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InkLeong

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- InkLeongInkLeong
  ·2023-02-10
  $AMC院线(AMC)$ How did it become a junk stock again?🤦🏻‍♂️
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- InkLeongInkLeong
  ·2021-08-31
  $Meta Materials Inc.(MMAT)$??
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- InkLeongInkLeong
  ·2021-07-18
  $Palantir Technologies Inc.(PLTR)$?
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- InkLeongInkLeong
  ·2021-07-12
  $Palantir Technologies Inc.(PLTR)$???
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- InkLeongInkLeong
  ·2021-07-10
  $Takung Art Co., Ltd.(TKAT)$?
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- InkLeongInkLeong
  ·2021-07-01
  $Takung Art Co., Ltd.(TKAT)$????
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- InkLeongInkLeong
  ·2021-06-28
  $Meta Materials Inc.(MMAT)$????????
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- InkLeongInkLeong
  ·2021-06-07
  ?
  Gome is unlikely to be named in the "6.18" shopping festival.
  黄光裕，迎来重掌国美的一大挑战。一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。对国美而言，则是一个检验“复兴”效果的契机。 “希望通过我们的奋斗，我们的
  Gome is unlikely to be named in the "6.18" shopping festival.
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- InkLeongInkLeong
  ·2021-06-06
  ??‍♂️
  Sorry, this post has been deleted
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- InkLeongInkLeong
  ·2021-06-06
  ??‍♂️
  410 billion yuan! CATL is facing a massive lifting of lock-up restrictions; can it weather the storm safely?
  近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司
  410 billion yuan! CATL is facing a massive lifting of lock-up restrictions; can it weather the storm safely?
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Materials Inc.(MMAT)$</a>??","listText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>??","text":"$Meta Materials Inc.(MMAT)$??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/818550976","isVote":1,"tweetType":1,"viewCount":3619,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179509051,"gmtCreate":1626546388273,"gmtModify":1703761605791,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>?","text":"$Palantir Technologies Inc.(PLTR)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179509051","isVote":1,"tweetType":1,"viewCount":3030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146467761,"gmtCreate":1626097172253,"gmtModify":1703753293287,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>???","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>???","text":"$Palantir Technologies Inc.(PLTR)$???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146467761","isVote":1,"tweetType":1,"viewCount":3694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141867934,"gmtCreate":1625848055628,"gmtModify":1703749893583,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>?","listText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>?","text":"$Takung Art Co., Ltd.(TKAT)$?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141867934","isVote":1,"tweetType":1,"viewCount":4721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158612959,"gmtCreate":1625147568171,"gmtModify":1703737142209,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>????","listText":"<a href=\"https://laohu8.com/S/TKAT\">$Takung Art Co., Ltd.(TKAT)$</a>????","text":"$Takung Art Co., Ltd.(TKAT)$????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/158612959","isVote":1,"tweetType":1,"viewCount":4375,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150314945,"gmtCreate":1624887331487,"gmtModify":1703847046814,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>????????","listText":"<a href=\"https://laohu8.com/S/MMAT\">$Meta Materials Inc.(MMAT)$</a>????????","text":"$Meta Materials Inc.(MMAT)$????