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singsongone 1n

关注科技股分享选择逻辑，关注美港股

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11:55

😄😄😄😄😄😄😄

11:45

[强] [强] [强]

@MilkTeaBro:$CHOW SANG SANG(00116)$ I have held Chow Sang Sang (00116) for a year and decided to add more to my position today. As a traditional jeweler, the company’s book value is largely underpinned by its physical gold inventory, providing a solid asset base.

04-23 16:50

q

Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

04-23 16:43

[开心]

Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

04-23 16:39

xuexi

BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says

04-23 16:00

$Global X PureCap MSCI Information Technology ETF(GXPT)$

@singsongone 1n:古古怪怪

04-22 19:30

@SS0079 @容易涨彤

04-22 19:29

@SS0079 @容易涨彤

04-22 17:28

$Global MSCI(GXPT)$

Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good

04-14

Great article, would you like to share it?

The Bond Market Is "Moving On" From the Iran War

04-13

666

@Crypto加密虎:🎋摩根士丹利比特幣ETF上市首日吸金3400萬美元！BTC壓力週期接近尾聲？

04-09

Great article, would you like to share it?

Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions

04-03

Why did HIMS move recently?

Find out more here: Why did HIMS move recently? Hims & Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429

Why did HIMS move recently?

02-09

must win

01-23

【Voting Post】$Novo-Nordisk A/S(NVO)$

01-23

$ENPH 20260130 35.5 PUT$

01-23

$比特币ETF-iShares(IBIT)$

$3倍做多20年期以上国债ETF-Direxion(TMF)$

：

01-23

$UOB MB eCW260730(HIQW.SI)$ [得意] [得意] [得意]

01-23

$UOB MB eCW260730(HIQW.SI)$ $MSCI台指主连(TWmain)$ $VinFast Auto(VFS)$ [开心] [开心] [开心] [开心] [开心]

