+Follow
Crazy Q
No personal profile
820
Follow
14
Followers
0
Topic
0
Badge
Posts
Hot
Crazy Q
2025-05-26
$美团-W(03690)$
Crazy Q
2025-05-19
$美团-W(03690)$
Crazy Q
2025-05-19
$美团-W(03690)$
Crazy Q
2025-05-12
$美团-W(03690)$
Crazy Q
2025-05-05
$美团-W(03690)$
Crazy Q
2025-04-28
$美团-W(03690)$
Crazy Q
2025-04-21
$美团-W(03690)$
Crazy Q
2025-04-14
$美团-W(03690)$
Crazy Q
2025-04-07
$美团-W(03690)$
Crazy Q
2025-03-31
$美团-W(03690)$
Crazy Q
2025-03-24
$美团-W(03690)$
Crazy Q
2025-01-27
$美团-W(03690)$
Crazy Q
2025-01-24
$美团-W(03690)$
Crazy Q
2024-11-25
$美团-W(03690)$
Crazy Q
2024-08-12
$美团-W(03690)$
Crazy Q
2021-08-28
OK
Gross profit margin and net profit both declined, and BYD failed the "mid-term examination"? | Insight Institute
Crazy Q
2021-07-13
6
State Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved
Go to Tiger App to see more news
{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3566959746574224","uuid":"3566959746574224","gmtCreate":1603865723594,"gmtModify":1618885031683,"name":"Crazy Q","pinyin":"crazyqcrazyq","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","hatId":"ca_profile_frame_Mpy1eK","hatName":"","vip":1,"status":2,"fanSize":14,"headSize":820,"tweetSize":48,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":516,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-1","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Debut Tiger","description":"Join the tiger community for 500 days","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.05.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":439112076734664,"gmtCreate":1748240503026,"gmtModify":1748240506017,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/f4c59f1a0716873d9bc0b27af8d8e65a","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/439112076734664","isVote":1,"tweetType":1,"viewCount":1407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":436580540560128,"gmtCreate":1747622784578,"gmtModify":1747622787788,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/fcdac628701ca2eac02ec553f33cec36","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/436580540560128","isVote":1,"tweetType":1,"viewCount":1597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":436580423066184,"gmtCreate":1747622753602,"gmtModify":1747622757317,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/0d16af3b94ab5ae488d32cc399391275","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/436580423066184","isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":433966690816568,"gmtCreate":1746983063336,"gmtModify":1746983068190,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/a44041a6293564bd9a8969062d2147a0","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/433966690816568","isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":431668266086496,"gmtCreate":1746409326978,"gmtModify":1746409330792,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/cd099d2e1146945f5675d1783f9a9084","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/431668266086496","isVote":1,"tweetType":1,"viewCount":1416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":429219177694040,"gmtCreate":1745812199222,"gmtModify":1745812203916,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/c444dab4cb105be7dfef4040c2c7cf24","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/429219177694040","isVote":1,"tweetType":1,"viewCount":1890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":426765211132184,"gmtCreate":1745214335219,"gmtModify":1745214339944,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/3619f3c038304255d07bb45bf21886b8","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/426765211132184","isVote":1,"tweetType":1,"viewCount":1508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":424117961646344,"gmtCreate":1744563309492,"gmtModify":1744563313002,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/10b285e3166e775bbc968df0cd55c845","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/424117961646344","isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":421796072125000,"gmtCreate":1744008300855,"gmtModify":1744008304448,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/2c9d7ec379868aed4ad76f1a92b7c8b8","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/421796072125000","isVote":1,"tweetType":1,"viewCount":2188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":419081472463528,"gmtCreate":1743356485073,"gmtModify":1743356489715,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/b4bb2a162daec7992189c6c90991cb1d","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/419081472463528","isVote":1,"tweetType":1,"viewCount":2880,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4118478555761512","authorId":"4118478555761512","name":"Marcochen123","avatar":"https://community-static.tradeup.com/news/2515b33fc0425fd62a822f8607d37b22","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4118478555761512","idStr":"4118478555761512"},"content":"Holy shit, when did you build the warehouse?","text":"Holy shit, when did you build the warehouse?","html":"Holy shit, when did you build the warehouse?"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":416748331880840,"gmtCreate":1742753662354,"gmtModify":1742753665786,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/165e47932910abdae95c70fa1fad018a","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/416748331880840","isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":396853181104600,"gmtCreate":1737910302331,"gmtModify":1737910308463,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/ec06d6736a0414325c9a6bae61556034","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/396853181104600","isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":395836473155880,"gmtCreate":1737664682027,"gmtModify":1737664685776,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/e9bd1f03d29b896b0d2b3e765b9a7ffb","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/395836473155880","isVote":1,"tweetType":1,"viewCount":1198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374627040612768,"gmtCreate":1732502143911,"gmtModify":1732502279702,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/75305e446e92328e70873947f83981ba","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374627040612768","isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":337515649434000,"gmtCreate":1723440740788,"gmtModify":1723440745016,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/c7f613d129f418ac2490260d7705ba50","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/337515649434000","isVote":1,"tweetType":1,"viewCount":1259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813929740,"gmtCreate":1630122886580,"gmtModify":1676530230515,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813929740","repostId":"2162024217","repostType":2,"repost":{"id":"2162024217","kind":"highlight","pubTimestamp":1630079105,"share":"https://ttm.financial/m/news/2162024217?lang=en_US&edition=fundamental","pubTime":"2021-08-27 23:45","market":"hk","language":"zh","title":"Gross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute","url":"https://stock-news.laohu8.com/highlight/detail?id=2162024217","media":"华尔街见闻","summary":"比亚迪净利润同比下降29.41%，同时毛利率也由去年同期的18.05%下降至11.13，到底发生了什么？","content":"<p><html><body>On the evening of August 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results of the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent company was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, down 39.58% year-on-year.