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150314945","isVote":1,"tweetType":1,"viewCount":3265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114821882,"gmtCreate":1623067163846,"gmtModify":1704195336645,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/114821882","repostId":"1171406130","repostType":4,"repost":{"id":"1171406130","kind":"news","pubTimestamp":1623066365,"share":"https://ttm.financial/m/news/1171406130?lang=en_US&edition=fundamental","pubTime":"2021-06-07 19:46","market":"hk","language":"zh","title":"Gome is unlikely to be named in the \"6.18\" shopping festival.","url":"https://stock-news.laohu8.com/highlight/detail?id=1171406130","media":" 锌刻度","summary":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的","content":"<p>Huang Guangyu faces a major challenge in regaining control of Gome.</p><p>The annual \"6.18\" shopping festival can be considered a crucial battle for e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">JD.com</a>Suning<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao and other platforms are all eager to get their hands dirty.</p><p>For Gome, this is an opportunity to test the effectiveness of its \"revival\".</p><p>\"We hope that through our struggle and efforts, we can strive to restore the company's original market position within the next 18 months,\" Huang Guangyu made a bold statement on the third day after his official release.</p><p>However, Gome has been lagging behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared to the same period last year.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales volume of goods reached 416.315 billion yuan, and the two, which were once comparable, are now a full order of magnitude apart.</p><p>So, Gome, which has shifted from conservative to aggressive, what cards can it play in this \"6.18\" battle? In a landscape dotted with e-commerce giants, can we find a gap to leap forward? Will the home decoration market become Gome's second curve?</p><p><b>Live streaming is sluggish, and short videos have become advertising territory.</b></p><p>\"I heard that Moutai is easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Moutai was just as difficult to grab on the Gome e-commerce APP \"True Happiness\". Later, she learned that she had been \"tricked\": Xiaomei Bangbang, a commission-earning tool for sharing on \"True Happiness\", could receive a commission of up to 6 yuan for each successful promotion of a member, and the so-called ease of grabbing Moutai was one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao's example by launching a live streaming function, JD.com's example by launching a 99 membership function, and Pinduoduo's example by launching games and group buying functions. \"At best, it's a comprehensive collection; at worst, it's just a stitching monster!\"</p><p>The zinc scale survey found that,<b>The aforementioned features of \"True Happiness\" remain a standard practice in e-commerce, and they are still far from capturing users' minds.</b></p><p>For example, Gome regards live streaming as a value growth point and Huang Guangyu has high hopes for it. However, the live streaming on \"True Happiness\" is quite limited, mostly taking place in Gome's offline stores, where store staff directly serve as streamers.</p><p>According to Times Finance, since the beginning of the year, Gome has required its employees to guide customers to place orders through the \"True Happiness\" APP. The live streaming assessment target requires that each session have no less than 30 viewers.</p><p>After a week of observation, Zinc Scale found that most live streams lacked popularity, with the number of viewers remaining in double digits in most cases, and sometimes even less than 30.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">The number of spectators is less than 30</p><p>Even worse,<b>The short videos featuring \"Truly Happy\" are almost entirely promotional advertisements from manufacturers.