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2023-12-13

$GLOBALFOUNDRIES Inc.(GFS)$

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21:48","market":"us","language":"zh","title":"Apple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year","url":"https://stock-news.laohu8.com/highlight/detail?id=2150937793","media":"IT时报","summary":"这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。","content":"<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30-second quick reading</p><p>1. 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When the user's device \"hears\" a fire alarm, a baby crying or a household appliance chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users recognize the content on the device screen, become the user's \"eyes\", and help users \"see\" images, text, buttons, etc. on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use the Apple Watch more fully with a technology called Assistive Touch.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology that assists the touch function can detect subtle changes in the movement of the user's muscles and tendon activity through sensors built into the Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when wearing the Watch, users can call various functions of Apple Watch by moving the pointer on the screen in the air without touching the screen by gestures.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple's products.\" Ge Yue said, \"No matter what the purpose of users using products is, whether they simply use devices for entertainment or want to leave their mark on this world, we should make better products for them, that is, products suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users are concerned about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning requires the use of a large amount of data, but the effectiveness of artificial intelligence and machine learning does not need to come at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times Trainee Reporter Fan Xinru</p><p>Editor/Wang Xin Kicked Sister</p><p>Typography/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/IT Times Public Account vittimes</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>Apple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year</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\">\nApple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT时报</strong><span class=\"h-time small\">2021-07-09 21:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30-second quick reading</p><p>1. AI and machine learning are<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company is widely used in application innovation and care for people with disabilities.</p><p>2. Many new features in iOS 15 and iPadOS 15 come from machine learning.</p><p>3. Apple does not collect a large amount of personal information and does not store user data on the server.</p><p>What scenarios will \"Apple + AI\" land in? On July 8, in the World Artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the forum of \"Smart Chips Define the Future of Industry\", Ge Yue, vice president of Apple and managing director of Greater China, shared a number of Apple's applications in artificial intelligence and machine learning.</p><p>At the WWDC conference in June this year, Apple launched a series of new systems such as iOS 15 and iPadOS 15, many of which were developed based on machine learning.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269819/0\"/>Source: Apple</p><p>For example, a new function called \"visual search\" can help users select an object in a picture and immediately get more information about the object. \"The choice of objects is diverse, which can be a work of art, a book, an animal or a landmark\".</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269830/0\"/>Source: Apple</p><p>Ge Yue said that Apple is widely using machine learning and AI to empower users' daily lives, and machine learning has also driven Apple to carry out more innovations around accessibility functions.</p><p>For example, in assistive functions, a microphone can act as an ear for a deaf person. When the user's device \"hears\" a fire alarm, a baby crying or a household appliance chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users recognize the content on the device screen, become the user's \"eyes\", and help users \"see\" images, text, buttons, etc. on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use the Apple Watch more fully with a technology called Assistive Touch.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology that assists the touch function can detect subtle changes in the movement of the user's muscles and tendon activity through sensors built into the Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when wearing the Watch, users can call various functions of Apple Watch by moving the pointer on the screen in the air without touching the screen by gestures.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple's products.\" Ge Yue said, \"No matter what the purpose of users using products is, whether they simply use devices for entertainment or want to leave their mark on this world, we should make better products for them, that is, products suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users are concerned about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning requires the use of a large amount of data, but the effectiveness of artificial intelligence and machine learning does not need to come at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times Trainee Reporter Fan Xinru</p><p>Editor/Wang Xin Kicked Sister</p><p>Typography/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/IT Times Public Account vittimes</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=nesSN202107092150037c1e9682&s=b\">IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107092150037c1e9682&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2150937793","content_text":"Apple公司副总裁、大中华区董事总经理葛越，图摄：IT 时报30秒快读1、AI和机器学习被苹果公司大量应用于应用创新以及对残障人士的关怀中。2、iOS 15、iPadOS 15中许多新功能都来自机器学习。3、苹果不收集大量的个人信息，不将用户数据存储在服务器上。“苹果+AI”会落地到哪些场景？7月8日，在世界人工智能大会“智能芯片定义产业未来”论坛上，Apple公司副总裁、大中华区董事总经理葛越分享多个苹果在人工智能和机器学习方面的落地应用。今年6月的WWDC大会上，苹果推出了iOS 15、iPadOS 15等一系列新的系统，其中许多新功能都是基于机器学习而开发出来的。图源：Apple比如一个叫做“视觉查找”的新功能，可以帮助用户在图片中选定一个对象，并立即获取更多关于该对象的信息，“对象的选择多样，可以是一款艺术品、一本书、一个动物或者一个地标”。图源：Apple葛越表示，苹果正广泛地将机器学习和AI用于赋能用户的日常生活，而机器学习也驱动了苹果围绕辅助功能开展更多的创新。比如，在辅助功能中，麦克风可以充当失聪人士的耳朵。当用户的设备“听到”了火警，婴儿的哭啼或者是家用电器的鸣叫等声音的时候，会立即通知用户。图源：Apple旁白功能能够帮助视觉障碍的用户识别设备屏幕上的内容，成为用户的“眼睛”，帮助用户去“看”到屏幕中的图像、文本和按钮等。图源：Apple今年晚些时候，葛越表示，肢体障碍人士将可以用上一项名为辅助触控功能的技术，更加充分地使用Apple Watch。图源：Apple辅助触控功能的技术通过内置于Apple Watch中的传感器，结合苹果自身的机器学习技术，可以检测到用户肌肉的运动和肌腱活动的细微变化。这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。“通过这些方式，机器学习使得任何人能够轻松地体验Apple的产品。”葛越说，“无论用户使用产品的目的是什么，是单纯地使用设备来娱乐，或者是想在这个世界上留下自己的印记，我们都应该为他们做出更好的产品，也就是适合每一个人使用的产品”。图源：Apple对于中国用户关心的隐私话题，葛越表示，隐私保护是一切的核心，“苹果不收集大量的个人信息，不将用户数据存储在服务器上，也不出售给第三方。机器学习需要使用大量数据，但人工智能和机器学习的有效性并不需要以牺牲用户隐私为代价”。葛越强调，对于苹果所有员工来说，隐私保护是公司首要的关注点，也是基本的价值观，融入到苹果全球产品设计的每个阶段中。作者／IT时报见习记者 范昕茹编辑／王昕 挨踢妹排版／黄建图片／IT时报、Apple来源／《IT时报》公众号vittimes","news_type":1,"symbols_score_info":{"09086":0.6,"AAPL":0.9,"03086":0.6}},"isVote":1,"tweetType":1,"viewCount":3270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149589999,"gmtCreate":1625735583211,"gmtModify":1703747416866,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149589999","repostId":"1169344170","repostType":4,"repost":{"id":"1169344170","kind":"news","pubTimestamp":1625733962,"share":"https://ttm.financial/m/news/1169344170?lang=en_US&edition=fundamental","pubTime":"2021-07-08 16:46","market":"hk","language":"zh","title":"Is Naixue's tea Starbucks or Luckin?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169344170","media":" 科技说","summary":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整","content":"<p>Starting with the analysis of enterprise value, we discuss whether Nayuki's tea has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive views on Naixue's tea prospectus first. Unlike Ruixing, who emphasizes its own \"scientific and technological attributes\" and highlights the customary business data of Internet companies such as DAU and MAU, Naixue's tea is flaunting its offline retail attributes as a whole, that is to say, enterprises do not deliberately create \"strong concepts\" to improve their pricing power.</p><p>The business model and cost structure of the offline tea drinking industry are highly similar to those of coffee chains. We compare the tea of Nayuki in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Naixue's gross profit margin of tea is insufficient, considering factors such as volume and development stage, we think its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and mid-stage of development, there is no oligarch with market pricing power yet, and Naixue's tea is not yet facing a brutal price war. On the other hand, we must also see that since the myth of Ruixing was punctured, although the milk tea industry has expanded rapidly with the blessing of capital, we have not seen a brutal price war so far. Judging from the historical data of Naixue's tea, the low proportion of market expenses and the high gross profit all show that the industry requires enterprises to balance the relationship between growth and loss, and the development of the industry is much more rational and restrained than that of the coffee industry spoiled by Ruixing.</p><p>With the above ideas, let's look at the indicators such as store operating cost. Naixue's tea is very close to Starbucks. Although the two enterprises are in different industries, their business logic is basically the same.</p><p>So in that case, why is Nayuki's tea still losing money in 2020? As the business model and logic of the enterprise and Starbucks are very close, the latter should be taken as a reference in the market value judgment, and the potential of business scale growth and profit should be considered. The high revenue accompanied by high losses used by Internet companies is not suitable for Naixue's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The cost listed in the above figure is the main consumption point of offline store operation. In addition, there are still many subtle expenses that can't be expressed. From the revenue model, the biggest difference between Naixue's tea and Starbucks is that the proportion of take-out orders is particularly large, while Starbucks still mainly serves dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>As a result, in the past three years, Nayuki's tea distribution expenses have increased obviously, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will be close to Starbucks in terms of operating profit margin.</p><p>For Nayuki's tea, after the take-out orders increase (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay the distribution fee to the distribution company. However, in order not to affect consumers' purchasing impulse, online and offline sales are adopted at the same price, and freight subsidies are made in various ways (such as full reduction, such as free freight days every Monday, etc.). When the scale of take-out orders is so expanded, Starbucks' offline operating profit margin is only less than 7%, which will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How can this be cracked?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail was severely impacted (so far, the national social consumption growth is still at a low level), which seriously affected the rent level of offline shops (in 2020, both the central government and governments at all levels were calling for rent reduction and subsidies to make profits), which can also be verified in Naixue's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, the rents of cities at all levels have a downward trend, considering that the signing cycle of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. In 2020, the average rent needs to be hedged against the previous higher rental cost after the price reduction in that year. Although it decreased in that year, it did not fully reflect the actual magnitude of the decrease in shop rent;</p><p>2. In 2020, enterprises have carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure of average rent will be partially alleviated since then, especially in non-first-tier cities, which may make greater efforts in rent profits (already shown in the above figure).</p><p>Before this, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power in negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) will give priority to Starbucks when attracting investment, and give policy inclination (similar bans and rent discounts), which makes Starbucks have a distinct comparative advantage compared with similar enterprises.</p><p>From the internal perspective, although it is extremely controversial to reflect on the Luckin model now, it seems to make sense that when users become more and more dependent on take-out, it is actually possible to expand the proportion of take-out stores, reduce the proportion of rent, expand online revenue and adjust the operating cost structure.</p><p>So we sorted out Naixue's tea applet and the transaction scale between its own App and take-out platform, as shown in the following figure</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of payment by in-store cashiers (mainly dine-in) has dropped significantly. At the same time, the proportion of payment completed through small programs and take-out platforms is enlarging. Even if users will buy in stores through small programs are excluded, we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operation, does this mean that enterprises can reduce the store area, focus on take-out, reduce offline costs, and hedge against the fact that the distribution cost increases?</p><p>In the prospectus, we see that Naixue's Tea indicated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, of which 70% are PRO stores. If the above results of our analysis are maintained in cost control and business expansion, it is conceivable that the composition of the operating expenses of enterprises will change significantly in the next, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party take-out platform service expenses, we don't know for the time being, which is what we should focus on next.</p><p>So when is the earnings cycle we expect for this business?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating cost, we calculate that, judging from the store operation in 2020, the break-even point of its store is about 25,000 yuan per day, which is higher than this level in 2018-2019. If the financing costs and other expenses at that time are excluded, it will be roughly within the profit level range for the store operation.</p><p>However, judging from the trend, the daily sales scale of a single store is on a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. Among them, there are not only the impact of the epidemic explained by enterprises, but also the lax grasp of efficiency in expansion, which dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, we can see that in the past three years, the daily sales of single stores in different levels of cities have been approaching, and it has been almost at the same level in 2020. We previously thought that this was the inevitable result of the conservative impact of consumption under the epidemic, but after 2019, we are more certain that this may be a trend. For the milk tea favored by young people, users in first-and second-tier cities are getting closer to acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, it can theoretically narrow the balance point of daily sales of 25,000 yuan to reach the level of about 23,000 yuan, thus alleviating the profit pressure.</p><p>To summarize our conclusions in this section:</p><p>First, this is an enterprise whose revenue and cost structure are very similar to Starbucks, and its valuation should also refer to Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong for more than three years. The dilution of the founder's shares is relatively small, and it can also raise funds in the capital market through additional issuance and convertible bonds to maintain its expansion.</p><p>Next let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After the listing of Naixue's tea, the latest financing of Heytea was reported, coupled with Gongcha, Lele tea and other brands. We can say with certainty that due to the high gross profit and more accurate growth of the industry, this category has become a hot spot for capital pursuit. It can also be said with certainty that there are still many financing news that shock us in the next industry.</p><p>Strong capital involvement has always been a double-edged sword. On the one hand, capital does give entrepreneurial enterprises the impetus to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. Typical representatives are that enterprises' premium ability in the terminal market is limited, their negotiation ability with suppliers is insufficient, etc., which will dilute the profitability of single enterprises. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents. Such things have been common in the past few years. To be honest, I doubt whether Naixue's tea can escape.</p><p>This is not different from the coffee chain industry. Although Starbucks is at the top of the coffee chain, there has been no shortage of challengers for so many years, from COSTA overseas to Luckin in the Chinese market. The strong competitive pressure is optimistic to train the team and improve the ability to resist pressure, but pessimistically, it makes users extremely sensitive to its price, enterprises have strong substitutability, and the profit margin is compressed to a low level.</p><p>Nowadays, China's capital market has reached a relatively mature stage, and Starbucks has made money lying down. What if Naixue's tea is not ready? That is to say, although we have made an ideal business analysis of enterprises above, we must add the premise that the industry is still under great uncertainty, and enterprises have gotten financing advantages earlier than others, but the stock price is the anchor of the next financing cost. It is the top priority to do a good job in business, keep the stock price, get convenient and cheap financing, and support its expansion. However, under uncertainty (and the overall adjustment factors of Hong Kong stocks), we must say that Naixue's tea market value management is under great pressure.</p><p>So what is the center point of the company's market value?</p><p>Let's still take Starbucks as an example, and take the data of fiscal year 2020 as a reference. Now, the market value has almost achieved a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks showed a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and America have a huge impact). Taking the 2019 data as an example, the price-to-sales ratio is now over 5 times, and the static P/E is around 40 times. Because the US stock market has expanded under the global release, it is now almost the highest point of Starbucks stock price.</p><p>When we value Naixue's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about HK$ 22 billion. However, considering that the enterprise will increase its store expansion after financing, the total revenue will be in a rapid growth range, we will give a certain premium, which will be about HK$ 25 billion after careful consideration.</p><p>Let's use p/E as a verification. The market value of HK$ 25 billion is 25 times the p/E ratio, the operating profit is HK$ 10, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the balance point of profit p, we think that this goal is difficult but not impossible to achieve.</p><p>In addition, it is emphasized that when dynamically observing enterprises, we will still adjust the valuation level with profitability as an important reference. The above-mentioned market value valuation is also on the premise of ideal operation. If the balance between profit and expansion is appropriate, the model will be appropriately adjusted. However, in short, for Naixue's tea, we should treat it as a retail enterprise, and don't be fooled by the concept of Internet. Naixue's tea is not an Internet enterprise, and the valuation of enterprises can't take the old road of Haidilao.</p>","source":"lsy1583724996352","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>Is Naixue's tea Starbucks or Luckin?</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\">\nIs Naixue's tea Starbucks or Luckin?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 科技说</strong><span class=\"h-time small\">2021-07-08 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Starting with the analysis of enterprise value, we discuss whether Nayuki's tea has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive views on Naixue's tea prospectus first. Unlike Ruixing, who emphasizes its own \"scientific and technological attributes\" and highlights the customary business data of Internet companies such as DAU and MAU, Naixue's tea is flaunting its offline retail attributes as a whole, that is to say, enterprises do not deliberately create \"strong concepts\" to improve their pricing power.</p><p>The business model and cost structure of the offline tea drinking industry are highly similar to those of coffee chains. We compare the tea of Nayuki in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Naixue's gross profit margin of tea is insufficient, considering factors such as volume and development stage, we think its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and mid-stage of development, there is no oligarch with market pricing power yet, and Naixue's tea is not yet facing a brutal price war. On the other hand, we must also see that since the myth of Ruixing was punctured, although the milk tea industry has expanded rapidly with the blessing of capital, we have not seen a brutal price war so far. Judging from the historical data of Naixue's tea, the low proportion of market expenses and the high gross profit all show that the industry requires enterprises to balance the relationship between growth and loss, and the development of the industry is much more rational and restrained than that of the coffee industry spoiled by Ruixing.</p><p>With the above ideas, let's look at the indicators such as store operating cost. Naixue's tea is very close to Starbucks. Although the two enterprises are in different industries, their business logic is basically the same.</p><p>So in that case, why is Nayuki's tea still losing money in 2020? As the business model and logic of the enterprise and Starbucks are very close, the latter should be taken as a reference in the market value judgment, and the potential of business scale growth and profit should be considered. The high revenue accompanied by high losses used by Internet companies is not suitable for Naixue's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The cost listed in the above figure is the main consumption point of offline store operation. In addition, there are still many subtle expenses that can't be expressed. From the revenue model, the biggest difference between Naixue's tea and Starbucks is that the proportion of take-out orders is particularly large, while Starbucks still mainly serves dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>As a result, in the past three years, Nayuki's tea distribution expenses have increased obviously, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will be close to Starbucks in terms of operating profit margin.</p><p>For Nayuki's tea, after the take-out orders increase (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay the distribution fee to the distribution company. However, in order not to affect consumers' purchasing impulse, online and offline sales are adopted at the same price, and freight subsidies are made in various ways (such as full reduction, such as free freight days every Monday, etc.). When the scale of take-out orders is so expanded, Starbucks' offline operating profit margin is only less than 7%, which will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How can this be cracked?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail was severely impacted (so far, the national social consumption growth is still at a low level), which seriously affected the rent level of offline shops (in 2020, both the central government and governments at all levels were calling for rent reduction and subsidies to make profits), which can also be verified in Naixue's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, the rents of cities at all levels have a downward trend, considering that the signing cycle of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. In 2020, the average rent needs to be hedged against the previous higher rental cost after the price reduction in that year. Although it decreased in that year, it did not fully reflect the actual magnitude of the decrease in shop rent;</p><p>2. In 2020, enterprises have carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure of average rent will be partially alleviated since then, especially in non-first-tier cities, which may make greater efforts in rent profits (already shown in the above figure).</p><p>Before this, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power in negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) will give priority to Starbucks when attracting investment, and give policy inclination (similar bans and rent discounts), which makes Starbucks have a distinct comparative advantage compared with similar enterprises.</p><p>From the internal perspective, although it is extremely controversial to reflect on the Luckin model now, it seems to make sense that when users become more and more dependent on take-out, it is actually possible to expand the proportion of take-out stores, reduce the proportion of rent, expand online revenue and adjust the operating cost structure.</p><p>So we sorted out Naixue's tea applet and the transaction scale between its own App and take-out platform, as shown in the following figure</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of payment by in-store cashiers (mainly dine-in) has dropped significantly. At the same time, the proportion of payment completed through small programs and take-out platforms is enlarging. Even if users will buy in stores through small programs are excluded, we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operation, does this mean that enterprises can reduce the store area, focus on take-out, reduce offline costs, and hedge against the fact that the distribution cost increases?</p><p>In the prospectus, we see that Naixue's Tea indicated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, of which 70% are PRO stores. If the above results of our analysis are maintained in cost control and business expansion, it is conceivable that the composition of the operating expenses of enterprises will change significantly in the next, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party take-out platform service expenses, we don't know for the time being, which is what we should focus on next.</p><p>So when is the earnings cycle we expect for this business?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating cost, we calculate that, judging from the store operation in 2020, the break-even point of its store is about 25,000 yuan per day, which is higher than this level in 2018-2019. If the financing costs and other expenses at that time are excluded, it will be roughly within the profit level range for the store operation.</p><p>However, judging from the trend, the daily sales scale of a single store is on a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. Among them, there are not only the impact of the epidemic explained by enterprises, but also the lax grasp of efficiency in expansion, which dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, we can see that in the past three years, the daily sales of single stores in different levels of cities have been approaching, and it has been almost at the same level in 2020. We previously thought that this was the inevitable result of the conservative impact of consumption under the epidemic, but after 2019, we are more certain that this may be a trend. For the milk tea favored by young people, users in first-and second-tier cities are getting closer to acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, it can theoretically narrow the balance point of daily sales of 25,000 yuan to reach the level of about 23,000 yuan, thus alleviating the profit pressure.</p><p>To summarize our conclusions in this section:</p><p>First, this is an enterprise whose revenue and cost structure are very similar to Starbucks, and its valuation should also refer to Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong for more than three years. The dilution of the founder's shares is relatively small, and it can also raise funds in the capital market through additional issuance and convertible bonds to maintain its expansion.</p><p>Next let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After the listing of Naixue's tea, the latest financing of Heytea was reported, coupled with Gongcha, Lele tea and other brands. We can say with certainty that due to the high gross profit and more accurate growth of the industry, this category has become a hot spot for capital pursuit. It can also be said with certainty that there are still many financing news that shock us in the next industry.</p><p>Strong capital involvement has always been a double-edged sword. On the one hand, capital does give entrepreneurial enterprises the impetus to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. Typical representatives are that enterprises' premium ability in the terminal market is limited, their negotiation ability with suppliers is insufficient, etc., which will dilute the profitability of single enterprises. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents. Such things have been common in the past few years. To be honest, I doubt whether Naixue's tea can escape.</p><p>This is not different from the coffee chain industry. Although Starbucks is at the top of the coffee chain, there has been no shortage of challengers for so many years, from COSTA overseas to Luckin in the Chinese market. The strong competitive pressure is optimistic to train the team and improve the ability to resist pressure, but pessimistically, it makes users extremely sensitive to its price, enterprises have strong substitutability, and the profit margin is compressed to a low level.</p><p>Nowadays, China's capital market has reached a relatively mature stage, and Starbucks has made money lying down. What if Naixue's tea is not ready? That is to say, although we have made an ideal business analysis of enterprises above, we must add the premise that the industry is still under great uncertainty, and enterprises have gotten financing advantages earlier than others, but the stock price is the anchor of the next financing cost. It is the top priority to do a good job in business, keep the stock price, get convenient and cheap financing, and support its expansion. However, under uncertainty (and the overall adjustment factors of Hong Kong stocks), we must say that Naixue's tea market value management is under great pressure.</p><p>So what is the center point of the company's market value?</p><p>Let's still take Starbucks as an example, and take the data of fiscal year 2020 as a reference. Now, the market value has almost achieved a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks showed a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and America have a huge impact). Taking the 2019 data as an example, the price-to-sales ratio is now over 5 times, and the static P/E is around 40 times. Because the US stock market has expanded under the global release, it is now almost the highest point of Starbucks stock price.</p><p>When we value Naixue's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about HK$ 22 billion. However, considering that the enterprise will increase its store expansion after financing, the total revenue will be in a rapid growth range, we will give a certain premium, which will be about HK$ 25 billion after careful consideration.</p><p>Let's use p/E as a verification. The market value of HK$ 25 billion is 25 times the p/E ratio, the operating profit is HK$ 10, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the balance point of profit p, we think that this goal is difficult but not impossible to achieve.</p><p>In addition, it is emphasized that when dynamically observing enterprises, we will still adjust the valuation level with profitability as an important reference. The above-mentioned market value valuation is also on the premise of ideal operation. If the balance between profit and expansion is appropriate, the model will be appropriately adjusted. However, in short, for Naixue's tea, we should treat it as a retail enterprise, and don't be fooled by the concept of Internet. Naixue's tea is not an Internet enterprise, and the valuation of enterprises can't take the old road of Haidilao.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd\"> 科技说</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169344170","content_text":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整体上是在标榜自身的线下零售属性，也就是说，企业并没有刻意制造“强概念”来提高定价能力。\n线下茶饮业，其商业模型和成本结构与咖啡连锁雷同度极高，我们用2020年奈雪的茶与2020财年星巴克财务数据进行对比，见下图\n\n对比星巴克，奈雪的茶毛利率虽显出不足，但考虑体量以及发展阶段等因素，我们认为其表现还是在较为理想区间的。\n其一方面是由于线下茶业整体仍在发展前中期，尚未出现具有市场定价能力的寡头，奈雪的茶也尚不到面临残酷价格战的时候，而另一方面，我们也必须看到自瑞幸神话被戳破之后，奶茶业虽在资本加持下迅速扩张，但迄今为止我们也未看到凶残的价格战，从奈雪的茶历史数据看，市场费用占比低，毛利高都说明行业都是要求企业可以平衡增长与损耗之间的关系，行业发展较之瑞幸搅局的咖啡业要理性和克制许多。\n带着以上思路我们再看门店运营成本等指标，奈雪的茶与星巴克都极为接近，两个企业虽所处行业不同，但经营逻辑基本是一致的。\n那么既然如此，为何奈雪的茶在2020年仍然是亏损呢？由于企业与星巴克经营模式和逻辑极为接近，那么在市值判断中就应该以后者为参考，要考虑经营规模增长和盈利的潜力问题，互联网企业惯用的高营收伴随高亏损对于奈雪的茶是不合适的。\n在此问题的分析中我们引入以下思路。\n上图中所罗列成本乃是线下门店运营的主要消耗点，除此以外尚有许多细微费用未能表示，从营收模型看，奈雪的茶与星巴克最大不同在于外卖订单占比尤其之大，而星巴克在全世界仍然以堂食或到店服务为主。\n\n这也就使得在过去的三年时间里奈雪的茶配送费用出现了明显的上扬，占营收比也超过了5个百分点，换句话说，若无此部分支出，奈雪的茶在经营利润率表现方面就比较接近星巴克了。\n对于奈雪的茶，外卖订单增加之后（通过小程序以及第三方外卖平台订单占比已经超过20%）就需要向配送企业支付配送费用，而为了不影响消费者的购买冲动，就采取了线上线下同价销售，且通过各种方式进行运费补贴（如满减，如如今每周一的免运费日等等），在外卖订单规模如此膨胀之际，在星巴克线下经营利润率仅不足7%的情况下，无疑会摊薄奈雪的茶的盈利能力。\n这又当如何破解呢？\n我们从外部和内部两条线索去思考。\n外部，2020年受疫情影响，线下实体零售受到较为严重的冲击（至今全国社消增长仍在较低水平），这就严重影响了线下商铺的租金水平（2020年无论是中央还是各级政府都在号召减租补贴让利），这在奈雪的茶招股书中也能得到验证。\n\n在上图中，各级城市的租金都有下降的势头，考虑到企业对线下商铺的签约周期普遍在3-5年，也就是说：\n1.2020年平均租金需要用当年降价后的去对冲此前较高的租金成本，当年虽然有所下降，但并未完全反应商铺租金下降的实际幅度；\n2.2020年企业又进行了极大的门店扩张，其中新一线城市和二线城市是重要亮点，可以预见的是，此后平均租金的压力较之前要得到部分缓解，尤其非一线城市在租金让利方面的力度可能会更大（上图中已有表示）。\n在此之前我们考虑星巴克时，除了品牌以及供应链优势外，往往忽略了其在与商业地产谈判时的议价能力，一般商业地产项目（尤其在新一线及以下城市）招商时会优先考虑星巴克，并给以政策性倾斜（同类禁业以及租金折扣），这就使得对比同类企业时星巴克拥有了鲜明的比较优势。\n从内因外看，如今反思瑞幸模式，虽然争议极大，但其有一点似乎是有道理，即当用户越来越依赖外卖时，事实上是可以扩大外卖店比例，降低租金占比，扩大线上收入，调整经营成本结构。\n于是我们就整理了奈雪的茶小程序以及自身App与外卖平台的交易规模情况，见下图\n\n在过去的三年时间里，店内收银（主要是堂食）支付占比有明显的下降，与此同时通过小程序和外卖平台完成支付的比例却在放大，即便剔除用户也会通过小程序进行到店购买这一因素，但我们仍然可以得到：外卖消费占比正在扩大这一事实。