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>In terms of business, among BYD's three major businesses, the revenue of automobiles, automobile-related products and other products in the first half of the year was 38.146 billion yuan, a year-on-year increase of 25.41%; The revenue of mobile phone components, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; The revenue of secondary rechargeable batteries and photovoltaics was 7.847 billion yuan, a year-on-year increase of 70.47%. In terms of breakdown, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of cars, automotive-related products and other products has shrunk considerably (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has risen from 40 to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit fell 29.41% year-on-year and gross profit margin fell 6.92 pcts year-on-year</h2>BYD's net profit and gross profit margin declined considerably in the first half of the year, and the reasons need to be split. In the first half of the year, the proportion of BYD's automobile-related products and other products not only declined by nearly 10pcts, but the revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insight & Insight Institute</strong>It is believed that the main reason lies in the fluctuating impact of mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic situation was serious, and BYD's other two businesses were greatly affected, resulting in a generally low base. However, BYD's mask business with revenue exceeding 8 billion yuan was not listed separately, but was classified into the automobile and related products segment, and its profit is expected to be around 1.3-1.5 billion yuan, which resulted in the total performance of the automobile business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin (19.38%) last year the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>At the same time, since the beginning of this year, the prices of upstream raw materials of lithium batteries have increased greatly, among which hexafluorine, lithium carbonate and even the upstream spodumene have doubled, which has also affected the gross profit margin of battery manufacturers to a certain extent, which is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5pcts year-on-year and 3.56 pcts month-on-month.</p><p>2）<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>The gross profit margin of lithium-ion battery business in the first half of this year was 22.95%, down 1.31% year-on-year and 3.18pcts month-on-month.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, down 5.45pcts from the previous month.</p><p><h2>Electric Vehicles and Fuel Vehicles Polarize, Automotive Business is Expected to Increase Results in the Second Half of the Year</h2>As mentioned earlier, the revenue growth rate of BYD's automobile business in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's explosive model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the sales volume is not high at the beginning. Considering that the sales volume of BYD's new energy models has reached record highs since June, the automobile business is expected to usher in a great increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved a total sales volume of 247,000 units, representing a year-on-year increase of 56%. In terms of new energy vehicles, sales of passenger vehicles were 150,000 units, representing a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles) and 4,000 new energy commercial vehicles, representing a year-on-year increase of 35%. In the first half of the year, global pure electric vehicle sales ranked second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000) and SAIC-GM-Wuling (190,000), but sales of fuel vehicles have repeatedly suffered waterloo.</p><p>According to the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and the monthly sales exceeded 50,000 mark, of which hybrid and pure vehicle each accounted for 50%. However, the monthly sales of fuel vehicles have dropped again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks. In July, the sales volume was only 6,918 vehicles, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric, the necessary hybrid has also been recognized by the market. Since DM-i was launched and delivered in April, the market feedback has been excellent. At present, DM-i has a large backlog of orders, and the delivery cycle is 3-4 months. In the plug-in hybrid car market, although BYD's highly sought-after DMI was actually launched in April, it still has a good sales performance in the hybrid car market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, the new models of BYD e-platform 3.0: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be listed one after another in the third quarter. After listing, it is expected to continue the advantages of BYD Han and DMI before and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power battery position is firm, production expansion cycle continues</h2>Since the beginning of this year, the TOP 10 ranking of power battery loading volume has not been stable. Except for the first CATL and the second BYD, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuation of monthly sales of Tesla, the main supporting car company, LG Chem, a former TOP3 frequent customer, fell out of the TOP three in April, and even dropped sharply in loading volume in July (from 0.71GWh in June to 0.2GWh in July), once falling to the tenth place. BYD's batteries are mainly self-supplied, so naturally, with the sales of its own new energy vehicles repeatedly hitting new highs, it has become more and more stable in its second position.