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2021-06-26

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IPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.

2021-06-26

1

The highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table

2021-06-26

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Tencent Music made two architectural adjustments in two weeks

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Dark Horse Atour's "Bestune IPO": How to Tell the Story of the New Accommodation Economy?

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Since 2014 and 2015, the company has acted as an agent.<a href=\"https://laohu8.com/S/DLX\">luxury</a>The motor yacht brands are Absolute and Azimut (which are among the few internationally renowned luxury motor yacht brands). The company is a Hong Kong-based yacht dealership group, primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands. The company also engages in the sale of used yachts and other accessories and provides comprehensive value-added services, including maintenance and repair services. During the Track Record Period, the Company's yacht sales were substantially entirely conducted in Hong Kong, and the Company was able to expand its sales network to Singapore, Taiwan and Shenzhen. The company has a balanced product portfolio, offering a wide range of products such as luxury motor yachts, sports boats, and inflatable boats to attract a wide range of customers. The company has a sales office in Hong Kong to promote the latest yacht models to attract potential customers and boost yacht sales. The company's customers are mainly individuals (product end users) with high disposable income in Hong Kong, as well as several enterprises.</p><p>As at the Latest Practicable Date, the Company's brand portfolio included two luxury brands — Absolute and Azimut and two mid-to-high-end brands — Four Winns and Zar Formenti. In FY2019, FY2020 and FY2021, sales of first-hand Absolute luxury motor yachts amounted to HK$47.3 million, HK$32.7 million and HK$60.1 million, respectively, accounting for approximately 19.2%, 12.9% and 13.0% of the company's revenue; In FY2019, FY2020 and FY2021, sales of first-hand Azimut luxury motor yachts amounted to HK$181.4 million, HK$195.4 million and HK$325 million, accounting for approximately 73.5%, 77.1% and 70.5% of the company's revenue, respectively;</p><p>In FY2019, FY2020 and FY2021, the company's sales to its five largest customers amounted to approximately HK$163.3 million, HK$193.1 million and HK$222.2 million, respectively, accounting for 66.2%, 76.1% and 48.3% of total revenue; And annual sales to the largest customer for the respective years amounted to HK$79.6 million, HK$62.6 million and HK$91.2 million respectively, accounting for 32.3%, 24.7% and 19.8% of total revenue.</p><p>During the Track Record Period, the Company's revenue was derived from (i) the sale of yachts and related components; And (ii) service income. For FY2019, FY2020 and FY2021, revenue was HK$246.7 million, HK$253.6 million and HK$461.2 million, respectively. Gross profit for the same year was HK$34.15 million, HK$38.97 million and HK$57.97 million, respectively.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667847635417.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667847635417.png\"/></p><p></center></body></html></p>","source":"stock_zhitongcaijing","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>IPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.</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\">\nIPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-26 08:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>According to a disclosure by the Hong Kong Stock Exchange on June 25, Yacht International Holdings Limited has submitted a listing application to the Growth Enterprise Market of the Hong Kong Stock Exchange, with Huifu Capital Limited, a subsidiary of Xinhua Huifu, as the sole sponsor.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667864475917.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667864475917.png\"/></center>The company began distributing yachts in Hong Kong in 2014. Since 2014 and 2015, the company has acted as an agent.<a href=\"https://laohu8.com/S/DLX\">luxury</a>The motor yacht brands are Absolute and Azimut (which are among the few internationally renowned luxury motor yacht brands). The company is a Hong Kong-based yacht dealership group, primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands. The company also engages in the sale of used yachts and other accessories and provides comprehensive value-added services, including maintenance and repair services. During the Track Record Period, the Company's yacht sales were substantially entirely conducted in Hong Kong, and the Company was able to expand its sales network to Singapore, Taiwan and Shenzhen. The company has a balanced product portfolio, offering a wide range of products such as luxury motor yachts, sports boats, and inflatable boats to attract a wide range of customers. The company has a sales office in Hong Kong to promote the latest yacht models to attract potential customers and boost yacht sales. The company's customers are mainly individuals (product end users) with high disposable income in Hong Kong, as well as several enterprises.</p><p>As at the Latest Practicable Date, the Company's brand portfolio included two luxury brands — Absolute and Azimut and two mid-to-high-end brands — Four Winns and Zar Formenti. In FY2019, FY2020 and FY2021, sales of first-hand Absolute luxury motor yachts amounted to HK$47.3 million, HK$32.7 million and HK$60.1 million, respectively, accounting for approximately 19.2%, 12.9% and 13.0% of the company's revenue; In FY2019, FY2020 and FY2021, sales of first-hand Azimut luxury motor yachts amounted to HK$181.4 million, HK$195.4 million and HK$325 million, accounting for approximately 73.5%, 77.1% and 70.5% of the company's revenue, respectively;</p><p>In FY2019, FY2020 and FY2021, the company's sales to its five largest customers amounted to approximately HK$163.3 million, HK$193.1 million and HK$222.2 million, respectively, accounting for 66.2%, 76.1% and 48.3% of total revenue; And annual sales to the largest customer for the respective years amounted to HK$79.6 million, HK$62.6 million and HK$91.2 million respectively, accounting for 32.3%, 24.7% and 19.8% of total revenue.</p><p>During the Track Record Period, the Company's revenue was derived from (i) the sale of yachts and related components; And (ii) service income. For FY2019, FY2020 and FY2021, revenue was HK$246.7 million, HK$253.6 million and HK$461.2 million, respectively. Gross profit for the same year was HK$34.15 million, HK$38.97 million and HK$57.97 million, respectively.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667847635417.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667847635417.png\"/></p><p></center></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/501817.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5a0d8d07bb7c07ed67df2bae10160584","relate_stocks":{"159915":"创业板","399006":"创业板指","DLX":"豪华","000001.SH":"上证指数"},"source_url":"http://www.zhitongcaijing.com/content/detail/501817.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146005842","content_text":"智通财经APP获悉，据港交所6月25日披露，游艇国际控股有限公司向港交所创业板递交上市申请，独家保荐人为新华汇富旗下汇富融资有限公司。该公司于2014年开始在香港经销游艇。自2014年及2015年起，公司代理的豪华机动游艇品牌分别为Absolute及Azimut(为少数国际知名豪华机动游艇品牌)。公司是以香港为基地的游艇经销集团，主要从事豪华及中高端品牌的一手游艇销售。公司亦从事二手游艇及其他配套配件销售及提供全面的增值服务，包括保养及维修服务。于往绩期间，公司的游艇销售基本上全部于香港进行，且公司能够将销售网络扩展至新加坡、中国台湾及深圳。公司拥有均衡的产品组合，提供豪华机动游艇、运动艇及充气船等各式各样的产品，以吸纳广泛客户。公司在香港设有一个销售办事处以推广最新型号游艇来吸引潜在客户及促进游艇销售。公司的客户主要为在香港拥有高可支配收入的个人(产品终端用户)以及多间企业。于最后可行日期，公司的品牌组合包括两个豪华品牌 — Absolute及Azimut以及两个中高端品牌 — Four Winns及Zar  Formenti。于2019财政年度、2020财政年度及2021财政年度，一手Absolute豪华机动游艇的销售额为4730万港元、3270万港元及6010万港元，分别占公司收益的约19.2%、12.9%及13.0%;于2019财政年度、2020财政年度及2021财政年度，一手Azimut豪华机动游艇的销售额为1.814亿港元、1.954亿港元及3.25亿港元，分别占公司收益的约73.5%、77.1%及70.5%;于2019财政年度、2020财政年度及2021财政年度，公司向五大客户的销售分别为约1.633亿港元、1.931亿港元及2.222亿港元，占总收益66.2%、76.1%及48.3%;以及于相关年度每年向最大客户的销售分别为7960万港元、6260万港元及9120万港元，占总收益32.3%、24.7%及19.8%。于往绩期间，公司的收益源于(i)销售游艇及相关部件;及(ii)服务收入。于2019财政年度、2020财政年度及2021财政年度，收益分别为2.467亿港元、2.536亿港元及4.612亿港元。同年的毛利分别为3415万港元、3897万港元及5797万港元。","news_type":1,"symbols_score_info":{"159915":1,"399006":1,"DLX":1,"000001.SH":1}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125531693,"gmtCreate":1624679393412,"gmtModify":1703843485533,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581667278730959","authorIdStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125531693","repostId":"1107914422","repostType":4,"repost":{"id":"1107914422","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624676168,"share":"https://ttm.financial/m/news/1107914422?lang=en_US&edition=fundamental","pubTime":"2021-06-26 10:56","market":"us","language":"zh","title":"The highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table","url":"https://stock-news.laohu8.com/highlight/detail?id=1107914422","media":"华尔街见闻","summary":"美国核心通胀指标5月再度爆表。\n据美国商务部统计，美国5月PCE物价指数同比升3.9%，预期升3.9%，较前值3.6%小幅提高，远高于美联储的官方通胀目标2%。\n\n此外，美国5月核心PCE物价指数同比","content":"<p>The U.S. core inflation indicator exceeded the table again in May.</p><p>According to statistics from the U.S. Department of Commerce, the U.S. PCE price index rose 3.9% year-on-year in May, compared to the expected 3.9% increase and a slight increase from the previous value of 3.6%, far exceeding the Federal Reserve's official inflation target of 2%.</p><p><img src=\"https://static.tigerbbs.com/35bd2b9f00875bc868300399b8ebf93d\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p>In addition, the U.S. core PCE price index rose 3.4% year-on-year in May, the highest since 1991, after previously expecting a 3.4% year-on-year increase, compared to a 3.1% year-on-year increase in April.</p><p><img src=\"https://static.tigerbbs.com/5561e65f473b2f0d55bee86858c46072\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p><p>In other data, U.S. residents' income fell 2% month-on-month, slightly better than the expected 2.5% decline and much better than the 13.1% decline in April; Consumer spending remained unchanged month-on-month, falling short of the expected 0.4% growth and the 0.9% growth in April.</p><p><img src=\"https://static.tigerbbs.com/51b094c005211101c82ae95559d7ab9a\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Of course, due to the low base effect, year-on-year income growth in the United States accelerated moderately, while spending growth slowed significantly (but at a higher value).</p><p><img src=\"https://static.tigerbbs.com/7467f4029bdeebced6df11bea878316c\" tg-width=\"500\" tg-height=\"265\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/C\">Citi</a>It was stated that the adjustment in spending mainly reflects rising prices for parts such as airfares, car rentals, and used cars. Although these exceptionally strong price increases will ultimately prove temporary, they may last for another month or two.</p><p>It is worth noting that as stimulus measures are gradually withdrawn, personal disposable income has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/13f06f68d06ccc7f38b60878fa572c86\" tg-width=\"500\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>In terms of breakdown income, government wages rose 3.5% year-on-year, up from 1.3% in April, while private worker wages rose 15.7% year-on-year, down from a record 19.3% in April.</p><p><img src=\"https://static.tigerbbs.com/fb642ae4d8b547460a54614b9785bc5f\" tg-width=\"500\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that changes in spending and income have lowered the savings rate.</p><p><img src=\"https://static.tigerbbs.com/d835f78557054dbbffcd941df0975338\" tg-width=\"500\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>Consumer spending is on track</b></p><p>Analysts point out that the report shows that spending growth caused by the pandemic relief stimulus measures earlier this year has slowed, and consumption has entered a more sustainable rhythm and pace—wage and salary spending will become the mainstream. Spending on services should reach pre-pandemic levels in the coming months as mass vaccinations and the reopening of the economy give consumers confidence to travel and resume many pre-pandemic activities, coupled with higher savings levels and fewer pandemic restrictions.</p><p>With retail sales hovering at record highs, consumer spending has begun to shift towards the services sector—the largest component of the U.S. economy—while spending on durable goods has seen its biggest drop since February.</p><p>Analysts also pointed out that, at the same time, increased demand, supply bottlenecks, and capacity constraints are pushing up prices, while rising inflation is weakening people's purchasing power.</p><p>In addition, Affinity Solutions CEO Jonathan Silver said that high-income Americans are driving most of the spending growth, as they have more money to pay for services that were not available to everyone during most of the pandemic.</p><p>Data shows that households with incomes exceeding $200,000 spent 16% more at restaurants in May than in April. According to Affinity Solutions' analysis of credit and debit card transactions, spending by people earning between $31,000 and $60,000 increased by only 5%.</p><p>Regarding PCE inflation, senior Federal Reserve officials have been downplaying this growth. Federal Reserve leaders insist that the price index will fall next year as the economy returns to normal, most people return to work, and widespread labor and supply shortages gradually disappear.</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>The highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table</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\">\nThe highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-26 10:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. core inflation indicator exceeded the table again in May.</p><p>According to statistics from the U.S. Department of Commerce, the U.S. PCE price index rose 3.9% year-on-year in May, compared to the expected 3.9% increase and a slight increase from the previous value of 3.6%, far exceeding the Federal Reserve's official inflation target of 2%.</p><p><img src=\"https://static.tigerbbs.com/35bd2b9f00875bc868300399b8ebf93d\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p>In addition, the U.S. core PCE price index rose 3.4% year-on-year in May, the highest since 1991, after previously expecting a 3.4% year-on-year increase, compared to a 3.1% year-on-year increase in April.</p><p><img src=\"https://static.tigerbbs.com/5561e65f473b2f0d55bee86858c46072\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p><p>In other data, U.S. residents' income fell 2% month-on-month, slightly better than the expected 2.5% decline and much better than the 13.1% decline in April; Consumer spending remained unchanged month-on-month, falling short of the expected 0.4% growth and the 0.9% growth in April.</p><p><img src=\"https://static.tigerbbs.com/51b094c005211101c82ae95559d7ab9a\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Of course, due to the low base effect, year-on-year income growth in the United States accelerated moderately, while spending growth slowed significantly (but at a higher value).