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莫莫笑看风云

2021-06-30

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@红胖子Aaron:金融模型表明WISH被嚴重低估保守估計至少46美元

莫莫笑看风云

2021-06-11

$Histogenics Corporation(OCGN)$--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating

莫莫笑看风云

2021-04-09

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莫莫笑看风云

2021-04-08

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Record of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo

莫莫笑看风云

2021-04-08

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保守估計至少46美元","htmlText":"就在昨天美股全線收漲的大環境下，<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>&nbsp;“暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","listText":"就在昨天美股全線收漲的大環境下，<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>&nbsp;“暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","text":"就在昨天美股全線收漲的大環境下，$ContextLogic Inc.(WISH)$ “暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","images":[{"img":"https://static.tigerbbs.com/4c0c7cac3ee3253c33f28b817d1437d8","width":"1218","height":"751"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153671068","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":14,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188028517,"gmtCreate":1623417211139,"gmtModify":1704203043300,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3554372296843481","authorIdStr":"3554372296843481"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","text":"$Histogenics Corporation(OCGN)$--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/188028517","isVote":1,"tweetType":1,"viewCount":3467,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581759532939362","authorId":"3581759532939362","name":"Jinyyy","avatar":"https://community-static.tradeup.com/news/54d2483c31478635ca74079efdab6f65","crmLevel":12,"crmLevelSwitch":1,"idStr":"3581759532939362","authorIdStr":"3581759532939362"},"content":"Is $12 to 10 but still Maintain buy 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each other ~","text":"Evaluate each other ~","html":"Evaluate each other ~"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341249316,"gmtCreate":1617836521635,"gmtModify":1704703653504,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3554372296843481","authorIdStr":"3554372296843481"},"themes":[],"htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341249316","repostId":"1150094003","repostType":4,"repost":{"id":"1150094003","kind":"news","weMediaInfo":{"introduction":"解密财经，透视真相。为您传递第一手新鲜财经深度报道。","home_visible":1,"media_name":"棱镜","id":"91","head_image":"https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8"},"pubTimestamp":1617808333,"share":"https://ttm.financial/m/news/1150094003?lang=en_US&edition=fundamental","pubTime":"2021-04-07 23:12","market":"hk","language":"zh","title":"Record of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo","url":"https://stock-news.laohu8.com/highlight/detail?id=1150094003","media":"棱镜","summary":"4月7日晚上7点，国美零售举行了全球投资人电话会议，公司创始人黄光裕与首席财务官方巍、企业发展与投资者关系总监张景行一起出席了会议。这也是黄光裕出狱后，首次出席公开会议。方巍首先披露了几个关键经营数字","content":"<p>On April 7th, at 7 p.m.,<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>A global investor conference call was held, which was attended by the company's founder, Huang Guangyu, along with Chief Financial Officer, Wei Wei, and Director of Corporate Development and Investor Relations, Zhang Jingxing. This is also the first time Huang Guangyu has attended a public meeting since he was released from prison.</p><p><b>Fang Wei first disclosed several key operating figures and strategic expectations:</b></p><p>1. At present, there are more than 3,400 offline stores in Gome. In the future, Gome plans to expand its stores to more than 6,000 in the mode of \"self-operated + franchise\" within 18 months.</p><p>Second, since the first quarter of this year, the GMV of Gome's online platform \"True Happiness\" APP has increased nearly four times year-on-year, with about 40 million monthly active users. In the next 18 months, Gome hopes to drain from offline to online, and achieve more than 100 million monthly active users.</p><p>Third, at this stage, Gome mainly promotes seven categories of commodity procurement platforms, such as home appliances, food and drinks, clothing, shoes and bags, home improvement, daily necessities, maternal and baby toys, beauty and personal care, and strives to exceed 500,000 SKUs within 18 months (home appliances have expanded from 3W to 10W, and non-home appliances have expanded from 7W to 40W).</p><p>Fourth, on the supply chain platform side, non-home appliances accounted for 10% of Gome's sales in 2020, and 90% were home appliances. The proportion of non-home appliance sales is planned to increase to 30% in 2021.</p><p>Subsequently, investors and brokerage representatives asked questions to Gome's management, and Huang Guangyu answered the questions accordingly. The author summarizes and sorts out Huang Guangyu's core views.</p><p><b>Question 1:</b>An overall view of the current development of the traditional retail industry?</p><p><b>Huang Guangyu:</b>Regardless of consumption upgrading or internal circulation, the retail market has a lot of room for future growth. Gome expanded from electrical appliances category to all categories, and at the same time carried out offline empowerment. Gome has lost a lot of opportunities and time on this road, and has learned a lot, with successes and failures.