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劉洧綸
劉洧綸
·
2022-06-14
👍🏻
How tight is the market? Someone shouted out that the Fed rate hike was 100 basis points
继巴克莱和Jefferies预计美联储在本周三加息75个基点引起轰动后，渣打银行语出惊人：虽然预计美联储6月会议上仍将加息50个基点，但指出并不排除加息 75个基点甚至100个基点。
How tight is the market? Someone shouted out that the Fed rate hike was 100 basis points
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劉洧綸
劉洧綸
·
2022-05-30
👍🏻
Co-Founder Fred Ehrsam Just Bought $1.8 Million in Coinbase (COIN) Stock
Coinbase(NASDAQ:COIN) co-founder Fred Ehrsam purchased 30,030 shares of COIN stock on May 24The shar
Co-Founder Fred Ehrsam Just Bought $1.8 Million in Coinbase (COIN) Stock
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劉洧綸
劉洧綸
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2022-05-25
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劉洧綸
劉洧綸
·
2022-02-16
😎
With $5.519 billion in net income, Tesla is becoming a money-making machine
砺石导言：新车销售毛利率的持续提升以及营业利润的大幅改善，让市场对特斯拉造血能力不足的质疑彻底消失。业绩新高，电动车可以更赚钱前不久，特斯拉公布了2021年第四季度以及2021年全年财报。财报显示，第
With $5.519 billion in net income, Tesla is becoming a money-making machine
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劉洧綸
劉洧綸
·
2021-08-05
??
An education technology intraday change rapidly rose by 5.09% in early trading
北京时间2021年08月04日22时23分，一起教育科技股票出现异动，股价大幅拉升5.09%。截至发稿，该股报1.20美元/股，成交量87.7922万股，换手率0.46%，振幅5.26%。机构评级方面，在所有2家参与评级的机构中，100%的券商给予卖出建议，无券商给予买入、持有建议。一起教育科技股票所在的教育服务行业中，整体跌幅为0.33%。
An education technology intraday change rapidly rose by 5.09% in early trading
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劉洧綸
劉洧綸
·
2021-07-28
wow
Still the same smell! BlackBerry 2021 New Phone Rendering Exposed
黑莓几经易主，如今已经找到了新东家。而即将推出新手机的消息也不胫而走。不过，时至今日，黑莓的新品依然没有推出，不过在近日，外媒Letsgodigital就制作出了黑莓2021新品的外观图，依然实体的全键盘，以及方正的造型。不得不说，那个味真冲。对于黑莓这款手机的外观，你怎么看？
Still the same smell! BlackBerry 2021 New Phone Rendering Exposed
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劉洧綸
劉洧綸
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2021-07-25
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劉洧綸
劉洧綸
·
2021-07-23
???
Louis Vuitton Announces Termination of Partnership with Kris Wu
@路易威登 微博7月23日发布声明称，鉴于相关通报，路易威登宣布终止与吴亦凡先生之合作关系。至此，吴亦凡所有的商务代言品牌均已发布声明终止与其合作关系。
Louis Vuitton Announces Termination of Partnership with Kris Wu
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劉洧綸
劉洧綸
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2021-07-22
???
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劉洧綸
劉洧綸
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2021-07-08
???
Burning money is crazy? Car Building Scares Investors Off
投资人为什么怕了？
Burning money is crazy? Car Building Scares Investors Off
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Someone shouted out that the Fed rate hike was 100 basis points","url":"https://stock-news.laohu8.com/highlight/detail?id=2243662491","media":"华尔街见闻","summary":"继巴克莱和Jefferies预计美联储在本周三加息75个基点引起轰动后，渣打银行语出惊人：虽然预计美联储6月会议上仍将加息50个基点，但指出并不排除加息 75个基点甚至100个基点。","content":"<p><html><head></head><body>Last Friday, the CPI of the United States rose by 8.6% year-on-year in May, setting a new 40-year high again, making inflation peak and bankrupt. This has led the market to re-anticipate and price the pace of the Fed's rate hike. 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Following these revisions, Standard Chartered expects the Fed's ultimate rate hike point to be 2.75%, compared with its previous forecast of 2.25%.</p><p>From Monday's market expectations, the market expects a 44% chance of a 75 basis point rate hike this Wednesday, while it expects more than seven rate hike in 25 basis points by September, that is, the market expects at least one 75 basis point rate hike in the next three months.</p><p>What does this mean for the market this week? Englander noted that with the futures market priced at about 60 basis points, the first reaction to this week's rate hike 50 basis points will be a weaker dollar and a rise in the bond market, but whether this continues will depend on the rate hike message that follows. At present, investors do more dollars and short bonds, so there are certain problems in the short term; However, if Fed Chairman Powell sticks to his hawkish stance, investors could quickly reverse short-term moves.</p><p>Conversely, if the Fed rate hike 75 basis points this Wednesday while hinting that the subsequent rate hike pace will be revised down to 25 basis points, 75 basis points for rate hike will be meaningless. Therefore, Standard Chartered believes that 75 basis points in rate hike seems likely to be accompanied by a hawkish statement, pointing out that rate hike will be 50 basis points or more at the subsequent meeting. For the possible scenario of 100 basis points, this may come from the Fed's belief that a \"Volcker moment\" is needed, but it is expected that Fed officials have not thought they have reached this point yet, so it is not expected that such radical measures are necessary.</p><p>Standard Chartered pointed out,<b>Another important reason why the Fed is unlikely to rate hike 75 basis points or more on Wednesday: the need for quantitative tightening (QT).</b>The Fed will be cautious about indicating changes in the pace of quantitative tightening. The Fed seems to have a strong underlying willingness to avoid two tightening tracks (rate hike + QT), so it is likely to send a message of stability.</p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How tight is the market? 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Someone shouted out that the Fed rate hike was 100 basis points\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-06-14 08:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Last Friday, the CPI of the United States rose by 8.6% year-on-year in May, setting a new 40-year high again, making inflation peak and bankrupt. This has led the market to re-anticipate and price the pace of the Fed's rate hike. After Barclays and Jefferies expected the Fed to make a splash at 75 basis points in rate hike this Wednesday, Steven Englander, head of global foreign exchange research and North American macro strategy at Standard Chartered, made even more surprising statements: While his team expects the Fed to still rate hike 50 basis points at its June meeting, he noted that it does not rule out 75 basis points or even 100 basis points in rate hike.</p><p><b>The reason for giving 75 basis points or even 100 basis points rate hike is that neither inflation nor the U.S. economy is sending a clear enough signal of slowdown to stop the Fed from rate hike 50 basis points or more in the next few meetings.</b></p><p><b>However, Standard Chartered Bank pointed out that the Fed doesn't like to surprise the market, and the decline in consumer confidence in the United States is alarming, suggesting that a recession is imminent, so a 50 basis point rate hike in June is still their benchmark forecast.</b></p><p>According to Standard Chartered Bank's latest forecast, it expects the Fed's rate hike in July to be 50 basis points (previously estimated to be 25 basis points); rate hike 50 bps in September (previously expected to be zero); Originally anticipating a 25 basis point rate hike in December 2022, it is now thought that this rate hike will be brought forward to November; Originally, it was expected that the rate hike would be 25 basis points in the second quarter of 2023, but now it is thought that there will be no rate hike. Following these revisions, Standard Chartered expects the Fed's ultimate rate hike point to be 2.75%, compared with its previous forecast of 2.25%.</p><p>From Monday's market expectations, the market expects a 44% chance of a 75 basis point rate hike this Wednesday, while it expects more than seven rate hike in 25 basis points by September, that is, the market expects at least one 75 basis point rate hike in the next three months.</p><p>What does this mean for the market this week? Englander noted that with the futures market priced at about 60 basis points, the first reaction to this week's rate hike 50 basis points will be a weaker dollar and a rise in the bond market, but whether this continues will depend on the rate hike message that follows. At present, investors do more dollars and short bonds, so there are certain problems in the short term; However, if Fed Chairman Powell sticks to his hawkish stance, investors could quickly reverse short-term moves.</p><p>Conversely, if the Fed rate hike 75 basis points this Wednesday while hinting that the subsequent rate hike pace will be revised down to 25 basis points, 75 basis points for rate hike will be meaningless. Therefore, Standard Chartered believes that 75 basis points in rate hike seems likely to be accompanied by a hawkish statement, pointing out that rate hike will be 50 basis points or more at the subsequent meeting. For the possible scenario of 100 basis points, this may come from the Fed's belief that a \"Volcker moment\" is needed, but it is expected that Fed officials have not thought they have reached this point yet, so it is not expected that such radical measures are necessary.</p><p>Standard Chartered pointed out,<b>Another important reason why the Fed is unlikely to rate hike 75 basis points or more on Wednesday: the need for quantitative tightening (QT).</b>The Fed will be cautious about indicating changes in the pace of quantitative tightening. The Fed seems to have a strong underlying willingness to avoid two tightening tracks (rate hike + QT), so it is likely to send a message of stability.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3661859\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/50f0a252f951b7accc03d40bda92a3b2","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","IVV":"标普500ETF-iShares","SDOW":"三倍做空道指30ETF-ProShares","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","SQQQ":"纳指三倍做空ETF","BK4581":"高盛持仓","OEF":"标普100指数ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","DJX":"1/100道琼斯","OEX":"标普100","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4534":"瑞士信贷持仓","SPXU":"三倍做空标普500ETF-ProShares","TQQQ":"纳指三倍做多ETF","SSO":"2倍做多标普500ETF-ProShares",".DJI":"道琼斯","QQQ":"纳指100ETF","SPY":"标普500ETF","QID":"两倍做空纳斯达克指数ETF-ProShares",".IXIC":"NASDAQ Composite","PSQ":"做空纳斯达克100指数ETF-ProShares","BK4559":"巴菲特持仓","BK4504":"桥水持仓","DOG":"道指ETF-ProShares做空","SH":"做空标普500-Proshares",".SPX":"S&P 500 Index","BK4550":"红杉资本持仓"},"source_url":"https://wallstreetcn.com/articles/3661859","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2243662491","content_text":"上周五美国5月CPI同比上升8.6%，再次刷新40年新高，令通胀见顶论破产。这让市场对美联储加息步伐进行了重新预期和定价。继巴克莱和Jefferies预计美联储在本周三加息75个基点引起轰动后，渣打银行全球外汇研究和北美宏观策略负责人Steven Englander更加语出惊人：虽然他的团队预计美联储6月会议上仍将加息50个基点，但他指出，并不排除加息 75个基点甚至100个基点。之所以给出75个基点甚至100个基点加息，渣打银行的理由是，无论是通胀还是美国经济，都没有发出足够明确的放缓信号，来阻止美联储在接下来的几次会议上加息50个基点或更多。不过渣打银行指出，美联储不喜欢给市场意外，而且美国消费者信心的下降令人震惊，暗示经济衰退迫在眉睫，因此6月加息50个基点仍然是他们的基准预测。根据渣打银行的最新预测，其预计美联储7月份加息50个基点（之前预计为25个基点）；9月份加息50个基点（之前预计为零）；原本预计2022年12月加息25个基点，现在认为这一加息会提前到11月；原本预计2023年二季度加息25 个基点，现在认为不会加息。经过这些修改，渣打银行预计美联储的终极加息点位为2.75%，此前的预测为2.25%。从周一的市场预期来看，市场预计本周三加息75个基点的可能性为44%，而预计到9月时，按25个基点为单位，有7次以上的加息，也就是说，在接下来的三个月里，市场预计至少有一次75个基点的加息。这对本周市场意味着什么？Englander指出，在期货市场定价为约60个基点的情况下，对本周加息50个基点的第一反应将是美元走软和债市上涨，但这种情况是否持续将取决于随后传递的加息信息。当前投资者做多美元，做空债券，因此短期内存在一定的问题；然而，如果美联储主席鲍威尔坚持鹰派立场，投资者们可能会迅速扭转短期走势。相反，如果本周三美联储加息75个基点，同时暗示随后的加息步伐将下调至25个基点，那么加息75个基点将毫无意义。因此渣打认为，加息75个基点似乎可能伴随着鹰派表态，指出在随后的会议上加息50个基点或更多。对于100个基点的可能情况，这也许来自美联储认为需要“沃尔克时刻”，但预计美联储官员们还没有认为自己走到这一步，故预计没有必要采取如此激进的举措。渣打指出，美联储不太可能在周三加息75个基点甚至更多的另外重要原因是：需要量化紧缩（QT）。美联储将谨慎地表明量化紧缩步伐的变化。美联储似乎有强烈的潜在意愿，避免出现两条紧缩轨道（加息+QT），因此很可能传递稳定的信息。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"NQmain":0.6,"PSQ":0.6,"SDS":0.6,"IVV":0.6,"QLD":0.6,"UDOW":0.6,".SPX":0.6,"DDM":0.6,"SDOW":0.6,"OEF":0.6,"OEX":0.6,"UPRO":0.6,"DOG":0.6,"MNQmain":0.6,"SSO":0.6,"DJX":0.6,"DXD":0.6,"QQQ":0.6,"SPXU":0.6,"SQQQ":0.6,".DJI":1,"ESmain":0.6,".IXIC":1,"SPY":1,"TQQQ":0.6,"QID":0.6,"SH":0.6}},"isVote":1,"tweetType":1,"viewCount":2385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024656479,"gmtCreate":1653869656491,"gmtModify":1676535353285,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024656479","repostId":"1190992024","repostType":4,"repost":{"id":"1190992024","kind":"news","pubTimestamp":1653866406,"share":"https://ttm.financial/m/news/1190992024?lang=en_US&edition=fundamental","pubTime":"2022-05-30 07:20","market":"us","language":"en","title":"Co-Founder Fred Ehrsam Just Bought $1.8 Million in Coinbase (COIN) Stock","url":"https://stock-news.laohu8.com/highlight/detail?id=1190992024","media":"InvestorPlace","summary":"Coinbase(NASDAQ:COIN) co-founder Fred Ehrsam purchased 30,030 shares of COIN stock on May 24The shar","content":"<div>\n<p>Coinbase(NASDAQ:COIN) co-founder Fred Ehrsam purchased 30,030 shares of COIN stock on May 24The shares were purchased at an average price of $60.60Ehrsam purchased the shares through ParadigmShares of...</p>\n\n<a href=\"https://investorplace.com/2022/05/co-founder-fred-ehrsam-just-bought-1-8-million-in-coinbase-coin-stock/\">Source Link</a>\n\n</div>\n","source":"lsy1606302653667","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>Co-Founder Fred Ehrsam Just Bought $1.8 Million in Coinbase (COIN) Stock</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; 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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\">\nCo-Founder Fred Ehrsam Just Bought $1.8 Million in Coinbase (COIN) Stock\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-30 07:20 GMT+8 <a href=https://investorplace.com/2022/05/co-founder-fred-ehrsam-just-bought-1-8-million-in-coinbase-coin-stock/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Coinbase(NASDAQ:COIN) co-founder Fred Ehrsam purchased 30,030 shares of COIN stock on May 24The shares were purchased at an average price of $60.60Ehrsam purchased the shares through ParadigmShares of...</p>\n\n<a href=\"https://investorplace.com/2022/05/co-founder-fred-ehrsam-just-bought-1-8-million-in-coinbase-coin-stock/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://investorplace.com/2022/05/co-founder-fred-ehrsam-just-bought-1-8-million-in-coinbase-coin-stock/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190992024","content_text":"Coinbase(NASDAQ:COIN) co-founder Fred Ehrsam purchased 30,030 shares of COIN stock on May 24The shares were purchased at an average price of $60.60Ehrsam purchased the shares through ParadigmShares of Coinbase stock are in the spotlight today following another insider purchase from co-founder Fred Ehrsam. This is Ehrsam’sthird insider purchase of the crypto exchange this month. In fact, no Coinbase insider has purchased shares of COIN stock this year on the open market besides Ehrsam.Ehrsam helped found Coinbase alongside current CEO Brian Armstrong. Eventually, he also moved away from the company and helped found Paradigm, an investment firm that focuses on cryptocurrency and Web 3.0 opportunities.Let’s get into the details of Ehrsam’s purchase.Co-founder and Director Fred Ehrsam Buys COIN StockOn May 24, Fred Ehrsam purchased 30,030 shares at an average price of $60.60 per share. In total, the purchase amounted to just over $1.8 million. Ehrsam indirectly purchased all of these shares through the Paradigm One Fund. After the purchase, Ehrsam indirectly owns 1.12 million shares through the fund. He also owns another 1.13 million shares through the Frederick Ernest Ehrsam III Living Trust and 1,213 shares directly. Finally, Ehrsam owns an additional 2.58 million shares through the Paradigm Fund.Earlier, on May 17, Ehrsam purchased385,260 shares through the Paradigm One Fund at average prices ranging between $63.92 and $66.52. The purchase amounted to a massive $25 million. However, Ehrsam made an even bigger purchase on May 13, purchasing706,554 shares at average prices ranging between $69.53 and $72.85. That purchase amounted to a whopping $50 million.Ehrsam seems to be buying back shares at a discount after selling out shares following the company’s initial public offering (IPO). One article from The Wall Street Journal details how four Coinbase insiders sold $1.2 billion of COIN following the company’s IPO. These four insiders are co-founders Fred Ehrsam and Brian Armstrong as well as COO Emilie Choi and CPO Surojit Chatterjee. At its initial public offering, COIN stock initiated trading at $381. The four insiders sold shares at prices between $189 and $422. Today, the stock is trading in the low $70 range.Armstrong sold shares worth $292 million through both himself and his trust. On top of that, Ehrsam sold nearly $500 million of COIN. Meanwhile, Choi “exercised options at a cost of $9.7 million […] while Chatterjee exercised options at a cost of $6 million.” Choi and Chatterjee also sold shares worth $226 million and $110 million, respectively.