</p><p><img src=\"https://static.tigerbbs.com/7467f4029bdeebced6df11bea878316c\" tg-width=\"500\" tg-height=\"265\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/C\">Citi</a>It was stated that the adjustment in spending mainly reflects rising prices for parts such as airfares, car rentals, and used cars. Although these exceptionally strong price increases will ultimately prove temporary, they may last for another month or two.</p><p>It is worth noting that as stimulus measures are gradually withdrawn, personal disposable income has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/13f06f68d06ccc7f38b60878fa572c86\" tg-width=\"500\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>In terms of breakdown income, government wages rose 3.5% year-on-year, up from 1.3% in April, while private worker wages rose 15.7% year-on-year, down from a record 19.3% in April.</p><p><img src=\"https://static.tigerbbs.com/fb642ae4d8b547460a54614b9785bc5f\" tg-width=\"500\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that changes in spending and income have lowered the savings rate.</p><p><img src=\"https://static.tigerbbs.com/d835f78557054dbbffcd941df0975338\" tg-width=\"500\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>Consumer spending is on track</b></p><p>Analysts point out that the report shows that spending growth caused by the pandemic relief stimulus measures earlier this year has slowed, and consumption has entered a more sustainable rhythm and pace—wage and salary spending will become the mainstream. Spending on services should reach pre-pandemic levels in the coming months as mass vaccinations and the reopening of the economy give consumers confidence to travel and resume many pre-pandemic activities, coupled with higher savings levels and fewer pandemic restrictions.</p><p>With retail sales hovering at record highs, consumer spending has begun to shift towards the services sector—the largest component of the U.S. economy—while spending on durable goods has seen its biggest drop since February.</p><p>Analysts also pointed out that, at the same time, increased demand, supply bottlenecks, and capacity constraints are pushing up prices, while rising inflation is weakening people's purchasing power.</p><p>In addition, Affinity Solutions CEO Jonathan Silver said that high-income Americans are driving most of the spending growth, as they have more money to pay for services that were not available to everyone during most of the pandemic.</p><p>Data shows that households with incomes exceeding $200,000 spent 16% more at restaurants in May than in April. According to Affinity Solutions' analysis of credit and debit card transactions, spending by people earning between $31,000 and $60,000 increased by only 5%.</p><p>Regarding PCE inflation, senior Federal Reserve officials have been downplaying this growth. Federal Reserve leaders insist that the price index will fall next year as the economy returns to normal, most people return to work, and widespread labor and supply shortages gradually disappear.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100","IVV":"标普500ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","DOG":"道指ETF-ProShares做空","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107914422","content_text":"美国核心通胀指标5月再度爆表。\n据美国商务部统计，美国5月PCE物价指数同比升3.9%，预期升3.9%，较前值3.6%小幅提高，远高于美联储的官方通胀目标2%。\n\n此外，美国5月核心PCE物价指数同比增长3.4%，创1991年以来最高，此前预期同比增长3.4%，而4月的前值为同比增长3.1%。\n\n其他数据方面，美国居民收入环比下降2%，略好于预期的下降2.5%，远好于4月的下降13.1%；而消费支出环比不变，低于预期的增长0.4%及4月的增长0.9%。\n\n当然，由于低基数效应，美国居民收入同比增长温和加速，而支出增长显著放缓（但数值较高）。\n\n花旗表示，支出的调整主要反映了机票、租车和二手车等零部件价格的上涨，虽然这些异常强劲的价格上涨最终会证明是暂时的，但可能还会持续一两个月。\n值得注意的是，随着刺激措施的逐渐退出，个人可支配收入明显减少。\n\n在细分收入方面，政府工资同比增长3.5%，高于4月份的1.3%，而私人工人工资同比增长15.7%，低于4月份创纪录的19.3%。\n\n值得一提的是，支出与收入的变化已将储蓄率压低。\n\n消费支出正在走上正轨\n分析人士指出，该报告显示，今年早些时候的疫情纾困刺激措施导致的开支增长已经放缓，消费进入更可持续的节奏和步伐——工资和薪金支出将成为主流。由于大规模疫苗接种和经济的重新开放使消费者有信心旅行并恢复许多疫情之前的活动，再加上更高的储蓄水平加上更少的防疫限制，服务支出应该会在未来几个月达到疫情前的水平。\n随着零售销售额徘徊在历史高位，消费者的消费已经开始转向服务业——这是美国经济的最大组成部分，而耐用品支出创下了2月以来的最大跌幅。\n分析人士还指出，与此同时，需求增加、供应瓶颈和产能限制正在推高价格，通货膨胀的上升削弱了人们的的购买力。\n此外，Affinity Solutions CEO Jonathan Silver表示，高收入的美国人正在推动大部分的支出增长，他们有更多的钱来支付在疫情的大部分时间里无法为所有人提供的服务。\n数据显示，收入超过20万美元的家庭5月份在餐馆的支出比4月份增长了16%。根据Affinity Solutions对信用卡和借记卡交易的分析，收入在31000美元至60000美元之间的人的支出仅增加了5%。\n对于PCE通胀率，美联储高级官员一直在淡化这一增长。美联储领导人坚称，随着经济恢复正常、大多数人重返工作岗位以及普遍存在的劳动力和供应短缺现象逐渐消失，明年该价格指数将回落。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"TQQQ":0.9,"OEX":0.9,"QQQ":0.9,"SPY":0.9,".IXIC":0.9,"QID":0.9,".DJI":0.9,"DJX":0.9,"SDOW":0.9,"DOG":0.9,"IVV":0.9,".SPX":0.9,"ESmain":0.9,"SDS":0.9,"OEF":0.9,"SPXU":0.9,"UDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":3173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125531922,"gmtCreate":1624679378866,"gmtModify":1703843484715,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581667278730959","authorIdStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125531922","repostId":"1189591387","repostType":4,"repost":{"id":"1189591387","kind":"news","weMediaInfo":{"introduction":"界面是中国最大的商业新闻和社交平台，只服务于独立思考的人群。","home_visible":1,"media_name":"界面新闻","id":"30","head_image":"https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af"},"pubTimestamp":1624676746,"share":"https://ttm.financial/m/news/1189591387?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:05","market":"us","language":"zh","title":"Tencent Music made two architectural adjustments in two weeks","url":"https://stock-news.laohu8.com/highlight/detail?id=1189591387","media":"界面新闻","summary":"进入六月中旬，腾讯音乐娱乐集团（以下简称“腾讯音乐”）在不到两周时间内，连续两次进行组织架构调整，分别涉及QQ音乐业务线，以及腾讯音乐集团层面的内容业务板块。\n界面新闻独家消息显示，6月11日中午，腾","content":"<p><div>In mid-June, Tencent Music Entertainment Group (hereinafter referred to as \"Tencent Music\") made two organizational restructurings in less than two weeks, involving the QQ Music business line and the content business segment at the Tencent Music Group level. According to exclusive reports from Jiemian News, on the afternoon of June 11, QQ Music, a subsidiary of Tencent Music, issued an internal letter announcing the establishment of a new \"Interactive Video Product Department\" offline. The leader will be Ji Mingzhong, the current head of the Quanmin Karaoke business line, who will be responsible for the live streaming business, karaoke room business, and video platform construction of QQ Music and Quanmin Karaoke. Under the department...</p><p><a href=\"None\">Web page link</a></div></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>Tencent Music made two architectural adjustments in two weeks</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\">\nTencent Music made two architectural adjustments in two weeks\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/30\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">界面新闻 </p>\n<p class=\"h-time smaller\">2021-06-26 11:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>In mid-June, Tencent Music Entertainment Group (hereinafter referred to as \"Tencent Music\") made two organizational restructurings in less than two weeks, involving the QQ Music business line and the content business segment at the Tencent Music Group level. According to exclusive reports from Jiemian News, on the afternoon of June 11, QQ Music, a subsidiary of Tencent Music, issued an internal letter announcing the establishment of a new \"Interactive Video Product Department\" offline. The leader will be Ji Mingzhong, the current head of the Quanmin Karaoke business line, who will be responsible for the live streaming business, karaoke room business, and video platform construction of QQ Music and Quanmin Karaoke. Under the department...</p><p><a href=\"None\">Web page link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/06c120bbb961941a6910f63352c38f2b","relate_stocks":{"TME":"腾讯音乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189591387","content_text":"进入六月中旬，腾讯音乐娱乐集团（以下简称“腾讯音乐”）在不到两周时间内，连续两次进行组织架构调整，分别涉及QQ音乐业务线，以及腾讯音乐集团层面的内容业务板块。\n界面新闻独家消息显示，6月11日中午，腾讯音乐旗下的QQ音乐业务线下发内部信，宣布QQ音乐业务线下新设立“互动视频产品部”，领导者由现任全民K歌业务线负责人计鸣钟担任，负责QQ音乐和全民K歌的直播业务、歌房业务，以及视频中台建设。\n在部门下，新设K歌互动产品中心、QQ音乐互动产品中心，负责两款产品的直播产品建设、运营及商业化工作。同时下设基础产品中心，负责QQ音乐、全民K歌直播的运营、流量分发推荐策略，以及互动产品建设。\n腾讯音乐一位运营负责人告诉界面新闻，这次CEO梁柱推动设立的“互动视频产品部”，架构在QQ音乐业务线之下，与QQ音乐和全民K歌平台产品部平行，主要承担直播运营和商业化产品开发，配备了完整的前、中和后台团队。\n不到半个月后，25日下午腾讯音乐发布今年第20号文件，宣布在集团旗下成立“内容业务线”，由腾讯音乐董事长彭迦信负责，推进版权内容引入、内容制作、内容管理、内容宣发以及内容服务等业务。\n据界面新闻了解，腾讯音乐的集团副总裁潘才俊将担任内容业务线下“内容合作部”负责人，兼任音乐云业务中心负责人，分管制作家工作室和演出合作中心。\n同时，在“内容业务线下”设立内容业务线决策管理委员会（性质为虚拟组），会长由彭迦信担任，其他成员包括潘才俊、王磊、陈默、梁韵恒、刘显铭以及李倞等六人。\n前述负责人告诉界面新闻，本次集团内容业务的调整方案，前段时间已经确定，部分人员在6月初就已做好新部门交接准备，“内容统一之后，下一步就是产品平台”。\n其它部分调整包括：\n原腾讯音乐“内容合作部”组织架构和人员调整至内容业务线下，推进集团KA音乐内容、词曲内容版权引入与商务合作。\n内容业务线下成立“内容工作室群”，配合各内容生产团队、上下游内容与平台团队，以及外部行业合作方和内容生产者，推进内容创作、IP打造、联合制作、演出合作等业务。\n同时成立“制作家工作室”，成立“哆咪嗦自制工作室”。\n集团旗下“联合文娱发展部”、“三三四五工作室”、“百亿工作室”和原TME内容合作部下“演出合作中心”的组织架构、职责和人员，整体平移至内容工作群下。\n内容业务线下成立“音乐人开放平台部”，推进集团中长尾音乐内容的发掘和引入，推进优秀内容创作者的发掘、引入和培养。\n内容业务线下成立“音乐云业务中心”，负责集团统一的音乐内容对外转授平台建设，负责音乐发行渠道的拓展，开发版权变现模式。\n“内容业务线”下其它人事调整如下：王磊担任联合文娱发展部总经理，陈默兼任内容业务线下宣推市场中心总经理，刘显铭担任演出合作中心副总经理，梁韵恒担任腾讯音乐企业发展部副总经理，李倞担任音乐人开放平台部总监。","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":3752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125533224,"gmtCreate":1624679361068,"gmtModify":1703843483738,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581667278730959","authorIdStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125533224","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>","source":"36k","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>Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?</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\">\nDark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":2953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125507798,"gmtCreate":1624678667314,"gmtModify":1703843465792,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581667278730959","authorIdStr":"3581667278730959"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125507798","repostId":"1145459385","repostType":4,"repost":{"id":"1145459385","kind":"news","pubTimestamp":1624678023,"share":"https://ttm.financial/m/news/1145459385?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:27","market":"us","language":"zh","title":"Having profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".","url":"https://stock-news.laohu8.com/highlight/detail?id=1145459385","media":"有牛财经","summary":"将时间拨回到2009年，那时的特斯拉不过是另一家陷在部件产能泥潭中的初创企业，而它的掌门人埃隆·马斯克为了增强自身产能，正在全球范围内寻找外援。巧的是，当时日本电池产业龙头松下（Panasonic）对","content":"<p>Let's rewind to 2009, back then...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is just another startup mired in component production capacity, and its leader, Elon Musk, is seeking external help globally to increase its own capacity. Coincidentally, at the time, Japan's leading battery manufacturer<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic was also very interested in the automotive industry, so the two sides hit it off immediately. In addition to the battery supply agreement, Panasonic also invested in Tesla multiple times after its IPO, and even jointly built a factory with it.</p><p>For years, Panasonic has provided high-quality batteries for Musk's super car plan, supporting Tesla's rise to the position of the world's largest automaker by market capitalization. However, just when people thought this relationship would continue into the next decade, the relationship between Panasonic and Tesla took a sharp turn for the worse, with the two sides constantly clashing over issues such as battery production.</p><p>After entering 2021, Panasonic's actions became significantly more aggressive—it not only publicly stated that it \"wanted to get rid of its dependence on Tesla,\" but also recently sold all of its Tesla shares.</p><p><img src=\"https://static.tigerbbs.com/49bd973c550aaf62c4ba645e310b4561\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Draw a line between us and Tesla</p><p>According to a report by Nikkei Chinese on June 25, Panasonic had sold all of its Tesla shares by the end of March 2021 and made a substantial profit from it. According to Panasonic's cash flow statement for fiscal year 2020 released at the same time, its proceeds from asset sales, including the sale of shares, reached 429.9 billion yen, an increase of 380 billion yen compared to the previous fiscal year.</p><p>In 2010, Panasonic purchased 1.4 million Tesla shares at a price of $21.15 per share, when Tesla had just gone public. In recent years, Tesla's stock price has increased dozens of times, reaching its peak in 2020. Based on this increase, a large portion of the \"asset sale revenue\" likely came from Panasonic selling Tesla stock.</p><p>While Panasonic was busy selling off Tesla stock, former Panasonic CEO Kazuhiro Tsuga was also busy preparing to step down. Before becoming chairman, he expressed his views on Tesla, believing that Panasonic must increase the production of batteries for other brands of electric vehicles in order to reduce its dependence on Tesla. Previously, he had always been considered a \"staunch\" supporter of Musk.</p><p>“…We need to manufacture batteries that are easy for other automakers to use, but they are currently difficult to sell unless other companies can use the special cylindrical batteries we manufacture for Tesla,” said Kazuhiro Tsuga.</p><p>Kazuhiro Tsuga's statement is not surprising. In fact, Panasonic had a plan to \"find a replacement for Tesla\" several years ago. This plan aimed to reduce Tesla's influence on the company by establishing joint ventures with automakers such as Toyota. In the year Tesla's Shanghai factory was completed, Panasonic also fulfilled its wish to build a bridge with Toyota.</p><p>Panasonic's sale of Tesla stock is more about putting an end to this \"marriage\" than a demonstration against the latter—it will continue to supply Tesla in the future, but the close partnership between the two parties has officially ended.</p><p><img src=\"https://static.tigerbbs.com/ab9f6f99916e8f9cafb30412479b4d73\" tg-width=\"1024\" tg-height=\"703\" referrerpolicy=\"no-referrer\"></p><p>Why is Panasonic so busy removing the Tesla label?</p><p>Why did our once good friends end up like this? The reason is simple: Panasonic and Musk simply don't get along well.</p><p>Since 2019, Panasonic and Tesla have been accusing each other of battery production issues. Musk believes that Panasonic's battery production capacity does not meet the standards of a Gigafactory, forcing the company to limit Model 3 production; In its financial report, Panasonic stated that it \"does not have enough production capacity to meet Tesla's ever-expanding business\" and that \"if Tesla continues to expand its business, the batteries will run out.\"</p><p>At that time, Tesla and Panasonic had already jointly established the Nevada Gigafactory in North America to meet the former's monstrous battery demand. However, on the other hand, Musk's requirements for battery quality and cost also reached new heights. For example, Tesla's 21700 battery has a 20% higher energy density than the 18650, while the cost has dropped from $180/Wh to $170/Wh.</p><p>High-quality batteries have indeed boosted Tesla's sales in the market, but they have also put an unbearable burden on Panasonic. In September 2019, Kazuhiro Tsuga complained in a media interview that Musk had repeatedly asked Panasonic to lower its purchase prices. “I once responded to him that if this continues, we should consider evacuating all Panasonic employees and equipment from the Gigafactory.”</p><p>It is worth noting that this is also the first time that Kazuhiro Tsuga has expressed regret about cooperating with Tesla. “If you ask me if I regret investing in Tesla’s Gigafactory, I would say, yes, of course,” Kazuhiro Tsuga responded.