\n此趋势也和前文所述外卖服务费占比增长相吻合，但从企业经营入手，这是否就代表着此后企业可以缩小门店面积，以经营外卖为主，降低线下成本，以对冲配送成本增加这一事实呢？\n在招股书中，我们看到奈雪的茶表示要加大PRO店的布局，2021年和2021年计划在一线和新一线城市开设300-350间门店，其中70%为PRO店，如果在成本控制以及经营扩张中保持上述我们分析的成绩，那么可以想象的是接下来企业的运营费用的构成将会发生明显变化，且极有可能会降低亏损压力。\n那么，这就要求企业在运营时要加强线上导流的效果，是否会加大线上营销费用或第三方外卖平台服务支出呢，我们暂不得而知，这也是接下来我们要重点观察的。\n那么对于该企业，我们所期望的盈利周期又在何时呢？\n如果将门运营的人员，房租水电，折旧摊销视为固定费用，材料成本视为浮动成本，我们测算，以2020年门店经营情况判断，其门店盈亏平衡点大概在日销25000元上下，在2018-2019年是高于此水平的，若剔除彼时融资成本以及其他开支，对于门店经营而言，大致是在盈利水平区间的。\n但从趋势判断单店日销规模是呈不断下降趋势的，从2018年的超过3万元下降到了刚过2万元，这其中既有企业所解释的疫情影响，但亦有在扩张中对效率的把握不严，稀释了单店销售能力。\n\n在上图中我们看到，在过去的三年时间里不同层级城市单店日销有不断接近的趋势，在2020年已经几乎在同一水平，我们此前曾认为这是疫情因素之下，消费保守冲击的必然结果，但看到2019年之后，我们较为肯定认为，这可能是一个趋势，对于年轻人所喜爱的奶茶而言，一二线城市用户对价格以及产品的接受度愈加接近。\n在前文中我们讨论过从房租水平来看，新一线以及二线城市较之一线城市是有着比较明显优势的，此外亦有人员薪资成本差别，也就是说，如果能扩大非一线城市的门店占比，理论上是可以缩小25000元日销的平衡点，达到23000左右的水平，缓解盈利压力。\n总结此部分我们的结论：\n其一，这是一家营收和成本费用结构与星巴克极为相似的企业，估值也应该参考星巴克模型；\n其二，加大PRO门店，侧重非一线城市门店占比，可能是盈利的重要路径，2017年拿到A轮之后，近三年多就在港上市，创始人股份稀释相对较少，还可以通过增发以及可转债形式在资本市场募资，保持扩张。\n接下来我们谈一谈对奈雪的茶的一些“悲观”看法。\n在奈雪的茶上市后，传出喜茶最新的融资，加之贡茶，乐乐茶等品牌，我们可以确切的说，由于行业的高毛利以及较为确切的成长性，该品类已经成为资本追逐的热点，也可以肯定的说，接下来行业仍然不乏令我们震惊的融资消息。\n资本强介入向来是双刃剑，一方面资本确实给了创业企业以动力，加速行业市场教育，但另一方面，也会使得一个行业快速由蓝海变为红海，典型代表为，企业在终端市场的溢价能力受限，与供应商的谈判能力不足等等，会摊薄单企业的盈利能力，且由于行业模式相同，线下优质门店又往往集中在部分区域，这就极有可能会哄抬门店租金，这类事情在过去几年的时间里我们屡见不鲜，奈雪的茶能否躲过，说实话我是比较怀疑的。\n这与咖啡连锁业又何尝不是，星巴克虽然位于咖啡连锁头把交椅，但这么多年从不缺挑战者，海外的COSTA到中国市场的瑞幸，强大的竞争压力乐观看是锻炼队伍，提高抗压能力，但悲观看就使得用户对其价格极为敏感，企业具有极强的可替代性，利润率被压缩在一个较低水平。\n如今我国资本市场已经到了一个较为成熟的阶段，星巴克都做到躺着赚钱，奈雪的茶如不枕戈待旦又当如何呢？也就是说，虽然我们上述对企业进行了理想性的经营分析，但必须加上前提：行业仍处在巨大的不确定性之下，企业早于他人上市拿到了融资优势，但股价是接下来融资成本的锚，做好经营守住股价，获得便利且便宜的融资，支持其扩张才是重中之重，但在不确定性下（也有港股整体的调整因素），我们必须说奈雪的茶市值管理是有比较大压力的。\n那么该企业的市值中心点又在何水平呢？\n我们仍然以星巴克为例，以2020财年数据为参考，如今市值差不多拿到了接近6倍的市销率，静态市盈率超过138倍。\n受疫情已经星巴克在2020年呈现营收相对持平，但利润严重下滑的局面（欧美地区门店影响巨大），以2019数据为例，如今市销率过5倍，静态市盈率则在40倍上下，由于美股在全球大放水下得到膨胀，如今几乎又是星巴克股价最高点。\n在我们给奈雪的茶以估值时，参考6倍的市销率，以2020年营收为参考，大概在220亿港币上下，但考虑到企业在融资后会加大门店扩张，总营收会在一个快速增长区间，我们给予一定溢价，审慎考虑会在250亿港币上下。\n我们再用市盈率做验证，250亿港币市值取25倍市盈率，经营性盈利在10港币，单店盈利会在4000元上下，按照上述对盈利p平衡点的分析，我们认为此目标虽有难度但并非不可完成。\n此外，强调一点，在对企业进行动态观察时，我们仍会以营利能力为重要参考，调整估值水平，上述的市值估值也是在经营较为理想的前提下，若盈利与扩张之间平衡得当，也会适当调整模型，但总之，对于奈雪的茶，我们要以零售企业对待，千万不要被互联网概念所迷惑，奈雪的茶不是互联网企业，对企业估值也不能走海底捞的老路。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":2232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149863655,"gmtCreate":1625715095177,"gmtModify":1703746994523,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText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10:59","market":"other","language":"zh","title":"Hong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136141210","media":"老虎资讯综合","summary":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是","content":"<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks are lower,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>fell by more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technologies</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>It fell nearly 3%.</p><p>Some analysts expect that the assembly orders of iPhone 13 mini will be significantly reduced compared with iPhone 12 mini, mainly because the sales volume of the latter after its launch is lower than expected. In March this year, some media said that the sales of iPhone 12 mini were not ideal, and Apple significantly cut orders for this one. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Hong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%</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\">\nHong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-08 10:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks are lower,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>fell by more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technologies</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>It fell nearly 3%.</p><p>Some analysts expect that the assembly orders of iPhone 13 mini will be significantly reduced compared with iPhone 12 mini, mainly because the sales volume of the latter after its launch is lower than expected. In March this year, some media said that the sales of iPhone 12 mini were not ideal, and Apple significantly cut orders for this one. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/74282bcfe2e1d6d1ec4546eb18e35028","relate_stocks":{"00285":"比亚迪电子","09086":"华夏纳指-U","01478":"丘钛科技","03086":"华夏纳指","02018":"瑞声科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136141210","content_text":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是因为后者推出之后的销量低于预期。今年3月份，有媒体称，iPhone 12 mini销量不理想，苹果大幅削减了这一款的订单。在上月底，也曾有研究机构称，由于销量不佳，iPhone 12 mini在二季度可能停止生产。","news_type":1,"symbols_score_info":{"01478":0.9,"00285":0.9,"02018":0.9,"09086":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140265494,"gmtCreate":1625662551718,"gmtModify":1703745861302,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140265494","repostId":"1173990890","repostType":4,"repost":{"id":"1173990890","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625653627,"share":"https://ttm.financial/m/news/1173990890?lang=en_US&edition=fundamental","pubTime":"2021-07-07 18:27","market":"us","language":"zh","title":"Nio: Power Swap Station, Overcharging Pile Officially Shipped to Norway","url":"https://stock-news.laohu8.com/highlight/detail?id=1173990890","media":"老虎资讯综合","summary":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获","content":"<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr. Lutz Frankhol officially awarded the TÜV Rheinland EU certificate to Fei Shen, Vice President of Power Management of Nio. So far, NIO Power swap stations, super-charging piles and home-charging piles have all obtained the dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate, which also indicates that NIO Power has officially entered the overseas market and can officially build Power swap stations, super-charging piles and home-charging piles in Europe.</p><p>At the same time, the first batch of battery swap stations and overcharging piles in Nio were also officially shipped, which are expected to arrive in Norway in early August.</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>Nio: Power Swap Station, Overcharging Pile Officially Shipped to Norway</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\">\nNio: Power Swap Station, Overcharging Pile Officially Shipped to Norway\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 18:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr. Lutz Frankhol officially awarded the TÜV Rheinland EU certificate to Fei Shen, Vice President of Power Management of Nio. So far, NIO Power swap stations, super-charging piles and home-charging piles have all obtained the dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate, which also indicates that NIO Power has officially entered the overseas market and can officially build Power swap stations, super-charging piles and home-charging piles in Europe.</p><p>At the same time, the first batch of battery swap stations and overcharging piles in Nio were also officially shipped, which are expected to arrive in Norway in early August.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173990890","content_text":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获得TÜV莱茵欧盟证书和TÜV MARK证书双重认证，这也标志NIO Power正式进入海外市场，可以在欧洲正式建设换电站、超充桩和家充桩。\n与此同时，蔚来首批换电站和超充桩也正式发运，预计8月初抵达挪威。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157088423,"gmtCreate":1625553974762,"gmtModify":1703743580161,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157088423","repostId":"1146308719","repostType":4,"repost":{"id":"1146308719","kind":"news","pubTimestamp":1625548150,"share":"https://ttm.financial/m/news/1146308719?lang=en_US&edition=fundamental","pubTime":"2021-07-06 13:09","market":"hk","language":"zh","title":"Behind Vitasoy is a group of obsessed business leaders","url":"https://stock-news.laohu8.com/highlight/detail?id=1146308719","media":"中欧商业评论","summary":"维他奶事件愈演愈烈。7月4日，全国多地商户和电商开始下架维他奶产品，向供应商退货。7月5日，“维他奶国际”盘中一度跌超14.8%，创去年9月以来新低，市值跌破270亿港元，全天蒸发23亿人民币……\n\n","content":"<p>The Vitasoy incident intensifies. On July 4th, merchants and e-commerce companies in many places across the country began to remove Vitasoy products from the shelves and return them to suppliers. On July 5th, \"Vitasoy International\" once fell by more than 14.8%, a new low since September last year. Its market value fell below HK$ 27 billion, and RMB 2.3 billion evaporated throughout the day... For this beverage company with an annual income of HK$ 7.52 billion and a contribution of at least HK$ 5.01 billion in mainland China, improper words and deeds are making it lose 66% of its largest consumer market. Even so, Vitasoy executives are still reluctant to recognize the facts. There are signs that this is not only a major mistake of Vitasoy in crisis public relations, but also a double-edge of its business leaders in the face of the truth and national righteousness. The leader's judgment will dominate the direction of the enterprise. If he can listen and understand, and restore the judgment belonging to normal people, instead of covering his ears and stealing the bell, and resisting the facts with paranoia and arrogance, maybe there will be no farce like Vitasoy incident. Today, we will focus on the \"four destructive behaviors\" that obsessive leaders will lead enterprises into eternal destruction and the way to crack them, hoping that no other enterprise will repeat the stupid mistakes of Vitasoy. Many times, people prefer to ignore their mistakes rather than face the facts, and so do leaders.</p><p>Sydney Finkstein, a professor of strategy and leadership at the Tucker School of Business of Dartmouth College in the United States, has devoted himself to studying what \"good enterprises\" and \"smart managers\" are all year round. After conducting in-depth research on 40 companies that have suffered major failures, he mentioned in his book \"Mother of Success\" that there are four destructive behaviors that will unconsciously bring enterprises into the abyss.</p><p>These four behavior patterns are as follows: the cognitive errors of individual business leaders make the company unable to see the reality clearly; Incorrect attitudes allow wrongs to continue to substitute for truth; Something is wrong with the link in the communication system that handles potentially urgent information; The characteristics of leadership make it impossible for leaders to correct their mistakes.</p><p>And he says that leaders may have done so long before the obvious red flags appeared. Although the business appears normal on the surface, the internal mechanisms have begun to collapse.</p><p>These four behaviors have a huge negative impact on businesses, but in summary, they can be summed up in one simple sentence: leaders are often reluctant to face the facts. It is because they are unwilling to face the truth that executives choose to shrink in their own delusions, or they refuse to admit their mistakes and resist the truth with arrogance.</p><p><img src=\"https://static.tigerbbs.com/3e9d01041cec85debdebbb83e6bc5acc\" tg-width=\"926\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><b>Evil Consequences of \"Ostrich Behavior\"</b></p><p>As written in Mother of Success, sometimes the danger signs may have emerged, and leaders often remain reluctant to face the truth. Although they know that such \"ostrich behavior\" can have devastating consequences for businesses, facing the truth and facts and admitting mistakes directly undermines the authority of being a leader.</p><p>If we explore the origin of this idea, it can be traced back to the industrial age. At that time, the company was still a purely linear organizational structure, and it was quite static. Leaders with knowledge and authority stood at the top of the organizational pyramid, and the whole organization let commands be conveyed and flowed layer by layer from top to bottom through strict hierarchy. In this architecture, the leader of the company is an omniscient leader with all the answers, an existence whose benchmarks and beliefs are generally looked up to and worshipped.</p><p>Although with the development of society, the organizational structure has gradually changed, matrix structure and flat organization have begun to appear in more emerging companies, especially Internet companies, and more and more new generations believe in the concepts of \"working for themselves\", \"challenging authority\" and \"speaking straight if you are not happy\", but in more cases, this idea of \"leadership with authority and a forward-looking perspective beyond subordinates\" still affects many people.</p><p>Sometimes leaders prefer to trust that their authority is never challenged, that they know all about the dynamics within the company, and that they have the ability to anticipate future changes in a timely manner, even if, in some cases, this feeling is just wishful thinking. Behind this, in fact, there is the deep-rooted implantation of leadership authority in people's ideas. Leadership must become a benchmark existence and the perfect leader who creates miracles.</p><p>In order to change this concept, leaders should understand that no one is omniscient, no one is always right, no one can know the answer to all difficulties, and no one can accurately predict everything that may happen in the development of a business.</p><p>It is normal that leaders may commit gross negligence, or have cognitive limitations, or even intermittent \"abnormalities,\" or discord in their organizations.</p><p>Therefore, for an ideal organizational structure, a business is like a system with self-improvement and self-adaptation capabilities. In this system, although no one can be omniscient or control everything, the system can improve the whole system through constant communication and feedback between subordinates and colleagues, so that everyone can adapt more.</p><p>As a leader, his responsibility is not just to formulate strategies or give advice and guidance to his subordinates in the traditional understanding, but also to properly handle various opinions that exist in the organization, which may be positive praise or negative evaluation. Leaders need to collect, coordinate and give feedback.</p><p>Michael Beal, professor emeritus at Harvard Business School, has been researching internal feedback pathways. Bill believes that there are \"silent killers\" in tissues. Like plaques in arteries, they block or distort the flow of meaningful information in tissues, thus harming tissue health.</p><p>Bill said: \"One of the main reasons I find that executives are obsessed is that they may not know what to do about the truth. All they think is, 'I know what I want to do, and I want to get this done as soon as possible.' Leaders don't know how to collect different information and feedback in an organization in a structured manner, and leaders don't find it effective. There is also an easier way for leaders to listen to the leader alone, and all discordant voices will automatically be eliminated. \"</p><p><img src=\"https://static.tigerbbs.com/739b1b5af8c9b1451cb6d0403abca4db\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><b>Three Ways to Confront the Truth</b></p><p>Generally, in enterprises, in order to ensure that the information feedback channels of the organization are not distorted or blocked, leaders should avoid the arrogant leadership thought left by the industrial era, and listen to the facts and the truth. Here are three approaches leaders can take to this.</p><p><b>Focus on clarity</b></p><p>One of the most common silent killers in organizations is a lack of clear understanding of strategy, values and priorities, according to Beal. He points out that while these things are clearly defined for top management and the strategic direction of the organization is fairly obvious, they are not so clear for grassroots employees, strategic partners or other key stakeholders. Therefore, in addition to the strategic general direction, the leader can also provide more specific step-by-step small direction as a supplement to the strategy.</p><p>In addition, leaders should provide a relaxed environment for their subordinates to exchange opinions on the company and make personal suggestions. Bill pointed out that most people want to do their job well and know what difficulties they encounter in practice. However, they often do not get the right opportunity to give feedback to their leaders, fail to tell them that certain tasks are meaningless, or conflict with the priorities of other tasks.</p><p>If the leader thinks that the company he leads has done well enough in this respect, and the execution and implementation of the company's strategy is very clear, then the leader can rethink what else can be included in employees' dissatisfaction and complaints. This may not be a strong dissatisfaction, but may also be implicit and euphemistic opinions. If the leader fully listens and gives feedback to these opinions, it will help improve the efficiency of employees.</p><p><b>Eliminate the absolute right to speak</b></p><p>Although there will always be a superior-subordinate relationship between leaders and leaders in an organization, leaders should pay attention to creating informal situations where people can release the constraints of rank and speak freely as more equal individuals. From a human perspective, people tend to obey the people with the highest status in the organization, or the people with the highest income, which gives those people the natural attribute of \"absolute right to speak\".</p><p>To eliminate obedience to high-ranking people, refer to the after-action Review, which includes four components:</p><p><ol><li>What should happen in theory?</p><p></li><li>What actually happened?</p><p></li><li>If there is a next time, what other steps will we take in the same way?</p><p></li><li>If there is a next time, what are the different steps we will take?</p><p></li></ol>In the retrospective approach, the emphasis is on the motivation behind the behavior and whether this motivation led to the initial desired outcome. With this assessment method, the individual's performance in the event is watered down, and the most important thing is not to blame or punish, but to review the practices of the whole organization and how it should be improved next time.</p><p>If the enterprise blindly adopts the accountability system, after problems occur, employees will panic because they are worried about being blamed, or they can't hold their heads up in front of colleagues because they are severely punished, which is not conducive to the feedback and flow of information within the organization.</p><p>Compared with the accountability system, the first thing enterprises should take is rational review and analysis. In this way, employees will have more motivation and courage to give feedback on the mistakes they have made and the difficulties they have encountered, tell leaders what unexpected obstacles there are, why they took such actions in the first place, and calm down to analyze why the results deviate from the original intention.</p><p><img src=\"https://static.tigerbbs.com/70c507a1793b8bc24775ad735f5ce799\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><b>Don't let mistakes 'stigmatize'</b></p><p>It is important for employees to have an environment where they feel psychologically safe, where colleagues are tolerant of mistakes and see them as opportunities for learning and progress, rather than stigmatizing punishments. Jimmy Duhn, managing director of Wall Street investment banking, once said about how to handle the chaotic and busy financial trading business: \"Bad news has improved my efficiency\".</p><p>Jimmy Duhn explains that being able to spot problems quickly helps him keep his banking business running. Jimmy Duhn also said that he would never fire anyone for any honest mistake, because financial markets are changing rapidly and no one can be perfect and never make mistakes in them. Therefore, for executives in the financial industry, in order to better protect customers' assets, rather than issuing impossible tasks such as \"always making the right decision\" to subordinates, it is better to ask subordinates to make quick corrections when they make mistakes, so as to protect the company's reputation.</p><p>Making mistakes is not a shame for leaders or employees. Therefore, when people want to adjust their ideas, it is not that \"the company makes a new attempt and then fails\", but that \"the company makes a new attempt, although it is unsuccessful, but it can still learn new knowledge\". Before issuing a decision, leaders should give employees a good vaccine, telling everyone that this attempt may fail and the strategic direction may be wrong, but the company will adjust the mistakes in time and redirect the direction.</p><p>Although doing so takes away the position of absolute authority, it is much better than leaders deceiving themselves, afraid to face the truth of failure and pretending to be wise.</p><p>Turning a blind eye to the truth or avoiding delay can lead to worse outcomes. Good leadership needs to be open-hearted, confront the truth and facts, and encourage feedback from subordinates. After all, whether the leaders agree or not, the facts will one day be exposed to the sun.</p>","source":"lsy1567750882116","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>Behind Vitasoy is a group of obsessed business leaders</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\">\nBehind Vitasoy is a group of obsessed business leaders\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中欧商业评论</strong><span class=\"h-time small\">2021-07-06 13:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Vitasoy incident intensifies. On July 4th, merchants and e-commerce companies in many places across the country began to remove Vitasoy products from the shelves and return them to suppliers. On July 5th, \"Vitasoy International\" once fell by more than 14.8%, a new low since September last year. Its market value fell below HK$ 27 billion, and RMB 2.3 billion evaporated throughout the day... For this beverage company with an annual income of HK$ 7.52 billion and a contribution of at least HK$ 5.01 billion in mainland China, improper words and deeds are making it lose 66% of its largest consumer market. Even so, Vitasoy executives are still reluctant to recognize the facts. There are signs that this is not only a major mistake of Vitasoy in crisis public relations, but also a double-edge of its business leaders in the face of the truth and national righteousness. The leader's judgment will dominate the direction of the enterprise. If he can listen and understand, and restore the judgment belonging to normal people, instead of covering his ears and stealing the bell, and resisting the facts with paranoia and arrogance, maybe there will be no farce like Vitasoy incident. Today, we will focus on the \"four destructive behaviors\" that obsessive leaders will lead enterprises into eternal destruction and the way to crack them, hoping that no other enterprise will repeat the stupid mistakes of Vitasoy. Many times, people prefer to ignore their mistakes rather than face the facts, and so do leaders.</p><p>Sydney Finkstein, a professor of strategy and leadership at the Tucker School of Business of Dartmouth College in the United States, has devoted himself to studying what \"good enterprises\" and \"smart managers\" are all year round. After conducting in-depth research on 40 companies that have suffered major failures, he mentioned in his book \"Mother of Success\" that there are four destructive behaviors that will unconsciously bring enterprises into the abyss.</p><p>These four behavior patterns are as follows: the cognitive errors of individual business leaders make the company unable to see the reality clearly; Incorrect attitudes allow wrongs to continue to substitute for truth; Something is wrong with the link in the communication system that handles potentially urgent information; The characteristics of leadership make it impossible for leaders to correct their mistakes.</p><p>And he says that leaders may have done so long before the obvious red flags appeared. Although the business appears normal on the surface, the internal mechanisms have begun to collapse.</p><p>These four behaviors have a huge negative impact on businesses, but in summary, they can be summed up in one simple sentence: leaders are often reluctant to face the facts. It is because they are unwilling to face the truth that executives choose to shrink in their own delusions, or they refuse to admit their mistakes and resist the truth with arrogance.</p><p><img src=\"https://static.tigerbbs.com/3e9d01041cec85debdebbb83e6bc5acc\" tg-width=\"926\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><b>Evil Consequences of \"Ostrich Behavior\"</b></p><p>As written in Mother of Success, sometimes the danger signs may have emerged, and leaders often remain reluctant to face the truth. Although they know that such \"ostrich behavior\" can have devastating consequences for businesses, facing the truth and facts and admitting mistakes directly undermines the authority of being a leader.</p><p>If we explore the origin of this idea, it can be traced back to the industrial age. At that time, the company was still a purely linear organizational structure, and it was quite static. Leaders with knowledge and authority stood at the top of the organizational pyramid, and the whole organization let commands be conveyed and flowed layer by layer from top to bottom through strict hierarchy. In this architecture, the leader of the company is an omniscient leader with all the answers, an existence whose benchmarks and beliefs are generally looked up to and worshipped.</p><p>Although with the development of society, the organizational structure has gradually changed, matrix structure and flat organization have begun to appear in more emerging companies, especially Internet companies, and more and more new generations believe in the concepts of \"working for themselves\", \"challenging authority\" and \"speaking straight if you are not happy\", but in more cases, this idea of \"leadership with authority and a forward-looking perspective beyond subordinates\" still affects many people.</p><p>Sometimes leaders prefer to trust that their authority is never challenged, that they know all about the dynamics within the company, and that they have the ability to anticipate future changes in a timely manner, even if, in some cases, this feeling is just wishful thinking. Behind this, in fact, there is the deep-rooted implantation of leadership authority in people's ideas. Leadership must become a benchmark existence and the perfect leader who creates miracles.</p><p>In order to change this concept, leaders should understand that no one is omniscient, no one is always right, no one can know the answer to all difficulties, and no one can accurately predict everything that may happen in the development of a business.</p><p>It is normal that leaders may commit gross negligence, or have cognitive limitations, or even intermittent \"abnormalities,\" or discord in their organizations.</p><p>Therefore, for an ideal organizational structure, a business is like a system with self-improvement and self-adaptation capabilities. In this system, although no one can be omniscient or control everything, the system can improve the whole system through constant communication and feedback between subordinates and colleagues, so that everyone can adapt more.</p><p>As a leader, his responsibility is not just to formulate strategies or give advice and guidance to his subordinates in the traditional understanding, but also to properly handle various opinions that exist in the organization, which may be positive praise or negative evaluation. Leaders need to collect, coordinate and give feedback.</p><p>Michael Beal, professor emeritus at Harvard Business School, has been researching internal feedback pathways. Bill believes that there are \"silent killers\" in tissues. Like plaques in arteries, they block or distort the flow of meaningful information in tissues, thus harming tissue health.</p><p>Bill said: \"One of the main reasons I find that executives are obsessed is that they may not know what to do about the truth. All they think is, 'I know what I want to do, and I want to get this done as soon as possible.' Leaders don't know how to collect different information and feedback in an organization in a structured manner, and leaders don't find it effective. There is also an easier way for leaders to listen to the leader alone, and all discordant voices will automatically be eliminated. \"</p><p><img src=\"https://static.tigerbbs.com/739b1b5af8c9b1451cb6d0403abca4db\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><b>Three Ways to Confront the Truth</b></p><p>Generally, in enterprises, in order to ensure that the information feedback channels of the organization are not distorted or blocked, leaders should avoid the arrogant leadership thought left by the industrial era, and listen to the facts and the truth. Here are three approaches leaders can take to this.</p><p><b>Focus on clarity</b></p><p>One of the most common silent killers in organizations is a lack of clear understanding of strategy, values and priorities, according to Beal. He points out that while these things are clearly defined for top management and the strategic direction of the organization is fairly obvious, they are not so clear for grassroots employees, strategic partners or other key stakeholders. Therefore, in addition to the strategic general direction, the leader can also provide more specific step-by-step small direction as a supplement to the strategy.</p><p>In addition, leaders should provide a relaxed environment for their subordinates to exchange opinions on the company and make personal suggestions. Bill pointed out that most people want to do their job well and know what difficulties they encounter in practice. However, they often do not get the right opportunity to give feedback to their leaders, fail to tell them that certain tasks are meaningless, or conflict with the priorities of other tasks.</p><p>If the leader thinks that the company he leads has done well enough in this respect, and the execution and implementation of the company's strategy is very clear, then the leader can rethink what else can be included in employees' dissatisfaction and complaints. This may not be a strong dissatisfaction, but may also be implicit and euphemistic opinions. If the leader fully listens and gives feedback to these opinions, it will help improve the efficiency of employees.</p><p><b>Eliminate the absolute right to speak</b></p><p>Although there will always be a superior-subordinate relationship between leaders and leaders in an organization, leaders should pay attention to creating informal situations where people can release the constraints of rank and speak freely as more equal individuals. From a human perspective, people tend to obey the people with the highest status in the organization, or the people with the highest income, which gives those people the natural attribute of \"absolute right to speak\".</p><p>To eliminate obedience to high-ranking people, refer to the after-action Review, which includes four components:</p><p><ol><li>What should happen in theory?</p><p></li><li>What actually happened?</p><p></li><li>If there is a next time, what other steps will we take in the same way?</p><p></li><li>If there is a next time, what are the different steps we will take?</p><p></li></ol>In the retrospective approach, the emphasis is on the motivation behind the behavior and whether this motivation led to the initial desired outcome. With this assessment method, the individual's performance in the event is watered down, and the most important thing is not to blame or punish, but to review the practices of the whole organization and how it should be improved next time.</p><p>If the enterprise blindly adopts the accountability system, after problems occur, employees will panic because they are worried about being blamed, or they can't hold their heads up in front of colleagues because they are severely punished, which is not conducive to the feedback and flow of information within the organization.</p><p>Compared with the accountability system, the first thing enterprises should take is rational review and analysis. In this way, employees will have more motivation and courage to give feedback on the mistakes they have made and the difficulties they have encountered, tell leaders what unexpected obstacles there are, why they took such actions in the first place, and calm down to analyze why the results deviate from the original intention.</p><p><img src=\"https://static.tigerbbs.com/70c507a1793b8bc24775ad735f5ce799\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><b>Don't let mistakes 'stigmatize'</b></p><p>It is important for employees to have an environment where they feel psychologically safe, where colleagues are tolerant of mistakes and see them as opportunities for learning and progress, rather than stigmatizing punishments. Jimmy Duhn, managing director of Wall Street investment banking, once said about how to handle the chaotic and busy financial trading business: \"Bad news has improved my efficiency\".</p><p>Jimmy Duhn explains that being able to spot problems quickly helps him keep his banking business running. Jimmy Duhn also said that he would never fire anyone for any honest mistake, because financial markets are changing rapidly and no one can be perfect and never make mistakes in them. Therefore, for executives in the financial industry, in order to better protect customers' assets, rather than issuing impossible tasks such as \"always making the right decision\" to subordinates, it is better to ask subordinates to make quick corrections when they make mistakes, so as to protect the company's reputation.</p><p>Making mistakes is not a shame for leaders or employees. Therefore, when people want to adjust their ideas, it is not that \"the company makes a new attempt and then fails\", but that \"the company makes a new attempt, although it is unsuccessful, but it can still learn new knowledge\". Before issuing a decision, leaders should give employees a good vaccine, telling everyone that this attempt may fail and the strategic direction may be wrong, but the company will adjust the mistakes in time and redirect the direction.</p><p>Although doing so takes away the position of absolute authority, it is much better than leaders deceiving themselves, afraid to face the truth of failure and pretending to be wise.</p><p>Turning a blind eye to the truth or avoiding delay can lead to worse outcomes. Good leadership needs to be open-hearted, confront the truth and facts, and encourage feedback from subordinates. After all, whether the leaders agree or not, the facts will one day be exposed to the sun.