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":3068,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9026758806,"gmtCreate":1653437428405,"gmtModify":1676535281445,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9026758806","repostId":"1154327965","repostType":4,"isVote":1,"tweetType":1,"viewCount":3869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9095438497,"gmtCreate":1644971298275,"gmtModify":1676533981259,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"😎","listText":"😎","text":"😎","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9095438497","repostId":"1149078738","repostType":4,"repost":{"id":"1149078738","kind":"news","pubTimestamp":1644971046,"share":"https://ttm.financial/m/news/1149078738?lang=en_US&edition=fundamental","pubTime":"2022-02-16 08:24","market":"us","language":"zh","title":"With $5.519 billion in net income, Tesla is becoming a money-making machine","url":"https://stock-news.laohu8.com/highlight/detail?id=1149078738","media":"砺石商业评论","summary":"砺石导言：新车销售毛利率的持续提升以及营业利润的大幅改善，让市场对特斯拉造血能力不足的质疑彻底消失。业绩新高，电动车可以更赚钱前不久，特斯拉公布了2021年第四季度以及2021年全年财报。财报显示，第","content":"<p><html><head></head><body><b>Introduction to the stone:</b>The continuous improvement in gross profit margin of new vehicle sales and the substantial improvement in operating profit have made the market<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The question of insufficient hematopoietic capacity disappeared completely.<b>New high performance, electric cars can be more profitable</b></p><p>Not long ago, Tesla announced its fourth quarter 2021 and full year 2021 financial results. According to the financial report, in the fourth quarter, Tesla delivered 308,700 new cars, up 70.8% year-on-year and 27.9% month-on-month, setting another record high. For all of 2021, Tesla delivered 936,200 vehicles worldwide, up 87% year-on-year.</p><p>The Chinese market is key to Tesla's continued surge in new car sales. By region, in 2021, Shanghai Gigafactory delivered a total of 484,100 vehicles, representing a year-on-year increase of 235%, accounting for more than half of Tesla's total global deliveries, which is already close to Tesla's global deliveries in 2020 (499,600 vehicles).</p><p><img src=\"https://static.tigerbbs.com/a723eb5132209f79910b6281d965f676\" tg-width=\"668\" tg-height=\"359\" referrerpolicy=\"no-referrer\"/></p><p>Benefiting from the substantial increase in new vehicle deliveries, Tesla's total revenue reached US$17.72 billion in the fourth quarter, up 65% year-on-year, and its net profit attributable to ordinary shareholders was US$2.321 billion, up 760% year-on-year and 43% quarter-on-quarter, setting the highest quarterly operating margin for an OEM.</p><p>From the full-year data of 2021, Tesla's total operating income reached US$53.823 billion, compared with US$31.536 billion in 2020, a year-on-year increase of 71%; Net income was $5.519 billion, compared to $721 million in 2020, up 665% year-over-year.</p><p>In addition, due to local procurement and manufacturing in China, the production cost of a single piece of new vehicles in Tesla's Shanghai factory was significantly reduced, which led to the further improvement of gross profit margin of Tesla's vehicle sales. According to the financial report data, Tesla's gross profit margin was 27.4% in the fourth quarter, of which the gross profit margin of a single bicycle reached 30.6%, continuing to increase by 0.1 percentage points compared with the third quarter.</p><p>Compared with its peers, Tesla's gross profit margin of 30% of its vehicle business stands out from the crowd. The data shows that the gross profit margin of global mainstream car companies such as Toyota and Volkswagen is usually less than 20%, while the gross profit margin of some car companies is only maintained at about 10%. In addition, considering the pressure of raw material costs and the tense supply chain faced by the entire automobile industry, the continuous improvement of Tesla's gross profit margin is even more extraordinary.</p><p>In this regard, Tesla said in its financial report that in the fourth quarter, the company achieved an operating profit of $2.6 billion, with an operating profit margin of 14.7%, the highest among mass-produced car companies, \"which means that there is no longer any doubt about the feasibility and profitability of electric vehicles, proving that electric vehicles are more profitable than gasoline vehicles\".</p><p>In terms of business, Tesla's vehicle sales business achieved revenue of US$44.125 billion in 2021, representing a year-on-year increase of 79%, accounting for 81.98% of revenue; The revenue from selling points was US$1.465 billion, representing a year-on-year decrease of 7%, accounting for 2.72% of the revenue; Car rental achieved revenue of US$1.642 billion, representing a year-on-year increase of 56%, accounting for 3.05% of revenue; Revenue from services and other businesses amounted to US$3,802 million, representing a year-on-year increase of 65%, accounting for 7.06% of revenue; In addition, the company's energy business achieved revenue of US$2.789 billion, a year-on-year increase of 40%, accounting for 5.18% of revenue.</p><p><img src=\"https://static.tigerbbs.com/2cd413ead9b72bf2f0fd9ba5d72ba34c\" tg-width=\"832\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/></p><p>It is worth mentioning that Tesla's vehicle business is still at a loss in 2020. According to the data, in 2020, Tesla's points sales revenue was USD 1.6 billion, and its net profit was USD 721 million. The two phases were deducted, indicating that Tesla's bicycle business was still at a loss, which also made Tesla once questioned by its insufficient hematopoietic capacity.</p><p>The announcement of the 2021 financial report finally made Tesla completely take off the hat of \"selling carbon\". Musk's first principles are also strongly supported by Tesla's financial report data.</p><p><b>Musk believes that the first principles way of thinking is a way of seeing the world, peeling off the appearance of things layer by layer until you see the essence of things, and then starting from the essence to find the fundamental solution.</b>The reason why Tesla bet on the pure electric route in the early days is that it saw the potential of battery performance improvement and the comparative advantage of modular production of electric vehicles, and drew the important conclusion that \"electric vehicles will have higher performance and lower price than fuel vehicles\".</p><p>In addition to the cost advantage brought by the localized procurement of Shanghai Gigafactory, the scale effect is another key factor in Tesla's profitability jump. Due to the obvious economies of scale characteristics of the automotive industry, the steady increase of Tesla's gross profit margin is closely related to the continuous expansion of its production capacity. Tesla achieved a production efficiency of more than 1.22 million vehicles per year in the fourth quarter, setting a new record, according to the data.</p><p>However, Tesla also admitted at the earnings report conference that the company will still face challenges from global supply chain, logistics and transportation, labor and other aspects in 2022. Therefore, expanding production capacity and boosting sales will be Tesla's main tasks this year. To that end, Tesla will continue the selection of a new Gigafactory site on the basis of improving the efficiency of the original four factory capacity, and will not launch any new models in 2022.</p><p><b>Capacity comes first, no new models will be released</b></p><p>As of now, Tesla has four EV production plants in California, Shanghai, China, Berlin, Germany and Texas, USA. Among them, the Fremont plant in California plans to produce 500,000 Model 3/Y models and 100,000 Model S/X models, mainly for the North American market. Tesla said in its fourth-quarter earnings report that the Fremont plant achieved record production in 2021 and believes the capacity of the Fremont plant has the potential to exceed 600,000 vehicles per year.</p><p><img src=\"https://static.tigerbbs.com/eea238b86dc4c9acf97b4c91afd77852\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\"/></p><p>Shanghai Gigafactory mainly produces two main sales models, Model 3 and Model Y, and is also Tesla's main export center. In 2021, Shanghai Gigafactory delivered a total of 484,100 vehicles, of which more than 160,000 were exported to more than 10 countries in the Eurasian region.</p><p>Up to now, Tesla has built Shanghai Gigafactory, Shanghai Super Charging Pile Factory, Shanghai R&D Innovation Center and Data Center in Shanghai. At the same time, the localization rate of components in Shanghai Gigafactory has exceeded 90%, and the Model 3 and Model Y models can share 75% of the components.</p><p>According to the information disclosed in the fourth quarter financial report, Tesla's Berlin factory in Germany and Texas factory in the United States have entered the equipment test state from the state under construction. According to the plan, the Austin factory in Texas will be the first to produce the Model Y, followed by the Cybertruck, Tesla Semi and other models; The Berlin Gigafactory, which is designed to have a capacity of 500,000 vehicles, has already begun preparations for mass production of the Model Y, and Tesla's European website has also updated the expected delivery time in sync, which is March 2022.</p><p>The market generally expects that Tesla's production capacity is expected to exceed 1.5 million vehicles in 2022. With the commissioning of the Berlin factory in Germany and the Texas factory in the United States, Tesla's production capacity will exceed 3 million vehicles, which will effectively ensure the achievement of Tesla's annual sales growth rate of 50%. By then, Tesla will likely achieve tens of billions of dollars in net profit and become a real money-making machine. In addition, Musk also said on the conference call that Tesla is looking for a new factory location.</p><p>Judging from the existing production capacity planning, Tesla has focused on the SEXY family, while the progress of the three projects of electric pickup truck (Cybertruck), electric truck (Semi) and super sports car (Roadster) is still miss the market expectation.</p><p>According to the data, Tesla held the first Cybertruck conference as early as November 2019, and at that time, people were shocked by its subversive appearance. Cybertruck was thus called the \"most science fiction\" electric pickup truck in history. On the day after the launch, the Cybertruck received 146,000 orders.</p><p>However, the Cybertruck, which started well, suffered a production crisis, and Tesla repeatedly delayed its production and delivery plans. As of now, the Tesla Cybertruck has received more than 1.2 million orders, but there is still no firm delivery date.</p><p>Mass production of the Cybertruck had to be delayed due to supply chain issues, especially chip shortages, Musk said at the earnings conference. In addition, a large number of cutting-edge technologies applied to Cybertruck are also a major reason for limiting its production capacity at present.</p><p>Another new arrival that has repeatedly jumped tickets is the electric truck Semi. The electric truck, which was originally scheduled to go into production in 2019, did not achieve its first 15 new vehicle deliveries until January this year.</p><p>For the specific production timing of the Cybertruck, Semi, and the sports car Roadster, Musk only said \"hopefully next year (2023) can.\"</p><p>\"If we do introduce an additional product, it requires a lot of attention and resource commitment to the complexity of the additional product, resulting in fewer vehicles actually being delivered. This year, too. Therefore, we're not launching new models this year\", Musk said.</p><p>Iron Man's statement may make many people feel regretful, but from the perspective of the main contradiction, Tesla's main contradiction at present is obviously the pressure of new car delivery caused by insufficient production capacity, and the launch of new models is not conducive to the solution of this contradiction. Expanding production capacity is Tesla's top priority.</p><p>This means that the previously rumored $25,000 Tesla cheap Model \"Model 2\" will not appear.</p><p><b>Can fully autonomous driving land after repeated ticket skipping?</b></p><p>In fact, compared with the introduction of new models, Musk pays more attention to the implementation of autonomous driving technology.</p><p>When asked by investors about the production plan for the $25,000 model, Musk not only said that there is no current development plan related to the $25,000 model, but even thought that \"the question itself is wrong.\" At the same time, Musk believes that compared with deliberately developing a $25,000 car, FSD fully autonomous driving software is what really matters to Tesla. \"When the car realizes autonomous driving, this will reduce transportation costs by 4-5 times\".</p><p>What should be seen is that as traditional fuel vehicle companies accelerate their transformation to electrification, Tesla's first-mover advantage in the electric field is being weakened.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Autonomous driving technology is undoubtedly a key factor in its continued leadership among its peers.</p><p><img src=\"https://static.tigerbbs.com/2bde58ec7e464cc95aacda14938e9ffa\" tg-width=\"663\" tg-height=\"481\" referrerpolicy=\"no-referrer\"/></p><p>Full Self-Driving (FSD) is an advanced driver assistance package on Tesla vehicles that includes autonomous Driving and other more sophisticated features such as automatic lane change, stop light recognition, and \"smart summoning\".</p><p>One concept corresponding to the FSD is the Tesla \"Autopilot,\" which is also the standard suite of driver assistance on new Tesla vehicles, with features such as autonomous emergency braking, forward collision warning, lane keeping, and adaptive cruise control.</p><p>In contrast, although the standard \"Autopilot\" is called \"automatic assistance system\", the key point is \"assistance\", while the key point of FSD lies in \"fully autonomous driving\". According to the classification standard of autonomous driving, Autopilot is equivalent to L2 level, and FSD is equivalent to L4 level.</p><p>According to the latest charging standard, from January 17th this year, the price of FSD for fully autonomous driving system for customers in the United States will be raised from $10,000 to $12,000. Plus, Tesla owners can also subscribe to the FSD feature on a monthly basis for $199/month.</p><p>However, although Musk himself has repeatedly said that FSD will solve the problem of autonomous driving L4, I'm afraid FSD is still a certain distance away from \"fully autonomous driving\".</p><p>According to the data, as early as the end of 2018, Musk announced that its \"fully autonomous driving technology\" would be realized in 2019.</p><p>Since then, Musk said at Tesla's annual shareholders' meeting in June 2019 that Tesla users can use the autonomous driving function without human intervention sometime in 2020. However, all models produced after October 2016 only need to replace the autonomous driving chip to realize the full autonomous driving function.