+Follow
安妮1022
No personal profile
540
Follow
28
Followers
0
Topic
0
Badge
Posts
Hot
安妮1022
2021-05-09
?
Sorry, the original content has been removed
安妮1022
2021-05-21
???
Sorry, the original content has been removed
安妮1022
2021-07-13
???
Sorry, the original content has been removed
安妮1022
2021-05-16
?
Sorry, the original content has been removed
安妮1022
2021-05-05
?
Sorry, the original content has been removed
安妮1022
2021-05-05
?
Sorry, the original content has been removed
安妮1022
2021-09-01
?
Sorry, the original content has been removed
安妮1022
2021-07-13
?
Sorry, the original content has been removed
安妮1022
2021-05-15
?
Sorry, the original content has been removed
安妮1022
2021-05-09
?
Sorry, the original content has been removed
安妮1022
2021-05-02
?
Sorry, the original content has been removed
安妮1022
2021-04-27
?
Sorry, the original content has been removed
安妮1022
2021-04-26
?
Sorry, the original content has been removed
安妮1022
2021-04-26
??
Sorry, the original content has been removed
安妮1022
2021-03-15
?
Sorry, the original content has been removed
安妮1022
2022-08-03
$Unity Software Inc.(U)$
Up
安妮1022
2021-08-22
?
Sorry, the original content has been removed
安妮1022
2021-08-10
?
Sorry, the original content has been removed
安妮1022
2021-07-05
?
Sorry, the original content has been removed
安妮1022
2021-07-05
?
Sorry, the original content has been removed
Go to Tiger App to see more news
Invest in Global Markets with Tiger Brokers!
Open App
{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3569319906313275","uuid":"3569319906313275","gmtCreate":1606226117642,"gmtModify":1608893158758,"name":"安妮1022","pinyin":"an1022anni1022","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":28,"headSize":540,"tweetSize":179,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.01.03","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.61%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.57%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":5,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9907378196,"gmtCreate":1660149913917,"gmtModify":1703478433707,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/f8398eae8b398da9af0b088f6bae9dde","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9907378196","isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9904923496,"gmtCreate":1659981457217,"gmtModify":1703476576286,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/e93716864321515b5168ddce16163717","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9904923496","isVote":1,"tweetType":1,"viewCount":557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9906298465,"gmtCreate":1659546650460,"gmtModify":1705981455240,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/6e8791ccd32f2ed8138b56cde573be9d","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9906298465","isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9901064265,"gmtCreate":1659100029657,"gmtModify":1676536257449,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>up","text":"$Unity Software Inc.(U)$up","images":[{"img":"https://community-static.tradeup.com/news/6a8614cd15e528b7f3906d345b1bfdbd","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901064265","isVote":1,"tweetType":1,"viewCount":891,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9073239113,"gmtCreate":1657344208532,"gmtModify":1676535995833,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up up up ","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up up up ","text":"$Unity Software Inc.(U)$Up up up","images":[{"img":"https://community-static.tradeup.com/news/42705390a8e6af029ce2f63862863aab","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9073239113","isVote":1,"tweetType":1,"viewCount":417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9049537636,"gmtCreate":1655814734125,"gmtModify":1676535709995,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>😊","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>😊","text":"$Unity Software Inc.(U)$😊","images":[{"img":"https://community-static.tradeup.com/news/8ac74478b566e55e407bee55889f5647","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9049537636","isVote":1,"tweetType":1,"viewCount":468,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":816109151,"gmtCreate":1630473209373,"gmtModify":1676530313217,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/816109151","repostId":"1186121597","repostType":4,"repost":{"id":"1186121597","kind":"news","pubTimestamp":1630468996,"share":"https://ttm.financial/m/news/1186121597?lang=&edition=full_marsco","pubTime":"2021-09-01 12:03","market":"hk","language":"zh","title":"“水中茅台”的水下泡沫","url":"https://stock-news.laohu8.com/highlight/detail?id=1186121597","media":"新熵","summary":"在此之前,没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃,“代表中国财富的不是什么大数据等等的东西,而是普普通通的四瓶水。”这里的“四瓶水”,指的就是茅台、金龙鱼、","content":"<p>在此之前,没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。</p>\n<p>经济学家马光远曾调侃,“代表中国财富的不是什么大数据等等的东西,而是普普通通的四瓶水。”这里的“四瓶水”,指的就是茅台、<a href=\"https://laohu8.com/S/300999\">金龙鱼</a>、海天酱油,以及<a href=\"https://laohu8.com/S/09633\">农夫山泉</a>。</p>\n<p>单价2元的农夫山泉在大大小小的超市随处可见,而正是这些不起眼的瓶装水,撑起来一个“水中茅台”的财富神话。</p>\n<p>瓶装水的利润能有多高?</p>\n<p>据农夫山泉的历年财报数据显示,近几年瓶装水的毛利率可以达到60%,哪怕加上其他业务板块的拖后腿,整体毛利率也能够超过50%。这样的高毛利率并不多见,深受全球年轻人喜爱的“快乐水”<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,毛利率不到40%,而康师傅旗下饮品的毛利率仅有30%上下。</p>\n<p>农夫山泉的吸金能力毋庸置疑,被网友们戏称为“大自然的印钞机”。</p>\n<p>自上市开始,农夫山泉就吸引到大批目光,股价彷佛坐上了过山车,创始人被捧上亚洲首富之后,又跌落神坛,今年上半年战绩如何,更是备受关注。</p>\n<p>“水中茅台”还值钱吗?目前股价有估值风险吗?未来还会再次腰斩吗?这些问题的答案我们都希望能够在2021年中期业绩公告中找到。</p>\n<p><b>01</b><b>“水中茅台”名副其实</b></p>\n<p>2021年8月26日,农夫山泉发布财年中报,151.75亿的营收不负“水中茅台”的称号,同比增速超过30%,略微超出市场一致预期。</p>\n<p>就财报数据来看,今年上半年净利润40%的增长速度也十分亮眼,这份令人惊喜的成绩单也把钟睒睒重新捧回中国首富的位置。然而,这样的高增速离不开去年同时期狼狈姿态的衬托。