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/i1Nh69JdzRNrkpUHiEaujg\">中欧商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9ec05a4c6ed4707be8f1aeb0d8f33b1","relate_stocks":{"00345":"VITASOY INT'L"},"source_url":"https://mp.weixin.qq.com/s/i1Nh69JdzRNrkpUHiEaujg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146308719","content_text":"维他奶事件愈演愈烈。7月4日，全国多地商户和电商开始下架维他奶产品，向供应商退货。7月5日，“维他奶国际”盘中一度跌超14.8%，创去年9月以来新低，市值跌破270亿港元，全天蒸发23亿人民币……\n\n\n 对于这家年收入75.2亿港元，中国内地至少贡献了50.1亿港元的饮料企业来说，不当的言行正令其失去66%的最大消费者市场。即便如此，维他奶的高层依然不愿认清事实。种种迹象表明，这已不仅是维他奶在危机公关方面出现的重大失误，更是其企业领导者在事实真相与国家大义面前的两面三刀。\n\n\n 领导者的判断将会主导企业的走向，如果其能够兼听则明，恢复属于正常人的判断，而非掩耳盗铃，用偏执与傲慢抵抗事实，也许就不会出现维他奶事件这样的闹剧。今天，我们集中讨论执迷不悟的领导者会将企业带入万劫不复的“四种破坏性行为”及破解思路，希望不要再有企业重蹈维他奶的愚蠢覆辙。\n\n很多时候，人们宁可忽视错误，也不愿面对事实，领导者亦然。\n美国达特茅斯学院塔克商学院战略和领导学教授悉尼 · 芬克斯坦常年致力于研究什么是“好企业”以及“聪明的管理者”，他在对40家遭受重大失败的公司进行深入调研后，在著作《成功之母》中提到：有四种破坏性的行为，会在不知不觉中将企业带入深渊。\n这四种行为模式表现为：企业领导者个人的认知错误让公司无法看清现实；不正确的态度让错误继续代替真相；沟通系统中处理潜在的紧急信息的环节出了问题；领导的特性让企业的领导者们无法纠正自己的错误。\n并且他表示道，早在明显的危险信号出现前，领导者们可能就有了上述举动，虽然企业表面看似正常，但内部机制却已开始瓦解。\n这四种行为对企业的负面影响极大，但总结起来，可以用一句简单的话概括：领导者往往不愿面对事实。正是因为不愿面对真相，所以高管选择龟缩于自身的错觉之中，又或是拒绝承认错误，用傲慢抵抗事实。\n\n“鸵鸟行为”的恶果\n正如《成功之母》中所写，有时危险的信号可能已经出现，领导者往往依然不愿面对真相。尽管他们知道这样的“鸵鸟行为”，可能会给企业带来毁灭性的后果，但面对真相与事实并承认错误这件事，直接损害了身为领导的权威。\n如果探究这份思想的起源，可以追溯到工业时代。彼时，公司还是纯线性的组织架构，并且相当静态，拥有知识和权威的领导站在组织金字塔的最顶端，整个组织通过严格的等级层次，让命令从上往下逐层传达和流动。在这种架构中，公司的领导者是拥有所有答案、全知全能的领袖，是标杆和信仰一般令人仰望和崇拜的存在。\n尽管随着社会的发展，组织架构逐渐发生了变化，矩阵式结构和扁平式组织在更多的新兴公司，尤其是互联网公司中开始出现，并且也有越来越多的新世代们信奉“为自己打工”“挑战权威”“不高兴就直说”的观念，但更多情况下，这份“领导具有权威性和超越下属的前瞻性视角”的思想，依然影响着很多人。\n有时，领导们更愿意相信自己的权威从不被挑战，他们对公司内部的动态了如指掌，并且拥有及时预见未来变化的能力，即使在有些情况下，这种感受只是领导一厢情愿的错觉而已。而这背后，其实是领导权威性对人们观念根深蒂固的植入，领导必须要成为标杆性的存在，成为缔造奇迹的那个完美领袖。\n为了改变这种观念，领导要明白：没有一个人是全知全能的，没有人是永远正确的，没有人能够知道一切困难的答案，也没有人能准确预知企业发展中可能发生的一切。\n领导者可能犯下重大过失，也可能存在认知的局限性，甚至间歇性“不正常”，其率领的组织中也可能存在着不和谐因素，这些都是正常的。\n因此，对于理想的组织结构而言，企业就像是一个拥有自我改善、自我适应能力的系统。在这个系统中，虽然没有任何一个人能做到全知全能，或是控制一切，但是系统可以通过下属、同事之间不断的沟通反馈，对整个系统进行改善，让大家更为适应。\n作为领导者，其职责并非只是传统理解中的制定战略，或是对下属给出建议指导，还包括了正确处理组织中存在的各种意见，它们可能是正面赞扬，也可能是负面评价，领导者需要统一搜集，进行协调并给出反馈。\n哈佛商学院名誉教授迈克尔·比尔一直在研究内部的反馈路径。比尔认为，组织中存在着“沉默的杀手”，它们就像动脉中的斑块一样，阻止或是扭曲了组织中有意义的信息流，从而损害组织的健康。\n比尔表示：“我发现高管执迷不悟的一个主要原因是，他们也许并不知道对于真相该做什么。他们想的就是：‘我知道我想要做什么，并且我希望把这件事尽快完成。’领导们并不知道该如何有条理地在组织内搜集不同的信息与反馈，并且领导们也不觉得这是有效的。对于领导者而言，还有一个更简单的方法，就是只听领导一个人的话，所有的不和谐声音都会自动消除。”\n\n直面真相的三个方法\n一般在企业中，为保证组织的信息反馈渠道不被扭曲或堵塞，领导要避免由工业时代所遗留的傲慢的领袖思想，做到兼听广纳，认清事实与真相。对此，领导者可以采取以下三个方法。\n注重清晰\n比尔表示，组织中最常见的沉默杀手之一就是缺乏对战略、价值观和优先事项的清晰理解。他指出，尽管对于高层管理人员而言，这些事都有着明确的定义，组织的战略方向也相当显而易见，但对于基层员工、战略伙伴或是其他关键利益者而言，这些并没有那么清晰。因此除了战略大方向之外，领导者也可以提供更为具体分步骤小方向，作为战略的补充。\n此外，领导要给下属们提供一个宽松自在的环境，让他们可以交流对于公司的意见，并且提出个人建议。比尔指出，大部分人都希望做好自己的工作，并且也知道在实际操作中，究竟碰到了哪些困难。但是，他们往往得不到合适的机会向领导反馈，无法告诉领导某些工作其实并没有意义，或是与其他任务的优先级存在冲突。\n如果领导者认为，其所率领的公司在这方面已经做得足够好，对于公司战略的执行和贯彻也非常明晰，那么领导者可以重新思考，员工的不满、投诉还可以包括哪些内容，这未必是强烈的不满，也可能是含蓄委婉的意见，如果领导者对这些意见给予充分的倾听和反馈，将有助于提升员工的效率。\n消除绝对话语权\n尽管组织中，永远会存在上下级的领导与被领导关系，但领导者要注意创造一些非正式场合，让人们可以放开职级的约束，作为更平等的个体畅所欲言。从人性的角度而言，人们都会倾向于服从组织中地位最高的人，或收入最高的人，这让那些人拥有了“绝对话语权”的天然属性。\n为了消除人们对高位者的顺从，可以参考事后回顾法（After Action Review），这包括了四个组成部分：\n\n理论上应该发生什么？\n实际发生了什么？\n如果有下次，我们还会采取哪些相同的步骤？\n如果有下次，我们将采取哪些不同的步骤？\n\n在事后回顾法中，着重考察的是人们采取行为背后的动机，以及这份动机是否导致了最初所期望的结果。通过这种评估方法，个人在事件中的表现被淡化了，最重要的不是责备或是惩罚，而是回顾整个组织的做法，以及下一次应该如何改进。\n如果企业一味采取问责制，在出现问题后，员工会因为担心被责备，从而陷入恐慌，或是因为被严厉惩罚，在同事面前抬不起头，这不利于组织内部信息的反馈与流动。\n比起问责制度，企业首先采取的应是理性回顾与分析，这样，员工会更有动力和勇气对曾经犯的错，以及遇到的困难提出反馈，告知领导有哪些出乎意料的障碍，当初为什么会采取这样的行动，并且静下心分析，为何结果与初衷出现了偏差。\n\n不要让错误“污名化”\n让员工拥有一个在心理上感到安全的环境，同事们对错误足够宽容，并且将犯错视为学习与进步的机会，而不是充满耻辱的惩罚，是十分重要的。华尔街投资银行常务董事吉米·都恩在谈到如何处理混乱又忙碌的金融交易业务时曾表示：“坏消息提升了我的效率”。\n吉米·都恩解释道，能够迅速地发现问题，有助于他保持银行业务的正常运转。吉米·都恩还说，他绝不会因为任何诚实的错误而解雇任何人，因为金融市场瞬息万变，没有任何人可以在其中做到完美无缺、从不犯错。因此对于金融业的高管而言，为了更好地保护客户的资产，与其给下属发布类似“永远做出正确的决定”等不可能完成的任务，不如要求下属在犯错时，迅速进行更正，以此守护公司的声誉。\n无论是对于领导或是员工而言，犯错都不是一件丢脸的事。因此，人们要调整观念，并不是“公司做了新的尝试，然后失败了”，而是“公司做了新的尝试，虽然不成功，但依然能学到新的知识”。领导者在发布决策前，要先给员工打好预防针，告诉大家这次尝试可能失败，战略方向也可能会出错，但公司会对错误及时调整，并重新制定方向。\n虽然这样做让领导者丧失了绝对权威的位置，但这要比领导自欺欺人，不敢面对失败的真相，还假装自己很英明要好得多。\n无论是对真相视而不见，又或是采取逃避拖延的态度，都可能导致更为糟糕的结果。优秀的领导力需要广纳兼听，直面真相与事实并且鼓励下属踊跃提供反馈。毕竟，无论领导者同意与否，事实终有一天会暴露在阳光之下。","news_type":1,"symbols_score_info":{"00345":0.9}},"isVote":1,"tweetType":1,"viewCount":2203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155044644,"gmtCreate":1625365869588,"gmtModify":1703740806595,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155044644","repostId":"1198720542","repostType":4,"repost":{"id":"1198720542","kind":"news","pubTimestamp":1625361204,"share":"https://ttm.financial/m/news/1198720542?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:13","market":"sh","language":"zh","title":"Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita","url":"https://stock-news.laohu8.com/highlight/detail?id=1198720542","media":"每日经济新闻","summary":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励","content":"<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>","source":"mrjjxw","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>Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita</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\">\nSomeone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">每日经济新闻</strong><span class=\"h-time small\">2021-07-04 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634498\">每日经济新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3634498","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198720542","content_text":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励股份的总额达到18.4亿港元（约合人民币15.34亿元），人均奖励约47万港元（约合39.29万元人民币）。\n入选员工最小24岁\n根据公告，小米集团董事会于2021年7月2日根据股份奖励计划奖励合共7023万股奖励股份予3904名选定参与者。所有选定参与者均为非关连承授人。上述奖励不会筹集任何新资金。\n\n小米集团称，授出奖励日的股份收市价为26.20港元。按照上述股市收市价计算，合计奖励金额达到18.4亿港元。\n此次获得奖励股份的小米员工包括集团优秀青年工程师、优秀应届生和团队核心岗位的优秀员工，以及年度技术大奖的获得者。\n小米特别提到，在以上员工中，有约700名优秀青年工程师入选了小米最新的人才激励项目“青年工程师激励计划”，他们将获得总计1604.2万股的股票。经简单计算，这700名青年工程师人均获发的股票价值为60万港元（约合50万元人民币）。\n公告发布以后，小米创始人雷军发布微博表示，是他亲自负责了“青年工程师激励计划”，首批入选的近700名青年工程师主要是研发工程师、测试、产品经理、设计师等，其中最小的员工仅24岁。\n\n有网友评论称：“现在入职还来的及吗？”“这样工程师肯定会更努力！激发创造力了”还有一位网友调侃称，“我还有汽修专业的高级技工证书，你看什么时候安排一下填入职表，雷总？”\n\n据了解，小米于今年3月30日官宣造车。每日经济新闻此前曾报道，小米官宣造车后，雷军已拜访上汽通用五菱、长城汽车等车企，并与蔚来汽车创始人、董事长兼CEO李斌，理想汽车创始人、CEO李想，小鹏汽车董事长兼CEO何小鹏，以及比亚迪股份有限公司董事长兼总裁王传福等业内人士商谈。\n与此同时，包括武汉、西安等地都表示积极对接“小米造车”项目，希望小米汽车落户。一时之间，一场争夺小米汽车的暗战已经打响。\n小米上市以来多次发布股权激励计划\n2018年的7月9日，小米集团登陆港交所，成为首批港交所力推“同股不同权”的挂牌企业，发行价为17港元。\n自1月初达到35.9港元/股的高点后，今年以来小米股价累计跌幅达21%。自上市至今，小米集团股价累计涨幅为54%。\n近日，小米公布一季度业绩显示，总收入同比增长54.7%至769亿元，经调整净利润达到人民币61亿元，同比增长163.8%，业绩增长大超市场预期，总收入和经调整净利润均创下单季度历史新高。\n2020年全年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n据证券时报统计，小米自上市以来，共发布了11次股权激励计划，其中，2019年有4次，2020年有5次，今年来也已有2次。\n最近一次发生在2021年1月6日，当时一共给2405名员工授予了1686.63万股，当时的小米股价为33.90港元，授予股份的整体价值为5.72亿港元。\n\n股份奖励是上市公司常见的激励员工的方式之一。就在不久前，格力电器（000651）就发布了员工持股计划草案，参与员工数达1.2万人。\n不过格力的计划和小米有所不同，小米是给员工发股票，而格力是以折扣后的价格让员工买股票。\n格力1.2万名员工可5折买股票打组合拳再出手回购6000万股\n刚刚过去的6月份，格力股价下跌了7.46%，今年以来累计下跌了17%。\n股价下跌之际，格力再度出手回购自家公司股票。\n7月2日晚间，格力电器公告称，截至6月30日，该公司第三期回购计划以集中竞价方式累计回购公司股份6001万股，占总股本的0.9975%，支付的总金额为31.75亿元。其中，最高成交价为56.11元/股，最低成交价为49.92元/股。\n截至目前，格力已经完成了前两期共120亿元回购，加上此番30亿元回购，已经累计动用了150亿元回购自家股票。\n除了大手笔的回购，6月30日，格力刚刚召开完股东大会，备受争议的格力员工持股计划顺利通过，1.34万人的投票更是创纪录。\n\n此事源于6月20日晚间，格力公布第一期员工持股计划，规模总额不超过30亿元，覆盖员工人数最高为1.2万人，员工持股计划购买公司回购股份的价格为27.68元/股，回购股票规模不超过1.08亿股，占该公司当前总股本的1.80%。\n由于员工5折“买股票”，董明珠一人更是认购3000万股，账面浮盈就达8亿元，一度备受市场争议。\n\n紧接着，6月27日晚间，格力电器发布公告称，将第二期回购的股份变更为直接注销减少注册资本，显然对股东而言是一大利好消息。\n此外，董明珠还罕见的现身接待机构投资者。在被问到“公司后续会不会注销回购股份，长期分红比例会不会加大？”的问题时，格力电器回应，该公司回购股票不仅仅为了股权激励，更重要的是维护股东、社会、员工的利益，是否会注销回购股份需要结合实际情况研究，按程序决策。\n即第三期回购是否注销，目前还没有结论。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155045556,"gmtCreate":1625365832875,"gmtModify":1703740805451,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155045556","repostId":"1198720542","repostType":4,"repost":{"id":"1198720542","kind":"news","pubTimestamp":1625361204,"share":"https://ttm.financial/m/news/1198720542?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:13","market":"sh","language":"zh","title":"Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita","url":"https://stock-news.laohu8.com/highlight/detail?id=1198720542","media":"每日经济新闻","summary":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励","content":"<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>","source":"mrjjxw","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>Someone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita</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\">\nSomeone else's company again! Xiaomi Haopai \"Big Red Envelope\", 390,000 per capita\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">每日经济新闻</strong><span class=\"h-time small\">2021-07-04 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Gree and Xiaomi, one after another, throw equity incentive plans. On July 2nd, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees on the same day. As of the close of Hong Kong stocks on July 2nd, the share price of Xiaomi Group was HK$ 26.2/share, so the total amount of awarded shares this time reached HK$ 1.84 billion (about RMB 1.534 billion), and the per capita award was about HK$ 470,000 (about RMB 392,900). Selected employees are at least 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634498\">每日经济新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3634498","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198720542","content_text":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励股份的总额达到18.4亿港元（约合人民币15.34亿元），人均奖励约47万港元（约合39.29万元人民币）。\n入选员工最小24岁\n根据公告，小米集团董事会于2021年7月2日根据股份奖励计划奖励合共7023万股奖励股份予3904名选定参与者。所有选定参与者均为非关连承授人。上述奖励不会筹集任何新资金。\n\n小米集团称，授出奖励日的股份收市价为26.20港元。按照上述股市收市价计算，合计奖励金额达到18.4亿港元。\n此次获得奖励股份的小米员工包括集团优秀青年工程师、优秀应届生和团队核心岗位的优秀员工，以及年度技术大奖的获得者。\n小米特别提到，在以上员工中，有约700名优秀青年工程师入选了小米最新的人才激励项目“青年工程师激励计划”，他们将获得总计1604.2万股的股票。经简单计算，这700名青年工程师人均获发的股票价值为60万港元（约合50万元人民币）。\n公告发布以后，小米创始人雷军发布微博表示，是他亲自负责了“青年工程师激励计划”，首批入选的近700名青年工程师主要是研发工程师、测试、产品经理、设计师等，其中最小的员工仅24岁。\n\n有网友评论称：“现在入职还来的及吗？”“这样工程师肯定会更努力！激发创造力了”还有一位网友调侃称，“我还有汽修专业的高级技工证书，你看什么时候安排一下填入职表，雷总？”\n\n据了解，小米于今年3月30日官宣造车。每日经济新闻此前曾报道，小米官宣造车后，雷军已拜访上汽通用五菱、长城汽车等车企，并与蔚来汽车创始人、董事长兼CEO李斌，理想汽车创始人、CEO李想，小鹏汽车董事长兼CEO何小鹏，以及比亚迪股份有限公司董事长兼总裁王传福等业内人士商谈。\n与此同时，包括武汉、西安等地都表示积极对接“小米造车”项目，希望小米汽车落户。一时之间，一场争夺小米汽车的暗战已经打响。\n小米上市以来多次发布股权激励计划\n2018年的7月9日，小米集团登陆港交所，成为首批港交所力推“同股不同权”的挂牌企业，发行价为17港元。\n自1月初达到35.9港元/股的高点后，今年以来小米股价累计跌幅达21%。自上市至今，小米集团股价累计涨幅为54%。\n近日，小米公布一季度业绩显示，总收入同比增长54.7%至769亿元，经调整净利润达到人民币61亿元，同比增长163.8%，业绩增长大超市场预期，总收入和经调整净利润均创下单季度历史新高。\n2020年全年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n据证券时报统计，小米自上市以来，共发布了11次股权激励计划，其中，2019年有4次，2020年有5次，今年来也已有2次。\n最近一次发生在2021年1月6日，当时一共给2405名员工授予了1686.63万股，当时的小米股价为33.90港元，授予股份的整体价值为5.72亿港元。\n\n股份奖励是上市公司常见的激励员工的方式之一。就在不久前，格力电器（000651）就发布了员工持股计划草案，参与员工数达1.2万人。\n不过格力的计划和小米有所不同，小米是给员工发股票，而格力是以折扣后的价格让员工买股票。\n格力1.2万名员工可5折买股票打组合拳再出手回购6000万股\n刚刚过去的6月份，格力股价下跌了7.46%，今年以来累计下跌了17%。\n股价下跌之际，格力再度出手回购自家公司股票。\n7月2日晚间，格力电器公告称，截至6月30日，该公司第三期回购计划以集中竞价方式累计回购公司股份6001万股，占总股本的0.9975%，支付的总金额为31.75亿元。其中，最高成交价为56.11元/股，最低成交价为49.92元/股。\n截至目前，格力已经完成了前两期共120亿元回购，加上此番30亿元回购，已经累计动用了150亿元回购自家股票。\n除了大手笔的回购，6月30日，格力刚刚召开完股东大会，备受争议的格力员工持股计划顺利通过，1.34万人的投票更是创纪录。\n\n此事源于6月20日晚间，格力公布第一期员工持股计划，规模总额不超过30亿元，覆盖员工人数最高为1.2万人，员工持股计划购买公司回购股份的价格为27.68元/股，回购股票规模不超过1.08亿股，占该公司当前总股本的1.80%。\n由于员工5折“买股票”，董明珠一人更是认购3000万股，账面浮盈就达8亿元，一度备受市场争议。\n\n紧接着，6月27日晚间，格力电器发布公告称，将第二期回购的股份变更为直接注销减少注册资本，显然对股东而言是一大利好消息。\n此外，董明珠还罕见的现身接待机构投资者。在被问到“公司后续会不会注销回购股份，长期分红比例会不会加大？”的问题时，格力电器回应，该公司回购股票不仅仅为了股权激励，更重要的是维护股东、社会、员工的利益，是否会注销回购股份需要结合实际情况研究，按程序决策。\n即第三期回购是否注销，目前还没有结论。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":2154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152807086,"gmtCreate":1625279154045,"gmtModify":1703739846283,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152807086","repostId":"2148801896","repostType":4,"repost":{"id":"2148801896","kind":"news","pubTimestamp":1625261623,"share":"https://ttm.financial/m/news/2148801896?lang=en_US&edition=fundamental","pubTime":"2021-07-03 05:33","market":"us","language":"zh","title":"China's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2148801896","media":"新浪财经","summary":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的","content":"<p>Some stocks will do very well after an IPO. But the 790% increase can not be described by a \"very good\" sentence, which is completely unbelievable.</p><p><a href=\"https://laohu8.com/S/CPOP\">Popular culture</a>Is the latest of the unbelievable, quickly becoming a candidate for the stock market boom. The hip-hop cultural communications company went public Wednesday at a price of $6 per share, giving it a market capitalization of about $140 million. By Friday, the stock had accumulated about 790% gains, surging to $1.27 billion in market capitalization.</p><p>The stock jumped 405% on its first day of listing on Wednesday, ranking fifth in U.S. stock market history, according to the aggregated data. Ranked first is Yijia Kuaifu, which achieved an eye-popping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pop Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pop Culture's IPO prospectus says it generated approximately $15.7 million in revenue in the 12 months ended June 2020, with nearly half of that coming from event hosting. According to the data, the stock is more than 300 times P/E at Friday's closing price, about 10 times that of Apple.</p>","source":"sina_symbol","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>China's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing\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\">2021-07-03 05:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Some stocks will do very well after an IPO. But the 790% increase can not be described by a \"very good\" sentence, which is completely unbelievable.</p><p><a href=\"https://laohu8.com/S/CPOP\">Popular culture</a>Is the latest of the unbelievable, quickly becoming a candidate for the stock market boom. The hip-hop cultural communications company went public Wednesday at a price of $6 per share, giving it a market capitalization of about $140 million. By Friday, the stock had accumulated about 790% gains, surging to $1.27 billion in market capitalization.</p><p>The stock jumped 405% on its first day of listing on Wednesday, ranking fifth in U.S. stock market history, according to the aggregated data. Ranked first is Yijia Kuaifu, which achieved an eye-popping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pop Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pop Culture's IPO prospectus says it generated approximately $15.7 million in revenue in the 12 months ended June 2020, with nearly half of that coming from event hosting. According to the data, the stock is more than 300 times P/E at Friday's closing price, about 10 times that of Apple.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.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/5d8fb95e65f042f352c6313989391357","relate_stocks":{"CPOP":"普普文化"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148801896","content_text":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的价格发行上市，市值约为1.4亿美元。到周五，该股累计上涨约790%，市值飙升至12.7亿美元。\n汇总的数据显示，该股周三首日上市大涨405%，在美国股市历史上排名第五。排名第一的是亿家快服，5月份上市首日取得令人瞠目结舌的1100%涨幅。\n\n普普文化的强劲涨势在周五有所降温，股价下跌11%至53.40美元，仍比IPO价格高出约47美元。\n普普文化的IPO招股说明书称，在截至2020年6月的12个月收入约1570万美元，其中近一半来自活动主办。数据显示，按周五收盘价计算，该股市盈率超过300倍，约为苹果公司的10倍。","news_type":1,"symbols_score_info":{"CPOP":0.9}},"isVote":1,"tweetType":1,"viewCount":2200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156150983,"gmtCreate":1625204364542,"gmtModify":1703738321710,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156150983","repostId":"2148875942","repostType":4,"repost":{"id":"2148875942","kind":"news","pubTimestamp":1625203503,"share":"https://ttm.financial/m/news/2148875942?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:25","market":"hk","language":"zh","title":"Hong Kong sets up a SPAC listing system or begins consultation this month","url":"https://stock-news.laohu8.com/highlight/detail?id=2148875942","media":"财经自媒体","summary":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。","content":"<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Market advice will be consulted in the third quarter on specific proposals for the establishment of a SPAC (special purpose acquisition company) listing regime in Hong Kong. According to the news, the Hong Kong Securities Regulatory Commission is open to SPAC, and the regulatory authorities have also drawn up a framework for relevant consultation documents, and public consultation will be held as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it is emphasized that the problem of protecting investors should be taken into account.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only be limited to professional investors, and the whole market may not be opened at once to protect ordinary investors.</p><p>Help attract \"unicorns\" to list in Hong Kong</p><p>A spokesman for the HKEx responded that the HKEx will constantly review and study options to enhance the listing system in Hong Kong, taking into account a balance of factors such as protecting the interests of investors, market quality and attractiveness. The feasibility of introducing the Hong Kong SPAC framework is currently being studied and the market will be consulted in this regard in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPAC, enterprises will have one more choice and outlet to enhance the competitiveness of Hong Kong's capital market. Some accountants said that because the valuation of companies in start-up or new economy industries is difficult to define, it is difficult to reach a consensus with investors when conducting traditional listings, while SPAC has been priced accordingly during mergers and acquisitions, so it is easier for both parties to \"dump it\". It is believed that the introduction of SPAC mechanism will especially help attract new economy enterprises to list in Hong Kong, even international \"unicorn\" enterprises, that is, start-ups with a valuation of more than USD 1 billion.</p><p>However, he admitted that Hong Kong's capital market is different from that of the United States. The United States is disclosure-oriented, while Hong Kong focuses on investor protection, emphasizing that the whole new SPAC mechanism should implement the \"Hong Kong version\". It is also necessary for regulators to explain clearly to the market the difference between the mechanism and the traditional \"beer shell\" in consultation, so as to avoid the outside world thinking that SPACs are beneficial to legal \"beer shell\", and to propose more measures to protect investors.</p><p>The United States launches an upsurge and intends to strengthen supervision</p><p>The rise of SPACs in the United States, with a total of 248 SPACs listed last year, continued into the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of HKEx's competitors<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>The public consultation on the SPAC Main Board Listing Rules was completed at the end of April; The London Stock Exchange has also proposed to amend the listing rules in the hope of attracting more SPACs to list there. In Asia alone, at present, only South Korea and Malaysia allow SPACs to list, so Hong Kong's intention to introduce SPACs is also the general trend.</p><p>However, the upsurge immediately caused regulatory concerns. The United States is preparing to tighten SPAC rules and has launched investor education efforts for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he wants to examine whether the disclosure time of listed companies' positions can be shortened, and he also believes that it is necessary to strengthen the disclosure of the supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs are usually sponsored by funds, celebrities, rich people, entrepreneurs, etc., first contribute to the establishment of a \"Blank Check Company\" with no actual business, that is, a \"shell Company\", and then find investors to complete the listing and fund-raising. After listing, cash is only held in trust and the main \"task\" is to acquire suitable target enterprises and inject business into them, and the takeover proposal must be approved by the shareholders.</p><p>Introduction to SPAC Operational Process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong sets up a SPAC listing system or begins consultation this month</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\">\nHong Kong sets up a SPAC listing system or begins consultation this month\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财经自媒体</strong><span class=\"h-time small\">2021-07-02 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Market advice will be consulted in the third quarter on specific proposals for the establishment of a SPAC (special purpose acquisition company) listing regime in Hong Kong. According to the news, the Hong Kong Securities Regulatory Commission is open to SPAC, and the regulatory authorities have also drawn up a framework for relevant consultation documents, and public consultation will be held as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it is emphasized that the problem of protecting investors should be taken into account.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only be limited to professional investors, and the whole market may not be opened at once to protect ordinary investors.</p><p>Help attract \"unicorns\" to list in Hong Kong</p><p>A spokesman for the HKEx responded that the HKEx will constantly review and study options to enhance the listing system in Hong Kong, taking into account a balance of factors such as protecting the interests of investors, market quality and attractiveness. The feasibility of introducing the Hong Kong SPAC framework is currently being studied and the market will be consulted in this regard in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPAC, enterprises will have one more choice and outlet to enhance the competitiveness of Hong Kong's capital market. Some accountants said that because the valuation of companies in start-up or new economy industries is difficult to define, it is difficult to reach a consensus with investors when conducting traditional listings, while SPAC has been priced accordingly during mergers and acquisitions, so it is easier for both parties to \"dump it\". It is believed that the introduction of SPAC mechanism will especially help attract new economy enterprises to list in Hong Kong, even international \"unicorn\" enterprises, that is, start-ups with a valuation of more than USD 1 billion.</p><p>However, he admitted that Hong Kong's capital market is different from that of the United States. The United States is disclosure-oriented, while Hong Kong focuses on investor protection, emphasizing that the whole new SPAC mechanism should implement the \"Hong Kong version\". It is also necessary for regulators to explain clearly to the market the difference between the mechanism and the traditional \"beer shell\" in consultation, so as to avoid the outside world thinking that SPACs are beneficial to legal \"beer shell\", and to propose more measures to protect investors.</p><p>The United States launches an upsurge and intends to strengthen supervision</p><p>The rise of SPACs in the United States, with a total of 248 SPACs listed last year, continued into the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of HKEx's competitors<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>The public consultation on the SPAC Main Board Listing Rules was completed at the end of April; The London Stock Exchange has also proposed to amend the listing rules in the hope of attracting more SPACs to list there. In Asia alone, at present, only South Korea and Malaysia allow SPACs to list, so Hong Kong's intention to introduce SPACs is also the general trend.</p><p>However, the upsurge immediately caused regulatory concerns. The United States is preparing to tighten SPAC rules and has launched investor education efforts for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he wants to examine whether the disclosure time of listed companies' positions can be shortened, and he also believes that it is necessary to strengthen the disclosure of the supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs are usually sponsored by funds, celebrities, rich people, entrepreneurs, etc., first contribute to the establishment of a \"Blank Check Company\" with no actual business, that is, a \"shell Company\", and then find investors to complete the listing and fund-raising. After listing, cash is only held in trust and the main \"task\" is to acquire suitable target enterprises and inject business into them, and the takeover proposal must be approved by the shareholders.</p><p>Introduction to SPAC Operational Process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml\">财经自媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/566088346f21146400ff8254e5bf4332","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2148875942","content_text":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。\n香港交易所将于第三季就香港设立SPAC(特殊目的收购公司)上市制度具体建议咨询市场意见。消息指，香港证监会对SPAC态度开放，监管机构亦已就相关咨询文件拟订框架，最快7月进行公开咨询。分析指，企业多一个融资渠道，有利于香港港金融市场长远发展，但强调要兼顾保障投资者的问题。\n市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。即使SPAC最终获放行，预期初始阶段只局限专业投资者参与，未必会一下子开放全个市场，以保障一般投资者。\n助吸「独角兽」来港上市\n港交所发言人响应指，港交所会经常审视并研究方案提升香港的上市制度，当中须考虑平衡保障投资者利益、市场质素及吸引力等多种因素。目前正研究引入香港SPAC框架的可行性，并会适时就此咨询市场意见。证监会则对此不予评论。\n市场期望透过引入SPAC，让企业多一个选择及出路，增加香港资本市场的竞争力。有会计师表示，由于初创或新经济行业的公司估值难以界定，进行传统上市时较难与投资者取得共识，而SPAC则在并购时已有相应定价，双方更容易「倾得埋」，相信引入SPAC机制，特别有助吸引新经济企业来港上市，甚至是国际级的「独角兽」企业，即估值10亿美元以上的初创公司。\n不过，他坦言，香港资本市场与美国有别，美国以披露为本，香港侧重投资者保护，强调整个SPAC新机制须实行「香港版本」。监管机构在咨询时，亦有必要向市场解释清楚机制与传统「啤壳」的分别，以免外界以为SPAC有利合法「啤壳」，及提出更多保障投资者的措施。\n美掀热潮，拟加强监管\nSPAC在美国兴起，去年共有248只SPAC上市，热潮延续至今年首季，有逾300家SPAC上市，亦吸引其他海外市场关注这笔丰厚的生意。\n港交所竞争对手之一的新加坡交易所，已于4月底完成有关SPAC主板上市规则的公众咨询；英国伦敦交易所亦提出修改上市规则建议，冀吸引更多SPAC到当地上市。单计亚洲地区，目前仅南韩国、马来西亚准许SPAC上市，故香港有意引入SPAC亦是大势所趋。\n不过，热潮背后随即惹来监管忧虑，美国准备收紧SPAC规定，并已针对SPAC开展投资者教育工作。美国证交会主席Gary Gensler已表明，希望检视能否缩短上市公司持仓披露的时间，也认为要加强披露SPAC背后的支持者，以提升对散户的保障。\nSPAC通常会由基金、名人、富豪、企业家等作为发起人(Sponsors)，先出资成立一间没有实际业务的「空白支票公司」(Blank Check Company)，即「空壳公司」，再寻找投资者完成上市集资。上市后，只持有现金，以信托方式托管，主要「任务」是收购合适的目标企业，将业务注入，而收购建议须由股东通过。\nSPAC运作流程简介","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156127639,"gmtCreate":1625204336021,"gmtModify":1703738320557,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/156127639","repostId":"1106840909","repostType":4,"repost":{"id":"1106840909","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625203223,"share":"https://ttm.financial/m/news/1106840909?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:20","market":"us","language":"zh","title":"New car-building forces show their power again: delivery soars, and June reaches a new high across the board","url":"https://stock-news.laohu8.com/highlight/detail?id=1106840909","media":"老虎资讯综合","summary":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083","content":"<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</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>New car-building forces show their power again: delivery soars, and June reaches a new high across the board</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew car-building forces show their power again: delivery soars, and June reaches a new high across the board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-02 13:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11fb5ef0b1cb032e12ea701b85e5650d","relate_stocks":{"LI":"理想汽车","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106840909","content_text":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083台，首超八千台，创历史新高，同比增长116.1%，环比增长20.4%。蔚来二季度共交付21,896台，同比增长111.9%，连续五个季度正增长。上半年蔚来共交付41,956台，达到去年全年交付量的95.9%。\n理想汽车：6月交付汽车7713辆，同比增长320.6%。第二季度交付17575辆，同比增长166.1%。月度和季度交付量双双创下新纪录。\n小鹏汽车：6月交付6565辆，创纪录新高，同比增长617%。6月交付4730台P7，为P7发布以来的最高月交付量。小鹏二季度交付17398辆，亦创纪录新高，同比增长439%；另外，小鹏计划在2021年7月推出G3I SUV，计划在今年9月交付。\n\n\n值得注意的是，三家公司在资本市场上的表现也相当亮眼。自5月中旬以来，三家公司持续走高。截至周四(7月1日)美股收盘，蔚来较5月13日低点上涨约51%，同期理想涨约95%，小鹏涨约76%。\n\n造车新势力过去一个月为何大涨？德银表示，除了受益于成长股的普遍上涨之外，造车新势力齐头大涨，还有以下几大原因。\n首先，在2023年-2024年之前，新晋进入造车领域的百度、小米等公司可能不会有任何靠谱的产品面世。\n与此同时，市面上其他的新能源车公司或许会从与合资企业相关的传统内燃机（ICE）销售当中夺取市场份额，而非直接与其他中国新能源车公司进行竞争，这也就缓解了市场对本土竞争压力的担忧。\n其次，特斯拉糟糕的公关能力、后续新进订单有可能减少也是中概造车新势力股价的一大助力。\n还有，随着芯片供应状况改善，造车新势力需求侧和销售量也越来越强劲。","news_type":1,"symbols_score_info":{"09868":0.9,"NIO":0.9,"LI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3584426330376924","authorId":"3584426330376924","name":"Nahaha","avatar":"https://static.tigerbbs.com/6122d23f605152925d6165fd09cd752c","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3584426330376924","idStr":"3584426330376924"},"content":"6666666666666","text":"6666666666666","html":"6666666666666"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156127009,"gmtCreate":1625204312701,"gmtModify":1703738319723,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156127009","repostId":"1106840909","repostType":4,"repost":{"id":"1106840909","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625203223,"share":"https://ttm.financial/m/news/1106840909?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:20","market":"us","language":"zh","title":"New car-building forces show their power again: delivery soars, and June reaches a new high across the board","url":"https://stock-news.laohu8.com/highlight/detail?id=1106840909","media":"老虎资讯综合","summary":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083","content":"<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</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>New car-building forces show their power again: delivery soars, and June reaches a new high across the board</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew car-building forces show their power again: delivery soars, and June reaches a new high across the board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-02 13:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11fb5ef0b1cb032e12ea701b85e5650d","relate_stocks":{"LI":"理想汽车","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106840909","content_text":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083台，首超八千台，创历史新高，同比增长116.1%，环比增长20.4%。蔚来二季度共交付21,896台，同比增长111.9%，连续五个季度正增长。上半年蔚来共交付41,956台，达到去年全年交付量的95.9%。\n理想汽车：6月交付汽车7713辆，同比增长320.6%。第二季度交付17575辆，同比增长166.1%。月度和季度交付量双双创下新纪录。\n小鹏汽车：6月交付6565辆，创纪录新高，同比增长617%。6月交付4730台P7，为P7发布以来的最高月交付量。小鹏二季度交付17398辆，亦创纪录新高，同比增长439%；另外，小鹏计划在2021年7月推出G3I SUV，计划在今年9月交付。\n\n\n值得注意的是，三家公司在资本市场上的表现也相当亮眼。自5月中旬以来，三家公司持续走高。截至周四(7月1日)美股收盘，蔚来较5月13日低点上涨约51%，同期理想涨约95%，小鹏涨约76%。\n\n造车新势力过去一个月为何大涨？德银表示，除了受益于成长股的普遍上涨之外，造车新势力齐头大涨，还有以下几大原因。\n首先，在2023年-2024年之前，新晋进入造车领域的百度、小米等公司可能不会有任何靠谱的产品面世。\n与此同时，市面上其他的新能源车公司或许会从与合资企业相关的传统内燃机（ICE）销售当中夺取市场份额，而非直接与其他中国新能源车公司进行竞争，这也就缓解了市场对本土竞争压力的担忧。\n其次，特斯拉糟糕的公关能力、后续新进订单有可能减少也是中概造车新势力股价的一大助力。\n还有，随着芯片供应状况改善，造车新势力需求侧和销售量也越来越强劲。","news_type":1,"symbols_score_info":{"09868":0.9,"NIO":0.9,"LI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1250,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156124488,"gmtCreate":1625204272844,"gmtModify":1703738319891,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"Hai","listText":"Hai","text":"Hai","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/156124488","repostId":"1106840909","repostType":4,"repost":{"id":"1106840909","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625203223,"share":"https://ttm.financial/m/news/1106840909?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:20","market":"us","language":"zh","title":"New car-building forces show their power again: delivery soars, and June reaches a new high across the board","url":"https://stock-news.laohu8.com/highlight/detail?id=1106840909","media":"老虎资讯综合","summary":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083","content":"<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew car-building forces show their power again: delivery soars, and June reaches a new high across the board\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-02 13:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11fb5ef0b1cb032e12ea701b85e5650d","relate_stocks":{"LI":"理想汽车","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106840909","content_text":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083台，首超八千台，创历史新高，同比增长116.1%，环比增长20.4%。蔚来二季度共交付21,896台，同比增长111.9%，连续五个季度正增长。上半年蔚来共交付41,956台，达到去年全年交付量的95.9%。\n理想汽车：6月交付汽车7713辆，同比增长320.6%。第二季度交付17575辆，同比增长166.1%。月度和季度交付量双双创下新纪录。\n小鹏汽车：6月交付6565辆，创纪录新高，同比增长617%。6月交付4730台P7，为P7发布以来的最高月交付量。小鹏二季度交付17398辆，亦创纪录新高，同比增长439%；另外，小鹏计划在2021年7月推出G3I SUV，计划在今年9月交付。\n\n\n值得注意的是，三家公司在资本市场上的表现也相当亮眼。自5月中旬以来，三家公司持续走高。截至周四(7月1日)美股收盘，蔚来较5月13日低点上涨约51%，同期理想涨约95%，小鹏涨约76%。\n\n造车新势力过去一个月为何大涨？德银表示，除了受益于成长股的普遍上涨之外，造车新势力齐头大涨，还有以下几大原因。\n首先，在2023年-2024年之前，新晋进入造车领域的百度、小米等公司可能不会有任何靠谱的产品面世。\n与此同时，市面上其他的新能源车公司或许会从与合资企业相关的传统内燃机（ICE）销售当中夺取市场份额，而非直接与其他中国新能源车公司进行竞争，这也就缓解了市场对本土竞争压力的担忧。\n其次，特斯拉糟糕的公关能力、后续新进订单有可能减少也是中概造车新势力股价的一大助力。\n还有，随着芯片供应状况改善，造车新势力需求侧和销售量也越来越强劲。","news_type":1,"symbols_score_info":{"09868":0.9,"NIO":0.9,"LI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1090,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125211459,"gmtCreate":1624674712271,"gmtModify":1703843363197,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125211459","repostId":"1112116010","repostType":4,"repost":{"id":"1112116010","kind":"news","weMediaInfo":{"introduction":"我们来自知名IT和财经媒体，专注于互联网+、电子商务、大数据、万物互联和人工智能。我们关注产业动态，技术趋势和商业变革，我们与你一起，迎接这个科技转变命运的时代。","home_visible":1,"media_name":"懂懂笔记","id":"1066040419","head_image":"https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b"},"pubTimestamp":1624666149,"share":"https://ttm.financial/m/news/1112116010?lang=en_US&edition=fundamental","pubTime":"2021-06-26 08:09","market":"hk","language":"zh","title":"Experience Millet Channel: There is no most perfect, only the optimal solution","url":"https://stock-news.laohu8.com/highlight/detail?id=1112116010","media":"懂懂笔记","summary":"“商愿不愿意做小米，是由小米能否给他们带来效益决定的。”小米副总裁尚进说道。他所指的“商”，是渠道合作伙伴。\n作为一个从互联网起家的手机厂商，小米从2016年开始“下沉”。线下渠道的拓展，经历了四年多","content":"<p>\"Shang Jin, vice president of Xiaomi, said,\" Whether Shang is willing or not to be Xiaomi is determined by whether Xiaomi can bring them benefits. \" The \"business\" he refers to is channel partners.</p><p>As a mobile phone manufacturer that started from the Internet, Xiaomi began to \"sink\" in 2016. After more than four years of exploration and trial and error, the expansion of offline channels began to accelerate its penetration with a new model in November 2020. For Xiaomi's attempt on offline channels, understanding has been concerned for a long time.</p><p>In November, 2017, when Xiaomi's offline flagship store in Shenzhen was completed, I understood that I once wrote an article \"Behind the Scenes of Xiaomi's World's First Flagship Store\", which recorded Xiaomi's thinking on channels at that time. In April this year, I wrote again \"Xiaomi Offline Channel: What did I miss, realize and recreate?\", review the development of Xiaomi's channel construction in the past five years and the brand-new channel business model implemented since November last year.</p><p>Not long ago, I understood and visited some \"businesses\" mentioned by Shang Jin offline, and gained a deep understanding of the current mentality and considerations of these channel partners for Xiaomi. Today, let's talk about the feelings of this visit.