</p><p>In 2020, Tesla launched the FSD Beta version with full autonomous driving testing capabilities for urban roads. According to the regulations, only drivers who have purchased or subscribed to an FSD and have scored high on Tesla's safety tests can currently qualify for the trial.</p><p>However, the much-anticipated \"fully autonomous driving\" has yet to materialize. On the contrary, Tesla has encountered many criticisms because of frequent self-driving safety accidents. In August 2021, the National Highway Traffic Safety Administration (NHTSA) formally launched an investigation into Tesla's Autopilot system.</p><p>Despite repeated ticket jumps and a deep crisis of confidence in safety, Tesla's self-driving technology remains undiminished in its appeal to consumers. According to the data, there are now nearly 60,000 vehicles equipped with FSD test version in the United States, compared with only a few thousand in the third quarter of last year.</p><p>With the sales and subscription of FSD kit, Tesla took the lead in \"software charging\". For the full year of 2021, Tesla's services and other businesses, including autonomous driving software, achieved operating income of $3.802 billion, an increase of 65%. This has also attracted domestic XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And other new car companies have started to try software revenue.</p><p>\"Over time, FSD will become the most important part of Tesla's revenue stream. My personal prediction is to achieve FSD this year, and it will be significantly safer than people driving. Tesla's cars can achieve FSD through software upgrades, which will break the car's attributes as a consumer product and have the possibility of continued appreciation. In addition, the realization of FSD will also have a huge impact on improving security and accelerating the world's transition to sustainable energy. \"</p><p>As mentioned above, Musk once again made optimistic expectations for the technical landing of FSD. In the future, with the continuous improvement of FSD option rate and price, software revenue will become an important source of revenue for Tesla, which also means major changes in its business model and further improvement of profitability.</p><p>It is worth mentioning that since FSD achieves full self-development, Tesla will receive 100% of its sales revenue without having to like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It is also shared with software developers, which brings more imagination to Tesla's software charges.</p><p>Just, will Tesla's FSD still jump this year?</p><p></body></html></p>","source":"lsy1571105524917","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>With $5.519 billion in net income, Tesla is becoming a money-making machine</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWith $5.519 billion in net income, Tesla is becoming a money-making machine\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">砺石商业评论</strong><span class=\"h-time small\">2022-02-16 08:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Introduction to the stone:</b>The continuous improvement in gross profit margin of new vehicle sales and the substantial improvement in operating profit have made the market<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The question of insufficient hematopoietic capacity disappeared completely.<b>New high performance, electric cars can be more profitable</b></p><p>Not long ago, Tesla announced its fourth quarter 2021 and full year 2021 financial results. According to the financial report, in the fourth quarter, Tesla delivered 308,700 new cars, up 70.8% year-on-year and 27.9% month-on-month, setting another record high. For all of 2021, Tesla delivered 936,200 vehicles worldwide, up 87% year-on-year.</p><p>The Chinese market is key to Tesla's continued surge in new car sales. By region, in 2021, Shanghai Gigafactory delivered a total of 484,100 vehicles, representing a year-on-year increase of 235%, accounting for more than half of Tesla's total global deliveries, which is already close to Tesla's global deliveries in 2020 (499,600 vehicles).</p><p><img src=\"https://static.tigerbbs.com/a723eb5132209f79910b6281d965f676\" tg-width=\"668\" tg-height=\"359\" referrerpolicy=\"no-referrer\"/></p><p>Benefiting from the substantial increase in new vehicle deliveries, Tesla's total revenue reached US$17.72 billion in the fourth quarter, up 65% year-on-year, and its net profit attributable to ordinary shareholders was US$2.321 billion, up 760% year-on-year and 43% quarter-on-quarter, setting the highest quarterly operating margin for an OEM.</p><p>From the full-year data of 2021, Tesla's total operating income reached US$53.823 billion, compared with US$31.536 billion in 2020, a year-on-year increase of 71%; Net income was $5.519 billion, compared to $721 million in 2020, up 665% year-over-year.</p><p>In addition, due to local procurement and manufacturing in China, the production cost of a single piece of new vehicles in Tesla's Shanghai factory was significantly reduced, which led to the further improvement of gross profit margin of Tesla's vehicle sales. According to the financial report data, Tesla's gross profit margin was 27.4% in the fourth quarter, of which the gross profit margin of a single bicycle reached 30.6%, continuing to increase by 0.1 percentage points compared with the third quarter.</p><p>Compared with its peers, Tesla's gross profit margin of 30% of its vehicle business stands out from the crowd. The data shows that the gross profit margin of global mainstream car companies such as Toyota and Volkswagen is usually less than 20%, while the gross profit margin of some car companies is only maintained at about 10%. In addition, considering the pressure of raw material costs and the tense supply chain faced by the entire automobile industry, the continuous improvement of Tesla's gross profit margin is even more extraordinary.</p><p>In this regard, Tesla said in its financial report that in the fourth quarter, the company achieved an operating profit of $2.6 billion, with an operating profit margin of 14.7%, the highest among mass-produced car companies, \"which means that there is no longer any doubt about the feasibility and profitability of electric vehicles, proving that electric vehicles are more profitable than gasoline vehicles\".</p><p>In terms of business, Tesla's vehicle sales business achieved revenue of US$44.125 billion in 2021, representing a year-on-year increase of 79%, accounting for 81.98% of revenue; The revenue from selling points was US$1.465 billion, representing a year-on-year decrease of 7%, accounting for 2.72% of the revenue; Car rental achieved revenue of US$1.642 billion, representing a year-on-year increase of 56%, accounting for 3.05% of revenue; Revenue from services and other businesses amounted to US$3,802 million, representing a year-on-year increase of 65%, accounting for 7.06% of revenue; In addition, the company's energy business achieved revenue of US$2.789 billion, a year-on-year increase of 40%, accounting for 5.18% of revenue.</p><p><img src=\"https://static.tigerbbs.com/2cd413ead9b72bf2f0fd9ba5d72ba34c\" tg-width=\"832\" tg-height=\"291\" referrerpolicy=\"no-referrer\"/></p><p>It is worth mentioning that Tesla's vehicle business is still at a loss in 2020. According to the data, in 2020, Tesla's points sales revenue was USD 1.6 billion, and its net profit was USD 721 million. The two phases were deducted, indicating that Tesla's bicycle business was still at a loss, which also made Tesla once questioned by its insufficient hematopoietic capacity.</p><p>The announcement of the 2021 financial report finally made Tesla completely take off the hat of \"selling carbon\". Musk's first principles are also strongly supported by Tesla's financial report data.</p><p><b>Musk believes that the first principles way of thinking is a way of seeing the world, peeling off the appearance of things layer by layer until you see the essence of things, and then starting from the essence to find the fundamental solution.</b>The reason why Tesla bet on the pure electric route in the early days is that it saw the potential of battery performance improvement and the comparative advantage of modular production of electric vehicles, and drew the important conclusion that \"electric vehicles will have higher performance and lower price than fuel vehicles\".</p><p>In addition to the cost advantage brought by the localized procurement of Shanghai Gigafactory, the scale effect is another key factor in Tesla's profitability jump. Due to the obvious economies of scale characteristics of the automotive industry, the steady increase of Tesla's gross profit margin is closely related to the continuous expansion of its production capacity. Tesla achieved a production efficiency of more than 1.22 million vehicles per year in the fourth quarter, setting a new record, according to the data.</p><p>However, Tesla also admitted at the earnings report conference that the company will still face challenges from global supply chain, logistics and transportation, labor and other aspects in 2022. Therefore, expanding production capacity and boosting sales will be Tesla's main tasks this year. To that end, Tesla will continue the selection of a new Gigafactory site on the basis of improving the efficiency of the original four factory capacity, and will not launch any new models in 2022.</p><p><b>Capacity comes first, no new models will be released</b></p><p>As of now, Tesla has four EV production plants in California, Shanghai, China, Berlin, Germany and Texas, USA. Among them, the Fremont plant in California plans to produce 500,000 Model 3/Y models and 100,000 Model S/X models, mainly for the North American market. Tesla said in its fourth-quarter earnings report that the Fremont plant achieved record production in 2021 and believes the capacity of the Fremont plant has the potential to exceed 600,000 vehicles per year.</p><p><img src=\"https://static.tigerbbs.com/eea238b86dc4c9acf97b4c91afd77852\" tg-width=\"1080\" tg-height=\"603\" referrerpolicy=\"no-referrer\"/></p><p>Shanghai Gigafactory mainly produces two main sales models, Model 3 and Model Y, and is also Tesla's main export center. In 2021, Shanghai Gigafactory delivered a total of 484,100 vehicles, of which more than 160,000 were exported to more than 10 countries in the Eurasian region.</p><p>Up to now, Tesla has built Shanghai Gigafactory, Shanghai Super Charging Pile Factory, Shanghai R&D Innovation Center and Data Center in Shanghai. At the same time, the localization rate of components in Shanghai Gigafactory has exceeded 90%, and the Model 3 and Model Y models can share 75% of the components.</p><p>According to the information disclosed in the fourth quarter financial report, Tesla's Berlin factory in Germany and Texas factory in the United States have entered the equipment test state from the state under construction. According to the plan, the Austin factory in Texas will be the first to produce the Model Y, followed by the Cybertruck, Tesla Semi and other models; The Berlin Gigafactory, which is designed to have a capacity of 500,000 vehicles, has already begun preparations for mass production of the Model Y, and Tesla's European website has also updated the expected delivery time in sync, which is March 2022.</p><p>The market generally expects that Tesla's production capacity is expected to exceed 1.5 million vehicles in 2022. With the commissioning of the Berlin factory in Germany and the Texas factory in the United States, Tesla's production capacity will exceed 3 million vehicles, which will effectively ensure the achievement of Tesla's annual sales growth rate of 50%. By then, Tesla will likely achieve tens of billions of dollars in net profit and become a real money-making machine. In addition, Musk also said on the conference call that Tesla is looking for a new factory location.</p><p>Judging from the existing production capacity planning, Tesla has focused on the SEXY family, while the progress of the three projects of electric pickup truck (Cybertruck), electric truck (Semi) and super sports car (Roadster) is still miss the market expectation.</p><p>According to the data, Tesla held the first Cybertruck conference as early as November 2019, and at that time, people were shocked by its subversive appearance. Cybertruck was thus called the \"most science fiction\" electric pickup truck in history. On the day after the launch, the Cybertruck received 146,000 orders.</p><p>However, the Cybertruck, which started well, suffered a production crisis, and Tesla repeatedly delayed its production and delivery plans. As of now, the Tesla Cybertruck has received more than 1.2 million orders, but there is still no firm delivery date.</p><p>Mass production of the Cybertruck had to be delayed due to supply chain issues, especially chip shortages, Musk said at the earnings conference. In addition, a large number of cutting-edge technologies applied to Cybertruck are also a major reason for limiting its production capacity at present.</p><p>Another new arrival that has repeatedly jumped tickets is the electric truck Semi. The electric truck, which was originally scheduled to go into production in 2019, did not achieve its first 15 new vehicle deliveries until January this year.</p><p>For the specific production timing of the Cybertruck, Semi, and the sports car Roadster, Musk only said \"hopefully next year (2023) can.\"</p><p>\"If we do introduce an additional product, it requires a lot of attention and resource commitment to the complexity of the additional product, resulting in fewer vehicles actually being delivered. This year, too. Therefore, we're not launching new models this year\", Musk said.</p><p>Iron Man's statement may make many people feel regretful, but from the perspective of the main contradiction, Tesla's main contradiction at present is obviously the pressure of new car delivery caused by insufficient production capacity, and the launch of new models is not conducive to the solution of this contradiction. Expanding production capacity is Tesla's top priority.</p><p>This means that the previously rumored $25,000 Tesla cheap Model \"Model 2\" will not appear.</p><p><b>Can fully autonomous driving land after repeated ticket skipping?</b></p><p>In fact, compared with the introduction of new models, Musk pays more attention to the implementation of autonomous driving technology.</p><p>When asked by investors about the production plan for the $25,000 model, Musk not only said that there is no current development plan related to the $25,000 model, but even thought that \"the question itself is wrong.\" At the same time, Musk believes that compared with deliberately developing a $25,000 car, FSD fully autonomous driving software is what really matters to Tesla. \"When the car realizes autonomous driving, this will reduce transportation costs by 4-5 times\".</p><p>What should be seen is that as traditional fuel vehicle companies accelerate their transformation to electrification, Tesla's first-mover advantage in the electric field is being weakened.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Autonomous driving technology is undoubtedly a key factor in its continued leadership among its peers.</p><p><img src=\"https://static.tigerbbs.com/2bde58ec7e464cc95aacda14938e9ffa\" tg-width=\"663\" tg-height=\"481\" referrerpolicy=\"no-referrer\"/></p><p>Full Self-Driving (FSD) is an advanced driver assistance package on Tesla vehicles that includes autonomous Driving and other more sophisticated features such as automatic lane change, stop light recognition, and \"smart summoning\".</p><p>One concept corresponding to the FSD is the Tesla \"Autopilot,\" which is also the standard suite of driver assistance on new Tesla vehicles, with features such as autonomous emergency braking, forward collision warning, lane keeping, and adaptive cruise control.</p><p>In contrast, although the standard \"Autopilot\" is called \"automatic assistance system\", the key point is \"assistance\", while the key point of FSD lies in \"fully autonomous driving\". According to the classification standard of autonomous driving, Autopilot is equivalent to L2 level, and FSD is equivalent to L4 level.