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2021-04-28

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"Winning the Financial Report of US Stocks" Series (III): The "Story" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)

2021-04-28

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2021-04-28

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But in fact, the purpose of the annual report is nothing more than to convey effective information of enterprises, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three enterprises to learn and learn-</p><p>\"How to Read the Story Behind the Annual Report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the hottest</strong></p><p>The annual report of Chinese stocks is generally divided into three parts, the structure of each part is fixed by SEC, and the enterprise discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Outlook\". The general structure of the three major sections of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by an enterprise. You are interested in whatever aspect of the enterprise, and you will turn to which page to read it. Basically, all the enterprise information you want to know is included in the annual report.</p><p>Let's take NIO, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc = /Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Wondering who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results straightforwardly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s and 4,922 EC6s. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are a pioneer in the successful commercialization of EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUV, equipped with range extension systems and cutting-edge smart car solutions. We started production of the Li ONE in November 2019 and as of December 31, 2020, we had delivered more than 33,500 Li Ones. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 units of the P7 to customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio> XPeng> Ideal. However, combined with models, Nio has the most models, covering a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3, P7), with an average of 19,899 units sold per model; Ideal has only ONE car (Li ONE), with 33,500 units sold in a single model. As a result, the sales ranking of the three brands in a single model has become: Ideal> XPeng> Nio.</p><p>It can be seen that although the total sales volume of the three companies last year was high and low, it is difficult to say who has the advantage.</p><p><strong>Example 2: Wondering who makes more money?</strong></p><p>Methods: Still the first part of \"Operational and Financial Review, Prospects\", the enterprise gives a simple and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB5,304.1 million (US$812.9 million) in 2020, compared to a net loss of RMB11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB2,732.0 million (US$418.7 million) in 2020 compared to RMB3,691.7 million in 2019.\"</p><p>It can be seen that the three enterprises are losing money from 2019 to 2020. According to the loss amount, Ideal <XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%)> XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, is nothing more than two problems, one is<strong>\"Where do enterprise income come come from\"</strong>, the second is<strong>\"Where do enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". In \"Key Information\", the data is simply and rudely thrown, while in \"Operational and Financial Review and Prospects\", the data of the past three years is patiently explained. Well-founded and easy to understand.</p><p>We have briefly compiled it according to the \"key information\" of three enterprises:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio had the highest total revenue, and XPeng had the least. Considering the \"sales and operating costs\" alone, all three enterprises were still in a state of \"making ends meet\"; The highest gross profit margin is ideal, and the least is XPeng; The one that sells the most services is Nio; The largest investment in R&D is in XPeng.</p><p>In addition, in the \"Operational and Financial Review, Prospects\", the three companies<strong>Revenue and cost composition</strong>Further patient explanation was given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that there are great differences in the business strategies of the three enterprises: the ideal of the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report is full of information, and the important contents are concentrated in three items: \"Key Information\", \"Operational and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and words. The column data presents objective reality, and the text describes and explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To see the whole picture of the enterprise, it also depends on the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you should read the annual report more completely. To this end, we can build a reading map according to personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how the business money is spent.</strong>The purpose is to evaluate the ability of the enterprise to operate funds. Only when the funds are spent in the right place can they generate more reasonable and promising income. Annual reports provide us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can get it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise business is doing.</strong>The purpose is to evaluate the landing of the business model of the enterprise. Enterprises in different industries and different development stages of the same industry may change their business layout. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprise products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understanding the basics of business, that is, understanding the environment in which the business is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development future of enterprises is that there are senior executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, for executive information, look at \"directors, executives and employees\", and for policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal and XPeng. (As the basic financial data has been analyzed above, the following only discusses the \"business layout\" and \"operation basis\" of the three companies)</p><p>First up is Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiaopeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"business foundation\" of the three companies last year, it can be seen that new energy vehicle companies are facing two major problems at this stage, one is technical problems and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideal quickly occupies the transition of the two dynamics, and quickly achieves results; XPeng has plunged into technology research and development, intending to establish a firm technical barrier, while Nio has formed a relatively stable pure electric technology system. From the development point of view, XPeng and Nio are on par. Although Ideal has not revealed more direction information in technology, in today's era, the technological fortress still has a validity date. In the near future, there will be a few giants left in the tram market, and their moats are not necessarily made by technology.</p><p>Operationally, XPeng and Ideal seem to have given up their struggles. The operation of Nio has been involved in finance, services, users and technology, and these elements are precisely the precious resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build a reading map of the annual report suitable for yourself;</p><p>(2) Complete enterprise current situation, need from financial, business, environment and other angles</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of an enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and cumbersome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments does not affect your understanding at all;</p><p>(3) Depending on the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle enterprises is fierce, and the three companies have their own emphasis. Nio, service income is the first, and it seems that they are expanding services and peripheral services more; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng is the first in R&D investment, taking the technology flow and not hesitating to reduce it<span>Net Profit</span>And obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the opinions in this article do not constitute any investment advice.</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>\"Winning the Financial Report of US Stocks\" Series (III): The \"Story\" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)</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\">\n\"Winning the Financial Report of US Stocks\" Series (III): The \"Story\" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁斌penny</strong><span class=\"h-time small\">2021-04-27 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Some people say: I have no financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey effective information of enterprises, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three enterprises to learn and learn-</p><p>\"How to Read the Story Behind the Annual Report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the hottest</strong></p><p>The annual report of Chinese stocks is generally divided into three parts, the structure of each part is fixed by SEC, and the enterprise discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Outlook\". The general structure of the three major sections of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by an enterprise. You are interested in whatever aspect of the enterprise, and you will turn to which page to read it. Basically, all the enterprise information you want to know is included in the annual report.</p><p>Let's take NIO, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc = /Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Wondering who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results straightforwardly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s and 4,922 EC6s. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are a pioneer in the successful commercialization of EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUV, equipped with range extension systems and cutting-edge smart car solutions. We started production of the Li ONE in November 2019 and as of December 31, 2020, we had delivered more than 33,500 Li Ones. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 units of the P7 to customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio> XPeng> Ideal. However, combined with models, Nio has the most models, covering a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3, P7), with an average of 19,899 units sold per model; Ideal has only ONE car (Li ONE), with 33,500 units sold in a single model. As a result, the sales ranking of the three brands in a single model has become: Ideal> XPeng> Nio.</p><p>It can be seen that although the total sales volume of the three companies last year was high and low, it is difficult to say who has the advantage.</p><p><strong>Example 2: Wondering who makes more money?</strong></p><p>Methods: Still the first part of \"Operational and Financial Review, Prospects\", the enterprise gives a simple and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB5,304.1 million (US$812.9 million) in 2020, compared to a net loss of RMB11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB2,732.0 million (US$418.7 million) in 2020 compared to RMB3,691.7 million in 2019.