</p><p><b>In business, channel \"profit-seeking\"</b></p><p>Let's tell a few \"quotient\" stories first.</p><p>Wu Qiang (pseudonym) and his wife sold mobile phones in Shenzhen in their early years. In 2011, they returned to their hometown-Jiajiang County, Leshan City, Sichuan Province with their savings, and rented a 30-square-meter store to continue selling mobile phones. Coincidentally, in the next few years, they caught up with the hottest online cycle of Xiaomi mobile phones, which also made them see business opportunities.</p><p>During that time, Xiaomi mobile phones were the hard currency in the market. \"We downloaded Xiaomi Mall APP from more than a dozen mobile phones at the counter, and every Tuesday, we used all our mobile phones to grab them together.\" For Wu Qiang and his wife, grabbing (Xiaomi) means earning. Sometimes they can grab two or three a week, and when they are lucky, they can grab one or two more. The price increase is 300-600 per unit, and the hottest Xiaomi 2 series can be added 700 yuan. In the past two years, doing the \"scalper\" business of Xiaomi mobile phones has made them feel that it is not so difficult to make money.</p><p>Later, Xiaomi began to develop offline channels, one of which was Xiaomi Store, and Wu Qiang and his wife followed up without hesitation. However, after entering the market, they found that because the profit margin of Xiaomi hardware was relatively thin, it was not easy to be a Xiaomi shop, so that there was an intention to retire in the middle.</p><p>The turning point came from the introduction of Xiaomi's new channel policy at the end of last year. Wu Qiang and his wife immediately applied for the qualification of millet home in Jiajiang County. Unified management, unified design and unified distribution made the storefront look more<a href=\"https://laohu8.com/S/BJZ.SI\">tall</a>Here it is. Upgraded from a mom-and-pop store to a specialty store, their business has reached a big step. Now the couple operates two millet homes, with a monthly revenue of more than 600,000 yuan. Wu Qiang is very satisfied with the current state, and at the same time, he and his wife are still discussing to continue to expand the operation of the store.</p><p>Long Zong (pseudonym) is the owner of a large communication store in Chengdu, and he is a well-known figure in the electronic street. He always has a word hanging on his lips-in business talk business. In the past decade or so, domestic mobile phone brands have been up and down, but his business has been very stable.</p><p>In 2017, when Xiaomi began to expand offline channels, he made a special trip to find General Manager Long. Out of politeness, he warmly received Xiaomi's commissioner, but did not cooperate immediately. Obviously, in his opinion, Xiaomi's profit was not good at that time, and it was not a good time to enter.</p><p>It is an indisputable fact that offline channels began to decline after experiencing the peak in 2016, and the flow of people in comprehensive communication stores gradually decreased. Longzong's stores were facing transformation and upgrading at the bottom of the valley.</p><p>In 2020, he gave Xiaomi the best position as soon as he entered the store. In addition to mobile phones, there are various IoT products in Xiaomi's flagship store. At the same time, he also opened more than a dozen Xiaomi homes in Sichuan in one breath, becoming an important partner of Xiaomi in Sichuan Province. \"Who will sell mobile phones for the rest of his life?\" This voice in his heart made him pay more and more attention to Xiaomi, which is expanding into IoT. Although Xiaomi is not the most profitable mobile phone brand in the store, it is a sign related to the future fate and direction of the store.<b>There are three reasons why he values Xiaomi: First, Xiaomi's user base is young, and these young people are potential high-end users in the future; Second, Xiaomi's IoT series products can make their stores get out of the bottleneck of a single category of mobile phones; Third, Xiaomi's storefront is very good in both crowd flow and user stickiness, which can play a very good role in pulling the whole store.</b></p><p><img src=\"https://static.tigerbbs.com/360f8c647989b9fa7e79fc69936677f7\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Unlike Mr. Long, Mr. Li (a pseudonym) is the CEO of a large communication company in Chengdu. When Xiaomi came to Sichuan in 2017 to \"fool\" channels, he decisively \"boarded the ship\" and opened 11 stores in one breath. \"We think Xiaomi is a real new retail, and it will be more promising to follow Boss Lei.\"</p><p>Although Xiaomi's profit is relatively low, Li Zong's enterprise has accumulated more than 1 million members and many mature corporate customers over the years. These resources have made his cooperation with Xiaomi progress smoother. However, it can only be regarded as smooth, and there is no particularly big profit. Therefore, after these 11 stores, Li Zong did not carry out large-scale expansion.</p><p>Under the 2020 pandemic, businesses with already thin profits have become more difficult. With the introduction of Xiaomi's new channel policy, General Manager Li believes that this opportunity must not be missed, and he needs to make a bigger bet himself. Less than a year since the launch of the New Deal, he has opened 50 new stores. As the domestic epidemic situation subsides, General Manager Li sees that the newly opened stores are running very well, and his confidence is even more. At present, more than a dozen new stores are on the way to open...</p><p>Different from these two CEOs who started as communication products, General Manager Zhou (a pseudonym) has been running a large home appliance store in Leshan City, and he is also a well-known private entrepreneur in the city. In the early years, the home appliance business was particularly good. In recent years, his attention began to migrate to the communication industry, and he added mobile phone categories to several of his home appliance hypermarkets.</p><p>At present, among all mobile phone brands, he values Xiaomi the most. First, Xiaomi's current channel policy is good, its store opening speed is fast, its storefront is classy, and its comprehensive profit margin is also good; Second, Xiaomi's IoT products are rich, which makes his store squeeze into the IoT track, and the market space is suddenly opened. \"It is said that Xiaomi will make cars in the future, and maybe we have the opportunity to continue to follow up.\"</p><p>From Chengdu to Leshan, a fourth-tier city, and then to Jiajiang, a small county town, I saw many different types of \"businesses\".<b>They talked about the process of deification of Xiaomi in the previous market, and also talked about the difficulty of making offline channels for Xiaomi in the past two years, but now they are almost all in the same state: they have tasted the sweetness of the new model, and began to desperately speed up site selection and store expansion.</b></p><p><b>Efficiency, infinitely approximating the e-commerce model</b></p><p>The construction of Xiaomi's offline channels, which started in the second half of 2016, created a record of storefront efficiency ratio at that time, and also created a new mode for mobile phone stores to enter Mall. A series of innovations are eye-catching. Xiaomi House was once regarded as a model of new retail, and soon expanded to 1,000 storefronts.</p><p>However, except for the self-operated Xiaomi Home, the development of other offline channels is not very successful. Traditional dealers are distributed layer by layer, and the profit margin of Xiaomi products can't support the traditional channel model at all. In 2017 and 2018, the \"businesses\" that followed up only made a small profit if they did well, while those that did not did well lost a lot. In those years, many businesses left halfway.</p><p><img src=\"https://static.tigerbbs.com/1b7c886542f64121dced114fa77d015d\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>China is Xiaomi's base camp, and offline is also a lesson that Xiaomi must make up for. After Lu Weibing took over China, he tried to help Xiaomi manage the regional market through third-party service providers. But it soon turned out that the road wouldn't work. The fundamental reason lies in the word \"efficiency\"-the success of Xiaomi model, and its core competitiveness lies in efficiency. Only Xiaomi can achieve the ultimate efficiency. Developing offline with the help of others will only make Xiaomi lose its efficiency advantage.</p><p><b>\"In business history, all competition is efficiency competition.\" Shang Jin emphasized that the real competitor of offline channels in the future is actually e-commerce. If offline physical stores can't improve their efficiency, they will be eaten by e-commerce sooner or later. \"If we want to help businesses, we want to help them approach the efficiency of e-commerce infinitely.\"</b></p><p>Although General Manager Long's cooperation with Xiaomi is not very early, he has the most thorough understanding of Xiaomi's model. In the chat, he repeatedly mentioned Xiaomi's efficiency. \"The core of retail is cost and efficiency. From the perspective of operational efficiency, Xiaomi is the most awesome.\"</p><p>There is no ultimate solution to efficiency, only the \"optimal solution\" under different conditions-improving efficiency is a complex system engineering. Whether it is R&D, production, sales, marketing or channels, every link must be reconstructed to improve efficiency, and the whole combination forms the final ultimate cost performance.</p><p>Like shortening the chain and cutting off the intermediate links. In this respect, Xiaomi landed in the Internet mode, and there is only one e-commerce link between production and users, which can maximize efficiency. As an offline channel infinitely close to the e-commerce model, Xiaomi has broken the original layer-by-layer distribution system in the new channel strategy, and all stores are directly connected with Xiaomi. \"There is only one level of merchants, with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The cooperation mode of Tmall is basically the same. \" Shang Jin emphasized.</p><p><img src=\"https://static.tigerbbs.com/6a77d6f9da137d33e5fae52b42007b7f\" tg-width=\"1080\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>Excerpt from</p><p>\"Xiaomi Offline Channel: What did you miss, realize and recreate?\"</p><p>Everyone knows that the profit margin of Xiaomi's hardware products is very low, but Xiaomi's capital efficiency will have a different algorithm: low gross profit margin, but high turnover rate:<b>If 1 million is invested in Xiaomi stores, it can run more than a dozen times a year, so Xiaomi's overall return on investment is higher than that of other brands.</b>(Interested readers and friends can look back and understand the previous article \"Xiaomi offline channels: what did you miss, realize and recreate?\").</p><p>The most noteworthy thing in Xiaomi's new channel policy is its digital management system-Xiaomi \"Retail Pass\". In this channel visit, every \"merchant\" was full of praise for this set of retail connections. \"We have more than a dozen stores, and we can see all the business data at a glance through Retail Connect, which is equivalent to a cockpit. With this system in place, our management is more efficient. With so many stores, only one person can complete all the docking work with Xiaomi, and the docking of other brands requires at least three times the manpower.\" General Manager Long's analysis was very representative.</p><p>\"Retail Connect\" is a complete set of retail digital management systems, and all data are visible at a glance, which greatly improves the overall efficiency. The system will also automatically distribute goods according to the sales situation of different stores, which will speed up the turnover of goods in each store and improve the operation efficiency of stores. In each offline store, the top of the store is equipped with a \"passenger flow counter\" (non-face recognition). It can be said that every offline store has basically realized digital management.</p><p>Generally speaking, the underlying logic of this system is to digitize all people, goods and fields, so as to realize \"one plate of goods\" in the whole country, and at the same time, it can efficiently match people, goods and fields. Xiaomi can control the situation of each store in real time, and through<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The deployment guarantees the lowest inventory and the highest efficiency.</p><p>High efficiency, but also from the empowerment of Xiaomi. All storefronts are output by Xiaomi with unified design standards and unified management standards. Xiaomi, the flagship store, will also be stationed with a store manager, and the right of goods is in Xiaomi. \"Merchants\" can start their own business only by paying a deposit. For \"businesses\", these policies can incite more storefronts with the least amount of funds in the shortest time. For example, Mr. Zhou's storefront of more than 200 square meters in Leshan City only took 20 days from decoration to trial operation, which is a very efficient landing process.</p><p><b>\"The efficiency of digitalization is the highest, so we can eliminate the obstacles of digitalization and promote digitalization as soon as possible through the iteration of digitalization, thus completing a high degree of optimization of efficiency. This is the real value that Xiaomi can bring to the business.\" Shang Jin said.</b></p><p>With efficiency as the core, build a brand-new digital retail system and apply the e-commerce mode offline. In the view of understanding, this is quite a dimensionality reduction attack.</p><p><img src=\"https://static.tigerbbs.com/4d2135b31ac19e3b60ad1558f169cb48\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In fact, with the development of new retail,<a href=\"https://laohu8.com/S/300959\">Online and offline</a>The boundaries are getting blurred. However, in some industries, the traditional channels are huge, have a long history, and the interest chain is extremely complicated. It is very difficult to transform digitally, which often requires an important opportunity. For example, last year, the epidemic had a great impact on the channels of the automobile industry, and 4S stores and dealers moved to online live broadcast one after another, and the channels of the automobile industry chain were also going through a reengineering process. In the past, the circle of mobile phone channels used to be subcontracting from top to bottom, and Xiaomi's copying of the logic of the Internet (e-commerce) offline through digital means is a reengineering of mobile phone channels.</p><p><b>Offline millet cycle</b></p><p>In business, it is the colloquial language of General Manager Long. In fact, this is also the general mentality of mobile phone offline channel dealers<b>。 Businessmen in this industry all know that \"three to five years are reincarnated\", and the head brands of mobile phones are constantly changing. Naturally, the channels have to be \"profit-seeking\", and whichever brand gets up will be done.</b></p><p>Five years ago, when Xiaomi started to do offline channels, many businesses didn't believe in Xiaomi, including some property owners in big shopping malls. It can also be seen from this round of visits that the businesses that followed up Xiaomi's offline channels in the early stage did not make much profit, and even some of them withdrew one after another in the previous two years.</p><p>In understanding, this is a process of reincarnation. During that period, neither the offline influence of Xiaomi brand nor the policy of Xiaomi's offline channels were actually prepared for large-scale expansion. As channels of OPPO, vivo and Huawei, businesses can earn a lot of money. Now, Xiaomi has begun to make full efforts to make high-end efforts and its market share is rising all the way. The \"mobile phone X AIoT\" strategy has been rolled out, and the mature stage of Xiaomi's large-scale offline development has reached.</p><p>Last year's 10th anniversary of Xiaomi, Lei Jun put forward \"establishing a career with technology and killing China\". Millet's global market share is rising rapidly and has been ranked in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the third, higher than other Chinese brands. However, in China, Xiaomi still can't beat OPPO and vivo, which have strong offline channels. Therefore, offline is a shortcoming that Xiaomi must make up for.</p><p>In this round of visits, the reason why \"business\" is so enthusiastic about Xiaomi is not only that the brand-new channel policy is attractive, but also that they clearly know the truth of \"three-to-five-year cycle\", and they all see Xiaomi's offline cycle.</p><p><b>First of all, Xiaomi really began to tilt offline from a strategic perspective, and new products and explosives fully supported offline stores.</b>\"Explosives and new products are given priority to offline stores, which is particularly important for us. Because the availability of explosives means that you can make money easily. The more explosives you stock, the easier it is to make money.\" Wu Qiang said that county-level stores like them can get sufficient supply of goods, not to mention flagship stores in cities. \"Business\" has obviously felt that Xiaomi has deliberately made a distribution balance in order to develop offline. Everyone knows that the cost of e-commerce channels is lower at this stage, but for the development of \"business\", Xiaomi still tilts explosives offline, such as Redmi's explosive products K40 series and K30S Supreme Commemorative Edition. Xiaomi's official e-commerce platform has been out of stock before, while offline Xiaomi Home has sufficient supply.</p><p>Xiaomi's offline support is diversified. For example, when stores engage in rice noodle activities, Xiaomi will support materials, gifts and personnel support. For example, in the business district where the offline store is located, Xiaomi will have large billboards and so on. \"In the past, Xiaomi's support was very small, but now it's different.\" A store manager felt deeply about this.</p><p><b>Secondly, the high-end brand of Xiaomi has created better basic conditions for offline.</b>Previously, the price of Xiaomi's mobile phone was low, the profit margin was low, and there was nothing to make offline. In the past two years, Xiaomi's continuous high-end strategy has seen results. From the financial report, the average selling price of Xiaomi's mobile phones has risen from more than 900 yuan to more than 1,200 yuan. Most people still can't feel this number, but when visiting offline, you can see that offline consumers have a high awareness of Xiaomi 11, Xiaomi 11 Ultra, Xiaomi MIXFOLD and other models, and the sales volume is very good. Many store managers of Xiaomi stores also reflect that the 3000-5000 yuan model in the store sells the best. Wu Qiang of Jiajiang County also said that although they are just a small county, young consumers don't hesitate to buy mobile phones worth 3,000 to 5,000 yuan.</p><p>In the past, everyone thought that offline channels should be based on low-end products, but from Xiaomi's practice, offline is also an important export for high-end machines. Today, Xiaomi is gradually gaining a firm foothold at the high end, which is also a good time to vigorously develop offline.</p><p><b>Third, and most important: ecological products.</b>Xiaomi is the first to make IoT among all mobile phone manufacturers, and it is also the manufacturer with the richest product line so far. In 2016 and 2017, Xiaomi House was called a \"grocery store\" in the industry, but today all mobile phone manufacturers have followed up the \"grocery store model\" and made full efforts to IoT.</p><p>IoT ecology breaks the boundaries of products and makes the vitality of \"business\" more durable. The previous three-to-five-year cycle may have lengthened this cycle because of the potential energy of IoT. In their opinion, following Xiaomi's IoT can eat more dividends of product categories.</p><p>Xiaomi's products are easy to \"poison\" consumers. After users buy one, they will keep buying ten or eight, and then string all electronic products together to play. Every single product of Xiaomi is inexpensive, but it is very fun. Users come to visit, and before they know it, many things at home are replaced with Xiaomi. For \"businesses\", this form increases user stickiness, stay time and repurchase rate, and can also expand their business scope through new product categories. Xiaomi has opened the ceiling of only selling mobile phones before.</p><p><img src=\"https://static.tigerbbs.com/79439f53eaaa0e015d80f72aa8a6100e\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p>From the changes of Wu Qiang and his wife, we can see that they used to have only one street store of more than 30 square meters, selling all kinds of unbranded mobile phones. Now they have two decent shops, in which they can sell not only peripheral products such as desk lamps and Bluetooth speakers, but also large items such as refrigerators, color TVs and air conditioners, which they have never thought of before.</p><p><b>Keen \"businesses\" have all smelled business opportunities, and the offline millet cycle has started.</b>Boat in the morning, open more shops and occupy good seats are their common mentality now. Whether it is General Manager Li, who has opened more than 50 stores, or Mr. and Mrs. Wu Qiang, who own two stores, are eager to choose a site and increase stores.</p><p><b>[Conclusion]</b></p><p>The offline millet cycle is different from other previous cycles. First, there are great changes. Xiaomi has brought subversive changes to offline channels-reconstructing offline channels with e-commerce mode; Second, the cycle is long. This channel reconstruction is currently in the industrial transition period from smart phones to IoT, and IoT will extend the cycle indefinitely because of the richness of ecological species.</p><p>The development of Xiaomi's offline channels is a process of exploration, trial and error, correction and evolution of new business models. Today, it is difficult to say that the Xiaomi model is perfect. This is just the optimal solution at the moment. However, all types of \"businesses\" are actively expanding their stores. Obviously, the stores they opened before have run through and tasted the sweetness.</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>Experience Millet Channel: There is no most perfect, only the optimal solution</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\">\nExperience Millet Channel: There is no most perfect, only the optimal solution\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1066040419\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">懂懂笔记 </p>\n<p class=\"h-time smaller\">2021-06-26 08:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>\"Shang Jin, vice president of Xiaomi, said,\" Whether Shang is willing or not to be Xiaomi is determined by whether Xiaomi can bring them benefits. \" The \"business\" he refers to is channel partners.</p><p>As a mobile phone manufacturer that started from the Internet, Xiaomi began to \"sink\" in 2016. After more than four years of exploration and trial and error, the expansion of offline channels began to accelerate its penetration with a new model in November 2020. For Xiaomi's attempt on offline channels, understanding has been concerned for a long time.</p><p>In November, 2017, when Xiaomi's offline flagship store in Shenzhen was completed, I understood that I once wrote an article \"Behind the Scenes of Xiaomi's World's First Flagship Store\", which recorded Xiaomi's thinking on channels at that time. In April this year, I wrote again \"Xiaomi Offline Channel: What did I miss, realize and recreate?\", review the development of Xiaomi's channel construction in the past five years and the brand-new channel business model implemented since November last year.</p><p>Not long ago, I understood and visited some \"businesses\" mentioned by Shang Jin offline, and gained a deep understanding of the current mentality and considerations of these channel partners for Xiaomi. Today, let's talk about the feelings of this visit.</p><p><b>In business, channel \"profit-seeking\"</b></p><p>Let's tell a few \"quotient\" stories first.</p><p>Wu Qiang (pseudonym) and his wife sold mobile phones in Shenzhen in their early years. In 2011, they returned to their hometown-Jiajiang County, Leshan City, Sichuan Province with their savings, and rented a 30-square-meter store to continue selling mobile phones. Coincidentally, in the next few years, they caught up with the hottest online cycle of Xiaomi mobile phones, which also made them see business opportunities.</p><p>During that time, Xiaomi mobile phones were the hard currency in the market. \"We downloaded Xiaomi Mall APP from more than a dozen mobile phones at the counter, and every Tuesday, we used all our mobile phones to grab them together.\" For Wu Qiang and his wife, grabbing (Xiaomi) means earning. Sometimes they can grab two or three a week, and when they are lucky, they can grab one or two more. The price increase is 300-600 per unit, and the hottest Xiaomi 2 series can be added 700 yuan. In the past two years, doing the \"scalper\" business of Xiaomi mobile phones has made them feel that it is not so difficult to make money.</p><p>Later, Xiaomi began to develop offline channels, one of which was Xiaomi Store, and Wu Qiang and his wife followed up without hesitation. However, after entering the market, they found that because the profit margin of Xiaomi hardware was relatively thin, it was not easy to be a Xiaomi shop, so that there was an intention to retire in the middle.</p><p>The turning point came from the introduction of Xiaomi's new channel policy at the end of last year. Wu Qiang and his wife immediately applied for the qualification of millet home in Jiajiang County. Unified management, unified design and unified distribution made the storefront look more<a href=\"https://laohu8.com/S/BJZ.SI\">tall</a>Here it is. Upgraded from a mom-and-pop store to a specialty store, their business has reached a big step. Now the couple operates two millet homes, with a monthly revenue of more than 600,000 yuan. Wu Qiang is very satisfied with the current state, and at the same time, he and his wife are still discussing to continue to expand the operation of the store.</p><p>Long Zong (pseudonym) is the owner of a large communication store in Chengdu, and he is a well-known figure in the electronic street. He always has a word hanging on his lips-in business talk business. In the past decade or so, domestic mobile phone brands have been up and down, but his business has been very stable.</p><p>In 2017, when Xiaomi began to expand offline channels, he made a special trip to find General Manager Long. Out of politeness, he warmly received Xiaomi's commissioner, but did not cooperate immediately. Obviously, in his opinion, Xiaomi's profit was not good at that time, and it was not a good time to enter.</p><p>It is an indisputable fact that offline channels began to decline after experiencing the peak in 2016, and the flow of people in comprehensive communication stores gradually decreased. Longzong's stores were facing transformation and upgrading at the bottom of the valley.</p><p>In 2020, he gave Xiaomi the best position as soon as he entered the store. In addition to mobile phones, there are various IoT products in Xiaomi's flagship store. At the same time, he also opened more than a dozen Xiaomi homes in Sichuan in one breath, becoming an important partner of Xiaomi in Sichuan Province. \"Who will sell mobile phones for the rest of his life?\" This voice in his heart made him pay more and more attention to Xiaomi, which is expanding into IoT. Although Xiaomi is not the most profitable mobile phone brand in the store, it is a sign related to the future fate and direction of the store.<b>There are three reasons why he values Xiaomi: First, Xiaomi's user base is young, and these young people are potential high-end users in the future; Second, Xiaomi's IoT series products can make their stores get out of the bottleneck of a single category of mobile phones; Third, Xiaomi's storefront is very good in both crowd flow and user stickiness, which can play a very good role in pulling the whole store.</b></p><p><img src=\"https://static.tigerbbs.com/360f8c647989b9fa7e79fc69936677f7\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Unlike Mr. Long, Mr. Li (a pseudonym) is the CEO of a large communication company in Chengdu. When Xiaomi came to Sichuan in 2017 to \"fool\" channels, he decisively \"boarded the ship\" and opened 11 stores in one breath. \"We think Xiaomi is a real new retail, and it will be more promising to follow Boss Lei.\"</p><p>Although Xiaomi's profit is relatively low, Li Zong's enterprise has accumulated more than 1 million members and many mature corporate customers over the years. These resources have made his cooperation with Xiaomi progress smoother. However, it can only be regarded as smooth, and there is no particularly big profit. Therefore, after these 11 stores, Li Zong did not carry out large-scale expansion.</p><p>Under the 2020 pandemic, businesses with already thin profits have become more difficult. With the introduction of Xiaomi's new channel policy, General Manager Li believes that this opportunity must not be missed, and he needs to make a bigger bet himself. Less than a year since the launch of the New Deal, he has opened 50 new stores. As the domestic epidemic situation subsides, General Manager Li sees that the newly opened stores are running very well, and his confidence is even more. At present, more than a dozen new stores are on the way to open...</p><p>Different from these two CEOs who started as communication products, General Manager Zhou (a pseudonym) has been running a large home appliance store in Leshan City, and he is also a well-known private entrepreneur in the city. In the early years, the home appliance business was particularly good. In recent years, his attention began to migrate to the communication industry, and he added mobile phone categories to several of his home appliance hypermarkets.</p><p>At present, among all mobile phone brands, he values Xiaomi the most. First, Xiaomi's current channel policy is good, its store opening speed is fast, its storefront is classy, and its comprehensive profit margin is also good; Second, Xiaomi's IoT products are rich, which makes his store squeeze into the IoT track, and the market space is suddenly opened. \"It is said that Xiaomi will make cars in the future, and maybe we have the opportunity to continue to follow up.\"</p><p>From Chengdu to Leshan, a fourth-tier city, and then to Jiajiang, a small county town, I saw many different types of \"businesses\".<b>They talked about the process of deification of Xiaomi in the previous market, and also talked about the difficulty of making offline channels for Xiaomi in the past two years, but now they are almost all in the same state: they have tasted the sweetness of the new model, and began to desperately speed up site selection and store expansion.</b></p><p><b>Efficiency, infinitely approximating the e-commerce model</b></p><p>The construction of Xiaomi's offline channels, which started in the second half of 2016, created a record of storefront efficiency ratio at that time, and also created a new mode for mobile phone stores to enter Mall. A series of innovations are eye-catching. Xiaomi House was once regarded as a model of new retail, and soon expanded to 1,000 storefronts.</p><p>However, except for the self-operated Xiaomi Home, the development of other offline channels is not very successful. Traditional dealers are distributed layer by layer, and the profit margin of Xiaomi products can't support the traditional channel model at all. In 2017 and 2018, the \"businesses\" that followed up only made a small profit if they did well, while those that did not did well lost a lot. In those years, many businesses left halfway.</p><p><img src=\"https://static.tigerbbs.com/1b7c886542f64121dced114fa77d015d\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>China is Xiaomi's base camp, and offline is also a lesson that Xiaomi must make up for. After Lu Weibing took over China, he tried to help Xiaomi manage the regional market through third-party service providers. But it soon turned out that the road wouldn't work. The fundamental reason lies in the word \"efficiency\"-the success of Xiaomi model, and its core competitiveness lies in efficiency. Only Xiaomi can achieve the ultimate efficiency. Developing offline with the help of others will only make Xiaomi lose its efficiency advantage.</p><p><b>\"In business history, all competition is efficiency competition.\" Shang Jin emphasized that the real competitor of offline channels in the future is actually e-commerce. If offline physical stores can't improve their efficiency, they will be eaten by e-commerce sooner or later. \"If we want to help businesses, we want to help them approach the efficiency of e-commerce infinitely.\"</b></p><p>Although General Manager Long's cooperation with Xiaomi is not very early, he has the most thorough understanding of Xiaomi's model. In the chat, he repeatedly mentioned Xiaomi's efficiency. \"The core of retail is cost and efficiency. From the perspective of operational efficiency, Xiaomi is the most awesome.\"</p><p>There is no ultimate solution to efficiency, only the \"optimal solution\" under different conditions-improving efficiency is a complex system engineering. Whether it is R&D, production, sales, marketing or channels, every link must be reconstructed to improve efficiency, and the whole combination forms the final ultimate cost performance.</p><p>Like shortening the chain and cutting off the intermediate links. In this respect, Xiaomi landed in the Internet mode, and there is only one e-commerce link between production and users, which can maximize efficiency. As an offline channel infinitely close to the e-commerce model, Xiaomi has broken the original layer-by-layer distribution system in the new channel strategy, and all stores are directly connected with Xiaomi. \"There is only one level of merchants, with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The cooperation mode of Tmall is basically the same. \" Shang Jin emphasized.</p><p><img src=\"https://static.tigerbbs.com/6a77d6f9da137d33e5fae52b42007b7f\" tg-width=\"1080\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>Excerpt from</p><p>\"Xiaomi Offline Channel: What did you miss, realize and recreate?