</p><p>According to the latest charging standard, from January 17th this year, the price of FSD for fully autonomous driving system for customers in the United States will be raised from $10,000 to $12,000. Plus, Tesla owners can also subscribe to the FSD feature on a monthly basis for $199/month.</p><p>However, although Musk himself has repeatedly said that FSD will solve the problem of autonomous driving L4, I'm afraid FSD is still a certain distance away from \"fully autonomous driving\".</p><p>According to the data, as early as the end of 2018, Musk announced that its \"fully autonomous driving technology\" would be realized in 2019.</p><p>Since then, Musk said at Tesla's annual shareholders' meeting in June 2019 that Tesla users can use the autonomous driving function without human intervention sometime in 2020. However, all models produced after October 2016 only need to replace the autonomous driving chip to realize the full autonomous driving function.</p><p>In 2020, Tesla launched the FSD Beta version with full autonomous driving testing capabilities for urban roads. According to the regulations, only drivers who have purchased or subscribed to an FSD and have scored high on Tesla's safety tests can currently qualify for the trial.</p><p>However, the much-anticipated \"fully autonomous driving\" has yet to materialize. On the contrary, Tesla has encountered many criticisms because of frequent self-driving safety accidents. In August 2021, the National Highway Traffic Safety Administration (NHTSA) formally launched an investigation into Tesla's Autopilot system.</p><p>Despite repeated ticket jumps and a deep crisis of confidence in safety, Tesla's self-driving technology remains undiminished in its appeal to consumers. According to the data, there are now nearly 60,000 vehicles equipped with FSD test version in the United States, compared with only a few thousand in the third quarter of last year.</p><p>With the sales and subscription of FSD kit, Tesla took the lead in \"software charging\". For the full year of 2021, Tesla's services and other businesses, including autonomous driving software, achieved operating income of $3.802 billion, an increase of 65%. This has also attracted domestic XPeng,<a href=\"https://laohu8.com/S/NIO\">Nio</a>And other new car companies have started to try software revenue.</p><p>\"Over time, FSD will become the most important part of Tesla's revenue stream. My personal prediction is to achieve FSD this year, and it will be significantly safer than people driving. Tesla's cars can achieve FSD through software upgrades, which will break the car's attributes as a consumer product and have the possibility of continued appreciation. In addition, the realization of FSD will also have a huge impact on improving security and accelerating the world's transition to sustainable energy. \"</p><p>As mentioned above, Musk once again made optimistic expectations for the technical landing of FSD. In the future, with the continuous improvement of FSD option rate and price, software revenue will become an important source of revenue for Tesla, which also means major changes in its business model and further improvement of profitability.</p><p>It is worth mentioning that since FSD achieves full self-development, Tesla will receive 100% of its sales revenue without having to like<a href=\"https://laohu8.com/S/AAPL\">Apple</a>It is also shared with software developers, which brings more imagination to Tesla's software charges.</p><p>Just, will Tesla's FSD still jump this year?</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/SCEkJCJ7_1JWA29FvHmPSQ\">砺石商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e49ab90f6352b6ebbb45091ad18b5a2e","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/SCEkJCJ7_1JWA29FvHmPSQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149078738","content_text":"砺石导言：新车销售毛利率的持续提升以及营业利润的大幅改善，让市场对特斯拉造血能力不足的质疑彻底消失。业绩新高，电动车可以更赚钱前不久，特斯拉公布了2021年第四季度以及2021年全年财报。财报显示，第四季度，特斯拉新车交付量为30.87万辆，同比增长70.8%，环比增长27.9%，再创历史新高。2021年全年，特斯拉在全球交付936200辆车，同比增长87%。中国市场成为特斯拉新车销量持续飙升的关键。按地区统计，2021年全年，上海超级工厂共交付48.41万辆，同比增长235%，占特斯拉全球总交付量的一半以上，这一数字已经接近2020年特斯拉全球交付量（49.96万辆）。受益于新车交付量的大幅增长，四季度特斯拉总营收达到177.2亿美元，同比增长65%，实现归属于普通股东的净利润为23.21亿美元，同比增长760%，环比增长43%，创下整车厂最高的季度营业利润率。从2021年全年数据看，特斯拉营业总收入达到538.23亿美元，2020年为315.36亿美元，同比增长71%；净利润55.19亿美元，2020年为7.21亿美元，同比增长665%。另外，由于在中国本土进行采购和制造，特斯拉上海工厂新车的单件生产成本得以显著下降，这带动了特斯拉整车销售毛利率的进一步提升。财报数据显示，第四季度特斯拉毛利率为27.4%，其中单车毛利率达到30.6%，较第三季度继续提升0.1个百分点。对比同行看，特斯拉整车业务高达30%的毛利率水平可谓鹤立鸡群。数据显示，丰田、大众等全球主流车企的毛利率通常低于20%，部分车企毛利率仅维持在10%左右。此外，考虑到整个汽车行业所面临的原材料成本压力及供应链紧张态势，特斯拉毛利率的持续提升更显不凡。对此，特斯拉在财报中表示，四季度公司实现26亿美元运营利润，营业利润率达14.7%，为量产车企中最高，“意味着电动汽车的可行性和盈利能力不再有任何疑问，证明了电动汽车比汽油车盈利能力更强”。分业务来看，2021年特斯拉汽车销售业务实现营收441.25亿美元，同比增长79%，收入占比为81.98%；卖积分收入为14.65亿美元，同比减少7%，收入占比为2.72%；汽车租赁实现营收16.42亿美元，同比增长56%，收入占比为3.05%；服务及其他业务收入为38.02亿美元，同比增长65%，收入占比为7.06%；此外，公司能源业务实现营收27.89亿美元，同比增长40%，收入占比为5.18%。值得一提的是，2020年度特斯拉整车业务仍处于亏损状态。数据显示，2020年特斯拉积分销售收入为16亿美元，净利润为7.21亿美元，两相扣除，说明特斯拉单车业务仍处于亏损状态，这也让特斯拉一度遭到造血能力不足的质疑。2021年财报的公布，总算让特斯拉彻底摘掉了“卖碳翁”的帽子。马斯克的第一性原理，也得到了特斯拉财报数据的有力支持。马斯克认为，第一性原理的思维方式是一种看待世界的方式，一层一层剥开事情的表象，直到看到事物的本质，然后从本质出发去寻找根本解。特斯拉早期之所以押注纯电路线，就是看到了电池性能改进潜力和电动汽车模块化生产的相对优势，得出“电动汽车将比燃油车具有更高的性能和更低的价格”这一重要结论。除了上海超级工厂本土化采购所带来的成本优势外，规模效应也是特斯拉盈利能力跃升的又一关键因素。由于汽车行业存在明显的规模经济特征，特斯拉毛利润率的节节攀升与其产能的持续扩充密切相关。数据显示，特斯拉在第四季度实现了超过122万辆年产能的生产效率，创下新的纪录。不过，特斯拉也在财报会议上坦陈，2022年公司仍将面临来自全球供应链、物流运输、劳动力等多方面的挑战。因此，扩大产能和提升销量将是特斯拉今年的主要任务。为此，特斯拉将在提高原有四个工厂产能效率的基础上，继续进行新的超级工厂选址，并且2022年不会推出任何新车型。产能至上，不会发布任何新车型截至目前，特斯拉分别在美国加州、中国上海、德国柏林以及美国德州拥有四座电动车生产工厂。其中，位于加州的弗里蒙特工厂计划产量包括50万台Model 3/Y车型和10万台Model S/X车型，主要面向北美市场。特斯拉在四季度财报中表示，弗里蒙特工厂在2021年实现了创纪录的产量，相信弗里蒙特工厂的产能有潜力超过每年60万辆。上海超级工厂主要生产Model 3和Model Y两款主销车型，也是特斯拉主要的出口中心。2021年全年，上海超级工厂共交付车辆48.41万辆，其中超过16万辆出口到欧亚地区10多个国家。截至目前，特斯拉已在上海建成上海超级工厂、上海超级充电桩工厂、上海研发创新中心和数据中心。同时，上海超级工厂零部件本地化率也已经超过90%，Model 3和Model Y两款车型可共享75%的零部件。根据四季度财报所披露的信息，特斯拉德国柏林工厂和美国德州工厂已经由建设中状态进入设备测试状态。根据规划，德州奥斯汀工厂将率先生产Model Y，之后再生产Cybertruck、Tesla Semi等车型；柏林超级工厂设计产能为50万辆，目前已经开始筹备Model Y的大规模生产，特斯拉的欧洲网站也同步更新了交付预期时间，时间为2022年3月。市场普遍预计，2022年特斯拉产能有望突破150万辆，随着德国柏林工厂和美国德州工厂的投产，特斯拉产能将会突破300万辆，这将有效保障特斯拉年销量增速50%这一目标的达成。届时，特斯拉将很有可能实现数百亿美元的净利润，成为真正的赚钱机器。此外，马斯克还在电话会议上表示，特斯拉正在寻找新的工厂位置。从现有产能规划上看，特斯拉把主要精力放在了SEXY家族之上，而电动皮卡（Cybertruck）、电动卡车（Semi）、超级跑车（Roadster）三个项目进展依旧不及市场预期。资料显示，特斯拉早在2019年11月就召开了第一次Cybertruck的发布会，而当时人们就被它颠覆性的外观所震撼，Cybertruck由此被称为史上“最科幻”的电动皮卡。在发布会次日，Cybertruck就获得了14.6万份订单。然而，开局良好的Cybertruck却遭遇到量产危机，特斯拉一再推迟其生产及交付计划。截至目前，特斯拉Cybertruck已经拿到了超过120万辆订单，但仍未有确定交付日期。马斯克在财报会议上表示，由于供应链问题，尤其是芯片短缺，Cybertruck的量产不得不推迟。另外，应用于Cybertruck上面的大量前沿技术，也是目前限制其产能的一个主要原因。另一款一再跳票的新品是电动卡车Semi。这款原定于2019年投产的电动卡车直到今年1月才实现了首批15辆的新车交付。对于Cybertruck、Semi以及跑车Roadster的具体量产时间，马斯克只说了“希望明年（2023年）可以”。“如果我们真的引入了一个额外的产品，那么就需要对额外产品的复杂性进行大量的关注和资源投入，从而导致实际交付的车辆数量减少。今年也是如此。因此，我们今年不会推出新车型”，马斯克表示。钢铁侠的这一表态或许让不少人感到遗憾，但从主要矛盾角度来看，特斯拉目前的主要矛盾显然是产能不足所带来的新车交付压力，而新车型的推出并无益于这一矛盾的解决，扩大产能才是特斯拉的首要任务。这就意味着，此前传言中的2.5万美元的特斯拉廉价车型“Model 2”将不会出现。屡次跳票，完全自动驾驶能否落地？实际上，相比新车型的推出，马斯克更加看重自动驾驶技术的落地。在被投资者问及2.5万美元车型生产计划时，马斯克不仅表示目前没有2.5万美元车型相关开发计划，甚至认为“这个问题本身是错误的”。与此同时，马斯克认为，相比特意开发一款2.5万美元的汽车，FSD全自动驾驶软件才是对特斯拉来说真正重要的事，“汽车何时实现自动驾驶，这会使运输成本下降4-5倍”。需要看到的是，随着传统燃油车企加速向电动化转型，特斯拉在电动领域的先发优势正在被削弱，智能化正成为其持续领先同行的关键因素，自动驾驶技术无疑又是其中的重中之重。Full Self-Driving（FSD，完全自动驾驶系统）是特斯拉汽车上的一个高级驾驶员辅助套件，其中包括了自动驾驶和其他一些更复杂的功能，如自动换道，停车灯识别，以及“智能召唤”。与FSD对应的一个概念是特斯拉“Autopilot”，这也是特斯拉新车的驾驶员自动辅助标准套件，其功能包括自动紧急制动、前方碰撞警告、车道保持和自适应巡航控制。对比来说，标配的“Autopilot”虽然叫作“自动辅助系统”，但关键点还是“辅助”，而FSD的关键点在于“完全自动驾驶”。 按照自动驾驶的分级标准，Autopilot相当于L2级别，FSD则相当于L4级别。按照最新收费标准，从今年1月17日起，美国地区客户的完全自动驾驶系统FSD价格将由1万美元上调至1.2万美元。另外，特斯拉车主还可以按月订阅FSD功能，价格为199美元/月。不过，尽管马斯克本人一再表示FSD将解决自动驾驶L4的问题，但FSD距离“完全自动驾驶”恐怕仍还有一定距离。资料显示，早在2018年底，马斯克就宣称其“全自动驾驶技术”将在2019年实现。此后，马斯克又于2019年6月在特斯拉的年度股东大会上表示，特斯拉用户可以在2020年的某个时候，可以使用上无需人工干预的自动驾驶功能。而所有2016年10月以后生产的车型，只需要更换自动驾驶芯片既可以实现全自动驾驶功能。2020年，特斯拉推出FSD Beta版本，配备城市道路完全自动驾驶测试功能。根据规定，目前只有购买或订阅了FSD，并在特斯拉的安全测试中获得高分的驾驶员，才可以获得试用资格。然而，备受期待的“完全自动驾驶”至今仍没有实现。相反，特斯拉却因为频发的自动驾驶安全事故而遭遇到诸多非议。2021年8月，美国国家公路交通安全管理局（NHTSA）正式对特斯拉自动驾驶系统展开调查。尽管屡次跳票并深陷安全信任危机，特斯拉自动驾驶技术对消费者的吸引力依然不减。数据显示，如今美国搭载FSD测试版的车辆近6万辆，而去年三季度这一数据仅几千辆。凭借FSD套件的销售及订阅，特斯拉率先走在了“软件收费”的前列。2021年全年，特斯拉包括自动驾驶软件在内服务及其他业务实现营业收入为38.02亿美元，增加65%。这也吸引了国内小鹏、蔚来等新势力车企纷纷开启了对软件收入的尝试。“随着时间推移，FSD将会成为特斯拉收入来源的最重要部分。我的个人预测是今年实现FSD，它的安全程度将大幅度高于人们驾驶。特斯拉的车通过软件升级即可实现FSD，这将打破汽车作为消费品的属性而具有持续升值的可能性。另外，FSD的实现还将会在提升安全、加速世界向可持续能源转变方面有巨大影响。”如上所述，马斯克再一次对FSD的技术落地做出了乐观预期。未来，随着FSD选装率和价格的不断提升，软件收入将成为特斯拉重要的收入来源，这也意味着其商业模式的重大改变以及盈利能力的进一步提升。值得一提的是，由于FSD实现了完全自主开发，特斯拉将获得其100%的销售收入，而不必像苹果一样与软件开发者分成，这就给特斯拉软件收费带来了更大的想象空间。只是，今年特斯拉的FSD还会跳票吗？","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":4064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890451164,"gmtCreate":1628129594258,"gmtModify":1703501772533,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/890451164","repostId":"2157835104","repostType":2,"repost":{"id":"2157835104","kind":"news","pubTimestamp":1628087020,"share":"https://ttm.financial/m/news/2157835104?lang=en_US&edition=fundamental","pubTime":"2021-08-04 22:23","market":"us","language":"zh","title":"An education technology intraday change rapidly rose by 5.09% in early trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2157835104","media":"自选股智能写手","summary":"北京时间2021年08月04日22时23分，一起教育科技股票出现异动，股价大幅拉升5.09%。截至发稿，该股报1.20美元/股，成交量87.7922万股，换手率0.46%，振幅5.26%。机构评级方面，在所有2家参与评级的机构中，100%的券商给予卖出建议，无券商给予买入、持有建议。一起教育科技股票所在的教育服务行业中，整体跌幅为0.33%。","content":"<p><html><body><article>At 22:23 on August 04, 2021, Beijing time,<a href=\"https://laohu8.com/S/YQ\">Education Technology Together</a>(YQ.us) Stock Moves, Shares Price Significantly<span>pull up</span>5.09%。 As of press time, the stock was reported at $1.20/share, with a trading volume of 877,922 shares.<span>Turnover rate</span>0.46%, amplitude 5.26%.</p><p>Recent earnings data shows that the stock achieved<span>OPERATING INCOME</span>$73.19 million,<span>Net Profit</span>-$102 million,<span>Earnings per share</span>-$0.21,<span>Gross profit</span>$44.24 million, P/E-0.33x.</p><p>In terms of institutional rating, among all two institutions participating in the rating, 100% of the brokers gave selling recommendations, and no brokers gave buying and holding recommendations.</p><p>The overall decline in the Education Services sector, where Together Ed Tech stocks are located, was 0.33%. Among its related stocks, Midland International Education Group,<a href=\"https://laohu8.com/S/REDU\">Ruisi Education</a>、<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>The increase is large. Midland International Education Group, Puxin Education and Worry-free English are more active, with turnover rates of 9.49%, 4.66% and 1.98% respectively. Related stocks with large amplitudes are<a href=\"https://laohu8.com/S/STG\">Suntech Institutions</a>Pu Xin Education,<a href=\"https://laohu8.com/S/METXW\">Meten Edtechx Education Group Ltd</a>C/Wts 31/03/2025 (To Pur Com), The amplitudes were 27.34%, 26.38% and 25.40%, respectively.</p><p>Together EdTech Company Profile: Together EdTech Group, Inc. is an online tutoring company. It is an ed-tech company that provides data-driven instruction, learning, and assessment products to teachers, students, and parents in K-12+ schools.</p><p>(The above contents are optional stocks<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer Money Call is completed. It is only used as a reference for users to read the market, not as a basis for transactions.)</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>An education technology intraday change rapidly rose by 5.09% in early trading</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\">\nAn education technology intraday change rapidly rose by 5.09% in early trading\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">自选股智能写手</strong><span class=\"h-time small\">2021-08-04 22:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>At 22:23 on August 04, 2021, Beijing time,<a href=\"https://laohu8.com/S/YQ\">Education Technology Together</a>(YQ.us) Stock Moves, Shares Price Significantly<span>pull up</span>5.09%。 As of press time, the stock was reported at $1.20/share, with a trading volume of 877,922 shares.<span>Turnover rate</span>0.46%, amplitude 5.26%.</p><p>Recent earnings data shows that the stock achieved<span>OPERATING INCOME</span>$73.19 million,<span>Net Profit</span>-$102 million,<span>Earnings per share</span>-$0.21,<span>Gross profit</span>$44.24 million, P/E-0.33x.</p><p>In terms of institutional rating, among all two institutions participating in the rating, 100% of the brokers gave selling recommendations, and no brokers gave buying and holding recommendations.</p><p>The overall decline in the Education Services sector, where Together Ed Tech stocks are located, was 0.33%. Among its related stocks, Midland International Education Group,<a href=\"https://laohu8.com/S/REDU\">Ruisi Education</a>、<a href=\"https://laohu8.com/S/NEW\">Pu Xin Education</a>The increase is large. Midland International Education Group, Puxin Education and Worry-free English are more active, with turnover rates of 9.49%, 4.66% and 1.98% respectively. Related stocks with large amplitudes are<a href=\"https://laohu8.com/S/STG\">Suntech Institutions</a>Pu Xin Education,<a href=\"https://laohu8.com/S/METXW\">Meten Edtechx Education Group Ltd</a>C/Wts 31/03/2025 (To Pur Com), The amplitudes were 27.34%, 26.38% and 25.40%, respectively.</p><p>Together EdTech Company Profile: Together EdTech Group, Inc. is an online tutoring company. It is an ed-tech company that provides data-driven instruction, learning, and assessment products to teachers, students, and parents in K-12+ schools.</p><p>(The above contents are optional stocks<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The machine writer Money Call is completed. It is only used as a reference for users to read the market, not as a basis for transactions.)</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108042223407e7368bf&s=b\">自选股智能写手</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/082208e3c37780dd55878056410ffa43","relate_stocks":{"YQ":"一起教育科技"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202108042223407e7368bf&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2157835104","content_text":"北京时间2021年08月04日22时23分，一起教育科技（YQ.us）股票出现异动，股价大幅拉升5.09%。截至发稿，该股报1.20美元/股，成交量87.7922万股，换手率0.46%，振幅5.26%。最近的财报数据显示，该股实现营业收入73.19百万美元，净利润-1.02亿美元，每股收益-0.21美元，毛利44.24百万美元，市盈率-0.33倍。机构评级方面，在所有2家参与评级的机构中，100%的券商给予卖出建议，无券商给予买入、持有建议。一起教育科技股票所在的教育服务行业中，整体跌幅为0.33%。其相关个股中，美联国际教育集团、瑞思教育、朴新教育涨幅较大，美联国际教育集团、朴新教育、无忧英语较为活跃，换手率分别为9.49%、4.66%、1.98%，振幅较大的相关个股有尚德机构、朴新教育、Meten Edtechx Education Group Ltd C/Wts 31/03/2025(To Pur Com)，振幅分别为27.34%、26.38%、25.40%。一起教育科技公司简介：一起教育科技集团公司是一家在线辅导公司。 这是一家教育技术公司，向K-12以上学校的老师，学生和家长提供数据驱动的教学，学习和评估产品。（以上内容为自选股智能机器写手Money Call完成，仅作为用户看盘参考，不作为交易依据。）","news_type":1,"symbols_score_info":{"YQ":1}},"isVote":1,"tweetType":1,"viewCount":3712,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803556201,"gmtCreate":1627450955303,"gmtModify":1703490222849,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"wow","listText":"wow","text":"wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803556201","repostId":"2154471932","repostType":2,"repost":{"id":"2154471932","kind":"news","pubTimestamp":1627247520,"share":"https://ttm.financial/m/news/2154471932?lang=en_US&edition=fundamental","pubTime":"2021-07-26 05:12","market":"us","language":"zh","title":"Still the same smell! BlackBerry 2021 New Phone Rendering Exposed","url":"https://stock-news.laohu8.com/highlight/detail?id=2154471932","media":"中关村在线","summary":"黑莓几经易主，如今已经找到了新东家。而即将推出新手机的消息也不胫而走。不过，时至今日，黑莓的新品依然没有推出，不过在近日，外媒Letsgodigital就制作出了黑莓2021新品的外观图，依然实体的全键盘，以及方正的造型。不得不说，那个味真冲。对于黑莓这款手机的外观，你怎么看？","content":"<p><html><body><p cms-style=\"font-L isIntable \"><a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>After several changes of owners, they have now found a new owner. And the news of the upcoming launch of a new mobile phone has spread like wildfire. However, to this day,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The new product has still not been launched, but recently, foreign media Letsgodigital has produced the appearance of the new BlackBerry 2021 product, which is still a physical full keyboard and a square shape. I have to say, that smell is really strong. What do you think about the appearance of BlackBerry?