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2021-04-28

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"Taking Down US Stock Earnings Reports" Series (Part 3): The "Story" Behind Annual Reports - Understanding the Latest Financial Reports of Nio, Li Auto, and XPeng (Issue 18)

2021-04-28

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JPMorgan Chase to partner with Temasek and others to launch blockchain payment platform

2021-04-28

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With frequent investments and industry giants crossing over, the IoT industry is booming.

2020-06-12

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However, in reality, the purpose of annual reports is nothing more than to convey effective information about the company, and the expression of information is nothing more than numbers and words. Therefore, when looking at annual reports, finance professionals have their own perspectives, while non-finance professionals also have other insights.</p><p>In this episode, we'll discuss this \"trick,\" using \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>Let's learn from the three companies: Li Auto and XPeng.</p><p>\"How to understand the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"operating conditions\" is the most popular.</strong></p><p>The annual reports of Chinese companies listed in the US are generally divided into three parts. The structure of each part is fixed by the SEC, and companies disclose it based on their actual circumstances. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review\", and \"Outlook\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by a company. You can turn to the page that interests you about the company. Basically, the annual report contains all the company information you want to know.</p><p>We take NIO, Li Auto, and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results directly.</p><p><strong>Nio</strong>\"By 2020, we had delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s, and 4,922 EC6s. As of December 31, 2020, we had delivered a total of 75,641 vehicles. The following table sets out delivery data related to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are Chinese<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>An innovator in the automotive market. We design, develop, manufacture and sell premium<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through innovation in our products, technologies, and business models, we provide families with safe, convenient, and refined products and services. We are pioneers in the successful commercialization of eREVs in China. Our first model, the Li ONE, is a six-seater large...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUVs equipped with range-extending systems and cutting-edge intelligent vehicle solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we had delivered over 33,500 Li Ones.</p><p><strong>XPeng</strong>\"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to our customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 P7s to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Li Auto. However, in terms of vehicle models, Nio has the most models and a wider market coverage, with an average sales volume of 14,576 per model. XPeng has two models (G3 and P7), with an average of 19,899 units sold per model; Li Auto only has ONE model (Li ONE), which sold 33,500 units. As a result, the sales ranking of the three brands' models has changed to: Li Auto > XPeng > Nio.</p><p>It is evident that although the total sales volume of the three companies varied last year, it is difficult to say which one had the greater advantage.</p><p><strong>Example 2: Want to know who made more money?</strong></p><p>Methods: In the first part, \"Operational and Financial Review and Prospects,\" the company provided a concise and powerful description of its profits and losses.</p><p><strong>Nio:</strong>\"Due to the above reasons, we incurred a net loss of RMB 5.3041 billion (US$812.9 million) in 2020, compared to a net loss of RMB 11.2957 billion in 2019.\"</p><p><strong>Ideal:</strong>\"Due to the above reasons, we incurred a net loss of RMB 151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the above, we incurred a net loss of RMB 2.732 billion (US$418.7 million) in 2020, compared to RMB 3.6917 billion in 2019.\"</p><p>It is evident that all three companies suffered losses from 2019 to 2020. Based on the amount of losses, Li Auto <XPeng><蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). From this perspective, isn't the ideal earning capacity stronger?</p><p><strong>Example 3: Want to know the company's business strategy?</strong></p><p>Method: Business strategy, simply put, boils down to two issues: one is...<strong>Where does a company's revenue come from?</strong>Second,<strong>Where did the company spend its money?</strong>。 In the annual report, both types of information are reflected in several sections: \"Key Information\" and \"Operational and Financial Review and Prospects\". The \"Key Information\" section simply and directly presents data, while the \"Operational and Financial Review and Prospects\" section patiently explains the data from the past three years. It is well-reasoned and easy to understand.</p><p>We have compiled a simple summary based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>According to the above information:</p><p>In 2020, Nio had the highest total revenue, while XPeng had the lowest. Considering only \"sales and operating costs,\" all three companies were still in a state of \"income falling short of expenses.\" Li Auto has the highest gross profit margin, while XPeng has the lowest. Nio sells the most services; XPeng invests the most in research and development.</p><p>In addition, in the \"Operational and Financial Review and Prospects,\" the three companies discussed...<strong>Revenue and cost composition</strong>Further patient explanations were given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It's not hard to see that the three companies have very different business strategies: Li Auto, which has the highest gross profit margin, seems to be the most profitable, XPeng, which is going all out in R&D, is a bit stubborn, and Nio, which keeps up with R&D, service, and product innovation, seems to have the broadest vision.</p><p><strong>Summary:</strong></p><p>(1) The annual report is comprehensive, with important content concentrated in three items: “Key Information”, “Operational and Financial Review and Prospects”, and “Financial Statements”;</p><p>(2) The annual report information includes data and text. The data presents the objective reality, and the text description explains the reasons. It is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To understand the overall picture of a company, one must also look at its business layout and environment.</strong></p><p>To understand the overall picture of a company, you need to read the annual report more comprehensively. Therefore, we can create a reading mind map based on our personal cognitive habits to clarify our reading thoughts:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation means understanding how the company is spending its money.