</b></p><p>For example, \"True Happiness\" brings slot machine games into \"True Happiness\". Users can earn Tiger Coins by logging into the event page to check in or shop every day. Those who choose to participate in a lottery with a multiplier of 2x, 5x or 8x can have a chance to win high Tiger Coin rewards.</p><p>Little Tiger Coins can be exchanged for True Happiness Beans, which can be redeemed for cash when shopping, hence the saying online that \"Little Tiger takes a gamble and turns a bicycle into a motorcycle\".</p><p>The problem is,<b>This tactic clearly skirts the legal fringes, and \"True Happiness's\" blatant integration of it into its e-commerce system is questionable.</b>。</p><p><b>Is the \"price war\" just a bluff?</b></p><p>Actually,<b>Price wars are the key to \"true happiness\".</b></p><p>As the May Day holiday approached, Huang Guangyu sent an open letter: \"Having been deeply involved in the retail industry for 34 years, Gome deeply feels the pain of low prices becoming a gimmick in the industry, knows the difficulty of sustaining low prices, and firmly believes that only truly low prices with high cost performance, winning through volume, low profit margins and high sales volume, and the genuine support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has launched a \"price war\".</p><p>During the \"6.18\" shopping festival, the \"True Happiness\" price war covered multiple sectors such as electronics, department stores, and beverages, in an attempt to find an opportunity to leap forward in the landscape of numerous e-commerce giants.</p><p>Zhao Bingcong, who is currently renovating, has a deep understanding of this.</p><p>Because he lives in the Jiangsu and Zhejiang regions, it is difficult to dry clothes on the balcony during the plum rain season. Zhao Bingcong had suffered before, and this time he wanted to buy a dryer for his new home. In comparison, Gome offered the lowest price online.</p><p>\"My neighbor recommended the Siemens WT47W5681W, which also has a built-in sterilization function,\" Zhao Bingcong said. He added that the Gome price is 7,499 yuan, which is 100 yuan less than the final price on mainstream e-commerce platforms. \"I can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told Zinc Scale that only some home appliances on \"True Happiness\" have a price advantage, while most other products are not at a disadvantage, and some are even at a disadvantage.</p><p>In other words,<b>Gome's \"price war\" was not as intense as one might imagine.</b></p><p>according to<a href=\"https://laohu8.com/S/00493\">Gome Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of RMB 9.597 billion and net cash flow from operating activities of RMB 1.851 billion, which shows that its foundation in waging \"price wars\" is not deep.</p><p>In fact, the Zinc Scale survey found that the current \"Truly Happy\" \"Newcomer Exclusive 1 Yuan Purchase\" event is practically useless because the coupons have already been snapped up. However, the promotion in the APP has not stopped, which has caused dissatisfaction among new consumers, with a lot of voices saying \"If you can't afford to play, don't play.\"<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">Activities without coupons are meaningless.</p><p>This indirectly confirms this.<b>Gome's \"price war\" is lacking momentum and urgently needs to replenish its resources.</b></p><p>An internet observer told Zinc Scale: \"With internet traffic peaking and customer acquisition costs high, if Gome's low-price subsidy strategy cannot continuously export and achieve widespread coverage, then its possibility of overtaking on a curve is questionable.\"</p><p><b>E-commerce is lagging behind, and even indirect attacks cannot break through the traffic bottleneck.