01-14

$WEBULL 10/04/2030(TO(BULLW)$

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[强]&nbsp;&nbsp;","listText":"[强]&nbsp; [强]&nbsp; [强]&nbsp;&nbsp;","text":"[强] [强] [强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/557030032142528","repostId":"556927221699616","repostType":1,"repost":{"id":556927221699616,"gmtCreate":1776995551573,"gmtModify":1776995554893,"author":{"id":"3581820976934736","authorId":"3581820976934736","name":"MilkTeaBro","avatar":"https://static.tigerbbs.com/4f96ac4963a3566e7f4d22e78cc23ef9","crmLevel":13,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3581820976934736","idStr":"3581820976934736"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/00116\">$CHOW SANG SANG(00116)$ </a> I have held Chow Sang Sang (00116) for a year and decided to add more to my position today. As a traditional jeweler, the company’s book value is largely underpinned by its physical gold inventory, providing a solid asset base.","listText":"<a href=\"https://ttm.financial/S/00116\">$CHOW SANG SANG(00116)$ </a> I have held Chow Sang Sang (00116) for a year and decided to add more to my position today. As a traditional jeweler, the company’s book value is largely underpinned by its physical gold inventory, providing a solid asset base.","text":"$CHOW SANG SANG(00116)$ I have held Chow Sang Sang (00116) for a year and decided to add more to my position today. As a traditional jeweler, the company’s book value is largely underpinned by its physical gold inventory, providing a solid asset base.","images":[{"img":"https://community-static.tradeup.com/news/cdb403cd4da0189f118100c402c5ed50","width":"882","height":"1620"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556927221699616","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556676259717776,"gmtCreate":1776934206495,"gmtModify":1776934209531,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"q","listText":"q","text":"q","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556676259717776","repostId":"2629886124","repostType":2,"repost":{"id":"2629886124","kind":"news","pubTimestamp":1776932700,"share":"https://ttm.financial/m/news/2629886124?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:25","market":"us","language":"zh","title":"Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2629886124","media":"新浪证券","summary":"　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。","content":"<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>","source":"sina","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>Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing</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\">\nTriple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪证券</strong><span class=\"h-time small\">2026-04-23 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml\">新浪证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"603392":"万泰生物","BK1589":"北水核心资产","09633":"农夫山泉","IPOS":"Renaissance International IPO ETF","BK1200":"软饮料","BK0239":"医药制造","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2629886124","content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。\n　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。一季度公司亏损5277.69万元，二季度亏损规模扩大至9143.54万元，三季度短暂收窄至2879.09万元，四季度单季亏损却飙升至2.25亿元，单季度亏损额超过前三季度亏损总和。与此同时，库存积压、资金使用率降低、产能闲置、资产减值等风险集中显现，不仅大幅拖累当期利润，更成为后续经营的潜在包袱。\n　　产品、政策、市场三重挤压 两大主营业务双双失守\n　　万泰生物业绩巨亏的核心原因，是两大主营业务同时陷入衰退，昔日利润奶牛的疫苗业务彻底失势，而作为稳定器的体外诊断业务亦无力托底，双重压力下公司失去业绩基本盘。\n　　具体而言，疫苗业务曾是万泰生物绝对的业绩核心，2022年凭借二价HPV疫苗馨可宁贡献超85亿元营收，占总营收比重超70%，毛利率长期维持在85%以上，成为公司高速增长的核心动力。\n　　但从2023年开始，疫苗业务急转直下，2024年营收已暴跌至6亿元左右，2025年颓势进一步加剧，报告期内疫苗业务营收4.57亿元，同比下滑24.63%，毛利率更是暴跌超43个百分点。\n　　疫苗业务的溃败，是政策、市场、产品三重因素叠加的结果。政策层面，2023年起全国多地启动HPV疫苗集中带量采购，二价HPV疫苗成为集采重点对象，万泰生物馨可宁中标价格从单支329元暴跌至30元左右，降价幅度超90%。价格的断崖式下跌导致二价疫苗毛利率从巅峰时期的90%以上，暴跌至2025年的不足30%，单支利润几乎归零。\n　　市场层面，双重竞争压力让二价疫苗需求显著萎缩。一方面，沃森生物等国产二价HPV疫苗陆续上市，以更低价格参与市场竞争，进一步瓜分存量市场，万泰生物失去价格优势；另一方面，2023年进口九价HPV疫苗获批适用年龄从16-26岁扩至9-45岁，覆盖二价疫苗核心目标人群，消费者优先选择防护范围更广的九价疫苗，导致二价疫苗市场需求出现断崖式下滑。\n　　而被公司视为翻盘希望的国产首款九价HPV疫苗馨可宁9，2025年6月获批上市后商业化表现远不及预期。为快速抢占市场，馨可宁9定价仅499元/支，为进口默沙东九价疫苗的约38%，但低价策略并未带来销量爆发，公司全年疫苗业务收入不足5亿元，创历史新低，二价疫苗的业绩缺口仍难以弥补。\n\n　　与此同时，国产九价疫苗赛道已变得极度拥挤，康乐卫士、博唯生物等国产九价疫苗已进入临床三期，预计2026年陆续上市，未来馨可宁9将面临国产竞品与进口产品的双重围剿，市场突围难度较大。\n　　除HPV疫苗外，公司水痘、带状疱疹等传统疫苗营收规模不足亿元，20价肺炎、十一价HPV等在研产品尚处临床早期，预计2030年后才能上市贡献营收，疫苗业务短期内无新的业绩增长点，转暖无望。\n　　作为曾经的业绩稳定器，体外诊断业务在2025年同样表现低迷，未能对冲疫苗业务的亏损。2025年，万泰生物体外诊断业务实现营收13.08亿元，同比下降18.65%，毛利率较2024年下滑7.98个百分点至56.99%，营收与盈利双降。\n　　减值、应收、折旧三座大山 未来经营包袱沉重\n　　在核心业务溃败的同时，万泰生物在资产运营与财务管理层面同样暴露出多重严重问题，现金流承压、库存积压、应收账款高企、资产闲置减值等风险持续发酵，不仅加剧了2025年的亏损，更成为2026年及未来经营的潜在包袱。\n　　其中，存货减值成为吞噬公司利润的重要因素，疫苗产品的库存压力尚未完全释放。2025年末公司存货余额同比下降30.97%至2165.84万支，但主要是二价HPV疫苗被动清理与大额计提减值的结果。\n　　2025年公司资产减值损失达2.15亿元，几乎全部来自存货与合同资产减值，其中绝大部分为二价HPV疫苗的减值计提，该部分减值损失占公司当期亏损额的54%，是导致公司由盈转亏的重要推手。\n　　截至2025年末，公司计提后库存商品账面价值为2.69亿元，若后续九价HPV疫苗市场推广不及预期，或二价HPV疫苗库存清理进度放缓，公司未来仍存在持续计提资产减值的风险，进一步挤压利润空间。\n　　应收账款方面，2025年末公司应收账款及票据为16.25亿元。2021年-2025年，公司应收账款周转天数分别为92.26天、99.7天、226.37天、403.36天、361.92天，2025年虽有所缩短但仍处于历史高位，资金周转效率欠佳。\n　　固定资产折旧方面，2025年公司为九价HPV疫苗扩产、诊断设备更新，新增固定资产投资3.5亿元，固定资产余额达28.7亿元，但当前疫苗、诊断业务产能利用率不足，大量固定资产闲置，固定资产折旧费用同比增长14.7%至2.63亿元。\n　　整体来看，万泰生物2025年的巨亏是核心业务失势、市场应对失误、资产管控失当等多重问题集中爆发的结果，曾经依靠单一疫苗产品缔造的辉煌已然落幕。眼下，九价疫苗商业化、化解库存等问题仍待解决，公司能否摆脱经营困境仍有待观察。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","news_type":1,"symbols_score_info":{"603392":1.5,"IPOS":1.5,"09633":1.5}},"isVote":1,"tweetType":1,"viewCount":8,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556674572906904,"gmtCreate":1776933780176,"gmtModify":1776933783005,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"[开心]&nbsp;&nbsp;","listText":"[开心]&nbsp;&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556674572906904","repostId":"2629886124","repostType":2,"repost":{"id":"2629886124","kind":"news","pubTimestamp":1776932700,"share":"https://ttm.financial/m/news/2629886124?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:25","market":"us","language":"zh","title":"Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2629886124","media":"新浪证券","summary":"　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。","content":"<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>","source":"sina","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>Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing</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\">\nTriple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪证券</strong><span class=\"h-time small\">2026-04-23 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml\">新浪证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"603392":"万泰生物","BK1589":"北水核心资产","09633":"农夫山泉","IPOS":"Renaissance International IPO ETF","BK1200":"软饮料","BK0239":"医药制造","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC"},"source_url":"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2629886124","content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。\n　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。一季度公司亏损5277.69万元，二季度亏损规模扩大至9143.54万元，三季度短暂收窄至2879.09万元，四季度单季亏损却飙升至2.25亿元，单季度亏损额超过前三季度亏损总和。与此同时，库存积压、资金使用率降低、产能闲置、资产减值等风险集中显现，不仅大幅拖累当期利润，更成为后续经营的潜在包袱。\n　　产品、政策、市场三重挤压 两大主营业务双双失守\n　　万泰生物业绩巨亏的核心原因，是两大主营业务同时陷入衰退，昔日利润奶牛的疫苗业务彻底失势，而作为稳定器的体外诊断业务亦无力托底，双重压力下公司失去业绩基本盘。\n　　具体而言，疫苗业务曾是万泰生物绝对的业绩核心，2022年凭借二价HPV疫苗馨可宁贡献超85亿元营收，占总营收比重超70%，毛利率长期维持在85%以上，成为公司高速增长的核心动力。