</strong>The purpose is to assess a company's capital management capabilities, ensuring that funds are spent in the right places to generate more reasonable and promising income. Annual reports provide us with the most intuitive and fundamental financial information. (If you need more specialized assessment information, you can obtain it from brokerage platforms, such as...)<a href=\"https://laohu8.com/S/DD\">DuPont</a>analysis)</p><p><strong>Understanding the business layout means understanding how well the company's business is doing.</strong>The purpose is to assess the implementation of the company's business model. The business layout of companies in different industries and at different stages of development within the same industry may change. To understand a company's business layout, you can start from three aspects: R&D, marketing, and service. Among them, R&D represents the company's core competitiveness, marketing represents the market acceptance of the company's products, and service represents the company's strategic layout. The business situation mainly depends on the first part, \"Information about the company\".</p><p><strong>Understanding the fundamentals of business operations means understanding the environment in which the company operates.</strong>The purpose is to assess the company's development prospects. Factors affecting a company's future development include senior executives, the policy environment, and the industry environment. Corporate annual reports provide us with some key information. For example, when looking at senior executive information, look at \"directors, senior executives and employees\", and when looking at the policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we will try to use this framework to understand the profitability of Nio, Li Auto, and XPeng. (Since the basic financial data has already been analyzed above, we will only discuss the \"business layout\" and \"operating foundation\" of the three companies below.)</p><p>First, Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiao Peng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>The \"business layout\" and \"operating foundation\" of the three companies last year show that new energy vehicle companies are currently facing two major challenges: technical challenges and operational challenges.</p><p>Technologically, the three new energy vehicle companies each have their own strengths and weaknesses in their core technologies. Li Auto quickly captured the transition between the two driving forces and achieved rapid results; XPeng has plunged headlong into technological research and development, aiming to establish a solid technological barrier, while Nio has already formed a relatively stable pure electric technology system. From a developmental perspective, XPeng and Nio are on par. Although Li Auto has not yet revealed more information about its technological direction, its technological stronghold still has a validity period in today's era. In the near future, the electric vehicle market will eventually be dominated by a few giants, and their competitive advantages will not necessarily be created by technology.</p><p>In terms of operations, XPeng and Li Auto seem to have given up struggling. Nio' operations have expanded into finance, services, users, and technology, and these elements are precisely the valuable resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the company and build an annual report reading map that suits you;</p><p>(2) A complete overview of the company's current situation, which needs to be considered from the perspectives of finance, business, and environment.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading a company's annual report is the most effective way to understand a company. The annual report is composed of numbers and text. It may seem complicated and cumbersome, but it is actually reasonable, evidence-based and easy to understand.</p><p>(2) You can read the company's annual report according to your preference, and reading excerpts will not affect your understanding at all;</p><p>(3) To see the overall picture of the company in the near future, it is best to build a reading mind map and position reading according to the framework;</p><p>(4) Competition among new energy vehicle companies is fierce. The three companies each have their own focus. Nio, service revenue is the first, and it seems that they are expanding their services and expanding their surrounding services. The ideal is to prioritize efficiency, improve gross profit margins, stabilize cash consumption, and fight a protracted battle. XPeng has the highest R&D investment, focusing on technology flow, even at the cost of reducing...<span>Net profit</span>To gain future market competition opportunities through technological routes.</p><p>Disclaimer: All charts and information in this article are compiled from the SEC website, and the views expressed in this article do not constitute any investment advice.</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Taking Down US Stock Earnings Reports\" Series (Part 3): The \"Story\" Behind Annual Reports - Understanding the Latest Financial Reports of Nio, Li Auto, and XPeng (Issue 18)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Taking Down US Stock Earnings Reports\" Series (Part 3): The \"Story\" Behind Annual Reports - Understanding the Latest Financial Reports of Nio, Li Auto, and XPeng (Issue 18)\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁斌penny</strong><span class=\"h-time small\">2021-04-27 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Some people say: I have no financial foundation, and there are many financial statements in the annual report that I can't understand. However, in reality, the purpose of annual reports is nothing more than to convey effective information about the company, and the expression of information is nothing more than numbers and words. Therefore, when looking at annual reports, finance professionals have their own perspectives, while non-finance professionals also have other insights.</p><p>In this episode, we'll discuss this \"trick,\" using \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>Let's learn from the three companies: Li Auto and XPeng.</p><p>\"How to understand the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"operating conditions\" is the most popular.</strong></p><p>The annual reports of Chinese companies listed in the US are generally divided into three parts. The structure of each part is fixed by the SEC, and companies disclose it based on their actual circumstances. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review\", and \"Outlook\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by a company. You can turn to the page that interests you about the company. Basically, the annual report contains all the company information you want to know.</p><p>We take NIO, Li Auto, and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results directly.