<b>After several months of research, Gome will expand its supply chain in the future. Combined with online platform and entertainment mode, it is expected to achieve the set goal in the next 18 months.</b></p><p><b>Question 2:</b>How to understand the development path, entertainment marketing and operation of True Happy APP?</p><p><b>Huang Guangyu:</b>Happy will start with standardized products offline, and then guide merchants to display the experience. In the future, the traditional e-commerce display platform mode will encounter bottlenecks. Although the experience of live broadcast and short video mode is better, it will soon be homogenized. Real entertainment marketing is to let everyone participate, combine the existing e-commerce model with entertainment marketing to bring goods, and then develop service and low price as the basic ability of the bottom layer. Gome will stand on the C-end, make requests to merchants, serve consumers, and sell goods jointly with merchants.</p><p><b>Question 3:</b>Does Gome's offline layout have enough resources to support it in the future? What is the profitability model?</p><p><b>Huang Guangyu:</b>Gome stores will be divided into self-operated and franchised, adopting the asset-light mode. In the future, it will adopt the mode of direct operation system and offline platform combined with investment leasing plus commission, and the operating pressure will be relatively small. In the future, offline is expected to drain about 100 million online. At the same time, it will also solve the problem of declining operating performance of many offline stores and establish community marketing. Gome will cooperate with more professional institutions to take low price, on-time delivery, entertainment marketing and high-quality service as its core advantages.</p><p><b>Question 4:</b>How will Gome expand from home appliances to all categories?</p><p><b>Huang Guangyu:</b>We will divide the supply chain into three parts: investment promotion, self-operation and customization. Through the separation mode of online and offline platforms, enhancing the competitiveness of the platform is not entirely supported by its own supply chain.</p><p>Like<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Tmall,<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Just like opening a shop,<b>We will also co-build and output the supply chain, or expand the channels by jointly founding companies.</b>At the purchase end, everyone can jointly explore the ability of self-procurement and customization.<b>We have set up a professional team and will continue to recruit professionals to join in the society. In the future, equity cooperation may also be liberalized to enhance supply chain capabilities.</b></p><p><b>Question 5:</b>How to understand the competitive partnership with Pinduoduo and JD.COM?</p><p><b>Huang Guangyu:</b>Our mindset and strategy are open, and no one can destroy anyone. As long as the business path and strategy are right, whoever restricts anyone is temporary. Under this premise, we do not rule out cooperation with any party. We regard them (Pinduoduo and JD.COM) as mature sales platforms, and we can go to them to sell and drain traffic; They also cooperate with us with an open mind.</p><p>They have the advantage of scale, and they have encountered bottlenecks and shortcomings until now. In the future, the most important competition in the retail industry is<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Whether there are advantages in supply chain and distribution, and whether it can form a closed loop, there are differences in marketing, experience and positioning.</p><p>Gome is engaged in entertainment marketing. Our model is not only to bring goods, but also to drive more people to participate, share in the entertainment process, think of playing when buying goods, and experience it nearby in stores, not just for cheapness, which will become the reason for consumers to put APPs on their mobile phones.</p><p><b>Question 6:</b>At present, the debt ratio of Gome is high. How to plan the future debt reduction plan?</p><p><b>Huang Guangyu: I am really happy that I may lose some money next, and the input cost will be higher than the income. Gome will try to make positive cash flow as much as possible in the future.</b>After accurate online and offline positioning, offline stores are likely to be profitable,<b>It is hoped that the profit of the store will exceed 800 million this year.</b></p><p>The procurement and sales of Gome's supply chain platform pay attention to small profits but quick turnover, high market share and fast capital turnover, and this piece also strives to achieve positive returns. From the perspective of debt ratio, there should not be too much in the future. While building the network, we will also increase some assets and capital to reduce the debt ratio. In recent years, the loss-to-debt ratio is relatively high, and we will solve it as soon as possible.