</b></p><p>Given the above disadvantages,<b>Gome may find it difficult to achieve a leapfrog development in traditional sectors.</b>The authorities are well aware of this and are actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.com and Tmall, it will be difficult to form a new landscape and competitiveness,\" said He Yangqing, CEO of Gome Investment Company, in a media interview. \"There are very few leading companies in the home decoration industry, and their market share is even less than 1%.\"</p><p>And yes,<b>Gome has set its sights on the home decoration market to break through.</b></p><p>According to big data from AVC Revo, the demand for renovation in the existing housing market is expected to exceed 35 million units during the 14th Five-Year Plan period, a significant increase of more than 77% compared to the 13th Five-Year Plan period.</p><p>According to relevant data, with the increase in the proportion of home renovation spending in fourth-tier cities and below, the home decoration market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to integrate scheme design, contract signing, material procurement, and construction acceptance into a unified platform to create a transparent closed loop for decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome invests in Dabanjia, using it as a tool to enter the home decoration market.</p><p>Huang Guangyu stated, \"We are collaborating to optimize the industry chain, and all parties are gradually standardizing the industry, giving everyone more sustainable development space with a clear implementation path.\"</p><p>Nevertheless, but<b>Gome's path to breaking through may not be smooth.</b>。</p><p>Transparent home renovation is not a new thing, but its implementation has not been ideal. The reason for this is that the home renovation chain is long, there are many links, and traceability is difficult. Especially with the low penetration of digitalization, supervision has become a major problem.</p><p>This cannot be changed overnight.</p><p>In addition, Gome follows a platform model and does not involve specific decoration businesses. In essence, it is still doing traffic business. The problem is that the market is not short of home decoration platforms. There are both vertical home decoration platforms such as Qijia.com and comprehensive home decoration platforms such as Tmall Home Decoration. So how can Gome attract home decoration companies of all sizes under the competition?</p><p>After going through many twists and turns, we've returned to the question of how to overcome the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>We are pessimistic: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition its business faces and the uncertain development prospects, we reiterate our 'reduce' rating.\"</p><p>In conclusion,<b>Gome's road to revival remains arduous and long.</b>On the one hand, it is necessary to transfer offline advantages to online channels to explore new traffic channels; on the other hand, it is necessary to convert traffic into actual sales volume, thereby launching an offensive against market-oriented defenses in home appliances and home decoration.</p><p>From this perspective, Gome doesn't have much time left to redeem itself.</p>","source":"lsy1568158634801","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>Gome is unlikely to be named in the \"6.18\" shopping festival.</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\">\nGome is unlikely to be named in the \"6.18\" shopping festival.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 锌刻度</strong><span class=\"h-time small\">2021-06-07 19:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Huang Guangyu faces a major challenge in regaining control of Gome.</p><p>The annual \"6.18\" shopping festival can be considered a crucial battle for e-commerce in the first half of the year.