\"</p><p>Everyone knows that the profit margin of Xiaomi's hardware products is very low, but Xiaomi's capital efficiency will have a different algorithm: low gross profit margin, but high turnover rate:<b>If 1 million is invested in Xiaomi stores, it can run more than a dozen times a year, so Xiaomi's overall return on investment is higher than that of other brands.</b>(Interested readers and friends can look back and understand the previous article \"Xiaomi offline channels: what did you miss, realize and recreate?\").</p><p>The most noteworthy thing in Xiaomi's new channel policy is its digital management system-Xiaomi \"Retail Pass\". In this channel visit, every \"merchant\" was full of praise for this set of retail connections. \"We have more than a dozen stores, and we can see all the business data at a glance through Retail Connect, which is equivalent to a cockpit. With this system in place, our management is more efficient. With so many stores, only one person can complete all the docking work with Xiaomi, and the docking of other brands requires at least three times the manpower.\" General Manager Long's analysis was very representative.</p><p>\"Retail Connect\" is a complete set of retail digital management systems, and all data are visible at a glance, which greatly improves the overall efficiency. The system will also automatically distribute goods according to the sales situation of different stores, which will speed up the turnover of goods in each store and improve the operation efficiency of stores. In each offline store, the top of the store is equipped with a \"passenger flow counter\" (non-face recognition). It can be said that every offline store has basically realized digital management.</p><p>Generally speaking, the underlying logic of this system is to digitize all people, goods and fields, so as to realize \"one plate of goods\" in the whole country, and at the same time, it can efficiently match people, goods and fields. Xiaomi can control the situation of each store in real time, and through<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The deployment guarantees the lowest inventory and the highest efficiency.</p><p>High efficiency, but also from the empowerment of Xiaomi. All storefronts are output by Xiaomi with unified design standards and unified management standards. Xiaomi, the flagship store, will also be stationed with a store manager, and the right of goods is in Xiaomi. \"Merchants\" can start their own business only by paying a deposit. For \"businesses\", these policies can incite more storefronts with the least amount of funds in the shortest time. For example, Mr. Zhou's storefront of more than 200 square meters in Leshan City only took 20 days from decoration to trial operation, which is a very efficient landing process.</p><p><b>\"The efficiency of digitalization is the highest, so we can eliminate the obstacles of digitalization and promote digitalization as soon as possible through the iteration of digitalization, thus completing a high degree of optimization of efficiency. This is the real value that Xiaomi can bring to the business.\" Shang Jin said.</b></p><p>With efficiency as the core, build a brand-new digital retail system and apply the e-commerce mode offline. In the view of understanding, this is quite a dimensionality reduction attack.</p><p><img src=\"https://static.tigerbbs.com/4d2135b31ac19e3b60ad1558f169cb48\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In fact, with the development of new retail,<a href=\"https://laohu8.com/S/300959\">Online and offline</a>The boundaries are getting blurred. However, in some industries, the traditional channels are huge, have a long history, and the interest chain is extremely complicated. It is very difficult to transform digitally, which often requires an important opportunity. For example, last year, the epidemic had a great impact on the channels of the automobile industry, and 4S stores and dealers moved to online live broadcast one after another, and the channels of the automobile industry chain were also going through a reengineering process. In the past, the circle of mobile phone channels used to be subcontracting from top to bottom, and Xiaomi's copying of the logic of the Internet (e-commerce) offline through digital means is a reengineering of mobile phone channels.</p><p><b>Offline millet cycle</b></p><p>In business, it is the colloquial language of General Manager Long. In fact, this is also the general mentality of mobile phone offline channel dealers<b>。 Businessmen in this industry all know that \"three to five years are reincarnated\", and the head brands of mobile phones are constantly changing. Naturally, the channels have to be \"profit-seeking\", and whichever brand gets up will be done.</b></p><p>Five years ago, when Xiaomi started to do offline channels, many businesses didn't believe in Xiaomi, including some property owners in big shopping malls. It can also be seen from this round of visits that the businesses that followed up Xiaomi's offline channels in the early stage did not make much profit, and even some of them withdrew one after another in the previous two years.</p><p>In understanding, this is a process of reincarnation. During that period, neither the offline influence of Xiaomi brand nor the policy of Xiaomi's offline channels were actually prepared for large-scale expansion. As channels of OPPO, vivo and Huawei, businesses can earn a lot of money. Now, Xiaomi has begun to make full efforts to make high-end efforts and its market share is rising all the way. The \"mobile phone X AIoT\" strategy has been rolled out, and the mature stage of Xiaomi's large-scale offline development has reached.</p><p>Last year's 10th anniversary of Xiaomi, Lei Jun put forward \"establishing a career with technology and killing China\". Millet's global market share is rising rapidly and has been ranked in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the third, higher than other Chinese brands. However, in China, Xiaomi still can't beat OPPO and vivo, which have strong offline channels. Therefore, offline is a shortcoming that Xiaomi must make up for.</p><p>In this round of visits, the reason why \"business\" is so enthusiastic about Xiaomi is not only that the brand-new channel policy is attractive, but also that they clearly know the truth of \"three-to-five-year cycle\", and they all see Xiaomi's offline cycle.</p><p><b>First of all, Xiaomi really began to tilt offline from a strategic perspective, and new products and explosives fully supported offline stores.</b>\"Explosives and new products are given priority to offline stores, which is particularly important for us. Because the availability of explosives means that you can make money easily. The more explosives you stock, the easier it is to make money.\" Wu Qiang said that county-level stores like them can get sufficient supply of goods, not to mention flagship stores in cities. \"Business\" has obviously felt that Xiaomi has deliberately made a distribution balance in order to develop offline. Everyone knows that the cost of e-commerce channels is lower at this stage, but for the development of \"business\", Xiaomi still tilts explosives offline, such as Redmi's explosive products K40 series and K30S Supreme Commemorative Edition. Xiaomi's official e-commerce platform has been out of stock before, while offline Xiaomi Home has sufficient supply.</p><p>Xiaomi's offline support is diversified. For example, when stores engage in rice noodle activities, Xiaomi will support materials, gifts and personnel support. For example, in the business district where the offline store is located, Xiaomi will have large billboards and so on. \"In the past, Xiaomi's support was very small, but now it's different.\" A store manager felt deeply about this.</p><p><b>Secondly, the high-end brand of Xiaomi has created better basic conditions for offline.</b>Previously, the price of Xiaomi's mobile phone was low, the profit margin was low, and there was nothing to make offline. In the past two years, Xiaomi's continuous high-end strategy has seen results. From the financial report, the average selling price of Xiaomi's mobile phones has risen from more than 900 yuan to more than 1,200 yuan. Most people still can't feel this number, but when visiting offline, you can see that offline consumers have a high awareness of Xiaomi 11, Xiaomi 11 Ultra, Xiaomi MIXFOLD and other models, and the sales volume is very good. Many store managers of Xiaomi stores also reflect that the 3000-5000 yuan model in the store sells the best. Wu Qiang of Jiajiang County also said that although they are just a small county, young consumers don't hesitate to buy mobile phones worth 3,000 to 5,000 yuan.</p><p>In the past, everyone thought that offline channels should be based on low-end products, but from Xiaomi's practice, offline is also an important export for high-end machines. Today, Xiaomi is gradually gaining a firm foothold at the high end, which is also a good time to vigorously develop offline.</p><p><b>Third, and most important: ecological products.</b>Xiaomi is the first to make IoT among all mobile phone manufacturers, and it is also the manufacturer with the richest product line so far. In 2016 and 2017, Xiaomi House was called a \"grocery store\" in the industry, but today all mobile phone manufacturers have followed up the \"grocery store model\" and made full efforts to IoT.</p><p>IoT ecology breaks the boundaries of products and makes the vitality of \"business\" more durable. The previous three-to-five-year cycle may have lengthened this cycle because of the potential energy of IoT. In their opinion, following Xiaomi's IoT can eat more dividends of product categories.</p><p>Xiaomi's products are easy to \"poison\" consumers. After users buy one, they will keep buying ten or eight, and then string all electronic products together to play. Every single product of Xiaomi is inexpensive, but it is very fun. Users come to visit, and before they know it, many things at home are replaced with Xiaomi. For \"businesses\", this form increases user stickiness, stay time and repurchase rate, and can also expand their business scope through new product categories. Xiaomi has opened the ceiling of only selling mobile phones before.</p><p><img src=\"https://static.tigerbbs.com/79439f53eaaa0e015d80f72aa8a6100e\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p>From the changes of Wu Qiang and his wife, we can see that they used to have only one street store of more than 30 square meters, selling all kinds of unbranded mobile phones. Now they have two decent shops, in which they can sell not only peripheral products such as desk lamps and Bluetooth speakers, but also large items such as refrigerators, color TVs and air conditioners, which they have never thought of before.</p><p><b>Keen \"businesses\" have all smelled business opportunities, and the offline millet cycle has started.</b>Boat in the morning, open more shops and occupy good seats are their common mentality now. Whether it is General Manager Li, who has opened more than 50 stores, or Mr. and Mrs. Wu Qiang, who own two stores, are eager to choose a site and increase stores.</p><p><b>[Conclusion]</b></p><p>The offline millet cycle is different from other previous cycles. First, there are great changes. Xiaomi has brought subversive changes to offline channels-reconstructing offline channels with e-commerce mode; Second, the cycle is long. This channel reconstruction is currently in the industrial transition period from smart phones to IoT, and IoT will extend the cycle indefinitely because of the richness of ecological species.</p><p>The development of Xiaomi's offline channels is a process of exploration, trial and error, correction and evolution of new business models. Today, it is difficult to say that the Xiaomi model is perfect. This is just the optimal solution at the moment. However, all types of \"businesses\" are actively expanding their stores. Obviously, the stores they opened before have run through and tasted the sweetness.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3df686d3a6ca977e8c6841905eb7e18c","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112116010","content_text":"“商愿不愿意做小米，是由小米能否给他们带来效益决定的。”小米副总裁尚进说道。他所指的“商”，是渠道合作伙伴。\n作为一个从互联网起家的手机厂商，小米从2016年开始“下沉”。线下渠道的拓展，经历了四年多的摸索和试错，2020年11月份又以新的模式开始加速渗透。对于小米在线下渠道上的尝试，懂懂一直长期关注。\n2017年11月，小米深圳线下旗舰店落成时，懂懂曾写过一篇《小米全球首家旗舰店落地幕后》，记录了当时小米对于渠道的思考。今年4月份再次撰写《小米线下渠道：错过了什么，悟出了什么，再造了什么？》，复盘了小米这五年来渠道建设的发展，以及从去年11月开始推行的全新渠道商业模型。\n前不久，懂懂又在线下走访了部分尚进提到的“商”，深入了解这些渠道合作伙伴当下对小米的心态和考量。今天，懂懂就聊一聊这次走访的感受。\n在商言商，渠道“逐利”\n先讲几个“商”的故事。\n吴强（化名）夫妇早年在深圳卖手机，2011年他们带着积蓄回到了老家----四川省乐山市夹江县，租了一个30平米的门店继续卖手机。巧的是随后几年赶上小米手机在线上最火的一个周期，也让他们看到了商机。\n那段时间，小米手机就是市场上的硬通货，“我们把柜台里的十几台手机都下载了小米商城APP，每周二抢购日，我们就动用所有手机一起抢。”对于吴强夫妇而言，抢到（小米）就是赚到，有时候一周能抢两三台，运气好的时候还能多抢到一两台。每台加价300-600，最火的小米2系列一台可以加700元。这两年做小米手机的“黄牛”生意，让他们觉得赚钱不那么难了。\n再后来小米开始发展线下渠道，其中有一种模式是小米小店，吴强夫妇毫不犹豫地跟进了。但是入场后他们发现，由于小米硬件的利润空间比较薄，做小米小店的时候日子并不好过，以至于中间曾萌生过退意。\n转机来自于去年底小米新的渠道政策的推出。吴强夫妇马上申请了夹江县的小米之家资格，统一的管理、统一的设计、统一的配货，让店面看上去更加高大上了。从夫妻店升级为专卖店，他们的生意上了一个大台阶，现在夫妻俩经营着两家小米之家，一个月的营收超过60万元。吴强对现在的状态很满意，同时和媳妇还在商量继续扩大店面的经营。\n龙总（化名）是成都市一家大型通讯卖场的老板，在电子一条街上算是一个响当当的人物。他嘴边常挂着一个词----在商言商。过去十几年国内手机品牌起起落落，在商言商的他生意却一直做得很稳。\n2017年小米开始拓展线下渠道的时候专程找到了龙总，出于礼貌他热情地接待了小米的专员，但是并没有马上展开合作。显然，在他看来那时候小米的利润并不好，还不是进入的好时机。\n不争的事实是，线下渠道经历了2016年的波峰后开始下滑，综合性通讯卖场的人流逐渐变少，龙总的卖场在谷底期面临着转型升级。\n2020年，他把卖场一进门最好的位置给了小米，小米旗舰店里除了手机还有各种IoT产品，同时他还一口气在四川开了十几个小米之家，成为小米在四川省的重要合作伙伴。“谁会一辈子卖手机呢？”心里的这个声音让他开始愈发重视向IoT拓展的小米，虽然小米还不是卖场里最能赚钱的手机品牌，但却是关系着卖场未来命运和走向的一个标志。他看重小米的原因有三：第一，小米的用户群年轻，这些年轻人都是未来潜在的高端用户；第二，小米的IoT系列产品，能让自己的卖场走出手机单一品类的瓶颈；第三，小米的店面无论是人流还是用户粘性都很好，对整个卖场能起到很好的拉动作用。\n\n与龙总不同，利总（化名）是成都一家大型通讯企业的老总，小米2017年到四川来“忽悠”渠道的时候，他果断“上船”，一口气开了11家门店。“我们觉得小米是真正的新零售，跟着雷老板会更有前途。”\n虽然小米的利润比较低，但是利总的企业多年来积累下了100多万名会员，还有很多成熟的企业客户，这些资源都让他与小米的合作进展更加顺利。但是，也只能算是顺利，并没有特别大的收益，所以在这11家店之后利总没有再进行大规模的扩张。\n2020疫情之下，本来利润就很薄的生意变得更加艰难。随着小米新的渠道政策推出，利总认为这一次的机遇绝不能错过，需要自己押上更大的赌注。从新政推出至今不到一年时间，他已经新开了五十家门店。随着国内疫情的消退，利总看到新开的门店都运行得非常良好，他的信心更足了，目前又有十几家新店正在开业的“路上”……\n与这两位做通讯产品起家的老总不同，周总（化名）一直在乐山市经营着一家大型家电卖场，他本人在市里也是一位很有名的民营企业家。早些年家电生意特别好，近几年他的注意力才开始往通讯行业迁移，并在自己的几个家电大卖场里都增加了手机品类。\n目前，所有手机品牌中最让他看重的还是小米，第一是因为小米现在的渠道政策好，开店速度快、店面有档次，综合利润率也不错；第二是小米的IoT产品丰富，这使得他的卖场挤进了IoT赛道，市场空间一下子被打开了，“都说小米未来还要做汽车，或许我们也有机会继续跟进呢。”\n从成都到乐山这个四线城市，再到夹江这个小小的县城，一圈走下来看到了很多大大小小不同类型的“商”。他们谈到以前市场把小米神化的过程，也谈到前两年做小米线下渠道的艰难，但是现在他们几乎都是同一个状态：已经尝到新模式的甜头，开始拼命加速选址、扩店。\n效率，无限逼近电商模式\n从2016年下半年启动的小米线下渠道建设，创造了当时店面坪效比的记录，也开创了手机专卖店进驻Mall的新模式。一系列的创新让人眼前一亮，小米之家也曾一度被认为是新零售的典范，并很快扩展到了1000家店面。\n但是，除了自营的小米之家，其它的线下渠道发展并不能算是很成功。传统的经销商是层层下发，小米产品的利润空间根本不能支撑起传统的渠道模式。在2017年、2018年跟进的“商”，做得好的只能是小赚，做得不好的则是赔了不少，那几年先后有不少商半途退场。\n\n中国区是小米的大本营，而线下也是小米必须补上的一课。卢伟冰接手中国区之后，曾尝试通过第三方服务商来帮助小米管理区域市场。但是很快就发现，这条路走不通。根本原因在于“效率”二字----小米模式的成功，其核心竞争力在于效率，只有小米才能把效率做到极致，借他人之手发展线下只会让小米失去效率上的优势。\n“在商业史上，所有的竞争都是效率的竞争。”尚进强调，线下渠道未来真正的竞争对手其实是电商，如果线下实体店无法提升效率，迟早都会被电商吃掉，“如果我们要帮助商，就是要帮助他们无限地逼近电商的效率。”\n龙总虽然与小米的合作并不算很早，但是他对小米的模式吃得最透。在聊天中，他反复提到小米的效率，“零售的核心一是成本、二是效率。从运营效率来看，小米是最牛逼的。”\n效率没有终极解决方案，只有不同条件下的“最优解”----提高效率是一个复杂的系统工程，无论是研发、生产、销售、市场、渠道，每一个环节都要通过重构去提升效率，整体加在一起才形成了最终的极致性价比。\n比如缩短链条和砍掉中间环节。这方面小米是以互联网模式落地，在生产与用户之间只有一个电商环节，可以做到效率的最大化。作为无限靠近电商模式的线下渠道，小米在新的渠道策略中打破了原有的层层分销体系，所有门店都是直接与小米公司对接。“只有一层商，跟京东、天猫的合作模式基本一致。”尚进强调。\n\n摘自\n《小米线下渠道：错过了什么，悟出了什么，再造了什么？》\n大家都知道小米的硬件产品利润率很低，但是小米的资金效率会有一种不同的算法：毛利率低，但周转率高：100万如果投在小米门店上，一年可以运转十几次，所以小米整体的投入回报率要高于其它的品牌。（有兴趣的读者朋友可以再回看一下懂懂上一篇《小米线下渠道：错过了什么，悟出了什么，再造了什么？》）。\n小米渠道新政中最值得一提的，是其数字管理系统----小米“零售通”。在这一次的渠道走访中，每一个“商”都对这套零售通赞不绝口。“我们有十几家店，通过零售通一眼就能看到所有的经营数据，相当于是一个驾驶舱。有这套系统在，我们的管理更加高效，这么多店只要一个人就可以完成与小米的全部对接工作，其它品牌的对接至少要三倍人力。”龙总的这番分析很有代表性。\n“零售通”是一整套零售数字化管理系统，所有数据一眼可见，大大提升了整体效率。系统还会根据不同店面的销售情况自动配货，使得每家店的商品周转流转加快，提升了店面的运营效率。在每家线下门店中，店门顶部配备“客流计数器”（非人脸识别），可以说每个线下门店都基本上实现了数字化管理。\n总体上看，这个系统的底层逻辑就是把人、货、场全部数字化，实现全国“一盘货”，同时对人、货、场还能进行高效匹配。小米可以对每一个门店的情况进行实时掌控，并且通过智能调配保证最低的库存、最高的效率。\n效率高，还来自于小米的赋能。所有的店面都由小米输出统一的设计标准，统一的管理标准，旗舰店小米还会派驻店长，货权在小米，“商”只需交押金就可以启动自己的生意。这些政策，对于“商”而言可以在最短的时间内以最少的资金撬动更多店面，例如周总在乐山市的一个200多平米店面，从装修到试营业只用了20天，这就是一个非常高效的落地过程。\n“数字化的效率是最高的，所以我们能通过数字化的迭代，排除数字化的障碍，尽快推动数字化，从而完成效率的一个高度优化。这是小米能够带给商的真正价值。”尚进表示。\n以效率为核心，打造全新的数字化零售体系，将电商模式的打法用到线下，在懂懂看来这颇有些降维攻击的意味。\n\n其实，随着新零售的发展，线上线下的界线本就越来越模糊。但是在一些行业，传统渠道庞大、存在历史悠久，利益链条也极为复杂，数字化改造起来非常难，往往需要一个重要契机。比如去年疫情对汽车产业的渠道冲击非常大，4S店和经销商就纷纷转移到线上直播，汽车产业链的渠道也在由此经历一个再造过程。手机渠道这个圈子，以往都是从上而下层层分包的模式，而小米将互联网（电商）逻辑通过数字化手段复制到线下，则是对手机渠道的一次再造。\n线下的小米周期\n在商言商，是龙总的口头语，其实这也是手机线下渠道商的普遍心态。这个行业的商都知道“三五年一轮回”，手机的头部品牌也在不断更替，渠道自然也要“逐利”，哪个品牌起来就做哪个。\n五年前小米开始做线下渠道的时候，很多商都不相信小米，包括一些大商场的物业方也不相信小米。从这一轮走访中也能看出，早期跟进小米线下渠道的商获利并不大，甚至有一批在前两年陆续退出了。\n在懂懂看来，这就是一个轮回的过程。在那个时期，无论是小米品牌的线下影响力，还是小米线下渠道的政策，其实都没有做好大面积扩张的准备。而做OPPO、vivo、华为的渠道，商可以赚得盆满钵满。现在，小米开始全面发力高端并且市占率一路上升，“手机 X AIoT”战略铺开，小米大规模发展线下的成熟期到了。\n去年小米十周年，雷军提出“技术立业，死磕中国区”。小米全球市场份额在快速上升，已经排在三星、苹果之后的第三，高于其它中国品牌。但是在中国区，小米还是干不过线下渠道强悍的OPPO、vivo。因此，线下是小米必须要补齐的短板。\n在这一轮走访中，“商”之所以对小米热情如此之高，除了全新的渠道政策具备吸引力，还因为他们清晰地知道“三五年一轮回”的道理，他们都看到了小米的线下周期。\n首先，是小米真正从策略上开始向线下倾斜，新品、爆款全力支持线下门店。“爆品和新品优先供应线下门店，这对我们来说特别重要。因为爆款有货就意味着你能很容易就赚到钱，爆款备货越多，赚钱当然越容易。”吴强表示，他们这样的县级店面都可以拿到很充足的货源，更何况城市里的旗舰店。“商”已经明显感觉到小米为了发展线下特意做出的配货平衡，大家都知道现阶段电商渠道成本更低，但为了“商”的发展，小米还是将爆款向线下倾斜，比如Redmi爆款产品K40系列和K30S至尊纪念版，小米官方电商平台之前一直无货，而线下小米之家则货源充足。\n小米对线下的支持是多元化的，比如店面搞米粉活动，小米会支持物料、礼品，也会有人员方面的支持。再比如，在线下店面所在的商圈，小米会有大型广告牌的投放等等。“以前小米支持力度很小，现在不一样了。”一位店长对此感触颇深。\n其次，小米品牌高端化，给线下创造了更好的基础条件。之前小米手机价格偏低，利润率低，线下没得可赚。近两年小米持续高端化战略已经见到成效，从财报来看小米手机平均售价从900多元上涨到了1200多元。这个数字一般人还感觉不出来，但是在线下走访的时候可以看到，线下的消费者对于小米11、小米11 Ultra、小米MIXFOLD等机型认知度很高，销量很好。不少小米门店的店长也反映，店面里的3000-5000元型号销量最好。夹江县的吴强也表示，他们虽然只是一个小县城，但是年轻消费者买三五千的手机一点儿都不犹豫。\n以前大家都以为线下渠道应该是以低端产品为主，但是从小米的实践来看，线下也是高端机的重要出口。今天小米在高端逐步站稳，也是大力发展线下的好时机。\n第三，也是最重要的一点：生态产品。小米是所有手机厂商里最早做IoT的，也是目前为止产品线最丰富的厂商。在2016、2017年的时候，行业里都称小米之家是“杂货铺”，但是今天所有的手机厂商都跟进了“杂货铺模式”，全面发力IoT。\nIoT生态打破了产品的边界，让“商”的生命力更加持久。以前的三五年一轮回，可能因为IoT的势能而把这个周期拉长。在他们看来，跟着小米的IoT可以吃到更多产品品类的红利。\n小米的产品很容易让消费者“中毒”，用户买了一款之后就会不停地买，十个、八个，然后把所有的电子产品串起来玩。小米的每一个单独产品都不贵，但又很好玩，用户来逛一逛，不知不觉家里就有很多东西都换上小米了。对于“商”而言，这个形式增加了用户粘性、停留时间和复购率，还可以通过新的产品品类扩大自己的经营范围，小米打开了他们以前只卖手机的天花板。\n\n从吴强夫妇的变化就可以看到，他们以前只有一个30多平米的街边店，销售各种杂牌手机，现在他们拥有两个很体面的店铺，在这个店铺里不仅可以卖台灯、蓝牙音箱等周边产品，还有冰箱、彩电、空调等大件，这是他们以前从没有想到过的。\n敏锐的“商”，都嗅到了商机，线下的小米周期已经开启。早上船、多开店、占好位，是他们现在的普遍心态。无论是已经开出了50多家店的利总，还是拥有两家门店的吴强夫妇，当下都在急着选址、增店。\n【结束语】\n线下的小米周期，与之前其它周期不同。第一是变化大，小米给线下渠道带来颠覆性的变化----用电商的模式重构线下渠道；第二是周期长，这个渠道重构目前处于智能手机向IoT过度的产业转折期，IoT会因为生态物种的丰富性而把周期无限拉长。\n小米线下渠道的发展，就是一个新商业模式探索、试错、修正和进化的过程。今天很难说小米模式已经完美，这只是当下的最优解。不过，各种类型的“商”都在积极扩店，显然是他们之前开的店已经跑通，尝到了甜头。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123662004,"gmtCreate":1624421368708,"gmtModify":1703836163734,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/123662004","repostId":"2145069164","repostType":4,"isVote":1,"tweetType":1,"viewCount":1139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":156127639,"gmtCreate":1625204336021,"gmtModify":1703738320557,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/156127639","repostId":"1106840909","repostType":4,"repost":{"id":"1106840909","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625203223,"share":"https://ttm.financial/m/news/1106840909?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:20","market":"us","language":"zh","title":"New car-building forces show their power again: delivery soars, and June reaches a new high across the board","url":"https://stock-news.laohu8.com/highlight/detail?id=1106840909","media":"老虎资讯综合","summary":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083","content":"<p>Recently, three domestic new energy vehicle giants — —<a href=\"https://laohu8.com/S/NIO\">Nio</a>、<a href=\"https://laohu8.com/S/LI\">Li Auto</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>The delivery data of June and the second quarter have been announced successively, and the monthly delivery has been accelerated and reached a record high.</p><p><b>Deliveries by the three companies in June and the second quarter</b></p><p><ul><li><b>Nio:</b>Total deliveries in June<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>There were 8,083 electric vehicles, exceeding 8,000 units for the first time, a record high, representing a year-on-year increase of 116.1% and a month-on-month increase of 20.4%. Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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Nio delivered a total of 21,896 units in the second quarter, representing a year-on-year increase of 111.9% and five consecutive quarters of positive growth. In the first half of the year, Nio delivered a total of 41,956 units, representing 95.9% of last year's full year deliveries.</li><li><b><a href=\"https://laohu8.com/S/LI\">Li Auto</a>：</b>7,713 vehicles were delivered in June, up 320.6% year-on-year. In the second quarter, 17,575 vehicles were delivered, up 166.1% year-over-year. Monthly and quarterly deliveries both set new records.</li><li><b><a href=\"https://laohu8.com/S/XPEV\">XPeng Motors</a>：</b>June delivered 6,565 units, a record high and a 617% year-on-year increase. 4,730 P7s were delivered in June, the highest monthly delivery since the release of the P7. XPeng delivered 17,398 vehicles in the second quarter, also a record high, with a year-on-year increase of 439%; Separately, XPeng plans to launch the G3I SUV in July 2021, with deliveries scheduled for September of this year.</li></ul><img src=\"https://static.tigerbbs.com/63451b4aa8263a79c11c69311607ff8d\" tg-width=\"1430\" tg-height=\"502\" referrerpolicy=\"no-referrer\"></p><p>It is worth noting that the performance of the three companies in the capital market is also quite bright. Since mid-May, the three companies have continued to move higher. As of the close of U.S. stocks on Thursday (July 1st), Nio rose by about 51% from the low on May 13th, Ideal rose by about 95% in the same period, and XPeng rose by about 76%.</p><p><img src=\"https://static.tigerbbs.com/8c87603baaa7a1b8ba89fac61f816099\" tg-width=\"1345\" tg-height=\"891\" referrerpolicy=\"no-referrer\"></p><p><b>Why have the new car-making forces soared in the past month?</b>Deutsche Bank said that in addition to benefiting from the general rise of growth stocks, new car-making forces have soared together, and there are several reasons.</p><p>First, until 2023-2024, new entrants to the car-building sector<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Companies such as Xiaomi and Xiaomi may not have any reliable products available.</p><p>At the same time, other NEV companies in the market may take market share from traditional internal combustion engine (ICE) sales associated with joint ventures, rather than directly competing with other medium-sized companies.<a href=\"https://laohu8.com/S/600617\">Guoxin Energy</a>Car companies compete, which also alleviates the market's worries about local competitive pressure.</p><p>Secondly,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Poor public relations ability and the potential reduction of subsequent new orders are also a big boost to the stock price of new car-making forces in China.</p><p>In addition, with the improvement of chip supply, the demand side and sales volume of new car-making forces are also getting stronger and stronger.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/11fb5ef0b1cb032e12ea701b85e5650d","relate_stocks":{"LI":"理想汽车","09868":"小鹏汽车-W","XPEV":"小鹏汽车","NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106840909","content_text":"近日，国内三家新能源汽车巨头——蔚来、理想汽车 、小鹏汽车 先后公布了6月份以及二季度的交付数据，月度交付提速且均创历史新高。\n6月及二季度三家公司的交付情况\n\n蔚来：6月共交付智能电动汽车8,083台，首超八千台，创历史新高，同比增长116.1%，环比增长20.4%。蔚来二季度共交付21,896台，同比增长111.9%，连续五个季度正增长。上半年蔚来共交付41,956台，达到去年全年交付量的95.9%。\n理想汽车：6月交付汽车7713辆，同比增长320.6%。第二季度交付17575辆，同比增长166.1%。月度和季度交付量双双创下新纪录。\n小鹏汽车：6月交付6565辆，创纪录新高，同比增长617%。6月交付4730台P7，为P7发布以来的最高月交付量。小鹏二季度交付17398辆，亦创纪录新高，同比增长439%；另外，小鹏计划在2021年7月推出G3I SUV，计划在今年9月交付。\n\n\n值得注意的是，三家公司在资本市场上的表现也相当亮眼。自5月中旬以来，三家公司持续走高。截至周四(7月1日)美股收盘，蔚来较5月13日低点上涨约51%，同期理想涨约95%，小鹏涨约76%。\n\n造车新势力过去一个月为何大涨？德银表示，除了受益于成长股的普遍上涨之外，造车新势力齐头大涨，还有以下几大原因。\n首先，在2023年-2024年之前，新晋进入造车领域的百度、小米等公司可能不会有任何靠谱的产品面世。\n与此同时，市面上其他的新能源车公司或许会从与合资企业相关的传统内燃机（ICE）销售当中夺取市场份额，而非直接与其他中国新能源车公司进行竞争，这也就缓解了市场对本土竞争压力的担忧。\n其次，特斯拉糟糕的公关能力、后续新进订单有可能减少也是中概造车新势力股价的一大助力。\n还有，随着芯片供应状况改善，造车新势力需求侧和销售量也越来越强劲。","news_type":1,"symbols_score_info":{"09868":0.9,"NIO":0.9,"LI":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1006,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3584426330376924","authorId":"3584426330376924","name":"Nahaha","avatar":"https://static.tigerbbs.com/6122d23f605152925d6165fd09cd752c","crmLevel":12,"crmLevelSwitch":0,"idStr":"3584426330376924","authorIdStr":"3584426330376924"},"content":"6666666666666","text":"6666666666666","html":"6666666666666"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141134822,"gmtCreate":1625841520766,"gmtModify":1703749710747,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/141134822","repostId":"2150937793","repostType":2,"repost":{"id":"2150937793","kind":"news","pubTimestamp":1625838531,"share":"https://ttm.financial/m/news/2150937793?lang=en_US&edition=fundamental","pubTime":"2021-07-09 21:48","market":"us","language":"zh","title":"Apple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year","url":"https://stock-news.laohu8.com/highlight/detail?id=2150937793","media":"IT时报","summary":"这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。","content":"<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30-second quick reading</p><p>1. AI and machine learning are<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company is widely used in application innovation and care for people with disabilities.</p><p>2. Many new features in iOS 15 and iPadOS 15 come from machine learning.</p><p>3. Apple does not collect a large amount of personal information and does not store user data on the server.</p><p>What scenarios will \"Apple + AI\" land in? On July 8, in the World Artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the forum of \"Smart Chips Define the Future of Industry\", Ge Yue, vice president of Apple and managing director of Greater China, shared a number of Apple's applications in artificial intelligence and machine learning.</p><p>At the WWDC conference in June this year, Apple launched a series of new systems such as iOS 15 and iPadOS 15, many of which were developed based on machine learning.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269819/0\"/>Source: Apple</p><p>For example, a new function called \"visual search\" can help users select an object in a picture and immediately get more information about the object. \"The choice of objects is diverse, which can be a work of art, a book, an animal or a landmark\".</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269830/0\"/>Source: Apple</p><p>Ge Yue said that Apple is widely using machine learning and AI to empower users' daily lives, and machine learning has also driven Apple to carry out more innovations around accessibility functions.</p><p>For example, in assistive functions, a microphone can act as an ear for a deaf person. When the user's device \"hears\" a fire alarm, a baby crying or a household appliance chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users recognize the content on the device screen, become the user's \"eyes\", and help users \"see\" images, text, buttons, etc. on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use the Apple Watch more fully with a technology called Assistive Touch.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology that assists the touch function can detect subtle changes in the movement of the user's muscles and tendon activity through sensors built into the Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when wearing the Watch, users can call various functions of Apple Watch by moving the pointer on the screen in the air without touching the screen by gestures.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple's products.\" Ge Yue said, \"No matter what the purpose of users using products is, whether they simply use devices for entertainment or want to leave their mark on this world, we should make better products for them, that is, products suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users are concerned about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning requires the use of a large amount of data, but the effectiveness of artificial intelligence and machine learning does not need to come at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times Trainee Reporter Fan Xinru</p><p>Editor/Wang Xin Kicked Sister</p><p>Typography/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/IT Times Public Account vittimes</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>Apple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year</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\">\nApple Ge Yue: Apple Watch Will Be Gesture-Controlled Later This Year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT时报</strong><span class=\"h-time small\">2021-07-09 21:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30-second quick reading</p><p>1. AI and machine learning are<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company is widely used in application innovation and care for people with disabilities.</p><p>2. Many new features in iOS 15 and iPadOS 15 come from machine learning.</p><p>3. Apple does not collect a large amount of personal information and does not store user data on the server.</p><p>What scenarios will \"Apple + AI\" land in? On July 8, in the World Artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the forum of \"Smart Chips Define the Future of Industry\", Ge Yue, vice president of Apple and managing director of Greater China, shared a number of Apple's applications in artificial intelligence and machine learning.</p><p>At the WWDC conference in June this year, Apple launched a series of new systems such as iOS 15 and iPadOS 15, many of which were developed based on machine learning.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269819/0\"/>Source: Apple</p><p>For example, a new function called \"visual search\" can help users select an object in a picture and immediately get more information about the object. \"The choice of objects is diverse, which can be a work of art, a book, an animal or a landmark\".</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269830/0\"/>Source: Apple</p><p>Ge Yue said that Apple is widely using machine learning and AI to empower users' daily lives, and machine learning has also driven Apple to carry out more innovations around accessibility functions.</p><p>For example, in assistive functions, a microphone can act as an ear for a deaf person. When the user's device \"hears\" a fire alarm, a baby crying or a household appliance chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users recognize the content on the device screen, become the user's \"eyes\", and help users \"see\" images, text, buttons, etc. on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use the Apple Watch more fully with a technology called Assistive Touch.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology that assists the touch function can detect subtle changes in the movement of the user's muscles and tendon activity through sensors built into the Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when wearing the Watch, users can call various functions of Apple Watch by moving the pointer on the screen in the air without touching the screen by gestures.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple's products.\" Ge Yue said, \"No matter what the purpose of users using products is, whether they simply use devices for entertainment or want to leave their mark on this world, we should make better products for them, that is, products suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users are concerned about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning requires the use of a large amount of data, but the effectiveness of artificial intelligence and machine learning does not need to come at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times Trainee Reporter Fan Xinru</p><p>Editor/Wang Xin Kicked Sister</p><p>Typography/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/IT Times Public Account vittimes</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=nesSN202107092150037c1e9682&s=b\">IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"09086":"华夏纳指-U","03086":"华夏纳指","AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107092150037c1e9682&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2150937793","content_text":"Apple公司副总裁、大中华区董事总经理葛越，图摄：IT 时报30秒快读1、AI和机器学习被苹果公司大量应用于应用创新以及对残障人士的关怀中。2、iOS 15、iPadOS 15中许多新功能都来自机器学习。3、苹果不收集大量的个人信息，不将用户数据存储在服务器上。“苹果+AI”会落地到哪些场景？7月8日，在世界人工智能大会“智能芯片定义产业未来”论坛上，Apple公司副总裁、大中华区董事总经理葛越分享多个苹果在人工智能和机器学习方面的落地应用。今年6月的WWDC大会上，苹果推出了iOS 15、iPadOS 15等一系列新的系统，其中许多新功能都是基于机器学习而开发出来的。图源：Apple比如一个叫做“视觉查找”的新功能，可以帮助用户在图片中选定一个对象，并立即获取更多关于该对象的信息，“对象的选择多样，可以是一款艺术品、一本书、一个动物或者一个地标”。图源：Apple葛越表示，苹果正广泛地将机器学习和AI用于赋能用户的日常生活，而机器学习也驱动了苹果围绕辅助功能开展更多的创新。比如，在辅助功能中，麦克风可以充当失聪人士的耳朵。当用户的设备“听到”了火警，婴儿的哭啼或者是家用电器的鸣叫等声音的时候，会立即通知用户。图源：Apple旁白功能能够帮助视觉障碍的用户识别设备屏幕上的内容，成为用户的“眼睛”，帮助用户去“看”到屏幕中的图像、文本和按钮等。图源：Apple今年晚些时候，葛越表示，肢体障碍人士将可以用上一项名为辅助触控功能的技术，更加充分地使用Apple Watch。图源：Apple辅助触控功能的技术通过内置于Apple Watch中的传感器，结合苹果自身的机器学习技术，可以检测到用户肌肉的运动和肌腱活动的细微变化。这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。“通过这些方式，机器学习使得任何人能够轻松地体验Apple的产品。”葛越说，“无论用户使用产品的目的是什么，是单纯地使用设备来娱乐，或者是想在这个世界上留下自己的印记，我们都应该为他们做出更好的产品，也就是适合每一个人使用的产品”。图源：Apple对于中国用户关心的隐私话题，葛越表示，隐私保护是一切的核心，“苹果不收集大量的个人信息，不将用户数据存储在服务器上，也不出售给第三方。机器学习需要使用大量数据，但人工智能和机器学习的有效性并不需要以牺牲用户隐私为代价”。葛越强调，对于苹果所有员工来说，隐私保护是公司首要的关注点，也是基本的价值观，融入到苹果全球产品设计的每个阶段中。作者／IT时报见习记者 范昕茹编辑／王昕 挨踢妹排版／黄建图片／IT时报、Apple来源／《IT时报》公众号vittimes","news_type":1,"symbols_score_info":{"09086":0.6,"AAPL":0.9,"03086":0.6}},"isVote":1,"tweetType":1,"viewCount":3270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156150983,"gmtCreate":1625204364542,"gmtModify":1703738321710,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156150983","repostId":"2148875942","repostType":4,"repost":{"id":"2148875942","kind":"news","pubTimestamp":1625203503,"share":"https://ttm.financial/m/news/2148875942?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:25","market":"hk","language":"zh","title":"Hong Kong sets up a SPAC listing system or begins consultation this month","url":"https://stock-news.laohu8.com/highlight/detail?id=2148875942","media":"财经自媒体","summary":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。","content":"<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Market advice will be consulted in the third quarter on specific proposals for the establishment of a SPAC (special purpose acquisition company) listing regime in Hong Kong. According to the news, the Hong Kong Securities Regulatory Commission is open to SPAC, and the regulatory authorities have also drawn up a framework for relevant consultation documents, and public consultation will be held as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it is emphasized that the problem of protecting investors should be taken into account.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only be limited to professional investors, and the whole market may not be opened at once to protect ordinary investors.