</p>","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>Record of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo</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\">\nRecord of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/91\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">棱镜 </p>\n<p class=\"h-time smaller\">2021-04-07 23:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 7th, at 7 p.m.,<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>A global investor conference call was held, which was attended by the company's founder, Huang Guangyu, along with Chief Financial Officer, Wei Wei, and Director of Corporate Development and Investor Relations, Zhang Jingxing. This is also the first time Huang Guangyu has attended a public meeting since he was released from prison.</p><p><b>Fang Wei first disclosed several key operating figures and strategic expectations:</b></p><p>1. At present, there are more than 3,400 offline stores in Gome. In the future, Gome plans to expand its stores to more than 6,000 in the mode of \"self-operated + franchise\" within 18 months.</p><p>Second, since the first quarter of this year, the GMV of Gome's online platform \"True Happiness\" APP has increased nearly four times year-on-year, with about 40 million monthly active users. In the next 18 months, Gome hopes to drain from offline to online, and achieve more than 100 million monthly active users.</p><p>Third, at this stage, Gome mainly promotes seven categories of commodity procurement platforms, such as home appliances, food and drinks, clothing, shoes and bags, home improvement, daily necessities, maternal and baby toys, beauty and personal care, and strives to exceed 500,000 SKUs within 18 months (home appliances have expanded from 3W to 10W, and non-home appliances have expanded from 7W to 40W).</p><p>Fourth, on the supply chain platform side, non-home appliances accounted for 10% of Gome's sales in 2020, and 90% were home appliances. The proportion of non-home appliance sales is planned to increase to 30% in 2021.</p><p>Subsequently, investors and brokerage representatives asked questions to Gome's management, and Huang Guangyu answered the questions accordingly. The author summarizes and sorts out Huang Guangyu's core views.</p><p><b>Question 1:</b>An overall view of the current development of the traditional retail industry?</p><p><b>Huang Guangyu:</b>Regardless of consumption upgrading or internal circulation, the retail market has a lot of room for future growth. Gome expanded from electrical appliances category to all categories, and at the same time carried out offline empowerment. Gome has lost a lot of opportunities and time on this road, and has learned a lot, with successes and failures.<b>After several months of research, Gome will expand its supply chain in the future. Combined with online platform and entertainment mode, it is expected to achieve the set goal in the next 18 months.</b></p><p><b>Question 2:</b>How to understand the development path, entertainment marketing and operation of True Happy APP?</p><p><b>Huang Guangyu:</b>Happy will start with standardized products offline, and then guide merchants to display the experience. In the future, the traditional e-commerce display platform mode will encounter bottlenecks. Although the experience of live broadcast and short video mode is better, it will soon be homogenized. Real entertainment marketing is to let everyone participate, combine the existing e-commerce model with entertainment marketing to bring goods, and then develop service and low price as the basic ability of the bottom layer. Gome will stand on the C-end, make requests to merchants, serve consumers, and sell goods jointly with merchants.</p><p><b>Question 3:</b>Does Gome's offline layout have enough resources to support it in the future? What is the profitability model?</p><p><b>Huang Guangyu:</b>Gome stores will be divided into self-operated and franchised, adopting the asset-light mode. In the future, it will adopt the mode of direct operation system and offline platform combined with investment leasing plus commission, and the operating pressure will be relatively small. In the future, offline is expected to drain about 100 million online. At the same time, it will also solve the problem of declining operating performance of many offline stores and establish community marketing. Gome will cooperate with more professional institutions to take low price, on-time delivery, entertainment marketing and high-quality service as its core advantages.</p><p><b>Question 4:</b>How will Gome expand from home appliances to all categories?</p><p><b>Huang Guangyu:</b>We will divide the supply chain into three parts: investment promotion, self-operation and customization. Through the separation mode of online and offline platforms, enhancing the competitiveness of the platform is not entirely supported by its own supply chain.</p><p>Like<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Tmall,<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Just like opening a shop,<b>We will also co-build and output the supply chain, or expand the channels by jointly founding companies.</b>At the purchase end, everyone can jointly explore the ability of self-procurement and customization.<b>We have set up a professional team and will continue to recruit professionals to join in the society. In the future, equity cooperation may also be liberalized to enhance supply chain capabilities.