<a href=\"https://laohu8.com/S/JD\">JD.com</a>Suning<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Taobao and other platforms are all eager to get their hands dirty.</p><p>For Gome, this is an opportunity to test the effectiveness of its \"revival\".</p><p>\"We hope that through our struggle and efforts, we can strive to restore the company's original market position within the next 18 months,\" Huang Guangyu made a bold statement on the third day after his official release.</p><p>However, Gome has been lagging behind for more than a decade.</p><p>Its retail sales revenue in 2020 was 44.119 billion yuan, compared to the same period last year.<a href=\"https://laohu8.com/S/002024\">Suning.com</a>The sales volume of goods reached 416.315 billion yuan, and the two, which were once comparable, are now a full order of magnitude apart.</p><p>So, Gome, which has shifted from conservative to aggressive, what cards can it play in this \"6.18\" battle? In a landscape dotted with e-commerce giants, can we find a gap to leap forward? Will the home decoration market become Gome's second curve?</p><p><b>Live streaming is sluggish, and short videos have become advertising territory.</b></p><p>\"I heard that Moutai is easy to grab, so I went to Gome,\" E Zijun said.</p><p>E Zijun told Zinc Scale that Moutai was just as difficult to grab on the Gome e-commerce APP \"True Happiness\". Later, she learned that she had been \"tricked\": Xiaomei Bangbang, a commission-earning tool for sharing on \"True Happiness\", could receive a commission of up to 6 yuan for each successful promotion of a member, and the so-called ease of grabbing Moutai was one of its biggest gimmicks.</p><p>In E Zijun's view, \"True Happiness\" followed Taobao's example by launching a live streaming function, JD.com's example by launching a 99 membership function, and Pinduoduo's example by launching games and group buying functions. \"At best, it's a comprehensive collection; at worst, it's just a stitching monster!\"</p><p>The zinc scale survey found that,<b>The aforementioned features of \"True Happiness\" remain a standard practice in e-commerce, and they are still far from capturing users' minds.</b></p><p>For example, Gome regards live streaming as a value growth point and Huang Guangyu has high hopes for it. However, the live streaming on \"True Happiness\" is quite limited, mostly taking place in Gome's offline stores, where store staff directly serve as streamers.</p><p>According to Times Finance, since the beginning of the year, Gome has required its employees to guide customers to place orders through the \"True Happiness\" APP. The live streaming assessment target requires that each session have no less than 30 viewers.</p><p>After a week of observation, Zinc Scale found that most live streams lacked popularity, with the number of viewers remaining in double digits in most cases, and sometimes even less than 30.<img src=\"https://static.tigerbbs.com/524f5566e23fc3c50ec348a5996b1ccc\" tg-width=\"726\" tg-height=\"1476\" referrerpolicy=\"no-referrer\">The number of spectators is less than 30</p><p>Even worse,<b>The short videos featuring \"Truly Happy\" are almost entirely promotional advertisements from manufacturers.</b></p><p>For example, \"True Happiness\" brings slot machine games into \"True Happiness\". Users can earn Tiger Coins by logging into the event page to check in or shop every day. Those who choose to participate in a lottery with a multiplier of 2x, 5x or 8x can have a chance to win high Tiger Coin rewards.</p><p>Little Tiger Coins can be exchanged for True Happiness Beans, which can be redeemed for cash when shopping, hence the saying online that \"Little Tiger takes a gamble and turns a bicycle into a motorcycle\".