</p><p>While Musk's personality certainly displeases Panasonic, the more troublesome thing for it is profitability.</p><p>Since the first Model 3 rolled off the production line, Panasonic has been increasing battery production capacity at Tesla's request. However, this has also meant that its factories will suffer huge losses, which contradicts Panasonic's long-standing cost reduction and efficiency improvement strategy. Panasonic's move from 2C to 2B and its cooperation with Tesla were largely aimed at reversing the huge losses of 780 billion yen at the time. Given that Panasonic's production capacity is being \"dragged along\" by the other party, deeply integrating with Tesla is not beneficial for Panasonic.</p><p><img src=\"https://static.tigerbbs.com/93fb5b6e09dc2d85bf9071ceeba83636\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>After weakening Tesla's influence, where will Panasonic go next?</p><p>However, Panasonic is still inseparable from Tesla, a major customer, as can be seen from its financial reports.</p><p>According to Panasonic's financial report for fiscal year 2020 (April 2020 - March 2021) released in March this year, the company's battery division's sales decreased by 10% compared to fiscal year 2019, to 1,339.4 billion yen. However, the division's operating profit turned from a loss of 46.6 billion yen in fiscal year 2019 to a profit of 10.9 billion yen.</p><p>Regarding the successful turnaround of the battery business, Panasonic CFO Hirokazu Umeda believes that the continuous progress of in-vehicle equipment is one aspect, but the profitability of Tesla's related businesses is more important. He also stated that Panasonic's battery division will reach a net profit of 50 billion yen in fiscal year 2021, as sales of equipment such as automotive batteries are expected to continue to increase.</p><p>To this day, Panasonic continues to supply batteries to Tesla and plans to participate in the production and manufacturing of its next-generation batteries. On June 24 this year, Panasonic's newly appointed president and CEO, Oki Kusumi, stated in a media interview that the company will increase significant investment to produce new 4680 lithium-ion batteries for Tesla and other electric vehicle manufacturers.</p><p>“Establishing good relationships with electric vehicle manufacturers such as Tesla and gaining a foothold in the global electric vehicle battery market is crucial for the company,” said Oki Kusumi.</p><p>However, Tesla seems to have abandoned its early fantasies about Panasonic. When the Shanghai Gigafactory was completed, Musk emphasized that domestically produced Teslas would use battery cells provided by several companies, including LG Chem, rather than just Panasonic. In addition, domestic battery giants<a href=\"https://laohu8.com/S/300750\">CATL</a>It also successfully entered Tesla's supply chain in the second half of last year and has developed rapidly by leveraging its local advantages. According to information from China Energy Storage Network, CATL's supply to Tesla has far exceeded that of LG Chem and Panasonic.</p><p><img src=\"https://static.tigerbbs.com/242d13e2b90ac20c97f2fae67bbd3b96\" tg-width=\"720\" tg-height=\"436\" referrerpolicy=\"no-referrer\"></p><p>Another set of data may be more illustrative—according to a Research report by Techno Systems Research, CATL accounted for 26.0% of the global automotive lithium-ion battery market in 2020, becoming the world's largest power battery company. LG Chem ranked second with a 23.3% market share; Panasonic, the former dominant player, has seen its market share fall to 18.1%.</p><p>As a \"century-old company,\" Panasonic doesn't want to be branded as Tesla, so it's understandable that it wants to shed that label. But after its honeymoon period with Tesla ends, can Panasonic really find a good partner to replace Tesla? Even if Panasonic finds such a partner, how far can it go as a battery supplier?</p><p>Currently, the strength and speed of various traditional automakers' shift to new energy vehicles remain questionable. Toyota, another ally of Panasonic, has even been referred to by industry insiders as the \"automotive industry leader\" due to its chairman, Akio Toyoda's repeated criticisms of the electric vehicle industry.<a href=\"https://laohu8.com/S/NOK\">Nokia</a>”； At the same time, some automakers claiming to have mastered core technologies have even begun to consider building their own battery factories, such as Volkswagen.</p><p>In this era of change, it is extremely difficult for Panasonic to continue to reap the benefits by relying on its supplier status. How to build a stronger corporate competitiveness is a question it needs to seriously consider in the next decade.</p>","source":"lsy1604323531668","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>Having profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".</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\">\nHaving profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-06-26 11:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Let's rewind to 2009, back then...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is just another startup mired in component production capacity, and its leader, Elon Musk, is seeking external help globally to increase its own capacity. Coincidentally, at the time, Japan's leading battery manufacturer<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic was also very interested in the automotive industry, so the two sides hit it off immediately. In addition to the battery supply agreement, Panasonic also invested in Tesla multiple times after its IPO, and even jointly built a factory with it.</p><p>For years, Panasonic has provided high-quality batteries for Musk's super car plan, supporting Tesla's rise to the position of the world's largest automaker by market capitalization. However, just when people thought this relationship would continue into the next decade, the relationship between Panasonic and Tesla took a sharp turn for the worse, with the two sides constantly clashing over issues such as battery production.</p><p>After entering 2021, Panasonic's actions became significantly more aggressive—it not only publicly stated that it \"wanted to get rid of its dependence on Tesla,\" but also recently sold all of its Tesla shares.</p><p><img src=\"https://static.tigerbbs.com/49bd973c550aaf62c4ba645e310b4561\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Draw a line between us and Tesla</p><p>According to a report by Nikkei Chinese on June 25, Panasonic had sold all of its Tesla shares by the end of March 2021 and made a substantial profit from it. According to Panasonic's cash flow statement for fiscal year 2020 released at the same time, its proceeds from asset sales, including the sale of shares, reached 429.9 billion yen, an increase of 380 billion yen compared to the previous fiscal year.</p><p>In 2010, Panasonic purchased 1.4 million Tesla shares at a price of $21.15 per share, when Tesla had just gone public. In recent years, Tesla's stock price has increased dozens of times, reaching its peak in 2020. Based on this increase, a large portion of the \"asset sale revenue\" likely came from Panasonic selling Tesla stock.</p><p>While Panasonic was busy selling off Tesla stock, former Panasonic CEO Kazuhiro Tsuga was also busy preparing to step down. Before becoming chairman, he expressed his views on Tesla, believing that Panasonic must increase the production of batteries for other brands of electric vehicles in order to reduce its dependence on Tesla. Previously, he had always been considered a \"staunch\" supporter of Musk.</p><p>“…We need to manufacture batteries that are easy for other automakers to use, but they are currently difficult to sell unless other companies can use the special cylindrical batteries we manufacture for Tesla,” said Kazuhiro Tsuga.</p><p>Kazuhiro Tsuga's statement is not surprising. In fact, Panasonic had a plan to \"find a replacement for Tesla\" several years ago. This plan aimed to reduce Tesla's influence on the company by establishing joint ventures with automakers such as Toyota. In the year Tesla's Shanghai factory was completed, Panasonic also fulfilled its wish to build a bridge with Toyota.</p><p>Panasonic's sale of Tesla stock is more about putting an end to this \"marriage\" than a demonstration against the latter—it will continue to supply Tesla in the future, but the close partnership between the two parties has officially ended.</p><p><img src=\"https://static.tigerbbs.com/ab9f6f99916e8f9cafb30412479b4d73\" tg-width=\"1024\" tg-height=\"703\" referrerpolicy=\"no-referrer\"></p><p>Why is Panasonic so busy removing the Tesla label?</p><p>Why did our once good friends end up like this? The reason is simple: Panasonic and Musk simply don't get along well.</p><p>Since 2019, Panasonic and Tesla have been accusing each other of battery production issues. Musk believes that Panasonic's battery production capacity does not meet the standards of a Gigafactory, forcing the company to limit Model 3 production; In its financial report, Panasonic stated that it \"does not have enough production capacity to meet Tesla's ever-expanding business\" and that \"if Tesla continues to expand its business, the batteries will run out.\"</p><p>At that time, Tesla and Panasonic had already jointly established the Nevada Gigafactory in North America to meet the former's monstrous battery demand. However, on the other hand, Musk's requirements for battery quality and cost also reached new heights. For example, Tesla's 21700 battery has a 20% higher energy density than the 18650, while the cost has dropped from $180/Wh to $170/Wh.</p><p>High-quality batteries have indeed boosted Tesla's sales in the market, but they have also put an unbearable burden on Panasonic. In September 2019, Kazuhiro Tsuga complained in a media interview that Musk had repeatedly asked Panasonic to lower its purchase prices. “I once responded to him that if this continues, we should consider evacuating all Panasonic employees and equipment from the Gigafactory.”</p><p>It is worth noting that this is also the first time that Kazuhiro Tsuga has expressed regret about cooperating with Tesla. “If you ask me if I regret investing in Tesla’s Gigafactory, I would say, yes, of course,” Kazuhiro Tsuga responded.</p><p>While Musk's personality certainly displeases Panasonic, the more troublesome thing for it is profitability.</p><p>Since the first Model 3 rolled off the production line, Panasonic has been increasing battery production capacity at Tesla's request. However, this has also meant that its factories will suffer huge losses, which contradicts Panasonic's long-standing cost reduction and efficiency improvement strategy. Panasonic's move from 2C to 2B and its cooperation with Tesla were largely aimed at reversing the huge losses of 780 billion yen at the time. Given that Panasonic's production capacity is being \"dragged along\" by the other party, deeply integrating with Tesla is not beneficial for Panasonic.</p><p><img src=\"https://static.tigerbbs.com/93fb5b6e09dc2d85bf9071ceeba83636\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>After weakening Tesla's influence, where will Panasonic go next?</p><p>However, Panasonic is still inseparable from Tesla, a major customer, as can be seen from its financial reports.</p><p>According to Panasonic's financial report for fiscal year 2020 (April 2020 - March 2021) released in March this year, the company's battery division's sales decreased by 10% compared to fiscal year 2019, to 1,339.4 billion yen. However, the division's operating profit turned from a loss of 46.6 billion yen in fiscal year 2019 to a profit of 10.9 billion yen.</p><p>Regarding the successful turnaround of the battery business, Panasonic CFO Hirokazu Umeda believes that the continuous progress of in-vehicle equipment is one aspect, but the profitability of Tesla's related businesses is more important. He also stated that Panasonic's battery division will reach a net profit of 50 billion yen in fiscal year 2021, as sales of equipment such as automotive batteries are expected to continue to increase.</p><p>To this day, Panasonic continues to supply batteries to Tesla and plans to participate in the production and manufacturing of its next-generation batteries. On June 24 this year, Panasonic's newly appointed president and CEO, Oki Kusumi, stated in a media interview that the company will increase significant investment to produce new 4680 lithium-ion batteries for Tesla and other electric vehicle manufacturers.</p><p>“Establishing good relationships with electric vehicle manufacturers such as Tesla and gaining a foothold in the global electric vehicle battery market is crucial for the company,” said Oki Kusumi.</p><p>However, Tesla seems to have abandoned its early fantasies about Panasonic. When the Shanghai Gigafactory was completed, Musk emphasized that domestically produced Teslas would use battery cells provided by several companies, including LG Chem, rather than just Panasonic. In addition, domestic battery giants<a href=\"https://laohu8.com/S/300750\">CATL</a>It also successfully entered Tesla's supply chain in the second half of last year and has developed rapidly by leveraging its local advantages. According to information from China Energy Storage Network, CATL's supply to Tesla has far exceeded that of LG Chem and Panasonic.</p><p><img src=\"https://static.tigerbbs.com/242d13e2b90ac20c97f2fae67bbd3b96\" tg-width=\"720\" tg-height=\"436\" referrerpolicy=\"no-referrer\"></p><p>Another set of data may be more illustrative—according to a Research report by Techno Systems Research, CATL accounted for 26.0% of the global automotive lithium-ion battery market in 2020, becoming the world's largest power battery company. LG Chem ranked second with a 23.3% market share; Panasonic, the former dominant player, has seen its market share fall to 18.1%.</p><p>As a \"century-old company,\" Panasonic doesn't want to be branded as Tesla, so it's understandable that it wants to shed that label. But after its honeymoon period with Tesla ends, can Panasonic really find a good partner to replace Tesla? Even if Panasonic finds such a partner, how far can it go as a battery supplier?</p><p>Currently, the strength and speed of various traditional automakers' shift to new energy vehicles remain questionable. Toyota, another ally of Panasonic, has even been referred to by industry insiders as the \"automotive industry leader\" due to its chairman, Akio Toyoda's repeated criticisms of the electric vehicle industry.<a href=\"https://laohu8.com/S/NOK\">Nokia</a>”； At the same time, some automakers claiming to have mastered core technologies have even begun to consider building their own battery factories, such as Volkswagen.</p><p>In this era of change, it is extremely difficult for Panasonic to continue to reap the benefits by relying on its supplier status. How to build a stronger corporate competitiveness is a question it needs to seriously consider in the next decade.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/sZTiJdkgxaD6F0RpAth6Xg\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c9946b0c9e5ceaed9745f8edfc32a195","relate_stocks":{"TSLA":"特斯拉","PCRFY":"松下","PC":"Premium Catering (Holdings) Ltd."},"source_url":"https://mp.weixin.qq.com/s/sZTiJdkgxaD6F0RpAth6Xg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145459385","content_text":"将时间拨回到2009年，那时的特斯拉不过是另一家陷在部件产能泥潭中的初创企业，而它的掌门人埃隆·马斯克为了增强自身产能，正在全球范围内寻找外援。