</b></p><p><b>Question 5:</b>How to understand the competitive partnership with Pinduoduo and JD.COM?</p><p><b>Huang Guangyu:</b>Our mindset and strategy are open, and no one can destroy anyone. As long as the business path and strategy are right, whoever restricts anyone is temporary. Under this premise, we do not rule out cooperation with any party. We regard them (Pinduoduo and JD.COM) as mature sales platforms, and we can go to them to sell and drain traffic; They also cooperate with us with an open mind.</p><p>They have the advantage of scale, and they have encountered bottlenecks and shortcomings until now. In the future, the most important competition in the retail industry is<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Whether there are advantages in supply chain and distribution, and whether it can form a closed loop, there are differences in marketing, experience and positioning.</p><p>Gome is engaged in entertainment marketing. Our model is not only to bring goods, but also to drive more people to participate, share in the entertainment process, think of playing when buying goods, and experience it nearby in stores, not just for cheapness, which will become the reason for consumers to put APPs on their mobile phones.</p><p><b>Question 6:</b>At present, the debt ratio of Gome is high. How to plan the future debt reduction plan?</p><p><b>Huang Guangyu: I am really happy that I may lose some money next, and the input cost will be higher than the income. Gome will try to make positive cash flow as much as possible in the future.</b>After accurate online and offline positioning, offline stores are likely to be profitable,<b>It is hoped that the profit of the store will exceed 800 million this year.</b></p><p>The procurement and sales of Gome's supply chain platform pay attention to small profits but quick turnover, high market share and fast capital turnover, and this piece also strives to achieve positive returns. From the perspective of debt ratio, there should not be too much in the future. While building the network, we will also increase some assets and capital to reduce the debt ratio. In recent years, the loss-to-debt ratio is relatively high, and we will solve it as soon as possible.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21203eb659b73d0c274e40c998fadb8e","relate_stocks":{"00493":"国美零售"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150094003","content_text":"4月7日晚上7点，国美零售举行了全球投资人电话会议，公司创始人黄光裕与首席财务官方巍、企业发展与投资者关系总监张景行一起出席了会议。这也是黄光裕出狱后，首次出席公开会议。方巍首先披露了几个关键经营数字及战略预期：一、目前国美线下有3400多家门店，未来国美计划在18个月内，以“自营+加盟”的模式，将门店扩张到6000家以上。二、今年1季度以来，国美线上平台“真快乐”APP的GMV同比增长近4倍，月活用户为4千万左右。未来18个月内，国美希望通过线下向线上引流，实现月活用户1亿以上。三、现阶段国美主推家电、食品酒水、服饰鞋包、家居家装、日用百货、母婴玩具、美妆个护等七大类目商品采购平台，力争18个月内SKU数量突破50万（家电类从3W拓展到10W，非家电从7W拓展到40W）。四、在供应链平台端，国美2020年销售中非家电占比10%，90%为家电。2021年计划非家电销售占比增长到30%。随后，投资人及券商代表向国美管理层提问，黄光裕对问题做了相应解答。作者对黄光裕的核心观点进行了归纳整理。问题1：对目前传统零售行业发展的整体看法？黄光裕：不论从消费升级还是内循环，零售市场未来增长空间很大。国美从电器品类拓展到全品类，同时进行了线下赋能。国美在这条路上丢失了很多机会和时间，也学习到了很多，有成有败。国美经过几个月的研究，未来将进行供应链拓展，结合线上平台、娱乐化模式，有望在未来18个月内实现既定目标。问题2：真快乐APP的发展路径、娱乐化营销和运营如何理解？黄光裕：真快乐会在线下从标准化产品入手，进而引导商家进行展示体验。未来传统电商展示平台模式会遇到瓶颈，直播、短视频模式体验虽然更好，但很快也会同质化。真正的娱乐化营销是让大家参与进来，用现有的电商模式和娱乐化营销结合起来带货，再将服务和低价作为底层的基本能力来发展。国美会站在C端，向商家提出要求，服务于消费者，跟商家联合卖货。问题3：国美的线下布局未来是否有足够资源支撑？盈利模型是什么？黄光裕：国美门店会分为自营和加盟两种，采取轻资产模式进行。未来将采取直营体系、线下平台结合招商租赁加提成的模式，经营压力相对较小。未来线下有望给线上引流1亿左右。同时这也将解决许多线下门店经营业绩下滑的问题，并建立起社群营销。国美将与更多专业机构合作，将低价、准时配送、娱乐化营销、高品质服务作为核心优势。问题4：国美将如何从家电拓展到全品类？黄光裕：供应链部分我们将分为三块：招商，自营，定制。通过线上、线下平台分离的模式，提升平台竞争力，并不全靠自有供应链来支撑。像拼多多、京东、天猫、抖音开店一样，我们也会做供应链的共建输出，或者通过联合创建公司来拓展途径。在进货端，大家可以共同挖掘自采和定制能力。我们已经组建了专业团队，会继续在社会上招揽专业人才加盟。未来也可能放开股权合作，增强供应链能力。问题5：与拼多多、京东的竞争合作关系如何理解？黄光裕：我们的心态和战略是开放的，谁也灭不了谁。只要经营路径和战略对，谁制约谁都是暂时的。在此前提下，我们不排除和任何一方合作。我们把他们（拼多多和京东）视为成熟的销售平台，我们可以到他们那里去销售、去引流；他们也以开放的心态跟我们合作。他们有规模优势，发展到现在也遇到了瓶颈和短板。未来大家在零售业上最重要比拼的是线上线下、供应链、配送是否有优势，能否形成闭环，在营销、体验、定位有所差异化。国美做娱乐化营销，我们的模式不仅仅是带货，而是希望带动更多人参与，在娱乐过程里进行分享，买货时想到玩，在门店就近体验，不只是为了便宜，这将会成为消费者把APP存在手机上的理由。问题6：国美目前负债率较高，未来减债计划如何规划？黄光裕：真快乐接下来可能会亏一些钱，投入成本会比收入高。国美未来尽可能做到现金流为正。通过线上线下精准定位后，线下门店有可能盈利，希望今年门店部分盈利能够突破8亿。国美供应链平台采销讲究薄利多销、市场份额高、资金周转快，这一块也争取实现收益正向。从负债率看，未来应该不会太多。我们在构建网络的同时也会增加一些资产，增加资本金来减少负债率。这几年的亏损负债率比较高，我们会尽快解决。","news_type":1,"symbols_score_info":{"00493":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341249039,"gmtCreate":1617836504421,"gmtModify":1704703653178,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3554372296843481","authorIdStr":"3554372296843481"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/341249039","repostId":"2125729955","repostType":4,"isVote":1,"tweetType":1,"viewCount":1258,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":188028517,"gmtCreate":1623417211139,"gmtModify":1704203043300,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554372296843481","idStr":"3554372296843481"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","listText":"<a href=\"https://laohu8.com/S/OCGN\">$Histogenics Corporation(OCGN)$</a>--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","text":"$Histogenics Corporation(OCGN)$--HC Wainwright Adjusts Ocugen's Price Target to $10 From $12, Maintains Buy Rating","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/188028517","isVote":1,"tweetType":1,"viewCount":3467,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581759532939362","authorId":"3581759532939362","name":"Jinyyy","avatar":"https://community-static.tradeup.com/news/54d2483c31478635ca74079efdab6f65","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3581759532939362","idStr":"3581759532939362"},"content":"Is $12 to 10 but still Maintain buy rating. i verified this.","text":"Is $12 to 10 but still Maintain buy rating. i verified this.","html":"Is $12 to 10 but still Maintain buy rating. i verified this."