</p><p>Of course, due to the limited battery production capacity before, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708GWh, which has exceeded BYD's annual installed capacity of power batteries in 2020 (9.01GWh), and the total installed capacity of external batteries has gradually increased to about 0.3GWh. Supporting enterprises include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric car launch conference, Ford also announced that its battery is BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, the installed capacity of power batteries in China was 11.3GWh, up 125.0% year-on-year and 1.7% month-on-month. Among them, the total installation of ternary batteries was 5.5GWh, up 67.5% year-on-year and down 8.2% month-on-month; The total installed lithium iron phosphate batteries amounted to 5.8GWh, representing a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the loaded capacity of lithium iron phosphate batteries exceeds that of ternary lithium batteries. This is another powerful progress after lithium iron phosphate battery (8.8GWh) surpassed ternary lithium battery (5GWh) in output in May and completed the sales surpass in June. With the second-phase expansion of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, the construction of Xi' an blade battery Pack and other production lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make the market share of BYD's power batteries, especially lithium iron phosphate, reach a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous layout on batteries since July has been related to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoridol</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>Subsidiaries signed a supply agreement for lithium hexafluorophosphate materials and reserved approximately 21,000 tonnes of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly reached new highs. In July, the sales of new energy vehicles exceeded the 50,000 mark for the first time, reaching 50,492 units. It can be seen that both the preliminary material preparation work and the sales volume of the later terminal can digest this wave of expansion.</p><p></body></html></p>","source":"wallstreetcn_api","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>Gross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute</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\">\nGross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-27 23:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>On the evening of August 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results of the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent company was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, down 39.58% year-on-year.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>In terms of business, among BYD's three major businesses, the revenue of automobiles, automobile-related products and other products in the first half of the year was 38.146 billion yuan, a year-on-year increase of 25.41%; The revenue of mobile phone components, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; The revenue of secondary rechargeable batteries and photovoltaics was 7.847 billion yuan, a year-on-year increase of 70.47%. In terms of breakdown, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of cars, automotive-related products and other products has shrunk considerably (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has risen from 40 to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit fell 29.41% year-on-year and gross profit margin fell 6.92 pcts year-on-year</h2>BYD's net profit and gross profit margin declined considerably in the first half of the year, and the reasons need to be split. In the first half of the year, the proportion of BYD's automobile-related products and other products not only declined by nearly 10pcts, but the revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insight & Insight Institute</strong>It is believed that the main reason lies in the fluctuating impact of mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic situation was serious, and BYD's other two businesses were greatly affected, resulting in a generally low base. However, BYD's mask business with revenue exceeding 8 billion yuan was not listed separately, but was classified into the automobile and related products segment, and its profit is expected to be around 1.3-1.5 billion yuan, which resulted in the total performance of the automobile business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin (19.38%) last year the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>At the same time, since the beginning of this year, the prices of upstream raw materials of lithium batteries have increased greatly, among which hexafluorine, lithium carbonate and even the upstream spodumene have doubled, which has also affected the gross profit margin of battery manufacturers to a certain extent, which is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5pcts year-on-year and 3.56 pcts month-on-month.</p><p>2）<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>The gross profit margin of lithium-ion battery business in the first half of this year was 22.95%, down 1.31% year-on-year and 3.18pcts month-on-month.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, down 5.45pcts from the previous month.</p><p><h2>Electric Vehicles and Fuel Vehicles Polarize, Automotive Business is Expected to Increase Results in the Second Half of the Year</h2>As mentioned earlier, the revenue growth rate of BYD's automobile business in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's explosive model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the sales volume is not high at the beginning. Considering that the sales volume of BYD's new energy models has reached record highs since June, the automobile business is expected to usher in a great increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved a total sales volume of 247,000 units, representing a year-on-year increase of 56%. In terms of new energy vehicles, sales of passenger vehicles were 150,000 units, representing a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles) and 4,000 new energy commercial vehicles, representing a year-on-year increase of 35%. In the first half of the year, global pure electric vehicle sales ranked second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000) and SAIC-GM-Wuling (190,000), but sales of fuel vehicles have repeatedly suffered waterloo.</p><p>According to the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and the monthly sales exceeded 50,000 mark, of which hybrid and pure vehicle each accounted for 50%. However, the monthly sales of fuel vehicles have dropped again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks. In July, the sales volume was only 6,918 vehicles, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric, the necessary hybrid has also been recognized by the market. Since DM-i was launched and delivered in April, the market feedback has been excellent. At present, DM-i has a large backlog of orders, and the delivery cycle is 3-4 months. In the plug-in hybrid car market, although BYD's highly sought-after DMI was actually launched in April, it still has a good sales performance in the hybrid car market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, the new models of BYD e-platform 3.0: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be listed one after another in the third quarter. After listing, it is expected to continue the advantages of BYD Han and DMI before and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power battery position is firm, production expansion cycle continues</h2>Since the beginning of this year, the TOP 10 ranking of power battery loading volume has not been stable. Except for the first CATL and the second BYD, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuation of monthly sales of Tesla, the main supporting car company, LG Chem, a former TOP3 frequent customer, fell out of the TOP three in April, and even dropped sharply in loading volume in July (from 0.71GWh in June to 0.2GWh in July), once falling to the tenth place. BYD's batteries are mainly self-supplied, so naturally, with the sales of its own new energy vehicles repeatedly hitting new highs, it has become more and more stable in its second position.