</p><p><strong>Nio</strong>\"By 2020, we had delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s, and 4,922 EC6s. As of December 31, 2020, we had delivered a total of 75,641 vehicles. The following table sets out delivery data related to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are Chinese<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>An innovator in the automotive market. We design, develop, manufacture and sell premium<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through innovation in our products, technologies, and business models, we provide families with safe, convenient, and refined products and services. We are pioneers in the successful commercialization of eREVs in China. Our first model, the Li ONE, is a six-seater large...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUVs equipped with range-extending systems and cutting-edge intelligent vehicle solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we had delivered over 33,500 Li Ones.</p><p><strong>XPeng</strong>\"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to our customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 P7s to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Li Auto. However, in terms of vehicle models, Nio has the most models and a wider market coverage, with an average sales volume of 14,576 per model. XPeng has two models (G3 and P7), with an average of 19,899 units sold per model; Li Auto only has ONE model (Li ONE), which sold 33,500 units. As a result, the sales ranking of the three brands' models has changed to: Li Auto > XPeng > Nio.</p><p>It is evident that although the total sales volume of the three companies varied last year, it is difficult to say which one had the greater advantage.</p><p><strong>Example 2: Want to know who made more money?</strong></p><p>Methods: In the first part, \"Operational and Financial Review and Prospects,\" the company provided a concise and powerful description of its profits and losses.</p><p><strong>Nio:</strong>\"Due to the above reasons, we incurred a net loss of RMB 5.3041 billion (US$812.9 million) in 2020, compared to a net loss of RMB 11.2957 billion in 2019.\"</p><p><strong>Ideal:</strong>\"Due to the above reasons, we incurred a net loss of RMB 151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the above, we incurred a net loss of RMB 2.732 billion (US$418.7 million) in 2020, compared to RMB 3.6917 billion in 2019.\"</p><p>It is evident that all three companies suffered losses from 2019 to 2020. Based on the amount of losses, Li Auto <XPeng><蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). From this perspective, isn't the ideal earning capacity stronger?</p><p><strong>Example 3: Want to know the company's business strategy?</strong></p><p>Method: Business strategy, simply put, boils down to two issues: one is...<strong>Where does a company's revenue come from?</strong>Second,<strong>Where did the company spend its money?</strong>。 In the annual report, both types of information are reflected in several sections: \"Key Information\" and \"Operational and Financial Review and Prospects\". The \"Key Information\" section simply and directly presents data, while the \"Operational and Financial Review and Prospects\" section patiently explains the data from the past three years. It is well-reasoned and easy to understand.</p><p>We have compiled a simple summary based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>According to the above information:</p><p>In 2020, Nio had the highest total revenue, while XPeng had the lowest. Considering only \"sales and operating costs,\" all three companies were still in a state of \"income falling short of expenses.\" Li Auto has the highest gross profit margin, while XPeng has the lowest. Nio sells the most services; XPeng invests the most in research and development.</p><p>In addition, in the \"Operational and Financial Review and Prospects,\" the three companies discussed...<strong>Revenue and cost composition</strong>Further patient explanations were given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It's not hard to see that the three companies have very different business strategies: Li Auto, which has the highest gross profit margin, seems to be the most profitable, XPeng, which is going all out in R&D, is a bit stubborn, and Nio, which keeps up with R&D, service, and product innovation, seems to have the broadest vision.</p><p><strong>Summary:</strong></p><p>(1) The annual report is comprehensive, with important content concentrated in three items: “Key Information”, “Operational and Financial Review and Prospects”, and “Financial Statements”;</p><p>(2) The annual report information includes data and text. The data presents the objective reality, and the text description explains the reasons. It is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To understand the overall picture of a company, one must also look at its business layout and environment.</strong></p><p>To understand the overall picture of a company, you need to read the annual report more comprehensively. Therefore, we can create a reading mind map based on our personal cognitive habits to clarify our reading thoughts:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation means understanding how the company is spending its money.</strong>The purpose is to assess a company's capital management capabilities, ensuring that funds are spent in the right places to generate more reasonable and promising income. Annual reports provide us with the most intuitive and fundamental financial information. (If you need more specialized assessment information, you can obtain it from brokerage platforms, such as...)<a href=\"https://laohu8.com/S/DD\">DuPont</a>analysis)</p><p><strong>Understanding the business layout means understanding how well the company's business is doing.</strong>The purpose is to assess the implementation of the company's business model. The business layout of companies in different industries and at different stages of development within the same industry may change. To understand a company's business layout, you can start from three aspects: R&D, marketing, and service. Among them, R&D represents the company's core competitiveness, marketing represents the market acceptance of the company's products, and service represents the company's strategic layout. The business situation mainly depends on the first part, \"Information about the company\".</p><p><strong>Understanding the fundamentals of business operations means understanding the environment in which the company operates.</strong>The purpose is to assess the company's development prospects. Factors affecting a company's future development include senior executives, the policy environment, and the industry environment. Corporate annual reports provide us with some key information. For example, when looking at senior executive information, look at \"directors, senior executives and employees\", and when looking at the policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we will try to use this framework to understand the profitability of Nio, Li Auto, and XPeng. (Since the basic financial data has already been analyzed above, we will only discuss the \"business layout\" and \"operating foundation\" of the three companies below.)