</p>\n<p>2020年上半年,受疫情影响,饮料市场一片惨淡,整体营收不仅没有上升,反而缩减6%左右,如果跳过2020年不正常的业绩数据,直接与2019年同期相比,两年的时间内,农夫山泉的营收仅上涨20%左右。</p>\n<p>今年的惊艳源自与去年的惨烈对比,而2017年至2019年财报数据显示,三年间农夫山泉的营收增速稳定在17%左右。以此来看,今年的农夫山泉虽然因国内疫情受到良好控制,市场逐步回暖,交出一份好看的成绩单,但就目前数据来看,农夫山泉恐怕仍旧没有恢复元气。</p>\n<p><img src=\"https://static.tigerbbs.com/fa1357083164446283d471e22ab837db\" tg-width=\"836\" tg-height=\"519\" referrerpolicy=\"no-referrer\"></p>\n<p>从业务数据来看,饮用水依旧是营收主力,凭借一己之力贡献了近60%的收入。从2020年中期财报数据中我们可以看到,哪怕在2020年的惨淡市场环境中,上半年饮用水业务仍旧坚挺地上涨0.7%,而今年的市场整体回暖,饮用水业务更是直接上涨了25%。</p>\n<p>其他品类业务的增速也非常亮眼,尤其是气泡水、咖啡等新产品,增速高达86%,但无奈体量过小,在所有业务中占比不过5.5%,对整体营收影响甚微。</p>\n<p>近几年农夫山泉在饮料板块持续发力,不断推出新品,尖叫、茶π、东方树叶等老牌系列均不断上新,展现出持久的生命力,近两年新兴的气泡水领域,也有农夫山泉的影子。但就财务数据来看,短时间内,饮用水产品依旧是主旋律。</p>\n<p>对于一家企业来说,营收是表,成本是里。面子好看很重要,里子好看也很重要,而衡量两者是否同样好看的标准,就是毛利率。</p>\n<p>农夫山泉的毛利率从来都不令人失望,今年依旧如此。据中报数据显示,上半年毛利高达92.41亿元,毛利率较上年增长1%,达到60.9%。</p>\n<p>对于毛利率上涨,农夫山泉方在业绩交流会上表示,主要原因是今年上半年PET材料成本控制得好。</p>\n<p>作为必不可少的包装,PET材料对农夫山泉意义非凡,在去年发布的招股书中,农夫山泉给出了确切答案,近三成的成本都落在PET材料,这就不难理解,为何今年PET材料成本控制得好,就能够提高整体的毛利率。</p>\n<p><img src=\"https://static.tigerbbs.com/0421104a92e863bfc42be28ac7c1a6cf\" tg-width=\"1080\" tg-height=\"266\" referrerpolicy=\"no-referrer\"></p>\n<p>针对PET材料的问题,农夫山泉方特别提出,今年下半年的材料价格锁定准备较为充分,预计下半年的成本与上半年类似,但明年的情况不容乐观,已经做好毛利率下降至2019年水平的心理准备。</p>\n<p>如果这项担忧成了现实,那么明年的利润增速恐怕会受到一定影响。</p>\n<p>除了PET材料价格可能带来的影响,营销成本的提高也不容忽视,在业绩交流会上,农夫山泉方表示,由于信息获取渠道的多样性,公司的推广成本提升很多。</p>\n<p>推广跟业绩有不可分割的关系,如果缩减营销成本,不可避免的,业绩也将会有下降风险,更何况农夫山泉增加SKU的计划从未停止,新品上市、旧系列上新,营销成本必然不能节约。</p>\n<p>今年下半年,河南作为销售大省,先后遭遇雨灾和疫情,同时浙江等地也遭受台风影响,业绩压力固然会增大,但依旧坚挺的饮用水业务或许能够将继续讲着“农夫山泉有点甜”的故事。</p>\n<p><b>02</b><b>股价腰斩,泡沫还在</b></p>\n<p>这份年中成绩单,农夫山泉拿到了一个不错的成绩,但与此形成鲜明对比的是,在上半年腰斩的股价。</p>\n<p>自2020年9月上市,农夫山泉靠着2元一瓶的天然水,市值一度超过7000亿港元,随后不到半年的时间,股价一路飙升,市盈率一度高达138倍。</p>\n<p>今年年初,农夫山泉的股价达到最高点,随后一路暴跌,跌跌不休的股价一度引发投资者的恐慌,但这样的跌幅,对于农夫山泉来说并不突兀,热情的投资者需要冷静,高涨的股价也需要回调。</p>\n<p>目前,农夫山泉的市值已经蒸发数千亿,钟睒睒也走下亚洲首富的神坛,股价整体跌幅近40%,但目前农夫山泉的市盈率仍旧高达71倍。</p>\n<p>反观同为食品饮料板块的一众上市公司,康师傅市盈率仅有17倍,主打露露系列的<a href=\"https://laohu8.com/S/000848\">承德露露</a>市盈率不过27倍,就连一次次引爆市场情绪的<a href=\"https://laohu8.com/S/600519\">贵州茅台</a>,市盈率也不过才40倍左右。</p>\n<p>过高的市盈率背后自然有泡沫存在,农夫山泉的股价像是<a href=\"https://laohu8.com/S/603099\">长白山</a>湖面上脆弱的冰层,就财务数据来看,农夫山泉的回报能力确实追不上投资者的高预期,一旦预期崩塌,股价将会再一次迎来腰斩。</p>\n<p>投资者的高预期源自农夫山泉在市场上的绝对优势,但当企业在一个市场做出了绝对优势,天花板的问题就无法回避。</p>\n<p>从财报数据中我们能够看到,饮用水业务增速相较于其它业务明显较慢,如果不考虑2020年市场环境带来的影响,自2019年至今,两年的时间中这项业务的增速平均每年仅达到12%,在业绩交流会上,农夫山泉也承认目前的增速仍旧没有恢复到正常水平。</p>\n<p>在饮用水业务看见天花板之前,农夫山泉就已经开始在其它业务上布局,如推出尖叫、维他命水、农夫果园等饮料,入局茶饮料、功能饮料、果汁饮料等业务领域,就招股书中数据显示,2019年时,这些业务的市场占有率均达到第三的位置。</p>\n<p>在中期财报中,农夫山泉也表示“将持续推动饮用水和饮料双引擎发展的格局”。</p>\n<p><img src=\"https://static.tigerbbs.com/b5ae118491013a0ac57f72b00f5dfb9c\" tg-width=\"1035\" tg-height=\"132\" referrerpolicy=\"no-referrer\"></p>\n<p>但就业务营收数据来看,包装饮用水产品贡献近六成营收,茶饮料、功能饮料、果汁饮料以及其它产品明显没有走出“第二个引擎”的气势。</p>\n<p>在饮料领域,农夫山泉一直是“后辈”,据前瞻产业研究院数据显示,在茶饮料市场康师傅、统一等品牌占据绝对优势,农夫山泉市场占有率已降至第六,在功能饮料领域,红牛则是绝对的霸主,占据超50%的市场份额,而其对手则是东鹏特饮,农夫山泉旗下的产品并没有太多的故事。</p>\n<p>饮料业务虽然增速很高,无奈体量较小,几年的成长依旧没有走出自己的优势。靠双引擎为填充股价泡沫提供动力的美好愿景可能还需要时间的催化剂,近几年的农夫山泉大概还是水的主场。</p>\n<p><b>03农夫山泉的未来还是水?</b></p>\n<p>水是生命之源,对农夫山泉来说,也是如此。</p>\n<p>饮用水市场的天花板压在头顶,农夫山泉意欲再次靠水源打破僵局。</p>\n<p>在农夫山泉刚刚诞生时,面对已经是红海的纯净水市场,钟睒睒选择转身,以纯净水和天然水为辩题,引发一场全民性的辩论会,农夫山泉一战成名,“我们不生产水,我们只是大自然的搬运工”,时至今日,这句广告词仍旧妇孺皆知。</p>\n<p>从饮用水种类来看,普遍分为天然水、天然矿泉水、纯净水、矿物质水四种,其中纯净水指人工处理过的自来水,矿物质水则是在纯净水的基础上人工添加一定的矿物质成分,由于水源均是自来水,成本价较为便宜,目前低价水中最常见的也是这两种类型。</p>\n<p>而天然水则源自大自然,如地下泉水、井水等,农夫山泉就是最典型的代表。天然矿泉水对水源地要求更高,取水难度也更大,自然成本也更高,目前市面上的高端饮用水基本都属于此类,例如百岁山、依云等。</p>\n<p>在天然水领域中,农夫山泉拥有绝对优势,但是在天然矿泉水赛道,景田集团旗下的百岁山才是老大。据公开消息显示,百岁山市场占有率接近40%,连续十年占据市场第一的位置。</p>\n<p>今年4月,农夫山泉推出首款单价3元的天然矿泉水产品长白雪,对标百岁山,希望扩大自己在饮用水业务的产品矩阵,但目前2元水才是主流,在低价水面向的消费者心中,水质好坏可能并没有价格高低重要。</p>\n<p>同时,与普通天然水不同,长白雪的水源地目前仅有长白山一处,若想覆盖全国,运输成本不可避免会有所上升,虽然农夫山泉方表示,目前定价3元能够覆盖成本,但考虑到运输成本,其盈利能力不免令人担忧。</p>\n<p>除了新品,在业绩交流会上农夫山泉方也表示,今年大包装水成绩非常好,“增速仍然略高于小包装水,从IPO之前到现在都没有改变”,并认为接下来大包装水的竞争会越来越激烈。</p>\n<p><img src=\"https://static.tigerbbs.com/e011521fd4ddc42bbf3e97c3ec9824a6\" tg-width=\"1077\" tg-height=\"605\" referrerpolicy=\"no-referrer\"></p>\n<p>作为国民品牌,农夫山泉的品牌号召力毋庸置疑,在小瓶装饮用水市场的绝对领先地位,在大包装水市场依旧能够发挥余热,影响消费者的选择,但当排除品牌影响力,农夫山泉在配送服务、生产工艺等方面依旧没有突出的特点。</p>\n<p>在大包装水业务的底气依旧源自分布在全国的水源地、品牌的国民性、堪比毛细血管的经销商网络,配合扎实的“讲故事”功底,农夫山泉给消费者讲出一个全场景的故事,把天然水的概念揉进生活,企图培养消费者对天然水的依赖。</p>\n<p>目前大包装水正在逐渐入侵生活,疫情和雨灾过后,储备热情也会把大包装水碰上一个小高潮,但未来大包装水是否能够与小瓶水比肩,还需要时间告诉我们答案。</p>\n<p>未来几年内,或许农夫山泉还需要靠老本行“搬水”,来保障股价泡沫不会被刺破,但如何让老本行发展成新动力,将会成为农夫山泉新的问题。</p>","source":"lsy1602476715181","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>“水中茅台”的水下泡沫</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“水中茅台”的水下泡沫\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-01 12:03 北京时间 <a href=https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ><strong>新熵</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在此之前,没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃,“代表中国财富的不是什么大数据等等的东西,而是普普通通的四瓶水。”这里的“四瓶水”,指的就是茅台、金龙鱼、海天酱油,以及农夫山泉。\n单价2元的农夫山泉在大大小小的超市随处可见,而正是这些不起眼的瓶装水,撑起来一个“水中茅台”的财富神话。\n瓶装水的利润能有多高?\n据农夫山泉的历年财报数据显示,近几年瓶装水的...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9c73365999f228bdf66df7f52d79a4b4","relate_stocks":{"600519":"贵州茅台"},"source_url":"https://mp.weixin.qq.com/s/3y_QHBcqCdxCMeQxdqyYaQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186121597","content_text":"在此之前,没人能想到一个“搬运工”居然能够登上亚洲首富的位置傲视群雄。\n经济学家马光远曾调侃,“代表中国财富的不是什么大数据等等的东西,而是普普通通的四瓶水。”这里的“四瓶水”,指的就是茅台、金龙鱼、海天酱油,以及农夫山泉。\n单价2元的农夫山泉在大大小小的超市随处可见,而正是这些不起眼的瓶装水,撑起来一个“水中茅台”的财富神话。\n瓶装水的利润能有多高?\n据农夫山泉的历年财报数据显示,近几年瓶装水的毛利率可以达到60%,哪怕加上其他业务板块的拖后腿,整体毛利率也能够超过50%。这样的高毛利率并不多见,深受全球年轻人喜爱的“快乐水”可口可乐,毛利率不到40%,而康师傅旗下饮品的毛利率仅有30%上下。\n农夫山泉的吸金能力毋庸置疑,被网友们戏称为“大自然的印钞机”。\n自上市开始,农夫山泉就吸引到大批目光,股价彷佛坐上了过山车,创始人被捧上亚洲首富之后,又跌落神坛,今年上半年战绩如何,更是备受关注。\n“水中茅台”还值钱吗?目前股价有估值风险吗?未来还会再次腰斩吗?这些问题的答案我们都希望能够在2021年中期业绩公告中找到。\n01“水中茅台”名副其实\n2021年8月26日,农夫山泉发布财年中报,151.75亿的营收不负“水中茅台”的称号,同比增速超过30%,略微超出市场一致预期。\n就财报数据来看,今年上半年净利润40%的增长速度也十分亮眼,这份令人惊喜的成绩单也把钟睒睒重新捧回中国首富的位置。