\"</p><p>It can be seen that the three enterprises are losing money from 2019 to 2020. According to the loss amount, Ideal <XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%)> XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, is nothing more than two problems, one is<strong>\"Where do enterprise income come come from\"</strong>, the second is<strong>\"Where do enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". In \"Key Information\", the data is simply and rudely thrown, while in \"Operational and Financial Review and Prospects\", the data of the past three years is patiently explained. Well-founded and easy to understand.</p><p>We have briefly compiled it according to the \"key information\" of three enterprises:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio had the highest total revenue, and XPeng had the least. Considering the \"sales and operating costs\" alone, all three enterprises were still in a state of \"making ends meet\"; The highest gross profit margin is ideal, and the least is XPeng; The one that sells the most services is Nio; The largest investment in R&D is in XPeng.</p><p>In addition, in the \"Operational and Financial Review, Prospects\", the three companies<strong>Revenue and cost composition</strong>Further patient explanation was given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that there are great differences in the business strategies of the three enterprises: the ideal of the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report is full of information, and the important contents are concentrated in three items: \"Key Information\", \"Operational and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and words. The column data presents objective reality, and the text describes and explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To see the whole picture of the enterprise, it also depends on the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you should read the annual report more completely. To this end, we can build a reading map according to personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how the business money is spent.</strong>The purpose is to evaluate the ability of the enterprise to operate funds. Only when the funds are spent in the right place can they generate more reasonable and promising income. Annual reports provide us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can get it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise business is doing.</strong>The purpose is to evaluate the landing of the business model of the enterprise. Enterprises in different industries and different development stages of the same industry may change their business layout. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprise products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understanding the basics of business, that is, understanding the environment in which the business is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development future of enterprises is that there are senior executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, for executive information, look at \"directors, executives and employees\", and for policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal and XPeng. (As the basic financial data has been analyzed above, the following only discusses the \"business layout\" and \"operation basis\" of the three companies)</p><p>First up is Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiaopeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"business foundation\" of the three companies last year, it can be seen that new energy vehicle companies are facing two major problems at this stage, one is technical problems and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideal quickly occupies the transition of the two dynamics, and quickly achieves results; XPeng has plunged into technology research and development, intending to establish a firm technical barrier, while Nio has formed a relatively stable pure electric technology system. From the development point of view, XPeng and Nio are on par. Although Ideal has not revealed more direction information in technology, in today's era, the technological fortress still has a validity date. In the near future, there will be a few giants left in the tram market, and their moats are not necessarily made by technology.</p><p>Operationally, XPeng and Ideal seem to have given up their struggles. The operation of Nio has been involved in finance, services, users and technology, and these elements are precisely the precious resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build a reading map of the annual report suitable for yourself;</p><p>(2) Complete enterprise current situation, need from financial, business, environment and other angles</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of an enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and cumbersome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments does not affect your understanding at all;</p><p>(3) Depending on the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle enterprises is fierce, and the three companies have their own emphasis. Nio, service income is the first, and it seems that they are expanding services and peripheral services more; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng is the first in R&D investment, taking the technology flow and not hesitating to reduce it<span>Net Profit</span>And obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the opinions in this article do not constitute any investment advice.</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=nesSN20210427191759787e2302&s=b\">梁斌penny</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eebab619623966f6e7115434f653b888","relate_stocks":{"XPEV":"小鹏集团","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2130185329","content_text":"有人说：我没有财务基础，年报里很多财务报表，看不懂。但实际上，年报的目的无非就是传达企业的有效信息，信息的表达也不外乎数字、文字。所以，看年报，财务有财务的看法，非财务人员其实也另有门道。本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。年报的众多内容中，“经营情况”最热门中概股年报一般分成三个部分，每个部分的结构是SEC固定的，企业根据实际情况披露。我们在各种文章中看到数据，通常来源于年报第一部分，比如“关键信息”、“营运及财务回顾、前景”。年报的三大部分大致结构如下：年报就像企业定期发布的一本杂志，你对企业的哪方面感兴趣，就翻到哪一页去读，基本上，你想了解的企业信息，年报里都有。