</p><p>First, Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiao Peng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>The \"business layout\" and \"operating foundation\" of the three companies last year show that new energy vehicle companies are currently facing two major challenges: technical challenges and operational challenges.</p><p>Technologically, the three new energy vehicle companies each have their own strengths and weaknesses in their core technologies. Li Auto quickly captured the transition between the two driving forces and achieved rapid results; XPeng has plunged headlong into technological research and development, aiming to establish a solid technological barrier, while Nio has already formed a relatively stable pure electric technology system. From a developmental perspective, XPeng and Nio are on par. Although Li Auto has not yet revealed more information about its technological direction, its technological stronghold still has a validity period in today's era. In the near future, the electric vehicle market will eventually be dominated by a few giants, and their competitive advantages will not necessarily be created by technology.</p><p>In terms of operations, XPeng and Li Auto seem to have given up struggling. Nio' operations have expanded into finance, services, users, and technology, and these elements are precisely the valuable resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the company and build an annual report reading map that suits you;</p><p>(2) A complete overview of the company's current situation, which needs to be considered from the perspectives of finance, business, and environment.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading a company's annual report is the most effective way to understand a company. The annual report is composed of numbers and text. It may seem complicated and cumbersome, but it is actually reasonable, evidence-based and easy to understand.</p><p>(2) You can read the company's annual report according to your preference, and reading excerpts will not affect your understanding at all;</p><p>(3) To see the overall picture of the company in the near future, it is best to build a reading mind map and position reading according to the framework;</p><p>(4) Competition among new energy vehicle companies is fierce. The three companies each have their own focus. Nio, service revenue is the first, and it seems that they are expanding their services and expanding their surrounding services. The ideal is to prioritize efficiency, improve gross profit margins, stabilize cash consumption, and fight a protracted battle. XPeng has the highest R&D investment, focusing on technology flow, even at the cost of reducing...<span>Net profit</span>To gain future market competition opportunities through technological routes.</p><p>Disclaimer: All charts and information in this article are compiled from the SEC website, and the views expressed in this article do not constitute any investment advice.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b\">梁斌penny</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eebab619623966f6e7115434f653b888","relate_stocks":{"XPEV":"小鹏集团","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2130185329","content_text":"有人说：我没有财务基础，年报里很多财务报表，看不懂。但实际上，年报的目的无非就是传达企业的有效信息，信息的表达也不外乎数字、文字。所以，看年报，财务有财务的看法，非财务人员其实也另有门道。本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。年报的众多内容中，“经营情况”最热门中概股年报一般分成三个部分，每个部分的结构是SEC固定的，企业根据实际情况披露。我们在各种文章中看到数据，通常来源于年报第一部分，比如“关键信息”、“营运及财务回顾、前景”。年报的三大部分大致结构如下：年报就像企业定期发布的一本杂志，你对企业的哪方面感兴趣，就翻到哪一页去读，基本上，你想了解的企业信息，年报里都有。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。本文年报数据来源蔚来：https://www.sec.gov/ix?doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm理想：https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm小鹏：https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm例一：想知道谁卖了更多的车？方法：翻到第一部分“营运及财务回顾、前景”（OPERATING AND FINANCIAL REVIEW AND PROSPECTS），数据和文字将直截了当告诉你结果。蔚来：“到2020年，我们交付了43,728辆汽车，包括10,861辆ES8、27,945辆ES6和4,922辆EC6。截至2020年12月31日，我们共交付了75,641辆汽车。下表列出了所示期间与我们的车辆有关的交付数据。”理想：“我们是中国新能源汽车市场的创新者。我们设计，开发，制造和销售高级智能电动SUV。通过我们的产品，技术和商业模式创新，我们为家庭提供安全，方便和精致的产品和服务。我们是在中国成功商业化EREV的先驱。我们的首款车型Li ONE是六座大型豪华电动SUV，配备了增程系统和尖端的智能汽车解决方案。我们于2019年11月开始量产Li ONE，截至2020年12月31日，我们已交付了超过33,500辆Li ONE。”小鹏：“我们于2018年11月开始生产G3，截至2020年12月31日，我们已向客户交付了24,736单位G3。我们开始生产P7，并于2020年5月开始交付，到2020年12月31日，我们已向客户交付了15,062台P7。我们计划在2021年推出我们的第三款Smart EV轿车。”单看总销量，蔚来>小鹏>理想。但结合车型，蔚来车型最多，覆盖市场更广，平均每个车型销量14576；小鹏有两款车（G3、P7），平均每个车型卖出19899辆；而理想只有一款车（Li ONE），单个车型卖出33500辆，如此一来，三个品牌的单车型销量排名变成了：理想>小鹏>蔚来。可见，三个公司去年虽然总销量有高低，但谁更有优势却不好说。例二：想知道谁赚了更多的钱？方法：还是第一部分的“营运及财务回顾、前景”，企业对自己的盈亏进行了简而有力的描述。蔚来：“由于上述原因，我们在2020年净亏损为53.041亿元人民币（8.129亿美元），而在2019年则为净亏损112.957亿元人民币。”理想：“由于上述原因，我们在2020年发生了人民币1.517亿元（约合2,320万美元）的净亏损，而在2019年则是人民币24亿元的净亏损。”小鹏：“由于上述原因，我们在2020年发生了净亏损人民币27.320亿元（4.187亿美元），而在2019年则为人民币36.917亿元。”可见，三家企业从2019到2020都在亏损，按照亏损额来看，理想<小鹏<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>蔚来（53.04%）>小鹏（26.00%）。这样看来，理想的赚钱能力是不是更强一些？例三：想了解企业的经营策略？方法：经营策略，简单来说无非两个问题，一是“企业收入从哪来”，二是“企业把钱花哪了”。在年报中，这两类信息都几种体现在“关键信息”和“营运及财务回顾、前景”两部分。“关键信息”中简单粗暴地抛数据，“营运及财务回顾、前景”则对近三年的数据进行了耐心解释。有理有据，通俗易懂。我们根据三家企业的“关键信息”进行了简单整理：根据上述信息：2020年总收入最高的是蔚来，最少的是小鹏，单考虑“销售与营业成本”的话，三家企业都还处于“入不敷出”的状态；毛利率最高的是理想，最少的是小鹏；卖服务最多的是蔚来；研发投入最多的是小鹏。另外，在“营运及财务回顾、前景”中，三家企业对收入和成本构成又进行了进一步的耐心解释：不难发现，三个企业经营策略有很大出入：毛利率最高的理想，看似最能赚钱，在研发上孤注一掷的小鹏稍显固执，研发、服务、产品创新一样不落下的蔚来貌似格局最广。小结：（1）年报信息全，重要内容集中在“关键信息”、“营运及财务回顾、前景”、“财务报表”三个条目中；（2）年报信息形式包括数据、文字，列数据呈现客观现实，文字描述解释其中原因，简单清晰，通俗易懂。二窥企业全貌，还得看业务布局和环境了解企业全貌，读年报就要读更全。为此，我们可以根据个人的认知习惯搭建阅读导图，理清阅读思路：了解财务情况，也就是了解企业钱花得怎么样。目的是为了评估企业的资金运营能力，资金花在了正确的地方，才会产生更合理、更有前途的收入。年报为我们提供最直观、最基础的财务信息。（如果需要更专业的评估信息，可以从券商平台获取，比如杜邦分析）了解业务布局，也就是了解企业业务做得怎么样。目的是为了评估企业的商业模式的落地情况。不同行业、同一行业不同发展阶段的企业，业务布局可能会发生改变。了解企业业务布局可从研发、营销、服务三个点切入了解。其中，研发代表企业的核心竞争力，营销代表企业产品的市场接受度，服务代表企业的战略布局。业务情况主要看第一部分“有关公司的信息”。了解经营基础，也就是了解企业所处的环境怎么样。目的是为了评估企业的发展前途。影响企业发展前途的，一有高管，二有政策环境，三有行业环境，企业年报为我们提供了一部分关键信息。比如，高管信息看“董事、高管和雇员”，政策环境、行业环境看“关键信息”中的风险部分。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。（由于上文已经对基本的财务数据进行了分析，下面仅探讨三家公司的“业务布局”与“经营基础”）首先是蔚来：蔚 来理 想小 鹏从三家公司的去年的“业务布局”和“经营基础”可以看到，新能源车企现阶段面临的两大难题，一是技术难题，二是运营难题。技术上，三家新能源车企的核心技术各有千秋。理想快速占领两种动力的过渡地段，并且迅速取得了业绩；小鹏一头扎进技术研发，意图建立牢固的技术壁垒，蔚来则已经形成了相对稳固的纯电动技术体系。从发展性上看，小鹏和蔚来不相上下，虽然理想在技术上仍未透露更多的方向信息，但在如今的时代，技术堡垒还是存在有效期的。不久的将来，电车市场终将剩下几大巨头，而它们护城河却不一定是由技术造就的。运营上，小鹏、理想似乎已经放弃挣扎。蔚来的运营已经涉足金融、服务、用户以及技术上，而这几大元素，恰恰是当今时代堆砌“城墙”的珍贵资源。小结：（1）了解企业总体情况，要搭建适合自己的年报阅读导图；（2）完整的企业近况，需要从财务、业务、环境等角三总结（1）阅读企业年报是了解企业最有效的办法，年报由数字和文字组成，看似复杂累赘，实则有理有据，通俗易懂；（2）阅读企业年报可根据偏好翻阅，片段阅读丝毫不影响理解；（3）要看企业近期全貌，最好构建阅读导图，根据框架定位阅读；（4）新能源汽车企业竞争激烈，三家各有侧重，蔚来，服务收益第一，看上去更加的拓展服务，扩大周边服务；理想第一、侧重效率，提高毛利率，稳住现金消耗，打持久战；小鹏研发投入第一，走的是技术流，不惜降低净利润，通过技术路线获得未来的市场竞争机会。声明：本文图表资料均整理自SEC官网，文中观点不构成任何投资建议。","news_type":1,"symbols_score_info":{"XPEV":1,"NIO":1}},"isVote":1,"tweetType":1,"viewCount":4680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan Chase to partner with Temasek and others to launch blockchain payment platform","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company will partner with Singapore's Temasek Holdings and DBS Group to launch a blockchain-based payment, trade, and foreign exchange settlement platform called Partior.