corporate goodwill and avoid falling into the 'minefield'.

1月29日晚间，上市公司业绩开始“加速爆雷”。据统计，共计58家上市公司发布预亏公告，按照预亏上限来看，46家亏损超1个亿，16家亏损超10亿元，6家亏损超20亿元。
就近三天来看，已有90家公司发布预亏公告，同样按照预亏上限来看，68家亏损超1亿，24家亏损超10亿，9家预亏超20亿元。除了大幅预亏，业绩大变脸更牵动着市场的神经。原本盈利几个亿，如今却在突然之间，巨亏十几亿甚至数十亿。
究其原因，商誉减值引发的业绩地雷频繁引爆是主因。数据显示，预亏超过20亿元的9家公司中，8家提及了计提商誉减值。
多位业内人士提出3条避雷建议：

1.合理并购价格是避雷的关键

2.警惕有大量收购行为公司

3.少买有大量商誉资产上市公司

2015年前后A股上市公司并购重组达到高潮，签订了大量的业绩对赌协议，业绩承诺的期限通常为3年，在这期间，很多被并购企业都会想方设法完成业绩承诺，而一旦过了承诺期，业绩下滑则是常见情形，这也是2018年年报商誉减值问题比较突出的原因所在。

另外，根据监管要求，上市公司可以在季报、半年报、年报中披露商誉减值，上市公司一般都在最后的年报中披露，而季报和半年报中较少。

同时，上市公司业绩波动超过50%的要在1月31日前披露业绩预告，且创业板均必须在1月31日前进行业绩预告，因此，1月份就成了商誉减值爆雷集中期，特别是月底。

1月份还有两个交易日，仍然需要提防爆雷风险。

从前述上市公司业绩变脸的原因看，商誉减值成为最重要的因素。

从整个市场来看，据证监会披露，截止2018年三季报，A股商誉规模已经高达1.45万亿，虽然近几年增长有所放缓；但商誉绝对规模的不断扩大，仍然是悬在上市公司头上的达摩克利斯之剑，一旦落下，受伤的就不仅仅是上市公司，众多投资者恐怕也难逃脱。

从行业来看，拥有最多商誉的前三五大行业分别是医药生物、信息技术、交运设备、互联网和金融，其商誉规模均超过千亿，占整个A股的商誉比重也在7%以上。

（上海证券报） 业绩预告最后一天，预亏超10亿元公司达57家。至于巨额预亏原因，计提商誉减值准备无疑是最大影响因素之一，除此之外，应收账款无法收回、资金短缺导致经营受限等因素也被多家公司提及，而更多公司的巨额预亏，同时与上述多个因素相关。

中国证券报刊文称，作为上市公司财务报表里的一项特殊资产，商誉本身并无优劣之分，但个别上市公司过去盲目扩张、高溢价并购带来商誉泡沫却不得不提防。对上市公司而言，没有业绩支撑的商誉犹如身体上的“赘肉”，有碍公司的健康成长。对投资者而言，应该明辨企业商誉的内在成色，避免陷入商誉虚浮的“雷区”