</p><p>Of course, due to the limited battery production capacity before, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708GWh, which has exceeded BYD's annual installed capacity of power batteries in 2020 (9.01GWh), and the total installed capacity of external batteries has gradually increased to about 0.3GWh. Supporting enterprises include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric car launch conference, Ford also announced that its battery is BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, the installed capacity of power batteries in China was 11.3GWh, up 125.0% year-on-year and 1.7% month-on-month. Among them, the total installation of ternary batteries was 5.5GWh, up 67.5% year-on-year and down 8.2% month-on-month; The total installed lithium iron phosphate batteries amounted to 5.8GWh, representing a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the loaded capacity of lithium iron phosphate batteries exceeds that of ternary lithium batteries. This is another powerful progress after lithium iron phosphate battery (8.8GWh) surpassed ternary lithium battery (5GWh) in output in May and completed the sales surpass in June. With the second-phase expansion of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, the construction of Xi' an blade battery Pack and other production lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make the market share of BYD's power batteries, especially lithium iron phosphate, reach a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous layout on batteries since July has been related to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoridol</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>Subsidiaries signed a supply agreement for lithium hexafluorophosphate materials and reserved approximately 21,000 tonnes of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly reached new highs. In July, the sales of new energy vehicles exceeded the 50,000 mark for the first time, reaching 50,492 units. It can be seen that both the preliminary material preparation work and the sales volume of the later terminal can digest this wave of expansion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639078\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/431bc32c61991963aae176a1ed8a3a68","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3639078","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162024217","content_text":"8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。\n净利润同比下滑29.41%，毛利率同比下滑6.92 pcts\n比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。\n华尔街见闻·见智研究所认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。\n\n同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：\n\n1）锂电龙头宁德时代今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。\n2）亿纬锂能锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。\n3）国轩高科的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。\n\n电动车和燃油车两极分化，汽车业务下半年业绩有望大增\n前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。\n今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于特斯拉（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。\n从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。\n值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。\n动力电池地位牢固，扩产周期持续进行\n今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。\n当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括长安汽车、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。\n今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与天际股份子公司、多氟多、延安必康子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142657575,"gmtCreate":1626148424697,"gmtModify":1703754322957,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142657575","repostId":"1166626096","repostType":4,"repost":{"id":"1166626096","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626142521,"share":"https://ttm.financial/m/news/1166626096?lang=en_US&edition=fundamental","pubTime":"2021-07-13 10:15","market":"other","language":"zh","title":"State Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved","url":"https://stock-news.laohu8.com/highlight/detail?id=1166626096","media":"老虎资讯综合","summary":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","content":"<p>On July 13, official website of the State Administration for Market Regulation today disclosed the List of Cases Unconditionally Approved for Concentration of Operators from July 5 to July 12, 2021. The list shows,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by Limited Company<a href=\"https://laohu8.com/S/SOGO\">sogou</a>The equity interests of the Company have been approved unconditionally.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></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>State Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved</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\">\nState Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, official website of the State Administration for Market Regulation today disclosed the List of Cases Unconditionally Approved for Concentration of Operators from July 5 to July 12, 2021. The list shows,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by Limited Company<a href=\"https://laohu8.com/S/SOGO\">sogou</a>The equity interests of the Company have been approved unconditionally.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46ab5990394814236e7e7ba7ba376177","relate_stocks":{"SOGO":"搜狗","QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166626096","content_text":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9,"QNETCN":0.9,"SOGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":419081472463528,"gmtCreate":1743356485073,"gmtModify":1743356489715,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/b4bb2a162daec7992189c6c90991cb1d","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/419081472463528","isVote":1,"tweetType":1,"viewCount":2880,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4118478555761512","authorId":"4118478555761512","name":"Marcochen123","avatar":"https://community-static.tradeup.com/news/2515b33fc0425fd62a822f8607d37b22","crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4118478555761512","idStr":"4118478555761512"},"content":"Holy shit, when did you build the warehouse?","text":"Holy shit, when did you build the warehouse?","html":"Holy shit, when did you build the warehouse?"