\n　　但从2023年开始，疫苗业务急转直下，2024年营收已暴跌至6亿元左右，2025年颓势进一步加剧，报告期内疫苗业务营收4.57亿元，同比下滑24.63%，毛利率更是暴跌超43个百分点。\n　　疫苗业务的溃败，是政策、市场、产品三重因素叠加的结果。政策层面，2023年起全国多地启动HPV疫苗集中带量采购，二价HPV疫苗成为集采重点对象，万泰生物馨可宁中标价格从单支329元暴跌至30元左右，降价幅度超90%。价格的断崖式下跌导致二价疫苗毛利率从巅峰时期的90%以上，暴跌至2025年的不足30%，单支利润几乎归零。\n　　市场层面，双重竞争压力让二价疫苗需求显著萎缩。一方面，沃森生物等国产二价HPV疫苗陆续上市，以更低价格参与市场竞争，进一步瓜分存量市场，万泰生物失去价格优势；另一方面，2023年进口九价HPV疫苗获批适用年龄从16-26岁扩至9-45岁，覆盖二价疫苗核心目标人群，消费者优先选择防护范围更广的九价疫苗，导致二价疫苗市场需求出现断崖式下滑。\n　　而被公司视为翻盘希望的国产首款九价HPV疫苗馨可宁9，2025年6月获批上市后商业化表现远不及预期。为快速抢占市场，馨可宁9定价仅499元/支，为进口默沙东九价疫苗的约38%，但低价策略并未带来销量爆发，公司全年疫苗业务收入不足5亿元，创历史新低，二价疫苗的业绩缺口仍难以弥补。\n\n　　与此同时，国产九价疫苗赛道已变得极度拥挤，康乐卫士、博唯生物等国产九价疫苗已进入临床三期，预计2026年陆续上市，未来馨可宁9将面临国产竞品与进口产品的双重围剿，市场突围难度较大。\n　　除HPV疫苗外，公司水痘、带状疱疹等传统疫苗营收规模不足亿元，20价肺炎、十一价HPV等在研产品尚处临床早期，预计2030年后才能上市贡献营收，疫苗业务短期内无新的业绩增长点，转暖无望。\n　　作为曾经的业绩稳定器，体外诊断业务在2025年同样表现低迷，未能对冲疫苗业务的亏损。2025年，万泰生物体外诊断业务实现营收13.08亿元，同比下降18.65%，毛利率较2024年下滑7.98个百分点至56.99%，营收与盈利双降。\n　　减值、应收、折旧三座大山 未来经营包袱沉重\n　　在核心业务溃败的同时，万泰生物在资产运营与财务管理层面同样暴露出多重严重问题，现金流承压、库存积压、应收账款高企、资产闲置减值等风险持续发酵，不仅加剧了2025年的亏损，更成为2026年及未来经营的潜在包袱。\n　　其中，存货减值成为吞噬公司利润的重要因素，疫苗产品的库存压力尚未完全释放。2025年末公司存货余额同比下降30.97%至2165.84万支，但主要是二价HPV疫苗被动清理与大额计提减值的结果。\n　　2025年公司资产减值损失达2.15亿元，几乎全部来自存货与合同资产减值，其中绝大部分为二价HPV疫苗的减值计提，该部分减值损失占公司当期亏损额的54%，是导致公司由盈转亏的重要推手。\n　　截至2025年末，公司计提后库存商品账面价值为2.69亿元，若后续九价HPV疫苗市场推广不及预期，或二价HPV疫苗库存清理进度放缓，公司未来仍存在持续计提资产减值的风险，进一步挤压利润空间。\n　　应收账款方面，2025年末公司应收账款及票据为16.25亿元。2021年-2025年，公司应收账款周转天数分别为92.26天、99.7天、226.37天、403.36天、361.92天，2025年虽有所缩短但仍处于历史高位，资金周转效率欠佳。\n　　固定资产折旧方面，2025年公司为九价HPV疫苗扩产、诊断设备更新，新增固定资产投资3.5亿元，固定资产余额达28.7亿元，但当前疫苗、诊断业务产能利用率不足，大量固定资产闲置，固定资产折旧费用同比增长14.7%至2.63亿元。\n　　整体来看，万泰生物2025年的巨亏是核心业务失势、市场应对失误、资产管控失当等多重问题集中爆发的结果，曾经依靠单一疫苗产品缔造的辉煌已然落幕。眼下，九价疫苗商业化、化解库存等问题仍待解决，公司能否摆脱经营困境仍有待观察。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","news_type":1,"symbols_score_info":{"603392":1.5,"IPOS":1.5,"09633":1.5}},"isVote":1,"tweetType":1,"viewCount":2,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556673328955512,"gmtCreate":1776933569013,"gmtModify":1776933572452,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"xuexi","listText":"xuexi","text":"xuexi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556673328955512","repostId":"2629885438","repostType":2,"repost":{"id":"2629885438","kind":"highlight","weMediaInfo":{"introduction":"路透中文","home_visible":1,"media_name":"路透中文","id":"1098195322","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"pubTimestamp":1776931980,"share":"https://ttm.financial/m/news/2629885438?lang=en_US&edition=fundamental","pubTime":"2026-04-23 16:13","market":"hk","language":"zh","title":"BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says","url":"https://stock-news.laohu8.com/highlight/detail?id=2629885438","media":"路透中文","summary":"** 摩根士丹利 表示，虽然特斯拉的巨额投资对确保其在自动驾驶领域的长期领先地位至关重要，但关键物理人工智能项目的支出增加和验证驱动的推出可能会减缓进展，并限制近期的上行空间。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。","content":"<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>Buzz-Brokerage Opinion: Analysts Says,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Earnings Cashout Period Pushed Back as Expenses Surge</title></head><body><span>April 23</span><span>-</span>** Tesla<span>TSLA.O</span>Significantly increased the full-year spending plan (<span>link</span>), reaching more than $25 billion, and CEO Elon Musk has invested money in artificial intelligence,<a href=\"https://laohu8.com/S/300024\">Robot</a>And chips-he said these moves are \"very reasonable\" and help build a huge future revenue stream.</p><p>** Shares fell 1.8% to $380.52 premarket</p><p>Work Progress</p><p>** Katherine, Research Director, XTB-<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Kathleen Brooks said that while robotaxis are expected to drive Tesla's future revenue growth, Tesla still relies heavily on its electric vehicle business, and \"this is where Tesla's weakness lies\".</p><p>**<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>(\"equal weight,\" price target: $415) said that while Tesla's hefty investment is critical to securing its long-term leadership in autonomous driving, increased spending on key physical AI projects and validation-driven rollouts could slow progress and limit near-term upside.</p><p>** TD Cowen (\"Buy\", price target: $490) said the company's results set the stage for a gradual improvement in sentiment throughout the year as the company entered a period of major catalysts for robots and autonomous vehicles.</p><p>** Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: \"While progress is being made, last night's comments are another example of a further deviation from the target\".</p><p>(For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Reuters does not guarantee the accuracy of the automated translated text because the automated translation may be incorrect or fail to include the required context, and provides automated translation only for the convenience of readers. Reuters accepts no responsibility for any damage or loss caused by the use of the automated translation function.)</p><p></body></html></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>BUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says</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; 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}\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\">\nBUZZ-Brokerage Opinion: Tesla Spending Surges, Earnings Cashout Period Pushed Back, Analysts Says\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1098195322\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">路透中文 </p>\n<p class=\"h-time smaller\">2026-04-23 16:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>Buzz-Brokerage Opinion: Analysts Says,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Earnings Cashout Period Pushed Back as Expenses Surge</title></head><body><span>April 23</span><span>-</span>** Tesla<span>TSLA.O</span>Significantly increased the full-year spending plan (<span>link</span>), reaching more than $25 billion, and CEO Elon Musk has invested money in artificial intelligence,<a href=\"https://laohu8.com/S/300024\">Robot</a>And chips-he said these moves are \"very reasonable\" and help build a huge future revenue stream.</p><p>** Shares fell 1.8% to $380.52 premarket</p><p>Work Progress</p><p>** Katherine, Research Director, XTB-<a href=\"https://laohu8.com/S/BRKR\">Brooke</a>Kathleen Brooks said that while robotaxis are expected to drive Tesla's future revenue growth, Tesla still relies heavily on its electric vehicle business, and \"this is where Tesla's weakness lies\".</p><p>**<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>(\"equal weight,\" price target: $415) said that while Tesla's hefty investment is critical to securing its long-term leadership in autonomous driving, increased spending on key physical AI projects and validation-driven rollouts could slow progress and limit near-term upside.</p><p>** TD Cowen (\"Buy\", price target: $490) said the company's results set the stage for a gradual improvement in sentiment throughout the year as the company entered a period of major catalysts for robots and autonomous vehicles.</p><p>** Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: \"While progress is being made, last night's comments are another example of a further deviation from the target\".