</p><p>The three companies issued a statement on Wednesday saying that the platform will use blockchain technology to digitize M1 commercial bank currencies in order to reduce friction and delays in current cross-border payments, trade, and currency settlements.</p><p>Partior means \"to distribute and share\" in Latin. According to the statement, the platform also expects to develop a wholesale payment track based on digital commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to handling global payments.</p><p>Partior will focus on some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments are often slow and cumbersome, so there is still a lot of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of US dollars and Singapore dollars between Singapore banks, and will eventually expand its services to other markets and currencies. In addition, the platform will be used to supplement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase to partner with Temasek and others to launch blockchain payment platform</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase to partner with Temasek and others to launch blockchain payment platform\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company will partner with Singapore's Temasek Holdings and DBS Group to launch a blockchain-based payment, trade, and foreign exchange settlement platform called Partior.</p><p>The three companies issued a statement on Wednesday saying that the platform will use blockchain technology to digitize M1 commercial bank currencies in order to reduce friction and delays in current cross-border payments, trade, and currency settlements.</p><p>Partior means \"to distribute and share\" in Latin. According to the statement, the platform also expects to develop a wholesale payment track based on digital commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to handling global payments.</p><p>Partior will focus on some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments are often slow and cumbersome, so there is still a lot of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of US dollars and Singapore dollars between Singapore banks, and will eventually expand its services to other markets and currencies. In addition, the platform will be used to supplement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":4836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"repost":{"id":"2130737155","kind":"highlight","pubTimestamp":1619591364,"share":"https://ttm.financial/m/news/2130737155?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:29","market":"us","language":"zh","title":"With frequent investments and industry giants crossing over, the IoT industry is booming.","url":"https://stock-news.laohu8.com/highlight/detail?id=2130737155","media":"时氪分享","summary":"在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心，各领域的IoT投融资事件高度活跃，巨额融资频发。","content":"<p>On April 26, the IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>Together with Hillhouse Capital, they launched the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages $400 million and primarily invests in growth-stage IoT companies worldwide. graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Hillhouse Capital stated that, as a leading IoT cloud platform and investment institution, both parties will strongly support promising companies and projects in the IoT sector and jointly create a diverse, rich, and neutral global smart business ecosystem.</p><p>After a historic turning point in 2020, IoT appears to be returning to center stage in the capital markets. IoT is playing an increasingly important role in fields such as smart homes, smart commerce, smart cities, and smart industry and agriculture. As a result, IoT investment and financing events in various fields are highly active, with frequent huge financings.</p><p>For example, in May 2020, industrial IoT startup Samsara raised another $400 million after securing $300 million in Series F funding the previous year to further expand its industrial IoT business. On January 21, 2021, IoT startup Skylo emerged from incognito mode and announced the completion of a $103 million Series B funding round led by SoftBank Group. In China, online education companies have announced the launch of smart hardware, while Beike Zhaofang has been in the Internet of Things industry for a long time and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the New Trend After Mobile Internet</b></p><p>The IoT sector is booming this year, and the reason behind this is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went public in the United States, and Hillhouse Capital became an investor in Tuya. The launch of the Tuya IoT Industry Fund signifies another increase in investment in the industry by Hillhouse Capital, one of Asia's largest investment institutions.</b>In his book \"Value,\" Hillhouse Capital founder Zhang Lei stated that understanding key industries and companies with enormous potential is a very important ability for an investor.</p><p>The IoT industry happens to possess the \"momentum\" that Hillhouse Capital values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. In terms of technology, technologies such as artificial intelligence, big data, cloud computing, and edge computing are constantly developing, and sensors, communication networks, cloud-edge data platforms, and various applications are becoming increasingly sophisticated, accelerating the arrival of the IoT development boom. In terms of demand, intelligentization and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also constantly increasing.</p><p>Currently, the penetration rate of the IoT market is still low, and it is on the eve of a boom, with huge potential for future growth.<a href=\"https://laohu8.com/S/601162\">TF Securities</a>It is estimated that a single household needs 50 smart modules to complete its intelligentization, but in 2019 there were only 763 million smart modules worldwide. Assuming all of them were for home use, this corresponds to about 1 billion households worldwide, with an average of less than one smart module per household. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It is foreseeable that shipments of smart modules will rise rapidly in the next few years, and the global intelligentization process will accelerate.</p><p>After years of accumulation, human society has moved from the PC era to the mobile internet era and is about to enter the IoT era. It's not hard to see that IoT may become another blue ocean after the mobile internet.</p><p><b>The three-way balance in the IoT industry</b></p><p>Cloud giants, To C hardware brands, and IoT developer platforms that have entered the IoT market have become three key forces that cannot be ignored in the IoT industry. Among them, the IoT developer platform is worth mentioning. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, then the developer platform will be the link of the IoT ecosystem, solving the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>In a recent report, CICC put forward the following view: \"Compared with the mobile Internet era 10 years ago, in the explosive period of each generation of new device connectivity, the birth of giants is to bring together upstream and downstream players through unified operating system capabilities, and establish a powerful ecosystem and barriers.