</p><p>Help attract \"unicorns\" to list in Hong Kong</p><p>A spokesman for the HKEx responded that the HKEx will constantly review and study options to enhance the listing system in Hong Kong, taking into account a balance of factors such as protecting the interests of investors, market quality and attractiveness. The feasibility of introducing the Hong Kong SPAC framework is currently being studied and the market will be consulted in this regard in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPAC, enterprises will have one more choice and outlet to enhance the competitiveness of Hong Kong's capital market. Some accountants said that because the valuation of companies in start-up or new economy industries is difficult to define, it is difficult to reach a consensus with investors when conducting traditional listings, while SPAC has been priced accordingly during mergers and acquisitions, so it is easier for both parties to \"dump it\". It is believed that the introduction of SPAC mechanism will especially help attract new economy enterprises to list in Hong Kong, even international \"unicorn\" enterprises, that is, start-ups with a valuation of more than USD 1 billion.</p><p>However, he admitted that Hong Kong's capital market is different from that of the United States. The United States is disclosure-oriented, while Hong Kong focuses on investor protection, emphasizing that the whole new SPAC mechanism should implement the \"Hong Kong version\". It is also necessary for regulators to explain clearly to the market the difference between the mechanism and the traditional \"beer shell\" in consultation, so as to avoid the outside world thinking that SPACs are beneficial to legal \"beer shell\", and to propose more measures to protect investors.</p><p>The United States launches an upsurge and intends to strengthen supervision</p><p>The rise of SPACs in the United States, with a total of 248 SPACs listed last year, continued into the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of HKEx's competitors<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>The public consultation on the SPAC Main Board Listing Rules was completed at the end of April; The London Stock Exchange has also proposed to amend the listing rules in the hope of attracting more SPACs to list there. In Asia alone, at present, only South Korea and Malaysia allow SPACs to list, so Hong Kong's intention to introduce SPACs is also the general trend.</p><p>However, the upsurge immediately caused regulatory concerns. The United States is preparing to tighten SPAC rules and has launched investor education efforts for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he wants to examine whether the disclosure time of listed companies' positions can be shortened, and he also believes that it is necessary to strengthen the disclosure of the supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs are usually sponsored by funds, celebrities, rich people, entrepreneurs, etc., first contribute to the establishment of a \"Blank Check Company\" with no actual business, that is, a \"shell Company\", and then find investors to complete the listing and fund-raising. After listing, cash is only held in trust and the main \"task\" is to acquire suitable target enterprises and inject business into them, and the takeover proposal must be approved by the shareholders.</p><p>Introduction to SPAC Operational Process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong sets up a SPAC listing system or begins consultation this month</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\">\nHong Kong sets up a SPAC listing system or begins consultation this month\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财经自媒体</strong><span class=\"h-time small\">2021-07-02 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>Market advice will be consulted in the third quarter on specific proposals for the establishment of a SPAC (special purpose acquisition company) listing regime in Hong Kong. According to the news, the Hong Kong Securities Regulatory Commission is open to SPAC, and the regulatory authorities have also drawn up a framework for relevant consultation documents, and public consultation will be held as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it is emphasized that the problem of protecting investors should be taken into account.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether it will implement SPAC depending on the market response to the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only be limited to professional investors, and the whole market may not be opened at once to protect ordinary investors.</p><p>Help attract \"unicorns\" to list in Hong Kong</p><p>A spokesman for the HKEx responded that the HKEx will constantly review and study options to enhance the listing system in Hong Kong, taking into account a balance of factors such as protecting the interests of investors, market quality and attractiveness. The feasibility of introducing the Hong Kong SPAC framework is currently being studied and the market will be consulted in this regard in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPAC, enterprises will have one more choice and outlet to enhance the competitiveness of Hong Kong's capital market. Some accountants said that because the valuation of companies in start-up or new economy industries is difficult to define, it is difficult to reach a consensus with investors when conducting traditional listings, while SPAC has been priced accordingly during mergers and acquisitions, so it is easier for both parties to \"dump it\". It is believed that the introduction of SPAC mechanism will especially help attract new economy enterprises to list in Hong Kong, even international \"unicorn\" enterprises, that is, start-ups with a valuation of more than USD 1 billion.</p><p>However, he admitted that Hong Kong's capital market is different from that of the United States. The United States is disclosure-oriented, while Hong Kong focuses on investor protection, emphasizing that the whole new SPAC mechanism should implement the \"Hong Kong version\". It is also necessary for regulators to explain clearly to the market the difference between the mechanism and the traditional \"beer shell\" in consultation, so as to avoid the outside world thinking that SPACs are beneficial to legal \"beer shell\", and to propose more measures to protect investors.</p><p>The United States launches an upsurge and intends to strengthen supervision</p><p>The rise of SPACs in the United States, with a total of 248 SPACs listed last year, continued into the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of HKEx's competitors<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>The public consultation on the SPAC Main Board Listing Rules was completed at the end of April; The London Stock Exchange has also proposed to amend the listing rules in the hope of attracting more SPACs to list there. In Asia alone, at present, only South Korea and Malaysia allow SPACs to list, so Hong Kong's intention to introduce SPACs is also the general trend.</p><p>However, the upsurge immediately caused regulatory concerns. The United States is preparing to tighten SPAC rules and has launched investor education efforts for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he wants to examine whether the disclosure time of listed companies' positions can be shortened, and he also believes that it is necessary to strengthen the disclosure of the supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs are usually sponsored by funds, celebrities, rich people, entrepreneurs, etc., first contribute to the establishment of a \"Blank Check Company\" with no actual business, that is, a \"shell Company\", and then find investors to complete the listing and fund-raising. After listing, cash is only held in trust and the main \"task\" is to acquire suitable target enterprises and inject business into them, and the takeover proposal must be approved by the shareholders.</p><p>Introduction to SPAC Operational Process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml\">财经自媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/566088346f21146400ff8254e5bf4332","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2148875942","content_text":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。\n香港交易所将于第三季就香港设立SPAC(特殊目的收购公司)上市制度具体建议咨询市场意见。消息指，香港证监会对SPAC态度开放，监管机构亦已就相关咨询文件拟订框架，最快7月进行公开咨询。分析指，企业多一个融资渠道，有利于香港港金融市场长远发展，但强调要兼顾保障投资者的问题。\n市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。即使SPAC最终获放行，预期初始阶段只局限专业投资者参与，未必会一下子开放全个市场，以保障一般投资者。\n助吸「独角兽」来港上市\n港交所发言人响应指，港交所会经常审视并研究方案提升香港的上市制度，当中须考虑平衡保障投资者利益、市场质素及吸引力等多种因素。目前正研究引入香港SPAC框架的可行性，并会适时就此咨询市场意见。证监会则对此不予评论。\n市场期望透过引入SPAC，让企业多一个选择及出路，增加香港资本市场的竞争力。有会计师表示，由于初创或新经济行业的公司估值难以界定，进行传统上市时较难与投资者取得共识，而SPAC则在并购时已有相应定价，双方更容易「倾得埋」，相信引入SPAC机制，特别有助吸引新经济企业来港上市，甚至是国际级的「独角兽」企业，即估值10亿美元以上的初创公司。\n不过，他坦言，香港资本市场与美国有别，美国以披露为本，香港侧重投资者保护，强调整个SPAC新机制须实行「香港版本」。监管机构在咨询时，亦有必要向市场解释清楚机制与传统「啤壳」的分别，以免外界以为SPAC有利合法「啤壳」，及提出更多保障投资者的措施。\n美掀热潮，拟加强监管\nSPAC在美国兴起，去年共有248只SPAC上市，热潮延续至今年首季，有逾300家SPAC上市，亦吸引其他海外市场关注这笔丰厚的生意。\n港交所竞争对手之一的新加坡交易所，已于4月底完成有关SPAC主板上市规则的公众咨询；英国伦敦交易所亦提出修改上市规则建议，冀吸引更多SPAC到当地上市。单计亚洲地区，目前仅南韩国、马来西亚准许SPAC上市，故香港有意引入SPAC亦是大势所趋。\n不过，热潮背后随即惹来监管忧虑，美国准备收紧SPAC规定，并已针对SPAC开展投资者教育工作。美国证交会主席Gary Gensler已表明，希望检视能否缩短上市公司持仓披露的时间，也认为要加强披露SPAC背后的支持者，以提升对散户的保障。\nSPAC通常会由基金、名人、富豪、企业家等作为发起人(Sponsors)，先出资成立一间没有实际业务的「空白支票公司」(Blank Check Company)，即「空壳公司」，再寻找投资者完成上市集资。上市后，只持有现金，以信托方式托管，主要「任务」是收购合适的目标企业，将业务注入，而收购建议须由股东通过。\nSPAC运作流程简介","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123662004,"gmtCreate":1624421368708,"gmtModify":1703836163734,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/123662004","repostId":"2145069164","repostType":4,"isVote":1,"tweetType":1,"viewCount":1139,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125211459,"gmtCreate":1624674712271,"gmtModify":1703843363197,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/125211459","repostId":"1112116010","repostType":4,"repost":{"id":"1112116010","kind":"news","weMediaInfo":{"introduction":"我们来自知名IT和财经媒体，专注于互联网+、电子商务、大数据、万物互联和人工智能。我们关注产业动态，技术趋势和商业变革，我们与你一起，迎接这个科技转变命运的时代。","home_visible":1,"media_name":"懂懂笔记","id":"1066040419","head_image":"https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b"},"pubTimestamp":1624666149,"share":"https://ttm.financial/m/news/1112116010?lang=en_US&edition=fundamental","pubTime":"2021-06-26 08:09","market":"hk","language":"zh","title":"Experience Millet Channel: There is no most perfect, only the optimal solution","url":"https://stock-news.laohu8.com/highlight/detail?id=1112116010","media":"懂懂笔记","summary":"“商愿不愿意做小米，是由小米能否给他们带来效益决定的。”小米副总裁尚进说道。他所指的“商”，是渠道合作伙伴。\n作为一个从互联网起家的手机厂商，小米从2016年开始“下沉”。线下渠道的拓展，经历了四年多","content":"<p>\"Shang Jin, vice president of Xiaomi, said,\" Whether Shang is willing or not to be Xiaomi is determined by whether Xiaomi can bring them benefits. \" The \"business\" he refers to is channel partners.</p><p>As a mobile phone manufacturer that started from the Internet, Xiaomi began to \"sink\" in 2016. After more than four years of exploration and trial and error, the expansion of offline channels began to accelerate its penetration with a new model in November 2020. For Xiaomi's attempt on offline channels, understanding has been concerned for a long time.</p><p>In November, 2017, when Xiaomi's offline flagship store in Shenzhen was completed, I understood that I once wrote an article \"Behind the Scenes of Xiaomi's World's First Flagship Store\", which recorded Xiaomi's thinking on channels at that time. In April this year, I wrote again \"Xiaomi Offline Channel: What did I miss, realize and recreate?\", review the development of Xiaomi's channel construction in the past five years and the brand-new channel business model implemented since November last year.</p><p>Not long ago, I understood and visited some \"businesses\" mentioned by Shang Jin offline, and gained a deep understanding of the current mentality and considerations of these channel partners for Xiaomi. Today, let's talk about the feelings of this visit.</p><p><b>In business, channel \"profit-seeking\"</b></p><p>Let's tell a few \"quotient\" stories first.</p><p>Wu Qiang (pseudonym) and his wife sold mobile phones in Shenzhen in their early years. In 2011, they returned to their hometown-Jiajiang County, Leshan City, Sichuan Province with their savings, and rented a 30-square-meter store to continue selling mobile phones. Coincidentally, in the next few years, they caught up with the hottest online cycle of Xiaomi mobile phones, which also made them see business opportunities.</p><p>During that time, Xiaomi mobile phones were the hard currency in the market. \"We downloaded Xiaomi Mall APP from more than a dozen mobile phones at the counter, and every Tuesday, we used all our mobile phones to grab them together.\" For Wu Qiang and his wife, grabbing (Xiaomi) means earning. Sometimes they can grab two or three a week, and when they are lucky, they can grab one or two more. The price increase is 300-600 per unit, and the hottest Xiaomi 2 series can be added 700 yuan. In the past two years, doing the \"scalper\" business of Xiaomi mobile phones has made them feel that it is not so difficult to make money.</p><p>Later, Xiaomi began to develop offline channels, one of which was Xiaomi Store, and Wu Qiang and his wife followed up without hesitation. However, after entering the market, they found that because the profit margin of Xiaomi hardware was relatively thin, it was not easy to be a Xiaomi shop, so that there was an intention to retire in the middle.</p><p>The turning point came from the introduction of Xiaomi's new channel policy at the end of last year. Wu Qiang and his wife immediately applied for the qualification of millet home in Jiajiang County. Unified management, unified design and unified distribution made the storefront look more<a href=\"https://laohu8.com/S/BJZ.SI\">tall</a>Here it is. Upgraded from a mom-and-pop store to a specialty store, their business has reached a big step. Now the couple operates two millet homes, with a monthly revenue of more than 600,000 yuan. Wu Qiang is very satisfied with the current state, and at the same time, he and his wife are still discussing to continue to expand the operation of the store.</p><p>Long Zong (pseudonym) is the owner of a large communication store in Chengdu, and he is a well-known figure in the electronic street. He always has a word hanging on his lips-in business talk business. In the past decade or so, domestic mobile phone brands have been up and down, but his business has been very stable.</p><p>In 2017, when Xiaomi began to expand offline channels, he made a special trip to find General Manager Long. Out of politeness, he warmly received Xiaomi's commissioner, but did not cooperate immediately. Obviously, in his opinion, Xiaomi's profit was not good at that time, and it was not a good time to enter.</p><p>It is an indisputable fact that offline channels began to decline after experiencing the peak in 2016, and the flow of people in comprehensive communication stores gradually decreased. Longzong's stores were facing transformation and upgrading at the bottom of the valley.</p><p>In 2020, he gave Xiaomi the best position as soon as he entered the store. In addition to mobile phones, there are various IoT products in Xiaomi's flagship store. At the same time, he also opened more than a dozen Xiaomi homes in Sichuan in one breath, becoming an important partner of Xiaomi in Sichuan Province. \"Who will sell mobile phones for the rest of his life?\" This voice in his heart made him pay more and more attention to Xiaomi, which is expanding into IoT. Although Xiaomi is not the most profitable mobile phone brand in the store, it is a sign related to the future fate and direction of the store.<b>There are three reasons why he values Xiaomi: First, Xiaomi's user base is young, and these young people are potential high-end users in the future; Second, Xiaomi's IoT series products can make their stores get out of the bottleneck of a single category of mobile phones; Third, Xiaomi's storefront is very good in both crowd flow and user stickiness, which can play a very good role in pulling the whole store.</b></p><p><img src=\"https://static.tigerbbs.com/360f8c647989b9fa7e79fc69936677f7\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Unlike Mr. Long, Mr. Li (a pseudonym) is the CEO of a large communication company in Chengdu. When Xiaomi came to Sichuan in 2017 to \"fool\" channels, he decisively \"boarded the ship\" and opened 11 stores in one breath. \"We think Xiaomi is a real new retail, and it will be more promising to follow Boss Lei.\"</p><p>Although Xiaomi's profit is relatively low, Li Zong's enterprise has accumulated more than 1 million members and many mature corporate customers over the years. These resources have made his cooperation with Xiaomi progress smoother. However, it can only be regarded as smooth, and there is no particularly big profit. Therefore, after these 11 stores, Li Zong did not carry out large-scale expansion.</p><p>Under the 2020 pandemic, businesses with already thin profits have become more difficult. With the introduction of Xiaomi's new channel policy, General Manager Li believes that this opportunity must not be missed, and he needs to make a bigger bet himself. Less than a year since the launch of the New Deal, he has opened 50 new stores. As the domestic epidemic situation subsides, General Manager Li sees that the newly opened stores are running very well, and his confidence is even more. At present, more than a dozen new stores are on the way to open...</p><p>Different from these two CEOs who started as communication products, General Manager Zhou (a pseudonym) has been running a large home appliance store in Leshan City, and he is also a well-known private entrepreneur in the city. In the early years, the home appliance business was particularly good. In recent years, his attention began to migrate to the communication industry, and he added mobile phone categories to several of his home appliance hypermarkets.</p><p>At present, among all mobile phone brands, he values Xiaomi the most. First, Xiaomi's current channel policy is good, its store opening speed is fast, its storefront is classy, and its comprehensive profit margin is also good; Second, Xiaomi's IoT products are rich, which makes his store squeeze into the IoT track, and the market space is suddenly opened. \"It is said that Xiaomi will make cars in the future, and maybe we have the opportunity to continue to follow up.\"</p><p>From Chengdu to Leshan, a fourth-tier city, and then to Jiajiang, a small county town, I saw many different types of \"businesses\".<b>They talked about the process of deification of Xiaomi in the previous market, and also talked about the difficulty of making offline channels for Xiaomi in the past two years, but now they are almost all in the same state: they have tasted the sweetness of the new model, and began to desperately speed up site selection and store expansion.</b></p><p><b>Efficiency, infinitely approximating the e-commerce model</b></p><p>The construction of Xiaomi's offline channels, which started in the second half of 2016, created a record of storefront efficiency ratio at that time, and also created a new mode for mobile phone stores to enter Mall. A series of innovations are eye-catching. Xiaomi House was once regarded as a model of new retail, and soon expanded to 1,000 storefronts.</p><p>However, except for the self-operated Xiaomi Home, the development of other offline channels is not very successful. Traditional dealers are distributed layer by layer, and the profit margin of Xiaomi products can't support the traditional channel model at all. In 2017 and 2018, the \"businesses\" that followed up only made a small profit if they did well, while those that did not did well lost a lot. In those years, many businesses left halfway.</p><p><img src=\"https://static.tigerbbs.com/1b7c886542f64121dced114fa77d015d\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>China is Xiaomi's base camp, and offline is also a lesson that Xiaomi must make up for. After Lu Weibing took over China, he tried to help Xiaomi manage the regional market through third-party service providers. But it soon turned out that the road wouldn't work. The fundamental reason lies in the word \"efficiency\"-the success of Xiaomi model, and its core competitiveness lies in efficiency. Only Xiaomi can achieve the ultimate efficiency. Developing offline with the help of others will only make Xiaomi lose its efficiency advantage.</p><p><b>\"In business history, all competition is efficiency competition.\" Shang Jin emphasized that the real competitor of offline channels in the future is actually e-commerce. If offline physical stores can't improve their efficiency, they will be eaten by e-commerce sooner or later. \"If we want to help businesses, we want to help them approach the efficiency of e-commerce infinitely.\"</b></p><p>Although General Manager Long's cooperation with Xiaomi is not very early, he has the most thorough understanding of Xiaomi's model. In the chat, he repeatedly mentioned Xiaomi's efficiency. \"The core of retail is cost and efficiency. From the perspective of operational efficiency, Xiaomi is the most awesome.\"</p><p>There is no ultimate solution to efficiency, only the \"optimal solution\" under different conditions-improving efficiency is a complex system engineering. Whether it is R&D, production, sales, marketing or channels, every link must be reconstructed to improve efficiency, and the whole combination forms the final ultimate cost performance.</p><p>Like shortening the chain and cutting off the intermediate links. In this respect, Xiaomi landed in the Internet mode, and there is only one e-commerce link between production and users, which can maximize efficiency. As an offline channel infinitely close to the e-commerce model, Xiaomi has broken the original layer-by-layer distribution system in the new channel strategy, and all stores are directly connected with Xiaomi. \"There is only one level of merchants, with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The cooperation mode of Tmall is basically the same. \" Shang Jin emphasized.</p><p><img src=\"https://static.tigerbbs.com/6a77d6f9da137d33e5fae52b42007b7f\" tg-width=\"1080\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>Excerpt from</p><p>\"Xiaomi Offline Channel: What did you miss, realize and recreate?\"</p><p>Everyone knows that the profit margin of Xiaomi's hardware products is very low, but Xiaomi's capital efficiency will have a different algorithm: low gross profit margin, but high turnover rate:<b>If 1 million is invested in Xiaomi stores, it can run more than a dozen times a year, so Xiaomi's overall return on investment is higher than that of other brands.</b>(Interested readers and friends can look back and understand the previous article \"Xiaomi offline channels: what did you miss, realize and recreate?\").</p><p>The most noteworthy thing in Xiaomi's new channel policy is its digital management system-Xiaomi \"Retail Pass\". In this channel visit, every \"merchant\" was full of praise for this set of retail connections. \"We have more than a dozen stores, and we can see all the business data at a glance through Retail Connect, which is equivalent to a cockpit. With this system in place, our management is more efficient. With so many stores, only one person can complete all the docking work with Xiaomi, and the docking of other brands requires at least three times the manpower.\" General Manager Long's analysis was very representative.</p><p>\"Retail Connect\" is a complete set of retail digital management systems, and all data are visible at a glance, which greatly improves the overall efficiency. The system will also automatically distribute goods according to the sales situation of different stores, which will speed up the turnover of goods in each store and improve the operation efficiency of stores. In each offline store, the top of the store is equipped with a \"passenger flow counter\" (non-face recognition). It can be said that every offline store has basically realized digital management.</p><p>Generally speaking, the underlying logic of this system is to digitize all people, goods and fields, so as to realize \"one plate of goods\" in the whole country, and at the same time, it can efficiently match people, goods and fields. Xiaomi can control the situation of each store in real time, and through<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The deployment guarantees the lowest inventory and the highest efficiency.</p><p>High efficiency, but also from the empowerment of Xiaomi. All storefronts are output by Xiaomi with unified design standards and unified management standards. Xiaomi, the flagship store, will also be stationed with a store manager, and the right of goods is in Xiaomi. \"Merchants\" can start their own business only by paying a deposit. For \"businesses\", these policies can incite more storefronts with the least amount of funds in the shortest time. For example, Mr. Zhou's storefront of more than 200 square meters in Leshan City only took 20 days from decoration to trial operation, which is a very efficient landing process.</p><p><b>\"The efficiency of digitalization is the highest, so we can eliminate the obstacles of digitalization and promote digitalization as soon as possible through the iteration of digitalization, thus completing a high degree of optimization of efficiency. This is the real value that Xiaomi can bring to the business.\" Shang Jin said.</b></p><p>With efficiency as the core, build a brand-new digital retail system and apply the e-commerce mode offline. In the view of understanding, this is quite a dimensionality reduction attack.</p><p><img src=\"https://static.tigerbbs.com/4d2135b31ac19e3b60ad1558f169cb48\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In fact, with the development of new retail,<a href=\"https://laohu8.com/S/300959\">Online and offline</a>The boundaries are getting blurred. However, in some industries, the traditional channels are huge, have a long history, and the interest chain is extremely complicated. It is very difficult to transform digitally, which often requires an important opportunity. For example, last year, the epidemic had a great impact on the channels of the automobile industry, and 4S stores and dealers moved to online live broadcast one after another, and the channels of the automobile industry chain were also going through a reengineering process. In the past, the circle of mobile phone channels used to be subcontracting from top to bottom, and Xiaomi's copying of the logic of the Internet (e-commerce) offline through digital means is a reengineering of mobile phone channels.</p><p><b>Offline millet cycle</b></p><p>In business, it is the colloquial language of General Manager Long. In fact, this is also the general mentality of mobile phone offline channel dealers<b>。 Businessmen in this industry all know that \"three to five years are reincarnated\", and the head brands of mobile phones are constantly changing. Naturally, the channels have to be \"profit-seeking\", and whichever brand gets up will be done.</b></p><p>Five years ago, when Xiaomi started to do offline channels, many businesses didn't believe in Xiaomi, including some property owners in big shopping malls. It can also be seen from this round of visits that the businesses that followed up Xiaomi's offline channels in the early stage did not make much profit, and even some of them withdrew one after another in the previous two years.</p><p>In understanding, this is a process of reincarnation. During that period, neither the offline influence of Xiaomi brand nor the policy of Xiaomi's offline channels were actually prepared for large-scale expansion. As channels of OPPO, vivo and Huawei, businesses can earn a lot of money. Now, Xiaomi has begun to make full efforts to make high-end efforts and its market share is rising all the way. The \"mobile phone X AIoT\" strategy has been rolled out, and the mature stage of Xiaomi's large-scale offline development has reached.</p><p>Last year's 10th anniversary of Xiaomi, Lei Jun put forward \"establishing a career with technology and killing China\". Millet's global market share is rising rapidly and has been ranked in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the third, higher than other Chinese brands. However, in China, Xiaomi still can't beat OPPO and vivo, which have strong offline channels. Therefore, offline is a shortcoming that Xiaomi must make up for.</p><p>In this round of visits, the reason why \"business\" is so enthusiastic about Xiaomi is not only that the brand-new channel policy is attractive, but also that they clearly know the truth of \"three-to-five-year cycle\", and they all see Xiaomi's offline cycle.</p><p><b>First of all, Xiaomi really began to tilt offline from a strategic perspective, and new products and explosives fully supported offline stores.</b>\"Explosives and new products are given priority to offline stores, which is particularly important for us. Because the availability of explosives means that you can make money easily. The more explosives you stock, the easier it is to make money.\" Wu Qiang said that county-level stores like them can get sufficient supply of goods, not to mention flagship stores in cities. \"Business\" has obviously felt that Xiaomi has deliberately made a distribution balance in order to develop offline. Everyone knows that the cost of e-commerce channels is lower at this stage, but for the development of \"business\", Xiaomi still tilts explosives offline, such as Redmi's explosive products K40 series and K30S Supreme Commemorative Edition. Xiaomi's official e-commerce platform has been out of stock before, while offline Xiaomi Home has sufficient supply.</p><p>Xiaomi's offline support is diversified. For example, when stores engage in rice noodle activities, Xiaomi will support materials, gifts and personnel support. For example, in the business district where the offline store is located, Xiaomi will have large billboards and so on. \"In the past, Xiaomi's support was very small, but now it's different.\" A store manager felt deeply about this.</p><p><b>Secondly, the high-end brand of Xiaomi has created better basic conditions for offline.</b>Previously, the price of Xiaomi's mobile phone was low, the profit margin was low, and there was nothing to make offline. In the past two years, Xiaomi's continuous high-end strategy has seen results. From the financial report, the average selling price of Xiaomi's mobile phones has risen from more than 900 yuan to more than 1,200 yuan. Most people still can't feel this number, but when visiting offline, you can see that offline consumers have a high awareness of Xiaomi 11, Xiaomi 11 Ultra, Xiaomi MIXFOLD and other models, and the sales volume is very good. Many store managers of Xiaomi stores also reflect that the 3000-5000 yuan model in the store sells the best. Wu Qiang of Jiajiang County also said that although they are just a small county, young consumers don't hesitate to buy mobile phones worth 3,000 to 5,000 yuan.</p><p>In the past, everyone thought that offline channels should be based on low-end products, but from Xiaomi's practice, offline is also an important export for high-end machines. Today, Xiaomi is gradually gaining a firm foothold at the high end, which is also a good time to vigorously develop offline.</p><p><b>Third, and most important: ecological products.</b>Xiaomi is the first to make IoT among all mobile phone manufacturers, and it is also the manufacturer with the richest product line so far. In 2016 and 2017, Xiaomi House was called a \"grocery store\" in the industry, but today all mobile phone manufacturers have followed up the \"grocery store model\" and made full efforts to IoT.</p><p>IoT ecology breaks the boundaries of products and makes the vitality of \"business\" more durable. The previous three-to-five-year cycle may have lengthened this cycle because of the potential energy of IoT. In their opinion, following Xiaomi's IoT can eat more dividends of product categories.</p><p>Xiaomi's products are easy to \"poison\" consumers. After users buy one, they will keep buying ten or eight, and then string all electronic products together to play. Every single product of Xiaomi is inexpensive, but it is very fun. Users come to visit, and before they know it, many things at home are replaced with Xiaomi. For \"businesses\", this form increases user stickiness, stay time and repurchase rate, and can also expand their business scope through new product categories. Xiaomi has opened the ceiling of only selling mobile phones before.</p><p><img src=\"https://static.tigerbbs.com/79439f53eaaa0e015d80f72aa8a6100e\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p>From the changes of Wu Qiang and his wife, we can see that they used to have only one street store of more than 30 square meters, selling all kinds of unbranded mobile phones. Now they have two decent shops, in which they can sell not only peripheral products such as desk lamps and Bluetooth speakers, but also large items such as refrigerators, color TVs and air conditioners, which they have never thought of before.</p><p><b>Keen \"businesses\" have all smelled business opportunities, and the offline millet cycle has started.</b>Boat in the morning, open more shops and occupy good seats are their common mentality now. Whether it is General Manager Li, who has opened more than 50 stores, or Mr. and Mrs. Wu Qiang, who own two stores, are eager to choose a site and increase stores.</p><p><b>[Conclusion]</b></p><p>The offline millet cycle is different from other previous cycles. First, there are great changes. Xiaomi has brought subversive changes to offline channels-reconstructing offline channels with e-commerce mode; Second, the cycle is long. This channel reconstruction is currently in the industrial transition period from smart phones to IoT, and IoT will extend the cycle indefinitely because of the richness of ecological species.</p><p>The development of Xiaomi's offline channels is a process of exploration, trial and error, correction and evolution of new business models. Today, it is difficult to say that the Xiaomi model is perfect. This is just the optimal solution at the moment. However, all types of \"businesses\" are actively expanding their stores. Obviously, the stores they opened before have run through and tasted the sweetness.</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>Experience Millet Channel: There is no most perfect, only the optimal solution</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\">\nExperience Millet Channel: There is no most perfect, only the optimal solution\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1066040419\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4e15097abde5468c897d6a3b51f78f1b);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">懂懂笔记 </p>\n<p class=\"h-time smaller\">2021-06-26 08:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>\"Shang Jin, vice president of Xiaomi, said,\" Whether Shang is willing or not to be Xiaomi is determined by whether Xiaomi can bring them benefits. \" The \"business\" he refers to is channel partners.