然而,这样的高增速离不开去年同时期狼狈姿态的衬托。\n2020年上半年,受疫情影响,饮料市场一片惨淡,整体营收不仅没有上升,反而缩减6%左右,如果跳过2020年不正常的业绩数据,直接与2019年同期相比,两年的时间内,农夫山泉的营收仅上涨20%左右。\n今年的惊艳源自与去年的惨烈对比,而2017年至2019年财报数据显示,三年间农夫山泉的营收增速稳定在17%左右。以此来看,今年的农夫山泉虽然因国内疫情受到良好控制,市场逐步回暖,交出一份好看的成绩单,但就目前数据来看,农夫山泉恐怕仍旧没有恢复元气。\n\n从业务数据来看,饮用水依旧是营收主力,凭借一己之力贡献了近60%的收入。从2020年中期财报数据中我们可以看到,哪怕在2020年的惨淡市场环境中,上半年饮用水业务仍旧坚挺地上涨0.7%,而今年的市场整体回暖,饮用水业务更是直接上涨了25%。\n其他品类业务的增速也非常亮眼,尤其是气泡水、咖啡等新产品,增速高达86%,但无奈体量过小,在所有业务中占比不过5.5%,对整体营收影响甚微。\n近几年农夫山泉在饮料板块持续发力,不断推出新品,尖叫、茶π、东方树叶等老牌系列均不断上新,展现出持久的生命力,近两年新兴的气泡水领域,也有农夫山泉的影子。但就财务数据来看,短时间内,饮用水产品依旧是主旋律。\n对于一家企业来说,营收是表,成本是里。面子好看很重要,里子好看也很重要,而衡量两者是否同样好看的标准,就是毛利率。\n农夫山泉的毛利率从来都不令人失望,今年依旧如此。据中报数据显示,上半年毛利高达92.41亿元,毛利率较上年增长1%,达到60.9%。\n对于毛利率上涨,农夫山泉方在业绩交流会上表示,主要原因是今年上半年PET材料成本控制得好。\n作为必不可少的包装,PET材料对农夫山泉意义非凡,在去年发布的招股书中,农夫山泉给出了确切答案,近三成的成本都落在PET材料,这就不难理解,为何今年PET材料成本控制得好,就能够提高整体的毛利率。\n\n针对PET材料的问题,农夫山泉方特别提出,今年下半年的材料价格锁定准备较为充分,预计下半年的成本与上半年类似,但明年的情况不容乐观,已经做好毛利率下降至2019年水平的心理准备。\n如果这项担忧成了现实,那么明年的利润增速恐怕会受到一定影响。\n除了PET材料价格可能带来的影响,营销成本的提高也不容忽视,在业绩交流会上,农夫山泉方表示,由于信息获取渠道的多样性,公司的推广成本提升很多。\n推广跟业绩有不可分割的关系,如果缩减营销成本,不可避免的,业绩也将会有下降风险,更何况农夫山泉增加SKU的计划从未停止,新品上市、旧系列上新,营销成本必然不能节约。\n今年下半年,河南作为销售大省,先后遭遇雨灾和疫情,同时浙江等地也遭受台风影响,业绩压力固然会增大,但依旧坚挺的饮用水业务或许能够将继续讲着“农夫山泉有点甜”的故事。\n02股价腰斩,泡沫还在\n这份年中成绩单,农夫山泉拿到了一个不错的成绩,但与此形成鲜明对比的是,在上半年腰斩的股价。\n自2020年9月上市,农夫山泉靠着2元一瓶的天然水,市值一度超过7000亿港元,随后不到半年的时间,股价一路飙升,市盈率一度高达138倍。\n今年年初,农夫山泉的股价达到最高点,随后一路暴跌,跌跌不休的股价一度引发投资者的恐慌,但这样的跌幅,对于农夫山泉来说并不突兀,热情的投资者需要冷静,高涨的股价也需要回调。\n目前,农夫山泉的市值已经蒸发数千亿,钟睒睒也走下亚洲首富的神坛,股价整体跌幅近40%,但目前农夫山泉的市盈率仍旧高达71倍。\n反观同为食品饮料板块的一众上市公司,康师傅市盈率仅有17倍,主打露露系列的承德露露市盈率不过27倍,就连一次次引爆市场情绪的贵州茅台,市盈率也不过才40倍左右。\n过高的市盈率背后自然有泡沫存在,农夫山泉的股价像是长白山湖面上脆弱的冰层,就财务数据来看,农夫山泉的回报能力确实追不上投资者的高预期,一旦预期崩塌,股价将会再一次迎来腰斩。\n投资者的高预期源自农夫山泉在市场上的绝对优势,但当企业在一个市场做出了绝对优势,天花板的问题就无法回避。\n从财报数据中我们能够看到,饮用水业务增速相较于其它业务明显较慢,如果不考虑2020年市场环境带来的影响,自2019年至今,两年的时间中这项业务的增速平均每年仅达到12%,在业绩交流会上,农夫山泉也承认目前的增速仍旧没有恢复到正常水平。\n在饮用水业务看见天花板之前,农夫山泉就已经开始在其它业务上布局,如推出尖叫、维他命水、农夫果园等饮料,入局茶饮料、功能饮料、果汁饮料等业务领域,就招股书中数据显示,2019年时,这些业务的市场占有率均达到第三的位置。\n在中期财报中,农夫山泉也表示“将持续推动饮用水和饮料双引擎发展的格局”。\n\n但就业务营收数据来看,包装饮用水产品贡献近六成营收,茶饮料、功能饮料、果汁饮料以及其它产品明显没有走出“第二个引擎”的气势。\n在饮料领域,农夫山泉一直是“后辈”,据前瞻产业研究院数据显示,在茶饮料市场康师傅、统一等品牌占据绝对优势,农夫山泉市场占有率已降至第六,在功能饮料领域,红牛则是绝对的霸主,占据超50%的市场份额,而其对手则是东鹏特饮,农夫山泉旗下的产品并没有太多的故事。\n饮料业务虽然增速很高,无奈体量较小,几年的成长依旧没有走出自己的优势。靠双引擎为填充股价泡沫提供动力的美好愿景可能还需要时间的催化剂,近几年的农夫山泉大概还是水的主场。\n03农夫山泉的未来还是水?\n水是生命之源,对农夫山泉来说,也是如此。\n饮用水市场的天花板压在头顶,农夫山泉意欲再次靠水源打破僵局。\n在农夫山泉刚刚诞生时,面对已经是红海的纯净水市场,钟睒睒选择转身,以纯净水和天然水为辩题,引发一场全民性的辩论会,农夫山泉一战成名,“我们不生产水,我们只是大自然的搬运工”,时至今日,这句广告词仍旧妇孺皆知。\n从饮用水种类来看,普遍分为天然水、天然矿泉水、纯净水、矿物质水四种,其中纯净水指人工处理过的自来水,矿物质水则是在纯净水的基础上人工添加一定的矿物质成分,由于水源均是自来水,成本价较为便宜,目前低价水中最常见的也是这两种类型。\n而天然水则源自大自然,如地下泉水、井水等,农夫山泉就是最典型的代表。天然矿泉水对水源地要求更高,取水难度也更大,自然成本也更高,目前市面上的高端饮用水基本都属于此类,例如百岁山、依云等。\n在天然水领域中,农夫山泉拥有绝对优势,但是在天然矿泉水赛道,景田集团旗下的百岁山才是老大。据公开消息显示,百岁山市场占有率接近40%,连续十年占据市场第一的位置。\n今年4月,农夫山泉推出首款单价3元的天然矿泉水产品长白雪,对标百岁山,希望扩大自己在饮用水业务的产品矩阵,但目前2元水才是主流,在低价水面向的消费者心中,水质好坏可能并没有价格高低重要。\n同时,与普通天然水不同,长白雪的水源地目前仅有长白山一处,若想覆盖全国,运输成本不可避免会有所上升,虽然农夫山泉方表示,目前定价3元能够覆盖成本,但考虑到运输成本,其盈利能力不免令人担忧。\n除了新品,在业绩交流会上农夫山泉方也表示,今年大包装水成绩非常好,“增速仍然略高于小包装水,从IPO之前到现在都没有改变”,并认为接下来大包装水的竞争会越来越激烈。\n\n作为国民品牌,农夫山泉的品牌号召力毋庸置疑,在小瓶装饮用水市场的绝对领先地位,在大包装水市场依旧能够发挥余热,影响消费者的选择,但当排除品牌影响力,农夫山泉在配送服务、生产工艺等方面依旧没有突出的特点。\n在大包装水业务的底气依旧源自分布在全国的水源地、品牌的国民性、堪比毛细血管的经销商网络,配合扎实的“讲故事”功底,农夫山泉给消费者讲出一个全场景的故事,把天然水的概念揉进生活,企图培养消费者对天然水的依赖。\n目前大包装水正在逐渐入侵生活,疫情和雨灾过后,储备热情也会把大包装水碰上一个小高潮,但未来大包装水是否能够与小瓶水比肩,还需要时间告诉我们答案。\n未来几年内,或许农夫山泉还需要靠老本行“搬水”,来保障股价泡沫不会被刺破,但如何让老本行发展成新动力,将会成为农夫山泉新的问题。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837134026,"gmtCreate":1629863062065,"gmtModify":1676530155686,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837134026","repostId":"2162332140","repostType":2,"isVote":1,"tweetType":1,"viewCount":1143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832614488,"gmtCreate":1629619510444,"gmtModify":1676530081055,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/832614488","repostId":"1182861188","repostType":4,"repost":{"id":"1182861188","kind":"news","pubTimestamp":1629595474,"share":"https://ttm.financial/m/news/1182861188?lang=&edition=full_marsco","pubTime":"2021-08-22 09:24","market":"us","language":"zh","title":"中概股的未来","url":"https://stock-news.laohu8.com/highlight/detail?id=1182861188","media":"全球宏观投机","summary":"中概股近期的大幅偏离纳指,说明是其他宏观因子主导了价格运动。图四中概股指数与纳指的偏离达到历史极值。中概股的公司相当部分是中国最具成长性的公司。一句话,中概股的未来就是港股化和边缘化,这个过程可能要持续到中美地缘政治关系出现新阶段为止。比尔黄见证了中概股最辉煌的时期和亲历了辉煌开始结束。","content":"<p><b>什么是全球宏观视角</b></p>\n<p>全球宏观作为一种富有特色的投资和交易类别,侧重从全球以及各国经济周期、金融条件和地缘政治的视角寻求中期的大型资产价格运动机会,这个价格变动方向,可以向上,也可以向下。全球宏观思路用于资产配置,最典型的是斯文森时代的耶鲁捐赠基金;而用于更加灵活多变的交易,最典型的是德鲁肯米勒和索罗斯共同管理时代的量子基金。</p>\n<p>金融危机以后,全球宏观交易方式受到很大的质疑,原因在于这种风格的基金近些年的表现不如人意。<img src=\"https://static.tigerbbs.com/a56d17afac58a03d34f987776cb9caeb\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>图一 宏观对冲基金表现不佳</b></p>\n<p><b>中概股的独特宏观因子</b></p>\n<p>我们把实际影响资产价格的投资者大脑中的偏见称之为宏观因子,或者价格驱动因素。略有经验的投资者都知道,影响资产价格的因素非常多,很多都是微观或者产业因素。我们命名为宏观,并不是说一定是宏观经济数据或者事件才会影响价格,而是泛指各种持续长期对价格产生真实影响的变量。比如,有人研究了北京雾霾对投资者情绪的影响,雾霾天投资者情绪总体偏低,更容易卖出而不是买进。但是这并不是我们所讲的宏观因子,因为它对资产价格的影响不是持续有效的。但是,公司盈利增速预期就是影响股票价格的宏观因子,因为几乎在任何时候,这个变量都会影响投资者对股票和市场的感知,从而促使投资者做出买卖行为。</p>\n<p>那么,影响中概股的宏观因子有哪些呢?</p>\n<p>首先考察中国经济周期、金融条件与中概股的关系。我们发现,中概股与中国经济周期关联之紧密,完全不亚于A50股票指数,而在市场表现方面,中概股与A50的相关性也略强。<img src=\"https://static.tigerbbs.com/300a12ca677a0fd4785103236eb19cfe\" tg-width=\"1080\" tg-height=\"461\" referrerpolicy=\"no-referrer\"><b>图二 中国经济基本面与中概股指数</b><img src=\"https://static.tigerbbs.com/13e3524abfeebfafd9bb4c4c966d6998\" tg-width=\"1080\" tg-height=\"449\" referrerpolicy=\"no-referrer\"><b>图三 中概股、A50与创业板</b></p>\n<p>我中概股与大股票相关性更强,说明这些公司与经济周期的关联度更高,同时,投资者对股票的评估很大程度上面依赖于经济前景的判断。</p>\n<p>其二、我们考察中概股与纳斯达克指数的关系。平均看,过去五年,中概股与纳指的线性相关系数达到了0.7,而最近的相关系数下降到0.44。中概股近期的大幅偏离纳指,说明是其他宏观因子主导了价格运动。<img src=\"https://static.tigerbbs.com/4efa4c73e5ae6b81ddfa0938211f2231\" tg-width=\"1080\" tg-height=\"498\" referrerpolicy=\"no-referrer\"><b>图四中概股指数与纳指的偏离达到历史极值</b></p>\n<p>其三、中概股目前大跌的原因是什么?