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":396853181104600,"gmtCreate":1737910302331,"gmtModify":1737910308463,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/ec06d6736a0414325c9a6bae61556034","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/396853181104600","isVote":1,"tweetType":1,"viewCount":1300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374627040612768,"gmtCreate":1732502143911,"gmtModify":1732502279702,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/75305e446e92328e70873947f83981ba","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374627040612768","isVote":1,"tweetType":1,"viewCount":1802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":337515649434000,"gmtCreate":1723440740788,"gmtModify":1723440745016,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/c7f613d129f418ac2490260d7705ba50","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/337515649434000","isVote":1,"tweetType":1,"viewCount":1259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":813929740,"gmtCreate":1630122886580,"gmtModify":1676530230515,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/813929740","repostId":"2162024217","repostType":2,"repost":{"id":"2162024217","kind":"highlight","pubTimestamp":1630079105,"share":"https://ttm.financial/m/news/2162024217?lang=en_US&edition=fundamental","pubTime":"2021-08-27 23:45","market":"hk","language":"zh","title":"Gross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute","url":"https://stock-news.laohu8.com/highlight/detail?id=2162024217","media":"华尔街见闻","summary":"比亚迪净利润同比下降29.41%，同时毛利率也由去年同期的18.05%下降至11.13，到底发生了什么？","content":"<p><html><body>On the evening of August 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results of the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent company was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, down 39.58% year-on-year.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>In terms of business, among BYD's three major businesses, the revenue of automobiles, automobile-related products and other products in the first half of the year was 38.146 billion yuan, a year-on-year increase of 25.41%; The revenue of mobile phone components, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; The revenue of secondary rechargeable batteries and photovoltaics was 7.847 billion yuan, a year-on-year increase of 70.47%. In terms of breakdown, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of cars, automotive-related products and other products has shrunk considerably (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has risen from 40 to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit fell 29.41% year-on-year and gross profit margin fell 6.92 pcts year-on-year</h2>BYD's net profit and gross profit margin declined considerably in the first half of the year, and the reasons need to be split. In the first half of the year, the proportion of BYD's automobile-related products and other products not only declined by nearly 10pcts, but the revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insight & Insight Institute</strong>It is believed that the main reason lies in the fluctuating impact of mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic situation was serious, and BYD's other two businesses were greatly affected, resulting in a generally low base. However, BYD's mask business with revenue exceeding 8 billion yuan was not listed separately, but was classified into the automobile and related products segment, and its profit is expected to be around 1.3-1.5 billion yuan, which resulted in the total performance of the automobile business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin (19.38%) last year the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>At the same time, since the beginning of this year, the prices of upstream raw materials of lithium batteries have increased greatly, among which hexafluorine, lithium carbonate and even the upstream spodumene have doubled, which has also affected the gross profit margin of battery manufacturers to a certain extent, which is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5pcts year-on-year and 3.56 pcts month-on-month.</p><p>2）<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>The gross profit margin of lithium-ion battery business in the first half of this year was 22.95%, down 1.31% year-on-year and 3.18pcts month-on-month.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, down 5.45pcts from the previous month.</p><p><h2>Electric Vehicles and Fuel Vehicles Polarize, Automotive Business is Expected to Increase Results in the Second Half of the Year</h2>As mentioned earlier, the revenue growth rate of BYD's automobile business in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's explosive model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the sales volume is not high at the beginning. Considering that the sales volume of BYD's new energy models has reached record highs since June, the automobile business is expected to usher in a great increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved a total sales volume of 247,000 units, representing a year-on-year increase of 56%. In terms of new energy vehicles, sales of passenger vehicles were 150,000 units, representing a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles) and 4,000 new energy commercial vehicles, representing a year-on-year increase of 35%. In the first half of the year, global pure electric vehicle sales ranked second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000) and SAIC-GM-Wuling (190,000), but sales of fuel vehicles have repeatedly suffered waterloo.</p><p>According to the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and the monthly sales exceeded 50,000 mark, of which hybrid and pure vehicle each accounted for 50%. However, the monthly sales of fuel vehicles have dropped again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks. In July, the sales volume was only 6,918 vehicles, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric, the necessary hybrid has also been recognized by the market. Since DM-i was launched and delivered in April, the market feedback has been excellent. At present, DM-i has a large backlog of orders, and the delivery cycle is 3-4 months. In the plug-in hybrid car market, although BYD's highly sought-after DMI was actually launched in April, it still has a good sales performance in the hybrid car market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, the new models of BYD e-platform 3.0: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be listed one after another in the third quarter. After listing, it is expected to continue the advantages of BYD Han and DMI before and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power battery position is firm, production expansion cycle continues</h2>Since the beginning of this year, the TOP 10 ranking of power battery loading volume has not been stable. Except for the first CATL and the second BYD, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuation of monthly sales of Tesla, the main supporting car company, LG Chem, a former TOP3 frequent customer, fell out of the TOP three in April, and even dropped sharply in loading volume in July (from 0.71GWh in June to 0.2GWh in July), once falling to the tenth place. BYD's batteries are mainly self-supplied, so naturally, with the sales of its own new energy vehicles repeatedly hitting new highs, it has become more and more stable in its second position.