</p><p>As a mobile phone manufacturer that started from the Internet, Xiaomi began to \"sink\" in 2016. After more than four years of exploration and trial and error, the expansion of offline channels began to accelerate its penetration with a new model in November 2020. For Xiaomi's attempt on offline channels, understanding has been concerned for a long time.</p><p>In November, 2017, when Xiaomi's offline flagship store in Shenzhen was completed, I understood that I once wrote an article \"Behind the Scenes of Xiaomi's World's First Flagship Store\", which recorded Xiaomi's thinking on channels at that time. In April this year, I wrote again \"Xiaomi Offline Channel: What did I miss, realize and recreate?\", review the development of Xiaomi's channel construction in the past five years and the brand-new channel business model implemented since November last year.</p><p>Not long ago, I understood and visited some \"businesses\" mentioned by Shang Jin offline, and gained a deep understanding of the current mentality and considerations of these channel partners for Xiaomi. Today, let's talk about the feelings of this visit.</p><p><b>In business, channel \"profit-seeking\"</b></p><p>Let's tell a few \"quotient\" stories first.</p><p>Wu Qiang (pseudonym) and his wife sold mobile phones in Shenzhen in their early years. In 2011, they returned to their hometown-Jiajiang County, Leshan City, Sichuan Province with their savings, and rented a 30-square-meter store to continue selling mobile phones. Coincidentally, in the next few years, they caught up with the hottest online cycle of Xiaomi mobile phones, which also made them see business opportunities.</p><p>During that time, Xiaomi mobile phones were the hard currency in the market. \"We downloaded Xiaomi Mall APP from more than a dozen mobile phones at the counter, and every Tuesday, we used all our mobile phones to grab them together.\" For Wu Qiang and his wife, grabbing (Xiaomi) means earning. Sometimes they can grab two or three a week, and when they are lucky, they can grab one or two more. The price increase is 300-600 per unit, and the hottest Xiaomi 2 series can be added 700 yuan. In the past two years, doing the \"scalper\" business of Xiaomi mobile phones has made them feel that it is not so difficult to make money.</p><p>Later, Xiaomi began to develop offline channels, one of which was Xiaomi Store, and Wu Qiang and his wife followed up without hesitation. However, after entering the market, they found that because the profit margin of Xiaomi hardware was relatively thin, it was not easy to be a Xiaomi shop, so that there was an intention to retire in the middle.</p><p>The turning point came from the introduction of Xiaomi's new channel policy at the end of last year. Wu Qiang and his wife immediately applied for the qualification of millet home in Jiajiang County. Unified management, unified design and unified distribution made the storefront look more<a href=\"https://laohu8.com/S/BJZ.SI\">tall</a>Here it is. Upgraded from a mom-and-pop store to a specialty store, their business has reached a big step. Now the couple operates two millet homes, with a monthly revenue of more than 600,000 yuan. Wu Qiang is very satisfied with the current state, and at the same time, he and his wife are still discussing to continue to expand the operation of the store.</p><p>Long Zong (pseudonym) is the owner of a large communication store in Chengdu, and he is a well-known figure in the electronic street. He always has a word hanging on his lips-in business talk business. In the past decade or so, domestic mobile phone brands have been up and down, but his business has been very stable.</p><p>In 2017, when Xiaomi began to expand offline channels, he made a special trip to find General Manager Long. Out of politeness, he warmly received Xiaomi's commissioner, but did not cooperate immediately. Obviously, in his opinion, Xiaomi's profit was not good at that time, and it was not a good time to enter.</p><p>It is an indisputable fact that offline channels began to decline after experiencing the peak in 2016, and the flow of people in comprehensive communication stores gradually decreased. Longzong's stores were facing transformation and upgrading at the bottom of the valley.</p><p>In 2020, he gave Xiaomi the best position as soon as he entered the store. In addition to mobile phones, there are various IoT products in Xiaomi's flagship store. At the same time, he also opened more than a dozen Xiaomi homes in Sichuan in one breath, becoming an important partner of Xiaomi in Sichuan Province. \"Who will sell mobile phones for the rest of his life?\" This voice in his heart made him pay more and more attention to Xiaomi, which is expanding into IoT. Although Xiaomi is not the most profitable mobile phone brand in the store, it is a sign related to the future fate and direction of the store.<b>There are three reasons why he values Xiaomi: First, Xiaomi's user base is young, and these young people are potential high-end users in the future; Second, Xiaomi's IoT series products can make their stores get out of the bottleneck of a single category of mobile phones; Third, Xiaomi's storefront is very good in both crowd flow and user stickiness, which can play a very good role in pulling the whole store.</b></p><p><img src=\"https://static.tigerbbs.com/360f8c647989b9fa7e79fc69936677f7\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Unlike Mr. Long, Mr. Li (a pseudonym) is the CEO of a large communication company in Chengdu. When Xiaomi came to Sichuan in 2017 to \"fool\" channels, he decisively \"boarded the ship\" and opened 11 stores in one breath. \"We think Xiaomi is a real new retail, and it will be more promising to follow Boss Lei.\"</p><p>Although Xiaomi's profit is relatively low, Li Zong's enterprise has accumulated more than 1 million members and many mature corporate customers over the years. These resources have made his cooperation with Xiaomi progress smoother. However, it can only be regarded as smooth, and there is no particularly big profit. Therefore, after these 11 stores, Li Zong did not carry out large-scale expansion.</p><p>Under the 2020 pandemic, businesses with already thin profits have become more difficult. With the introduction of Xiaomi's new channel policy, General Manager Li believes that this opportunity must not be missed, and he needs to make a bigger bet himself. Less than a year since the launch of the New Deal, he has opened 50 new stores. As the domestic epidemic situation subsides, General Manager Li sees that the newly opened stores are running very well, and his confidence is even more. At present, more than a dozen new stores are on the way to open...</p><p>Different from these two CEOs who started as communication products, General Manager Zhou (a pseudonym) has been running a large home appliance store in Leshan City, and he is also a well-known private entrepreneur in the city. In the early years, the home appliance business was particularly good. In recent years, his attention began to migrate to the communication industry, and he added mobile phone categories to several of his home appliance hypermarkets.</p><p>At present, among all mobile phone brands, he values Xiaomi the most. First, Xiaomi's current channel policy is good, its store opening speed is fast, its storefront is classy, and its comprehensive profit margin is also good; Second, Xiaomi's IoT products are rich, which makes his store squeeze into the IoT track, and the market space is suddenly opened. \"It is said that Xiaomi will make cars in the future, and maybe we have the opportunity to continue to follow up.\"</p><p>From Chengdu to Leshan, a fourth-tier city, and then to Jiajiang, a small county town, I saw many different types of \"businesses\".<b>They talked about the process of deification of Xiaomi in the previous market, and also talked about the difficulty of making offline channels for Xiaomi in the past two years, but now they are almost all in the same state: they have tasted the sweetness of the new model, and began to desperately speed up site selection and store expansion.</b></p><p><b>Efficiency, infinitely approximating the e-commerce model</b></p><p>The construction of Xiaomi's offline channels, which started in the second half of 2016, created a record of storefront efficiency ratio at that time, and also created a new mode for mobile phone stores to enter Mall. A series of innovations are eye-catching. Xiaomi House was once regarded as a model of new retail, and soon expanded to 1,000 storefronts.</p><p>However, except for the self-operated Xiaomi Home, the development of other offline channels is not very successful. Traditional dealers are distributed layer by layer, and the profit margin of Xiaomi products can't support the traditional channel model at all. In 2017 and 2018, the \"businesses\" that followed up only made a small profit if they did well, while those that did not did well lost a lot. In those years, many businesses left halfway.</p><p><img src=\"https://static.tigerbbs.com/1b7c886542f64121dced114fa77d015d\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>China is Xiaomi's base camp, and offline is also a lesson that Xiaomi must make up for. After Lu Weibing took over China, he tried to help Xiaomi manage the regional market through third-party service providers. But it soon turned out that the road wouldn't work. The fundamental reason lies in the word \"efficiency\"-the success of Xiaomi model, and its core competitiveness lies in efficiency. Only Xiaomi can achieve the ultimate efficiency. Developing offline with the help of others will only make Xiaomi lose its efficiency advantage.</p><p><b>\"In business history, all competition is efficiency competition.\" Shang Jin emphasized that the real competitor of offline channels in the future is actually e-commerce. If offline physical stores can't improve their efficiency, they will be eaten by e-commerce sooner or later. \"If we want to help businesses, we want to help them approach the efficiency of e-commerce infinitely.\"</b></p><p>Although General Manager Long's cooperation with Xiaomi is not very early, he has the most thorough understanding of Xiaomi's model. In the chat, he repeatedly mentioned Xiaomi's efficiency. \"The core of retail is cost and efficiency. From the perspective of operational efficiency, Xiaomi is the most awesome.\"</p><p>There is no ultimate solution to efficiency, only the \"optimal solution\" under different conditions-improving efficiency is a complex system engineering. Whether it is R&D, production, sales, marketing or channels, every link must be reconstructed to improve efficiency, and the whole combination forms the final ultimate cost performance.</p><p>Like shortening the chain and cutting off the intermediate links. In this respect, Xiaomi landed in the Internet mode, and there is only one e-commerce link between production and users, which can maximize efficiency. As an offline channel infinitely close to the e-commerce model, Xiaomi has broken the original layer-by-layer distribution system in the new channel strategy, and all stores are directly connected with Xiaomi. \"There is only one level of merchants, with<a href=\"https://laohu8.com/S/JD\">Jingdong</a>The cooperation mode of Tmall is basically the same. \" Shang Jin emphasized.</p><p><img src=\"https://static.tigerbbs.com/6a77d6f9da137d33e5fae52b42007b7f\" tg-width=\"1080\" tg-height=\"538\" referrerpolicy=\"no-referrer\"></p><p>Excerpt from</p><p>\"Xiaomi Offline Channel: What did you miss, realize and recreate?\"</p><p>Everyone knows that the profit margin of Xiaomi's hardware products is very low, but Xiaomi's capital efficiency will have a different algorithm: low gross profit margin, but high turnover rate:<b>If 1 million is invested in Xiaomi stores, it can run more than a dozen times a year, so Xiaomi's overall return on investment is higher than that of other brands.</b>(Interested readers and friends can look back and understand the previous article \"Xiaomi offline channels: what did you miss, realize and recreate?\").</p><p>The most noteworthy thing in Xiaomi's new channel policy is its digital management system-Xiaomi \"Retail Pass\". In this channel visit, every \"merchant\" was full of praise for this set of retail connections. \"We have more than a dozen stores, and we can see all the business data at a glance through Retail Connect, which is equivalent to a cockpit. With this system in place, our management is more efficient. With so many stores, only one person can complete all the docking work with Xiaomi, and the docking of other brands requires at least three times the manpower.\" General Manager Long's analysis was very representative.</p><p>\"Retail Connect\" is a complete set of retail digital management systems, and all data are visible at a glance, which greatly improves the overall efficiency. The system will also automatically distribute goods according to the sales situation of different stores, which will speed up the turnover of goods in each store and improve the operation efficiency of stores. In each offline store, the top of the store is equipped with a \"passenger flow counter\" (non-face recognition). It can be said that every offline store has basically realized digital management.</p><p>Generally speaking, the underlying logic of this system is to digitize all people, goods and fields, so as to realize \"one plate of goods\" in the whole country, and at the same time, it can efficiently match people, goods and fields. Xiaomi can control the situation of each store in real time, and through<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>The deployment guarantees the lowest inventory and the highest efficiency.</p><p>High efficiency, but also from the empowerment of Xiaomi. All storefronts are output by Xiaomi with unified design standards and unified management standards. Xiaomi, the flagship store, will also be stationed with a store manager, and the right of goods is in Xiaomi. \"Merchants\" can start their own business only by paying a deposit. For \"businesses\", these policies can incite more storefronts with the least amount of funds in the shortest time. For example, Mr. Zhou's storefront of more than 200 square meters in Leshan City only took 20 days from decoration to trial operation, which is a very efficient landing process.</p><p><b>\"The efficiency of digitalization is the highest, so we can eliminate the obstacles of digitalization and promote digitalization as soon as possible through the iteration of digitalization, thus completing a high degree of optimization of efficiency. This is the real value that Xiaomi can bring to the business.\" Shang Jin said.</b></p><p>With efficiency as the core, build a brand-new digital retail system and apply the e-commerce mode offline. In the view of understanding, this is quite a dimensionality reduction attack.</p><p><img src=\"https://static.tigerbbs.com/4d2135b31ac19e3b60ad1558f169cb48\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In fact, with the development of new retail,<a href=\"https://laohu8.com/S/300959\">Online and offline</a>The boundaries are getting blurred. However, in some industries, the traditional channels are huge, have a long history, and the interest chain is extremely complicated. It is very difficult to transform digitally, which often requires an important opportunity. For example, last year, the epidemic had a great impact on the channels of the automobile industry, and 4S stores and dealers moved to online live broadcast one after another, and the channels of the automobile industry chain were also going through a reengineering process. In the past, the circle of mobile phone channels used to be subcontracting from top to bottom, and Xiaomi's copying of the logic of the Internet (e-commerce) offline through digital means is a reengineering of mobile phone channels.</p><p><b>Offline millet cycle</b></p><p>In business, it is the colloquial language of General Manager Long. In fact, this is also the general mentality of mobile phone offline channel dealers<b>。 Businessmen in this industry all know that \"three to five years are reincarnated\", and the head brands of mobile phones are constantly changing. Naturally, the channels have to be \"profit-seeking\", and whichever brand gets up will be done.</b></p><p>Five years ago, when Xiaomi started to do offline channels, many businesses didn't believe in Xiaomi, including some property owners in big shopping malls. It can also be seen from this round of visits that the businesses that followed up Xiaomi's offline channels in the early stage did not make much profit, and even some of them withdrew one after another in the previous two years.</p><p>In understanding, this is a process of reincarnation. During that period, neither the offline influence of Xiaomi brand nor the policy of Xiaomi's offline channels were actually prepared for large-scale expansion. As channels of OPPO, vivo and Huawei, businesses can earn a lot of money. Now, Xiaomi has begun to make full efforts to make high-end efforts and its market share is rising all the way. The \"mobile phone X AIoT\" strategy has been rolled out, and the mature stage of Xiaomi's large-scale offline development has reached.</p><p>Last year's 10th anniversary of Xiaomi, Lei Jun put forward \"establishing a career with technology and killing China\". Millet's global market share is rising rapidly and has been ranked in<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the third, higher than other Chinese brands. However, in China, Xiaomi still can't beat OPPO and vivo, which have strong offline channels. Therefore, offline is a shortcoming that Xiaomi must make up for.</p><p>In this round of visits, the reason why \"business\" is so enthusiastic about Xiaomi is not only that the brand-new channel policy is attractive, but also that they clearly know the truth of \"three-to-five-year cycle\", and they all see Xiaomi's offline cycle.</p><p><b>First of all, Xiaomi really began to tilt offline from a strategic perspective, and new products and explosives fully supported offline stores.</b>\"Explosives and new products are given priority to offline stores, which is particularly important for us. Because the availability of explosives means that you can make money easily. The more explosives you stock, the easier it is to make money.\" Wu Qiang said that county-level stores like them can get sufficient supply of goods, not to mention flagship stores in cities. \"Business\" has obviously felt that Xiaomi has deliberately made a distribution balance in order to develop offline. Everyone knows that the cost of e-commerce channels is lower at this stage, but for the development of \"business\", Xiaomi still tilts explosives offline, such as Redmi's explosive products K40 series and K30S Supreme Commemorative Edition. Xiaomi's official e-commerce platform has been out of stock before, while offline Xiaomi Home has sufficient supply.</p><p>Xiaomi's offline support is diversified. For example, when stores engage in rice noodle activities, Xiaomi will support materials, gifts and personnel support. For example, in the business district where the offline store is located, Xiaomi will have large billboards and so on. \"In the past, Xiaomi's support was very small, but now it's different.\" A store manager felt deeply about this.</p><p><b>Secondly, the high-end brand of Xiaomi has created better basic conditions for offline.</b>Previously, the price of Xiaomi's mobile phone was low, the profit margin was low, and there was nothing to make offline. In the past two years, Xiaomi's continuous high-end strategy has seen results. From the financial report, the average selling price of Xiaomi's mobile phones has risen from more than 900 yuan to more than 1,200 yuan. Most people still can't feel this number, but when visiting offline, you can see that offline consumers have a high awareness of Xiaomi 11, Xiaomi 11 Ultra, Xiaomi MIXFOLD and other models, and the sales volume is very good. Many store managers of Xiaomi stores also reflect that the 3000-5000 yuan model in the store sells the best. Wu Qiang of Jiajiang County also said that although they are just a small county, young consumers don't hesitate to buy mobile phones worth 3,000 to 5,000 yuan.</p><p>In the past, everyone thought that offline channels should be based on low-end products, but from Xiaomi's practice, offline is also an important export for high-end machines. Today, Xiaomi is gradually gaining a firm foothold at the high end, which is also a good time to vigorously develop offline.</p><p><b>Third, and most important: ecological products.</b>Xiaomi is the first to make IoT among all mobile phone manufacturers, and it is also the manufacturer with the richest product line so far. In 2016 and 2017, Xiaomi House was called a \"grocery store\" in the industry, but today all mobile phone manufacturers have followed up the \"grocery store model\" and made full efforts to IoT.</p><p>IoT ecology breaks the boundaries of products and makes the vitality of \"business\" more durable. The previous three-to-five-year cycle may have lengthened this cycle because of the potential energy of IoT. In their opinion, following Xiaomi's IoT can eat more dividends of product categories.</p><p>Xiaomi's products are easy to \"poison\" consumers. After users buy one, they will keep buying ten or eight, and then string all electronic products together to play. Every single product of Xiaomi is inexpensive, but it is very fun. Users come to visit, and before they know it, many things at home are replaced with Xiaomi. For \"businesses\", this form increases user stickiness, stay time and repurchase rate, and can also expand their business scope through new product categories. Xiaomi has opened the ceiling of only selling mobile phones before.</p><p><img src=\"https://static.tigerbbs.com/79439f53eaaa0e015d80f72aa8a6100e\" tg-width=\"1080\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p><p>From the changes of Wu Qiang and his wife, we can see that they used to have only one street store of more than 30 square meters, selling all kinds of unbranded mobile phones. Now they have two decent shops, in which they can sell not only peripheral products such as desk lamps and Bluetooth speakers, but also large items such as refrigerators, color TVs and air conditioners, which they have never thought of before.</p><p><b>Keen \"businesses\" have all smelled business opportunities, and the offline millet cycle has started.</b>Boat in the morning, open more shops and occupy good seats are their common mentality now. Whether it is General Manager Li, who has opened more than 50 stores, or Mr. and Mrs. Wu Qiang, who own two stores, are eager to choose a site and increase stores.</p><p><b>[Conclusion]</b></p><p>The offline millet cycle is different from other previous cycles. First, there are great changes. Xiaomi has brought subversive changes to offline channels-reconstructing offline channels with e-commerce mode; Second, the cycle is long. This channel reconstruction is currently in the industrial transition period from smart phones to IoT, and IoT will extend the cycle indefinitely because of the richness of ecological species.</p><p>The development of Xiaomi's offline channels is a process of exploration, trial and error, correction and evolution of new business models. Today, it is difficult to say that the Xiaomi model is perfect. This is just the optimal solution at the moment. However, all types of \"businesses\" are actively expanding their stores. Obviously, the stores they opened before have run through and tasted the sweetness.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3df686d3a6ca977e8c6841905eb7e18c","relate_stocks":{"01810":"小米集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112116010","content_text":"“商愿不愿意做小米，是由小米能否给他们带来效益决定的。”小米副总裁尚进说道。他所指的“商”，是渠道合作伙伴。\n作为一个从互联网起家的手机厂商，小米从2016年开始“下沉”。线下渠道的拓展，经历了四年多的摸索和试错，2020年11月份又以新的模式开始加速渗透。对于小米在线下渠道上的尝试，懂懂一直长期关注。\n2017年11月，小米深圳线下旗舰店落成时，懂懂曾写过一篇《小米全球首家旗舰店落地幕后》，记录了当时小米对于渠道的思考。今年4月份再次撰写《小米线下渠道：错过了什么，悟出了什么，再造了什么？》，复盘了小米这五年来渠道建设的发展，以及从去年11月开始推行的全新渠道商业模型。\n前不久，懂懂又在线下走访了部分尚进提到的“商”，深入了解这些渠道合作伙伴当下对小米的心态和考量。今天，懂懂就聊一聊这次走访的感受。\n在商言商，渠道“逐利”\n先讲几个“商”的故事。\n吴强（化名）夫妇早年在深圳卖手机，2011年他们带着积蓄回到了老家----四川省乐山市夹江县，租了一个30平米的门店继续卖手机。巧的是随后几年赶上小米手机在线上最火的一个周期，也让他们看到了商机。\n那段时间，小米手机就是市场上的硬通货，“我们把柜台里的十几台手机都下载了小米商城APP，每周二抢购日，我们就动用所有手机一起抢。”对于吴强夫妇而言，抢到（小米）就是赚到，有时候一周能抢两三台，运气好的时候还能多抢到一两台。每台加价300-600，最火的小米2系列一台可以加700元。这两年做小米手机的“黄牛”生意，让他们觉得赚钱不那么难了。\n再后来小米开始发展线下渠道，其中有一种模式是小米小店，吴强夫妇毫不犹豫地跟进了。但是入场后他们发现，由于小米硬件的利润空间比较薄，做小米小店的时候日子并不好过，以至于中间曾萌生过退意。\n转机来自于去年底小米新的渠道政策的推出。吴强夫妇马上申请了夹江县的小米之家资格，统一的管理、统一的设计、统一的配货，让店面看上去更加高大上了。从夫妻店升级为专卖店，他们的生意上了一个大台阶，现在夫妻俩经营着两家小米之家，一个月的营收超过60万元。吴强对现在的状态很满意，同时和媳妇还在商量继续扩大店面的经营。\n龙总（化名）是成都市一家大型通讯卖场的老板，在电子一条街上算是一个响当当的人物。他嘴边常挂着一个词----在商言商。过去十几年国内手机品牌起起落落，在商言商的他生意却一直做得很稳。\n2017年小米开始拓展线下渠道的时候专程找到了龙总，出于礼貌他热情地接待了小米的专员，但是并没有马上展开合作。显然，在他看来那时候小米的利润并不好，还不是进入的好时机。\n不争的事实是，线下渠道经历了2016年的波峰后开始下滑，综合性通讯卖场的人流逐渐变少，龙总的卖场在谷底期面临着转型升级。\n2020年，他把卖场一进门最好的位置给了小米，小米旗舰店里除了手机还有各种IoT产品，同时他还一口气在四川开了十几个小米之家，成为小米在四川省的重要合作伙伴。“谁会一辈子卖手机呢？”心里的这个声音让他开始愈发重视向IoT拓展的小米，虽然小米还不是卖场里最能赚钱的手机品牌，但却是关系着卖场未来命运和走向的一个标志。他看重小米的原因有三：第一，小米的用户群年轻，这些年轻人都是未来潜在的高端用户；第二，小米的IoT系列产品，能让自己的卖场走出手机单一品类的瓶颈；第三，小米的店面无论是人流还是用户粘性都很好，对整个卖场能起到很好的拉动作用。\n\n与龙总不同，利总（化名）是成都一家大型通讯企业的老总，小米2017年到四川来“忽悠”渠道的时候，他果断“上船”，一口气开了11家门店。“我们觉得小米是真正的新零售，跟着雷老板会更有前途。”\n虽然小米的利润比较低，但是利总的企业多年来积累下了100多万名会员，还有很多成熟的企业客户，这些资源都让他与小米的合作进展更加顺利。但是，也只能算是顺利，并没有特别大的收益，所以在这11家店之后利总没有再进行大规模的扩张。\n2020疫情之下，本来利润就很薄的生意变得更加艰难。随着小米新的渠道政策推出，利总认为这一次的机遇绝不能错过，需要自己押上更大的赌注。从新政推出至今不到一年时间，他已经新开了五十家门店。随着国内疫情的消退，利总看到新开的门店都运行得非常良好，他的信心更足了，目前又有十几家新店正在开业的“路上”……\n与这两位做通讯产品起家的老总不同，周总（化名）一直在乐山市经营着一家大型家电卖场，他本人在市里也是一位很有名的民营企业家。早些年家电生意特别好，近几年他的注意力才开始往通讯行业迁移，并在自己的几个家电大卖场里都增加了手机品类。\n目前，所有手机品牌中最让他看重的还是小米，第一是因为小米现在的渠道政策好，开店速度快、店面有档次，综合利润率也不错；第二是小米的IoT产品丰富，这使得他的卖场挤进了IoT赛道，市场空间一下子被打开了，“都说小米未来还要做汽车，或许我们也有机会继续跟进呢。”\n从成都到乐山这个四线城市，再到夹江这个小小的县城，一圈走下来看到了很多大大小小不同类型的“商”。他们谈到以前市场把小米神化的过程，也谈到前两年做小米线下渠道的艰难，但是现在他们几乎都是同一个状态：已经尝到新模式的甜头，开始拼命加速选址、扩店。\n效率，无限逼近电商模式\n从2016年下半年启动的小米线下渠道建设，创造了当时店面坪效比的记录，也开创了手机专卖店进驻Mall的新模式。一系列的创新让人眼前一亮，小米之家也曾一度被认为是新零售的典范，并很快扩展到了1000家店面。\n但是，除了自营的小米之家，其它的线下渠道发展并不能算是很成功。传统的经销商是层层下发，小米产品的利润空间根本不能支撑起传统的渠道模式。在2017年、2018年跟进的“商”，做得好的只能是小赚，做得不好的则是赔了不少，那几年先后有不少商半途退场。\n\n中国区是小米的大本营，而线下也是小米必须补上的一课。卢伟冰接手中国区之后，曾尝试通过第三方服务商来帮助小米管理区域市场。但是很快就发现，这条路走不通。根本原因在于“效率”二字----小米模式的成功，其核心竞争力在于效率，只有小米才能把效率做到极致，借他人之手发展线下只会让小米失去效率上的优势。\n“在商业史上，所有的竞争都是效率的竞争。”尚进强调，线下渠道未来真正的竞争对手其实是电商，如果线下实体店无法提升效率，迟早都会被电商吃掉，“如果我们要帮助商，就是要帮助他们无限地逼近电商的效率。”\n龙总虽然与小米的合作并不算很早，但是他对小米的模式吃得最透。在聊天中，他反复提到小米的效率，“零售的核心一是成本、二是效率。从运营效率来看，小米是最牛逼的。”\n效率没有终极解决方案，只有不同条件下的“最优解”----提高效率是一个复杂的系统工程，无论是研发、生产、销售、市场、渠道，每一个环节都要通过重构去提升效率，整体加在一起才形成了最终的极致性价比。\n比如缩短链条和砍掉中间环节。这方面小米是以互联网模式落地，在生产与用户之间只有一个电商环节，可以做到效率的最大化。作为无限靠近电商模式的线下渠道，小米在新的渠道策略中打破了原有的层层分销体系，所有门店都是直接与小米公司对接。“只有一层商，跟京东、天猫的合作模式基本一致。”尚进强调。\n\n摘自\n《小米线下渠道：错过了什么，悟出了什么，再造了什么？》\n大家都知道小米的硬件产品利润率很低，但是小米的资金效率会有一种不同的算法：毛利率低，但周转率高：100万如果投在小米门店上，一年可以运转十几次，所以小米整体的投入回报率要高于其它的品牌。（有兴趣的读者朋友可以再回看一下懂懂上一篇《小米线下渠道：错过了什么，悟出了什么，再造了什么？》）。\n小米渠道新政中最值得一提的，是其数字管理系统----小米“零售通”。在这一次的渠道走访中，每一个“商”都对这套零售通赞不绝口。“我们有十几家店，通过零售通一眼就能看到所有的经营数据，相当于是一个驾驶舱。有这套系统在，我们的管理更加高效，这么多店只要一个人就可以完成与小米的全部对接工作，其它品牌的对接至少要三倍人力。”龙总的这番分析很有代表性。\n“零售通”是一整套零售数字化管理系统，所有数据一眼可见，大大提升了整体效率。系统还会根据不同店面的销售情况自动配货，使得每家店的商品周转流转加快，提升了店面的运营效率。在每家线下门店中，店门顶部配备“客流计数器”（非人脸识别），可以说每个线下门店都基本上实现了数字化管理。\n总体上看，这个系统的底层逻辑就是把人、货、场全部数字化，实现全国“一盘货”，同时对人、货、场还能进行高效匹配。小米可以对每一个门店的情况进行实时掌控，并且通过智能调配保证最低的库存、最高的效率。\n效率高，还来自于小米的赋能。所有的店面都由小米输出统一的设计标准，统一的管理标准，旗舰店小米还会派驻店长，货权在小米，“商”只需交押金就可以启动自己的生意。这些政策，对于“商”而言可以在最短的时间内以最少的资金撬动更多店面，例如周总在乐山市的一个200多平米店面，从装修到试营业只用了20天，这就是一个非常高效的落地过程。\n“数字化的效率是最高的，所以我们能通过数字化的迭代，排除数字化的障碍，尽快推动数字化，从而完成效率的一个高度优化。这是小米能够带给商的真正价值。”尚进表示。\n以效率为核心，打造全新的数字化零售体系，将电商模式的打法用到线下，在懂懂看来这颇有些降维攻击的意味。\n\n其实，随着新零售的发展，线上线下的界线本就越来越模糊。但是在一些行业，传统渠道庞大、存在历史悠久，利益链条也极为复杂，数字化改造起来非常难，往往需要一个重要契机。比如去年疫情对汽车产业的渠道冲击非常大，4S店和经销商就纷纷转移到线上直播，汽车产业链的渠道也在由此经历一个再造过程。手机渠道这个圈子，以往都是从上而下层层分包的模式，而小米将互联网（电商）逻辑通过数字化手段复制到线下，则是对手机渠道的一次再造。\n线下的小米周期\n在商言商，是龙总的口头语，其实这也是手机线下渠道商的普遍心态。这个行业的商都知道“三五年一轮回”，手机的头部品牌也在不断更替，渠道自然也要“逐利”，哪个品牌起来就做哪个。\n五年前小米开始做线下渠道的时候，很多商都不相信小米，包括一些大商场的物业方也不相信小米。从这一轮走访中也能看出，早期跟进小米线下渠道的商获利并不大，甚至有一批在前两年陆续退出了。\n在懂懂看来，这就是一个轮回的过程。在那个时期，无论是小米品牌的线下影响力，还是小米线下渠道的政策，其实都没有做好大面积扩张的准备。而做OPPO、vivo、华为的渠道，商可以赚得盆满钵满。现在，小米开始全面发力高端并且市占率一路上升，“手机 X AIoT”战略铺开，小米大规模发展线下的成熟期到了。\n去年小米十周年，雷军提出“技术立业，死磕中国区”。小米全球市场份额在快速上升，已经排在三星、苹果之后的第三，高于其它中国品牌。但是在中国区，小米还是干不过线下渠道强悍的OPPO、vivo。因此，线下是小米必须要补齐的短板。\n在这一轮走访中，“商”之所以对小米热情如此之高，除了全新的渠道政策具备吸引力，还因为他们清晰地知道“三五年一轮回”的道理，他们都看到了小米的线下周期。\n首先，是小米真正从策略上开始向线下倾斜，新品、爆款全力支持线下门店。“爆品和新品优先供应线下门店，这对我们来说特别重要。因为爆款有货就意味着你能很容易就赚到钱，爆款备货越多，赚钱当然越容易。”吴强表示，他们这样的县级店面都可以拿到很充足的货源，更何况城市里的旗舰店。“商”已经明显感觉到小米为了发展线下特意做出的配货平衡，大家都知道现阶段电商渠道成本更低，但为了“商”的发展，小米还是将爆款向线下倾斜，比如Redmi爆款产品K40系列和K30S至尊纪念版，小米官方电商平台之前一直无货，而线下小米之家则货源充足。\n小米对线下的支持是多元化的，比如店面搞米粉活动，小米会支持物料、礼品，也会有人员方面的支持。再比如，在线下店面所在的商圈，小米会有大型广告牌的投放等等。“以前小米支持力度很小，现在不一样了。”一位店长对此感触颇深。\n其次，小米品牌高端化，给线下创造了更好的基础条件。之前小米手机价格偏低，利润率低，线下没得可赚。近两年小米持续高端化战略已经见到成效，从财报来看小米手机平均售价从900多元上涨到了1200多元。这个数字一般人还感觉不出来，但是在线下走访的时候可以看到，线下的消费者对于小米11、小米11 Ultra、小米MIXFOLD等机型认知度很高，销量很好。不少小米门店的店长也反映，店面里的3000-5000元型号销量最好。夹江县的吴强也表示，他们虽然只是一个小县城，但是年轻消费者买三五千的手机一点儿都不犹豫。\n以前大家都以为线下渠道应该是以低端产品为主，但是从小米的实践来看，线下也是高端机的重要出口。今天小米在高端逐步站稳，也是大力发展线下的好时机。\n第三，也是最重要的一点：生态产品。小米是所有手机厂商里最早做IoT的，也是目前为止产品线最丰富的厂商。在2016、2017年的时候，行业里都称小米之家是“杂货铺”，但是今天所有的手机厂商都跟进了“杂货铺模式”，全面发力IoT。\nIoT生态打破了产品的边界，让“商”的生命力更加持久。以前的三五年一轮回，可能因为IoT的势能而把这个周期拉长。在他们看来，跟着小米的IoT可以吃到更多产品品类的红利。\n小米的产品很容易让消费者“中毒”，用户买了一款之后就会不停地买，十个、八个，然后把所有的电子产品串起来玩。小米的每一个单独产品都不贵，但又很好玩，用户来逛一逛，不知不觉家里就有很多东西都换上小米了。对于“商”而言，这个形式增加了用户粘性、停留时间和复购率，还可以通过新的产品品类扩大自己的经营范围，小米打开了他们以前只卖手机的天花板。\n\n从吴强夫妇的变化就可以看到，他们以前只有一个30多平米的街边店，销售各种杂牌手机，现在他们拥有两个很体面的店铺，在这个店铺里不仅可以卖台灯、蓝牙音箱等周边产品，还有冰箱、彩电、空调等大件，这是他们以前从没有想到过的。\n敏锐的“商”，都嗅到了商机，线下的小米周期已经开启。早上船、多开店、占好位，是他们现在的普遍心态。无论是已经开出了50多家店的利总，还是拥有两家门店的吴强夫妇，当下都在急着选址、增店。\n【结束语】\n线下的小米周期，与之前其它周期不同。第一是变化大，小米给线下渠道带来颠覆性的变化----用电商的模式重构线下渠道；第二是周期长，这个渠道重构目前处于智能手机向IoT过度的产业转折期，IoT会因为生态物种的丰富性而把周期无限拉长。\n小米线下渠道的发展，就是一个新商业模式探索、试错、修正和进化的过程。今天很难说小米模式已经完美，这只是当下的最优解。不过，各种类型的“商”都在积极扩店，显然是他们之前开的店已经跑通，尝到了甜头。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149589999,"gmtCreate":1625735583211,"gmtModify":1703747416866,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149589999","repostId":"1169344170","repostType":4,"repost":{"id":"1169344170","kind":"news","pubTimestamp":1625733962,"share":"https://ttm.financial/m/news/1169344170?lang=en_US&edition=fundamental","pubTime":"2021-07-08 16:46","market":"hk","language":"zh","title":"Is Naixue's tea Starbucks or Luckin?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169344170","media":" 科技说","summary":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整","content":"<p>Starting with the analysis of enterprise value, we discuss whether Nayuki's tea has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive views on Naixue's tea prospectus first. Unlike Ruixing, who emphasizes its own \"scientific and technological attributes\" and highlights the customary business data of Internet companies such as DAU and MAU, Naixue's tea is flaunting its offline retail attributes as a whole, that is to say, enterprises do not deliberately create \"strong concepts\" to improve their pricing power.</p><p>The business model and cost structure of the offline tea drinking industry are highly similar to those of coffee chains. We compare the tea of Nayuki in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Naixue's gross profit margin of tea is insufficient, considering factors such as volume and development stage, we think its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and mid-stage of development, there is no oligarch with market pricing power yet, and Naixue's tea is not yet facing a brutal price war. On the other hand, we must also see that since the myth of Ruixing was punctured, although the milk tea industry has expanded rapidly with the blessing of capital, we have not seen a brutal price war so far. Judging from the historical data of Naixue's tea, the low proportion of market expenses and the high gross profit all show that the industry requires enterprises to balance the relationship between growth and loss, and the development of the industry is much more rational and restrained than that of the coffee industry spoiled by Ruixing.</p><p>With the above ideas, let's look at the indicators such as store operating cost. Naixue's tea is very close to Starbucks. Although the two enterprises are in different industries, their business logic is basically the same.</p><p>So in that case, why is Nayuki's tea still losing money in 2020? As the business model and logic of the enterprise and Starbucks are very close, the latter should be taken as a reference in the market value judgment, and the potential of business scale growth and profit should be considered. The high revenue accompanied by high losses used by Internet companies is not suitable for Naixue's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The cost listed in the above figure is the main consumption point of offline store operation. In addition, there are still many subtle expenses that can't be expressed. From the revenue model, the biggest difference between Naixue's tea and Starbucks is that the proportion of take-out orders is particularly large, while Starbucks still mainly serves dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>As a result, in the past three years, Nayuki's tea distribution expenses have increased obviously, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will be close to Starbucks in terms of operating profit margin.</p><p>For Nayuki's tea, after the take-out orders increase (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay the distribution fee to the distribution company. However, in order not to affect consumers' purchasing impulse, online and offline sales are adopted at the same price, and freight subsidies are made in various ways (such as full reduction, such as free freight days every Monday, etc.). When the scale of take-out orders is so expanded, Starbucks' offline operating profit margin is only less than 7%, which will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How can this be cracked?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail was severely impacted (so far, the national social consumption growth is still at a low level), which seriously affected the rent level of offline shops (in 2020, both the central government and governments at all levels were calling for rent reduction and subsidies to make profits), which can also be verified in Naixue's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, the rents of cities at all levels have a downward trend, considering that the signing cycle of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. In 2020, the average rent needs to be hedged against the previous higher rental cost after the price reduction in that year. Although it decreased in that year, it did not fully reflect the actual magnitude of the decrease in shop rent;</p><p>2. In 2020, enterprises have carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure of average rent will be partially alleviated since then, especially in non-first-tier cities, which may make greater efforts in rent profits (already shown in the above figure).