</p>\n<p>显然是中国最近出台的一系列监管政策,使得市场的不确定性大增。中概股这个特征跟A股完全类似,对经济政策、监管政策的变化非常敏感。但是,中概股这次大跌多了一层额外的不确定性:中美关系严重影响中概股的表现,从而成为一个真正长期影响价格的宏观因子。</p>\n<p>从这个角度讲,中概股未来充满颠簸,因为地缘政治的不确定性是最坏的不确定性,很难事先规划,一旦发生,市场波动的速度极快,同时,不确定性发展过程也非常曲折,比如今晚中国证监会表达对金融市场以及稳定资本市场预期的善意,这个时候市场就会猛烈的反弹。通常很难评估不确定性发展的阶段以及何时确认结束。</p>\n<p>那么当下的不确定性消失了吗?短期市场的紧张情绪应该得到了缓和,可能支持中概股有一波反弹,但是就中长期来看,中美两国的监管政策、地缘政治的变化,已经成为了中概股投资的一个基本影响变量。</p>\n<p>中概股的未来</p>\n<p>中概股的公司相当部分是中国最具成长性的公司。这是比尔黄押注这些股票的主要理由,比如<a href=\"https://laohu8.com/S/TME\">腾讯音乐</a>,中国的音乐付费市场才刚刚启动,还有无数消费场景可以引入付费音乐。但这的确是一个长期充满曲折的过程。从这个角度讲,中概股依然有一些非常优秀的上市公司,其中必然有一些在未来成为伟大的公司,其股票也会创造极大的增值。</p>\n<p>然而,中概股面临两个巨大的挑战:一是中国经济政策的冲击,这种冲击在最近开始变得频繁,二是地缘政治的冲击。资本市场会成为中美角逐的一个战场,而中概股会成为其中的受害者,从专业的术语讲:中概股未来的不确定性已经放大,带来的结果就是估值偏低。而与其类似的是港股,港股是世界上估值最低的市场,因为港股面临独特的不确定性环境:中美两国的经济、金融、政策和地缘政治都可以随时和大幅影响港股。</p>\n<p>一句话,中概股的未来就是港股化和边缘化,这个过程可能要持续到中美地缘政治关系出现新阶段为止。</p>\n<p>比尔黄见证了中概股最辉煌的时期和亲历了辉煌开始结束。对资本市场而言,长期我们都已经死了,所以不需要去讨论长期的问题。</p>","source":"qqggdh","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>中概股的未来</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中概股的未来\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-22 09:24 北京时间 <a href=https://mp.weixin.qq.com/s/0zufFWNGXYzP0f-XCuVHMg><strong>全球宏观投机</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>什么是全球宏观视角\n全球宏观作为一种富有特色的投资和交易类别,侧重从全球以及各国经济周期、金融条件和地缘政治的视角寻求中期的大型资产价格运动机会,这个价格变动方向,可以向上,也可以向下。全球宏观思路用于资产配置,最典型的是斯文森时代的耶鲁捐赠基金;而用于更加灵活多变的交易,最典型的是德鲁肯米勒和索罗斯共同管理时代的量子基金。\n金融危机以后,全球宏观交易方式受到很大的质疑,原因在于这种风格的基金...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/0zufFWNGXYzP0f-XCuVHMg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bc9de4d397ebba7835e00e3691884586","relate_stocks":{"TTTN":"老虎中美互联网巨头ETF","QNETCN":"纳斯达克中美互联网老虎指数",".IXIC":"NASDAQ Composite"},"source_url":"https://mp.weixin.qq.com/s/0zufFWNGXYzP0f-XCuVHMg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182861188","content_text":"什么是全球宏观视角\n全球宏观作为一种富有特色的投资和交易类别,侧重从全球以及各国经济周期、金融条件和地缘政治的视角寻求中期的大型资产价格运动机会,这个价格变动方向,可以向上,也可以向下。全球宏观思路用于资产配置,最典型的是斯文森时代的耶鲁捐赠基金;而用于更加灵活多变的交易,最典型的是德鲁肯米勒和索罗斯共同管理时代的量子基金。\n金融危机以后,全球宏观交易方式受到很大的质疑,原因在于这种风格的基金近些年的表现不如人意。图一 宏观对冲基金表现不佳\n中概股的独特宏观因子\n我们把实际影响资产价格的投资者大脑中的偏见称之为宏观因子,或者价格驱动因素。略有经验的投资者都知道,影响资产价格的因素非常多,很多都是微观或者产业因素。我们命名为宏观,并不是说一定是宏观经济数据或者事件才会影响价格,而是泛指各种持续长期对价格产生真实影响的变量。比如,有人研究了北京雾霾对投资者情绪的影响,雾霾天投资者情绪总体偏低,更容易卖出而不是买进。但是这并不是我们所讲的宏观因子,因为它对资产价格的影响不是持续有效的。但是,公司盈利增速预期就是影响股票价格的宏观因子,因为几乎在任何时候,这个变量都会影响投资者对股票和市场的感知,从而促使投资者做出买卖行为。\n那么,影响中概股的宏观因子有哪些呢?\n首先考察中国经济周期、金融条件与中概股的关系。我们发现,中概股与中国经济周期关联之紧密,完全不亚于A50股票指数,而在市场表现方面,中概股与A50的相关性也略强。图二 中国经济基本面与中概股指数图三 中概股、A50与创业板\n我中概股与大股票相关性更强,说明这些公司与经济周期的关联度更高,同时,投资者对股票的评估很大程度上面依赖于经济前景的判断。\n其二、我们考察中概股与纳斯达克指数的关系。平均看,过去五年,中概股与纳指的线性相关系数达到了0.7,而最近的相关系数下降到0.44。中概股近期的大幅偏离纳指,说明是其他宏观因子主导了价格运动。图四中概股指数与纳指的偏离达到历史极值\n其三、中概股目前大跌的原因是什么?\n显然是中国最近出台的一系列监管政策,使得市场的不确定性大增。中概股这个特征跟A股完全类似,对经济政策、监管政策的变化非常敏感。但是,中概股这次大跌多了一层额外的不确定性:中美关系严重影响中概股的表现,从而成为一个真正长期影响价格的宏观因子。\n从这个角度讲,中概股未来充满颠簸,因为地缘政治的不确定性是最坏的不确定性,很难事先规划,一旦发生,市场波动的速度极快,同时,不确定性发展过程也非常曲折,比如今晚中国证监会表达对金融市场以及稳定资本市场预期的善意,这个时候市场就会猛烈的反弹。通常很难评估不确定性发展的阶段以及何时确认结束。\n那么当下的不确定性消失了吗?短期市场的紧张情绪应该得到了缓和,可能支持中概股有一波反弹,但是就中长期来看,中美两国的监管政策、地缘政治的变化,已经成为了中概股投资的一个基本影响变量。\n中概股的未来\n中概股的公司相当部分是中国最具成长性的公司。这是比尔黄押注这些股票的主要理由,比如腾讯音乐,中国的音乐付费市场才刚刚启动,还有无数消费场景可以引入付费音乐。但这的确是一个长期充满曲折的过程。从这个角度讲,中概股依然有一些非常优秀的上市公司,其中必然有一些在未来成为伟大的公司,其股票也会创造极大的增值。\n然而,中概股面临两个巨大的挑战:一是中国经济政策的冲击,这种冲击在最近开始变得频繁,二是地缘政治的冲击。资本市场会成为中美角逐的一个战场,而中概股会成为其中的受害者,从专业的术语讲:中概股未来的不确定性已经放大,带来的结果就是估值偏低。而与其类似的是港股,港股是世界上估值最低的市场,因为港股面临独特的不确定性环境:中美两国的经济、金融、政策和地缘政治都可以随时和大幅影响港股。\n一句话,中概股的未来就是港股化和边缘化,这个过程可能要持续到中美地缘政治关系出现新阶段为止。\n比尔黄见证了中概股最辉煌的时期和亲历了辉煌开始结束。对资本市场而言,长期我们都已经死了,所以不需要去讨论长期的问题。","news_type":1},"isVote":1,"tweetType":1,"viewCount":844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836476740,"gmtCreate":1629518877780,"gmtModify":1676530064436,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/836476740","repostId":"1169407618","repostType":4,"isVote":1,"tweetType":1,"viewCount":594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831441517,"gmtCreate":1629343681039,"gmtModify":1676530009591,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831441517","repostId":"2160734776","repostType":4,"repost":{"id":"2160734776","kind":"highlight","weMediaInfo":{"introduction":"华尔街见闻出品,专注于美股市场。为您提供最重要的资讯数据,最全面的市场动态和最深刻的解读分析。","home_visible":1,"media_name":"见闻IPO","id":"1083533104","head_image":"https://static.tigerbbs.com/0717bf7b1e5642e9827aeffbf11eb9ad"},"pubTimestamp":1629340194,"share":"https://ttm.financial/m/news/2160734776?lang=&edition=full_marsco","pubTime":"2021-08-19 10:29","market":"us","language":"zh","title":"东南亚小腾讯Sea再创新高,Q2业绩如何撑起万亿市值","url":"https://stock-news.laohu8.com/highlight/detail?id=2160734776","media":"见闻IPO","summary":"但随后在盘中,其股价触及历史新高,为317.26美元。2021Q2,Sea的销售费用率高达40%,几乎与毛利率持平。去掉股权激励费用后,Sea的二季度净亏损约为3.21亿美元,与去年的3.18亿基本持平。而Q2,Free Fire的成绩进一步攀升。SeaMoney目前主要收入来自于AirPay等平台结算所产生的佣金收入,以及小额贷款业务的利息收入。","content":"<p>在新加坡乃至整个东南亚,Sea的知名度应该跟<a href=\"https://laohu8.com/S/00700\">腾讯</a>在国内的知名度的地位差不多,甚至它不仅拥有腾讯在娱乐领域的地位,还拥有了阿里在电商领域的地位。</p>\n<p>美东时间8月17日,被称为“东南亚小腾讯” 的Sea Limited(SE.US,简称Sea)发布了其未经审计的2021Q2业绩报告,报告显示:</p>\n<p>(1)2021Q2,Sea实现营业收入22.8亿美元,相比去年同期增长159%,超出市场预期,最主要的驱动因素来自于电子商务业务(EC);</p>\n<p>(2)2021Q2,Sea实现净亏损为-4.34亿美元,相比去年同期下降10.14%;去掉股权激励费用的调整后净亏损为-3.21亿美元,对应EPS约-0.60美元,低于市场一致预期的-0.49美元。<img src=\"https://static.tigerbbs.com/e54b16386daa481db9af809ad0ad18a2\" tg-width=\"421\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p>\n<p>(3)公司预计,2021年全年,数字娱乐(DE)业务合同金额将在45亿-47亿美元之间,电子商务(EC)业务收入将在47亿-49亿美元之间。</p>\n<p>随后,Sea以股价的小幅低开迎接了其刚刚公布的二季报。但随后在盘中,其股价触及历史新高,为317.26美元。</p>\n<p>此后股价略有下滑,截至当天美股收盘,该股涨超6%,报收308.83美元,市值约为1617亿美元。</p>\n<p><img src=\"https://static.tigerbbs.com/82cfce0a8545d399c0845777cbc99db9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Sea的中文名叫作“冬海集团”,腾讯持股22.9%,旗下集游戏、电商、支付业务于一体, DE业务的主体为Garenal、EC业务的主体为Shopee(国内又称虾皮),此外,数字金融业务(DFS)的主体为SeaMoney。