\"</p><p>In the mobile internet era, the rise of Android is a very typical example.</p><p>in 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>He developed the Android system and spearheaded the establishment of the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said, \"The powerful platform we are announcing will power thousands of different phone models.\" He commented that the strategy was \"more ambitious than any 'Google phone' that the media has speculated about in the past few weeks.\"</p><p>When Android was born, the industry already had the market-dominating Symbian system and the Windows mobile operating system.<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and the newly cracked iOS, while Android, a latecomer, sought to break the deadlock through open source. Android adopted an open-source system from the very beginning, which quickly gathered loyal developers from all over the world. Subsequently, a continuous stream of application products gradually blossomed and bore fruit, gathering in App stores represented by Google Play, attracting more and more end users to enter the Android system App ecosystem.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of the Android system ecosystem is precisely about grasping the bilateral network effect between developers and end users.\" Open source labeled Android as neutral and was the entry point for the Android ecosystem to take off. After that, Google provided a large number of SDK developer tools to consolidate its ecosystem on the developer side. To solidify the user ecosystem, Google enhances user stickiness through the value-added services provided by the whole family.</p><p>After more than a decade of development, Android has become the world's largest mobile operating system, with a market share of about 75%.</p><p>Looking back at the IoT ecosystem, its core consists of four basic elements: devices, connectivity layer, application layer, and cloud. Due to the extreme diversity of equipment, this industry is destined not to be a \"winner-takes-all\" market. Different brands and categories of smart devices need to be connected using multiple scenarios and diverse applications so that brands, OEMs and end users can communicate and interact through a variety of smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" for the IoT industry. Through a unified operating system, it can bring together upstream and downstream players and link products from different brands and categories to build an IoT ecosystem that connects everything. Compared to the other two business models, there are few companies in the IoT industry that deeply cultivate developer platforms.</p><p><b>\"Ecosystem Co-Builders\" in the IoT Era</b></p><p>In the IoT era, Tuya Smart is such an \"ecosystem co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has gathered more than 262,000 registered developers and connected more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve interconnection across brands and product categories.</p><p>In March of this year, Tuya Smart successfully listed on the New York Stock Exchange, becoming the \"world's first IoT cloud platform stock\". The IPO raised more than $900 million and its market capitalization on the first day of listing was nearly $14 billion, which also proves from the perspective of the capital market that this business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises connect massive amounts of devices, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby achieving continuous \"self-proliferation\" of the ecosystem.</p><p>The joint launch of an IoT industry fund by Tuya Smart and Hillhouse Capital is interpreted by outsiders as an extension of their platform ecosystem strategy.</p><p>If we explore the mobile internet era, the key to Android's rise lies in its open and diverse ecosystem. Similarly, in the IoT era of the Internet of Things, it is impossible for any single platform to complete all industry applications on its own. Therefore, Tuya launched an IoT industry fund, announcing its intention to support more developers in the industry, including Android and...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early days, various favorable measures were introduced to encourage developers to join the ecosystem.</p><p>It is worth noting that Tuya also announced the \"Klein Plan\" to empower \"nine major industries,\" which perfectly reflects the recent frequent moves by players from various industries who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, with traditional industries gradually upgrading to intelligent commerce and traditional devices gradually upgrading to smart devices. In the process of intelligent industrial transformation, platform-based enterprises may become the mainstay, playing a key role in \"empowering the intelligence of everything\" and leading the wave of the intelligent era.</p>","source":"36kr_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With frequent investments and industry giants crossing over, the IoT industry is booming.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith frequent investments and industry giants crossing over, the IoT industry is booming.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">时氪分享</strong><span class=\"h-time small\">2021-04-28 14:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On April 26, the IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">graffiti intelligence</a>Together with Hillhouse Capital, they launched the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages $400 million and primarily invests in growth-stage IoT companies worldwide. graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Hillhouse Capital stated that, as a leading IoT cloud platform and investment institution, both parties will strongly support promising companies and projects in the IoT sector and jointly create a diverse, rich, and neutral global smart business ecosystem.</p><p>After a historic turning point in 2020, IoT appears to be returning to center stage in the capital markets. IoT is playing an increasingly important role in fields such as smart homes, smart commerce, smart cities, and smart industry and agriculture. As a result, IoT investment and financing events in various fields are highly active, with frequent huge financings.</p><p>For example, in May 2020, industrial IoT startup Samsara raised another $400 million after securing $300 million in Series F funding the previous year to further expand its industrial IoT business. On January 21, 2021, IoT startup Skylo emerged from incognito mode and announced the completion of a $103 million Series B funding round led by SoftBank Group. In China, online education companies have announced the launch of smart hardware, while Beike Zhaofang has been in the Internet of Things industry for a long time and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the New Trend After Mobile Internet</b></p><p>The IoT sector is booming this year, and the reason behind this is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went public in the United States, and Hillhouse Capital became an investor in Tuya. The launch of the Tuya IoT Industry Fund signifies another increase in investment in the industry by Hillhouse Capital, one of Asia's largest investment institutions.