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348502279,"gmtCreate":1617937205491,"gmtModify":1704705045426,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554372296843481","idStr":"3554372296843481"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/348502279","repostId":"2126702543","repostType":4,"isVote":1,"tweetType":1,"viewCount":1386,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3574164671299178","authorId":"3574164671299178","name":"飞鸟跌穴298884","avatar":"https://static.tigerbbs.com/0a86a1d7644d8cfdcbb622860fd749e7","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574164671299178","idStr":"3574164671299178"},"content":"Evaluate each other ~","text":"Evaluate each other ~","html":"Evaluate each other 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保守估計至少46美元","htmlText":"就在昨天美股全線收漲的大環境下，<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>&nbsp;“暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","listText":"就在昨天美股全線收漲的大環境下，<a target=\"_blank\" href=\"https://laohu8.com/S/WISH\">$ContextLogic Inc.(WISH)$</a>&nbsp;“暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","text":"就在昨天美股全線收漲的大環境下，$ContextLogic Inc.(WISH)$ “暴跌”了近7個百分點。一部分投機者失望地割肉離場，而堅定的信仰者則認爲，這是該股連續漲了四周後的健康回調。昨天，一篇由Monplanet Capital Management 發表於Seeking Alpha的文章，在海外 WISH 投資者中被大量轉載。該文的作者使用 DCF (現金流量貼現法) ，專業的金融模型，發現 WISH 當前的股價被嚴重低估。除此之外，作者保守估計，WISH 的股價至少價值46美元。紅胖子Aaron第一時間整理翻譯了該文，爲 WISH 戰友們穩定軍心。該文的圖片，數據均有資料來源，因此譯者沒有二次求證其真實性，讀者做投資決策時請謹慎參考。全文翻譯如下：概要 WISH 是一個全球電子商務網站，每月連接近 1 億活躍用戶和近 550,000 家商戶 WISH 比 eBay 或 MercadoLibre 更關注客戶的體驗 我獲得了 8600 萬至 5.64 億美元的營業現金流（CFO）和 6800 萬至 5.32 億美元的自由現金流;請注意，其他分析師預計 2022 年的自由現金流爲正 競爭對手的 CFO/銷售額爲 4%-32%。我決定從 2021 年到 2025 年使用 3%-10% 的比例 假設總流動性爲 18 億美元，我得到的股票估值爲 86.6 億美元，這意味着WISH的股價應爲 46 美元 ContextLogic（納斯達克股票代碼：WISH）手頭有大量現金，該公司正在進行大規模的營銷和用戶體驗方面投資。考慮到這些事實，WISH 很可能在未來五年內實現可觀的銷售增長和正的自由現金流。非常保守假設的貼現現金流模型揭示了股價的巨大上漲潛力。請注","images":[{"img":"https://static.tigerbbs.com/4c0c7cac3ee3253c33f28b817d1437d8","width":"1218","height":"751"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/153671068","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":14,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1479,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341249316,"gmtCreate":1617836521635,"gmtModify":1704703653504,"author":{"id":"3554372296843481","authorId":"3554372296843481","name":"莫莫笑看风云","avatar":"https://static.tigerbbs.com/f3071680b6e770a83616ad335d271dae","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554372296843481","idStr":"3554372296843481"},"themes":[],"title":"","htmlText":"Very good","listText":"Very good","text":"Very good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/341249316","repostId":"1150094003","repostType":4,"repost":{"id":"1150094003","kind":"news","weMediaInfo":{"introduction":"解密财经，透视真相。为您传递第一手新鲜财经深度报道。","home_visible":1,"media_name":"棱镜","id":"91","head_image":"https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8"},"pubTimestamp":1617808333,"share":"https://ttm.financial/m/news/1150094003?lang=en_US&edition=fundamental","pubTime":"2021-04-07 23:12","market":"hk","language":"zh","title":"Record of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo","url":"https://stock-news.laohu8.com/highlight/detail?id=1150094003","media":"棱镜","summary":"4月7日晚上7点，国美零售举行了全球投资人电话会议，公司创始人黄光裕与首席财务官方巍、企业发展与投资者关系总监张景行一起出席了会议。这也是黄光裕出狱后，首次出席公开会议。方巍首先披露了几个关键经营数字","content":"<p>On April 7th, at 7 p.m.,<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>A global investor conference call was held, which was attended by the company's founder, Huang Guangyu, along with Chief Financial Officer, Wei Wei, and Director of Corporate Development and Investor Relations, Zhang Jingxing. This is also the first time Huang Guangyu has attended a public meeting since he was released from prison.</p><p><b>Fang Wei first disclosed several key operating figures and strategic expectations:</b></p><p>1. At present, there are more than 3,400 offline stores in Gome. In the future, Gome plans to expand its stores to more than 6,000 in the mode of \"self-operated + franchise\" within 18 months.</p><p>Second, since the first quarter of this year, the GMV of Gome's online platform \"True Happiness\" APP has increased nearly four times year-on-year, with about 40 million monthly active users. In the next 18 months, Gome hopes to drain from offline to online, and achieve more than 100 million monthly active users.</p><p>Third, at this stage, Gome mainly promotes seven categories of commodity procurement platforms, such as home appliances, food and drinks, clothing, shoes and bags, home improvement, daily necessities, maternal and baby toys, beauty and personal care, and strives to exceed 500,000 SKUs within 18 months (home appliances have expanded from 3W to 10W, and non-home appliances have expanded from 7W to 40W).