</p><p><figure><img h=\"578\" src=\"http://n.sinaimg.cn/spider20210726/718/w940h578/20210726/8468-0a1910548e8828cf66d91f68d6eaa49c.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"620\" src=\"http://n.sinaimg.cn/spider20210726/760/w940h620/20210726/7412-663b4776d38f3a8a4920905cd1f32167.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"640\" src=\"http://n.sinaimg.cn/spider20210726/780/w940h640/20210726/4e52-e25ec181d3a477377e7c2c33575e8eee.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"578\" src=\"http://n.sinaimg.cn/spider20210726/718/w940h578/20210726/478d-b8482eaac706d80526569900df4ae799.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"622\" src=\"http://n.sinaimg.cn/spider20210726/762/w940h622/20210726/4ae5-4a144a73988ad83ec20f15411827ed5a.jpg\" w=\"940\"/><h2></h2></figure><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>","source":"sina_tech","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>Still the same smell! BlackBerry 2021 New Phone Rendering Exposed</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\">\nStill the same smell! BlackBerry 2021 New Phone Rendering Exposed\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中关村在线</strong><span class=\"h-time small\">2021-07-26 05:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><p cms-style=\"font-L isIntable \"><a href=\"https://laohu8.com/S/BBRY\">Blackberry</a>After several changes of owners, they have now found a new owner. And the news of the upcoming launch of a new mobile phone has spread like wildfire. However, to this day,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The new product has still not been launched, but recently, foreign media Letsgodigital has produced the appearance of the new BlackBerry 2021 product, which is still a physical full keyboard and a square shape. I have to say, that smell is really strong. What do you think about the appearance of BlackBerry?</p><p><figure><img h=\"578\" src=\"http://n.sinaimg.cn/spider20210726/718/w940h578/20210726/8468-0a1910548e8828cf66d91f68d6eaa49c.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"620\" src=\"http://n.sinaimg.cn/spider20210726/760/w940h620/20210726/7412-663b4776d38f3a8a4920905cd1f32167.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"640\" src=\"http://n.sinaimg.cn/spider20210726/780/w940h640/20210726/4e52-e25ec181d3a477377e7c2c33575e8eee.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"578\" src=\"http://n.sinaimg.cn/spider20210726/718/w940h578/20210726/478d-b8482eaac706d80526569900df4ae799.jpg\" w=\"940\"/><h2></h2></figure><figure><img h=\"622\" src=\"http://n.sinaimg.cn/spider20210726/762/w940h622/20210726/4ae5-4a144a73988ad83ec20f15411827ed5a.jpg\" w=\"940\"/><h2></h2></figure><div><img src=\"http://n.sinaimg.cn/default/2fb77759/20151125/320X320.png\"/></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/mobile/xp/2021-07-26/detail-ikqciyzk7627860.d.html?vt=4\">中关村在线</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://k.sinaimg.cn/n/tech/667/w400h267/20210726/e2fb-24bfb81f888fbdd8d1edd5bc3c8c45a1.jpg/w120h90l50t1215.jpg","relate_stocks":{"BB":"黑莓"},"source_url":"https://tech.sina.cn/mobile/xp/2021-07-26/detail-ikqciyzk7627860.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154471932","content_text":"黑莓几经易主，如今已经找到了新东家。而即将推出新手机的消息也不胫而走。不过，时至今日，黑莓的新品依然没有推出，不过在近日，外媒Letsgodigital就制作出了黑莓2021新品的外观图，依然实体的全键盘，以及方正的造型。不得不说，那个味真冲。对于黑莓这款手机的外观，你怎么看？","news_type":1,"symbols_score_info":{"BB":1,"BBRY":1}},"isVote":1,"tweetType":1,"viewCount":3632,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177985511,"gmtCreate":1627176129333,"gmtModify":1703485020940,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/177985511","repostId":"2154558939","repostType":4,"isVote":1,"tweetType":1,"viewCount":4041,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3572683426659077","authorId":"3572683426659077","name":"haiwei183","avatar":"https://static.tigerbbs.com/1cae291bddff5a30eeb96060074d8531","crmLevel":11,"crmLevelSwitch":0,"idStr":"3572683426659077","authorIdStr":"3572683426659077"},"content":"Student driveHeart","text":"Student driveHeart","html":"Student driveHeart"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175300036,"gmtCreate":1627005057525,"gmtModify":1703482257122,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/175300036","repostId":"1145426029","repostType":4,"repost":{"id":"1145426029","kind":"news","weMediaInfo":{"introduction":"界面是中国最大的商业新闻和社交平台，只服务于独立思考的人群。","home_visible":1,"media_name":"界面新闻","id":"30","head_image":"https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af"},"pubTimestamp":1627004634,"share":"https://ttm.financial/m/news/1145426029?lang=en_US&edition=fundamental","pubTime":"2021-07-23 09:43","market":"us","language":"zh","title":"Louis Vuitton Announces Termination of Partnership with Kris Wu","url":"https://stock-news.laohu8.com/highlight/detail?id=1145426029","media":"界面新闻","summary":"@路易威登 微博7月23日发布声明称，鉴于相关通报，路易威登宣布终止与吴亦凡先生之合作关系。至此，吴亦凡所有的商务代言品牌均已发布声明终止与其合作关系。","content":"<p><div>@ Louis Vuitton Weibo issued a statement on July 23rd, saying that in view of the relevant notice, Louis Vuitton announced the termination of the cooperative relationship with Mr. Wu Yifan. So far, all of Wu Yifan's business endorsement brands have issued statements to terminate their cooperation relationships with them.</p><p><a href=\"None\">Web link</a></div></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Louis Vuitton Announces Termination of Partnership with Kris Wu</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\">\nLouis Vuitton Announces Termination of Partnership with Kris Wu\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/30\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/be3a47b8a80a6b0d62c8f48a7534c1af);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">界面新闻 </p>\n<p class=\"h-time smaller\">2021-07-23 09:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>@ Louis Vuitton Weibo issued a statement on July 23rd, saying that in view of the relevant notice, Louis Vuitton announced the termination of the cooperative relationship with Mr. Wu Yifan. So far, all of Wu Yifan's business endorsement brands have issued statements to terminate their cooperation relationships with them.</p><p><a href=\"None\">Web link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/26f7117b8f61d803c2af1c8c8191ab6b","relate_stocks":{"LVMUY":"路易威登"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145426029","content_text":"@路易威登 微博7月23日发布声明称，鉴于相关通报，路易威登宣布终止与吴亦凡先生之合作关系。至此，吴亦凡所有的商务代言品牌均已发布声明终止与其合作关系。","news_type":1,"symbols_score_info":{"LVMUY":0.9}},"isVote":1,"tweetType":1,"viewCount":4909,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172967144,"gmtCreate":1626928351388,"gmtModify":1703480778006,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172967144","repostId":"1156634716","repostType":4,"isVote":1,"tweetType":1,"viewCount":3354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149618013,"gmtCreate":1625721912232,"gmtModify":1703747116678,"author":{"id":"3578562412522571","authorId":"3578562412522571","name":"劉洧綸","avatar":"https://community-static.tradeup.com/news/ac36586443a36b162393703e2f3db72a","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3578562412522571","authorIdStr":"3578562412522571"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149618013","repostId":"2149310828","repostType":4,"repost":{"id":"2149310828","kind":"highlight","pubTimestamp":1625721752,"share":"https://ttm.financial/m/news/2149310828?lang=en_US&edition=fundamental","pubTime":"2021-07-08 13:22","market":"hk","language":"zh","title":"Burning money is crazy? Car Building Scares Investors Off","url":"https://stock-news.laohu8.com/highlight/detail?id=2149310828","media":"好看商业","summary":"投资人为什么怕了？","content":"<p>On July 7,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Landing in Hong Kong stocks and becoming the Hong Kong Stock Exchange \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric Vehicle First Stock \".</p><p><img src=\"https://static.tigerbbs.com/5eb0061f36bc078c5f5185507799a8fa\" tg-width=\"1080\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p>XPeng is listed in Hong Kong stocks, just \"three fools to build cars\" (<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, Ideal) the beginning of Hong Kong.</p><p>Previously, Nio and Ideal also reported that they were going to be listed on Hong Kong stocks.</p><p>Listing in many places, first US stocks, then Hong Kong stocks, and finally A shares, is likely to become the common financing path of \"three dumb cars\".</p><p>After all, to play the game of building a car, the more money the better.</p><p>In 2021, car manufacturing will once again stand in the forefront,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Millet,<a href=\"https://laohu8.com/S/DIDI\">Didi</a>360 and other Internet and technology giants have built cars across borders; Traditional OEMs such as SAIC and Geely have also launched new smart car brands; Although Huawei claims not to build cars, it also actively participates in the car manufacturing industry to help car companies build cars.</p><p>Compared with the last round of star entrepreneurs who entered the market to build cars, this wave of giants looks more \"ruthless\"-they have stronger capital and resource advantages, and seem determined to build cars.</p><p>Whether it is a star entrepreneur with a head and a face or this wave of technology giants, they are obviously serious about bowing into the game to build cars.</p><p>After all, you may not be able to build a car without burning tens of billions of funds, and no one wants to miss the multiple opportunities of fuel vehicles to electric vehicles, traditional cars to smart cars, and domestic cars to \"overtake in corners\".</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The soaring performance and market value of pioneers such as Nio, Ideal and XPeng have also become the confidence support of more entrants.</p><p>The entry of this wave of giants has also turned car-building into a higher-order money-burning game. The admission tickets are getting more expensive and fewer, and the admission risk is getting higher and higher.</p><p><b>But in sharp contrast, investors have generally calmed down. \"Can't afford to vote, don't dare to vote\" has become the state of many people in the primary market. Although the secondary market pays great attention to new cars, it is generally believed that the valuation is relatively high, and the industry competition has escalated into a major risk.</b></p><p>On the first day of listing of Hong Kong stocks, XPeng opened at HK$ 168, slightly higher than the issue price by 1.8%, but soon broke, and the share price hit a minimum of HK$ 159.3, and finally closed at HK$ 165.</p><p>It can be seen that the concerns of Hong Kong stock investors have emerged for intelligent electric vehicles.</p><p>New cars have never stopped burning money, the profit has not yet been realized, but the competition continues to escalate. Who can end up staying at the table at this stage of unusual competition for \"money ability\"?</p><p><h2><b>1 </b><b>Why do new car-building forces desperately raise funds?</b></h2>In the past two years, it has become a trend for Chinese stocks to return to Hong Kong, and new car-making forces represented by Xiaopeng Motors have also joined the tide of returning to Hong Kong.</p><p>This time, XPeng adopted the \"Dual Primary Listing\" method to land in Hong Kong stocks.</p><p>Different from \"secondary listing\", \"dual primary listing\" refers to having dual listed entities, and its listing review is stricter, so it is easier to be included in Hong Kong Stock Connect, which is convenient for A-share investors to participate. This is also seen as XPeng Automobile paving the way for A-share listing.</p><p>The Dolphin Investment Research Team of Changqiao Securities believes that returning to Hong Kong for listing can bring several benefits to new car-making forces: avoiding the potential delisting risk in US stocks; Enrich financing channels; Expand the reach of businesses and products.</p><p>Last May, the U.S. Senate approved the Foreign Company Accountability Act, which is seen as targeting Chinese companies listed in the United States.</p><p>The bill requires that a foreign issuer's securities be prohibited from trading in the United States if it fails to meet the U.S. Public Company Accounting Oversight Board's requirements for inspecting accounting firms for three consecutive years.</p><p>\"The delisting risk of US stocks is higher than that of A shares, and Chinese stocks sometimes collectively face a crisis of trust, which may trigger the delisting risk,\" the Dolphin Investment Research team believes.</p><p>There were signs before the new car-making forces sought to go public in many places.</p><p>In early March, Reuters reported that Nio Motors,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And XPeng plans to go public in Hong Kong as soon as this year. Based on its U.S. stock market value, it is estimated that the three companies can raise a total of $5 billion.</p><p>On May 25th, after the release of the 2021 Ideal ONE, Li Xiang, founder of Li Auto, publicly stated that \"I don't mind getting more capital reserves in any way in the future\", and I don't exclude obtaining funds from secondary market financing, bank loans and bond issuance.</p><p>In fact, in the short term, there is no shortage of money in the books of the three new car companies. By the end of the first quarter of this year, the capital reserves of Nio, XPeng and Ideal were 47.55 billion yuan, 36.2 billion yuan and 30.36 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/635c0c0010c12192e9c20dbe50244b97\" tg-width=\"850\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>But the burning of money has never stopped, and profitability has not yet begun. The tens of billions of funds on the account can't give them enough security.</p><p>There are many more places where they have to spend money. According to the analysis of dolphin investment research, the immature technical route of smart cars leads to high pressure of R&D investment; Subverting the business model also needs to cooperate with the direct sales model, the cost of exhibition halls and sales staff, which makes it difficult for new car-making forces to realize the positive gross profit margin. At the same time, they also face fierce competition for products and talents.</p><p><b>An executive of an Internet brokerage firm mentioned that the listing of new car-making forces in many places should be a plan designed from the beginning, because the demand for funds for car-building is too large. First, go to the US stock market and then go back to Hong Kong stock market. The next step may be to seek A-share IPO, and this order can't be reversed, because if the first listing is placed in China, their situation will easily get stuck and they can't afford to wait.</b></p><p>Since the beginning of this year, all three new car manufacturers have made a large scale by launching new models, upgrading supporting software, and expanding service and sales networks. R&D investment is even bigger. In 2021, they will all invest heavily in R&D. Nio and Ideal respectively made it clear that they will spend 5 billion yuan and 3 billion yuan as R&D expenses this year.</p><p>From the perspective of profitability, although the gross profit margins of the three companies have turned positive in fiscal year 2020, they are still at a loss as a whole. The total net loss of the three car companies in Q1 this year exceeded 1.5 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/61f3bb64c9dd3e943763f600ffd632b6\" tg-width=\"854\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p>To be truly profitable, you need a larger delivery volume. For earnings expectations, XPeng, which is the first to list in Hong Kong, expects to break even by the end of 2023 or 2024.