</b>In his book \"Value,\" Hillhouse Capital founder Zhang Lei stated that understanding key industries and companies with enormous potential is a very important ability for an investor.</p><p>The IoT industry happens to possess the \"momentum\" that Hillhouse Capital values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. In terms of technology, technologies such as artificial intelligence, big data, cloud computing, and edge computing are constantly developing, and sensors, communication networks, cloud-edge data platforms, and various applications are becoming increasingly sophisticated, accelerating the arrival of the IoT development boom. In terms of demand, intelligentization and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also constantly increasing.</p><p>Currently, the penetration rate of the IoT market is still low, and it is on the eve of a boom, with huge potential for future growth.<a href=\"https://laohu8.com/S/601162\">TF Securities</a>It is estimated that a single household needs 50 smart modules to complete its intelligentization, but in 2019 there were only 763 million smart modules worldwide. Assuming all of them were for home use, this corresponds to about 1 billion households worldwide, with an average of less than one smart module per household. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It is foreseeable that shipments of smart modules will rise rapidly in the next few years, and the global intelligentization process will accelerate.</p><p>After years of accumulation, human society has moved from the PC era to the mobile internet era and is about to enter the IoT era. It's not hard to see that IoT may become another blue ocean after the mobile internet.</p><p><b>The three-way balance in the IoT industry</b></p><p>Cloud giants, To C hardware brands, and IoT developer platforms that have entered the IoT market have become three key forces that cannot be ignored in the IoT industry. Among them, the IoT developer platform is worth mentioning. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, then the developer platform will be the link of the IoT ecosystem, solving the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>In a recent report, CICC put forward the following view: \"Compared with the mobile Internet era 10 years ago, in the explosive period of each generation of new device connectivity, the birth of giants is to bring together upstream and downstream players through unified operating system capabilities, and establish a powerful ecosystem and barriers.\"</p><p>In the mobile internet era, the rise of Android is a very typical example.</p><p>in 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>He developed the Android system and spearheaded the establishment of the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said, \"The powerful platform we are announcing will power thousands of different phone models.\" He commented that the strategy was \"more ambitious than any 'Google phone' that the media has speculated about in the past few weeks.\"</p><p>When Android was born, the industry already had the market-dominating Symbian system and the Windows mobile operating system.<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and the newly cracked iOS, while Android, a latecomer, sought to break the deadlock through open source. Android adopted an open-source system from the very beginning, which quickly gathered loyal developers from all over the world. Subsequently, a continuous stream of application products gradually blossomed and bore fruit, gathering in App stores represented by Google Play, attracting more and more end users to enter the Android system App ecosystem.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of the Android system ecosystem is precisely about grasping the bilateral network effect between developers and end users.\" Open source labeled Android as neutral and was the entry point for the Android ecosystem to take off. After that, Google provided a large number of SDK developer tools to consolidate its ecosystem on the developer side. To solidify the user ecosystem, Google enhances user stickiness through the value-added services provided by the whole family.</p><p>After more than a decade of development, Android has become the world's largest mobile operating system, with a market share of about 75%.</p><p>Looking back at the IoT ecosystem, its core consists of four basic elements: devices, connectivity layer, application layer, and cloud. Due to the extreme diversity of equipment, this industry is destined not to be a \"winner-takes-all\" market. Different brands and categories of smart devices need to be connected using multiple scenarios and diverse applications so that brands, OEMs and end users can communicate and interact through a variety of smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" for the IoT industry. Through a unified operating system, it can bring together upstream and downstream players and link products from different brands and categories to build an IoT ecosystem that connects everything. Compared to the other two business models, there are few companies in the IoT industry that deeply cultivate developer platforms.</p><p><b>\"Ecosystem Co-Builders\" in the IoT Era</b></p><p>In the IoT era, Tuya Smart is such an \"ecosystem co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has gathered more than 262,000 registered developers and connected more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve interconnection across brands and product categories.</p><p>In March of this year, Tuya Smart successfully listed on the New York Stock Exchange, becoming the \"world's first IoT cloud platform stock\". The IPO raised more than $900 million and its market capitalization on the first day of listing was nearly $14 billion, which also proves from the perspective of the capital market that this business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises connect massive amounts of devices, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby achieving continuous \"self-proliferation\" of the ecosystem.</p><p>The joint launch of an IoT industry fund by Tuya Smart and Hillhouse Capital is interpreted by outsiders as an extension of their platform ecosystem strategy.</p><p>If we explore the mobile internet era, the key to Android's rise lies in its open and diverse ecosystem. Similarly, in the IoT era of the Internet of Things, it is impossible for any single platform to complete all industry applications on its own. Therefore, Tuya launched an IoT industry fund, announcing its intention to support more developers in the industry, including Android and...<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early days, various favorable measures were introduced to encourage developers to join the ecosystem.