</p><p>The problem is,<b>This tactic clearly skirts the legal fringes, and \"True Happiness's\" blatant integration of it into its e-commerce system is questionable.</b>。</p><p><b>Is the \"price war\" just a bluff?</b></p><p>Actually,<b>Price wars are the key to \"true happiness\".</b></p><p>As the May Day holiday approached, Huang Guangyu sent an open letter: \"Having been deeply involved in the retail industry for 34 years, Gome deeply feels the pain of low prices becoming a gimmick in the industry, knows the difficulty of sustaining low prices, and firmly believes that only truly low prices with high cost performance, winning through volume, low profit margins and high sales volume, and the genuine support of manufacturers and partners can meet the interests of consumers and drive market prosperity.\"</p><p>This means that Gome has launched a \"price war\".</p><p>During the \"6.18\" shopping festival, the \"True Happiness\" price war covered multiple sectors such as electronics, department stores, and beverages, in an attempt to find an opportunity to leap forward in the landscape of numerous e-commerce giants.</p><p>Zhao Bingcong, who is currently renovating, has a deep understanding of this.</p><p>Because he lives in the Jiangsu and Zhejiang regions, it is difficult to dry clothes on the balcony during the plum rain season. Zhao Bingcong had suffered before, and this time he wanted to buy a dryer for his new home. In comparison, Gome offered the lowest price online.</p><p>\"My neighbor recommended the Siemens WT47W5681W, which also has a built-in sterilization function,\" Zhao Bingcong said. He added that the Gome price is 7,499 yuan, which is 100 yuan less than the final price on mainstream e-commerce platforms. \"I can buy one or two more T-shirts.\"</p><p>However, Zhao Bingcong told Zinc Scale that only some home appliances on \"True Happiness\" have a price advantage, while most other products are not at a disadvantage, and some are even at a disadvantage.</p><p>In other words,<b>Gome's \"price war\" was not as intense as one might imagine.</b></p><p>according to<a href=\"https://laohu8.com/S/00493\">Gome Retail</a>According to the 2020 annual report, as of December 31, 2020, Gome Retail had cash and cash equivalents of RMB 9.597 billion and net cash flow from operating activities of RMB 1.851 billion, which shows that its foundation in waging \"price wars\" is not deep.</p><p>In fact, the Zinc Scale survey found that the current \"Truly Happy\" \"Newcomer Exclusive 1 Yuan Purchase\" event is practically useless because the coupons have already been snapped up. However, the promotion in the APP has not stopped, which has caused dissatisfaction among new consumers, with a lot of voices saying \"If you can't afford to play, don't play.\"<img src=\"https://static.tigerbbs.com/cff327127cb836d1a50c551d49bff644\" tg-width=\"520\" tg-height=\"753\" referrerpolicy=\"no-referrer\">Activities without coupons are meaningless.</p><p>This indirectly confirms this.<b>Gome's \"price war\" is lacking momentum and urgently needs to replenish its resources.</b></p><p>An internet observer told Zinc Scale: \"With internet traffic peaking and customer acquisition costs high, if Gome's low-price subsidy strategy cannot continuously export and achieve widespread coverage, then its possibility of overtaking on a curve is questionable.\"</p><p><b>E-commerce is lagging behind, and even indirect attacks cannot break through the traffic bottleneck.</b></p><p>Given the above disadvantages,<b>Gome may find it difficult to achieve a leapfrog development in traditional sectors.</b>The authorities are well aware of this and are actively seeking a breakthrough to solve the problem.</p><p>\"If Gome continues to promote the same e-commerce model as JD.com and Tmall, it will be difficult to form a new landscape and competitiveness,\" said He Yangqing, CEO of Gome Investment Company, in a media interview. \"There are very few leading companies in the home decoration industry, and their market share is even less than 1%.