</p><p>(For the convenience of non-native English speakers, Reuters automatically translates its reports into several other languages. Reuters does not guarantee the accuracy of the automated translated text because the automated translation may be incorrect or fail to include the required context, and provides automated translation only for the convenience of readers. Reuters accepts no responsibility for any damage or loss caused by the use of the automated translation function.)</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20260423:nL4S4160PO:1","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2629885438","content_text":"BUZZ-券商观点：分析师称，特斯拉支出激增，盈利兑现期推后\n4月23日 - ** 特斯拉TSLA.O大幅提高了全年支出计划 (link)，达到250多亿美元，首席执行官埃隆-马斯克（Elon Musk）将资金投入到人工智能、机器人和芯片领域--他表示，这些举措 \"非常合理\"，有助于建立巨大的未来收入流。** 盘前股价下跌 1.8%，报 380.52 美元工作进展** XTB 研究总监凯瑟琳-布鲁克斯（Kathleen Brooks）表示，虽然机器人出租车有望推动特斯拉未来的收入增长，但特斯拉仍严重依赖其电动汽车业务，而 \"这正是特斯拉的软肋所在\"。** 摩根士丹利(\"等权重\"，目标价：415美元) 表示，虽然特斯拉的巨额投资对确保其在自动驾驶领域的长期领先地位至关重要，但关键物理人工智能项目的支出增加和验证驱动的推出可能会减缓进展，并限制近期的上行空间。 ** TD Cowen(\"买入\"，目标价：490美元) 表示，随着公司进入机器人和自动驾驶汽车主要催化剂频现的时期，公司的业绩为全年情绪的逐步改善奠定了基础。** Hargreaves Lansdown 高级股票分析师马特-布里兹曼（Matt Britzman）说：\"虽然正在取得进展，但昨晚的评论是目标进一步偏离的又一例证\"。 (为便利非英文母语者，路透将其报导自动化翻译为数种其他语言。由于自动化翻译可能有误，或未能包含所需语境，路透不保证自动化翻译文本的准确性，仅是为了便利读者而提供自动化翻译。对于因为使用自动化翻译功能而造成的任何损害或损失，路透不承担任何责任。)","news_type":1,"symbols_score_info":{"TSLR":0.6,"TSLY":0.6,"TEST":0.6,"TSLP":0.6,"TSLL":0.6,"TSLI":0.6,"TSLT":0.6,"TSII":0.6,"TSLA":1.97,"07766":0.6,"TSYY":0.6,"TSDD":0.6,"CRSH":0.6,"TSLZ":0.6,"TSLS":0.6,"TSLW":0.6,"TSLQ":0.6,"TESL":0.6,"TSLG":0.6,"TLA":0.6,"TSL":0.6,"TSLO":0.6}},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":556663735955744,"gmtCreate":1776931240754,"gmtModify":1776931242829,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/GXPT\">$Global X PureCap MSCI Information Technology ETF(GXPT)$ </a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/GXPT\">$Global X PureCap MSCI Information Technology ETF(GXPT)$ </a>&nbsp;","text":"$Global X PureCap MSCI Information Technology ETF(GXPT)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556663735955744","repostId":"556656517792616","repostType":1,"repost":{"id":556656517792616,"gmtCreate":1776929388149,"gmtModify":1776929391844,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 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MSCI(GXPT)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/556331840471320","repostId":"2629096334","repostType":2,"repost":{"id":"2629096334","kind":"highlight","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":1776840866,"share":"https://ttm.financial/m/news/2629096334?lang=en_US&edition=fundamental","pubTime":"2026-04-22 14:54","market":"sh","language":"zh","title":"Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good","url":"https://stock-news.laohu8.com/highlight/detail?id=2629096334","media":"华尔街见闻","summary":"苹果在财报发布前一周宣布CEO换帅，库克功成身退、Ternus接棒，时间节点本身即被华尔街视为强劲业绩的\"无声预告\"。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。","content":"<p><html><head></head><body>Apple announced the CEO change a week before the financial report was released. Cook retired and Ternus took over. The time node itself was regarded as a \"silent notice\" of strong performance by Wall Street. Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company chose to announce the CEO change a week before the quarterly financial report was released. This time node has aroused widespread concern from Wall Street analysts. Many parties believe that this move implies that the company is about to hand over a bright report card.</p><p>Apple announced Monday that current CEO Tim Cook will be transferred to executive chairman, and John Ternus, senior vice president and head of hardware engineering, will officially take over as CEO on September 1st. The company will release its fiscal second-quarter results on April 30.</p><p>\"My gut tells me,\" Ben Reitzes, head of technology research at Melius Research, wrote in a note to investors on Monday,<strong>The announcement was chosen before the earnings report to allow the market to focus on an excellent quarter with strong fundamentals when Apple releases its earnings next week.</strong>\"</p><p><strong>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</strong></p><p>This time window of personnel arrangement has significantly heated up the market's expectation of Apple's recent performance. According to FactSet data, the consensus estimate for Apple's fiscal second-quarter earnings per share is $1.94, with revenue estimates of $109.35 billion; Combining ratings from 54 analysts, Apple stock has an average rating of \"overweight\" and a price target of $301.62. Apple shares edged lower on Tuesday, with gains and losses nearly flat for the year.</p><p><h2 id=\"id_79031703\">The timing of coaching change releases positive signals</h2>Many analysts believe that the leadership handover on the eve of the earnings report is a positive signal in itself.</p><p>Gil Luria, head of technology research at DA Davidson, said: \"Cook will not choose to retire in a time of crisis. He has the opportunity to retire at a time when iPhone sales are record, the company is growing significantly, the upgrade cycle is good and the outlook is clear.\"</p><p>Bank of America analyst Wamsi Mohan and his team reported on Monday<a href=\"https://laohu8.com/S/603903\">Zhongzhi</a>Same judgment: Given that Apple is likely planning the change against the backdrop of strong business momentum, the recent performance is extremely resilient.</p><p>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><h2 id=\"id_3871245641\">Hardware Background Succession Initiates Strategy<a href=\"https://laohu8.com/S/00992\">Lenovo</a></h2>While paying attention to short-term financial reports, Wall Street has also begun to evaluate the potential impact of Ternus's CEO appointment on Apple's long-term strategic direction.</p><p><strong>Ternus has long dominated Apple's hardware engineering, and its appointment has been interpreted by some analysts as Apple may re-tilt its strategic focus on hardware and products, instead of continuing its focus on service business in recent years.</strong></p><p>\"A product-oriented leader with years of experience in Apple's hardware design means we may be entering a device,\" wrote Mohan of Bank of America<a href=\"https://laohu8.com/S/00166\">New Age</a>— — Covering AI-enabled devices, wearable forms (including AR glasses) and smart home devices. \"He also pointed out that\" 2027 may be an important product year \", which coincides with the 20th anniversary of the iPhone.</p><p></body></html></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>Analyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good</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; 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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\">\nAnalyst: Apple's announcement of coaching change at this time indicates that next week's earnings may be good\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\">2026-04-22 14:54</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Apple announced the CEO change a week before the financial report was released. Cook retired and Ternus took over. The time node itself was regarded as a \"silent notice\" of strong performance by Wall Street. Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company chose to announce the CEO change a week before the quarterly financial report was released. This time node has aroused widespread concern from Wall Street analysts. Many parties believe that this move implies that the company is about to hand over a bright report card.</p><p>Apple announced Monday that current CEO Tim Cook will be transferred to executive chairman, and John Ternus, senior vice president and head of hardware engineering, will officially take over as CEO on September 1st. The company will release its fiscal second-quarter results on April 30.</p><p>\"My gut tells me,\" Ben Reitzes, head of technology research at Melius Research, wrote in a note to investors on Monday,<strong>The announcement was chosen before the earnings report to allow the market to focus on an excellent quarter with strong fundamentals when Apple releases its earnings next week.</strong>\"</p><p><strong>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</strong></p><p>This time window of personnel arrangement has significantly heated up the market's expectation of Apple's recent performance. According to FactSet data, the consensus estimate for Apple's fiscal second-quarter earnings per share is $1.94, with revenue estimates of $109.35 billion; Combining ratings from 54 analysts, Apple stock has an average rating of \"overweight\" and a price target of $301.62. Apple shares edged lower on Tuesday, with gains and losses nearly flat for the year.</p><p><h2 id=\"id_79031703\">The timing of coaching change releases positive signals</h2>Many analysts believe that the leadership handover on the eve of the earnings report is a positive signal in itself.</p><p>Gil Luria, head of technology research at DA Davidson, said: \"Cook will not choose to retire in a time of crisis. He has the opportunity to retire at a time when iPhone sales are record, the company is growing significantly, the upgrade cycle is good and the outlook is clear.\"</p><p>Bank of America analyst Wamsi Mohan and his team reported on Monday<a href=\"https://laohu8.com/S/603903\">Zhongzhi</a>Same judgment: Given that Apple is likely planning the change against the backdrop of strong business momentum, the recent performance is extremely resilient.</p><p>Analysts generally believe that Cook's long tenure in office and choosing to finish with a highlight moment is in line with his usual style of conduct.</p><p><h2 id=\"id_3871245641\">Hardware Background Succession Initiates Strategy<a href=\"https://laohu8.com/S/00992\">Lenovo</a></h2>While paying attention to short-term financial reports, Wall Street has also begun to evaluate the potential impact of Ternus's CEO appointment on Apple's long-term strategic direction.</p><p><strong>Ternus has long dominated Apple's hardware engineering, and its appointment has been interpreted by some analysts as Apple may re-tilt its strategic focus on hardware and products, instead of continuing its focus on service business in recent years.</strong></p><p>\"A product-oriented leader with years of experience in Apple's hardware design means we may be entering a device,\" wrote Mohan of Bank of America<a href=\"https://laohu8.com/S/00166\">New Age</a>— — Covering AI-enabled devices, wearable forms (including AR glasses) and smart home devices. \"He also pointed out that\" 2027 may be an important product year \", which coincides with the 20th anniversary of the iPhone.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/052d0d3a6389985cf72883e9c3047ae4","relate_stocks":{"LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - 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ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC"},"source_url":"https://wallstreetcn.com/articles/3770572","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2629096334","content_text":"苹果在财报发布前一周宣布CEO换帅，库克功成身退、Ternus接棒，时间节点本身即被华尔街视为强劲业绩的\"无声预告\"。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。苹果公司选择在季度财报发布前一周宣布CEO更迭，这一时间节点引发华尔街分析师广泛关注，多方认为此举暗示公司即将交出一份亮眼成绩单。苹果周一宣布，现任CEO蒂姆·库克将转任执行董事长，高级副总裁、硬件工程负责人John Ternus将于9月1日正式接任CEO一职。公司将于4月30日发布第二财季业绩。Melius研究机构技术研究主管Ben Reitzes在周一致投资者的报告中写道：\"我的直觉告诉我，此次公告选在财报前发布，是为了让市场在下周苹果发布财报时聚焦于一个基本面强劲的出色季度。\"分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。这一人事安排的时间窗口，令市场对苹果近期业绩表现的预期明显升温。根据FactSet数据，市场对苹果第二财季每股收益的一致预期为1.94美元，营收预期为1093.5亿美元；综合54位分析师的评级，苹果股票平均评级为\"增持\"，目标价为301.62美元。苹果股价周二小幅走低，年内涨跌幅接近持平。换帅时机释放积极信号多位分析师认为，领导层交接选在财报前夕，本身即是一种积极信号。DA Davidson技术研究主管Gil Luria表示：“库克不会在危机时刻选择退休。他有机会在iPhone销售创纪录、公司实现显著增长、升级周期良好且前景清晰的时候功成身退。”美国银行分析师Wamsi Mohan及其团队在周一报告中持相同判断：鉴于苹果很可能是在业务强劲势头的背景下筹划此次变动，近期业绩极具韧性。分析师普遍认为，库克在任时间较长，选择以高光时刻收尾，符合其一贯的行事风格。硬件背景接班人引发战略联想在关注短期财报的同时，华尔街也开始评估Ternus出任CEO对苹果长期战略方向的潜在影响。Ternus长期主导苹果硬件工程，其任命被部分分析师解读为苹果可能重新将战略重心向硬件与产品倾斜，而非延续近年来对服务业务的侧重。美国银行的Mohan写道：\"一位在苹果硬件设计领域拥有多年深厚经验、以产品为导向的领导者，意味着我们或许正在进入一个设备新时代——涵盖AI赋能设备、可穿戴形态（包括AR眼镜）以及智能家居设备。\"他同时指出，\"2027年可能是重要的产品大年\"，届时恰逢iPhone问世20周年。","news_type":1,"symbols_score_info":{"AAPY":0.6,"AAPW":0.6,"AAPL":2,"AAPX":0.6,"AAPB":0.6,"AAPU":0.6,"AAPD":0.6,"APLY":0.6}},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":553469855723712,"gmtCreate":1776135338275,"gmtModify":1776135341979,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553469855723712","repostId":"2627466031","repostType":4,"repost":{"id":"2627466031","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1776133353,"share":"https://ttm.financial/m/news/2627466031?lang=en_US&edition=fundamental","pubTime":"2026-04-14 10:22","market":"sh","language":"en","title":"The Bond Market Is \"Moving On\" From the Iran War","url":"https://stock-news.laohu8.com/highlight/detail?id=2627466031","media":"Dow Jones","summary":"Wall Street traders have become preoccupied by one particular market indicator.Some refer to it as the Treasury breakeven inflation curve and, while that's a bit of a mouthful, it's simply the market's expectation of average inflation over two periods.The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.The breakeven curve \"highlights the markets moving on from the [Iran] conflict,\" wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.Similarly, the curve got \"deeply inverted\" following the Iran war but \"then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,\" Knapp wrote on Friday.This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published ","content":"<html><head></head><body><p>Wall Street traders have become preoccupied by one particular market indicator.</p><p>Some refer to it as the Treasury breakeven inflation curve and, while that&#39;s a bit of a mouthful, it&#39;s simply the market&#39;s expectation of average inflation over two periods.</p><p>The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.</p><p>The breakeven curve &#34;highlights the markets moving on from the [Iran] conflict,&#34; wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.</p><p>How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.</p><p>Similarly, the curve got &#34;deeply inverted&#34; following the Iran war but &#34;then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,&#34; Knapp wrote on Friday.</p><p>Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.</p><p>The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.