</p><p>Before seeking to go public in many places, the three new car companies have raised funds through additional stock issuance in the U.S. stock market many times.</p><p>On December 4, 2020, Li Auto applied for an additional 47 million ADSs, which, according to estimates at the time, would raise a total of approximately $1.841 billion if the underwriters exercised the over-allotment option. On December 7th of the same year, XPeng raised up to $2.16 billion through the issuance of U.S. stocks, which was the largest initial issuance of stocks in the history of Chinese stocks.</p><p>Nio has completed three additional issuances of U.S. shares in the past year, with the first two raising $490 million and $1.73 billion respectively; The maximum amount raised by the additional offering on Dec. 14 last year was $3.05 billion.</p><p>Despite the continuous attraction of gold through multiple channels, the anxiety of new car companies about funds remains undiminished. XPeng made a risk warning in the prospectus of Hong Kong stocks-\"Enterprises are still generating losses and negative operating cash flow, and this situation may continue for some time\".</p><p>Compared with the three companies at the head, second-tier new car brands are struggling on the verge of food and clothing.</p><p><b>Funding for new car manufacturers in the primary market is becoming increasingly difficult. Under the double attack of new car companies and traditional OEMs, second-tier new car brands have pinned their financing hopes on the secondary market.</b></p><p>In April this year,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Raised HK$26 billion in Hong Kong stocks. In addition, Evergrande Automobile, Nezha Automobile, AIWAYS Automobile, Leapmotor and Skyline Automobile all hope to land on the Science and Technology Innovation Board for financing.</p><p>However, the \"first car stock\" in the science and technology innovation board has been difficult to produce so far. Not long ago, WM Motor's IPO on the Science and Technology Innovation Board was blocked, which also cast a shadow on the listing of other second-tier new car brands.</p><p><h2><b>2 </b><b>Giants enter the market, how does the competition escalate?</b></h2>Why are new car-building forces anxious?</p><p>Obviously, the new car track has become a competition between big players-traditional OEMs, technology giants and cross-border giants are showing their magical powers.</p><p>These companies may have supply chain advantages, financial strength, technical accumulation, or multiple advantages, and are often bigger and fiercer than new car-building forces in terms of \"block\".</p><p>The entrance of giants also raised the competition of \"money ability\" in the new car industry to a new rank.</p><p>In terms of financial strength, whether it is out-of-pocket or external financing, each company is closely expanding food, grass and ammunition.</p><p><img src=\"https://static.tigerbbs.com/0d33e3a7d17e8005e0d4afb44d2a2010\" tg-width=\"902\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Good-looking business charting based on publicly available information</p><p>In March this year, Baidu and Geely jointly established Jidu Automobile, a smart car company. Its CEO Xia Yiping said that after the launch of the first car, it plans to invest about 50 billion yuan in the next five years.</p><p>He also said, \"Foreign financing is something that must be done, and it is planned to do foreign financing in the third quarter of this year\".</p><p>Lei Jun, who regards car-building as the last big gamble in his entrepreneurial career, also changed his usual frugal posture, saying that \"Xiaomi is not bad in money and can afford to lose money\", and announced that he would invest 10 billion dollars in 10 years to build a car, with an initial investment of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/7d2f25f650b4cefedfdbcc919a15b19c\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>Zhou Hongyi and his 360 don't want to miss this automotive revolution. However, 360 does not build a car himself, but tests the feasibility of providing safety technology for car companies by investing in Nezha Automobile.</p><p>After strategically leading the 3 billion yuan D round financing of Nezha Automobile, 360 may become the second largest shareholder of Nezha Automobile. In the short term, 360 mainly exports 360 safety systems for Nezha Automobile. According to Zhou Hongyi's plan, Nezha is just a sample of 360, which will provide safety technology for more car companies in the future.</p><p><a href=\"https://laohu8.com/S/00751\">Skyworth Group</a>Huang Hongsheng, chairman of the board of directors and chairman of Kaiwo New Energy Vehicle, announced that Skyworth Automobile has invested 10 billion yuan to establish a dual-use system for business and passenger vehicles; Another 30 billion yuan will be invested in the future.</p><p>Evergrande Automobile, which entered the market to build cars earlier, showed its usual \"inhumanity\".</p><p>The 2020 annual report shows that they are simultaneously developing 14 cars; A total of 47.4 billion yuan has been invested in the new energy automobile industry, of which 24.9 billion yuan has been used for acquisition of core technologies and R&D expenses, and 22.5 billion yuan has been used for car factory construction, equipment procurement and auto parts procurement.</p><p>In the OEM camp,<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>With<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>It has also increased investment in new energy vehicles.</p><p>At present, BYD is the only company in the automobile industry that has laid out the whole industrial chain of new energy vehicles. During the three years from 2018 to 2020, BYD's annual R&D amount exceeded 8 billion yuan, with a total investment of about 25 billion yuan in the three years.</p><p>After the explosive model-\"BYD Han\" boosts its new energy sales, BYD will also make efforts on power batteries, DMI hybrid systems and software systems.</p><p>Geely Automobile, which has been developing slowly in new energy before, hopes to make a turnaround through the new brand Geely Jikrypton 001. The Geely Extreme Krypton 001 debuted at the Shanghai Auto Show and is scheduled for Q4 delivery this year. This car is built by Geely SEA's vast intelligent architecture. In order to build this intelligent architecture platform, Geely spent four years and invested more than 18 billion yuan.</p><p>Public data shows that Geely has invested more than 30 billion yuan in new energy research and development and industry. In the prospectus seeking listing on the Science and Technology Innovation Board, Geely said that it would also increase R&D investment, and planned to raise 20 billion yuan, of which about 8 billion yuan would be used for the development of new energy and new models or the upgrading of some existing models; About 3 billion yuan will be used for forward-looking technology research and development projects related to new energy technologies. However, after the listing of Science and Technology Innovation Board failed, Geely said it would seek external financing.</p><p>At the end of November last year, SAIC and Ali jointly established a pure electric car brand \"Zhiji Auto\", with the first round of financing reaching 10 billion yuan, which also became a project with the first round of financing reaching 10 billion yuan in new cars.</p><p><b>While hoarding grain and grass, he recruited troops and horses. Since the beginning of this year, the \"fight for people\" of new energy vehicles has reached a white-hot stage.</b></p><p>All new car players began to poach people with high salaries. According to a report released by Liepin in January this year, new energy vehicles have become the fastest-growing field of new jobs, with a year-on-year surge of 103.53%. With the entry of new players, the news of robbing people with an annual salary of millions is endless.</p><p>Recently, Xiaomi released more than 20 autonomous driving-related positions that need to be \"urgently hired\" on the company's official website; Jidu Automobile plans to reach a scale of 2,000-3,000 people by the end of next year, including 400-500 software engineers.</p><p>Since June, 360 intelligent car team has started recruitment, and Zhou Hongyi is in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Personally, we welcome talents in the automobile industry to recommend themselves, saying that the company \"fully liberalizes and fully supports in terms of salary and benefits\".</p><p>In April this year, the recruitment of Li Auto Shanghai R&D Center has started, and the recruitment scale is expected to exceed 2,000 people. XPeng Motors will also double its R&D staff by the end of 2021.</p><p><b>In addition to digging people, it also takes a lot of money to build factories to expand production capacity and expand offline stores.</b></p><p>In order to subvert the traditional 4S stores, new forces such as Nio, Ideal and XPeng have rushed to open offline stores in shopping malls.</p><p>Even Huawei, which has repeatedly emphasized being a supplier of car companies, has joined the army of opening shops. According to<a href=\"https://laohu8.com/S/00700\">Tencent</a>According to Deep Net, in order to achieve Yu Chengdong's internal target of selling 300,000 units next year, Huawei plans to sell cars in 200 experience stores before the end of July, and expand to more than 1,000 by the end of the year.</p><p><h2><b>3 </b><b>Why are investors afraid?</b></h2>Car-building movement is like cooking oil on fire, but investment in car-building projects is like moths to flames.</p><p><b>Investors have generally been calm about car-building projects. Many PE/VC institutions said to good-looking businesses that they \"dare not vote\", \"can't afford to vote\" and \"it's too late to enter the market now\".</b></p><p>One industry consensus is that new cars have become a higher-order capital game, and admission tickets are becoming more expensive, less and more risky. Individual entrepreneurs are also not suitable for re-entering the market to build whole vehicles.</p><p>\"Whether it's an early project of the whole vehicle or a new investment of the fund, it's too late to enter the market at this point,\" a foreign investment institution told Good Looking Business. Now there are fewer opportunities and higher investment costs; Even for car-building projects with industrial background, it depends on the investment cost.</p><p>A local Pe investor even bluntly said, \"I don't look at the whole car, because the plate is too big, I can't afford it, and it's full of pits. In the end, it's good to have a hundred deaths.\"</p><p>\"Before, many funds spent money and then died in it. Everyone realized that this was a long-term investment.\" An FA organization that pays attention to the automobile track said that not many people dare to bet on this industry now, including local governments and industrial capital, because all those who dared to bet before have already gambled.</p><p><b>Even strong local government funds are a little \"discouraged\" from investing in new cars.</b></p><p>The person in charge of an enterprise that serves the local government's investment promotion told Good Looking Business, \"Government funds generally hold a negative attitude towards investing in vehicle projects. If the smart car project made by traditional OEMs is more supportive, forget about the rest, especially for those early vehicle projects, they will be very cautious\".</p><p>Nor did this trend develop in a day.</p><p>it Orange has a data of \"nearly five quarters\" as of Q3, 2020, which shows that in the popular industries with a financing amount of more than 4 billion yuan, there are only 15 financing events of \"new car manufacturing and hardware\", with a total financing amount of 22.744 billion yuan, which is far less popular than biomedicine, medical devices, integrated circuits, food, video and live broadcast.</p><p><img src=\"https://static.tigerbbs.com/68eb02f4553921a70f6e20ee5b0b9e01\" tg-width=\"834\" tg-height=\"444\" referrerpolicy=\"no-referrer\"></p><p>According to a report released by BAIC Industrial Investment and Zero2IPO Research Center, in fact, since 2016, the proportion of investment in pan-automobile and big travel in the equity investment market has been declining, from 27.5% in 2016 to 14% in 2019.</p><p>In 2021, there are only a handful of private placement financing cases of new car companies.</p><p>According to public information, in January, Zero Running Technology announced Series B financing with an amount of 4.3 billion yuan. Strategic investors include SDIC Chuangyi and Zhejiang University Jiuyonghua Capital. Byton Automobile restarted and signed strategic cooperation framework agreements with Foxconn Technology Group and Nanjing Economic and Technological Development Zone.</p><p><b>Investors'\"fear\" of building cars, part of which comes from the increasing investment risk of the car-building track; There is also part of the tragedy of the last round of investment failure.</b></p><p>For example, Jia Yueting's \"LeTV Car Accident\".</p><p>In September and November, 2016, LeTV completed two rounds of financing, with a scale of nearly 1.7 billion US dollars. There were many well-known institutions such as Yingda Capital, Shenzhen Venture Capital and Xinhualian Group under State Grid. However, after the break of LeTV's ecological capital chain, LeTV's auto investors were deeply trapped.</p><p><img src=\"https://static.tigerbbs.com/01faa1c3bd932212de51a245f42efd85\" tg-width=\"1058\" tg-height=\"216\" referrerpolicy=\"no-referrer\"></p><p>It is unknown whether LeTV has returned investors' funds at present. Although it still exists, it has repeatedly become a person subject to dishonesty and is plagued with lawsuits.</p><p>Jiangsu local governments have also stepped on thunder in new energy vehicle projects. According to public information, Byton, Sailin and Bojun Automobile, the new car companies that Jiangsu has given a lot of support, have been caught in the dilemma of closure and bankruptcy after burning out 16 billion yuan.</p><p>These \"tragedies\" are enough to discourage primary market investors.</p><p><b>In the secondary market, investors still pay high attention to new car stocks.</b></p><p>In Hong Kong stocks, XPeng Motors was nearly 15 times oversubscribed during its IPO.</p><p>In U.S. stocks, Nio, XPeng and Ideal recorded gains of about 70%, 90% and 100% respectively in the two months to July 7th. Tesla's share price gained the smallest over the same period, at about 5%.</p><p>In A-shares, BYD's share price has risen by more than 85% in less than two months after trading sideways for a period of time.</p><p><img src=\"https://static.tigerbbs.com/a57909782454eb173ac6f6285a6be053\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>An automotive analyst of a well-known domestic brokerage firm mentioned that behind the rise in the share price of smart car stocks, in addition to the stimulus of soaring performance, they also benefited from the increase in their software service revenue.</p><p>\"If smart electric vehicles can complete the closed loop from whole vehicles to software services and data revenue, the secondary market will not skimp on giving them high valuations,\" he said.</p><p>The Dolphin Investment Research Team of Changqiao Securities believes that the broad prospect of intelligent electric vehicles is unquestioned at present, and the policies of China and the European Union are also very powerful, but competition has escalated into a major risk.</p><p>They believe that the attention of the secondary market to smart cars is still very high, but at present, it is generally believed that the valuation is also relatively high, so the attention of the secondary market will spread to companies in the automobile industry chain.</p><p><b>While many people are still paying attention to the valuation and risks of new cars, Yan Yan, the founding managing partner of SAIF Asia Investment Fund, has already predicted the coming of the industry reshuffle.