巧的是，当时日本电池产业龙头松下（Panasonic）对汽车产业也非常感兴趣，于是双方一拍即合。在电池供货协议之外，松下还在特斯拉上市后对其多次注资，甚至是与其合资共建工厂。\n数年来，松下为马斯克的超级造车计划提供了优质的电池，支撑着特斯拉一路登上全球市值第一大车企的宝座。但当人们认为这段关系会继续保持到下一个十年时，松下与特斯拉的关系却急转直下，双方在电池生产制造等问题上摩擦不断。\n进入2021年后，松下的行动明显变的更激进了——它不仅公开表示“要摆脱特斯拉依赖”，还在不久前卖掉了特斯拉的所有股票。\n\n与特斯拉“划清界限”\n根据日经中文网6月25日的报道，松下已经在2021年3月底前卖掉了其持有的特斯拉全部股份，并从中获利颇丰。按照松下同期公布的2020财年现金流量表，其包括出售股份在内的资产出售收入高达4299亿日元，较上财年增加了3800亿日元。\n2010年，松下曾以21.15美元/股的价格购进了140万股特斯拉股票，彼时特斯拉才刚刚上市。而在这几年里，特斯拉的股价翻了数十倍，并在2020年涨势达到顶峰。按照这样的涨幅来算，“资产出售收入”中的很大一部分可能都是松下卖特斯拉股票赚来的。\n在松下忙着抛售特斯拉股票时，松下前CEO津贺一宏也正忙于准备卸任相关事宜。在转任董事长前，他发表了自己对于特斯拉的看法，认为松下必须增加其他品牌电动汽车电池的生产量，以此减少对特斯拉的依赖。而此前，他一直被认为是马斯克的“铁杆”支持者。\n“……我们需要制造出便于其他汽车制造商使用的电池，但目前很难销售出去，除非有其他公司能够使用我们为特斯拉制造的特殊圆柱型电池。”津贺一宏如是说。\n津贺一宏的发声并不令人意外，事实上，早在数年前松下就曾有过“寻找特斯拉替代者”的计划，这个计划旨在通过与丰田等车企建立合资企业，进而降低特斯拉对公司的影响。而在特斯拉上海工厂建成的那一年，松下也如愿以偿地与丰田搭上了桥。\n如今松下抛售特斯拉股票，其意义比起向后者示威，更像是为这段“姻缘”画上一个句号——未来它仍会向特斯拉供货，但双方的亲密伙伴关系已经正式终结。\n\n为何松下忙着撕掉特斯拉标签？\n原本的好伙伴为何会走到今天这一步？原因无他，只是松下和马斯克的相性实在不佳。\n自2019年开始，松下与特斯拉就在电池生产的问题上互相指责。马斯克认为，松下的电池产能达不到超级工厂的标准，导致公司不得不限制Model 3生产；松下在财报中则表示“没有足够的产能来满足特斯拉不断扩张的业务”，“如果特斯拉继续扩大业务，电池将用光”。\n彼时，特斯拉和松下已经在北美合资建立了内华达超级工厂，以满足前者怪物般的电池需求量，但另一方面，马斯克对电池质量和成本的要求也达到了新的高度。例如特斯拉的21700电池，其电池能量密度相较18650提高了20%，而成本却从180美元/Wh降到了170美元/Wh。\n高质量电池的确推动了特斯拉在市场上的销量，却也让背后的松下感到不堪重负。2019年9月，津贺一宏在接受媒体专访时大倒苦水，称马斯克多次要求松下降低采购价格。“有一次我回应他，如果再这样下去，我们要考虑撤走超级工厂的全部松下员工及设备。”\n值得注意的是，这也是津贺一宏首次表现出对特斯拉合作的后悔。“如果你问我是否后悔投资特斯拉超级工厂，我会说，是的，当然。”津贺一宏回应道。\n马斯克的性格固然令松下不满，但对它来说，更麻烦的事情在于盈利。\n自第一辆Model 3走下生产线后，松下一直在应特斯拉的要求提高电池产能，但这也意味着其工厂会背负上高额亏损，这和松下一直以来的降本增效战略相悖——当年松下从2C走向2B，以及与特斯拉展开合作，很大程度上是为了扭转当时7800亿日元的巨额亏损。产能被对方“拖着走”的情况下，再与特斯拉深度绑定对于松下而言并没有好处。\n\n弱化特斯拉影响力后，松下又将何去何从？\n然而，松下暂时还离不开特斯拉这个大客户，这一点从它的财报中就能看出来。\n根据松下今年3月公布的2020财年（2020年4月-2021年3月）财报显示，公司的电池事业部销售额较2019财年下降了10%，为13394亿日元；但该事业部的营业利润却较上一年度扭亏为盈，由2019财年的亏损466亿日元转为盈利109亿日元。\n对于电池业务成功扭亏，松下CFO梅田博和认为，车载设备的不断进步是一方面，但更重要的还是特斯拉关联业务的盈利。他还表示，松下电池事业部在2021财年的净利润将会达到500亿日元，因为车载电池等设备的销售额仍有望提高。\n时至今日，松下依旧在为特斯拉供应电池，并且计划参与到它新一代电池的生产制造中。今年6月24日，松下新任总裁兼CEO楠见雄规接受媒体采访时表示，公司将增加大量投资，为特斯拉和其他电动汽车制造商生产新款的4680锂离子电池。\n“与特斯拉等电动汽车制造商建立良好关系，并在全球电动汽车电池市场占据一席之地，这对于公司而言至关重要。”楠见雄规如是说道。\n然而，特斯拉似乎已经放弃早年间对松下的幻想。当年上海超级工厂落成时马斯克就曾强调，国产特斯拉将使用包括LG化学在内的几家公司提供的电芯，而不仅仅是松下一家。此外，国内电池巨头宁德时代也成功在去年下半年打入特斯拉供应链，并依托本土优势迅速发展。按照中国储能网信息，宁德时代对特斯拉的供货量已经远远超过LG化学和松下。\n\n另一组数据或许更能说明问题——根据Techno Systems Research的研报显示，2020年全球车载锂离子电池市场中，宁德时代占据了26.0%的份额，成为全球最大动力电池企业；LG化学居第二位，所占份额23.3%；而曾经的霸主松下，其市占率已经跌至18.1%。\n作为一家“百年老店”，松下不想被打上特斯拉烙印，想撕掉这张标签也无可厚非。但在与特斯拉的蜜月期结束后，松下真的能找到代替特斯拉的好伙伴吗？就算找到了这样一个伙伴，松下又能在电池供应商的道路上走多远呢？\n目前，各类传统车企转向新能源的力度和速度仍然存疑，松下的另一位盟友丰田，甚至因为掌门人丰田章男屡屡炮轰电动车产业，而被业内人士称作“汽车业诺基亚”；与此同时，一些自称掌握核心技术的汽车厂商甚至开始盘算自建电池工厂，比如大众。\n在这个充斥着变革的年代里，松下想靠着供应商身份继续坐收渔翁之利可谓难上加难。如何构建更为强大的企业竞争力，是它在下一个十年里需要好好思索的问题。","news_type":1,"symbols_score_info":{"PC":0.9,"TSLA":0.9,"PCRFY":0.9}},"isVote":1,"tweetType":1,"viewCount":2850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":125536766,"gmtCreate":1624679523155,"gmtModify":1703843488958,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581667278730959","idStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125536766","repostId":"2146005842","repostType":4,"repost":{"id":"2146005842","kind":"news","pubTimestamp":1624668303,"share":"https://ttm.financial/m/news/2146005842?lang=en_US&edition=fundamental","pubTime":"2021-06-26 08:45","market":"hk","language":"zh","title":"IPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.","url":"https://stock-news.laohu8.com/highlight/detail?id=2146005842","media":"智通财经","summary":"智通财经APP获悉，据港交所6月25日披露，游艇国际控股有限公司向港交所创业板递交上市申请，独家保荐人为新华汇富旗下汇富融资有限公司。公司是以香港为基地的游艇经销集团，主要从事豪华及中高端品牌的一手游艇销售。公司亦从事二手游艇及其他配套配件销售及提供全面的增值服务，包括保养及维修服务。公司在香港设有一个销售办事处以推广最新型号游艇来吸引潜在客户及促进游艇销售。","content":"<p><html><body>According to a disclosure by the Hong Kong Stock Exchange on June 25, Yacht International Holdings Limited has submitted a listing application to the Growth Enterprise Market of the Hong Kong Stock Exchange, with Huifu Capital Limited, a subsidiary of Xinhua Huifu, as the sole sponsor.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667864475917.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667864475917.png\"/></center>The company began distributing yachts in Hong Kong in 2014. Since 2014 and 2015, the company has acted as an agent.<a href=\"https://laohu8.com/S/DLX\">luxury</a>The motor yacht brands are Absolute and Azimut (which are among the few internationally renowned luxury motor yacht brands). The company is a Hong Kong-based yacht dealership group, primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands. The company also engages in the sale of used yachts and other accessories and provides comprehensive value-added services, including maintenance and repair services. During the Track Record Period, the Company's yacht sales were substantially entirely conducted in Hong Kong, and the Company was able to expand its sales network to Singapore, Taiwan and Shenzhen. The company has a balanced product portfolio, offering a wide range of products such as luxury motor yachts, sports boats, and inflatable boats to attract a wide range of customers. The company has a sales office in Hong Kong to promote the latest yacht models to attract potential customers and boost yacht sales. The company's customers are mainly individuals (product end users) with high disposable income in Hong Kong, as well as several enterprises.</p><p>As at the Latest Practicable Date, the Company's brand portfolio included two luxury brands — Absolute and Azimut and two mid-to-high-end brands — Four Winns and Zar Formenti. In FY2019, FY2020 and FY2021, sales of first-hand Absolute luxury motor yachts amounted to HK$47.3 million, HK$32.7 million and HK$60.1 million, respectively, accounting for approximately 19.2%, 12.9% and 13.0% of the company's revenue; In FY2019, FY2020 and FY2021, sales of first-hand Azimut luxury motor yachts amounted to HK$181.4 million, HK$195.4 million and HK$325 million, accounting for approximately 73.5%, 77.1% and 70.5% of the company's revenue, respectively;</p><p>In FY2019, FY2020 and FY2021, the company's sales to its five largest customers amounted to approximately HK$163.3 million, HK$193.1 million and HK$222.2 million, respectively, accounting for 66.2%, 76.1% and 48.3% of total revenue; And annual sales to the largest customer for the respective years amounted to HK$79.6 million, HK$62.6 million and HK$91.2 million respectively, accounting for 32.3%, 24.7% and 19.8% of total revenue.</p><p>During the Track Record Period, the Company's revenue was derived from (i) the sale of yachts and related components; And (ii) service income. For FY2019, FY2020 and FY2021, revenue was HK$246.7 million, HK$253.6 million and HK$461.2 million, respectively. Gross profit for the same year was HK$34.15 million, HK$38.97 million and HK$57.97 million, respectively.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667847635417.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667847635417.png\"/></p><p></center></body></html></p>","source":"stock_zhitongcaijing","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>IPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.</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\">\nIPO News | Yacht International Holdings Limited has filed for listing on the Hong Kong Stock Exchange's Growth Enterprise Market (GEM), primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-06-26 08:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body>According to a disclosure by the Hong Kong Stock Exchange on June 25, Yacht International Holdings Limited has submitted a listing application to the Growth Enterprise Market of the Hong Kong Stock Exchange, with Huifu Capital Limited, a subsidiary of Xinhua Huifu, as the sole sponsor.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667864475917.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667864475917.png\"/></center>The company began distributing yachts in Hong Kong in 2014. Since 2014 and 2015, the company has acted as an agent.<a href=\"https://laohu8.com/S/DLX\">luxury</a>The motor yacht brands are Absolute and Azimut (which are among the few internationally renowned luxury motor yacht brands). The company is a Hong Kong-based yacht dealership group, primarily engaged in the sale of first-hand yachts of luxury and mid-to-high-end brands. The company also engages in the sale of used yachts and other accessories and provides comprehensive value-added services, including maintenance and repair services. During the Track Record Period, the Company's yacht sales were substantially entirely conducted in Hong Kong, and the Company was able to expand its sales network to Singapore, Taiwan and Shenzhen. The company has a balanced product portfolio, offering a wide range of products such as luxury motor yachts, sports boats, and inflatable boats to attract a wide range of customers. The company has a sales office in Hong Kong to promote the latest yacht models to attract potential customers and boost yacht sales. The company's customers are mainly individuals (product end users) with high disposable income in Hong Kong, as well as several enterprises.</p><p>As at the Latest Practicable Date, the Company's brand portfolio included two luxury brands — Absolute and Azimut and two mid-to-high-end brands — Four Winns and Zar Formenti. In FY2019, FY2020 and FY2021, sales of first-hand Absolute luxury motor yachts amounted to HK$47.3 million, HK$32.7 million and HK$60.1 million, respectively, accounting for approximately 19.2%, 12.9% and 13.0% of the company's revenue; In FY2019, FY2020 and FY2021, sales of first-hand Azimut luxury motor yachts amounted to HK$181.4 million, HK$195.4 million and HK$325 million, accounting for approximately 73.5%, 77.1% and 70.5% of the company's revenue, respectively;</p><p>In FY2019, FY2020 and FY2021, the company's sales to its five largest customers amounted to approximately HK$163.3 million, HK$193.1 million and HK$222.2 million, respectively, accounting for 66.2%, 76.1% and 48.3% of total revenue; And annual sales to the largest customer for the respective years amounted to HK$79.6 million, HK$62.6 million and HK$91.2 million respectively, accounting for 32.3%, 24.7% and 19.8% of total revenue.</p><p>During the Track Record Period, the Company's revenue was derived from (i) the sale of yachts and related components; And (ii) service income. For FY2019, FY2020 and FY2021, revenue was HK$246.7 million, HK$253.6 million and HK$461.2 million, respectively. Gross profit for the same year was HK$34.15 million, HK$38.97 million and HK$57.97 million, respectively.</p><p><center><img src=\"https://img.zhitongcaijing.com/image/20210626/1624667847635417.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1624667847635417.png\"/></p><p></center></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/501817.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5a0d8d07bb7c07ed67df2bae10160584","relate_stocks":{"159915":"创业板","399006":"创业板指","DLX":"豪华","000001.SH":"上证指数"},"source_url":"http://www.zhitongcaijing.com/content/detail/501817.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146005842","content_text":"智通财经APP获悉，据港交所6月25日披露，游艇国际控股有限公司向港交所创业板递交上市申请，独家保荐人为新华汇富旗下汇富融资有限公司。该公司于2014年开始在香港经销游艇。自2014年及2015年起，公司代理的豪华机动游艇品牌分别为Absolute及Azimut(为少数国际知名豪华机动游艇品牌)。公司是以香港为基地的游艇经销集团，主要从事豪华及中高端品牌的一手游艇销售。公司亦从事二手游艇及其他配套配件销售及提供全面的增值服务，包括保养及维修服务。于往绩期间，公司的游艇销售基本上全部于香港进行，且公司能够将销售网络扩展至新加坡、中国台湾及深圳。公司拥有均衡的产品组合，提供豪华机动游艇、运动艇及充气船等各式各样的产品，以吸纳广泛客户。公司在香港设有一个销售办事处以推广最新型号游艇来吸引潜在客户及促进游艇销售。公司的客户主要为在香港拥有高可支配收入的个人(产品终端用户)以及多间企业。于最后可行日期，公司的品牌组合包括两个豪华品牌 — Absolute及Azimut以及两个中高端品牌 — Four Winns及Zar  Formenti。于2019财政年度、2020财政年度及2021财政年度，一手Absolute豪华机动游艇的销售额为4730万港元、3270万港元及6010万港元，分别占公司收益的约19.2%、12.9%及13.0%;于2019财政年度、2020财政年度及2021财政年度，一手Azimut豪华机动游艇的销售额为1.814亿港元、1.954亿港元及3.25亿港元，分别占公司收益的约73.5%、77.1%及70.5%;于2019财政年度、2020财政年度及2021财政年度，公司向五大客户的销售分别为约1.633亿港元、1.931亿港元及2.222亿港元，占总收益66.2%、76.1%及48.3%;以及于相关年度每年向最大客户的销售分别为7960万港元、6260万港元及9120万港元，占总收益32.3%、24.7%及19.8%。于往绩期间，公司的收益源于(i)销售游艇及相关部件;及(ii)服务收入。于2019财政年度、2020财政年度及2021财政年度，收益分别为2.467亿港元、2.536亿港元及4.612亿港元。同年的毛利分别为3415万港元、3897万港元及5797万港元。","news_type":1,"symbols_score_info":{"159915":1,"399006":1,"DLX":1,"000001.SH":1}},"isVote":1,"tweetType":1,"viewCount":2495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125531693,"gmtCreate":1624679393412,"gmtModify":1703843485533,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581667278730959","idStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125531693","repostId":"1107914422","repostType":4,"repost":{"id":"1107914422","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1624676168,"share":"https://ttm.financial/m/news/1107914422?lang=en_US&edition=fundamental","pubTime":"2021-06-26 10:56","market":"us","language":"zh","title":"The highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table","url":"https://stock-news.laohu8.com/highlight/detail?id=1107914422","media":"华尔街见闻","summary":"美国核心通胀指标5月再度爆表。\n据美国商务部统计，美国5月PCE物价指数同比升3.9%，预期升3.9%，较前值3.6%小幅提高，远高于美联储的官方通胀目标2%。\n\n此外，美国5月核心PCE物价指数同比","content":"<p>The U.S. core inflation indicator exceeded the table again in May.</p><p>According to statistics from the U.S. Department of Commerce, the U.S. PCE price index rose 3.9% year-on-year in May, compared to the expected 3.9% increase and a slight increase from the previous value of 3.6%, far exceeding the Federal Reserve's official inflation target of 2%.</p><p><img src=\"https://static.tigerbbs.com/35bd2b9f00875bc868300399b8ebf93d\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p>In addition, the U.S. core PCE price index rose 3.4% year-on-year in May, the highest since 1991, after previously expecting a 3.4% year-on-year increase, compared to a 3.1% year-on-year increase in April.</p><p><img src=\"https://static.tigerbbs.com/5561e65f473b2f0d55bee86858c46072\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p><p>In other data, U.S. residents' income fell 2% month-on-month, slightly better than the expected 2.5% decline and much better than the 13.1% decline in April; Consumer spending remained unchanged month-on-month, falling short of the expected 0.4% growth and the 0.9% growth in April.</p><p><img src=\"https://static.tigerbbs.com/51b094c005211101c82ae95559d7ab9a\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Of course, due to the low base effect, year-on-year income growth in the United States accelerated moderately, while spending growth slowed significantly (but at a higher value).</p><p><img src=\"https://static.tigerbbs.com/7467f4029bdeebced6df11bea878316c\" tg-width=\"500\" tg-height=\"265\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/C\">Citi</a>It was stated that the adjustment in spending mainly reflects rising prices for parts such as airfares, car rentals, and used cars. Although these exceptionally strong price increases will ultimately prove temporary, they may last for another month or two.</p><p>It is worth noting that as stimulus measures are gradually withdrawn, personal disposable income has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/13f06f68d06ccc7f38b60878fa572c86\" tg-width=\"500\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>In terms of breakdown income, government wages rose 3.5% year-on-year, up from 1.3% in April, while private worker wages rose 15.7% year-on-year, down from a record 19.3% in April.</p><p><img src=\"https://static.tigerbbs.com/fb642ae4d8b547460a54614b9785bc5f\" tg-width=\"500\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that changes in spending and income have lowered the savings rate.