</p><p>Meanwhile, the market&#39;s long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve&#39;s independence, the Iran war and inflation remaining above the Fed&#39;s target over the past five years, investors believe the central bank will ultimately keep inflation restrained.</p><p>&#34;Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,&#34; Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.</p><p>&#34;We have been joking, &#39;find someone to believe in you like the bond market believes in the Fed&#39;s ability to achieve its inflation target,&#39;&#34; she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It&#39;s now less bothered.</p></body></html>","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 Bond Market Is \"Moving On\" From the Iran War</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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 Bond Market Is \"Moving On\" From the Iran War\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-14 10:22</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Wall Street traders have become preoccupied by one particular market indicator.</p><p>Some refer to it as the Treasury breakeven inflation curve and, while that&#39;s a bit of a mouthful, it&#39;s simply the market&#39;s expectation of average inflation over two periods.</p><p>The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.</p><p>The breakeven curve &#34;highlights the markets moving on from the [Iran] conflict,&#34; wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.</p><p>How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.</p><p>Similarly, the curve got &#34;deeply inverted&#34; following the Iran war but &#34;then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,&#34; Knapp wrote on Friday.</p><p>Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.</p><p>The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.</p><p>Meanwhile, the market&#39;s long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve&#39;s independence, the Iran war and inflation remaining above the Fed&#39;s target over the past five years, investors believe the central bank will ultimately keep inflation restrained.</p><p>&#34;Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,&#34; Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.</p><p>&#34;We have been joking, &#39;find someone to believe in you like the bond market believes in the Fed&#39;s ability to achieve its inflation target,&#39;&#34; she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It&#39;s now less bothered.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VIX":"标普500波动率指数","TLT":"20+年以上美国国债ETF-iShares"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2627466031","content_text":"Wall Street traders have become preoccupied by one particular market indicator.Some refer to it as the Treasury breakeven inflation curve and, while that's a bit of a mouthful, it's simply the market's expectation of average inflation over two periods.The breakeven inflation rate for the 2-year and 10-year reveal how the market thinks prices would behave in the near- and long-term. Plotting the difference between these two expected inflation rates delivers this so-called curve, which has been under intense scrutiny.The breakeven curve \"highlights the markets moving on from the [Iran] conflict,\" wrote Barry Knapp, managing partner of Ironsides Macroeconomics, underneath a video posted Monday.How? Consider what happened after Russia invaded Ukraine and after President Donald Trump unveiled punitive tariffs. In those cases, the difference between the 10- and 2-year breakeven rate reached a low point of negative 1.95 percentage points and negative 1.13 percentage points, respectively, before moving back up again.Similarly, the curve got \"deeply inverted\" following the Iran war but \"then quickly reversed on expectations any price impact would not impact the longer-run trend inflation rate,\" Knapp wrote on Friday.Currently, the gap between the 10- and 2-year breakeven rate is at negative 0.5408 percentage points, higher than the negative 0.997 percentage points on March 20.The gap has reduced as the market now assumes lower annual average inflation over the short term. Specifically, the 2-year breakeven inflation rate is now at 2.9369% versus 3.3831% on March 20.Meanwhile, the market's long-term expectations, or 10-year breakeven inflation rate, has stayed around 2.34% this entire time. An unchanged rate over the long-term means that despite the attacks on the Federal Reserve's independence, the Iran war and inflation remaining above the Fed's target over the past five years, investors believe the central bank will ultimately keep inflation restrained.\"Arguably if the bond market was truly concerned that a captured Fed would cut rates too much and stoke pernicious and persistent inflation, it is unlikely we would see market-based long-run inflation expectations remain so contained,\" Cameron Dawson, CIO of NewEdge Wealth, wrote on April 3.\"We have been joking, 'find someone to believe in you like the bond market believes in the Fed's ability to achieve its inflation target,'\" she added. Earlier this year, it would have been hard to find discussion around the cryptic 2s10s breakeven inflation curve. This unique measure is getting attention as it delivers a signal on where the bond market stands on the Iran war: It's now less bothered.","news_type":1,"symbols_score_info":{"TLT":0.6,"US7Y.BOND":1.5,"US30Y.BOND":1.5,"US3Y.BOND":1.5,"US5Y.BOND":1.5,"VIX":2,"US6M.BOND":1.5,"US10Y.BOND":2,"US12M.BOND":1.5,"US2Y.BOND":2}},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":553118271018480,"gmtCreate":1776049573352,"gmtModify":1776049576274,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/553118271018480","repostId":"552006453654048","repostType":1,"repost":{"id":552006453654048,"gmtCreate":1775804054750,"gmtModify":1776138748149,"author":{"id":"4182991226837512","authorId":"4182991226837512","name":"Crypto加密虎","avatar":"https://community-static.tradeup.com/news/7064a3864f92862baa8d524e4144fab4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4182991226837512","idStr":"4182991226837512"},"themes":[],"title":"🎋摩根士丹利比特幣ETF上市首日吸金3400萬美元！BTC壓力週期接近尾聲？","htmlText":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","listText":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","text":"Hi各位小虎們，自從加密貨幣ETF上市以來，創下了傳統金融和加密貨幣市場的新紀元，不少華爾街大行隨後也紛紛提交SOL、BNB、DOGE等不同幣種的ETF，小虎們是否有關注或者持有呢？ 而傳統大行摩根士丹利近期也發布了旗下首檔比特幣ETF，上市首日表現穩健，而比特幣壓力週期是否會隨着中東戰事緩和而接近尾聲呢？一起來看看~~ 憑藉市場最低費率挑戰貝萊德！ 4月8日，摩根士丹利（Morgan Stanley）正式在紐約證券交易所Arca平臺推出旗下比特幣現貨ETF「Morgan Stanley Bitcoin Trust」（代碼：MSBT），成為美國首家發行該ETF的大型銀行，這也是傳統金融機構逐步擁抱加密領域的新動向。[Cool] 上市首日，雖然MSBT最後收跌1.59%至20.47美元，但吸引了約3400萬美元的淨流入，有分析師將其歸類為ETF史上1%的首日表現，該行數字資產策略部門負責人Amy Oldenburg表示，他們的比特幣ETF發行首日交易表現「創下所有ETF產品之最」！ 值得一提的是，該基金的管理費為0.14%，明顯低於市場龍頭BlackRock iShares Bitcoin Trust（IBIT）的 0.25%，甚至比此前最便宜的Grayscale「比特幣迷你信託 ETF（BTC）」還要低（費率為0.15%），這讓其他發行商感到一些壓力。[Miser] 除此之外，強大的分銷網絡也是MSBT的優勢之一。根據公開文件顯示，該ETF由Coinbase Custody負責比特幣託管，BNY Mellon擔任現金管理與基金行政管理角色，延續了市場上主流比特幣ETF的託管模式。而摩根士丹利擁有華爾街規模最大的理財顧問網絡之一，約1.6萬名理財顧問，管理客戶資產規模超6萬億美元，這樣的分銷能力也決定了該產品未來廠長的關鍵。