</p><p>Fourth, on the supply chain platform side, non-home appliances accounted for 10% of Gome's sales in 2020, and 90% were home appliances. The proportion of non-home appliance sales is planned to increase to 30% in 2021.</p><p>Subsequently, investors and brokerage representatives asked questions to Gome's management, and Huang Guangyu answered the questions accordingly. The author summarizes and sorts out Huang Guangyu's core views.</p><p><b>Question 1:</b>An overall view of the current development of the traditional retail industry?</p><p><b>Huang Guangyu:</b>Regardless of consumption upgrading or internal circulation, the retail market has a lot of room for future growth. Gome expanded from electrical appliances category to all categories, and at the same time carried out offline empowerment. Gome has lost a lot of opportunities and time on this road, and has learned a lot, with successes and failures.<b>After several months of research, Gome will expand its supply chain in the future. Combined with online platform and entertainment mode, it is expected to achieve the set goal in the next 18 months.</b></p><p><b>Question 2:</b>How to understand the development path, entertainment marketing and operation of True Happy APP?</p><p><b>Huang Guangyu:</b>Happy will start with standardized products offline, and then guide merchants to display the experience. In the future, the traditional e-commerce display platform mode will encounter bottlenecks. Although the experience of live broadcast and short video mode is better, it will soon be homogenized. Real entertainment marketing is to let everyone participate, combine the existing e-commerce model with entertainment marketing to bring goods, and then develop service and low price as the basic ability of the bottom layer. Gome will stand on the C-end, make requests to merchants, serve consumers, and sell goods jointly with merchants.</p><p><b>Question 3:</b>Does Gome's offline layout have enough resources to support it in the future? What is the profitability model?</p><p><b>Huang Guangyu:</b>Gome stores will be divided into self-operated and franchised, adopting the asset-light mode. In the future, it will adopt the mode of direct operation system and offline platform combined with investment leasing plus commission, and the operating pressure will be relatively small. In the future, offline is expected to drain about 100 million online. At the same time, it will also solve the problem of declining operating performance of many offline stores and establish community marketing. Gome will cooperate with more professional institutions to take low price, on-time delivery, entertainment marketing and high-quality service as its core advantages.</p><p><b>Question 4:</b>How will Gome expand from home appliances to all categories?</p><p><b>Huang Guangyu:</b>We will divide the supply chain into three parts: investment promotion, self-operation and customization. Through the separation mode of online and offline platforms, enhancing the competitiveness of the platform is not entirely supported by its own supply chain.</p><p>Like<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Tmall,<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Just like opening a shop,<b>We will also co-build and output the supply chain, or expand the channels by jointly founding companies.</b>At the purchase end, everyone can jointly explore the ability of self-procurement and customization.<b>We have set up a professional team and will continue to recruit professionals to join in the society. In the future, equity cooperation may also be liberalized to enhance supply chain capabilities.</b></p><p><b>Question 5:</b>How to understand the competitive partnership with Pinduoduo and JD.COM?</p><p><b>Huang Guangyu:</b>Our mindset and strategy are open, and no one can destroy anyone. As long as the business path and strategy are right, whoever restricts anyone is temporary. Under this premise, we do not rule out cooperation with any party. We regard them (Pinduoduo and JD.COM) as mature sales platforms, and we can go to them to sell and drain traffic; They also cooperate with us with an open mind.</p><p>They have the advantage of scale, and they have encountered bottlenecks and shortcomings until now. In the future, the most important competition in the retail industry is<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Whether there are advantages in supply chain and distribution, and whether it can form a closed loop, there are differences in marketing, experience and positioning.</p><p>Gome is engaged in entertainment marketing. Our model is not only to bring goods, but also to drive more people to participate, share in the entertainment process, think of playing when buying goods, and experience it nearby in stores, not just for cheapness, which will become the reason for consumers to put APPs on their mobile phones.</p><p><b>Question 6:</b>At present, the debt ratio of Gome is high. How to plan the future debt reduction plan?</p><p><b>Huang Guangyu: I am really happy that I may lose some money next, and the input cost will be higher than the income. Gome will try to make positive cash flow as much as possible in the future.