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。本文年报数据来源蔚来：https://www.sec.gov/ix?doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm理想：https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm小鹏：https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm例一：想知道谁卖了更多的车？方法：翻到第一部分“营运及财务回顾、前景”（OPERATING AND FINANCIAL REVIEW AND PROSPECTS），数据和文字将直截了当告诉你结果。蔚来：“到2020年，我们交付了43,728辆汽车，包括10,861辆ES8、27,945辆ES6和4,922辆EC6。截至2020年12月31日，我们共交付了75,641辆汽车。下表列出了所示期间与我们的车辆有关的交付数据。”理想：“我们是中国新能源汽车市场的创新者。我们设计，开发，制造和销售高级智能电动SUV。通过我们的产品，技术和商业模式创新，我们为家庭提供安全，方便和精致的产品和服务。我们是在中国成功商业化EREV的先驱。我们的首款车型Li ONE是六座大型豪华电动SUV，配备了增程系统和尖端的智能汽车解决方案。我们于2019年11月开始量产Li ONE，截至2020年12月31日，我们已交付了超过33,500辆Li ONE。”小鹏：“我们于2018年11月开始生产G3，截至2020年12月31日，我们已向客户交付了24,736单位G3。我们开始生产P7，并于2020年5月开始交付，到2020年12月31日，我们已向客户交付了15,062台P7。我们计划在2021年推出我们的第三款Smart EV轿车。”单看总销量，蔚来>小鹏>理想。但结合车型，蔚来车型最多，覆盖市场更广，平均每个车型销量14576；小鹏有两款车（G3、P7），平均每个车型卖出19899辆；而理想只有一款车（Li ONE），单个车型卖出33500辆，如此一来，三个品牌的单车型销量排名变成了：理想>小鹏>蔚来。可见，三个公司去年虽然总销量有高低，但谁更有优势却不好说。例二：想知道谁赚了更多的钱？方法：还是第一部分的“营运及财务回顾、前景”，企业对自己的盈亏进行了简而有力的描述。蔚来：“由于上述原因，我们在2020年净亏损为53.041亿元人民币（8.129亿美元），而在2019年则为净亏损112.957亿元人民币。”理想：“由于上述原因，我们在2020年发生了人民币1.517亿元（约合2,320万美元）的净亏损，而在2019年则是人民币24亿元的净亏损。”小鹏：“由于上述原因，我们在2020年发生了净亏损人民币27.320亿元（4.187亿美元），而在2019年则为人民币36.917亿元。”可见，三家企业从2019到2020都在亏损，按照亏损额来看，理想<小鹏<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>蔚来（53.04%）>小鹏（26.00%）。这样看来，理想的赚钱能力是不是更强一些？例三：想了解企业的经营策略？方法：经营策略，简单来说无非两个问题，一是“企业收入从哪来”，二是“企业把钱花哪了”。在年报中，这两类信息都几种体现在“关键信息”和“营运及财务回顾、前景”两部分。“关键信息”中简单粗暴地抛数据，“营运及财务回顾、前景”则对近三年的数据进行了耐心解释。有理有据，通俗易懂。我们根据三家企业的“关键信息”进行了简单整理：根据上述信息：2020年总收入最高的是蔚来，最少的是小鹏，单考虑“销售与营业成本”的话，三家企业都还处于“入不敷出”的状态；毛利率最高的是理想，最少的是小鹏；卖服务最多的是蔚来；研发投入最多的是小鹏。另外，在“营运及财务回顾、前景”中，三家企业对收入和成本构成又进行了进一步的耐心解释：不难发现，三个企业经营策略有很大出入：毛利率最高的理想，看似最能赚钱，在研发上孤注一掷的小鹏稍显固执，研发、服务、产品创新一样不落下的蔚来貌似格局最广。小结：（1）年报信息全，重要内容集中在“关键信息”、“营运及财务回顾、前景”、“财务报表”三个条目中；（2）年报信息形式包括数据、文字，列数据呈现客观现实，文字描述解释其中原因，简单清晰，通俗易懂。二窥企业全貌，还得看业务布局和环境了解企业全貌，读年报就要读更全。为此，我们可以根据个人的认知习惯搭建阅读导图，理清阅读思路：了解财务情况，也就是了解企业钱花得怎么样。目的是为了评估企业的资金运营能力，资金花在了正确的地方，才会产生更合理、更有前途的收入。年报为我们提供最直观、最基础的财务信息。（如果需要更专业的评估信息，可以从券商平台获取，比如杜邦分析）了解业务布局，也就是了解企业业务做得怎么样。目的是为了评估企业的商业模式的落地情况。不同行业、同一行业不同发展阶段的企业，业务布局可能会发生改变。了解企业业务布局可从研发、营销、服务三个点切入了解。其中，研发代表企业的核心竞争力，营销代表企业产品的市场接受度，服务代表企业的战略布局。业务情况主要看第一部分“有关公司的信息”。了解经营基础，也就是了解企业所处的环境怎么样。目的是为了评估企业的发展前途。影响企业发展前途的，一有高管，二有政策环境，三有行业环境，企业年报为我们提供了一部分关键信息。比如，高管信息看“董事、高管和雇员”，政策环境、行业环境看“关键信息”中的风险部分。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。（由于上文已经对基本的财务数据进行了分析，下面仅探讨三家公司的“业务布局”与“经营基础”）首先是蔚来：蔚 来理 想小 鹏从三家公司的去年的“业务布局”和“经营基础”可以看到，新能源车企现阶段面临的两大难题，一是技术难题，二是运营难题。技术上，三家新能源车企的核心技术各有千秋。理想快速占领两种动力的过渡地段，并且迅速取得了业绩；小鹏一头扎进技术研发，意图建立牢固的技术壁垒，蔚来则已经形成了相对稳固的纯电动技术体系。从发展性上看，小鹏和蔚来不相上下，虽然理想在技术上仍未透露更多的方向信息，但在如今的时代，技术堡垒还是存在有效期的。不久的将来，电车市场终将剩下几大巨头，而它们护城河却不一定是由技术造就的。运营上，小鹏、理想似乎已经放弃挣扎。蔚来的运营已经涉足金融、服务、用户以及技术上，而这几大元素，恰恰是当今时代堆砌“城墙”的珍贵资源。小结：（1）了解企业总体情况，要搭建适合自己的年报阅读导图；（2）完整的企业近况，需要从财务、业务、环境等角三总结（1）阅读企业年报是了解企业最有效的办法，年报由数字和文字组成，看似复杂累赘，实则有理有据，通俗易懂；（2）阅读企业年报可根据偏好翻阅，片段阅读丝毫不影响理解；（3）要看企业近期全貌，最好构建阅读导图，根据框架定位阅读；（4）新能源汽车企业竞争激烈，三家各有侧重，蔚来，服务收益第一，看上去更加的拓展服务，扩大周边服务；理想第一、侧重效率，提高毛利率，稳住现金消耗，打持久战；小鹏研发投入第一，走的是技术流，不惜降低净利润，通过技术路线获得未来的市场竞争机会。声明：本文图表资料均整理自SEC官网，文中观点不构成任何投资建议。","news_type":1,"symbols_score_info":{"NIO":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":3322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan to launch blockchain payment platform in partnership with Temasek and others","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore's Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 Commercial Bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop wholesale payment tracks based on digitized commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlements for various financial transactions. This will help banks overcome the challenges presented by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases for blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of USD and SGD between Singapore banks, and will eventually expand the service to other markets and currencies. In addition, the platform will be used to complement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","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>JPMorgan to launch blockchain payment platform in partnership with Temasek and others</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\">\nJPMorgan to launch blockchain payment platform in partnership with Temasek and others\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore's Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 Commercial Bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop wholesale payment tracks based on digitized commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlements for various financial transactions. This will help banks overcome the challenges presented by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases for blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of USD and SGD between Singapore banks, and will eventually expand the service to other markets and currencies. In addition, the platform will be used to complement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":3454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"isVote":1,"tweetType":1,"viewCount":3699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":3032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100175306,"gmtCreate":1619595545305,"gmtModify":1704726513712,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100175306","repostId":"2130185329","repostType":2,"repost":{"id":"2130185329","kind":"news","pubTimestamp":1619522556,"share":"https://ttm.financial/m/news/2130185329?lang=en_US&edition=fundamental","pubTime":"2021-04-27 19:22","market":"us","language":"zh","title":"\"Winning the Financial Report of US Stocks\" Series (III): The \"Story\" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)","url":"https://stock-news.laohu8.com/highlight/detail?id=2130185329","media":"梁斌penny","summary":"本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。单看总销量，蔚来>小鹏>理想。