\"</p><p>And yes,<b>Gome has set its sights on the home decoration market to break through.</b></p><p>According to big data from AVC Revo, the demand for renovation in the existing housing market is expected to exceed 35 million units during the 14th Five-Year Plan period, a significant increase of more than 77% compared to the 13th Five-Year Plan period.</p><p>According to relevant data, with the increase in the proportion of home renovation spending in fourth-tier cities and below, the home decoration market will reach a scale of 6 trillion yuan by around 2025, which is four times that of the home appliance industry.</p><p>To this end, Gome is eager to integrate scheme design, contract signing, material procurement, and construction acceptance into a unified platform to create a transparent closed loop for decoration.<img src=\"https://static.tigerbbs.com/326a3b0e0b05fb12c2c69139cef10128\" tg-width=\"758\" tg-height=\"505\" referrerpolicy=\"no-referrer\">Gome invests in Dabanjia, using it as a tool to enter the home decoration market.</p><p>Huang Guangyu stated, \"We are collaborating to optimize the industry chain, and all parties are gradually standardizing the industry, giving everyone more sustainable development space with a clear implementation path.\"</p><p>Nevertheless, but<b>Gome's path to breaking through may not be smooth.</b>。</p><p>Transparent home renovation is not a new thing, but its implementation has not been ideal. The reason for this is that the home renovation chain is long, there are many links, and traceability is difficult. Especially with the low penetration of digitalization, supervision has become a major problem.</p><p>This cannot be changed overnight.</p><p>In addition, Gome follows a platform model and does not involve specific decoration businesses. In essence, it is still doing traffic business. The problem is that the market is not short of home decoration platforms. There are both vertical home decoration platforms such as Qijia.com and comprehensive home decoration platforms such as Tmall Home Decoration. So how can Gome attract home decoration companies of all sizes under the competition?</p><p>After going through many twists and turns, we've returned to the question of how to overcome the traffic bottleneck.</p><p>In this regard,<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>We are pessimistic: \"Gome has ambitions for future development, but its prospects and plans are unclear. Considering the fierce competition its business faces and the uncertain development prospects, we reiterate our 'reduce' rating.\"</p><p>In conclusion,<b>Gome's road to revival remains arduous and long.</b>On the one hand, it is necessary to transfer offline advantages to online channels to explore new traffic channels; on the other hand, it is necessary to convert traffic into actual sales volume, thereby launching an offensive against market-oriented defenses in home appliances and home decoration.</p><p>From this perspective, Gome doesn't have much time left to redeem itself.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA\"> 锌刻度</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f78d2f00cbc26b40aac0942a0a777ee","relate_stocks":{"00493":"国美零售"},"source_url":"https://mp.weixin.qq.com/s/m-9VfbcT8jzObWdeYZgBzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171406130","content_text":"黄光裕，迎来重掌国美的一大挑战。\n一年一度的“6·18”，堪称电商上半年的关键之战，京东、苏宁、拼多多、淘宝等无不摩拳擦掌。\n对国美而言，则是一个检验“复兴”效果的契机。\n“希望通过我们的奋斗，我们的努力，力争用未来18个月的时间，使企业恢复原有的市场地位。”黄光裕于正式获释第三天放出豪言。\n然而，国美掉队已有十余年。\n其2020年零售销售收入为441.19亿元，同期苏宁易购的商品销售规模为4163.15亿元，昔日比肩的两者，如今差了足足一个量级。\n那么，从保守转为进攻的国美，在这场“6·18”大战中，有哪些牌可打？在电商巨头林立的格局之下，能否寻找到上跃的空隙？家装市场，会成为国美的第二曲线吗？\n直播乏力，短视频沦为广告地盘\n“听说茅台好抢，才去的国美。”鄂子君如是说。