</p><p>Of course, due to the limited battery production capacity before, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708GWh, which has exceeded BYD's annual installed capacity of power batteries in 2020 (9.01GWh), and the total installed capacity of external batteries has gradually increased to about 0.3GWh. Supporting enterprises include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric car launch conference, Ford also announced that its battery is BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, the installed capacity of power batteries in China was 11.3GWh, up 125.0% year-on-year and 1.7% month-on-month. Among them, the total installation of ternary batteries was 5.5GWh, up 67.5% year-on-year and down 8.2% month-on-month; The total installed lithium iron phosphate batteries amounted to 5.8GWh, representing a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the loaded capacity of lithium iron phosphate batteries exceeds that of ternary lithium batteries. This is another powerful progress after lithium iron phosphate battery (8.8GWh) surpassed ternary lithium battery (5GWh) in output in May and completed the sales surpass in June. With the second-phase expansion of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, the construction of Xi' an blade battery Pack and other production lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make the market share of BYD's power batteries, especially lithium iron phosphate, reach a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous layout on batteries since July has been related to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoridol</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>Subsidiaries signed a supply agreement for lithium hexafluorophosphate materials and reserved approximately 21,000 tonnes of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly reached new highs. In July, the sales of new energy vehicles exceeded the 50,000 mark for the first time, reaching 50,492 units. It can be seen that both the preliminary material preparation work and the sales volume of the later terminal can digest this wave of expansion.</p><p></body></html></p>","source":"wallstreetcn_api","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>Gross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute</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\">\nGross profit margin and net profit both declined, and BYD failed the \"mid-term examination\"? | Insight Institute\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-27 23:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>On the evening of August 27th,<a href=\"https://laohu8.com/S/002594\">BYD</a>Announced the results of the first half of the year. In the first half of the year, BYD's revenue reached 89.131 billion yuan, a year-on-year increase of 53.60%; However, the net profit attributable to the parent company was 1.174 billion yuan, compared with 1.527 billion yuan in the same period last year, a year-on-year decrease of 29.41%. At the same time, the gross profit margin also decreased from 18.05% in the first half of 2020 to 11.13% in the first half of this year. In terms of quarters, Q2 revenue was 49.893 billion yuan, a year-on-year increase of 22.21% and a quarter-on-quarter increase of 21.71%; Net profit was 936 million yuan, down 39.58% year-on-year.<img src=\"https://wpimg.wallstcn.com/e0b8e9e9-1d7f-485e-8445-3aa384956242.png\"/>In terms of business, among BYD's three major businesses, the revenue of automobiles, automobile-related products and other products in the first half of the year was 38.146 billion yuan, a year-on-year increase of 25.41%; The revenue of mobile phone components, assembly and other products was 42.822 billion yuan, a year-on-year increase of 86.26%; The revenue of secondary rechargeable batteries and photovoltaics was 7.847 billion yuan, a year-on-year increase of 70.47%. In terms of breakdown, the three major businesses accounted for 42.80%, 48.04% and 8.83% of the total revenue respectively. The proportion of cars, automotive-related products and other products has shrunk considerably (52% in the same period last year), while the proportion of mobile phone components, assemblies and other products has risen from 40 to 48% today.<img src=\"https://wpimg.wallstcn.com/2013128c-b224-4634-b725-35fb8f97f134.png\"/></p><p><h2>Net profit fell 29.41% year-on-year and gross profit margin fell 6.92 pcts year-on-year</h2>BYD's net profit and gross profit margin declined considerably in the first half of the year, and the reasons need to be split. In the first half of the year, the proportion of BYD's automobile-related products and other products not only declined by nearly 10pcts, but the revenue growth rate was also the lowest among the three businesses (25.41%).</p><p><strong>Wall Street Insight & Insight Institute</strong>It is believed that the main reason lies in the fluctuating impact of mask business and the price increase of upstream raw materials. In the first half of last year, the epidemic situation was serious, and BYD's other two businesses were greatly affected, resulting in a generally low base. However, BYD's mask business with revenue exceeding 8 billion yuan was not listed separately, but was classified into the automobile and related products segment, and its profit is expected to be around 1.3-1.5 billion yuan, which resulted in the total performance of the automobile business not being greatly affected. At the same time, the additional high gross profit contribution of the mask business also made BYD's total gross profit margin (19.38%) last year the highest since 2017.</p><p><img src=\"https://wpimg.wallstcn.com/7eafd63f-25c2-4d43-8171-c759216a7cee.png\"/></p><p>At the same time, since the beginning of this year, the prices of upstream raw materials of lithium batteries have increased greatly, among which hexafluorine, lithium carbonate and even the upstream spodumene have doubled, which has also affected the gross profit margin of battery manufacturers to a certain extent, which is also reflected in other battery manufacturers:</p><p>1) Lithium battery faucet<a href=\"https://laohu8.com/S/300750\">CATL</a>In the first half of this year, the gross profit margin of power battery systems was 23%, down 3.5pcts year-on-year and 3.56 pcts month-on-month.</p><p>2）<a href=\"https://laohu8.com/S/300014\">Yiwei Lithium Energy</a>The gross profit margin of lithium-ion battery business in the first half of this year was 22.95%, down 1.31% year-on-year and 3.18pcts month-on-month.</p><p>3）<a href=\"https://laohu8.com/S/002074\">Guoxuan Hi-Tech</a>The gross profit margin of the power lithium battery business in the first half of this year was 19.27%, down 5.45pcts from the previous month.