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想>蔚来>小鹏。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。","content":"<p><html><body><article>Some people say: I have no financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey effective information of enterprises, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three enterprises to learn and learn-</p><p>\"How to Read the Story Behind the Annual Report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the hottest</strong></p><p>The annual report of Chinese stocks is generally divided into three parts, the structure of each part is fixed by SEC, and the enterprise discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Outlook\". The general structure of the three major sections of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by an enterprise. You are interested in whatever aspect of the enterprise, and you will turn to which page to read it. Basically, all the enterprise information you want to know is included in the annual report.</p><p>Let's take NIO, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc = /Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Wondering who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results straightforwardly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s and 4,922 EC6s. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are a pioneer in the successful commercialization of EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUV, equipped with range extension systems and cutting-edge smart car solutions. We started production of the Li ONE in November 2019 and as of December 31, 2020, we had delivered more than 33,500 Li Ones. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 units of the P7 to customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio> XPeng> Ideal. However, combined with models, Nio has the most models, covering a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3, P7), with an average of 19,899 units sold per model; Ideal has only ONE car (Li ONE), with 33,500 units sold in a single model. As a result, the sales ranking of the three brands in a single model has become: Ideal> XPeng> Nio.</p><p>It can be seen that although the total sales volume of the three companies last year was high and low, it is difficult to say who has the advantage.</p><p><strong>Example 2: Wondering who makes more money?</strong></p><p>Methods: Still the first part of \"Operational and Financial Review, Prospects\", the enterprise gives a simple and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB5,304.1 million (US$812.9 million) in 2020, compared to a net loss of RMB11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB2,732.0 million (US$418.7 million) in 2020 compared to RMB3,691.7 million in 2019.\"</p><p>It can be seen that the three enterprises are losing money from 2019 to 2020. According to the loss amount, Ideal <XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%)> XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, is nothing more than two problems, one is<strong>\"Where do enterprise income come come from\"</strong>, the second is<strong>\"Where do enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". In \"Key Information\", the data is simply and rudely thrown, while in \"Operational and Financial Review and Prospects\", the data of the past three years is patiently explained. Well-founded and easy to understand.</p><p>We have briefly compiled it according to the \"key information\" of three enterprises:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio had the highest total revenue, and XPeng had the least. Considering the \"sales and operating costs\" alone, all three enterprises were still in a state of \"making ends meet\"; The highest gross profit margin is ideal, and the least is XPeng; The one that sells the most services is Nio; The largest investment in R&D is in XPeng.</p><p>In addition, in the \"Operational and Financial Review, Prospects\", the three companies<strong>Revenue and cost composition</strong>Further patient explanation was given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that there are great differences in the business strategies of the three enterprises: the ideal of the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report is full of information, and the important contents are concentrated in three items: \"Key Information\", \"Operational and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and words. The column data presents objective reality, and the text describes and explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To see the whole picture of the enterprise, it also depends on the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you should read the annual report more completely. To this end, we can build a reading map according to personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how the business money is spent.</strong>The purpose is to evaluate the ability of the enterprise to operate funds. Only when the funds are spent in the right place can they generate more reasonable and promising income. Annual reports provide us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can get it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise business is doing.</strong>The purpose is to evaluate the landing of the business model of the enterprise. Enterprises in different industries and different development stages of the same industry may change their business layout. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprise products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understanding the basics of business, that is, understanding the environment in which the business is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development future of enterprises is that there are senior executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, for executive information, look at \"directors, executives and employees\", and for policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal and XPeng. (As the basic financial data has been analyzed above, the following only discusses the \"business layout\" and \"operation basis\" of the three companies)</p><p>First up is Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiaopeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"business foundation\" of the three companies last year, it can be seen that new energy vehicle companies are facing two major problems at this stage, one is technical problems and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideal quickly occupies the transition of the two dynamics, and quickly achieves results; XPeng has plunged into technology research and development, intending to establish a firm technical barrier, while Nio has formed a relatively stable pure electric technology system. From the development point of view, XPeng and Nio are on par. Although Ideal has not revealed more direction information in technology, in today's era, the technological fortress still has a validity date. In the near future, there will be a few giants left in the tram market, and their moats are not necessarily made by technology.</p><p>Operationally, XPeng and Ideal seem to have given up their struggles. The operation of Nio has been involved in finance, services, users and technology, and these elements are precisely the precious resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build a reading map of the annual report suitable for yourself;</p><p>(2) Complete enterprise current situation, need from financial, business, environment and other angles</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of an enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and cumbersome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments does not affect your understanding at all;</p><p>(3) Depending on the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle enterprises is fierce, and the three companies have their own emphasis. Nio, service income is the first, and it seems that they are expanding services and peripheral services more; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng is the first in R&D investment, taking the technology flow and not hesitating to reduce it<span>Net Profit</span>And obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the opinions in this article do not constitute any investment advice.</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>\"Winning the Financial Report of US Stocks\" Series (III): The \"Story\" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)</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\">\n\"Winning the Financial Report of US Stocks\" Series (III): The \"Story\" Behind the Annual Report-Reading the Latest Financial Reports of Nio, Ideal and XPeng (Issue 18)\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁斌penny</strong><span class=\"h-time small\">2021-04-27 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Some people say: I have no financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey effective information of enterprises, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three enterprises to learn and learn-</p><p>\"How to Read the Story Behind the Annual Report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the hottest</strong></p><p>The annual report of Chinese stocks is generally divided into three parts, the structure of each part is fixed by SEC, and the enterprise discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Outlook\". The general structure of the three major sections of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>An annual report is like a magazine published regularly by an enterprise. You are interested in whatever aspect of the enterprise, and you will turn to which page to read it. Basically, all the enterprise information you want to know is included in the annual report.</p><p>Let's take NIO, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc = /Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Wondering who sold more cars?</strong></p><p>Method: Turn to the first section, \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS,\" AND the data AND text will tell you the results straightforwardly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8s, 27,945 ES6s and 4,922 EC6s. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are a pioneer in the successful commercialization of EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">luxury</a>Electric SUV, equipped with range extension systems and cutting-edge smart car solutions. We started production of the Li ONE in November 2019 and as of December 31, 2020, we had delivered more than 33,500 Li Ones. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018, and as of December 31, 2020, we had delivered 24,736 units of the G3 to customers. We started production of the P7, and deliveries began in May 2020, and as of December 31, 2020, we had delivered 15,062 units of the P7 to customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio> XPeng> Ideal. However, combined with models, Nio has the most models, covering a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3, P7), with an average of 19,899 units sold per model; Ideal has only ONE car (Li ONE), with 33,500 units sold in a single model. As a result, the sales ranking of the three brands in a single model has become: Ideal> XPeng> Nio.</p><p>It can be seen that although the total sales volume of the three companies last year was high and low, it is difficult to say who has the advantage.</p><p><strong>Example 2: Wondering who makes more money?</strong></p><p>Methods: Still the first part of \"Operational and Financial Review, Prospects\", the enterprise gives a simple and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB5,304.1 million (US$812.9 million) in 2020, compared to a net loss of RMB11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB151.7 million (approximately US$23.2 million) in 2020, compared to a net loss of RMB2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB2,732.0 million (US$418.7 million) in 2020 compared to RMB3,691.7 million in 2019.