</p><p><img src=\"https://static.tigerbbs.com/d835f78557054dbbffcd941df0975338\" tg-width=\"500\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>Consumer spending is on track</b></p><p>Analysts point out that the report shows that spending growth caused by the pandemic relief stimulus measures earlier this year has slowed, and consumption has entered a more sustainable rhythm and pace—wage and salary spending will become the mainstream. Spending on services should reach pre-pandemic levels in the coming months as mass vaccinations and the reopening of the economy give consumers confidence to travel and resume many pre-pandemic activities, coupled with higher savings levels and fewer pandemic restrictions.</p><p>With retail sales hovering at record highs, consumer spending has begun to shift towards the services sector—the largest component of the U.S. economy—while spending on durable goods has seen its biggest drop since February.</p><p>Analysts also pointed out that, at the same time, increased demand, supply bottlenecks, and capacity constraints are pushing up prices, while rising inflation is weakening people's purchasing power.</p><p>In addition, Affinity Solutions CEO Jonathan Silver said that high-income Americans are driving most of the spending growth, as they have more money to pay for services that were not available to everyone during most of the pandemic.</p><p>Data shows that households with incomes exceeding $200,000 spent 16% more at restaurants in May than in April. According to Affinity Solutions' analysis of credit and debit card transactions, spending by people earning between $31,000 and $60,000 increased by only 5%.</p><p>Regarding PCE inflation, senior Federal Reserve officials have been downplaying this growth. Federal Reserve leaders insist that the price index will fall next year as the economy returns to normal, most people return to work, and widespread labor and supply shortages gradually disappear.</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>The highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table</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\">\nThe highest in nearly thirty years! The price index, which the Federal Reserve is most concerned about, has once again exceeded the table\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2021-06-26 10:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The U.S. core inflation indicator exceeded the table again in May.</p><p>According to statistics from the U.S. Department of Commerce, the U.S. PCE price index rose 3.9% year-on-year in May, compared to the expected 3.9% increase and a slight increase from the previous value of 3.6%, far exceeding the Federal Reserve's official inflation target of 2%.</p><p><img src=\"https://static.tigerbbs.com/35bd2b9f00875bc868300399b8ebf93d\" tg-width=\"640\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p>In addition, the U.S. core PCE price index rose 3.4% year-on-year in May, the highest since 1991, after previously expecting a 3.4% year-on-year increase, compared to a 3.1% year-on-year increase in April.</p><p><img src=\"https://static.tigerbbs.com/5561e65f473b2f0d55bee86858c46072\" tg-width=\"500\" tg-height=\"273\" referrerpolicy=\"no-referrer\"></p><p>In other data, U.S. residents' income fell 2% month-on-month, slightly better than the expected 2.5% decline and much better than the 13.1% decline in April; Consumer spending remained unchanged month-on-month, falling short of the expected 0.4% growth and the 0.9% growth in April.</p><p><img src=\"https://static.tigerbbs.com/51b094c005211101c82ae95559d7ab9a\" tg-width=\"500\" tg-height=\"275\" referrerpolicy=\"no-referrer\"></p><p>Of course, due to the low base effect, year-on-year income growth in the United States accelerated moderately, while spending growth slowed significantly (but at a higher value).</p><p><img src=\"https://static.tigerbbs.com/7467f4029bdeebced6df11bea878316c\" tg-width=\"500\" tg-height=\"265\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/C\">Citi</a>It was stated that the adjustment in spending mainly reflects rising prices for parts such as airfares, car rentals, and used cars. Although these exceptionally strong price increases will ultimately prove temporary, they may last for another month or two.</p><p>It is worth noting that as stimulus measures are gradually withdrawn, personal disposable income has decreased significantly.</p><p><img src=\"https://static.tigerbbs.com/13f06f68d06ccc7f38b60878fa572c86\" tg-width=\"500\" tg-height=\"378\" referrerpolicy=\"no-referrer\"></p><p>In terms of breakdown income, government wages rose 3.5% year-on-year, up from 1.3% in April, while private worker wages rose 15.7% year-on-year, down from a record 19.3% in April.</p><p><img src=\"https://static.tigerbbs.com/fb642ae4d8b547460a54614b9785bc5f\" tg-width=\"500\" tg-height=\"353\" referrerpolicy=\"no-referrer\"></p><p>It is worth mentioning that changes in spending and income have lowered the savings rate.</p><p><img src=\"https://static.tigerbbs.com/d835f78557054dbbffcd941df0975338\" tg-width=\"500\" tg-height=\"299\" referrerpolicy=\"no-referrer\"></p><p><b>Consumer spending is on track</b></p><p>Analysts point out that the report shows that spending growth caused by the pandemic relief stimulus measures earlier this year has slowed, and consumption has entered a more sustainable rhythm and pace—wage and salary spending will become the mainstream. Spending on services should reach pre-pandemic levels in the coming months as mass vaccinations and the reopening of the economy give consumers confidence to travel and resume many pre-pandemic activities, coupled with higher savings levels and fewer pandemic restrictions.</p><p>With retail sales hovering at record highs, consumer spending has begun to shift towards the services sector—the largest component of the U.S. economy—while spending on durable goods has seen its biggest drop since February.</p><p>Analysts also pointed out that, at the same time, increased demand, supply bottlenecks, and capacity constraints are pushing up prices, while rising inflation is weakening people's purchasing power.</p><p>In addition, Affinity Solutions CEO Jonathan Silver said that high-income Americans are driving most of the spending growth, as they have more money to pay for services that were not available to everyone during most of the pandemic.</p><p>Data shows that households with incomes exceeding $200,000 spent 16% more at restaurants in May than in April. According to Affinity Solutions' analysis of credit and debit card transactions, spending by people earning between $31,000 and $60,000 increased by only 5%.</p><p>Regarding PCE inflation, senior Federal Reserve officials have been downplaying this growth. Federal Reserve leaders insist that the price index will fall next year as the economy returns to normal, most people return to work, and widespread labor and supply shortages gradually disappear.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时",".IXIC":"NASDAQ Composite","SDS":"两倍做空标普500 ETF-ProShares",".SPX":"S&P 500 Index","QID":"两倍做空纳斯达克指数ETF-ProShares","OEX":"标普100","IVV":"标普500ETF-iShares","UDOW":"三倍做多道指30ETF-ProShares","DOG":"道指ETF-ProShares做空","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SPXU":"三倍做空标普500ETF-ProShares","DJX":"1/100道琼斯","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107914422","content_text":"美国核心通胀指标5月再度爆表。\n据美国商务部统计，美国5月PCE物价指数同比升3.9%，预期升3.9%，较前值3.6%小幅提高，远高于美联储的官方通胀目标2%。\n\n此外，美国5月核心PCE物价指数同比增长3.4%，创1991年以来最高，此前预期同比增长3.4%，而4月的前值为同比增长3.1%。\n\n其他数据方面，美国居民收入环比下降2%，略好于预期的下降2.5%，远好于4月的下降13.1%；而消费支出环比不变，低于预期的增长0.4%及4月的增长0.9%。\n\n当然，由于低基数效应，美国居民收入同比增长温和加速，而支出增长显著放缓（但数值较高）。\n\n花旗表示，支出的调整主要反映了机票、租车和二手车等零部件价格的上涨，虽然这些异常强劲的价格上涨最终会证明是暂时的，但可能还会持续一两个月。\n值得注意的是，随着刺激措施的逐渐退出，个人可支配收入明显减少。\n\n在细分收入方面，政府工资同比增长3.5%，高于4月份的1.3%，而私人工人工资同比增长15.7%，低于4月份创纪录的19.3%。\n\n值得一提的是，支出与收入的变化已将储蓄率压低。\n\n消费支出正在走上正轨\n分析人士指出，该报告显示，今年早些时候的疫情纾困刺激措施导致的开支增长已经放缓，消费进入更可持续的节奏和步伐——工资和薪金支出将成为主流。由于大规模疫苗接种和经济的重新开放使消费者有信心旅行并恢复许多疫情之前的活动，再加上更高的储蓄水平加上更少的防疫限制，服务支出应该会在未来几个月达到疫情前的水平。\n随着零售销售额徘徊在历史高位，消费者的消费已经开始转向服务业——这是美国经济的最大组成部分，而耐用品支出创下了2月以来的最大跌幅。\n分析人士还指出，与此同时，需求增加、供应瓶颈和产能限制正在推高价格，通货膨胀的上升削弱了人们的的购买力。\n此外，Affinity Solutions CEO Jonathan Silver表示，高收入的美国人正在推动大部分的支出增长，他们有更多的钱来支付在疫情的大部分时间里无法为所有人提供的服务。\n数据显示，收入超过20万美元的家庭5月份在餐馆的支出比4月份增长了16%。根据Affinity Solutions对信用卡和借记卡交易的分析，收入在31000美元至60000美元之间的人的支出仅增加了5%。\n对于PCE通胀率，美联储高级官员一直在淡化这一增长。美联储领导人坚称，随着经济恢复正常、大多数人重返工作岗位以及普遍存在的劳动力和供应短缺现象逐渐消失，明年该价格指数将回落。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"PSQ":0.9,"TQQQ":0.9,"OEX":0.9,"QQQ":0.9,"SPY":0.9,".IXIC":0.9,"QID":0.9,".DJI":0.9,"DJX":0.9,"SDOW":0.9,"DOG":0.9,"IVV":0.9,".SPX":0.9,"ESmain":0.9,"SDS":0.9,"OEF":0.9,"SPXU":0.9,"UDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":3173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125531922,"gmtCreate":1624679378866,"gmtModify":1703843484715,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581667278730959","idStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125531922","repostId":"1189591387","repostType":4,"repost":{"id":"1189591387","kind":"news","weMediaInfo":{"introduction":"界面是中国最大的商业新闻和社交平台，只服务于独立思考的人群。","home_visible":1,"media_name":"界面新闻","id":"30","head_image":"https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af"},"pubTimestamp":1624676746,"share":"https://ttm.financial/m/news/1189591387?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:05","market":"us","language":"zh","title":"Tencent Music made two architectural adjustments in two weeks","url":"https://stock-news.laohu8.com/highlight/detail?id=1189591387","media":"界面新闻","summary":"进入六月中旬，腾讯音乐娱乐集团（以下简称“腾讯音乐”）在不到两周时间内，连续两次进行组织架构调整，分别涉及QQ音乐业务线，以及腾讯音乐集团层面的内容业务板块。\n界面新闻独家消息显示，6月11日中午，腾","content":"<p><div>In mid-June, Tencent Music Entertainment Group (hereinafter referred to as \"Tencent Music\") made two organizational restructurings in less than two weeks, involving the QQ Music business line and the content business segment at the Tencent Music Group level. According to exclusive reports from Jiemian News, on the afternoon of June 11, QQ Music, a subsidiary of Tencent Music, issued an internal letter announcing the establishment of a new \"Interactive Video Product Department\" offline. The leader will be Ji Mingzhong, the current head of the Quanmin Karaoke business line, who will be responsible for the live streaming business, karaoke room business, and video platform construction of QQ Music and Quanmin Karaoke. Under the department...</p><p><a href=\"None\">Web page link</a></div></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>Tencent Music made two architectural adjustments in two weeks</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\">\nTencent Music made two architectural adjustments in two weeks\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/30\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">界面新闻 </p>\n<p class=\"h-time smaller\">2021-06-26 11:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>In mid-June, Tencent Music Entertainment Group (hereinafter referred to as \"Tencent Music\") made two organizational restructurings in less than two weeks, involving the QQ Music business line and the content business segment at the Tencent Music Group level. According to exclusive reports from Jiemian News, on the afternoon of June 11, QQ Music, a subsidiary of Tencent Music, issued an internal letter announcing the establishment of a new \"Interactive Video Product Department\" offline. The leader will be Ji Mingzhong, the current head of the Quanmin Karaoke business line, who will be responsible for the live streaming business, karaoke room business, and video platform construction of QQ Music and Quanmin Karaoke. Under the department...</p><p><a href=\"None\">Web page link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/06c120bbb961941a6910f63352c38f2b","relate_stocks":{"TME":"腾讯音乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1189591387","content_text":"进入六月中旬，腾讯音乐娱乐集团（以下简称“腾讯音乐”）在不到两周时间内，连续两次进行组织架构调整，分别涉及QQ音乐业务线，以及腾讯音乐集团层面的内容业务板块。\n界面新闻独家消息显示，6月11日中午，腾讯音乐旗下的QQ音乐业务线下发内部信，宣布QQ音乐业务线下新设立“互动视频产品部”，领导者由现任全民K歌业务线负责人计鸣钟担任，负责QQ音乐和全民K歌的直播业务、歌房业务，以及视频中台建设。\n在部门下，新设K歌互动产品中心、QQ音乐互动产品中心，负责两款产品的直播产品建设、运营及商业化工作。同时下设基础产品中心，负责QQ音乐、全民K歌直播的运营、流量分发推荐策略，以及互动产品建设。\n腾讯音乐一位运营负责人告诉界面新闻，这次CEO梁柱推动设立的“互动视频产品部”，架构在QQ音乐业务线之下，与QQ音乐和全民K歌平台产品部平行，主要承担直播运营和商业化产品开发，配备了完整的前、中和后台团队。\n不到半个月后，25日下午腾讯音乐发布今年第20号文件，宣布在集团旗下成立“内容业务线”，由腾讯音乐董事长彭迦信负责，推进版权内容引入、内容制作、内容管理、内容宣发以及内容服务等业务。\n据界面新闻了解，腾讯音乐的集团副总裁潘才俊将担任内容业务线下“内容合作部”负责人，兼任音乐云业务中心负责人，分管制作家工作室和演出合作中心。\n同时，在“内容业务线下”设立内容业务线决策管理委员会（性质为虚拟组），会长由彭迦信担任，其他成员包括潘才俊、王磊、陈默、梁韵恒、刘显铭以及李倞等六人。\n前述负责人告诉界面新闻，本次集团内容业务的调整方案，前段时间已经确定，部分人员在6月初就已做好新部门交接准备，“内容统一之后，下一步就是产品平台”。\n其它部分调整包括：\n原腾讯音乐“内容合作部”组织架构和人员调整至内容业务线下，推进集团KA音乐内容、词曲内容版权引入与商务合作。\n内容业务线下成立“内容工作室群”，配合各内容生产团队、上下游内容与平台团队，以及外部行业合作方和内容生产者，推进内容创作、IP打造、联合制作、演出合作等业务。\n同时成立“制作家工作室”，成立“哆咪嗦自制工作室”。\n集团旗下“联合文娱发展部”、“三三四五工作室”、“百亿工作室”和原TME内容合作部下“演出合作中心”的组织架构、职责和人员，整体平移至内容工作群下。\n内容业务线下成立“音乐人开放平台部”，推进集团中长尾音乐内容的发掘和引入，推进优秀内容创作者的发掘、引入和培养。\n内容业务线下成立“音乐云业务中心”，负责集团统一的音乐内容对外转授平台建设，负责音乐发行渠道的拓展，开发版权变现模式。\n“内容业务线”下其它人事调整如下：王磊担任联合文娱发展部总经理，陈默兼任内容业务线下宣推市场中心总经理，刘显铭担任演出合作中心副总经理，梁韵恒担任腾讯音乐企业发展部副总经理，李倞担任音乐人开放平台部总监。","news_type":1,"symbols_score_info":{"TME":0.9}},"isVote":1,"tweetType":1,"viewCount":3752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125533224,"gmtCreate":1624679361068,"gmtModify":1703843483738,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581667278730959","idStr":"3581667278730959"},"themes":[],"title":"","htmlText":"1","listText":"1","text":"1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125533224","repostId":"1173114193","repostType":4,"repost":{"id":"1173114193","kind":"news","pubTimestamp":1624679118,"share":"https://ttm.financial/m/news/1173114193?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:45","market":"us","language":"zh","title":"Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?","url":"https://stock-news.laohu8.com/highlight/detail?id=1173114193","media":"36氪","summary":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成","content":"<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>","source":"36k","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>Dark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?</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\">\nDark Horse Atour's \"Bestune IPO\": How to Tell the Story of the New Accommodation Economy?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2021-06-26 11:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Every era needs its own brands and companies.\" \"A cup of hot tea upon entering, a pair of comfortable cotton slippers, a bowl of hot porridge late at night, and a delicious serving of fruit\"—the head of a business line at a Fortune 500 company calls this the \"Atour four-piece set.\"</p><p>Atour Group (hereinafter referred to as \"Atour\") was founded in 2013. Compared with many hotels that use noble characters such as \"Hao\", \"Jin\", \"Wan\" and \"Hua\" as their brand names, this name, originating from Atour Village in Yunnan, is like a fresh stream, flowing with nature, life and humanistic sentiments.</p><p>Those outside the industry may know Atour because of its viral IP cross-industry marketing activities, such as its partnership with...<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Themed hotels in collaboration with Cloud Music, etc.</p><p>For industry insiders, Atour is more like a dark horse in the hotel industry.