</p><p><h2>Electric Vehicles and Fuel Vehicles Polarize, Automotive Business is Expected to Increase Results in the Second Half of the Year</h2>As mentioned earlier, the revenue growth rate of BYD's automobile business in the first half of the year was only 25.41%, which was the lowest among the three major businesses. Another important factor is that BYD's explosive model DMI was actually launched in April, and its production capacity has been climbing. Although there are many orders, the sales volume is not high at the beginning. Considering that the sales volume of BYD's new energy models has reached record highs since June, the automobile business is expected to usher in a great increase in performance in the second half of the year.</p><p>This year, BYD's electric vehicles and fuel vehicles showed a clear polarization trend. In the first half of 2021, BYD achieved a total sales volume of 247,000 units, representing a year-on-year increase of 56%. In terms of new energy vehicles, sales of passenger vehicles were 150,000 units, representing a year-on-year increase of 161% (including 93,000 pure electric vehicles and 5.7 plug-in hybrid vehicles) and 4,000 new energy commercial vehicles, representing a year-on-year increase of 35%. In the first half of the year, global pure electric vehicle sales ranked second only to<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(390,000) and SAIC-GM-Wuling (190,000), but sales of fuel vehicles have repeatedly suffered waterloo.</p><p>According to the latest July data, benefiting from BYD's ace DMI and BYD Han, BYD's new energy vehicle production and sales accounted for 87.95%, and the monthly sales exceeded 50,000 mark, of which hybrid and pure vehicle each accounted for 50%. However, the monthly sales of fuel vehicles have dropped again and again since the second quarter of this year, with monthly sales exceeding 20,000 and 10,000 marks. In July, the sales volume was only 6,918 vehicles, accounting for 12%. In the future, BYD may turn into a pure electric car company.</p><p>It is worth mentioning that in addition to pure electric, the necessary hybrid has also been recognized by the market. Since DM-i was launched and delivered in April, the market feedback has been excellent. At present, DM-i has a large backlog of orders, and the delivery cycle is 3-4 months. In the plug-in hybrid car market, although BYD's highly sought-after DMI was actually launched in April, it still has a good sales performance in the hybrid car market, ranking fourth, with sales increasing by 428% year-on-year, second only to BMW, Mercedes-Benz and Volvo. In addition, the new models of BYD e-platform 3.0: Dolphin and Yuan Plus have entered the announcement of the Ministry of Industry and Information Technology, and are expected to be listed one after another in the third quarter. After listing, it is expected to continue the advantages of BYD Han and DMI before and continue to seize the fuel vehicle market in the same price range.<img src=\"https://wpimg.wallstcn.com/386a690c-46b3-4a8e-b44d-a348372074f9.png\"/></p><p><h2>Power battery position is firm, production expansion cycle continues</h2>Since the beginning of this year, the TOP 10 ranking of power battery loading volume has not been stable. Except for the first CATL and the second BYD, the rankings of other battery manufacturers have fluctuated considerably. For example, due to the large fluctuation of monthly sales of Tesla, the main supporting car company, LG Chem, a former TOP3 frequent customer, fell out of the TOP three in April, and even dropped sharply in loading volume in July (from 0.71GWh in June to 0.2GWh in July), once falling to the tenth place. BYD's batteries are mainly self-supplied, so naturally, with the sales of its own new energy vehicles repeatedly hitting new highs, it has become more and more stable in its second position.</p><p>Of course, due to the limited battery production capacity before, BYD's batteries were mostly self-supplied, but this does not mean that BYD has no external supply capacity. BYD's cumulative installed capacity from January to July this year was about 15.708GWh, which has exceeded BYD's annual installed capacity of power batteries in 2020 (9.01GWh), and the total installed capacity of external batteries has gradually increased to about 0.3GWh. Supporting enterprises include<a href=\"https://laohu8.com/S/000625\">Changan Automobile</a>China FAW, Jinkang Automobile, etc. Moreover, at the previous Ford Mustang electric car launch conference, Ford also announced that its battery is BYD high-nickel ternary battery (811).</p><p>Since the beginning of this year, lithium iron phosphate batteries have been favored by terminals. In July, the installed capacity of power batteries in China was 11.3GWh, up 125.0% year-on-year and 1.7% month-on-month. Among them, the total installation of ternary batteries was 5.5GWh, up 67.5% year-on-year and down 8.2% month-on-month; The total installed lithium iron phosphate batteries amounted to 5.8GWh, representing a year-on-year increase of 235.5% and a month-on-month increase of 13.4%. It is worth noting that this is the first time in three years that the loaded capacity of lithium iron phosphate batteries exceeds that of ternary lithium batteries. This is another powerful progress after lithium iron phosphate battery (8.8GWh) surpassed ternary lithium battery (5GWh) in output in May and completed the sales surpass in June. With the second-phase expansion of BYD's Chongqing blade battery, the commissioning of Guiyang blade battery factory, the construction of Xi' an blade battery Pack and other production lines, BYD's blade battery can not only complete the self-supply task, but also form an external supply scale, which is expected to make the market share of BYD's power batteries, especially lithium iron phosphate, reach a higher level.<img src=\"https://wpimg.wallstcn.com/a3d73da0-b6d1-4dd9-84fc-846bc6a91bc4.png\"/>Of course, BYD is not blindly expanding production without preparation. From the perspective of upstream equipment and materials, BYD's continuous layout on batteries since July has been related to<a href=\"https://laohu8.com/S/002759\">Skyline Shares</a>Subsidiaries,<a href=\"https://laohu8.com/S/002407\">Polyfluoridol</a>、<a href=\"https://laohu8.com/S/002411\">Yan'an Bikang</a>Subsidiaries signed a supply agreement for lithium hexafluorophosphate materials and reserved approximately 21,000 tonnes of materials for 2H2021-2022. In terms of terminal sales, it has repeatedly reached new highs. In July, the sales of new energy vehicles exceeded the 50,000 mark for the first time, reaching 50,492 units. It can be seen that both the preliminary material preparation work and the sales volume of the later terminal can digest this wave of expansion.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3639078\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/431bc32c61991963aae176a1ed8a3a68","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3639078","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162024217","content_text":"8月27日晚上，比亚迪公布了上半年的业绩，上半年比亚迪营收达到891.31亿元，同比增长53.60%；但归母净利润为11.74亿元，去年同期为15.27亿元，同比下降29.41%，同时毛利率也由2020年上半年的18.05%下降至今年上半年的11.13%。