</b>After accurate online and offline positioning, offline stores are likely to be profitable,<b>It is hoped that the profit of the store will exceed 800 million this year.</b></p><p>The procurement and sales of Gome's supply chain platform pay attention to small profits but quick turnover, high market share and fast capital turnover, and this piece also strives to achieve positive returns. From the perspective of debt ratio, there should not be too much in the future. While building the network, we will also increase some assets and capital to reduce the debt ratio. In recent years, the loss-to-debt ratio is relatively high, and we will solve it as soon as possible.</p>","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>Record of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo</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\">\nRecord of Huang Guangyu's Telephone Conference: No one can kill anyone with Pinduoduo\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/91\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/ea46042fac2240098d9d976e6d67d6a8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">棱镜 </p>\n<p class=\"h-time smaller\">2021-04-07 23:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On April 7th, at 7 p.m.,<a href=\"https://laohu8.com/S/00493\">GOME Retail</a>A global investor conference call was held, which was attended by the company's founder, Huang Guangyu, along with Chief Financial Officer, Wei Wei, and Director of Corporate Development and Investor Relations, Zhang Jingxing. This is also the first time Huang Guangyu has attended a public meeting since he was released from prison.</p><p><b>Fang Wei first disclosed several key operating figures and strategic expectations:</b></p><p>1. At present, there are more than 3,400 offline stores in Gome. In the future, Gome plans to expand its stores to more than 6,000 in the mode of \"self-operated + franchise\" within 18 months.</p><p>Second, since the first quarter of this year, the GMV of Gome's online platform \"True Happiness\" APP has increased nearly four times year-on-year, with about 40 million monthly active users. In the next 18 months, Gome hopes to drain from offline to online, and achieve more than 100 million monthly active users.</p><p>Third, at this stage, Gome mainly promotes seven categories of commodity procurement platforms, such as home appliances, food and drinks, clothing, shoes and bags, home improvement, daily necessities, maternal and baby toys, beauty and personal care, and strives to exceed 500,000 SKUs within 18 months (home appliances have expanded from 3W to 10W, and non-home appliances have expanded from 7W to 40W).</p><p>Fourth, on the supply chain platform side, non-home appliances accounted for 10% of Gome's sales in 2020, and 90% were home appliances. The proportion of non-home appliance sales is planned to increase to 30% in 2021.</p><p>Subsequently, investors and brokerage representatives asked questions to Gome's management, and Huang Guangyu answered the questions accordingly. The author summarizes and sorts out Huang Guangyu's core views.</p><p><b>Question 1:</b>An overall view of the current development of the traditional retail industry?</p><p><b>Huang Guangyu:</b>Regardless of consumption upgrading or internal circulation, the retail market has a lot of room for future growth. Gome expanded from electrical appliances category to all categories, and at the same time carried out offline empowerment. Gome has lost a lot of opportunities and time on this road, and has learned a lot, with successes and failures.<b>After several months of research, Gome will expand its supply chain in the future. Combined with online platform and entertainment mode, it is expected to achieve the set goal in the next 18 months.</b></p><p><b>Question 2:</b>How to understand the development path, entertainment marketing and operation of True Happy APP?</p><p><b>Huang Guangyu:</b>Happy will start with standardized products offline, and then guide merchants to display the experience. In the future, the traditional e-commerce display platform mode will encounter bottlenecks. Although the experience of live broadcast and short video mode is better, it will soon be homogenized. Real entertainment marketing is to let everyone participate, combine the existing e-commerce model with entertainment marketing to bring goods, and then develop service and low price as the basic ability of the bottom layer. Gome will stand on the C-end, make requests to merchants, serve consumers, and sell goods jointly with merchants.</p><p><b>Question 3:</b>Does Gome's offline layout have enough resources to support it in the future? What is the profitability model?</p><p><b>Huang Guangyu:</b>Gome stores will be divided into self-operated and franchised, adopting the asset-light mode. In the future, it will adopt the mode of direct operation system and offline platform combined with investment leasing plus commission, and the operating pressure will be relatively small. In the future, offline is expected to drain about 100 million online. At the same time, it will also solve the problem of declining operating performance of many offline stores and establish community marketing. Gome will cooperate with more professional institutions to take low price, on-time delivery, entertainment marketing and high-quality service as its core advantages.