</p>\n<h2><b>总收入同比增长159%,</b></h2>\n<h2><b>亏损额勉强持平</b></h2>\n<p>1、总体收入同比增长159%,系因对疫情的适应能力提高</p>\n<p>2021Q2, Sea的总收入为22.80亿元,相比去年同期上涨159%。</p>\n<p><img src=\"https://static.tigerbbs.com/97c346c2ac624e71a1114bc8fd05b87b\" tg-width=\"673\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p>\n<p>其中,DE业务平台Garena的合同额为12亿美元,同比增速为65%;EC业务平台Shopee的收入也达到12亿美元,同比增速则高达161%,Shopee获得超出公司总体的增长速度,贡献主要增速。DFS业务SeaMoney手机钱包服务的总交易额达到41亿美元,为去年同期金额的1.5倍。</p>\n<p>相比2020年出现显著增长的主要原因是,2020年各项业务由于受到隔离政策的影响均处于较为艰难的状态。</p>\n<p><img src=\"https://static.tigerbbs.com/b075a4d4ee9c44b98190694d23f11129\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p>\n<p>由于目前疫情还未稳定,因此在未来一段时间内,Sea会将主要工作放在适应多变的环境上,并增强处理用户需求的能力。</p>\n<p>同时,由于疫情的影响,Sea在技术创新、创造更多的工作机会方面加倍下注,在印度尼西亚、越南、马来西亚等地,公司旗下的Shopee都与当地政府密切合作,建立更多Shopee基地并提供培训,以帮助更多有需要的卖家比如农民等将其产品拿到线上销售。</p>\n<p>2、毛利润大幅增长364%,超过收入增速的2倍</p>\n<p>从Q2的毛利润来看,公司完成约9.31亿毛利润,毛利率约为41%,相比去年同期毛利率23.5%已经实现了约17个百分点的提升,显示了规模效应带来的优势。</p>\n<p><img src=\"https://static.tigerbbs.com/29e91710dd9a4d64a91e3610686da295\" tg-width=\"857\" tg-height=\"690\" referrerpolicy=\"no-referrer\"></p>\n<p>但从成本构成来看,目前Sea的销售费用相比去年增长迅猛,远超其他成本及费用。2021Q2,Sea的销售费用率高达40%,几乎与毛利率持平。</p>\n<p><img src=\"https://static.tigerbbs.com/246aaa91b57b491d94e80e3918e57f66\" tg-width=\"948\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p>\n<p>因此,从调整后的息税前利润来看,亏损幅度有所扩大。目前,仅有游戏板块已经实现正的息税前利润。</p>\n<p><img src=\"https://static.tigerbbs.com/3437f80f9fd04471a84889c98b48e935\" tg-width=\"1080\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p>\n<p>去掉股权激励费用后,Sea的二季度净亏损约为3.21亿美元,与去年的3.18亿基本持平。</p>\n<p><img src=\"https://static.tigerbbs.com/0bd2a73a64564861843fca699ce6cd02\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\">分业务板块来看,游戏及电商业务均进展顺利,在下载量、用户数、订单数、成交额等多个指标上创下纪录。</p>\n<h2><b>“低配版吃鸡”游戏Free Fire大火,</b></h2>\n<h2><b>Garena付费率大幅提升</b></h2>\n<p>具体到Garena业务,由于在全球范围内活跃用户及付费用户数的强劲增长,合同额增长65%达到12亿美元,确认收入约为10亿美元,调整后的息税前利润(EBITDA)增长了70%至7.41美元。</p>\n<p>从用户角度,季度活跃用户数为7.25亿人,相比去年增长45%,季度付费用户更是增长85%达到9200万人。因此,2021Q2的付费率已经达到12.7%,相比去年10%提升了2.7个百分点。<img src=\"https://static.tigerbbs.com/54aff984883d4b338a0c799961b6ca0a\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\">其中,曾经被称为“低配版吃鸡”游戏的Free Fire大火,创造了多项纪录。今年之前,这款游戏主要在东南亚市场火爆,但是今年Q1,在美国移动游戏市场,《Garena Free Fire》就已经超越《PUBG Mobile》,成了最畅销的战术竞技手游。</p>\n<p>而Q2,Free Fire的成绩进一步攀升。</p>\n<p>业绩沟通会上,Sea的创始人Forrest Li 提及,在Google Play上,Free Fire已经累计拥有超过10亿下载量,而Free Fire是第一个取得这个成绩的手机类战斗游戏。</p>\n<p>2021Q2,Free Fire的月活用户数在Google Play上全球排名第三,而峰值日活更是高达1.5亿人。在东南亚和拉丁美洲、印度等地区,这款游戏已经成为了现象级游戏,火爆了3-8个季度。</p>\n<p>对于游戏板块业务来说,未来能否打出漂亮的组合拳,在Free Fire进入衰退期后继续打造爆款,是Garena能否继续增长的关键。</p>\n<p>Sea目前还储备有其他多款游戏,6月在台湾发行了《月光之刃手机版》,这也将成为公司未来游戏组合的重要部分。</p>\n<h2><b>Shopee成交额逐季攀升,</b></h2>\n<h2><b>全球购物APP下载量第二</b></h2>\n<p>2021Q2,整个地区依然在疫情笼罩下迎接挑战。Shopee的主要精力在于帮助线下的卖家构建电子商务体系及流程,并为买家提供更多选择。</p>\n<p>Q2,Shopee的订单总量达到14亿美元,同比增长127%;总成交额(GMV)达到150亿美元,同比增长88%,且从数据来看,过去几个季度,这两个数据均处于逐季提升之中。</p>\n<p>二季度,根据APP Annie的数据,Shopee在Google Play的购物类APP下载量中全球排名第一,在Google Play和iOS App Store合计购物类APP中下载量全球排名第二。<img src=\"https://static.tigerbbs.com/a79004eec46a432ba89288761b47ae94\" tg-width=\"742\" tg-height=\"369\" referrerpolicy=\"no-referrer\">二季度,Shopee的收入与成交额之比在Q2达到7.7%,对Shopee来说,商业化程度也在进一步加深。</p>\n<p>Shopee的调整后息税前利润(EBITDA)每单亏损为41美分,同比下降了20%。分地区来看,Shopee马来西亚市场已经成为继台湾之后,第二个获得正息税前利润的地区。此外在巴西,Shopee也已经排到了购物类APP下载量第一,并在最受欢迎的APP排行榜中位居第二。</p>\n<p>虽然目前来看,Shopee的每个季度利润仍在波动,但从规模增长来看,势头仍算喜人,未来预计亏损有望随着规模效应的扩大而逐渐收窄。</p>\n<h2><b>另一个“蚂蚁金服”?</b></h2>\n<h2><b>收入增速高达6倍以上</b></h2>\n<p>SeaMoney的手机钱包服务在Q2共处理了超过41亿美元的支付金额,同比增长150%,这一增长一方面来自于公司付费用户数的增长,另一方面也来自于消费者对于APP更加频繁的使用。</p>\n<p>SeaMoney目前主要收入来自于AirPay等平台结算所产生的佣金收入,以及小额贷款业务的利息收入。佣金包含按照交易价值抽取的手续费以及每笔交易收取的固定费用两种形式,佣金率约为每笔交易的1-3%之间。这一费率高于国内支付宝与微信,不过暂低于Paypal。<img src=\"https://static.tigerbbs.com/dfcaf58d235c43228de2196b65620909\" tg-width=\"791\" tg-height=\"309\" referrerpolicy=\"no-referrer\">作为公司娱乐、电商业务的衍生业务,可以类比“蚂蚁金服”的SeaMoney目前还处于发展的较早期阶段,Q2该部分业务仅实现约8900万美元收入,但增速高达659%,去年同期这一收入数据仅为1200万美元。</p>\n<p>二季度,SeaMoney的息税前净利润约为-1.55亿美元,相比去年-9700万美元,亏损幅度有所扩大。</p>\n<p>在泛东南亚地区的六国中(不包括新加坡),现金支付仍占据所有交易的大部分,非现金比例最高为马来西亚约为58%,而最低是菲律宾,占比仅10%。这一比例远低于中国的66%,未来在支付领域,SeaMoney通过构建的娱乐与电商场景,还有较大渗透空间。</p>\n<h2><b>尾声</b></h2>\n<p>对于目前的Sea来说,游戏在腾讯早期的扶持下,已经打造出了属于自己的爆款;而在电商业务领域,虽然成立于2015年的Shopee如今只有6岁,但订单数量、APP下载量、成交额等增长数据都非常突出,足以让外界充满期待。</p>\n<p>从目前机构评级来看,虽然Sea的PS(市销率)高达22倍以上,在互联网公司中也处于高位,但大部分分析师给予的都是“买入”评级。</p>\n<p><img src=\"https://static.tigerbbs.com/876c68489f4341b7be783e6af6f19cac\" tg-width=\"642\" tg-height=\"333\" referrerpolicy=\"no-referrer\">Sea的价值在于,“将腾讯的娱乐与阿里的电商结合起来”这一宏大目标,它已经做到了;与此同时它已经在订单和收入层面取得了成绩。</p>\n<p>但市值1617亿美元,换算为人民币市值已过万亿,腾讯在港股市值也刚过4万亿港币,<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>市值不到4万亿港币,以利润体量对比来看,市场对于Sea的预期相当高。</p>\n<p>如何用利润撑起万亿市值,是接下来这个“东南亚小腾讯”将要面对的最大考验。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>东南亚小腾讯Sea再创新高,Q2业绩如何撑起万亿市值</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n东南亚小腾讯Sea再创新高,Q2业绩如何撑起万亿市值\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083533104\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/0717bf7b1e5642e9827aeffbf11eb9ad);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">见闻IPO </p>\n<p class=\"h-time\">2021-08-19 10:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>在新加坡乃至整个东南亚,Sea的知名度应该跟<a href=\"https://laohu8.com/S/00700\">腾讯</a>在国内的知名度的地位差不多,甚至它不仅拥有腾讯在娱乐领域的地位,还拥有了阿里在电商领域的地位。</p>\n<p>美东时间8月17日,被称为“东南亚小腾讯” 的Sea Limited(SE.US,简称Sea)发布了其未经审计的2021Q2业绩报告,报告显示:</p>\n<p>(1)2021Q2,Sea实现营业收入22.8亿美元,相比去年同期增长159%,超出市场预期,最主要的驱动因素来自于电子商务业务(EC);</p>\n<p>(2)2021Q2,Sea实现净亏损为-4.34亿美元,相比去年同期下降10.14%;去掉股权激励费用的调整后净亏损为-3.21亿美元,对应EPS约-0.60美元,低于市场一致预期的-0.49美元。<img src=\"https://static.tigerbbs.com/e54b16386daa481db9af809ad0ad18a2\" tg-width=\"421\" tg-height=\"235\" referrerpolicy=\"no-referrer\"></p>\n<p>(3)公司预计,2021年全年,数字娱乐(DE)业务合同金额将在45亿-47亿美元之间,电子商务(EC)业务收入将在47亿-49亿美元之间。