分季度来看，Q2营收498.93亿元，同比增长22.21%，环比增长21.71%；净利润9.36亿元，同比下滑39.58%。 分业务来看，比亚迪的三大业务中汽车、汽车相关产品及其他产品上半年营收为381.46亿元，同比增长25.41%；手机部件、组装及其他产品营收为428.22亿元，同比增长86.26%；二次充电电池及光伏营收为78.47亿元，同比增长70.47%。细分类看三大业务分别占总收入的42.80%、48.04%和8.83%。汽车、汽车相关产品及其他产品的占比有不小的缩小（去年同期52%），手机部件、组装及其他产品的占比则从40涨至如今的48%。\n净利润同比下滑29.41%，毛利率同比下滑6.92 pcts\n比亚迪上半年净利润和毛利率都有不小的下滑，其中原因需要拆分来看。比亚迪上半年汽车相关产品及其他产品这一业务不仅占比下滑了近10pcts，而且营收的增长率也是三种业务中最低的（25.41%）。\n华尔街见闻·见智研究所认为主要原因在于口罩业务的波动影响和上游原材料的涨价。去年上半年疫情严重，比亚迪其他两个业务都受到不小的影响，导致基数普遍偏低，但比亚迪营收超80亿元人民币的口罩业务并未单独列出，而是归入到了汽车及相关产品板块，利润预计在13-15个亿左右，这导致汽车业务的总业绩未受到太大影响，同时口罩业务额外的高毛利贡献也使得比亚迪去年的总毛利率（19.38%）是2017年以来最高。\n\n同时今年以来锂电上游原材料的涨价幅度都较大，其中如六氟、碳酸锂乃至最上游的锂辉石等都有翻倍的涨幅，使得电池厂商的毛利率也受到一定程度的影响，这点在其他电池厂商身上也有体现：\n\n1）锂电龙头宁德时代今年上半年动力电池系统毛利率为23%，同比下滑3.5pcts，环比下降3.56 pcts。\n2）亿纬锂能锂离子电池业务今年上半年的毛利率是22.95%，同比下滑1.31%，环比下滑3.18pcts。\n3）国轩高科的动力锂电池业务今年上半年的毛利率是19.27%，环比下滑5.45pcts。\n\n电动车和燃油车两极分化，汽车业务下半年业绩有望大增\n前文提到比亚迪上半年汽车业务营收增速只有25.41%，是三大业务中最低的，还有一个重要因素，就是比亚迪的爆款车型DMI真正上市时间其实是4月份，而且产能一直在爬坡，虽然订单很多但是销量初期并不高，考虑到比亚迪新能源车型销量6月以来的屡创新高，下半年汽车业务有望迎来业绩大增。\n今年比亚迪的电动车和燃油车呈现明显的两极分化趋势，2021年上半年比亚迪实现总销量24.7万辆，同比增长56%。新能源车型方面，乘用车方面销售15.0万辆，同比增长161%（其中纯电动车型9.3万辆、插电式混动5.7辆）以及新能源商用车0.4万辆，同比增长35%。上半年全球纯电动汽车销量排名仅次于特斯拉（39万辆）和上汽通用五菱（19万辆），但燃油车销量却屡遭滑铁卢。\n从最新的7月数据来看，受益于比亚迪的王牌DMI和比亚迪汉，比亚迪的新能源汽车产销占比达到87.95%，单月销量突破5万大关，其中混动和纯动各自占比50%，而燃油车月销量今年二季度以来可谓是一降再降，月销量连破2万、1万大关，7月销量甚至仅仅只有6918辆，占比12%，未来比亚迪或将转为纯电动的车企。\n值得一提的是，除了纯电动，必要的混动也受到了市场的认可，DM-i在4月上市交付以来市场反馈优异，目前DM-i积压订单较多，交货周期达3-4个月。插电混动汽车市场上，虽然比亚迪备受市场追捧的DMI真正上市时间是4月份，但是依旧在混动汽车市场上有着不错的销量表现，排名第四，销量同比大增428%，仅次于宝马、奔驰和沃尔沃。此外，比亚迪e平台3.0全新车型：海豚、元Plus 已进入工信部公告，预计将于3季度陆续上市，上市后有望延续此前比亚迪汉和DMI的优势，继续抢占同价格区间的燃油车市场。\n动力电池地位牢固，扩产周期持续进行\n今年以来，动力电池装车量TOP 10排名并不稳定，除了第一的宁德时代和第二的比亚迪，其他电池厂商的排名都有不小的波动，例如由于主要配套的车企特斯拉月销量波动较大，曾经的TOP3常客LG化学在4月就跌出了前三，甚至在7月装车量上出现大幅下降（从6月的0.71GWh装车量下降到7月的0.2GWh），一度掉到了第十名。而比亚迪的电池主要是自供，自然是随着自家新能源汽车销量的屡创新高而越发稳固自身第二的地位。\n当然此前由于电池产能受限，比亚迪电池多为自供，但是这并不意味着比亚迪没有外供能力，比亚迪今年1-7月累计装机总量约为 15.708GWh，已经超过2020年比亚迪全年的动力电池装机量（9.01GWh），外供电池装机总量也逐渐增加到0.3GWh左右，配套企业包括长安汽车、中国一汽、金康汽车等。而且在此前的福特野马电动车发布会上，福特也公布了其电池采用的是比亚迪高镍三元电池（811）。\n今年以来，磷酸铁锂电池备受终端青睐，7月我国动力电池装车量11.3GWh，同比上升125.0%，环比上升1.7%。其中三元电池共计装车5.5GWh，同比上升67.5%,环比下降8.2%；磷酸铁锂电池共计装车5.8GWh，同比上升235.5%，环比上升13.4%。值得注意的是，这是3年以来首次磷酸铁锂电池的装车量超过三元锂电池。这也是继5月磷酸铁锂电池（8.8GWh）在产量上实现反超三元锂电池（5GWh），6月完成了销量的超越后的又一次有力进展。随着比亚迪重庆刀片电池二期扩建、贵阳刀片电池工厂投产、西安刀片电池Pack等多地产线投建，比亚迪的刀片电池除了完成自供任务还能形成外供规模，有望让比亚迪的动力电池尤其是磷酸铁锂的市占率跨上一个台阶。 当然，比亚迪也并不是毫无准备的盲目扩产，从上游设备和材料端来看，7月以来比亚迪在电池上的连连布局，与天际股份子公司、多氟多、延安必康子公司签署六氟磷酸锂材料供货协议，为2H2021-2022年储备了约2.1万吨材料。终端销量来看也是屡屡创新高，7月新能源汽车销量更是首度突破5万大关达到50,492辆，可见不管是前期材料准备工作还是后期终端的销量都具备消化这波扩产规模。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1421,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142657575,"gmtCreate":1626148424697,"gmtModify":1703754322957,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142657575","repostId":"1166626096","repostType":4,"repost":{"id":"1166626096","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626142521,"share":"https://ttm.financial/m/news/1166626096?lang=en_US&edition=fundamental","pubTime":"2021-07-13 10:15","market":"other","language":"zh","title":"State Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved","url":"https://stock-news.laohu8.com/highlight/detail?id=1166626096","media":"老虎资讯综合","summary":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","content":"<p>On July 13, official website of the State Administration for Market Regulation today disclosed the List of Cases Unconditionally Approved for Concentration of Operators from July 5 to July 12, 2021. The list shows,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by Limited Company<a href=\"https://laohu8.com/S/SOGO\">sogou</a>The equity interests of the Company have been approved unconditionally.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></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>State Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved</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\">\nState Administration for Market Regulation: Tencent's acquisition of sogou equity has been unconditionally approved\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 13, official website of the State Administration for Market Regulation today disclosed the List of Cases Unconditionally Approved for Concentration of Operators from July 5 to July 12, 2021. The list shows,<a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>Acquisition by Limited Company<a href=\"https://laohu8.com/S/SOGO\">sogou</a>The equity interests of the Company have been approved unconditionally.</p><p><img src=\"https://static.tigerbbs.com/3d0e0bb65314c4f4da8ed32ec28a883a\" tg-width=\"920\" tg-height=\"763\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/567aebc3241ec37316004f6689d59849\" tg-width=\"913\" tg-height=\"728\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9b9c5638acd7340b8815d9b28619ff59\" tg-width=\"911\" tg-height=\"583\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/46ab5990394814236e7e7ba7ba376177","relate_stocks":{"SOGO":"搜狗","QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166626096","content_text":"7月13日，国家市场监管总局官网今日披露《2021年7月5日-7月12日无条件批准经营者集中案件列表》。列表显示，腾讯控股有限公司收购搜狗公司股权已获无条件批准。","news_type":1,"symbols_score_info":{"00700":0.9,"TCEHY":0.9,"QNETCN":0.9,"SOGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":439112076734664,"gmtCreate":1748240503026,"gmtModify":1748240506017,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/f4c59f1a0716873d9bc0b27af8d8e65a","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/439112076734664","isVote":1,"tweetType":1,"viewCount":1407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":436580540560128,"gmtCreate":1747622784578,"gmtModify":1747622787788,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/fcdac628701ca2eac02ec553f33cec36","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/436580540560128","isVote":1,"tweetType":1,"viewCount":1597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":436580423066184,"gmtCreate":1747622753602,"gmtModify":1747622757317,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/0d16af3b94ab5ae488d32cc399391275","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/436580423066184","isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":433966690816568,"gmtCreate":1746983063336,"gmtModify":1746983068190,"author":{"id":"3566959746574224","authorId":"3566959746574224","name":"Crazy Q","avatar":"https://static.tigerbbs.com/97249dd8663dbd5104644bf9f8fe5cbf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3566959746574224","idStr":"3566959746574224"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$ </a> ","text":"$美团-W(03690)$","images":[{"img":"https://static.tigerbbs.com/a44041a6293564bd9a8969062d2147a0","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/433966690816568","isVote":1,"tweetType":1,"viewCount":1650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}