</p><p>Before this, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power in negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) will give priority to Starbucks when attracting investment, and give policy inclination (similar bans and rent discounts), which makes Starbucks have a distinct comparative advantage compared with similar enterprises.</p><p>From the internal perspective, although it is extremely controversial to reflect on the Luckin model now, it seems to make sense that when users become more and more dependent on take-out, it is actually possible to expand the proportion of take-out stores, reduce the proportion of rent, expand online revenue and adjust the operating cost structure.</p><p>So we sorted out Naixue's tea applet and the transaction scale between its own App and take-out platform, as shown in the following figure</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of payment by in-store cashiers (mainly dine-in) has dropped significantly. At the same time, the proportion of payment completed through small programs and take-out platforms is enlarging. Even if users will buy in stores through small programs are excluded, we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operation, does this mean that enterprises can reduce the store area, focus on take-out, reduce offline costs, and hedge against the fact that the distribution cost increases?</p><p>In the prospectus, we see that Naixue's Tea indicated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, of which 70% are PRO stores. If the above results of our analysis are maintained in cost control and business expansion, it is conceivable that the composition of the operating expenses of enterprises will change significantly in the next, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party take-out platform service expenses, we don't know for the time being, which is what we should focus on next.</p><p>So when is the earnings cycle we expect for this business?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating cost, we calculate that, judging from the store operation in 2020, the break-even point of its store is about 25,000 yuan per day, which is higher than this level in 2018-2019. If the financing costs and other expenses at that time are excluded, it will be roughly within the profit level range for the store operation.</p><p>However, judging from the trend, the daily sales scale of a single store is on a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. Among them, there are not only the impact of the epidemic explained by enterprises, but also the lax grasp of efficiency in expansion, which dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, we can see that in the past three years, the daily sales of single stores in different levels of cities have been approaching, and it has been almost at the same level in 2020. We previously thought that this was the inevitable result of the conservative impact of consumption under the epidemic, but after 2019, we are more certain that this may be a trend. For the milk tea favored by young people, users in first-and second-tier cities are getting closer to acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, it can theoretically narrow the balance point of daily sales of 25,000 yuan to reach the level of about 23,000 yuan, thus alleviating the profit pressure.</p><p>To summarize our conclusions in this section:</p><p>First, this is an enterprise whose revenue and cost structure are very similar to Starbucks, and its valuation should also refer to Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong for more than three years. The dilution of the founder's shares is relatively small, and it can also raise funds in the capital market through additional issuance and convertible bonds to maintain its expansion.</p><p>Next let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After the listing of Naixue's tea, the latest financing of Heytea was reported, coupled with Gongcha, Lele tea and other brands. We can say with certainty that due to the high gross profit and more accurate growth of the industry, this category has become a hot spot for capital pursuit. It can also be said with certainty that there are still many financing news that shock us in the next industry.</p><p>Strong capital involvement has always been a double-edged sword. On the one hand, capital does give entrepreneurial enterprises the impetus to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. Typical representatives are that enterprises' premium ability in the terminal market is limited, their negotiation ability with suppliers is insufficient, etc., which will dilute the profitability of single enterprises. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents. Such things have been common in the past few years. To be honest, I doubt whether Naixue's tea can escape.</p><p>This is not different from the coffee chain industry. Although Starbucks is at the top of the coffee chain, there has been no shortage of challengers for so many years, from COSTA overseas to Luckin in the Chinese market. The strong competitive pressure is optimistic to train the team and improve the ability to resist pressure, but pessimistically, it makes users extremely sensitive to its price, enterprises have strong substitutability, and the profit margin is compressed to a low level.</p><p>Nowadays, China's capital market has reached a relatively mature stage, and Starbucks has made money lying down. What if Naixue's tea is not ready? That is to say, although we have made an ideal business analysis of enterprises above, we must add the premise that the industry is still under great uncertainty, and enterprises have gotten financing advantages earlier than others, but the stock price is the anchor of the next financing cost. It is the top priority to do a good job in business, keep the stock price, get convenient and cheap financing, and support its expansion. However, under uncertainty (and the overall adjustment factors of Hong Kong stocks), we must say that Naixue's tea market value management is under great pressure.</p><p>So what is the center point of the company's market value?</p><p>Let's still take Starbucks as an example, and take the data of fiscal year 2020 as a reference. Now, the market value has almost achieved a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks showed a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and America have a huge impact). Taking the 2019 data as an example, the price-to-sales ratio is now over 5 times, and the static P/E is around 40 times. Because the US stock market has expanded under the global release, it is now almost the highest point of Starbucks stock price.</p><p>When we value Naixue's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about HK$ 22 billion. However, considering that the enterprise will increase its store expansion after financing, the total revenue will be in a rapid growth range, we will give a certain premium, which will be about HK$ 25 billion after careful consideration.</p><p>Let's use p/E as a verification. The market value of HK$ 25 billion is 25 times the p/E ratio, the operating profit is HK$ 10, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the balance point of profit p, we think that this goal is difficult but not impossible to achieve.</p><p>In addition, it is emphasized that when dynamically observing enterprises, we will still adjust the valuation level with profitability as an important reference. The above-mentioned market value valuation is also on the premise of ideal operation. If the balance between profit and expansion is appropriate, the model will be appropriately adjusted. However, in short, for Naixue's tea, we should treat it as a retail enterprise, and don't be fooled by the concept of Internet. Naixue's tea is not an Internet enterprise, and the valuation of enterprises can't take the old road of Haidilao.</p>","source":"lsy1583724996352","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>Is Naixue's tea Starbucks or Luckin?</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\">\nIs Naixue's tea Starbucks or Luckin?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 科技说</strong><span class=\"h-time small\">2021-07-08 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Starting with the analysis of enterprise value, we discuss whether Nayuki's tea has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive views on Naixue's tea prospectus first. Unlike Ruixing, who emphasizes its own \"scientific and technological attributes\" and highlights the customary business data of Internet companies such as DAU and MAU, Naixue's tea is flaunting its offline retail attributes as a whole, that is to say, enterprises do not deliberately create \"strong concepts\" to improve their pricing power.</p><p>The business model and cost structure of the offline tea drinking industry are highly similar to those of coffee chains. We compare the tea of Nayuki in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Naixue's gross profit margin of tea is insufficient, considering factors such as volume and development stage, we think its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and mid-stage of development, there is no oligarch with market pricing power yet, and Naixue's tea is not yet facing a brutal price war. On the other hand, we must also see that since the myth of Ruixing was punctured, although the milk tea industry has expanded rapidly with the blessing of capital, we have not seen a brutal price war so far. Judging from the historical data of Naixue's tea, the low proportion of market expenses and the high gross profit all show that the industry requires enterprises to balance the relationship between growth and loss, and the development of the industry is much more rational and restrained than that of the coffee industry spoiled by Ruixing.</p><p>With the above ideas, let's look at the indicators such as store operating cost. Naixue's tea is very close to Starbucks. Although the two enterprises are in different industries, their business logic is basically the same.</p><p>So in that case, why is Nayuki's tea still losing money in 2020? As the business model and logic of the enterprise and Starbucks are very close, the latter should be taken as a reference in the market value judgment, and the potential of business scale growth and profit should be considered. The high revenue accompanied by high losses used by Internet companies is not suitable for Naixue's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The cost listed in the above figure is the main consumption point of offline store operation. In addition, there are still many subtle expenses that can't be expressed. From the revenue model, the biggest difference between Naixue's tea and Starbucks is that the proportion of take-out orders is particularly large, while Starbucks still mainly serves dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>As a result, in the past three years, Nayuki's tea distribution expenses have increased obviously, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will be close to Starbucks in terms of operating profit margin.</p><p>For Nayuki's tea, after the take-out orders increase (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay the distribution fee to the distribution company. However, in order not to affect consumers' purchasing impulse, online and offline sales are adopted at the same price, and freight subsidies are made in various ways (such as full reduction, such as free freight days every Monday, etc.). When the scale of take-out orders is so expanded, Starbucks' offline operating profit margin is only less than 7%, which will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How can this be cracked?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail was severely impacted (so far, the national social consumption growth is still at a low level), which seriously affected the rent level of offline shops (in 2020, both the central government and governments at all levels were calling for rent reduction and subsidies to make profits), which can also be verified in Naixue's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, the rents of cities at all levels have a downward trend, considering that the signing cycle of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. In 2020, the average rent needs to be hedged against the previous higher rental cost after the price reduction in that year. Although it decreased in that year, it did not fully reflect the actual magnitude of the decrease in shop rent;</p><p>2. In 2020, enterprises have carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure of average rent will be partially alleviated since then, especially in non-first-tier cities, which may make greater efforts in rent profits (already shown in the above figure).</p><p>Before this, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power in negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) will give priority to Starbucks when attracting investment, and give policy inclination (similar bans and rent discounts), which makes Starbucks have a distinct comparative advantage compared with similar enterprises.</p><p>From the internal perspective, although it is extremely controversial to reflect on the Luckin model now, it seems to make sense that when users become more and more dependent on take-out, it is actually possible to expand the proportion of take-out stores, reduce the proportion of rent, expand online revenue and adjust the operating cost structure.</p><p>So we sorted out Naixue's tea applet and the transaction scale between its own App and take-out platform, as shown in the following figure</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of payment by in-store cashiers (mainly dine-in) has dropped significantly. At the same time, the proportion of payment completed through small programs and take-out platforms is enlarging. Even if users will buy in stores through small programs are excluded, we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operation, does this mean that enterprises can reduce the store area, focus on take-out, reduce offline costs, and hedge against the fact that the distribution cost increases?</p><p>In the prospectus, we see that Naixue's Tea indicated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, of which 70% are PRO stores. If the above results of our analysis are maintained in cost control and business expansion, it is conceivable that the composition of the operating expenses of enterprises will change significantly in the next, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party take-out platform service expenses, we don't know for the time being, which is what we should focus on next.</p><p>So when is the earnings cycle we expect for this business?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating cost, we calculate that, judging from the store operation in 2020, the break-even point of its store is about 25,000 yuan per day, which is higher than this level in 2018-2019. If the financing costs and other expenses at that time are excluded, it will be roughly within the profit level range for the store operation.</p><p>However, judging from the trend, the daily sales scale of a single store is on a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. Among them, there are not only the impact of the epidemic explained by enterprises, but also the lax grasp of efficiency in expansion, which dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, we can see that in the past three years, the daily sales of single stores in different levels of cities have been approaching, and it has been almost at the same level in 2020. We previously thought that this was the inevitable result of the conservative impact of consumption under the epidemic, but after 2019, we are more certain that this may be a trend. For the milk tea favored by young people, users in first-and second-tier cities are getting closer to acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, it can theoretically narrow the balance point of daily sales of 25,000 yuan to reach the level of about 23,000 yuan, thus alleviating the profit pressure.</p><p>To summarize our conclusions in this section:</p><p>First, this is an enterprise whose revenue and cost structure are very similar to Starbucks, and its valuation should also refer to Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong for more than three years. The dilution of the founder's shares is relatively small, and it can also raise funds in the capital market through additional issuance and convertible bonds to maintain its expansion.</p><p>Next let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After the listing of Naixue's tea, the latest financing of Heytea was reported, coupled with Gongcha, Lele tea and other brands. We can say with certainty that due to the high gross profit and more accurate growth of the industry, this category has become a hot spot for capital pursuit. It can also be said with certainty that there are still many financing news that shock us in the next industry.</p><p>Strong capital involvement has always been a double-edged sword. On the one hand, capital does give entrepreneurial enterprises the impetus to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. Typical representatives are that enterprises' premium ability in the terminal market is limited, their negotiation ability with suppliers is insufficient, etc., which will dilute the profitability of single enterprises. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents. Such things have been common in the past few years. To be honest, I doubt whether Naixue's tea can escape.</p><p>This is not different from the coffee chain industry. Although Starbucks is at the top of the coffee chain, there has been no shortage of challengers for so many years, from COSTA overseas to Luckin in the Chinese market. The strong competitive pressure is optimistic to train the team and improve the ability to resist pressure, but pessimistically, it makes users extremely sensitive to its price, enterprises have strong substitutability, and the profit margin is compressed to a low level.</p><p>Nowadays, China's capital market has reached a relatively mature stage, and Starbucks has made money lying down. What if Naixue's tea is not ready? That is to say, although we have made an ideal business analysis of enterprises above, we must add the premise that the industry is still under great uncertainty, and enterprises have gotten financing advantages earlier than others, but the stock price is the anchor of the next financing cost. It is the top priority to do a good job in business, keep the stock price, get convenient and cheap financing, and support its expansion. However, under uncertainty (and the overall adjustment factors of Hong Kong stocks), we must say that Naixue's tea market value management is under great pressure.</p><p>So what is the center point of the company's market value?</p><p>Let's still take Starbucks as an example, and take the data of fiscal year 2020 as a reference. Now, the market value has almost achieved a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks showed a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and America have a huge impact). Taking the 2019 data as an example, the price-to-sales ratio is now over 5 times, and the static P/E is around 40 times. Because the US stock market has expanded under the global release, it is now almost the highest point of Starbucks stock price.</p><p>When we value Naixue's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about HK$ 22 billion. However, considering that the enterprise will increase its store expansion after financing, the total revenue will be in a rapid growth range, we will give a certain premium, which will be about HK$ 25 billion after careful consideration.</p><p>Let's use p/E as a verification. The market value of HK$ 25 billion is 25 times the p/E ratio, the operating profit is HK$ 10, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the balance point of profit p, we think that this goal is difficult but not impossible to achieve.</p><p>In addition, it is emphasized that when dynamically observing enterprises, we will still adjust the valuation level with profitability as an important reference. The above-mentioned market value valuation is also on the premise of ideal operation. If the balance between profit and expansion is appropriate, the model will be appropriately adjusted. However, in short, for Naixue's tea, we should treat it as a retail enterprise, and don't be fooled by the concept of Internet. Naixue's tea is not an Internet enterprise, and the valuation of enterprises can't take the old road of Haidilao.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd\"> 科技说</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169344170","content_text":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整体上是在标榜自身的线下零售属性，也就是说，企业并没有刻意制造“强概念”来提高定价能力。\n线下茶饮业，其商业模型和成本结构与咖啡连锁雷同度极高，我们用2020年奈雪的茶与2020财年星巴克财务数据进行对比，见下图\n\n对比星巴克，奈雪的茶毛利率虽显出不足，但考虑体量以及发展阶段等因素，我们认为其表现还是在较为理想区间的。\n其一方面是由于线下茶业整体仍在发展前中期，尚未出现具有市场定价能力的寡头，奈雪的茶也尚不到面临残酷价格战的时候，而另一方面，我们也必须看到自瑞幸神话被戳破之后，奶茶业虽在资本加持下迅速扩张，但迄今为止我们也未看到凶残的价格战，从奈雪的茶历史数据看，市场费用占比低，毛利高都说明行业都是要求企业可以平衡增长与损耗之间的关系，行业发展较之瑞幸搅局的咖啡业要理性和克制许多。\n带着以上思路我们再看门店运营成本等指标，奈雪的茶与星巴克都极为接近，两个企业虽所处行业不同，但经营逻辑基本是一致的。\n那么既然如此，为何奈雪的茶在2020年仍然是亏损呢？由于企业与星巴克经营模式和逻辑极为接近，那么在市值判断中就应该以后者为参考，要考虑经营规模增长和盈利的潜力问题，互联网企业惯用的高营收伴随高亏损对于奈雪的茶是不合适的。\n在此问题的分析中我们引入以下思路。\n上图中所罗列成本乃是线下门店运营的主要消耗点，除此以外尚有许多细微费用未能表示，从营收模型看，奈雪的茶与星巴克最大不同在于外卖订单占比尤其之大，而星巴克在全世界仍然以堂食或到店服务为主。\n\n这也就使得在过去的三年时间里奈雪的茶配送费用出现了明显的上扬，占营收比也超过了5个百分点，换句话说，若无此部分支出，奈雪的茶在经营利润率表现方面就比较接近星巴克了。\n对于奈雪的茶，外卖订单增加之后（通过小程序以及第三方外卖平台订单占比已经超过20%）就需要向配送企业支付配送费用，而为了不影响消费者的购买冲动，就采取了线上线下同价销售，且通过各种方式进行运费补贴（如满减，如如今每周一的免运费日等等），在外卖订单规模如此膨胀之际，在星巴克线下经营利润率仅不足7%的情况下，无疑会摊薄奈雪的茶的盈利能力。\n这又当如何破解呢？\n我们从外部和内部两条线索去思考。\n外部，2020年受疫情影响，线下实体零售受到较为严重的冲击（至今全国社消增长仍在较低水平），这就严重影响了线下商铺的租金水平（2020年无论是中央还是各级政府都在号召减租补贴让利），这在奈雪的茶招股书中也能得到验证。\n\n在上图中，各级城市的租金都有下降的势头，考虑到企业对线下商铺的签约周期普遍在3-5年，也就是说：\n1.2020年平均租金需要用当年降价后的去对冲此前较高的租金成本，当年虽然有所下降，但并未完全反应商铺租金下降的实际幅度；\n2.2020年企业又进行了极大的门店扩张，其中新一线城市和二线城市是重要亮点，可以预见的是，此后平均租金的压力较之前要得到部分缓解，尤其非一线城市在租金让利方面的力度可能会更大（上图中已有表示）。\n在此之前我们考虑星巴克时，除了品牌以及供应链优势外，往往忽略了其在与商业地产谈判时的议价能力，一般商业地产项目（尤其在新一线及以下城市）招商时会优先考虑星巴克，并给以政策性倾斜（同类禁业以及租金折扣），这就使得对比同类企业时星巴克拥有了鲜明的比较优势。\n从内因外看，如今反思瑞幸模式，虽然争议极大，但其有一点似乎是有道理，即当用户越来越依赖外卖时，事实上是可以扩大外卖店比例，降低租金占比，扩大线上收入，调整经营成本结构。\n于是我们就整理了奈雪的茶小程序以及自身App与外卖平台的交易规模情况，见下图\n\n在过去的三年时间里，店内收银（主要是堂食）支付占比有明显的下降，与此同时通过小程序和外卖平台完成支付的比例却在放大，即便剔除用户也会通过小程序进行到店购买这一因素，但我们仍然可以得到：外卖消费占比正在扩大这一事实。\n此趋势也和前文所述外卖服务费占比增长相吻合，但从企业经营入手，这是否就代表着此后企业可以缩小门店面积，以经营外卖为主，降低线下成本，以对冲配送成本增加这一事实呢？\n在招股书中，我们看到奈雪的茶表示要加大PRO店的布局，2021年和2021年计划在一线和新一线城市开设300-350间门店，其中70%为PRO店，如果在成本控制以及经营扩张中保持上述我们分析的成绩，那么可以想象的是接下来企业的运营费用的构成将会发生明显变化，且极有可能会降低亏损压力。\n那么，这就要求企业在运营时要加强线上导流的效果，是否会加大线上营销费用或第三方外卖平台服务支出呢，我们暂不得而知，这也是接下来我们要重点观察的。\n那么对于该企业，我们所期望的盈利周期又在何时呢？\n如果将门运营的人员，房租水电，折旧摊销视为固定费用，材料成本视为浮动成本，我们测算，以2020年门店经营情况判断，其门店盈亏平衡点大概在日销25000元上下，在2018-2019年是高于此水平的，若剔除彼时融资成本以及其他开支，对于门店经营而言，大致是在盈利水平区间的。\n但从趋势判断单店日销规模是呈不断下降趋势的，从2018年的超过3万元下降到了刚过2万元，这其中既有企业所解释的疫情影响，但亦有在扩张中对效率的把握不严，稀释了单店销售能力。\n\n在上图中我们看到，在过去的三年时间里不同层级城市单店日销有不断接近的趋势，在2020年已经几乎在同一水平，我们此前曾认为这是疫情因素之下，消费保守冲击的必然结果，但看到2019年之后，我们较为肯定认为，这可能是一个趋势，对于年轻人所喜爱的奶茶而言，一二线城市用户对价格以及产品的接受度愈加接近。\n在前文中我们讨论过从房租水平来看，新一线以及二线城市较之一线城市是有着比较明显优势的，此外亦有人员薪资成本差别，也就是说，如果能扩大非一线城市的门店占比，理论上是可以缩小25000元日销的平衡点，达到23000左右的水平，缓解盈利压力。\n总结此部分我们的结论：\n其一，这是一家营收和成本费用结构与星巴克极为相似的企业，估值也应该参考星巴克模型；\n其二，加大PRO门店，侧重非一线城市门店占比，可能是盈利的重要路径，2017年拿到A轮之后，近三年多就在港上市，创始人股份稀释相对较少，还可以通过增发以及可转债形式在资本市场募资，保持扩张。\n接下来我们谈一谈对奈雪的茶的一些“悲观”看法。\n在奈雪的茶上市后，传出喜茶最新的融资，加之贡茶，乐乐茶等品牌，我们可以确切的说，由于行业的高毛利以及较为确切的成长性，该品类已经成为资本追逐的热点，也可以肯定的说，接下来行业仍然不乏令我们震惊的融资消息。\n资本强介入向来是双刃剑，一方面资本确实给了创业企业以动力，加速行业市场教育，但另一方面，也会使得一个行业快速由蓝海变为红海，典型代表为，企业在终端市场的溢价能力受限，与供应商的谈判能力不足等等，会摊薄单企业的盈利能力，且由于行业模式相同，线下优质门店又往往集中在部分区域，这就极有可能会哄抬门店租金，这类事情在过去几年的时间里我们屡见不鲜，奈雪的茶能否躲过，说实话我是比较怀疑的。\n这与咖啡连锁业又何尝不是，星巴克虽然位于咖啡连锁头把交椅，但这么多年从不缺挑战者，海外的COSTA到中国市场的瑞幸，强大的竞争压力乐观看是锻炼队伍，提高抗压能力，但悲观看就使得用户对其价格极为敏感，企业具有极强的可替代性，利润率被压缩在一个较低水平。\n如今我国资本市场已经到了一个较为成熟的阶段，星巴克都做到躺着赚钱，奈雪的茶如不枕戈待旦又当如何呢？也就是说，虽然我们上述对企业进行了理想性的经营分析，但必须加上前提：行业仍处在巨大的不确定性之下，企业早于他人上市拿到了融资优势，但股价是接下来融资成本的锚，做好经营守住股价，获得便利且便宜的融资，支持其扩张才是重中之重，但在不确定性下（也有港股整体的调整因素），我们必须说奈雪的茶市值管理是有比较大压力的。\n那么该企业的市值中心点又在何水平呢？\n我们仍然以星巴克为例，以2020财年数据为参考，如今市值差不多拿到了接近6倍的市销率，静态市盈率超过138倍。\n受疫情已经星巴克在2020年呈现营收相对持平，但利润严重下滑的局面（欧美地区门店影响巨大），以2019数据为例，如今市销率过5倍，静态市盈率则在40倍上下，由于美股在全球大放水下得到膨胀，如今几乎又是星巴克股价最高点。\n在我们给奈雪的茶以估值时，参考6倍的市销率，以2020年营收为参考，大概在220亿港币上下，但考虑到企业在融资后会加大门店扩张，总营收会在一个快速增长区间，我们给予一定溢价，审慎考虑会在250亿港币上下。\n我们再用市盈率做验证，250亿港币市值取25倍市盈率，经营性盈利在10港币，单店盈利会在4000元上下，按照上述对盈利p平衡点的分析，我们认为此目标虽有难度但并非不可完成。\n此外，强调一点，在对企业进行动态观察时，我们仍会以营利能力为重要参考，调整估值水平，上述的市值估值也是在经营较为理想的前提下，若盈利与扩张之间平衡得当，也会适当调整模型，但总之，对于奈雪的茶，我们要以零售企业对待，千万不要被互联网概念所迷惑，奈雪的茶不是互联网企业，对企业估值也不能走海底捞的老路。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":2232,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149863655,"gmtCreate":1625715095177,"gmtModify":1703746994523,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText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10:59","market":"other","language":"zh","title":"Hong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136141210","media":"老虎资讯综合","summary":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是","content":"<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks are lower,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>fell by more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technologies</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>It fell nearly 3%.</p><p>Some analysts expect that the assembly orders of iPhone 13 mini will be significantly reduced compared with iPhone 12 mini, mainly because the sales volume of the latter after its launch is lower than expected. In March this year, some media said that the sales of iPhone 12 mini were not ideal, and Apple significantly cut orders for this one. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Hong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%</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\">\nHong Kong Apple Concept Stocks Lower, BYD Electronics Drops Over 6%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-08 10:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks are lower,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>fell by more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technologies</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>It fell nearly 3%.</p><p>Some analysts expect that the assembly orders of iPhone 13 mini will be significantly reduced compared with iPhone 12 mini, mainly because the sales volume of the latter after its launch is lower than expected. In March this year, some media said that the sales of iPhone 12 mini were not ideal, and Apple significantly cut orders for this one. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/74282bcfe2e1d6d1ec4546eb18e35028","relate_stocks":{"00285":"比亚迪电子","09086":"华夏纳指-U","01478":"丘钛科技","03086":"华夏纳指","02018":"瑞声科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136141210","content_text":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是因为后者推出之后的销量低于预期。今年3月份，有媒体称，iPhone 12 mini销量不理想，苹果大幅削减了这一款的订单。在上月底，也曾有研究机构称，由于销量不佳，iPhone 12 mini在二季度可能停止生产。","news_type":1,"symbols_score_info":{"01478":0.9,"00285":0.9,"02018":0.9,"09086":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140265494,"gmtCreate":1625662551718,"gmtModify":1703745861302,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140265494","repostId":"1173990890","repostType":4,"repost":{"id":"1173990890","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625653627,"share":"https://ttm.financial/m/news/1173990890?lang=en_US&edition=fundamental","pubTime":"2021-07-07 18:27","market":"us","language":"zh","title":"Nio: Power Swap Station, Overcharging Pile Officially Shipped to Norway","url":"https://stock-news.laohu8.com/highlight/detail?id=1173990890","media":"老虎资讯综合","summary":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获","content":"<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr. Lutz Frankhol officially awarded the TÜV Rheinland EU certificate to Fei Shen, Vice President of Power Management of Nio. So far, NIO Power swap stations, super-charging piles and home-charging piles have all obtained the dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate, which also indicates that NIO Power has officially entered the overseas market and can officially build Power swap stations, super-charging piles and home-charging piles in Europe.</p><p>At the same time, the first batch of battery swap stations and overcharging piles in Nio were also officially shipped, which are expected to arrive in Norway in early August.</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>Nio: Power Swap Station, Overcharging Pile Officially Shipped to Norway</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\">\nNio: Power Swap Station, Overcharging Pile Officially Shipped to Norway\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 18:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr. Lutz Frankhol officially awarded the TÜV Rheinland EU certificate to Fei Shen, Vice President of Power Management of Nio. So far, NIO Power swap stations, super-charging piles and home-charging piles have all obtained the dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate, which also indicates that NIO Power has officially entered the overseas market and can officially build Power swap stations, super-charging piles and home-charging piles in Europe.</p><p>At the same time, the first batch of battery swap stations and overcharging piles in Nio were also officially shipped, which are expected to arrive in Norway in early August.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173990890","content_text":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获得TÜV莱茵欧盟证书和TÜV MARK证书双重认证，这也标志NIO Power正式进入海外市场，可以在欧洲正式建设换电站、超充桩和家充桩。\n与此同时，蔚来首批换电站和超充桩也正式发运，预计8月初抵达挪威。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2718,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152807086,"gmtCreate":1625279154045,"gmtModify":1703739846283,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152807086","repostId":"2148801896","repostType":4,"repost":{"id":"2148801896","kind":"news","pubTimestamp":1625261623,"share":"https://ttm.financial/m/news/2148801896?lang=en_US&edition=fundamental","pubTime":"2021-07-03 05:33","market":"us","language":"zh","title":"China's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2148801896","media":"新浪财经","summary":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的","content":"<p>Some stocks will do very well after an IPO. But the 790% increase can not be described by a \"very good\" sentence, which is completely unbelievable.</p><p><a href=\"https://laohu8.com/S/CPOP\">Popular culture</a>Is the latest of the unbelievable, quickly becoming a candidate for the stock market boom. The hip-hop cultural communications company went public Wednesday at a price of $6 per share, giving it a market capitalization of about $140 million. By Friday, the stock had accumulated about 790% gains, surging to $1.27 billion in market capitalization.</p><p>The stock jumped 405% on its first day of listing on Wednesday, ranking fifth in U.S. stock market history, according to the aggregated data. Ranked first is Yijia Kuaifu, which achieved an eye-popping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pop Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pop Culture's IPO prospectus says it generated approximately $15.7 million in revenue in the 12 months ended June 2020, with nearly half of that coming from event hosting. According to the data, the stock is more than 300 times P/E at Friday's closing price, about 10 times that of Apple.</p>","source":"sina_symbol","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>China's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Hip-Hop Promotion Company debuted hot and Pu Pu Culture rose nearly 8 times in three days after listing\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\">2021-07-03 05:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Some stocks will do very well after an IPO. But the 790% increase can not be described by a \"very good\" sentence, which is completely unbelievable.</p><p><a href=\"https://laohu8.com/S/CPOP\">Popular culture</a>Is the latest of the unbelievable, quickly becoming a candidate for the stock market boom. The hip-hop cultural communications company went public Wednesday at a price of $6 per share, giving it a market capitalization of about $140 million. By Friday, the stock had accumulated about 790% gains, surging to $1.27 billion in market capitalization.</p><p>The stock jumped 405% on its first day of listing on Wednesday, ranking fifth in U.S. stock market history, according to the aggregated data. Ranked first is Yijia Kuaifu, which achieved an eye-popping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pop Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pop Culture's IPO prospectus says it generated approximately $15.7 million in revenue in the 12 months ended June 2020, with nearly half of that coming from event hosting. According to the data, the stock is more than 300 times P/E at Friday's closing price, about 10 times that of Apple.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"CPOP":"普普文化"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148801896","content_text":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的价格发行上市，市值约为1.4亿美元。到周五，该股累计上涨约790%，市值飙升至12.7亿美元。\n汇总的数据显示，该股周三首日上市大涨405%，在美国股市历史上排名第五。排名第一的是亿家快服，5月份上市首日取得令人瞠目结舌的1100%涨幅。\n\n普普文化的强劲涨势在周五有所降温，股价下跌11%至53.40美元，仍比IPO价格高出约47美元。\n普普文化的IPO招股说明书称，在截至2020年6月的12个月收入约1570万美元，其中近一半来自活动主办。数据显示，按周五收盘价计算，该股市盈率超过300倍，约为苹果公司的10倍。","news_type":1,"symbols_score_info":{"CPOP":0.9}},"isVote":1,"tweetType":1,"viewCount":2200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":251345662845160,"gmtCreate":1702401045352,"gmtModify":1702401048110,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586943117143889","authorIdStr":"3586943117143889"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$&nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$&nbsp;</a>","text":"$GLOBALFOUNDRIES Inc.(GFS)$","images":[{"img":"https://community-static.tradeup.com/news/e41f6a77fbf117be839e62b540a2f770","width":"1170","height":"2364"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/251345662845160","isVote":1,"tweetType":1,"viewCount":2750,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}