</p>\n<p>随后,Sea以股价的小幅低开迎接了其刚刚公布的二季报。但随后在盘中,其股价触及历史新高,为317.26美元。</p>\n<p>此后股价略有下滑,截至当天美股收盘,该股涨超6%,报收308.83美元,市值约为1617亿美元。</p>\n<p><img src=\"https://static.tigerbbs.com/82cfce0a8545d399c0845777cbc99db9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<p>Sea的中文名叫作“冬海集团”,腾讯持股22.9%,旗下集游戏、电商、支付业务于一体, DE业务的主体为Garenal、EC业务的主体为Shopee(国内又称虾皮),此外,数字金融业务(DFS)的主体为SeaMoney。</p>\n<h2><b>总收入同比增长159%,</b></h2>\n<h2><b>亏损额勉强持平</b></h2>\n<p>1、总体收入同比增长159%,系因对疫情的适应能力提高</p>\n<p>2021Q2, Sea的总收入为22.80亿元,相比去年同期上涨159%。</p>\n<p><img src=\"https://static.tigerbbs.com/97c346c2ac624e71a1114bc8fd05b87b\" tg-width=\"673\" tg-height=\"670\" referrerpolicy=\"no-referrer\"></p>\n<p>其中,DE业务平台Garena的合同额为12亿美元,同比增速为65%;EC业务平台Shopee的收入也达到12亿美元,同比增速则高达161%,Shopee获得超出公司总体的增长速度,贡献主要增速。DFS业务SeaMoney手机钱包服务的总交易额达到41亿美元,为去年同期金额的1.5倍。</p>\n<p>相比2020年出现显著增长的主要原因是,2020年各项业务由于受到隔离政策的影响均处于较为艰难的状态。</p>\n<p><img src=\"https://static.tigerbbs.com/b075a4d4ee9c44b98190694d23f11129\" tg-width=\"1080\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p>\n<p>由于目前疫情还未稳定,因此在未来一段时间内,Sea会将主要工作放在适应多变的环境上,并增强处理用户需求的能力。</p>\n<p>同时,由于疫情的影响,Sea在技术创新、创造更多的工作机会方面加倍下注,在印度尼西亚、越南、马来西亚等地,公司旗下的Shopee都与当地政府密切合作,建立更多Shopee基地并提供培训,以帮助更多有需要的卖家比如农民等将其产品拿到线上销售。</p>\n<p>2、毛利润大幅增长364%,超过收入增速的2倍</p>\n<p>从Q2的毛利润来看,公司完成约9.31亿毛利润,毛利率约为41%,相比去年同期毛利率23.5%已经实现了约17个百分点的提升,显示了规模效应带来的优势。</p>\n<p><img src=\"https://static.tigerbbs.com/29e91710dd9a4d64a91e3610686da295\" tg-width=\"857\" tg-height=\"690\" referrerpolicy=\"no-referrer\"></p>\n<p>但从成本构成来看,目前Sea的销售费用相比去年增长迅猛,远超其他成本及费用。2021Q2,Sea的销售费用率高达40%,几乎与毛利率持平。</p>\n<p><img src=\"https://static.tigerbbs.com/246aaa91b57b491d94e80e3918e57f66\" tg-width=\"948\" tg-height=\"592\" referrerpolicy=\"no-referrer\"></p>\n<p>因此,从调整后的息税前利润来看,亏损幅度有所扩大。目前,仅有游戏板块已经实现正的息税前利润。</p>\n<p><img src=\"https://static.tigerbbs.com/3437f80f9fd04471a84889c98b48e935\" tg-width=\"1080\" tg-height=\"491\" referrerpolicy=\"no-referrer\"></p>\n<p>去掉股权激励费用后,Sea的二季度净亏损约为3.21亿美元,与去年的3.18亿基本持平。</p>\n<p><img src=\"https://static.tigerbbs.com/0bd2a73a64564861843fca699ce6cd02\" tg-width=\"1080\" tg-height=\"502\" referrerpolicy=\"no-referrer\">分业务板块来看,游戏及电商业务均进展顺利,在下载量、用户数、订单数、成交额等多个指标上创下纪录。</p>\n<h2><b>“低配版吃鸡”游戏Free Fire大火,</b></h2>\n<h2><b>Garena付费率大幅提升</b></h2>\n<p>具体到Garena业务,由于在全球范围内活跃用户及付费用户数的强劲增长,合同额增长65%达到12亿美元,确认收入约为10亿美元,调整后的息税前利润(EBITDA)增长了70%至7.41美元。</p>\n<p>从用户角度,季度活跃用户数为7.25亿人,相比去年增长45%,季度付费用户更是增长85%达到9200万人。因此,2021Q2的付费率已经达到12.7%,相比去年10%提升了2.7个百分点。<img src=\"https://static.tigerbbs.com/54aff984883d4b338a0c799961b6ca0a\" tg-width=\"1080\" tg-height=\"505\" referrerpolicy=\"no-referrer\">其中,曾经被称为“低配版吃鸡”游戏的Free Fire大火,创造了多项纪录。今年之前,这款游戏主要在东南亚市场火爆,但是今年Q1,在美国移动游戏市场,《Garena Free Fire》就已经超越《PUBG Mobile》,成了最畅销的战术竞技手游。</p>\n<p>而Q2,Free Fire的成绩进一步攀升。</p>\n<p>业绩沟通会上,Sea的创始人Forrest Li 提及,在Google Play上,Free Fire已经累计拥有超过10亿下载量,而Free Fire是第一个取得这个成绩的手机类战斗游戏。</p>\n<p>2021Q2,Free Fire的月活用户数在Google Play上全球排名第三,而峰值日活更是高达1.5亿人。在东南亚和拉丁美洲、印度等地区,这款游戏已经成为了现象级游戏,火爆了3-8个季度。</p>\n<p>对于游戏板块业务来说,未来能否打出漂亮的组合拳,在Free Fire进入衰退期后继续打造爆款,是Garena能否继续增长的关键。</p>\n<p>Sea目前还储备有其他多款游戏,6月在台湾发行了《月光之刃手机版》,这也将成为公司未来游戏组合的重要部分。</p>\n<h2><b>Shopee成交额逐季攀升,</b></h2>\n<h2><b>全球购物APP下载量第二</b></h2>\n<p>2021Q2,整个地区依然在疫情笼罩下迎接挑战。Shopee的主要精力在于帮助线下的卖家构建电子商务体系及流程,并为买家提供更多选择。</p>\n<p>Q2,Shopee的订单总量达到14亿美元,同比增长127%;总成交额(GMV)达到150亿美元,同比增长88%,且从数据来看,过去几个季度,这两个数据均处于逐季提升之中。</p>\n<p>二季度,根据APP Annie的数据,Shopee在Google Play的购物类APP下载量中全球排名第一,在Google Play和iOS App Store合计购物类APP中下载量全球排名第二。<img src=\"https://static.tigerbbs.com/a79004eec46a432ba89288761b47ae94\" tg-width=\"742\" tg-height=\"369\" referrerpolicy=\"no-referrer\">二季度,Shopee的收入与成交额之比在Q2达到7.7%,对Shopee来说,商业化程度也在进一步加深。</p>\n<p>Shopee的调整后息税前利润(EBITDA)每单亏损为41美分,同比下降了20%。分地区来看,Shopee马来西亚市场已经成为继台湾之后,第二个获得正息税前利润的地区。此外在巴西,Shopee也已经排到了购物类APP下载量第一,并在最受欢迎的APP排行榜中位居第二。</p>\n<p>虽然目前来看,Shopee的每个季度利润仍在波动,但从规模增长来看,势头仍算喜人,未来预计亏损有望随着规模效应的扩大而逐渐收窄。</p>\n<h2><b>另一个“蚂蚁金服”?</b></h2>\n<h2><b>收入增速高达6倍以上</b></h2>\n<p>SeaMoney的手机钱包服务在Q2共处理了超过41亿美元的支付金额,同比增长150%,这一增长一方面来自于公司付费用户数的增长,另一方面也来自于消费者对于APP更加频繁的使用。</p>\n<p>SeaMoney目前主要收入来自于AirPay等平台结算所产生的佣金收入,以及小额贷款业务的利息收入。佣金包含按照交易价值抽取的手续费以及每笔交易收取的固定费用两种形式,佣金率约为每笔交易的1-3%之间。这一费率高于国内支付宝与微信,不过暂低于Paypal。<img src=\"https://static.tigerbbs.com/dfcaf58d235c43228de2196b65620909\" tg-width=\"791\" tg-height=\"309\" referrerpolicy=\"no-referrer\">作为公司娱乐、电商业务的衍生业务,可以类比“蚂蚁金服”的SeaMoney目前还处于发展的较早期阶段,Q2该部分业务仅实现约8900万美元收入,但增速高达659%,去年同期这一收入数据仅为1200万美元。</p>\n<p>二季度,SeaMoney的息税前净利润约为-1.55亿美元,相比去年-9700万美元,亏损幅度有所扩大。</p>\n<p>在泛东南亚地区的六国中(不包括新加坡),现金支付仍占据所有交易的大部分,非现金比例最高为马来西亚约为58%,而最低是菲律宾,占比仅10%。这一比例远低于中国的66%,未来在支付领域,SeaMoney通过构建的娱乐与电商场景,还有较大渗透空间。</p>\n<h2><b>尾声</b></h2>\n<p>对于目前的Sea来说,游戏在腾讯早期的扶持下,已经打造出了属于自己的爆款;而在电商业务领域,虽然成立于2015年的Shopee如今只有6岁,但订单数量、APP下载量、成交额等增长数据都非常突出,足以让外界充满期待。</p>\n<p>从目前机构评级来看,虽然Sea的PS(市销率)高达22倍以上,在互联网公司中也处于高位,但大部分分析师给予的都是“买入”评级。</p>\n<p><img src=\"https://static.tigerbbs.com/876c68489f4341b7be783e6af6f19cac\" tg-width=\"642\" tg-height=\"333\" referrerpolicy=\"no-referrer\">Sea的价值在于,“将腾讯的娱乐与阿里的电商结合起来”这一宏大目标,它已经做到了;与此同时它已经在订单和收入层面取得了成绩。</p>\n<p>但市值1617亿美元,换算为人民币市值已过万亿,腾讯在港股市值也刚过4万亿港币,<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>市值不到4万亿港币,以利润体量对比来看,市场对于Sea的预期相当高。</p>\n<p>如何用利润撑起万亿市值,是接下来这个“东南亚小腾讯”将要面对的最大考验。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7e1090aaf3aafeb5167ffb8175428e8f","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2160734776","content_text":"在新加坡乃至整个东南亚,Sea的知名度应该跟腾讯在国内的知名度的地位差不多,甚至它不仅拥有腾讯在娱乐领域的地位,还拥有了阿里在电商领域的地位。\n美东时间8月17日,被称为“东南亚小腾讯” 的Sea Limited(SE.US,简称Sea)发布了其未经审计的2021Q2业绩报告,报告显示:\n(1)2021Q2,Sea实现营业收入22.8亿美元,相比去年同期增长159%,超出市场预期,最主要的驱动因素来自于电子商务业务(EC);\n(2)2021Q2,Sea实现净亏损为-4.34亿美元,相比去年同期下降10.14%;去掉股权激励费用的调整后净亏损为-3.21亿美元,对应EPS约-0.60美元,低于市场一致预期的-0.49美元。\n(3)公司预计,2021年全年,数字娱乐(DE)业务合同金额将在45亿-47亿美元之间,电子商务(EC)业务收入将在47亿-49亿美元之间。