</p><p><b>Question 4:</b>How will Gome expand from home appliances to all categories?</p><p><b>Huang Guangyu:</b>We will divide the supply chain into three parts: investment promotion, self-operation and customization. Through the separation mode of online and offline platforms, enhancing the competitiveness of the platform is not entirely supported by its own supply chain.</p><p>Like<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>、<a href=\"https://laohu8.com/S/JD\">Jingdong</a>Tmall,<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Just like opening a shop,<b>We will also co-build and output the supply chain, or expand the channels by jointly founding companies.</b>At the purchase end, everyone can jointly explore the ability of self-procurement and customization.<b>We have set up a professional team and will continue to recruit professionals to join in the society. In the future, equity cooperation may also be liberalized to enhance supply chain capabilities.</b></p><p><b>Question 5:</b>How to understand the competitive partnership with Pinduoduo and JD.COM?</p><p><b>Huang Guangyu:</b>Our mindset and strategy are open, and no one can destroy anyone. As long as the business path and strategy are right, whoever restricts anyone is temporary. Under this premise, we do not rule out cooperation with any party. We regard them (Pinduoduo and JD.COM) as mature sales platforms, and we can go to them to sell and drain traffic; They also cooperate with us with an open mind.</p><p>They have the advantage of scale, and they have encountered bottlenecks and shortcomings until now. In the future, the most important competition in the retail industry is<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Whether there are advantages in supply chain and distribution, and whether it can form a closed loop, there are differences in marketing, experience and positioning.</p><p>Gome is engaged in entertainment marketing. Our model is not only to bring goods, but also to drive more people to participate, share in the entertainment process, think of playing when buying goods, and experience it nearby in stores, not just for cheapness, which will become the reason for consumers to put APPs on their mobile phones.</p><p><b>Question 6:</b>At present, the debt ratio of Gome is high. How to plan the future debt reduction plan?</p><p><b>Huang Guangyu: I am really happy that I may lose some money next, and the input cost will be higher than the income. Gome will try to make positive cash flow as much as possible in the future.</b>After accurate online and offline positioning, offline stores are likely to be profitable,<b>It is hoped that the profit of the store will exceed 800 million this year.</b></p><p>The procurement and sales of Gome's supply chain platform pay attention to small profits but quick turnover, high market share and fast capital turnover, and this piece also strives to achieve positive returns. From the perspective of debt ratio, there should not be too much in the future. While building the network, we will also increase some assets and capital to reduce the debt ratio. In recent years, the loss-to-debt ratio is relatively high, and we will solve it as soon as possible.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21203eb659b73d0c274e40c998fadb8e","relate_stocks":{"00493":"国美零售"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150094003","content_text":"4月7日晚上7点，国美零售举行了全球投资人电话会议，公司创始人黄光裕与首席财务官方巍、企业发展与投资者关系总监张景行一起出席了会议。这也是黄光裕出狱后，首次出席公开会议。方巍首先披露了几个关键经营数字及战略预期：一、目前国美线下有3400多家门店，未来国美计划在18个月内，以“自营+加盟”的模式，将门店扩张到6000家以上。二、今年1季度以来，国美线上平台“真快乐”APP的GMV同比增长近4倍，月活用户为4千万左右。未来18个月内，国美希望通过线下向线上引流，实现月活用户1亿以上。三、现阶段国美主推家电、食品酒水、服饰鞋包、家居家装、日用百货、母婴玩具、美妆个护等七大类目商品采购平台，力争18个月内SKU数量突破50万（家电类从3W拓展到10W，非家电从7W拓展到40W）。四、在供应链平台端，国美2020年销售中非家电占比10%，90%为家电。2021年计划非家电销售占比增长到30%。随后，投资人及券商代表向国美管理层提问，黄光裕对问题做了相应解答。作者对黄光裕的核心观点进行了归纳整理。问题1：对目前传统零售行业发展的整体看法？黄光裕：不论从消费升级还是内循环，零售市场未来增长空间很大。国美从电器品类拓展到全品类，同时进行了线下赋能。国美在这条路上丢失了很多机会和时间，也学习到了很多，有成有败。国美经过几个月的研究，未来将进行供应链拓展，结合线上平台、娱乐化模式，有望在未来18个月内实现既定目标。问题2：真快乐APP的发展路径、娱乐化营销和运营如何理解？黄光裕：真快乐会在线下从标准化产品入手，进而引导商家进行展示体验。未来传统电商展示平台模式会遇到瓶颈，直播、短视频模式体验虽然更好，但很快也会同质化。真正的娱乐化营销是让大家参与进来，用现有的电商模式和娱乐化营销结合起来带货，再将服务和低价作为底层的基本能力来发展。国美会站在C端，向商家提出要求，服务于消费者，跟商家联合卖货。问题3：国美的线下布局未来是否有足够资源支撑？盈利模型是什么？黄光裕：国美门店会分为自营和加盟两种，采取轻资产模式进行。未来将采取直营体系、线下平台结合招商租赁加提成的模式，经营压力相对较小。未来线下有望给线上引流1亿左右。同时这也将解决许多线下门店经营业绩下滑的问题，并建立起社群营销。国美将与更多专业机构合作，将低价、准时配送、娱乐化营销、高品质服务作为核心优势。问题4：国美将如何从家电拓展到全品类？黄光裕：供应链部分我们将分为三块：招商，自营，定制。通过线上、线下平台分离的模式，提升平台竞争力，并不全靠自有供应链来支撑。像拼多多、京东、天猫、抖音开店一样，我们也会做供应链的共建输出，或者通过联合创建公司来拓展途径。在进货端，大家可以共同挖掘自采和定制能力。我们已经组建了专业团队，会继续在社会上招揽专业人才加盟。未来也可能放开股权合作，增强供应链能力。问题5：与拼多多、京东的竞争合作关系如何理解？黄光裕：我们的心态和战略是开放的，谁也灭不了谁。只要经营路径和战略对，谁制约谁都是暂时的。在此前提下，我们不排除和任何一方合作。我们把他们（拼多多和京东）视为成熟的销售平台，我们可以到他们那里去销售、去引流；他们也以开放的心态跟我们合作。他们有规模优势，发展到现在也遇到了瓶颈和短板。未来大家在零售业上最重要比拼的是线上线下、供应链、配送是否有优势，能否形成闭环，在营销、体验、定位有所差异化。国美做娱乐化营销，我们的模式不仅仅是带货，而是希望带动更多人参与，在娱乐过程里进行分享，买货时想到玩，在门店就近体验，不只是为了便宜，这将会成为消费者把APP存在手机上的理由。问题6：国美目前负债率较高，未来减债计划如何规划？黄光裕：真快乐接下来可能会亏一些钱，投入成本会比收入高。国美未来尽可能做到现金流为正。通过线上线下精准定位后，线下门店有可能盈利，希望今年门店部分盈利能够突破8亿。国美供应链平台采销讲究薄利多销、市场份额高、资金周转快，这一块也争取实现收益正向。从负债率看，未来应该不会太多。我们在构建网络的同时也会增加一些资产，增加资本金来减少负债率。这几年的亏损负债率比较高，我们会尽快解决。","news_type":1,"symbols_score_info":{"00493":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}