<a href=\"https://laohu8.com/S/HTHT\">Huazhu</a>Breaking through the three-way competition between Jinjiang, BTG, and BTG, Atour established its own consumer mindset in an era where budget hotels are deeply ingrained in people's hearts. It took the lead in proposing the concept of \"lifestyle brand\" and provided the entire hotel industry with an innovative approach of \"starting with hotels, not just hotels\".</p><p><b>According to Frost & Sullivan, as of the end of 2020, Atour was the largest mid-to-high-end hotel chain in China by number of rooms.</b></p><p>More importantly,<b>Atour is about to enter the capital market and list on Nasdaq under the ticker symbol \"ATAT\". If successfully listed, Atour will become \"China's first new accommodation economy stock\".</b></p><p>According to the updated prospectus, Atour plans to issue 19.7447 million ADSs at a pricing range of US$13.50 to US$15.50 per ADS, while granting underwriters an over-allotment option of 2.9617 million ADSs, with the aim of raising US$307 million to US$352 million.</p><p>Hillhouse Capital stated that it will subscribe at the initial public offering price and intends to subscribe to ADS worth $120 million. As cornerstone investors, renowned investment institutions demonstrate the capital market's recognition of Atour Group's fundamentals and long-term value.</p><p>The market is curious about what kind of innovative business model Atour has created, as well as its performance level. At the same time, Atour's core advantages over its peers and its future performance in the secondary market are the focus of market attention.</p><p>So, this article attempts to answer the above questions for you. (This is an opinion only and does not constitute investment advice.)</p><p><b>The \"experience-oriented\" approach makes hotels more than just sleeping.</b></p><p><b>\"Every era needs its own brands and companies.\"</b>Wang Haijun, founder and CEO of Atour, once expressed this sentiment.</p><p>Led by Wang Haijun, a group of veterans in the hotel industry gathered in an attempt to create a new era of hotel brands and enterprises. In retrospect, Atour may have become the result of their first dream.</p><p>In this era of continuous industrial and consumption upgrading, Wang Haijun no longer wants to create low-end hotels that can only meet guests' accommodation needs. Therefore, differentiating ourselves into the mid-to-high-end market and focusing on experience while meeting accommodation needs has become the development direction that Atour has been implementing to this day.</p><p><b>As a leading mid-to-high-end hotel chain in China, Atour already offers mid-range, mid-to-high-end, high-end, and...<a href=\"https://laohu8.com/S/DLX\">luxury</a>Six brands in four major market segments</b>Specifically, this includes the mid-range brand \"Qingju\", the mid-to-high-end brands \"Atour Hotel\" and \"Atour X Hotel\", the high-end brands \"Atour S Hotel\" and \"ZHOTEL\", and the luxury brand \"ATHOUSE\".</p><p>In terms of quantity and scale, as of the first quarter of 2021, Atour had 608 hotels in operation with over 70,000 rooms, covering 131 cities. At the same time, there were 299 hotels under development with over 30,000 rooms under development.</p><p>The differentiated market positioning stems from Atour's \"experience-oriented\" approach. The core of this approach lies in shifting from \"managing rooms\" to \"managing people.\" Furthermore, Atour has developed a set of \"standard and personalized\" service methods to ensure that services can keep pace with changes in consumer needs. According to a consumer survey by Huiping.com, Atour's overall satisfaction score has consistently ranked first among six major mid-to-high-end hotel brands since 2017.</p><p><b>In addition, Atour believes that hotels are a natural setting for lifestyle experiences and the sale of daily necessities.</b>For example, when a customer finds a hotel mattress very comfortable, they can directly purchase the same mattress online. Atour has thus further upgraded from a chain hotel group to a leading lifestyle brand group.</p><p>As of the end of March this year, Atour had developed 1,136 scenario-based retail SKUs. In 2019 and 2020, the GMV generated by the retail business was RMB 82.8 million and RMB 107.2 million, respectively, representing a year-on-year increase of 29.5%. The retail business GMV reached 32.6 million yuan in the first quarter of this year.</p><p>The scenario-based retail business, which extends from the \"experience-oriented\" concept, has already begun to generate revenue for Atour.</p><p><b>In 2020, Atour's scenario retail revenue accounted for 4.5% of its total revenue, which is higher than the retail revenue generated by other domestic hotel chains.</b></p><p>Thanks to its mid-to-high-end market positioning and the development of its scenario-based retail business, which is popular among young people, Atour's audience is gradually focusing on high-net-worth users with a certain level of consumption.</p><p>First, in terms of geography, nearly 80% of Atour's hotels are located in the core areas of first-tier, new first-tier and second-tier cities. This means, to some extent, that the consumer spending level of Atour's hotels is not low.</p><p>Meanwhile, according to the prospectus, Atour users under the age of 30 account for over 24%, and these users contribute 35% of the transaction volume; The proportion of Atour users aged 30-40 is as high as 45.8%.</p><p>As of the first quarter of 2021, Atour had more than 25 million members. From 2015 to 2020, Atour's membership grew at a compound annual growth rate of 79.6%. In the past two years, members have contributed 39.3% and 44.7% of room and night bookings, respectively, which is a relatively large proportion and is still growing.</p><p><b>Demonstrating resilience during the pandemic</b></p><p>Humanistic sentiments and content-filled spaces can win the hearts of consumers, but if Atour is to enter the capital market and directly face investors, it needs more impressive performance.</p><p>For the hotel industry, expansion requires money, and making money requires people to stay. Therefore, in addition to core performance indicators such as revenue and net profit, occupancy rate and ADR are often regarded as important indicators for measuring hotel operations.</p><p>In early 2020, the sudden outbreak of the pandemic caught hotels of all sizes off guard. Atour has shown greater resilience during the pandemic.</p><p>Despite collectively \"falling\" at the beginning of the year, Atour achieved revenue of 1.567 billion yuan in 2020, which was basically the same as the revenue scale in 2019. And<a href=\"https://laohu8.com/S/600754\">Jinjiang Hotel</a>The annual revenue of Huazhu Group and Huazhu Group declined by 34% and 9% year-on-year, respectively.</p><p><b>The strong recovery and growth momentum continued into the first quarter of this year, with Atour's revenue increasing by 107.7% year-on-year and a net profit of 11.47 million yuan, turning a loss into a profit year-on-year.</b></p><p>In terms of cash flow, as of the end of 2020, Atour's cash flow from operating activities was RMB 119 million, cash flow from investing activities was RMB -106 million, and cash flow from financing activities was RMB 48.01 million. Currently, Atour is in a situation with positive cash flow from operating activities, negative cash flow from investing activities, and positive cash flow from financing activities. This means, to some extent, that it is still in a period of rapid expansion and is a high-growth company. High growth potential means that Atour's future has unlimited possibilities.</p><p><img src=\"https://static.tigerbbs.com/e85086f30b4e5ae30d2f6da3c5f4406f\" tg-width=\"554\" tg-height=\"108\" referrerpolicy=\"no-referrer\"></p><p>In terms of occupancy rates and housing prices, Atour's business operations have recovered far faster than the industry average since the pandemic.</p><p>First, in terms of occupancy rate, Atour's occupancy rate in 2019 was 73.4%. In 2020, due to the impact of the pandemic, its occupancy rate, excluding hotels requisitioned under quarantine, was 67.1%. In April of this year, Atour Hotel's occupancy rate had recovered and exceeded pre-pandemic levels, reaching 80.4%. Data shows that over the past 10 years, as of the first quarter of 2021, the average annual occupancy rate of all star-rated hotels in China has not reached 63%. This means that Atour's occupancy rate has far exceeded the industry average in recent years, even in 2020 when the pandemic broke out.</p><p>According to Fei Yu, president of Atour Group's Hotel BU, in September last year, Atour adopted a pricing strategy in February and March last year in order to rapidly increase the overall occupancy rate, which resulted in room prices bottoming out. However, in April and May of the same year, its housing prices rebounded strongly, and by September of last year, the overall housing price had recovered to 94% of the level of the same period last year. As of April this year, Atour's overall housing price has surpassed the pre-pandemic level, reaching 432.9 yuan, while the overall housing price in 2019 was 429.5 yuan.</p><p><img src=\"https://static.tigerbbs.com/83befb8d9bc0f22fd568dd0e7376b273\" tg-width=\"554\" tg-height=\"300\" referrerpolicy=\"no-referrer\"></p><p>Furthermore, breaking down Atour's revenue structure, Atour's revenue mainly comes from three parts: hotel management (i.e., franchise stores), hotel leasing (i.e., directly operated stores), and retail & others. Whether in terms of the number of stores or the proportion of revenue they contribute, franchise stores that focus on asset-light operation models surpass directly operated stores, which is a major reason why Atour has strong risk resistance.</p><p><img src=\"https://static.tigerbbs.com/44b32b674d8488124ac006b5fb4d76d7\" tg-width=\"554\" tg-height=\"107\" referrerpolicy=\"no-referrer\"></p><p>Currently, Atour operates 575 franchise stores and only 33 directly operated stores. From 2015 to 2020, the number of Atour's franchised hotels grew at an average annual compound growth rate of 86.2%.</p><p>In 2020, the revenue share of Atour's franchise stores increased from 53.6% in 2019 to 59.1%. During the same period, the revenue share of directly operated stores decreased from 39.2% in 2019 to 31.7%.</p><p><img src=\"https://static.tigerbbs.com/f94936c3e67661ef5a373c6a74d29939\" tg-width=\"554\" tg-height=\"143\" referrerpolicy=\"no-referrer\"></p><p>It can be said that,<b>Franchise stores are the \"foundation\" of Atour, and franchisees are important partners of Atour Hotels.</b>Atour's management service solutions for franchisees and the benefits it brings to them have always been praised in the industry.</p><p>According to the prospectus, the investment recovery cycle for Atour franchisees is mostly 3 to 5 years after the hotel opens, making it one of the mid-to-high-end chain hotels with the fastest investment recovery cycle in China.</p><p>Therefore, franchisees trust Atour and demonstrate high loyalty. In 2020, 31.8% of Atour's franchisees chose to join again.</p><p>Zhou Xiaojun, former assistant president of China Construction, a real estate fund management, project management, and asset management service provider, once said, \"When we were researching the market reputation and operational status of mid-to-high-end hotel brands, our Atour partners left a deep impression on us. They not only communicated in detail about the current operational status of the hotels, but also talked about the management system behind Atour, as well as many things such as the key points and difficulties of later operations, the characteristics of customers, and why customers prefer our Atour brand.\"</p><p>In 2019, China Jianyuan franchised its sales office on Huihai South Road, the core economic zone of Beijing Capital International Airport, as Atour Hotel. The sales office has now been transformed into the best hotel in the area.</p><p><b>Atour's core advantages</b></p><p><b>Atour's core strengths lie in its mid-to-high-end positioning as a chain group and its lifestyle brands.</b></p><p><b>With its differentiated positioning in the mid-to-high-end market, Atour chose the right direction from the very beginning.</b></p><p>In the future, as the penetration rate of mid-to-high-end hotels increases, Atour will further benefit. According to a Frost & Sullivan report, the compound average growth rate of the number of rooms in mid-to-high-end hotels was 25.7% from 2015 to 2019, while the overall chain hotel industry grew by 15.2% during the same period. The compound annual growth rate of the number of rooms in mid-to-high-end chain hotels is projected to be 18.9% from 2021 to 2025, which will still be higher than the industry's overall growth rate of 8.8%. The penetration rate of mid-to-high-end hotel rooms will also increase from 10.5% in 2020 to 16.1%.</p><p>Meanwhile, the low concentration of the mid-to-high-end hotel industry also allows Atour to firmly hold its position as the \"number one\" hotel brand. Currently, the top five in China<a href=\"https://laohu8.com/S/00045\">Big Hotel</a>The Group's total number of mid-to-high-end hotel rooms was 197,000, accounting for 31.8%, indicating a low concentration in the mid-to-high-end hotel industry. Among them, Atour has 58,000 mid-to-high-end rooms, accounting for 9.4%, ranking first in the industry in market share.</p><p><b>The core of lifestyle brands lies in brand tone and consumer loyalty.</b></p><p>On Xiaohongshu, the \"Beautiful Life Sharing Community,\" there are over 10,000 notes about Atour. Enter \"Atour\" in the search box, and the pop-up related words include Atour breakfast, Atour pillow, Atour mattress, Atour shampoo, etc., which are full of everyday atmosphere beyond accommodation. Clicking through the related keywords receives rave reviews. During the pandemic quarantine period, the Atour Quarantine Hotel became a \"surprise\" for many netizens.</p><p>In fact, many hotels are expanding into scenario-based retail businesses. In contrast, Atour has a certain first-mover advantage and technological accumulation.</p><p>According to official introductions, Atour is the first hotel group in China to officially expand into scenario retail in the mid-to-high-end market. Currently, it has achieved a certain scale in brand integration and partner suppliers, and has established a strong consumer mindset and reputation.</p><p>As of the first quarter of 2021, Atour's scenario retail business had incubated original lifestyle brands in three major categories: sleep, fragrance and personal care, and travel: Atour Planet, Sahe, and Z2GO&CO.</p><p>Meanwhile, Atour has also introduced the DTC model for the production and sales of original lifestyle brands. DTC stands for Direct to Consumer, which means focusing on Consumer needs to guide manufacturers in their design, production, product selection, and marketing.</p><p><b>Furthermore, compared to traditional consumer brands, the hotel's natural lifestyle scenarios give Atour an advantage.</b>For example, each guest spends an average of 6-8 hours a day in the hotel, and there are many touchpoints for consumption.</p><p><b>How will Atour perform in the secondary market?</b></p><p>Looking ahead, will Atour be favored by investors in the secondary market?</p><p><b>Prior to its IPO, Atour secured three rounds of financing and boasted a formidable lineup of investors, including Legend Capital, Dehui Capital, and others.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Former CEO Lu Zhaoxi, Ctrip, etc.