\n随后,Sea以股价的小幅低开迎接了其刚刚公布的二季报。但随后在盘中,其股价触及历史新高,为317.26美元。\n此后股价略有下滑,截至当天美股收盘,该股涨超6%,报收308.83美元,市值约为1617亿美元。\n\nSea的中文名叫作“冬海集团”,腾讯持股22.9%,旗下集游戏、电商、支付业务于一体, DE业务的主体为Garenal、EC业务的主体为Shopee(国内又称虾皮),此外,数字金融业务(DFS)的主体为SeaMoney。\n总收入同比增长159%,\n亏损额勉强持平\n1、总体收入同比增长159%,系因对疫情的适应能力提高\n2021Q2, Sea的总收入为22.80亿元,相比去年同期上涨159%。\n\n其中,DE业务平台Garena的合同额为12亿美元,同比增速为65%;EC业务平台Shopee的收入也达到12亿美元,同比增速则高达161%,Shopee获得超出公司总体的增长速度,贡献主要增速。DFS业务SeaMoney手机钱包服务的总交易额达到41亿美元,为去年同期金额的1.5倍。\n相比2020年出现显著增长的主要原因是,2020年各项业务由于受到隔离政策的影响均处于较为艰难的状态。\n\n由于目前疫情还未稳定,因此在未来一段时间内,Sea会将主要工作放在适应多变的环境上,并增强处理用户需求的能力。\n同时,由于疫情的影响,Sea在技术创新、创造更多的工作机会方面加倍下注,在印度尼西亚、越南、马来西亚等地,公司旗下的Shopee都与当地政府密切合作,建立更多Shopee基地并提供培训,以帮助更多有需要的卖家比如农民等将其产品拿到线上销售。\n2、毛利润大幅增长364%,超过收入增速的2倍\n从Q2的毛利润来看,公司完成约9.31亿毛利润,毛利率约为41%,相比去年同期毛利率23.5%已经实现了约17个百分点的提升,显示了规模效应带来的优势。\n\n但从成本构成来看,目前Sea的销售费用相比去年增长迅猛,远超其他成本及费用。2021Q2,Sea的销售费用率高达40%,几乎与毛利率持平。\n\n因此,从调整后的息税前利润来看,亏损幅度有所扩大。目前,仅有游戏板块已经实现正的息税前利润。\n\n去掉股权激励费用后,Sea的二季度净亏损约为3.21亿美元,与去年的3.18亿基本持平。\n分业务板块来看,游戏及电商业务均进展顺利,在下载量、用户数、订单数、成交额等多个指标上创下纪录。\n“低配版吃鸡”游戏Free Fire大火,\nGarena付费率大幅提升\n具体到Garena业务,由于在全球范围内活跃用户及付费用户数的强劲增长,合同额增长65%达到12亿美元,确认收入约为10亿美元,调整后的息税前利润(EBITDA)增长了70%至7.41美元。\n从用户角度,季度活跃用户数为7.25亿人,相比去年增长45%,季度付费用户更是增长85%达到9200万人。因此,2021Q2的付费率已经达到12.7%,相比去年10%提升了2.7个百分点。其中,曾经被称为“低配版吃鸡”游戏的Free Fire大火,创造了多项纪录。今年之前,这款游戏主要在东南亚市场火爆,但是今年Q1,在美国移动游戏市场,《Garena Free Fire》就已经超越《PUBG Mobile》,成了最畅销的战术竞技手游。\n而Q2,Free Fire的成绩进一步攀升。\n业绩沟通会上,Sea的创始人Forrest Li 提及,在Google Play上,Free Fire已经累计拥有超过10亿下载量,而Free Fire是第一个取得这个成绩的手机类战斗游戏。\n2021Q2,Free Fire的月活用户数在Google Play上全球排名第三,而峰值日活更是高达1.5亿人。在东南亚和拉丁美洲、印度等地区,这款游戏已经成为了现象级游戏,火爆了3-8个季度。\n对于游戏板块业务来说,未来能否打出漂亮的组合拳,在Free Fire进入衰退期后继续打造爆款,是Garena能否继续增长的关键。\nSea目前还储备有其他多款游戏,6月在台湾发行了《月光之刃手机版》,这也将成为公司未来游戏组合的重要部分。\nShopee成交额逐季攀升,\n全球购物APP下载量第二\n2021Q2,整个地区依然在疫情笼罩下迎接挑战。Shopee的主要精力在于帮助线下的卖家构建电子商务体系及流程,并为买家提供更多选择。\nQ2,Shopee的订单总量达到14亿美元,同比增长127%;总成交额(GMV)达到150亿美元,同比增长88%,且从数据来看,过去几个季度,这两个数据均处于逐季提升之中。\n二季度,根据APP Annie的数据,Shopee在Google Play的购物类APP下载量中全球排名第一,在Google Play和iOS App Store合计购物类APP中下载量全球排名第二。二季度,Shopee的收入与成交额之比在Q2达到7.7%,对Shopee来说,商业化程度也在进一步加深。\nShopee的调整后息税前利润(EBITDA)每单亏损为41美分,同比下降了20%。分地区来看,Shopee马来西亚市场已经成为继台湾之后,第二个获得正息税前利润的地区。此外在巴西,Shopee也已经排到了购物类APP下载量第一,并在最受欢迎的APP排行榜中位居第二。\n虽然目前来看,Shopee的每个季度利润仍在波动,但从规模增长来看,势头仍算喜人,未来预计亏损有望随着规模效应的扩大而逐渐收窄。\n另一个“蚂蚁金服”?\n收入增速高达6倍以上\nSeaMoney的手机钱包服务在Q2共处理了超过41亿美元的支付金额,同比增长150%,这一增长一方面来自于公司付费用户数的增长,另一方面也来自于消费者对于APP更加频繁的使用。\nSeaMoney目前主要收入来自于AirPay等平台结算所产生的佣金收入,以及小额贷款业务的利息收入。佣金包含按照交易价值抽取的手续费以及每笔交易收取的固定费用两种形式,佣金率约为每笔交易的1-3%之间。这一费率高于国内支付宝与微信,不过暂低于Paypal。作为公司娱乐、电商业务的衍生业务,可以类比“蚂蚁金服”的SeaMoney目前还处于发展的较早期阶段,Q2该部分业务仅实现约8900万美元收入,但增速高达659%,去年同期这一收入数据仅为1200万美元。\n二季度,SeaMoney的息税前净利润约为-1.55亿美元,相比去年-9700万美元,亏损幅度有所扩大。\n在泛东南亚地区的六国中(不包括新加坡),现金支付仍占据所有交易的大部分,非现金比例最高为马来西亚约为58%,而最低是菲律宾,占比仅10%。这一比例远低于中国的66%,未来在支付领域,SeaMoney通过构建的娱乐与电商场景,还有较大渗透空间。\n尾声\n对于目前的Sea来说,游戏在腾讯早期的扶持下,已经打造出了属于自己的爆款;而在电商业务领域,虽然成立于2015年的Shopee如今只有6岁,但订单数量、APP下载量、成交额等增长数据都非常突出,足以让外界充满期待。\n从目前机构评级来看,虽然Sea的PS(市销率)高达22倍以上,在互联网公司中也处于高位,但大部分分析师给予的都是“买入”评级。\nSea的价值在于,“将腾讯的娱乐与阿里的电商结合起来”这一宏大目标,它已经做到了;与此同时它已经在订单和收入层面取得了成绩。\n但市值1617亿美元,换算为人民币市值已过万亿,腾讯在港股市值也刚过4万亿港币,阿里巴巴市值不到4万亿港币,以利润体量对比来看,市场对于Sea的预期相当高。\n如何用利润撑起万亿市值,是接下来这个“东南亚小腾讯”将要面对的最大考验。","news_type":1},"isVote":1,"tweetType":1,"viewCount":591,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":831440348,"gmtCreate":1629343379684,"gmtModify":1676530009520,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/831440348","repostId":"2160730619","repostType":4,"isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830476690,"gmtCreate":1629094793110,"gmtModify":1676529927903,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/830476690","repostId":"2159324637","repostType":4,"isVote":1,"tweetType":1,"viewCount":590,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894431299,"gmtCreate":1628845983911,"gmtModify":1676529873058,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894431299","repostId":"1140657992","repostType":4,"isVote":1,"tweetType":1,"viewCount":619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896868569,"gmtCreate":1628569915651,"gmtModify":1703508301673,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896868569","repostId":"1182709857","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891420154,"gmtCreate":1628413859478,"gmtModify":1703506043954,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891420154","repostId":"1183672765","repostType":4,"isVote":1,"tweetType":1,"viewCount":551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":899785405,"gmtCreate":1628215555407,"gmtModify":1703503300233,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899785405","repostId":"1186213069","repostType":4,"isVote":1,"tweetType":1,"viewCount":248,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809656986,"gmtCreate":1627368101645,"gmtModify":1703488505006,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/809656986","repostId":"2154544996","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174939651,"gmtCreate":1627056190773,"gmtModify":1703483576461,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174939651","repostId":"1129536436","repostType":4,"isVote":1,"tweetType":1,"viewCount":283,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172239577,"gmtCreate":1626961784399,"gmtModify":1703481441156,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172239577","repostId":"1174948099","repostType":4,"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":107749648,"gmtCreate":1620543462884,"gmtModify":1704344835350,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/107749648","repostId":"2133968366","repostType":4,"isVote":1,"tweetType":1,"viewCount":117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130477050,"gmtCreate":1621563522070,"gmtModify":1704359722822,