\"</p><p>It can be seen that the three enterprises are losing money from 2019 to 2020. According to the loss amount, Ideal <XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%)> XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, is nothing more than two problems, one is<strong>\"Where do enterprise income come come from\"</strong>, the second is<strong>\"Where do enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". In \"Key Information\", the data is simply and rudely thrown, while in \"Operational and Financial Review and Prospects\", the data of the past three years is patiently explained. Well-founded and easy to understand.</p><p>We have briefly compiled it according to the \"key information\" of three enterprises:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio had the highest total revenue, and XPeng had the least. Considering the \"sales and operating costs\" alone, all three enterprises were still in a state of \"making ends meet\"; The highest gross profit margin is ideal, and the least is XPeng; The one that sells the most services is Nio; The largest investment in R&D is in XPeng.</p><p>In addition, in the \"Operational and Financial Review, Prospects\", the three companies<strong>Revenue and cost composition</strong>Further patient explanation was given:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that there are great differences in the business strategies of the three enterprises: the ideal of the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report is full of information, and the important contents are concentrated in three items: \"Key Information\", \"Operational and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and words. The column data presents objective reality, and the text describes and explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To see the whole picture of the enterprise, it also depends on the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you should read the annual report more completely. To this end, we can build a reading map according to personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how the business money is spent.</strong>The purpose is to evaluate the ability of the enterprise to operate funds. Only when the funds are spent in the right place can they generate more reasonable and promising income. Annual reports provide us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can get it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise business is doing.</strong>The purpose is to evaluate the landing of the business model of the enterprise. Enterprises in different industries and different development stages of the same industry may change their business layout. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprise products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understanding the basics of business, that is, understanding the environment in which the business is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development future of enterprises is that there are senior executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, for executive information, look at \"directors, executives and employees\", and for policy environment and industry environment, look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal and XPeng. (As the basic financial data has been analyzed above, the following only discusses the \"business layout\" and \"operation basis\" of the three companies)</p><p>First up is Nio:</p><p><strong>Wei Lai</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>Xiaopeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"business foundation\" of the three companies last year, it can be seen that new energy vehicle companies are facing two major problems at this stage, one is technical problems and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideal quickly occupies the transition of the two dynamics, and quickly achieves results; XPeng has plunged into technology research and development, intending to establish a firm technical barrier, while Nio has formed a relatively stable pure electric technology system. From the development point of view, XPeng and Nio are on par. Although Ideal has not revealed more direction information in technology, in today's era, the technological fortress still has a validity date. In the near future, there will be a few giants left in the tram market, and their moats are not necessarily made by technology.</p><p>Operationally, XPeng and Ideal seem to have given up their struggles. The operation of Nio has been involved in finance, services, users and technology, and these elements are precisely the precious resources for building \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build a reading map of the annual report suitable for yourself;</p><p>(2) Complete enterprise current situation, need from financial, business, environment and other angles</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of an enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and cumbersome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments does not affect your understanding at all;</p><p>(3) Depending on the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle enterprises is fierce, and the three companies have their own emphasis. Nio, service income is the first, and it seems that they are expanding services and peripheral services more; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng is the first in R&D investment, taking the technology flow and not hesitating to reduce it<span>Net Profit</span>And obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the opinions in this article do not constitute any investment advice.