[Lovely] 簡單來說，MSBT不僅代表了新ET","images":[{"img":"https://community-static.tradeup.com/news/378f36dbc61f4af3ba9a2b33623ad1c2"},{"img":"https://community-static.tradeup.com/news/10a3ffd157e731a9a61a140047182621"},{"img":"https://community-static.tradeup.com/news/d712d03bb9241bb8c166a55cec73a87f"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/552006453654048","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":264,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":551754210567640,"gmtCreate":1775716546437,"gmtModify":1775716548914,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"Great article, would you like to share it?","listText":"Great article, would you like to share it?","text":"Great article, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/551754210567640","repostId":"2626927780","repostType":4,"repost":{"id":"2626927780","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1775687731,"share":"https://ttm.financial/m/news/2626927780?lang=en_US&edition=fundamental","pubTime":"2026-04-09 06:35","market":"sg","language":"en","title":"Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions","url":"https://stock-news.laohu8.com/highlight/detail?id=2626927780","media":"Dow Jones","summary":"$Meta Platforms(META)$ announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.The rollout of the model, called Muse Spark, is a critical...","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.</p><p>The rollout of the model, called Muse Spark, is a critical moment for Meta, which has spent billions of dollars hiring AI talent in a bid to catch up to OpenAI, Anthropic and Google DeepMind. The leading labs have been putting out models at an accelerating pace.</p><p>In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta&#39;s AI chatbot and AI features within it. Meta&#39;s longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company&#39;s more than one billion users.</p><p>The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.</p><p>According to Meta&#39;s internal benchmark tests, Muse Spark outscored Google&#39;s Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI&#39;s Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.</p><p>&#34;Meta just did a step change from Llama 4 to this,&#34; said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta&#39;s previous model. &#34;They&#39;re now a competitive lab. If the rate of progress stays, it&#39;s not hard to imagine them producing a state-of-the-art model in a short period of time.&#34;</p><p>However, Krishnan said, &#34;the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.&#34;</p><p>Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.</p><p>&#34;I expect our first models will be good but more importantly will show the rapid trajectory that we&#39;re on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,&#34; he said.</p><p>He echoed that sentiment Wednesday, saying &#34;we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.&#34;</p><p>Meta&#39;s stock rose roughly 4% after the model was announced and ended trading up 6.5%.</p><p>Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to &#34;better monetization and more user engagement.&#34;</p><p>&#34;The next steps are certainly also important,&#34; he said. &#34;Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they&#39;re using ChatGPT and Gemini for today?&#34;</p><p>The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta&#39;s new AI efforts last summer.</p><p>Wang&#39;s hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.</p><p>In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in <a href=\"https://laohu8.com/S/PANW\">Palo Alto</a>, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.</p><p>The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.</p><p>In December, Wang disclosed during an internal company Q&amp;A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.</p></body></html>","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>Meta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nMeta Jumps 6.5% After Announcing New AI Model in Major Test of Company's Ambitions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-04-09 06:35</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/META\">Meta Platforms</a> announced a new large language model Wednesday, its first major new artificial-intelligence model in more than a year.</p><p>The rollout of the model, called Muse Spark, is a critical moment for Meta, which has spent billions of dollars hiring AI talent in a bid to catch up to OpenAI, Anthropic and Google DeepMind. The leading labs have been putting out models at an accelerating pace.</p><p>In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta&#39;s AI chatbot and AI features within it. Meta&#39;s longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company&#39;s more than one billion users.</p><p>The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.</p><p>According to Meta&#39;s internal benchmark tests, Muse Spark outscored Google&#39;s Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI&#39;s Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.</p><p>&#34;Meta just did a step change from Llama 4 to this,&#34; said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta&#39;s previous model. &#34;They&#39;re now a competitive lab. If the rate of progress stays, it&#39;s not hard to imagine them producing a state-of-the-art model in a short period of time.&#34;</p><p>However, Krishnan said, &#34;the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.&#34;</p><p>Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.</p><p>&#34;I expect our first models will be good but more importantly will show the rapid trajectory that we&#39;re on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,&#34; he said.</p><p>He echoed that sentiment Wednesday, saying &#34;we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.&#34;</p><p>Meta&#39;s stock rose roughly 4% after the model was announced and ended trading up 6.5%.</p><p>Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to &#34;better monetization and more user engagement.&#34;</p><p>&#34;The next steps are certainly also important,&#34; he said. &#34;Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they&#39;re using ChatGPT and Gemini for today?&#34;</p><p>The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta&#39;s new AI efforts last summer.</p><p>Wang&#39;s hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.</p><p>In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in <a href=\"https://laohu8.com/S/PANW\">Palo Alto</a>, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.</p><p>The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.</p><p>In December, Wang disclosed during an internal company Q&amp;A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","BK4023":"应用软件","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2265009873.SGD":"Eastspring Investments - 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The leading labs have been putting out models at an accelerating pace.In a departure from its previous models, which were open-source, Muse Spark is a closed model that will power Meta's AI chatbot and AI features within it. Meta's longer-term goal is to build what it calls superintelligence, smarter-than-humans technology that would power personal agents able to handle tasks for all of the company's more than one billion users.The company said it planned to release a private preview of the model to a few partners via an application programming interface, or API, which allows developers to build on top of existing software, and at some later point might open-source some versions of the model. Open-sourcing a model gives the public access to some parts of the code and other architecture behind it.According to Meta's internal benchmark tests, Muse Spark outscored Google's Gemini on some tests and was competitive with models from OpenAI and Anthropic on others. It significantly outscored xAI's Grok on most tests. The company said the addition of Muse Spark has made Meta AI more effective at answering health-related questions, one of the top consumer uses of AI.