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130477050","repostId":"1197907753","repostType":4,"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145695116,"gmtCreate":1626220353335,"gmtModify":1703755651329,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/145695116","repostId":"1179493532","repostType":4,"isVote":1,"tweetType":1,"viewCount":349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":192100096,"gmtCreate":1621154674215,"gmtModify":1704353452604,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/192100096","repostId":"1164480285","repostType":4,"isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581608528633395","authorId":"3581608528633395","name":"林癸源","avatar":"https://community-static.tradeup.com/news/64ab6cd5db62119f730277b3a65da70c","crmLevel":1,"crmLevelSwitch":1,"idStr":"3581608528633395","authorIdStr":"3581608528633395"},"content":"[smile] [smile]","text":"[smile] [smile]","html":"[smile] [smile]"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102727944,"gmtCreate":1620255953988,"gmtModify":1704340742232,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/102727944","repostId":"2133541023","repostType":4,"isVote":1,"tweetType":1,"viewCount":67,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102688090,"gmtCreate":1620206384410,"gmtModify":1704340169579,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/102688090","repostId":"1145122586","repostType":4,"isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816109151,"gmtCreate":1630473209373,"gmtModify":1676530313217,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/816109151","repostId":"1186121597","repostType":4,"isVote":1,"tweetType":1,"viewCount":1144,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142427314,"gmtCreate":1626170308138,"gmtModify":1703754734920,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/142427314","repostId":"1117185498","repostType":4,"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196502452,"gmtCreate":1621067127176,"gmtModify":1704352657889,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/196502452","repostId":"2135983925","repostType":4,"isVote":1,"tweetType":1,"viewCount":125,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190107954,"gmtCreate":1620604078678,"gmtModify":1704345273645,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/190107954","repostId":"1124499400","repostType":4,"isVote":1,"tweetType":1,"viewCount":202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":101487775,"gmtCreate":1619932172697,"gmtModify":1704336533647,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/101487775","repostId":"1108000005","repostType":4,"isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582075602912414","authorId":"3582075602912414","name":"Daniel_bao","avatar":"https://static.tigerbbs.com/013e1ddf403635b11f90f297ca14f63f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3582075602912414","authorIdStr":"3582075602912414"},"content":"Give me a compliment, thank you","text":"Give me a compliment, thank you","html":"Give me a compliment, thank you"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":377760428,"gmtCreate":1619566071164,"gmtModify":1704725903481,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/377760428","repostId":"1119272539","repostType":4,"isVote":1,"tweetType":1,"viewCount":97,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374710318,"gmtCreate":1619480852434,"gmtModify":1704724501277,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374710318","repostId":"1108893648","repostType":4,"isVote":1,"tweetType":1,"viewCount":151,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374116312,"gmtCreate":1619427762736,"gmtModify":1704723673117,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/374116312","repostId":"1148290471","repostType":4,"isVote":1,"tweetType":1,"viewCount":25,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322943223,"gmtCreate":1615769573562,"gmtModify":1704786210089,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/322943223","repostId":"1136225097","repostType":4,"isVote":1,"tweetType":1,"viewCount":75,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9906298465,"gmtCreate":1659546650460,"gmtModify":1705981455240,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","listText":"<a href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a>Up","text":"$Unity Software Inc.(U)$Up","images":[{"img":"https://community-static.tradeup.com/news/6e8791ccd32f2ed8138b56cde573be9d","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9906298465","isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":832614488,"gmtCreate":1629619510444,"gmtModify":1676530081055,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/832614488","repostId":"1182861188","repostType":4,"isVote":1,"tweetType":1,"viewCount":844,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896868569,"gmtCreate":1628569915651,"gmtModify":1703508301673,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/896868569","repostId":"1182709857","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155705886,"gmtCreate":1625451767345,"gmtModify":1703741961658,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155705886","repostId":"1168133884","repostType":4,"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155706811,"gmtCreate":1625451680233,"gmtModify":1703741960664,"author":{"id":"3569319906313275","authorId":"3569319906313275","name":"安妮1022","avatar":"https://static.tigerbbs.com/eaea1956e8190b9ea1701017815730b6","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569319906313275","authorIdStr":"3569319906313275"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/155706811","repostId":"1128711448","repostType":4,"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}