</b></p><p>Yan Yan recently asserted in an interview with the media that the bankruptcy of new car-making forces will not be too far away, and now many families are dying; Because without tens of billions of investment, cars can't be built.</p><p>Car-building has now evolved into a sport, and has entered an era of crazy competition for \"money ability\". How can I stay at the table?</p><p>There is a prize for this question, and the answer is worth at least 100 billion dollars.</p>","source":"lsy1622337641338","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>Burning money is crazy? Car Building Scares Investors Off</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\">\nBurning money is crazy? Car Building Scares Investors Off\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">好看商业</strong><span class=\"h-time small\">2021-07-08 13:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On July 7,<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>Landing in Hong Kong stocks and becoming the Hong Kong Stock Exchange \"<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric Vehicle First Stock \".</p><p><img src=\"https://static.tigerbbs.com/5eb0061f36bc078c5f5185507799a8fa\" tg-width=\"1080\" tg-height=\"599\" referrerpolicy=\"no-referrer\"></p><p>XPeng is listed in Hong Kong stocks, just \"three fools to build cars\" (<a href=\"https://laohu8.com/S/NIO\">Nio</a>XPeng, Ideal) the beginning of Hong Kong.</p><p>Previously, Nio and Ideal also reported that they were going to be listed on Hong Kong stocks.</p><p>Listing in many places, first US stocks, then Hong Kong stocks, and finally A shares, is likely to become the common financing path of \"three dumb cars\".</p><p>After all, to play the game of building a car, the more money the better.</p><p>In 2021, car manufacturing will once again stand in the forefront,<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Millet,<a href=\"https://laohu8.com/S/DIDI\">Didi</a>360 and other Internet and technology giants have built cars across borders; Traditional OEMs such as SAIC and Geely have also launched new smart car brands; Although Huawei claims not to build cars, it also actively participates in the car manufacturing industry to help car companies build cars.</p><p>Compared with the last round of star entrepreneurs who entered the market to build cars, this wave of giants looks more \"ruthless\"-they have stronger capital and resource advantages, and seem determined to build cars.</p><p>Whether it is a star entrepreneur with a head and a face or this wave of technology giants, they are obviously serious about bowing into the game to build cars.</p><p>After all, you may not be able to build a car without burning tens of billions of funds, and no one wants to miss the multiple opportunities of fuel vehicles to electric vehicles, traditional cars to smart cars, and domestic cars to \"overtake in corners\".</p><p><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>The soaring performance and market value of pioneers such as Nio, Ideal and XPeng have also become the confidence support of more entrants.</p><p>The entry of this wave of giants has also turned car-building into a higher-order money-burning game. The admission tickets are getting more expensive and fewer, and the admission risk is getting higher and higher.</p><p><b>But in sharp contrast, investors have generally calmed down. \"Can't afford to vote, don't dare to vote\" has become the state of many people in the primary market. Although the secondary market pays great attention to new cars, it is generally believed that the valuation is relatively high, and the industry competition has escalated into a major risk.</b></p><p>On the first day of listing of Hong Kong stocks, XPeng opened at HK$ 168, slightly higher than the issue price by 1.8%, but soon broke, and the share price hit a minimum of HK$ 159.3, and finally closed at HK$ 165.</p><p>It can be seen that the concerns of Hong Kong stock investors have emerged for intelligent electric vehicles.</p><p>New cars have never stopped burning money, the profit has not yet been realized, but the competition continues to escalate. Who can end up staying at the table at this stage of unusual competition for \"money ability\"?</p><p><h2><b>1 </b><b>Why do new car-building forces desperately raise funds?</b></h2>In the past two years, it has become a trend for Chinese stocks to return to Hong Kong, and new car-making forces represented by Xiaopeng Motors have also joined the tide of returning to Hong Kong.</p><p>This time, XPeng adopted the \"Dual Primary Listing\" method to land in Hong Kong stocks.</p><p>Different from \"secondary listing\", \"dual primary listing\" refers to having dual listed entities, and its listing review is stricter, so it is easier to be included in Hong Kong Stock Connect, which is convenient for A-share investors to participate. This is also seen as XPeng Automobile paving the way for A-share listing.</p><p>The Dolphin Investment Research Team of Changqiao Securities believes that returning to Hong Kong for listing can bring several benefits to new car-making forces: avoiding the potential delisting risk in US stocks; Enrich financing channels; Expand the reach of businesses and products.</p><p>Last May, the U.S. Senate approved the Foreign Company Accountability Act, which is seen as targeting Chinese companies listed in the United States.</p><p>The bill requires that a foreign issuer's securities be prohibited from trading in the United States if it fails to meet the U.S. Public Company Accounting Oversight Board's requirements for inspecting accounting firms for three consecutive years.</p><p>\"The delisting risk of US stocks is higher than that of A shares, and Chinese stocks sometimes collectively face a crisis of trust, which may trigger the delisting risk,\" the Dolphin Investment Research team believes.</p><p>There were signs before the new car-making forces sought to go public in many places.</p><p>In early March, Reuters reported that Nio Motors,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>And XPeng plans to go public in Hong Kong as soon as this year. Based on its U.S. stock market value, it is estimated that the three companies can raise a total of $5 billion.</p><p>On May 25th, after the release of the 2021 Ideal ONE, Li Xiang, founder of Li Auto, publicly stated that \"I don't mind getting more capital reserves in any way in the future\", and I don't exclude obtaining funds from secondary market financing, bank loans and bond issuance.</p><p>In fact, in the short term, there is no shortage of money in the books of the three new car companies. By the end of the first quarter of this year, the capital reserves of Nio, XPeng and Ideal were 47.55 billion yuan, 36.2 billion yuan and 30.36 billion yuan respectively.</p><p><img src=\"https://static.tigerbbs.com/635c0c0010c12192e9c20dbe50244b97\" tg-width=\"850\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>But the burning of money has never stopped, and profitability has not yet begun. The tens of billions of funds on the account can't give them enough security.</p><p>There are many more places where they have to spend money. According to the analysis of dolphin investment research, the immature technical route of smart cars leads to high pressure of R&D investment; Subverting the business model also needs to cooperate with the direct sales model, the cost of exhibition halls and sales staff, which makes it difficult for new car-making forces to realize the positive gross profit margin. At the same time, they also face fierce competition for products and talents.</p><p><b>An executive of an Internet brokerage firm mentioned that the listing of new car-making forces in many places should be a plan designed from the beginning, because the demand for funds for car-building is too large. First, go to the US stock market and then go back to Hong Kong stock market. The next step may be to seek A-share IPO, and this order can't be reversed, because if the first listing is placed in China, their situation will easily get stuck and they can't afford to wait.</b></p><p>Since the beginning of this year, all three new car manufacturers have made a large scale by launching new models, upgrading supporting software, and expanding service and sales networks. R&D investment is even bigger. In 2021, they will all invest heavily in R&D. Nio and Ideal respectively made it clear that they will spend 5 billion yuan and 3 billion yuan as R&D expenses this year.</p><p>From the perspective of profitability, although the gross profit margins of the three companies have turned positive in fiscal year 2020, they are still at a loss as a whole. The total net loss of the three car companies in Q1 this year exceeded 1.5 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/61f3bb64c9dd3e943763f600ffd632b6\" tg-width=\"854\" tg-height=\"514\" referrerpolicy=\"no-referrer\"></p><p>To be truly profitable, you need a larger delivery volume. For earnings expectations, XPeng, which is the first to list in Hong Kong, expects to break even by the end of 2023 or 2024.</p><p>Before seeking to go public in many places, the three new car companies have raised funds through additional stock issuance in the U.S. stock market many times.</p><p>On December 4, 2020, Li Auto applied for an additional 47 million ADSs, which, according to estimates at the time, would raise a total of approximately $1.841 billion if the underwriters exercised the over-allotment option. On December 7th of the same year, XPeng raised up to $2.16 billion through the issuance of U.S. stocks, which was the largest initial issuance of stocks in the history of Chinese stocks.</p><p>Nio has completed three additional issuances of U.S. shares in the past year, with the first two raising $490 million and $1.73 billion respectively; The maximum amount raised by the additional offering on Dec. 14 last year was $3.05 billion.</p><p>Despite the continuous attraction of gold through multiple channels, the anxiety of new car companies about funds remains undiminished. XPeng made a risk warning in the prospectus of Hong Kong stocks-\"Enterprises are still generating losses and negative operating cash flow, and this situation may continue for some time\".</p><p>Compared with the three companies at the head, second-tier new car brands are struggling on the verge of food and clothing.</p><p><b>Funding for new car manufacturers in the primary market is becoming increasingly difficult. Under the double attack of new car companies and traditional OEMs, second-tier new car brands have pinned their financing hopes on the secondary market.</b></p><p>In April this year,<a href=\"https://laohu8.com/S/00708\">Evergrande Automobile</a>Raised HK$26 billion in Hong Kong stocks. In addition, Evergrande Automobile, Nezha Automobile, AIWAYS Automobile, Leapmotor and Skyline Automobile all hope to land on the Science and Technology Innovation Board for financing.</p><p>However, the \"first car stock\" in the science and technology innovation board has been difficult to produce so far. Not long ago, WM Motor's IPO on the Science and Technology Innovation Board was blocked, which also cast a shadow on the listing of other second-tier new car brands.</p><p><h2><b>2 </b><b>Giants enter the market, how does the competition escalate?</b></h2>Why are new car-building forces anxious?</p><p>Obviously, the new car track has become a competition between big players-traditional OEMs, technology giants and cross-border giants are showing their magical powers.</p><p>These companies may have supply chain advantages, financial strength, technical accumulation, or multiple advantages, and are often bigger and fiercer than new car-building forces in terms of \"block\".</p><p>The entrance of giants also raised the competition of \"money ability\" in the new car industry to a new rank.</p><p>In terms of financial strength, whether it is out-of-pocket or external financing, each company is closely expanding food, grass and ammunition.</p><p><img src=\"https://static.tigerbbs.com/0d33e3a7d17e8005e0d4afb44d2a2010\" tg-width=\"902\" tg-height=\"344\" referrerpolicy=\"no-referrer\"></p><p>Good-looking business charting based on publicly available information</p><p>In March this year, Baidu and Geely jointly established Jidu Automobile, a smart car company. Its CEO Xia Yiping said that after the launch of the first car, it plans to invest about 50 billion yuan in the next five years.</p><p>He also said, \"Foreign financing is something that must be done, and it is planned to do foreign financing in the third quarter of this year\".</p><p>Lei Jun, who regards car-building as the last big gamble in his entrepreneurial career, also changed his usual frugal posture, saying that \"Xiaomi is not bad in money and can afford to lose money\", and announced that he would invest 10 billion dollars in 10 years to build a car, with an initial investment of 10 billion yuan.</p><p><img src=\"https://static.tigerbbs.com/7d2f25f650b4cefedfdbcc919a15b19c\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>Zhou Hongyi and his 360 don't want to miss this automotive revolution. However, 360 does not build a car himself, but tests the feasibility of providing safety technology for car companies by investing in Nezha Automobile.</p><p>After strategically leading the 3 billion yuan D round financing of Nezha Automobile, 360 may become the second largest shareholder of Nezha Automobile. In the short term, 360 mainly exports 360 safety systems for Nezha Automobile. According to Zhou Hongyi's plan, Nezha is just a sample of 360, which will provide safety technology for more car companies in the future.</p><p><a href=\"https://laohu8.com/S/00751\">Skyworth Group</a>Huang Hongsheng, chairman of the board of directors and chairman of Kaiwo New Energy Vehicle, announced that Skyworth Automobile has invested 10 billion yuan to establish a dual-use system for business and passenger vehicles; Another 30 billion yuan will be invested in the future.</p><p>Evergrande Automobile, which entered the market to build cars earlier, showed its usual \"inhumanity\".</p><p>The 2020 annual report shows that they are simultaneously developing 14 cars; A total of 47.4 billion yuan has been invested in the new energy automobile industry, of which 24.9 billion yuan has been used for acquisition of core technologies and R&D expenses, and 22.5 billion yuan has been used for car factory construction, equipment procurement and auto parts procurement.</p><p>In the OEM camp,<a href=\"https://laohu8.com/S/002594\">BYD</a>、<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>With<a href=\"https://laohu8.com/S/600104\">SAIC Group</a>It has also increased investment in new energy vehicles.</p><p>At present, BYD is the only company in the automobile industry that has laid out the whole industrial chain of new energy vehicles. During the three years from 2018 to 2020, BYD's annual R&D amount exceeded 8 billion yuan, with a total investment of about 25 billion yuan in the three years.</p><p>After the explosive model-\"BYD Han\" boosts its new energy sales, BYD will also make efforts on power batteries, DMI hybrid systems and software systems.</p><p>Geely Automobile, which has been developing slowly in new energy before, hopes to make a turnaround through the new brand Geely Jikrypton 001. The Geely Extreme Krypton 001 debuted at the Shanghai Auto Show and is scheduled for Q4 delivery this year. This car is built by Geely SEA's vast intelligent architecture. In order to build this intelligent architecture platform, Geely spent four years and invested more than 18 billion yuan.</p><p>Public data shows that Geely has invested more than 30 billion yuan in new energy research and development and industry. In the prospectus seeking listing on the Science and Technology Innovation Board, Geely said that it would also increase R&D investment, and planned to raise 20 billion yuan, of which about 8 billion yuan would be used for the development of new energy and new models or the upgrading of some existing models; About 3 billion yuan will be used for forward-looking technology research and development projects related to new energy technologies. However, after the listing of Science and Technology Innovation Board failed, Geely said it would seek external financing.