\"Meta just did a step change from Llama 4 to this,\" said Rayan Krishnan, chief executive of Vals AI, an independent startup that does testing of new frontier models and tested Muse Spark ahead of its public announcement; Llama 4 was Meta's previous model. \"They're now a competitive lab. If the rate of progress stays, it's not hard to imagine them producing a state-of-the-art model in a short period of time.\"However, Krishnan said, \"the model is still underperforming on coding, so I would expect that to be a domain where they double down in the future.\"Meta Chief Executive Mark Zuckerberg sough to manage expectations for the model on an earnings call in January.\"I expect our first models will be good but more importantly will show the rapid trajectory that we're on, and then I expect us to steadily push the frontier over the course of the year as we continue to release new models,\" he said.He echoed that sentiment Wednesday, saying \"we plan to release increasingly advanced models that push the frontier of intelligence and capabilities, including new open source models.\"Meta's stock rose roughly 4% after the model was announced and ended trading up 6.5%.Colin Sebastian, a senior research analyst at Baird, called the model announcement an important milestone on a longer road to \"better monetization and more user engagement.\"\"The next steps are certainly also important,\" he said. \"Do we see improvement in the core apps? Are they able to convince users to use Meta AI for things that they're using ChatGPT and Gemini for today?\"The announcement Wednesday represents an achievement for Alexandr Wang, the former Scale AI CEO whom Zuckerberg hired as part of a $14 billion deal and put to work overseeing Meta's new AI efforts last summer.Wang's hiring followed the disappointing release of Llama 4. The company was accused of -- and later admitted to -- gaming a third-party benchmark that is used to rank various models against each other on performance. It also delayed the rollout of its biggest model, called Behemoth, which it never ultimately released.In his bid to catch up to rivals, Zuckerberg doled out $100 million offers to AI researchers and wooed them at his homes in Palo Alto, Calif., and Lake Tahoe. He eventually assembled a team of 50-plus researchers, engineers and other AI employees to be part of the new effort he dubbed Meta Superintelligence Labs.The influx of new hires -- including the appointment of a new chief scientist -- created friction with some earlier AI employees. Many left the company, either voluntarily for rivals or via layoffs that came in October as part of the restructuring.In December, Wang disclosed during an internal company Q&A that his team was working on two new models, a text-based LLM code-named Avocado and an image-and-video-focused model code-named Mango.","news_type":1,"symbols_score_info":{"META":2}},"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":549678338008112,"gmtCreate":1775219877208,"gmtModify":1775219883475,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"Why did HIMS move recently?","htmlText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/46573d1b7df0494e999477e0a3605660?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=114e4994c175f778ded75892c7c541b1&amp;invite=S8N122&amp;lang=en_US\">Why did HIMS move recently?</a> Hims &amp; Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","listText":"Find out more here: <a href=\"https://ttm.financial/gpt/share/46573d1b7df0494e999477e0a3605660?utm_medium=tiger_community&amp;platform=iOS&amp;shareID=114e4994c175f778ded75892c7c541b1&amp;invite=S8N122&amp;lang=en_US\">Why did HIMS move recently?</a> Hims &amp; Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","text":"Find out more here: Why did HIMS move recently? Hims & Hers Health (HIMS) stock has experienced significant volatility recently, primarily driven by a major strategic partnership announcement, subsequent analyst reactions, and a newly disclosed cybersecurity incident. The stock surged over 40% on March 9th following news of a deal with Novo Nordisk but has since given back some gains amid mixed analyst views and negative news flow.2429","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/549678338008112","isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":530909999523312,"gmtCreate":1770638287652,"gmtModify":1770638291501,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"must win","listText":"must win","text":"must win","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/530909999523312","isVote":1,"tweetType":1,"viewCount":1777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":524841671762048,"gmtCreate":1769161084916,"gmtModify":1769161868846,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/NVO\">$Novo-Nordisk A/S(NVO)$&nbsp;</a>&nbsp;","listText":"<a href=\"https://ttm.financial/S/NVO\">$Novo-Nordisk A/S(NVO)$&nbsp;</a>&nbsp;","text":"$Novo-Nordisk A/S(NVO)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524841671762048","isVote":2,"tweetType":1,"viewCount":1388,"authorTweetTopStatus":1,"verified":2,"vote":{"id":5234,"gmtBegin":1769161084914,"gmtEnd":1769765863780,"type":1,"upper":1,"title":"这个股票值得买吗","choices":[{"id":18065,"sort":1,"name":"值得","userSize":5,"voted":false},{"id":18066,"sort":2,"name":"不值得","userSize":1,"voted":false},{"id":18067,"sort":3,"name":"路过","userSize":0,"voted":false}]},"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":524832443319160,"gmtCreate":1769158854118,"gmtModify":1769158856324,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/OPT/ENPH 20260130 35.5 PUT\">$ENPH 20260130 35.5 PUT$</a>&nbsp;","listText":"<a href=\"https://ttm.financial/OPT/ENPH 20260130 35.5 PUT\">$ENPH 20260130 35.5 PUT$</a>&nbsp;","text":"$ENPH 20260130 35.5 PUT$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/524832443319160","isVote":1,"tweetType":1,"viewCount":1476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":524821549196216,"gmtCreate":1769156278268,"gmtModify":1769157159642,"author":{"id":"4100931252200150","authorId":"4100931252200150","name":"singsongone 1n","avatar":"https://community-static.tradeup.com/news/f1d046546b1fe9fd807628b80c78f069","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4100931252200150","idStr":"4100931252200150"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/IBIT\">$比特币ETF-iShares(IBIT)$&nbsp;</a><v-v data-views=\"1\"></v-v>&nbsp; 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Haha","text":"Why so many smily face? Haha","html":"Why so many smily face? Haha"}],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}