</p><p>It is worth noting that Tuya also announced the \"Klein Plan\" to empower \"nine major industries,\" which perfectly reflects the recent frequent moves by players from various industries who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, with traditional industries gradually upgrading to intelligent commerce and traditional devices gradually upgrading to smart devices. In the process of intelligent industrial transformation, platform-based enterprises may become the mainstay, playing a key role in \"empowering the intelligence of everything\" and leading the wave of the intelligent era.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1201241384421641\">时氪分享</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/698524fb247d33e97bc29e7edacc3a96","relate_stocks":{"GOOGL":"谷歌A","TUYA":"涂鸦智能","03086":"华夏纳指","QNETCN":"纳斯达克中美互联网老虎指数","GOOG":"谷歌","09086":"华夏纳指-U"},"source_url":"https://36kr.com/p/1201241384421641","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130737155","content_text":"4月26日，IoT云平台涂鸦智能携手高瓴，在全球硬科技开发者大会上共同揭幕涂鸦IoT产业基金。\n该基金管理资金规模达4亿美元，主要面向全球处于成长期的IoT企业进行投资。涂鸦智能与高瓴表示，作为头部IoT云平台和投资机构，双方将大力扶持IoT赛道的潜力企业和项目，共同打造多元且丰富中立的全球智能商业生态。\n在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心。无论是在智能家居、智慧商业还是在智慧城市、智慧工农业等领域，都扮演愈发重要的角色，各领域的IoT投融资事件也因此高度活跃，巨额融资频发。\n例如2020年5月，工业物联网创企Samsara继前一年获得3亿美元的F轮融资之后，又筹集了4亿美元，进一步扩大其工业物联网业务；2021年1月21日，IoT初创公司Skylo走出隐匿模式，并宣布完成由软银集团领投的1.03亿美元B轮融资；而在国内，在线教育企业纷纷宣布推出智能硬件，贝壳找房则是布局物联网行业已久，近期在社区智能化领域动作频频。\nIoT，移动互联网之后的新风向\n今年IoT赛道热潮汹涌，究其背后原因，是基于对整个行业看好的预期。\n今年3月，涂鸦智能赴美IPO，高瓴成为涂鸦的投资方。而本次涂鸦IoT产业基金的揭幕，则意味着作为亚洲最大投资机构之一的高瓴对该行业的又一次加码。高瓴创始人张磊曾在《价值》一书中提出：对一名投资人而言，理解潜藏在巨大势能的关键行业和企业，是非常重要的能力。\n而IoT行业恰好具备高瓴所看重的“势能”。\n从政策发展的角度而言，IoT是我国政府近年来重点扶持的行业。在技术上，人工智能、大数据、云计算、边缘计算等技术不断发展，传感器、通信网络、云边端数据平台和各种应用愈加完善，加速了IoT发展高潮的到来。在需求上，智慧化、数字化已成为B端企业在生产、管理和运营上不可或缺的保障，消费者对智能设备的接受度也不断提升。\n当前，IoT市场渗透率仍不高，处于风口来临的“前夜”，未来增长空间巨大。天风证券估测，单个家庭需要50个智能模组完成智能化，但2019年全球仅有7.63亿个智能模组，假设其全部为家庭用，对应全球约10亿家庭，平均每个家庭拥有的智能模组不足1个。因此，智能模组市场渗透率不足2%，仍有50倍成长空间。可以预计的是，智能模组出货量将在未来几年内快速上升，全球智能化进程也将加速推进。\n历经多年蓄势，人类社会已经从PC时代走到了移动互联网时代，并即将进入IoT时代。不难看出，IoT或将成为移动互联网之后的又一个蓝海。\nIoT行业的三足鼎立\n切入IoT的云巨头、To C硬件品牌、IoT开发者平台三种角色，已经成为IoT行业内不可忽视的三股关键力量。其中值得一提的是IoT开发者平台，如果说云巨头和To C硬件品牌分别扮演“基础设施建设者”和“智能设备生产者”的角色，开发者平台则会是IoT生态的链接者，解决了行业核心痛点。\n中金公司（CICC）在近日发布的报告中提出了这样一个观点：“对标10年前的移动互联网时代，在每一代新设备连接的爆发期，巨头的诞生都是通过统一的操作系统能力汇聚上下游的玩家，建立起强大的生态体系和壁垒。”\n在移动互联网时代，安卓的崛起是一个非常典型的例子。\n2007年，谷歌研发安卓系统，并牵头成立了开放手机联盟（Open Handset Alliance），将大量手机制造商、芯片制造商、运营商囊括在内。当时，时任谷歌董事长兼首席执行官的埃里克·施密特表示：“我们所公布的强大平台将为数千款不同型号的手机提供动力。”他评论道，这一战略“比过去几周媒体所猜测的任何一款‘谷歌手机’都要雄心勃勃”。\n在安卓诞生之时，行业内已经有了称霸市场的塞班系统，以及Windows手机操作系统、黑莓系统和刚刚破壳的iOS，而后来者安卓寻求破局的途径是——开源。安卓一开始就采用开源系统，迅速汇集了来自全球的忠实开发者，随后源源不断的应用产品逐渐开花结果，汇集在以Google Play为代表的应用商店中，吸引越来越多的终端使用者进入安卓系统的App生态。\n中金公司认为，“安卓系统生态的建立正是把握了开发者、终端使用者的双边网络效应”。开源为安卓打上中立的标签，是安卓生态起飞的入口，在这之后，谷歌为了巩固其在开发者端的生态，提供大量 SDK 开发者工具；为了巩固在用户端的生态，以谷歌全家桶提供的增值服务增强用户粘性。\n历经十余年发展，目前，安卓已成为全球最大的移动操作系统，拥有约75%的市场份额。\n将目光放回IoT生态，其核心主要由四个基本要素组成，即设备、连网层、应用层和云。这个行业由于设备极度多样，注定不会是“赢家通吃”的市场，不同品牌、不同品类的智能设备就需要用多场景、多样化的应用来连接，品牌、OEM及终端用户才得以通过各种各样的智能设备进行交流和互动。\n因此，行业同样需要一个IoT开发者平台，来创造属于IoT行业的“操作系统”，通过统一的操作系统汇聚上下游的玩家并将不同品牌、不同品类的产品链接在一起，构建起万物互联的IoT生态。相比起其他两种商业模式，IoT行业内，深耕开发者平台的公司数量稀缺。\nIoT时代的“生态共建者”\n在IoT时代，涂鸦智能就是一个这样的“生态共建者”。\n截至2020年12月31日，涂鸦IoT开发者平台已经汇集了超过26.2万注册开发者，链接超过2亿台Powered by Tuya设备。而不同的Powered by Tuya设备之间可以实现跨品牌和品类的互联互通。\n今年3月，涂鸦智能顺利登陆美国纽约证券交易所，成为“全球IoT云平台第一股”，IPO募资规模超9亿美元，上市首日市值近140亿美元，也从资本市场的角度佐证了这种商业模式拥有巨大的发展潜力。\n而且，作为中立、开放的IoT云平台，在帮助全球企业把海量设备链接在一起之后，涂鸦智能有很大机会成为这些设备的中心管理平台，并吸引更多企业加入到生态之中，从而实现生态连续不断的“自我增殖”。\n此次涂鸦智能和高瓴共同推出IoT产业基金，外界解读为是其平台生态战略的延伸。\n若探究移动互联网时代，安卓崛起的关键，在于其生态足够开放多元。同理，在万物智联的IoT时代，不可能有一家平台能独力做完所有行业应用。因此，涂鸦此次推出IoT产业基金，宣布要扶植更多行业内的开发者，大有安卓和苹果早期为鼓励开发者加入生态，推出各种利好措施的影子。\n值得关注的是，此次涂鸦还宣布了将赋能“九大行业”的“克莱因计划”，这和近期动作频频，纷纷宣布进军IoT行业的各行各业玩家，正好相互映照。\n可以预见的是，未来，IoT行业生态会继续爆发，传统产业逐步升级为智能商业，传统设备将逐步升级为智能设备。在产业智能化转型的过程中，平台型企业或将会成为中流砥柱，扮演“赋能万物智能”的关键角色，引领智能化时代的浪潮。","news_type":1,"symbols_score_info":{"GOOGL":0.9,"GOOG":0.9,"09086":0.9,"TUYA":0.9,"QNETCN":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":5015,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":4365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100175306,"gmtCreate":1619595545305,"gmtModify":1704726513712,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100175306","repostId":"2130185329","repostType":2,"isVote":1,"tweetType":1,"viewCount":4680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan Chase to partner with Temasek and others to launch blockchain payment platform","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company will partner with Singapore's Temasek Holdings and DBS Group to launch a blockchain-based payment, trade, and foreign exchange settlement platform called Partior.</p><p>The three companies issued a statement on Wednesday saying that the platform will use blockchain technology to digitize M1 commercial bank currencies in order to reduce friction and delays in current cross-border payments, trade, and currency settlements.</p><p>Partior means \"to distribute and share\" in Latin. According to the statement, the platform also expects to develop a wholesale payment track based on digital commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to handling global payments.</p><p>Partior will focus on some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments are often slow and cumbersome, so there is still a lot of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of US dollars and Singapore dollars between Singapore banks, and will eventually expand its services to other markets and currencies. In addition, the platform will be used to supplement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Chase to partner with Temasek and others to launch blockchain payment platform</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Chase to partner with Temasek and others to launch blockchain payment platform\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>The company will partner with Singapore's Temasek Holdings and DBS Group to launch a blockchain-based payment, trade, and foreign exchange settlement platform called Partior.</p><p>The three companies issued a statement on Wednesday saying that the platform will use blockchain technology to digitize M1 commercial bank currencies in order to reduce friction and delays in current cross-border payments, trade, and currency settlements.</p><p>Partior means \"to distribute and share\" in Latin. According to the statement, the platform also expects to develop a wholesale payment track based on digital commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to handling global payments.</p><p>Partior will focus on some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments are often slow and cumbersome, so there is still a lot of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of US dollars and Singapore dollars between Singapore banks, and will eventually expand its services to other markets and currencies. In addition, the platform will be used to supplement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":4836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"isVote":1,"tweetType":1,"viewCount":5015,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":4365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}