</b></p><p>According to the latest updated prospectus, after the IPO, Wang Haijun holds 27.1% of the shares, making him the largest shareholder and controlling 71.1% of the company's voting rights. In addition, Legend Capital holds 26.2% of the shares, Dehui Capital holds 14%, and Ctrip holds 12.8%.</p><p><b>One important reason for choosing to list on the US stock market at this time may be that there are currently many favorable factors for Atour.</b></p><p>First, after the pandemic, the hotel industry accelerated its consolidation, and chain hotels are more favored by investors due to their strong resilience. Meanwhile, with the widespread availability of COVID-19 vaccines, the market is optimistic about the recovery of the hotel and tourism industry.</p><p>Regarding businesses valued by secondary market investors, Atour is expected to continue to benefit from the growth potential of its chain hotel and scenario retail businesses in the future.</p><p>According to a Frost & Sullivan report, the operating revenue of China's chain hotel industry increased from RMB 245.4 billion in 2015 to RMB 450 billion in 2019, with a compound annual growth rate of 16.4%. China's chain opening rate is only 31.5%, which still has considerable room for growth compared to the 72.9% in the United States.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.36kr.com/p/1283522749624073\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/38f45e6504561f2ba5ca277e73b98680","relate_stocks":{"ATAT":"亚朵"},"source_url":"https://www.36kr.com/p/1283522749624073","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173114193","content_text":"“一个时代需要一个时代的品牌和企业”\n\n“进门的一杯热茶，一双舒适的棉质拖鞋，一碗深夜的热粥，一份可口的水果”——某世界500强企业的条线业务负责人将这称为“亚朵四件套”。\n亚朵集团（下称“亚朵”）成立于2013年，与诸多将“豪”“锦”“万”“华”等贵气十足的文字用作品牌名称的酒店相比，这个源自云南亚朵村的名字似一股清流，流淌着自然、生活及人文情怀。\n业外人士知晓亚朵，或许是因为其出圈的IP跨界营销动作，例如与网易云音乐合作的主题酒店等。\n而对于业内人士而言，亚朵更像是一匹酒店界的黑马，在华住、锦江、首旅三足鼎立的格局中杀出重围，在快捷酒店深入人心的时代建立起属于亚朵的消费者心智，率先提出“生活方式品牌”的概念，为整个酒店行业提供了一个“始于酒店，不止于酒店”的创新思路。\n根据弗若斯特沙利文的数据，截至2020年底，按客房数量计，亚朵是中国最大的中高档连锁酒店。\n更重要的是，亚朵即将叩响资本市场的大门，以“ATAT”为股票代码在纳斯达克挂牌上市。如若成功上市，亚朵将成为“中国新住宿经济第一股”。\n根据更新后的招股书，亚朵拟发行1974.47万股ADS，定价区间为每ADS13.5美元至15.5美元，同时赋予承销商296.17万股ADS的超额配售权，计划筹资3.07亿美元至3.52亿美元。\n高瓴表示将以首次公开募股价格进行认购，并意向认购价值1.2亿美元的ADS。知名投资机构作为基石投资者，表明了资本市场对亚朵集团基本面和长期价值的认可。\n对于亚朵，市场好奇其究竟打造了怎样的创新业务模式，亦关心其业绩水平究竟如何，同时亚朵相较同业的核心优势，以及其未来在二级市场的表现都是市场关注的重点。\n那么，本文试图为你解答上述问题。（仅阐述观点，不构成投资建议。）\n“体验派”思路让酒店不止于睡觉\n“一个时代需要一个时代的品牌和企业”，亚朵创始人兼CEO王海军曾发出这样的感慨。\n在王海军的带领下，一群从事酒店行业的“老将”聚首，试图打造出一个新时代的酒店品牌及企业。如今看来，亚朵或许已成为他们第一个理想的成果。\n在这个产业与消费不断升级的时代背景下，王海军不想再做低端，仅能满足房客住宿需求的酒店。因此，差异化定位中高端市场，满足住宿需求的同时注重体验感就成为了亚朵贯彻至今的发展方向。\n作为中国头部的中高档连锁酒店，亚朵旗下已拥有中端、中高端、高端和豪华四大细分市场的6个品牌，具体包括中端品牌“轻居”，中高端品牌“亚朵酒店”、“亚朵X酒店”，高端品牌“亚朵S酒店”、“ZHOTEL”，以及豪华品牌“A.T.HOUSE”。\n数量规模方面，截至2021年一季度，亚朵在营酒店数量达608家，客房数超7万间，覆盖131个城市，同时开发中酒店的数量为299家，开发中客房的数量超3万间。\n差异化的市场定位，源自亚朵的“体验派”思路。这一思路的核心在于从“经营房间”向“经营人群”转变，不仅如此，亚朵还总结出一套“标准个性化”服务方法，保障服务能紧跟消费者需求的变化。根据慧评网的消费者调研显示，亚朵的整体满意度得分自2017年以来在6个主要的中高端酒店品牌中始终保持第一位置。\n另外在亚朵看来，酒店是一个生活方式体验及生活用品销售的天然场景。比如，当客户觉得酒店的床垫很舒适，可以直接在线上购买同款床垫。亚朵也由此从一家连锁酒店集团进一步升级为领先的生活方式品牌集团。\n截至今年3月底，亚朵共开发了1136个场景零售SKU。2019年和2020年零售业务产生的GMV分别为8280万元和1.072亿元，同比增长29.5%。今年一季度的零售业务GMV达到3260万元。\n而由“体验派”理念延伸出来的场景零售业务也早已开始为亚朵创收。\n2020年，亚朵场景零售业务收入占其总收入的4.5%，高于国内其他连锁酒店产生的零售业务收入。\n得益于中高端市场定位，以及颇受年轻人欢迎的场景零售业务发展，亚朵的受众群体逐渐聚焦于具备一定消费水平的高净值用户。\n首先，从地域来看，亚朵旗下近80%的酒店均分布在一线、新一线和二线城市的核心地段。这在一定程度上意味着，亚朵旗下酒店的受众群体消费水平不低。\n同时，根据招股书，30岁以下亚朵用户的占比超24%，这部分用户贡献的交易额占比达35%；30-40岁之间的亚朵用户占比更高达45.8%。\n截至2021年第一季度，亚朵的会员数量已超2500万。2015至2020年，亚朵的会员数量复合年均增长率高达79.6%。近两年，会员贡献的间夜预订数占比分别为39.3%和44.7%，占比较大且仍在增长。\n疫情之下彰显韧性\n人文情怀与有内容的空间可以俘获消费者的芳心，但若走向资本市场直面投资者，亚朵更需要拿得出手的业绩。\n对于酒店行业来说，想扩张就要用钱，想赚钱就要有人来住。因此，除了营收、净利润等核心业绩指标以外，入住率、ADR等常被视作衡量酒店经营情况的重要指标。\n2020年初，突如其来的疫情把大大小小的酒店打了个措手不及。而亚朵在疫情之下显现出了更强的韧性。\n在年初集体“沦陷”的情况下，亚朵2020年实现营收15.67亿元，与2019年的营收规模基本持平。而锦江酒店和华住集团的全年营收则分别同比下滑34%和9%。\n强劲的恢复与成长势头延续至今年一季度，亚朵营收的同比增幅高达107.7%，同时实现净利润1147万元，同比扭亏为盈。\n现金流方面，截至2020年底，亚朵的经营活动现金流为1.19亿元，投资活动现金流为-1.06亿元，筹资活动现金流为4801万元。当前，亚朵处于经营活动现金流为正，投资活动现金流为负，筹资活动现金流为正的情况，这在一定程度上意味着，其仍处在高速扩张期，是一家高成长性的公司。而高成长性则意味着，亚朵的未来有无限可能。\n\n而从出租率、房价来看，疫情之后，亚朵业务经营的复苏速度远超行业平均水平。\n首先，出租率方面，2019年亚朵出租率为73.4%。2020年，在疫情影响下，其不含隔离征用酒店的出租率为67.1%。而在今年4月，亚朵酒店出租率已然恢复并超过疫情前水平，高达80.4%。而有资料显示，截至2021年第一季度的10年以来，中国各星级酒店的年度平均出租率均未达到63%。这意味着，近些年亚朵的出租率水平已远超行业平均值，即使是疫情爆发的2020年也不例外。\n根据去年9月亚朵集团酒店BU总裁非鱼的介绍，去年2、3月份，亚朵为了快速拉升整体出租率，采取了价格策略，因此房价触底。但同年4、5月份，其房价就强势回弹，去年9月，整体的房价已经恢复到上年同期水平的94%。截止到今年4月，亚朵的整体房价已超越疫情前水平，达到432.9元，而2019年的整体房价则为429.5元。\n\n此外，拆解亚朵的营收结构，亚朵的营收主要来源于三部分：管理酒店（即加盟店）、租赁酒店（即直营店）、零售&其他。而不论是店面数量，还是所贡献的营收占比，主打轻资产运营模式的加盟店均超过直营店，这也是亚朵抗风险能力较强的一大重要原因。\n\n目前，亚朵经营的加盟店为575家，直营店仅33家。2015年至2020年，亚朵的加盟酒店数量年均复合增长率达86.2％。\n2020年，亚朵的加盟店营收占比由2019年的53.6%提升至59.1%。同期直营店的营收占比则由2019年的39.2%下降至31.7%。\n\n可以说，加盟店是亚朵的“立身之本”，加盟商的角色则是亚朵酒店的重要合伙人。一直以来，亚朵对加盟商输出的管理服务方案，以及为加盟商带来的效益均为业界称道。\n根据招股书，亚朵加盟商的投资回收周期多数是在酒店开业后的3至5年，是国内投资回收周期最快的中高端连锁酒店之一。\n因此，加盟商信赖亚朵，亦表现出较高的粘性。2020年，亚朵旗下31.8%的加盟商选择再次加盟。\n不动产基金管理、 项目管理、资产管理服务商中国建原助理总裁周晓军就曾表示，“我们在调研中高端酒店品牌的市场口碑、运营情况等信息时，亚朵伙伴们给我们留下了很深刻的印象，不仅会细致地沟通酒店的运营现状，也会谈到很多亚朵背后的管理体系，还有很多比如后期运营重点、难点，客户的特点，为什么客户会更喜欢我们亚朵的品牌等等”。\n2019年，中国建原将北京首都机场临空经济核心区汇海南路的售楼处加盟为亚朵酒店，目前该售楼处已转型为该区域最好的酒店。\n亚朵的核心优势\n中高端定位连锁集团以及生活方式品牌是亚朵的核心优势。\n差异化定位中高端市场，亚朵从一开始就选对了方向。\n未来，随着中高端酒店渗透率的提升，亚朵将进一步受益。根据弗若斯特沙利文报告，2015-2019年中高档酒店客房数量复合平均增速为25.7%，同期连锁酒店行业整体为15.2%。预计2021至2025年中高档连锁酒店客房数量复合平均增速为18.9%，仍将高于行业整体8.8%的增速。而中高档酒店客房的渗透率也将从2020年的10.5%提升至16.1%。\n同时，中高端酒店行业的低集中度也让亚朵可以稳坐“一哥”之席。目前，国内前五大酒店集团的中高档客房数量合计为19.7万间，占比 31.8%，中高档酒店行业集中度较低。其中，亚朵拥有5.8万家中高端客房，占比达9.4%，市占率位居行业第一。\n生活方式品牌的核心在于品牌调性和消费者忠诚度。\n在“美好生活分享社区”小红书上，关于亚朵的笔记数量高达1万+。在搜索框中输入“亚朵”，弹出的关联词包括亚朵早餐、亚朵枕头、亚朵床垫、亚朵洗发水等等，处处充满住宿以外的生活气息。顺着关联词点进去，更是好评如潮。其中，在疫情隔离期，亚朵隔离酒店成为了不少网友口中的“惊喜”。\n实际上，不少酒店都在拓展场景零售业务。相比之下，亚朵具备一定的先发优势及技术沉淀。\n据官方介绍，在中高端市场，亚朵是国内第一个正式拓展场景零售业务的酒店集团，目前其在品牌集成，合作供应商方面均已形成一定规模，且建立起较强的消费者心智和口碑。\n截至2021年第一季度，亚朵的场景零售业务已孵化出睡眠、香氛个护和出行三大品类的原创生活品牌，分别是亚朵星球、萨和及Z2GO&CO.。\n同时，针对原创生活品牌的生产和销售，亚朵还引入了DTC模式。DTC即直达消费者（Direct to Consumer），也就是以消费者的需求为重心去反向指导厂商的设计、生产、选品和营销。\n此外，与传统消费品牌相比，酒店天然具备的生活方式场景更为亚朵增加了优势。举例来看，每个房客日均在酒店内逗留的时长大约为6-8小时，可以实现消费的触点场景较多。\n亚朵的二级市场表现会怎样？\n展望未来，亚朵在二级市场会获得资本的看好吗？\n上市前，亚朵获得三轮融资，投资方阵容不逊，包括君联资本、德晖资本、阿里巴巴前CEO陆兆禧、携程等。\n根据最新更新的招股书，IPO后，王海军持股27.1%，为最大股东，掌握公司71.1%的投票权。此外，君联资本持股26.2%，德晖资本持股14%，携程持股12.8%。\n而选择此时在美股上市，一个重要原因或许是当前对亚朵利好的因素较多。\n首先，疫情之后，酒店行业加速出清，连锁酒店由于较强的抗压性更受投资者看好。同时，随着新冠肺炎疫苗的普及，市场看好酒旅行业的复苏。\n而在二级市场投资者看重的业务方面，预计未来亚朵仍将受益于连锁酒店及场景零售业务的增长空间。\n根据弗若斯特沙利文报告，中国连锁酒店业的营业收入从2015年的2454亿元增至2019年的4500亿元，年均复合增长率为16.4%。中国的连锁化率仅为31.5%，与美国的72.9%相比，仍有较大的增长空间。","news_type":1,"symbols_score_info":{"ATAT":0.9}},"isVote":1,"tweetType":1,"viewCount":2953,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125507798,"gmtCreate":1624678667314,"gmtModify":1703843465792,"author":{"id":"3581667278730959","authorId":"3581667278730959","name":"NGYEOWCHONG","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581667278730959","idStr":"3581667278730959"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125507798","repostId":"1145459385","repostType":4,"repost":{"id":"1145459385","kind":"news","pubTimestamp":1624678023,"share":"https://ttm.financial/m/news/1145459385?lang=en_US&edition=fundamental","pubTime":"2021-06-26 11:27","market":"us","language":"zh","title":"Having profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".","url":"https://stock-news.laohu8.com/highlight/detail?id=1145459385","media":"有牛财经","summary":"将时间拨回到2009年，那时的特斯拉不过是另一家陷在部件产能泥潭中的初创企业，而它的掌门人埃隆·马斯克为了增强自身产能，正在全球范围内寻找外援。巧的是，当时日本电池产业龙头松下（Panasonic）对","content":"<p>Let's rewind to 2009, back then...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is just another startup mired in component production capacity, and its leader, Elon Musk, is seeking external help globally to increase its own capacity. Coincidentally, at the time, Japan's leading battery manufacturer<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic was also very interested in the automotive industry, so the two sides hit it off immediately. In addition to the battery supply agreement, Panasonic also invested in Tesla multiple times after its IPO, and even jointly built a factory with it.</p><p>For years, Panasonic has provided high-quality batteries for Musk's super car plan, supporting Tesla's rise to the position of the world's largest automaker by market capitalization. However, just when people thought this relationship would continue into the next decade, the relationship between Panasonic and Tesla took a sharp turn for the worse, with the two sides constantly clashing over issues such as battery production.</p><p>After entering 2021, Panasonic's actions became significantly more aggressive—it not only publicly stated that it \"wanted to get rid of its dependence on Tesla,\" but also recently sold all of its Tesla shares.</p><p><img src=\"https://static.tigerbbs.com/49bd973c550aaf62c4ba645e310b4561\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Draw a line between us and Tesla</p><p>According to a report by Nikkei Chinese on June 25, Panasonic had sold all of its Tesla shares by the end of March 2021 and made a substantial profit from it. According to Panasonic's cash flow statement for fiscal year 2020 released at the same time, its proceeds from asset sales, including the sale of shares, reached 429.9 billion yen, an increase of 380 billion yen compared to the previous fiscal year.</p><p>In 2010, Panasonic purchased 1.4 million Tesla shares at a price of $21.15 per share, when Tesla had just gone public. In recent years, Tesla's stock price has increased dozens of times, reaching its peak in 2020. Based on this increase, a large portion of the \"asset sale revenue\" likely came from Panasonic selling Tesla stock.</p><p>While Panasonic was busy selling off Tesla stock, former Panasonic CEO Kazuhiro Tsuga was also busy preparing to step down. Before becoming chairman, he expressed his views on Tesla, believing that Panasonic must increase the production of batteries for other brands of electric vehicles in order to reduce its dependence on Tesla. Previously, he had always been considered a \"staunch\" supporter of Musk.</p><p>“…We need to manufacture batteries that are easy for other automakers to use, but they are currently difficult to sell unless other companies can use the special cylindrical batteries we manufacture for Tesla,” said Kazuhiro Tsuga.</p><p>Kazuhiro Tsuga's statement is not surprising. In fact, Panasonic had a plan to \"find a replacement for Tesla\" several years ago. This plan aimed to reduce Tesla's influence on the company by establishing joint ventures with automakers such as Toyota. In the year Tesla's Shanghai factory was completed, Panasonic also fulfilled its wish to build a bridge with Toyota.</p><p>Panasonic's sale of Tesla stock is more about putting an end to this \"marriage\" than a demonstration against the latter—it will continue to supply Tesla in the future, but the close partnership between the two parties has officially ended.</p><p><img src=\"https://static.tigerbbs.com/ab9f6f99916e8f9cafb30412479b4d73\" tg-width=\"1024\" tg-height=\"703\" referrerpolicy=\"no-referrer\"></p><p>Why is Panasonic so busy removing the Tesla label?</p><p>Why did our once good friends end up like this? The reason is simple: Panasonic and Musk simply don't get along well.</p><p>Since 2019, Panasonic and Tesla have been accusing each other of battery production issues. Musk believes that Panasonic's battery production capacity does not meet the standards of a Gigafactory, forcing the company to limit Model 3 production; In its financial report, Panasonic stated that it \"does not have enough production capacity to meet Tesla's ever-expanding business\" and that \"if Tesla continues to expand its business, the batteries will run out.\"</p><p>At that time, Tesla and Panasonic had already jointly established the Nevada Gigafactory in North America to meet the former's monstrous battery demand. However, on the other hand, Musk's requirements for battery quality and cost also reached new heights. For example, Tesla's 21700 battery has a 20% higher energy density than the 18650, while the cost has dropped from $180/Wh to $170/Wh.</p><p>High-quality batteries have indeed boosted Tesla's sales in the market, but they have also put an unbearable burden on Panasonic. In September 2019, Kazuhiro Tsuga complained in a media interview that Musk had repeatedly asked Panasonic to lower its purchase prices. “I once responded to him that if this continues, we should consider evacuating all Panasonic employees and equipment from the Gigafactory.”</p><p>It is worth noting that this is also the first time that Kazuhiro Tsuga has expressed regret about cooperating with Tesla. “If you ask me if I regret investing in Tesla’s Gigafactory, I would say, yes, of course,” Kazuhiro Tsuga responded.</p><p>While Musk's personality certainly displeases Panasonic, the more troublesome thing for it is profitability.</p><p>Since the first Model 3 rolled off the production line, Panasonic has been increasing battery production capacity at Tesla's request. However, this has also meant that its factories will suffer huge losses, which contradicts Panasonic's long-standing cost reduction and efficiency improvement strategy. Panasonic's move from 2C to 2B and its cooperation with Tesla were largely aimed at reversing the huge losses of 780 billion yen at the time. Given that Panasonic's production capacity is being \"dragged along\" by the other party, deeply integrating with Tesla is not beneficial for Panasonic.</p><p><img src=\"https://static.tigerbbs.com/93fb5b6e09dc2d85bf9071ceeba83636\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>After weakening Tesla's influence, where will Panasonic go next?</p><p>However, Panasonic is still inseparable from Tesla, a major customer, as can be seen from its financial reports.</p><p>According to Panasonic's financial report for fiscal year 2020 (April 2020 - March 2021) released in March this year, the company's battery division's sales decreased by 10% compared to fiscal year 2019, to 1,339.4 billion yen. However, the division's operating profit turned from a loss of 46.6 billion yen in fiscal year 2019 to a profit of 10.9 billion yen.</p><p>Regarding the successful turnaround of the battery business, Panasonic CFO Hirokazu Umeda believes that the continuous progress of in-vehicle equipment is one aspect, but the profitability of Tesla's related businesses is more important. He also stated that Panasonic's battery division will reach a net profit of 50 billion yen in fiscal year 2021, as sales of equipment such as automotive batteries are expected to continue to increase.</p><p>To this day, Panasonic continues to supply batteries to Tesla and plans to participate in the production and manufacturing of its next-generation batteries. On June 24 this year, Panasonic's newly appointed president and CEO, Oki Kusumi, stated in a media interview that the company will increase significant investment to produce new 4680 lithium-ion batteries for Tesla and other electric vehicle manufacturers.</p><p>“Establishing good relationships with electric vehicle manufacturers such as Tesla and gaining a foothold in the global electric vehicle battery market is crucial for the company,” said Oki Kusumi.</p><p>However, Tesla seems to have abandoned its early fantasies about Panasonic. When the Shanghai Gigafactory was completed, Musk emphasized that domestically produced Teslas would use battery cells provided by several companies, including LG Chem, rather than just Panasonic. In addition, domestic battery giants<a href=\"https://laohu8.com/S/300750\">CATL</a>It also successfully entered Tesla's supply chain in the second half of last year and has developed rapidly by leveraging its local advantages. According to information from China Energy Storage Network, CATL's supply to Tesla has far exceeded that of LG Chem and Panasonic.