</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=nesSN20210427191759787e2302&s=b\">梁斌penny</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eebab619623966f6e7115434f653b888","relate_stocks":{"XPEV":"小鹏集团","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2130185329","content_text":"有人说：我没有财务基础，年报里很多财务报表，看不懂。但实际上，年报的目的无非就是传达企业的有效信息，信息的表达也不外乎数字、文字。所以，看年报，财务有财务的看法，非财务人员其实也另有门道。本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。年报的众多内容中，“经营情况”最热门中概股年报一般分成三个部分，每个部分的结构是SEC固定的，企业根据实际情况披露。我们在各种文章中看到数据，通常来源于年报第一部分，比如“关键信息”、“营运及财务回顾、前景”。年报的三大部分大致结构如下：年报就像企业定期发布的一本杂志，你对企业的哪方面感兴趣，就翻到哪一页去读，基本上，你想了解的企业信息，年报里都有。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。本文年报数据来源蔚来：https://www.sec.gov/ix?doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm理想：https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm小鹏：https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm例一：想知道谁卖了更多的车？方法：翻到第一部分“营运及财务回顾、前景”（OPERATING AND FINANCIAL REVIEW AND PROSPECTS），数据和文字将直截了当告诉你结果。蔚来：“到2020年，我们交付了43,728辆汽车，包括10,861辆ES8、27,945辆ES6和4,922辆EC6。截至2020年12月31日，我们共交付了75,641辆汽车。下表列出了所示期间与我们的车辆有关的交付数据。”理想：“我们是中国新能源汽车市场的创新者。我们设计，开发，制造和销售高级智能电动SUV。通过我们的产品，技术和商业模式创新，我们为家庭提供安全，方便和精致的产品和服务。我们是在中国成功商业化EREV的先驱。我们的首款车型Li ONE是六座大型豪华电动SUV，配备了增程系统和尖端的智能汽车解决方案。我们于2019年11月开始量产Li ONE，截至2020年12月31日，我们已交付了超过33,500辆Li ONE。”小鹏：“我们于2018年11月开始生产G3，截至2020年12月31日，我们已向客户交付了24,736单位G3。我们开始生产P7，并于2020年5月开始交付，到2020年12月31日，我们已向客户交付了15,062台P7。我们计划在2021年推出我们的第三款Smart EV轿车。”单看总销量，蔚来>小鹏>理想。但结合车型，蔚来车型最多，覆盖市场更广，平均每个车型销量14576；小鹏有两款车（G3、P7），平均每个车型卖出19899辆；而理想只有一款车（Li ONE），单个车型卖出33500辆，如此一来，三个品牌的单车型销量排名变成了：理想>小鹏>蔚来。可见，三个公司去年虽然总销量有高低，但谁更有优势却不好说。例二：想知道谁赚了更多的钱？方法：还是第一部分的“营运及财务回顾、前景”，企业对自己的盈亏进行了简而有力的描述。蔚来：“由于上述原因，我们在2020年净亏损为53.041亿元人民币（8.129亿美元），而在2019年则为净亏损112.957亿元人民币。”理想：“由于上述原因，我们在2020年发生了人民币1.517亿元（约合2,320万美元）的净亏损，而在2019年则是人民币24亿元的净亏损。”小鹏：“由于上述原因，我们在2020年发生了净亏损人民币27.320亿元（4.187亿美元），而在2019年则为人民币36.917亿元。”可见，三家企业从2019到2020都在亏损，按照亏损额来看，理想<小鹏<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>蔚来（53.04%）>小鹏（26.00%）。这样看来，理想的赚钱能力是不是更强一些？例三：想了解企业的经营策略？方法：经营策略，简单来说无非两个问题，一是“企业收入从哪来”，二是“企业把钱花哪了”。在年报中，这两类信息都几种体现在“关键信息”和“营运及财务回顾、前景”两部分。“关键信息”中简单粗暴地抛数据，“营运及财务回顾、前景”则对近三年的数据进行了耐心解释。有理有据，通俗易懂。我们根据三家企业的“关键信息”进行了简单整理：根据上述信息：2020年总收入最高的是蔚来，最少的是小鹏，单考虑“销售与营业成本”的话，三家企业都还处于“入不敷出”的状态；毛利率最高的是理想，最少的是小鹏；卖服务最多的是蔚来；研发投入最多的是小鹏。另外，在“营运及财务回顾、前景”中，三家企业对收入和成本构成又进行了进一步的耐心解释：不难发现，三个企业经营策略有很大出入：毛利率最高的理想，看似最能赚钱，在研发上孤注一掷的小鹏稍显固执，研发、服务、产品创新一样不落下的蔚来貌似格局最广。小结：（1）年报信息全，重要内容集中在“关键信息”、“营运及财务回顾、前景”、“财务报表”三个条目中；（2）年报信息形式包括数据、文字，列数据呈现客观现实，文字描述解释其中原因，简单清晰，通俗易懂。二窥企业全貌，还得看业务布局和环境了解企业全貌，读年报就要读更全。为此，我们可以根据个人的认知习惯搭建阅读导图，理清阅读思路：了解财务情况，也就是了解企业钱花得怎么样。目的是为了评估企业的资金运营能力，资金花在了正确的地方，才会产生更合理、更有前途的收入。年报为我们提供最直观、最基础的财务信息。（如果需要更专业的评估信息，可以从券商平台获取，比如杜邦分析）了解业务布局，也就是了解企业业务做得怎么样。目的是为了评估企业的商业模式的落地情况。不同行业、同一行业不同发展阶段的企业，业务布局可能会发生改变。了解企业业务布局可从研发、营销、服务三个点切入了解。其中，研发代表企业的核心竞争力，营销代表企业产品的市场接受度，服务代表企业的战略布局。业务情况主要看第一部分“有关公司的信息”。了解经营基础，也就是了解企业所处的环境怎么样。目的是为了评估企业的发展前途。影响企业发展前途的，一有高管，二有政策环境，三有行业环境，企业年报为我们提供了一部分关键信息。比如，高管信息看“董事、高管和雇员”，政策环境、行业环境看“关键信息”中的风险部分。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。（由于上文已经对基本的财务数据进行了分析，下面仅探讨三家公司的“业务布局”与“经营基础”）首先是蔚来：蔚 来理 想小 鹏从三家公司的去年的“业务布局”和“经营基础”可以看到，新能源车企现阶段面临的两大难题，一是技术难题，二是运营难题。技术上，三家新能源车企的核心技术各有千秋。理想快速占领两种动力的过渡地段，并且迅速取得了业绩；小鹏一头扎进技术研发，意图建立牢固的技术壁垒，蔚来则已经形成了相对稳固的纯电动技术体系。从发展性上看，小鹏和蔚来不相上下，虽然理想在技术上仍未透露更多的方向信息，但在如今的时代，技术堡垒还是存在有效期的。不久的将来，电车市场终将剩下几大巨头，而它们护城河却不一定是由技术造就的。运营上，小鹏、理想似乎已经放弃挣扎。蔚来的运营已经涉足金融、服务、用户以及技术上，而这几大元素，恰恰是当今时代堆砌“城墙”的珍贵资源。小结：（1）了解企业总体情况，要搭建适合自己的年报阅读导图；（2）完整的企业近况，需要从财务、业务、环境等角三总结（1）阅读企业年报是了解企业最有效的办法，年报由数字和文字组成，看似复杂累赘，实则有理有据，通俗易懂；（2）阅读企业年报可根据偏好翻阅，片段阅读丝毫不影响理解；（3）要看企业近期全貌，最好构建阅读导图，根据框架定位阅读；（4）新能源汽车企业竞争激烈，三家各有侧重，蔚来，服务收益第一，看上去更加的拓展服务，扩大周边服务；理想第一、侧重效率，提高毛利率，稳住现金消耗，打持久战；小鹏研发投入第一，走的是技术流，不惜降低净利润，通过技术路线获得未来的市场竞争机会。声明：本文图表资料均整理自SEC官网，文中观点不构成任何投资建议。","news_type":1,"symbols_score_info":{"NIO":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":3322,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan to launch blockchain payment platform in partnership with Temasek and others","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore's Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 Commercial Bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop wholesale payment tracks based on digitized commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlements for various financial transactions. This will help banks overcome the challenges presented by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases for blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of USD and SGD between Singapore banks, and will eventually expand the service to other markets and currencies. In addition, the platform will be used to complement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","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>JPMorgan to launch blockchain payment platform in partnership with Temasek and others</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\">\nJPMorgan to launch blockchain payment platform in partnership with Temasek and others\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore's Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 Commercial Bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop wholesale payment tracks based on digitized commercial bank currencies to enable \"atomic\" (i.e., instant) payment settlements for various financial transactions. This will help banks overcome the challenges presented by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases for blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating the flow of USD and SGD between Singapore banks, and will eventually expand the service to other markets and currencies. In addition, the platform will be used to complement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":3454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"isVote":1,"tweetType":1,"viewCount":3699,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550402835667717","authorIdStr":"3550402835667717"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":3032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}