</p><p>At the end of November last year, SAIC and Ali jointly established a pure electric car brand \"Zhiji Auto\", with the first round of financing reaching 10 billion yuan, which also became a project with the first round of financing reaching 10 billion yuan in new cars.</p><p><b>While hoarding grain and grass, he recruited troops and horses. Since the beginning of this year, the \"fight for people\" of new energy vehicles has reached a white-hot stage.</b></p><p>All new car players began to poach people with high salaries. According to a report released by Liepin in January this year, new energy vehicles have become the fastest-growing field of new jobs, with a year-on-year surge of 103.53%. With the entry of new players, the news of robbing people with an annual salary of millions is endless.</p><p>Recently, Xiaomi released more than 20 autonomous driving-related positions that need to be \"urgently hired\" on the company's official website; Jidu Automobile plans to reach a scale of 2,000-3,000 people by the end of next year, including 400-500 software engineers.</p><p>Since June, 360 intelligent car team has started recruitment, and Zhou Hongyi is in<a href=\"https://laohu8.com/S/WB\">Weibo</a>Personally, we welcome talents in the automobile industry to recommend themselves, saying that the company \"fully liberalizes and fully supports in terms of salary and benefits\".</p><p>In April this year, the recruitment of Li Auto Shanghai R&D Center has started, and the recruitment scale is expected to exceed 2,000 people. XPeng Motors will also double its R&D staff by the end of 2021.</p><p><b>In addition to digging people, it also takes a lot of money to build factories to expand production capacity and expand offline stores.</b></p><p>In order to subvert the traditional 4S stores, new forces such as Nio, Ideal and XPeng have rushed to open offline stores in shopping malls.</p><p>Even Huawei, which has repeatedly emphasized being a supplier of car companies, has joined the army of opening shops. According to<a href=\"https://laohu8.com/S/00700\">Tencent</a>According to Deep Net, in order to achieve Yu Chengdong's internal target of selling 300,000 units next year, Huawei plans to sell cars in 200 experience stores before the end of July, and expand to more than 1,000 by the end of the year.</p><p><h2><b>3 </b><b>Why are investors afraid?</b></h2>Car-building movement is like cooking oil on fire, but investment in car-building projects is like moths to flames.</p><p><b>Investors have generally been calm about car-building projects. Many PE/VC institutions said to good-looking businesses that they \"dare not vote\", \"can't afford to vote\" and \"it's too late to enter the market now\".</b></p><p>One industry consensus is that new cars have become a higher-order capital game, and admission tickets are becoming more expensive, less and more risky. Individual entrepreneurs are also not suitable for re-entering the market to build whole vehicles.</p><p>\"Whether it's an early project of the whole vehicle or a new investment of the fund, it's too late to enter the market at this point,\" a foreign investment institution told Good Looking Business. Now there are fewer opportunities and higher investment costs; Even for car-building projects with industrial background, it depends on the investment cost.</p><p>A local Pe investor even bluntly said, \"I don't look at the whole car, because the plate is too big, I can't afford it, and it's full of pits. In the end, it's good to have a hundred deaths.\"</p><p>\"Before, many funds spent money and then died in it. Everyone realized that this was a long-term investment.\" An FA organization that pays attention to the automobile track said that not many people dare to bet on this industry now, including local governments and industrial capital, because all those who dared to bet before have already gambled.</p><p><b>Even strong local government funds are a little \"discouraged\" from investing in new cars.</b></p><p>The person in charge of an enterprise that serves the local government's investment promotion told Good Looking Business, \"Government funds generally hold a negative attitude towards investing in vehicle projects. If the smart car project made by traditional OEMs is more supportive, forget about the rest, especially for those early vehicle projects, they will be very cautious\".</p><p>Nor did this trend develop in a day.</p><p>it Orange has a data of \"nearly five quarters\" as of Q3, 2020, which shows that in the popular industries with a financing amount of more than 4 billion yuan, there are only 15 financing events of \"new car manufacturing and hardware\", with a total financing amount of 22.744 billion yuan, which is far less popular than biomedicine, medical devices, integrated circuits, food, video and live broadcast.</p><p><img src=\"https://static.tigerbbs.com/68eb02f4553921a70f6e20ee5b0b9e01\" tg-width=\"834\" tg-height=\"444\" referrerpolicy=\"no-referrer\"></p><p>According to a report released by BAIC Industrial Investment and Zero2IPO Research Center, in fact, since 2016, the proportion of investment in pan-automobile and big travel in the equity investment market has been declining, from 27.5% in 2016 to 14% in 2019.</p><p>In 2021, there are only a handful of private placement financing cases of new car companies.</p><p>According to public information, in January, Zero Running Technology announced Series B financing with an amount of 4.3 billion yuan. Strategic investors include SDIC Chuangyi and Zhejiang University Jiuyonghua Capital. Byton Automobile restarted and signed strategic cooperation framework agreements with Foxconn Technology Group and Nanjing Economic and Technological Development Zone.</p><p><b>Investors'\"fear\" of building cars, part of which comes from the increasing investment risk of the car-building track; There is also part of the tragedy of the last round of investment failure.</b></p><p>For example, Jia Yueting's \"LeTV Car Accident\".</p><p>In September and November, 2016, LeTV completed two rounds of financing, with a scale of nearly 1.7 billion US dollars. There were many well-known institutions such as Yingda Capital, Shenzhen Venture Capital and Xinhualian Group under State Grid. However, after the break of LeTV's ecological capital chain, LeTV's auto investors were deeply trapped.</p><p><img src=\"https://static.tigerbbs.com/01faa1c3bd932212de51a245f42efd85\" tg-width=\"1058\" tg-height=\"216\" referrerpolicy=\"no-referrer\"></p><p>It is unknown whether LeTV has returned investors' funds at present. Although it still exists, it has repeatedly become a person subject to dishonesty and is plagued with lawsuits.</p><p>Jiangsu local governments have also stepped on thunder in new energy vehicle projects. According to public information, Byton, Sailin and Bojun Automobile, the new car companies that Jiangsu has given a lot of support, have been caught in the dilemma of closure and bankruptcy after burning out 16 billion yuan.</p><p>These \"tragedies\" are enough to discourage primary market investors.</p><p><b>In the secondary market, investors still pay high attention to new car stocks.</b></p><p>In Hong Kong stocks, XPeng Motors was nearly 15 times oversubscribed during its IPO.</p><p>In U.S. stocks, Nio, XPeng and Ideal recorded gains of about 70%, 90% and 100% respectively in the two months to July 7th. Tesla's share price gained the smallest over the same period, at about 5%.</p><p>In A-shares, BYD's share price has risen by more than 85% in less than two months after trading sideways for a period of time.</p><p><img src=\"https://static.tigerbbs.com/a57909782454eb173ac6f6285a6be053\" tg-width=\"1080\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p>An automotive analyst of a well-known domestic brokerage firm mentioned that behind the rise in the share price of smart car stocks, in addition to the stimulus of soaring performance, they also benefited from the increase in their software service revenue.</p><p>\"If smart electric vehicles can complete the closed loop from whole vehicles to software services and data revenue, the secondary market will not skimp on giving them high valuations,\" he said.</p><p>The Dolphin Investment Research Team of Changqiao Securities believes that the broad prospect of intelligent electric vehicles is unquestioned at present, and the policies of China and the European Union are also very powerful, but competition has escalated into a major risk.</p><p>They believe that the attention of the secondary market to smart cars is still very high, but at present, it is generally believed that the valuation is also relatively high, so the attention of the secondary market will spread to companies in the automobile industry chain.</p><p><b>While many people are still paying attention to the valuation and risks of new cars, Yan Yan, the founding managing partner of SAIF Asia Investment Fund, has already predicted the coming of the industry reshuffle.</b></p><p>Yan Yan recently asserted in an interview with the media that the bankruptcy of new car-making forces will not be too far away, and now many families are dying; Because without tens of billions of investment, cars can't be built.</p><p>Car-building has now evolved into a sport, and has entered an era of crazy competition for \"money ability\". How can I stay at the table?</p><p>There is a prize for this question, and the answer is worth at least 100 billion dollars.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1301423355117957\">好看商业</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5eb0061f36bc078c5f5185507799a8fa","relate_stocks":{"NIO":"蔚来","XPEV":"小鹏汽车","09868":"小鹏汽车-W"},"source_url":"https://36kr.com/p/1301423355117957","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2149310828","content_text":"7月7日，小鹏汽车登陆港股，成港交所“智能电动汽车第一股”。\n\n小鹏在港股挂牌，只是“造车三傻”（蔚来、小鹏、理想）闯香港的开始。\n此前，蔚来、理想也传出要在港股上市的消息。\n而多地上市，先美股，再港股，最后上A股，很可能成为“造车三傻”共同的融资路径。\n毕竟，要玩造车这个游戏，钱是多多益善的。\n2021年，造车再次站上风口，百度、小米、滴滴、360等互联网、科技巨头纷纷跨界造车；上汽、吉利这样的传统整车厂也纷纷推出新的智能汽车品牌；华为虽然声称不造车，但也积极投身造车产业，要帮助车企造车。\n相比上一轮明星创业者入局造车，这一波巨头看上去更“狠”一些——他们有更强的资金和资源优势，对造车似乎志在必得。\n无论是有头有脸的明星创业者，还是这一波科技巨头，他们躬身入局造车显然是认真的。\n毕竟，不烧几百亿资金可能都造不出一辆车，而燃油车向电动车过度、传统汽车向智能汽车过度、国产汽车“弯道超车”的多重时代机遇没人愿意错过。\n特斯拉、蔚来、理想、和小鹏这些先行者业绩和市值的飙升也成为更多入局者的信心支撑。\n这一波巨头的入局也让造车变成了更高阶的烧钱游戏，入场的门票越来越贵，越来越少，入场风险也越来越高。\n但与之形成强烈反差的是，投资者已经普遍冷静下来。“投不起、不敢投”成为一级市场很多人的状态。二级市场虽然对新造车关注度很高，但也普遍认为估值比较高了，行业竞争升级成主要风险。\n港股挂牌首日，小鹏以168港元开盘，较发行价略高1.8%，但很快破发，股价最低触及159.3港元，最终以165港元收盘。\n可见，对于智能电动汽车，港股投资人的顾虑已经显现。\n新造车烧钱从未停止，盈利尚未实现，竞争却持续升级。在这个异常比拼“钞能力”的阶段，谁能最终留在牌桌上？\n1 造车新势力为什么拼命融资？\n近两年中概股回港成为趋势，以小鹏汽车为代表的造车新势力也加入了回港大潮。\n这一次，小鹏登陆港股采用的是“双重主要上市”（Dual Primary Listing）的方式。\n与“二次上市”不同，“双重主要上市”是指具有双上市主体，其上市审核更严格，因此更容易被纳入港股通，方便A股投资者参与。这也被视作小鹏汽车为A股上市铺路。\n长桥证券海豚投研团队认为，回港上市能为造车新势力带来这样几点好处：规避在美股的潜在退市风险；丰富融资渠道；扩大企业和产品的影响力。\n去年5月，美国国会参议院批准通过《外国公司问责法案》，该方案被视为主要针对在美上市的中国公司。\n该法案要求，外国发行人连续三年不能满足美国公众公司会计监督委员会对会计师事务所检查要求的，其证券禁止在美交易。\n“美股退市风险比A股高，中概股有时会集体面临信任危机，就可能会触发退市风险，”海豚投研团队认为。\n造车新势力谋求多地上市此前就有预兆。\n今年3月初，路透社曾报道，蔚来汽车、理想汽车和小鹏汽车计划最快今年在香港上市。根据其美股市值推断，预计三家共可筹资50亿美元。\n5月25日，在发布2021款理想ONE后，理想汽车创始人李想公开表示，“未来不介意任何方式去获得更多的资金储备”，不排斥从二级市场融资、银行贷款和发债等方式获取资金。\n其实短期来看，三家新造车公司的账上都不缺钱。截至今年一季度末，蔚来、小鹏和理想的资金储备分别为：475.5亿元，362亿元、303.6亿元。\n\n但烧钱从未停止，盈利尚未开始。账上的几百亿资金，还不能给他们足够的安全感。\n他们要花钱的地方还有很多。海豚投研分析，智能车技术路线的不成熟导致研发投入压力大；颠覆商业模式也需要配合直营的销售模式，展厅和销售人员的成本，这些都使得造车新势力想实现毛利率转正本身就比较困难。同时他们还面临产品和人才的激烈竞争。\n一家互联网券商的高管提到，造车新势力在多地上市应该是一开始就设计好的方案，因为造车的资金需求量太大，先上美股，再回港股，下一步可能就要寻求A股IPO，且这个顺序不能反过来，因为如果首次上市放在国内，他们的状况很容易卡住，等不起。\n今年以来，三家新造车公司均通过推出新车型、升级配套软件、扩充服务和销售网络等方式来做大规模。研发投入更是大头，2021年他们都将重金投入研发，蔚来和理想分别明确今年会豪掷50亿元、30亿元作为研发费用。\n而从盈利状况来看，虽然在2020财年三家公司的毛利率均已转正，但整体仍处于亏损之中。今年Q1三家车企合计净亏损超过15亿元。\n\n想实现真正的盈利，需要更大规模的交付量。对于盈利预期，率先在港上市的小鹏预计在2023年底或2024年实现收支平衡。\n在谋求多地上市之前，三家新造车公司已经在美股多次通过增发股票融资。\n2020年12月4日，理想汽车申请增发4700万美国存托股，据当时的估算，如果承销商行使超额配售权，总计将筹得约18.41亿美元。同年12月7日，小鹏通过美股增发，最多融资21.6亿美元，为中概股史上最大规模的首次股票增发。\n蔚来在过去一年内完成三次美股增发，前两次分别融资4.9亿美元和17.3亿美元；去年12月14日的增发最大募集金额为30.5亿美元。\n尽管不断多渠道吸金，新造车公司对资金的焦虑不减。小鹏在港股招股书中做出风险提示——“企业目前仍在产生亏损和负经营现金流，这一情况可能还会持续一段时间”。\n相比头部的三家公司，二线新造车品牌更是挣扎在温饱边缘。\n新造车公司在一级市场的融资变得越来越困难。在新造车公司和传统主机厂的双重夹击下，二线新造车品牌纷纷将融资希望寄托在二级市场。\n今年4月，恒大汽车在港股定增筹资260亿港元。此外，恒大汽车、哪吒汽车、爱驰汽车、零跑汽车和天际汽车均希望登陆科创板融资。\n但科创板“汽车第一股”至今难产。不久前，威马汽车在科创板的IPO受阻，这也为其它二线新造车品牌的上市蒙上阴影。\n2 巨头进场，竞争是如何升级的？\n造车新势力为什么焦虑？\n很显然，新造车赛道已经变成了大玩家的比拼——传统整车厂、科技巨头、跨界巨头们各显神通。\n这些公司或有供应链优势，或有资金实力，或有技术积淀，或兼具多种优势，在“块头”上往往比造车新势力更大更猛。\n巨头进场，也让新造车行业的“钞能力”比拼被拉升到新的段位。\n在资金实力上，无论是自掏腰包，还是外部融资，各家都在紧密扩充粮草弹药。\n\n好看商业根据公开信息制图\n今年3月，百度与吉利合资成立了智能汽车公司集度汽车。其CEO夏一平称，在第一款车推出后，计划未来五年投资规模约500亿元。\n他还表示，“对外融资是一定要做的事，计划今年第三季度会做对外融资”。\n把造车视为创业生涯最后一次豪赌的雷军，也一改往常的俭朴姿态，放话“小米不差钱、亏得起”，并宣布10年投资100亿美元造车，首期投资100亿元人民币。\n\n周鸿祎和他的360不想错过这场汽车革命。但360并不是亲自造车，而是通过入股哪吒汽车，试水为车企提供安全技术的可行性。\n在战略领投了哪吒汽车的30亿元D轮融资后，360或成哪吒汽车的第二大股东。短期内，360主要为为哪吒汽车输出360的安全系统。据周鸿祎计划，哪吒只是360的样本，未来为更多车企提供安全技术。\n创维集团董事长、同时也是开沃新能源汽车董事长的黄宏生宣布，创维汽车目前已经投入100亿元，建立起商乘两用的体系；未来再还将再投资300亿元。\n更早入局造车的恒大汽车则展现了一贯的“壕无人性”。\n2020年报显示，他们正在同步研发14款车；在新能源汽车产业已累计总投入474亿元，其中249亿元用于收购核心技术和研发费用，225亿元用于车厂建设、设备采购、汽车零部件采购等。\n在整车厂阵营，比亚迪、吉利汽车与上汽集团也加大了新能源车的投入。\n比亚迪是目前汽车行业内唯一在新能源汽车全产业链布局的公司。2018-2020三年间，比亚迪每年的研发金额均超过80亿元，三年总计投入约250亿。\n在爆款车型——“比亚迪*汉”拉动其新能源销量后，比亚迪还将在动力电池、DMI混动系统和软件系统上发力。\n此前在新能源上发展缓慢的吉利汽车，希望通过新品牌吉利极氪001打场翻身仗。吉利极氪001于上海车展首次亮相，并计划今年Q4交付。这款车由吉利SEA浩瀚智能架构一手打造。为打造这款智能架构平台，吉利耗时4年，投入超过180亿元。\n公开数据显示，吉利在新能源研发及产业已投入超300亿元。在寻求科创板上市的招股书中，吉利称还将加大研发投入，拟募资200亿元，其中约80亿元用于新能源新车型开发或现有部分车型的升级换代；约30亿元用于新能源技术相关的前瞻技术研发项目。不过，在科创板上市折戟后，吉利表示将寻求外部融资。\n去年11月底，上汽联合阿里合资成立了纯电汽车品牌“智己汽车”，首轮融资达到100亿人民币，这也成为新造车里首轮融资就达到100亿元的项目。\n一边囤积粮草，一边招兵买马。今年以来，新能源汽车汽车“抢人大战”已至白热化阶段。\n各个新造车玩家开始高薪挖人。猎聘今年1月发布的报告显示，新能源汽车已经成为新发职位增长最快领域，同比激增103.53%。随着新玩家入场，年薪几百万抢人的消息不绝于耳。\n近日，小米于公司官网发布20余个需要“急聘”的自动驾驶相关岗位；集度汽车计划明年年底达到2000人-3000人的规模，其中包括400-500名软件工程师。\n6月以来，360智能汽车团队开启招聘，周鸿祎在微博亲自吆喝，欢迎汽车界人才自荐，称公司“在薪酬待遇方面全面放开、全力支持”。\n今年4月，理想汽车上海研发中心招聘已经启动，预计招聘规模超过2000人。小鹏汽车到2021年底研发人员数量也将翻倍。\n除挖人大战外，建厂扩充产能、扩充线下门店也需要投入大笔资金。\n为颠覆传统的4S店，蔚来、理想和小鹏等新势力，已经在购物中心争相开线下店。\n即便是反复强调做车企供应商的华为，也加入到开店大军中。据腾讯深网报道，为实现余承东内部敲定明年销售30万台的目标，华为计划7月底前在200家体验店卖车，年底拓展到1000家以上。\n3 投资人为什么怕了？\n造车运动如烈火烹油，造车项目的投资却像飞蛾扑火。\n投资人对造车项目已普遍冷静。多家PE/VC机构对好看商业表示，“不敢投”、“投不起”、“现在进场太晚了”。\n一个业界的共识是，新造车已成为一个更高阶的资本游戏，入场的门票越来越贵，越来越少，风险越来越高。个人创业者也不适合再入场造整车。\n“无论是做整车的早期项目、还是基金新入局投资，这个点进场都太晚了，”一家外资投资机构告诉好看商业，现在机会少了，投资的成本也更高了；即便是有产业背景的造车项目，也要看投资成本。\n一位本土Pe投资人甚至直言，“我不看整车，因为盘子太大、投不起、里头都是坑，最后有个百死一生都算好的。”\n“之前有很多基金都撒了钱，然后死在里面了，大家都意识到这是一个长期投资的事情” 一家关注汽车赛道的FA机构称，包括地方政府、产业资本在内，现在敢赌这个行业的不多了，因为之前敢赌的都已经赌过了。\n即便是实力雄厚的地方政府基金，对投资新造车也有点“望而却步”。\n一家服务于地方政府招商引资的企业负责人告诉好看商业，“政府基金对投资整车项目普遍持消极态度。如果是传统整车厂做的智能汽车项目还比较支持，其它的就算了，特别是对那些早期的整车项目，会非常谨慎”。\n这个趋势也不是一天形成的。\nit桔子有一份截至2020年Q3的“近5个季度”的数据，其中显示，融资额超过40亿元的热门行业里，“新车制造及硬件”融资事件只有15起，融资总额227.44亿元，远不及生物医药、医疗器械、集成电路、美食、视频、直播这样的行业热门。\n\n北汽产投联合清科研究中心发布的一份报告显示，其实2016年以来，泛汽车与大出行领域投资金额占股权投资市场比重就在下滑，从2016年的27.5%下降为2019年的14%。\n进入2021年，新造车公司的私募融资案更是例屈指可数。\n据公开信息，1月份，零跑科技公布 B 轮融资，金额 43 亿元，战略投资方包括国投创益、浙大九涌铧资本等。拜腾汽车重启，与富士康科技集团、南京经济技术开发区签署战略合作框架协议。\n投资人对造车的“畏惧感”，部分来自造车赛道的投资风险越来越高；还有部分来自上一轮投资失败的惨案。\n比如贾跃亭的“乐视汽车事故”。\n2016年9月11月，乐视分别完成两轮融资，规模近17亿美金，投资方不乏国家电网旗下的英大资本、深创投、新华联集团等知名机构。但乐视生态资金链断裂后，乐视汽车投资方被深套。\n\n乐视汽车目前是否已退还投资方资金不得而知。虽然仍在存续状态，但其已经多次成为失信被执行人，官司缠身。\n江苏地方政府也曾在新能源汽车项目上接连踩雷。据公开信息，江苏给予诸多支持的新造车公司拜腾、赛麟和博郡汽车烧光160亿之后，纷纷陷入关停、倒闭的困局。\n这些“惨案”足以让一级市场投资人望而却步。\n在二级市场，投资人对新造车股票依然有较高关注度。\n在港股，小鹏汽车的IPO招股期间获得近15倍超额认购。\n在美股，截至7月7日的2个月里，蔚来、小鹏、理想的股票分别录得约70%、90%和100%的涨幅。同期特斯拉的股价涨幅最小，约为5%。\n在A股，比亚迪股价在横盘一段时间后，过去不到2个月时间里涨超85%。\n\n国内知名券商的一位汽车分析师提到，智能汽车股股价上涨背后，除了业绩飙升的刺激，还受益于他们软件服务营收的增加。\n“如果智能电动汽车可以完成从整车到软件服务、数据收入的闭环，二级市场是不会吝啬给他们高估值的”，他说。\n长桥证券海豚投研团队认为，智能电动汽车的广阔前景目前是没有质疑的，中国、欧盟等的政策也很给力，但竞争升级成主要风险。\n他们认为，二级市场对智能汽车的关注度仍然很高，但目前普遍认为估值也比较高了，所以二级市场的关注点会扩散到汽车产业链上的公司。\n当很多人还在关注新造车的估值和风险时，赛富亚洲投资基金创始管理合伙人阎焱已经预感到了行业洗牌的来临。\n阎焱近日接受媒体采访时断言：造车新势力的倒闭潮不会太远，现在很多家已经奄奄一息了；因为没有几百亿的投资，车造不出来。\n造车如今已经演变成一场运动，并步入疯狂比拼“钞能力”的时代。怎么才能留在牌桌上呢？\n这个问题有奖竞猜，答案至少价值千亿美金。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2964,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}