</p><p><img src=\"https://static.tigerbbs.com/242d13e2b90ac20c97f2fae67bbd3b96\" tg-width=\"720\" tg-height=\"436\" referrerpolicy=\"no-referrer\"></p><p>Another set of data may be more illustrative—according to a Research report by Techno Systems Research, CATL accounted for 26.0% of the global automotive lithium-ion battery market in 2020, becoming the world's largest power battery company. LG Chem ranked second with a 23.3% market share; Panasonic, the former dominant player, has seen its market share fall to 18.1%.</p><p>As a \"century-old company,\" Panasonic doesn't want to be branded as Tesla, so it's understandable that it wants to shed that label. But after its honeymoon period with Tesla ends, can Panasonic really find a good partner to replace Tesla? Even if Panasonic finds such a partner, how far can it go as a battery supplier?</p><p>Currently, the strength and speed of various traditional automakers' shift to new energy vehicles remain questionable. Toyota, another ally of Panasonic, has even been referred to by industry insiders as the \"automotive industry leader\" due to its chairman, Akio Toyoda's repeated criticisms of the electric vehicle industry.<a href=\"https://laohu8.com/S/NOK\">Nokia</a>”； At the same time, some automakers claiming to have mastered core technologies have even begun to consider building their own battery factories, such as Volkswagen.</p><p>In this era of change, it is extremely difficult for Panasonic to continue to reap the benefits by relying on its supplier status. How to build a stronger corporate competitiveness is a question it needs to seriously consider in the next decade.</p>","source":"lsy1604323531668","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>Having profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".</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\">\nHaving profited hundreds of billions by selling stocks, Panasonic is busy shedding its Tesla \"label\".\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">有牛财经</strong><span class=\"h-time small\">2021-06-26 11:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Let's rewind to 2009, back then...<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>This is just another startup mired in component production capacity, and its leader, Elon Musk, is seeking external help globally to increase its own capacity. Coincidentally, at the time, Japan's leading battery manufacturer<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Panasonic was also very interested in the automotive industry, so the two sides hit it off immediately. In addition to the battery supply agreement, Panasonic also invested in Tesla multiple times after its IPO, and even jointly built a factory with it.</p><p>For years, Panasonic has provided high-quality batteries for Musk's super car plan, supporting Tesla's rise to the position of the world's largest automaker by market capitalization. However, just when people thought this relationship would continue into the next decade, the relationship between Panasonic and Tesla took a sharp turn for the worse, with the two sides constantly clashing over issues such as battery production.</p><p>After entering 2021, Panasonic's actions became significantly more aggressive—it not only publicly stated that it \"wanted to get rid of its dependence on Tesla,\" but also recently sold all of its Tesla shares.</p><p><img src=\"https://static.tigerbbs.com/49bd973c550aaf62c4ba645e310b4561\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>Draw a line between us and Tesla</p><p>According to a report by Nikkei Chinese on June 25, Panasonic had sold all of its Tesla shares by the end of March 2021 and made a substantial profit from it. According to Panasonic's cash flow statement for fiscal year 2020 released at the same time, its proceeds from asset sales, including the sale of shares, reached 429.9 billion yen, an increase of 380 billion yen compared to the previous fiscal year.</p><p>In 2010, Panasonic purchased 1.4 million Tesla shares at a price of $21.15 per share, when Tesla had just gone public. In recent years, Tesla's stock price has increased dozens of times, reaching its peak in 2020. Based on this increase, a large portion of the \"asset sale revenue\" likely came from Panasonic selling Tesla stock.</p><p>While Panasonic was busy selling off Tesla stock, former Panasonic CEO Kazuhiro Tsuga was also busy preparing to step down. Before becoming chairman, he expressed his views on Tesla, believing that Panasonic must increase the production of batteries for other brands of electric vehicles in order to reduce its dependence on Tesla. Previously, he had always been considered a \"staunch\" supporter of Musk.</p><p>“…We need to manufacture batteries that are easy for other automakers to use, but they are currently difficult to sell unless other companies can use the special cylindrical batteries we manufacture for Tesla,” said Kazuhiro Tsuga.</p><p>Kazuhiro Tsuga's statement is not surprising. In fact, Panasonic had a plan to \"find a replacement for Tesla\" several years ago. This plan aimed to reduce Tesla's influence on the company by establishing joint ventures with automakers such as Toyota. In the year Tesla's Shanghai factory was completed, Panasonic also fulfilled its wish to build a bridge with Toyota.</p><p>Panasonic's sale of Tesla stock is more about putting an end to this \"marriage\" than a demonstration against the latter—it will continue to supply Tesla in the future, but the close partnership between the two parties has officially ended.</p><p><img src=\"https://static.tigerbbs.com/ab9f6f99916e8f9cafb30412479b4d73\" tg-width=\"1024\" tg-height=\"703\" referrerpolicy=\"no-referrer\"></p><p>Why is Panasonic so busy removing the Tesla label?</p><p>Why did our once good friends end up like this? The reason is simple: Panasonic and Musk simply don't get along well.</p><p>Since 2019, Panasonic and Tesla have been accusing each other of battery production issues. Musk believes that Panasonic's battery production capacity does not meet the standards of a Gigafactory, forcing the company to limit Model 3 production; In its financial report, Panasonic stated that it \"does not have enough production capacity to meet Tesla's ever-expanding business\" and that \"if Tesla continues to expand its business, the batteries will run out.\"</p><p>At that time, Tesla and Panasonic had already jointly established the Nevada Gigafactory in North America to meet the former's monstrous battery demand. However, on the other hand, Musk's requirements for battery quality and cost also reached new heights. For example, Tesla's 21700 battery has a 20% higher energy density than the 18650, while the cost has dropped from $180/Wh to $170/Wh.</p><p>High-quality batteries have indeed boosted Tesla's sales in the market, but they have also put an unbearable burden on Panasonic. In September 2019, Kazuhiro Tsuga complained in a media interview that Musk had repeatedly asked Panasonic to lower its purchase prices. “I once responded to him that if this continues, we should consider evacuating all Panasonic employees and equipment from the Gigafactory.”</p><p>It is worth noting that this is also the first time that Kazuhiro Tsuga has expressed regret about cooperating with Tesla. “If you ask me if I regret investing in Tesla’s Gigafactory, I would say, yes, of course,” Kazuhiro Tsuga responded.</p><p>While Musk's personality certainly displeases Panasonic, the more troublesome thing for it is profitability.</p><p>Since the first Model 3 rolled off the production line, Panasonic has been increasing battery production capacity at Tesla's request. However, this has also meant that its factories will suffer huge losses, which contradicts Panasonic's long-standing cost reduction and efficiency improvement strategy. Panasonic's move from 2C to 2B and its cooperation with Tesla were largely aimed at reversing the huge losses of 780 billion yen at the time. Given that Panasonic's production capacity is being \"dragged along\" by the other party, deeply integrating with Tesla is not beneficial for Panasonic.</p><p><img src=\"https://static.tigerbbs.com/93fb5b6e09dc2d85bf9071ceeba83636\" tg-width=\"1024\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p><p>After weakening Tesla's influence, where will Panasonic go next?</p><p>However, Panasonic is still inseparable from Tesla, a major customer, as can be seen from its financial reports.</p><p>According to Panasonic's financial report for fiscal year 2020 (April 2020 - March 2021) released in March this year, the company's battery division's sales decreased by 10% compared to fiscal year 2019, to 1,339.4 billion yen. However, the division's operating profit turned from a loss of 46.6 billion yen in fiscal year 2019 to a profit of 10.9 billion yen.</p><p>Regarding the successful turnaround of the battery business, Panasonic CFO Hirokazu Umeda believes that the continuous progress of in-vehicle equipment is one aspect, but the profitability of Tesla's related businesses is more important. He also stated that Panasonic's battery division will reach a net profit of 50 billion yen in fiscal year 2021, as sales of equipment such as automotive batteries are expected to continue to increase.</p><p>To this day, Panasonic continues to supply batteries to Tesla and plans to participate in the production and manufacturing of its next-generation batteries. On June 24 this year, Panasonic's newly appointed president and CEO, Oki Kusumi, stated in a media interview that the company will increase significant investment to produce new 4680 lithium-ion batteries for Tesla and other electric vehicle manufacturers.</p><p>“Establishing good relationships with electric vehicle manufacturers such as Tesla and gaining a foothold in the global electric vehicle battery market is crucial for the company,” said Oki Kusumi.</p><p>However, Tesla seems to have abandoned its early fantasies about Panasonic. When the Shanghai Gigafactory was completed, Musk emphasized that domestically produced Teslas would use battery cells provided by several companies, including LG Chem, rather than just Panasonic. In addition, domestic battery giants<a href=\"https://laohu8.com/S/300750\">CATL</a>It also successfully entered Tesla's supply chain in the second half of last year and has developed rapidly by leveraging its local advantages. According to information from China Energy Storage Network, CATL's supply to Tesla has far exceeded that of LG Chem and Panasonic.</p><p><img src=\"https://static.tigerbbs.com/242d13e2b90ac20c97f2fae67bbd3b96\" tg-width=\"720\" tg-height=\"436\" referrerpolicy=\"no-referrer\"></p><p>Another set of data may be more illustrative—according to a Research report by Techno Systems Research, CATL accounted for 26.0% of the global automotive lithium-ion battery market in 2020, becoming the world's largest power battery company. LG Chem ranked second with a 23.3% market share; Panasonic, the former dominant player, has seen its market share fall to 18.1%.</p><p>As a \"century-old company,\" Panasonic doesn't want to be branded as Tesla, so it's understandable that it wants to shed that label. But after its honeymoon period with Tesla ends, can Panasonic really find a good partner to replace Tesla? Even if Panasonic finds such a partner, how far can it go as a battery supplier?</p><p>Currently, the strength and speed of various traditional automakers' shift to new energy vehicles remain questionable. Toyota, another ally of Panasonic, has even been referred to by industry insiders as the \"automotive industry leader\" due to its chairman, Akio Toyoda's repeated criticisms of the electric vehicle industry.<a href=\"https://laohu8.com/S/NOK\">Nokia</a>”； At the same time, some automakers claiming to have mastered core technologies have even begun to consider building their own battery factories, such as Volkswagen.</p><p>In this era of change, it is extremely difficult for Panasonic to continue to reap the benefits by relying on its supplier status. How to build a stronger corporate competitiveness is a question it needs to seriously consider in the next decade.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/sZTiJdkgxaD6F0RpAth6Xg\">有牛财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c9946b0c9e5ceaed9745f8edfc32a195","relate_stocks":{"TSLA":"特斯拉","PCRFY":"松下","PC":"Premium Catering (Holdings) Ltd."},"source_url":"https://mp.weixin.qq.com/s/sZTiJdkgxaD6F0RpAth6Xg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145459385","content_text":"将时间拨回到2009年，那时的特斯拉不过是另一家陷在部件产能泥潭中的初创企业，而它的掌门人埃隆·马斯克为了增强自身产能，正在全球范围内寻找外援。巧的是，当时日本电池产业龙头松下（Panasonic）对汽车产业也非常感兴趣，于是双方一拍即合。在电池供货协议之外，松下还在特斯拉上市后对其多次注资，甚至是与其合资共建工厂。\n数年来，松下为马斯克的超级造车计划提供了优质的电池，支撑着特斯拉一路登上全球市值第一大车企的宝座。但当人们认为这段关系会继续保持到下一个十年时，松下与特斯拉的关系却急转直下，双方在电池生产制造等问题上摩擦不断。\n进入2021年后，松下的行动明显变的更激进了——它不仅公开表示“要摆脱特斯拉依赖”，还在不久前卖掉了特斯拉的所有股票。\n\n与特斯拉“划清界限”\n根据日经中文网6月25日的报道，松下已经在2021年3月底前卖掉了其持有的特斯拉全部股份，并从中获利颇丰。按照松下同期公布的2020财年现金流量表，其包括出售股份在内的资产出售收入高达4299亿日元，较上财年增加了3800亿日元。\n2010年，松下曾以21.15美元/股的价格购进了140万股特斯拉股票，彼时特斯拉才刚刚上市。而在这几年里，特斯拉的股价翻了数十倍，并在2020年涨势达到顶峰。按照这样的涨幅来算，“资产出售收入”中的很大一部分可能都是松下卖特斯拉股票赚来的。\n在松下忙着抛售特斯拉股票时，松下前CEO津贺一宏也正忙于准备卸任相关事宜。在转任董事长前，他发表了自己对于特斯拉的看法，认为松下必须增加其他品牌电动汽车电池的生产量，以此减少对特斯拉的依赖。而此前，他一直被认为是马斯克的“铁杆”支持者。\n“……我们需要制造出便于其他汽车制造商使用的电池，但目前很难销售出去，除非有其他公司能够使用我们为特斯拉制造的特殊圆柱型电池。”津贺一宏如是说。\n津贺一宏的发声并不令人意外，事实上，早在数年前松下就曾有过“寻找特斯拉替代者”的计划，这个计划旨在通过与丰田等车企建立合资企业，进而降低特斯拉对公司的影响。而在特斯拉上海工厂建成的那一年，松下也如愿以偿地与丰田搭上了桥。\n如今松下抛售特斯拉股票，其意义比起向后者示威，更像是为这段“姻缘”画上一个句号——未来它仍会向特斯拉供货，但双方的亲密伙伴关系已经正式终结。\n\n为何松下忙着撕掉特斯拉标签？\n原本的好伙伴为何会走到今天这一步？原因无他，只是松下和马斯克的相性实在不佳。\n自2019年开始，松下与特斯拉就在电池生产的问题上互相指责。马斯克认为，松下的电池产能达不到超级工厂的标准，导致公司不得不限制Model 3生产；松下在财报中则表示“没有足够的产能来满足特斯拉不断扩张的业务”，“如果特斯拉继续扩大业务，电池将用光”。\n彼时，特斯拉和松下已经在北美合资建立了内华达超级工厂，以满足前者怪物般的电池需求量，但另一方面，马斯克对电池质量和成本的要求也达到了新的高度。例如特斯拉的21700电池，其电池能量密度相较18650提高了20%，而成本却从180美元/Wh降到了170美元/Wh。\n高质量电池的确推动了特斯拉在市场上的销量，却也让背后的松下感到不堪重负。2019年9月，津贺一宏在接受媒体专访时大倒苦水，称马斯克多次要求松下降低采购价格。“有一次我回应他，如果再这样下去，我们要考虑撤走超级工厂的全部松下员工及设备。”\n值得注意的是，这也是津贺一宏首次表现出对特斯拉合作的后悔。“如果你问我是否后悔投资特斯拉超级工厂，我会说，是的，当然。”津贺一宏回应道。\n马斯克的性格固然令松下不满，但对它来说，更麻烦的事情在于盈利。\n自第一辆Model 3走下生产线后，松下一直在应特斯拉的要求提高电池产能，但这也意味着其工厂会背负上高额亏损，这和松下一直以来的降本增效战略相悖——当年松下从2C走向2B，以及与特斯拉展开合作，很大程度上是为了扭转当时7800亿日元的巨额亏损。产能被对方“拖着走”的情况下，再与特斯拉深度绑定对于松下而言并没有好处。\n\n弱化特斯拉影响力后，松下又将何去何从？\n然而，松下暂时还离不开特斯拉这个大客户，这一点从它的财报中就能看出来。\n根据松下今年3月公布的2020财年（2020年4月-2021年3月）财报显示，公司的电池事业部销售额较2019财年下降了10%，为13394亿日元；但该事业部的营业利润却较上一年度扭亏为盈，由2019财年的亏损466亿日元转为盈利109亿日元。\n对于电池业务成功扭亏，松下CFO梅田博和认为，车载设备的不断进步是一方面，但更重要的还是特斯拉关联业务的盈利。他还表示，松下电池事业部在2021财年的净利润将会达到500亿日元，因为车载电池等设备的销售额仍有望提高。\n时至今日，松下依旧在为特斯拉供应电池，并且计划参与到它新一代电池的生产制造中。今年6月24日，松下新任总裁兼CEO楠见雄规接受媒体采访时表示，公司将增加大量投资，为特斯拉和其他电动汽车制造商生产新款的4680锂离子电池。\n“与特斯拉等电动汽车制造商建立良好关系，并在全球电动汽车电池市场占据一席之地，这对于公司而言至关重要。”楠见雄规如是说道。\n然而，特斯拉似乎已经放弃早年间对松下的幻想。当年上海超级工厂落成时马斯克就曾强调，国产特斯拉将使用包括LG化学在内的几家公司提供的电芯，而不仅仅是松下一家。此外，国内电池巨头宁德时代也成功在去年下半年打入特斯拉供应链，并依托本土优势迅速发展。按照中国储能网信息，宁德时代对特斯拉的供货量已经远远超过LG化学和松下。\n\n另一组数据或许更能说明问题——根据Techno Systems Research的研报显示，2020年全球车载锂离子电池市场中，宁德时代占据了26.0%的份额，成为全球最大动力电池企业；LG化学居第二位，所占份额23.3%；而曾经的霸主松下，其市占率已经跌至18.1%。\n作为一家“百年老店”，松下不想被打上特斯拉烙印，想撕掉这张标签也无可厚非。但在与特斯拉的蜜月期结束后，松下真的能找到代替特斯拉的好伙伴吗？就算找到了这样一个伙伴，松下又能在电池供应商的道路上走多远呢？\n目前，各类传统车企转向新能源的力度和速度仍然存疑，松下的另一位盟友丰田，甚至因为掌门人丰田章男屡屡炮轰电动车产业，而被业内人士称作“汽车业诺基亚”；与此同时，一些自称掌握核心技术的汽车厂商甚至开始盘算自建电池工厂，比如大众。\n在这个充斥着变革的年代里，松下想靠着供应商身份继续坐收渔翁之利可谓难上加难。如何构建更为强大的企业竞争力，是它在下一个十年里需要好好思索的问题。","news_type":1,"symbols_score_info":{"PC":0.9,"TSLA":0.9,"PCRFY":0.9}},"isVote":1,"tweetType":1,"viewCount":2850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}