\n鄂子君告诉锌刻度，国美电商APP“真快乐”上的茅台一样难抢，后来才知道是被“套路”了：“真快乐”上的分享赚佣金工具小美帮帮，每成功推广一位会员即可获得最高6元的佣金，而所谓的茅台好抢正是其最大噱头之一。\n在鄂子君看来，“真快乐”效仿淘宝推出了直播功能，效仿京东推出了九九会员功能，效仿拼多多推出了游戏、拼团抢购功能，“往好了说是集大成，往坏了说不就是缝合怪嘛！”\n锌刻度调查发现，“真快乐”的上述功能依然是电商的常规玩法，离抢占用户心智尚远。\n譬如，直播被国美视为价值增长点，被黄光裕寄予厚望，不过“真快乐”上的直播颇为单一，多为国美线下门店场景，店员直接兼任主播。\n据《时代财经》报道，从年初开始，国美要求员工引导顾客通过“真快乐”APP下单，其中直播考核目标要求每场观看人数不得低于30人。\n经过一周的观察，锌刻度发现多数直播人气匮乏，多数情况下观众人数维系在两位数，甚至有低于30人情况存在。观众人数低于30\n更为糟糕的是，“真快乐”的短视频几乎全为厂商的宣传广告。\n再譬如，“真快乐”把老虎机游戏搬入“真快乐”，用户每天登陆活动页面签到或购物就能获得小虎币，者选择2倍、5倍或8倍的倍率进行抽奖，从而有机会获得高额小虎币奖励。\n而小虎币可兑换真快乐豆，后者在购物时可抵现，因而网上有“小虎搏一搏，单车变摩托”的说法。\n问题在于，这个打法明显游走在法律边缘，“真快乐”堂而皇之将其植入电商体系的做法值得商榷。\n“价格战”背后只是虚张声势？\n其实，价格战才是“真快乐”的杀手锏。\n临近五一，黄光裕发了一封公开信：“深耕零售业34年，国美深感行业低价噱头化之痛，深知低价可持续性之难，深信只有高性价比、以量取胜、薄利多销的真低价，厂商伙伴的真支持，才能符合消费者的利益和带动市场繁荣。”\n这意味着，国美祭起“价格战”的大旗。\n在“6·18”期间，“真快乐”的价格战范围覆盖电器、百货、酒水等多个领域，以图在电商巨头林立的格局之下，寻找上跃的空隙。\n对此，正在装修的赵冰聪深有体会。\n由于身处江浙地区，遇到黄梅天阳台的衣服难以晾干，赵冰聪之前吃过苦头，这次想为新家添置一台烘干机，对比下来国美差不多为全网最低。\n“邻居推荐的是西门子WT47W5681W，还自带除菌功能。”赵冰聪表示国美售价7499元，到手价比主流电商平台少了100元，“可以再多买一两件T恤了。”\n不过，赵冰聪告诉锌刻度，“真快乐”上仅部分家电具备价格优势，其余商品多数不占优，甚至有的还处于劣势。\n换而言之，国美的“价格战”的火力密度并没有想象的那么大。\n据国美零售2020年年报显示，截至2020年12月31日，国美零售拥有现金及现金等价物为95.97亿元，经营活动产生的现金流量净额为18.51亿元，可见其打“价格战”的底蕴并不深厚。\n事实上，锌刻度调查发现，眼下“真快乐”的“新人专享1元购”活动，因为优惠券早已被抢完，该活动形同虚设，可APP中的宣传并未拉下，从而引起新入的消费者不满，“玩不起就不要玩”声量颇高。没有券活动形同虚设\n这从侧面印证了，国美的“价格战”后劲不足，亟需补充弹药。\n一名互联网观察人士告诉锌刻度：“在互联网流量见顶、获客成本高企的当下，国美的低价补贴打法如若不能持续输出、大面积覆盖，那弯道超车的可能性就存疑。”\n电商掉队，曲线出击也难破流量瓶颈\n上述种种劣势之下，国美恐难在传统领域上演弯道超车，对此官方其实也是心知肚明，进而也在积极寻求一个解题的突破口。\n“国美如果继续推进和京东天猫一样的电商模式，很难形成新的格局和竞争力。”国美投资公司CEO何阳青在接受媒体采访时表示，“家装行业头部公司非常少，市场份额甚至不足1%。”\n是的，国美将突围的目光瞄向了家装市场。\n据奥维云网大数据显示，在十四五期间存量房市场装修需求预计可超过3500万套，相比十三五期间大幅提升超过77%。\n而相关数据显示，随着四线及以下城市装修金额比例上升，家装市场到2025年左右达到6万亿元的规模，这一规模是家电行业的四倍。\n为此，国美渴望将方案设计、合同签订、材料采购、施工验收等纳入统一平台，打造一个透明装修的闭环。国美入股打扮家，以其为切入家装市场的抓手\n黄光裕表示：“在产业链里我们协同进行优化，各方一步一步把这个行业进行规范，给大家更多的可持续的而且有实施路径的发展空间。”\n尽管如此，但国美的突围之路或并不平坦。\n透明装修并非新鲜事物，然而落地却不太理想，究其原因为家装链条长、环节多、追溯难，特别是在数字化普及较低的情况下，监管成为老大难的问题。\n这并非一朝一夕可以改变的。\n此外，国美走的是平台模式，不下场涉及具体的装修业务，本质上仍然做的是流量生意，问题在于市场并不缺家装平台，既有齐家网等垂直家装平台，也有天猫家装等综合家装平台，那么对垒之下，国美何以吸引大大小小的家装公司？\n兜兜转转，又回到流量瓶颈如何突破这个问题上。\n对此，摩根大通持悲观态度：“国美对未来发展具有野心，但前景及计划未见明朗，考虑到业务面对激烈竞争及发展前景未明，重申‘减持’评级。”\n总而言之，国美的复兴之路依然任重道远，一方面需将线下的优势转移至线上，开拓流量新渠道，另外一方面则需将流量转化为实际销量，从而在家电、家装等市场化守势为攻势。\n这么来看，留给国美自我救赎的时间不多了。","news_type":1,"symbols_score_info":{"00493":0.9}},"isVote":1,"tweetType":1,"viewCount":2580,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115940738,"gmtCreate":1622947959524,"gmtModify":1704193599039,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"??‍♂️","listText":"??‍♂️","text":"??‍♂️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115940738","repostId":"1136586425","repostType":4,"isVote":1,"tweetType":1,"viewCount":3551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115950133,"gmtCreate":1622947482322,"gmtModify":1704193584962,"author":{"id":"3576483377389898","authorId":"3576483377389898","name":"InkLeong","avatar":"https://static.tigerbbs.com/1849e577d9e53aa9d5078e2eeb22589e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576483377389898","idStr":"3576483377389898"},"themes":[],"title":"","htmlText":"??‍♂️","listText":"??‍♂️","text":"??‍♂️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/115950133","repostId":"2141004294","repostType":4,"repost":{"id":"2141004294","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":1622959849,"share":"https://ttm.financial/m/news/2141004294?lang=en_US&edition=fundamental","pubTime":"2021-06-06 14:10","market":"hk","language":"zh","title":"410 billion yuan! CATL is facing a massive lifting of lock-up restrictions; can it weather the storm safely?","url":"https://stock-news.laohu8.com/highlight/detail?id=2141004294","media":"老虎资讯综合","summary":"近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司","content":"<p>Recently, CATL, which has been established for ten years, ushered in a milestone leap in its development.</p><p>On June 5, CATL reached a historical high of 439.5 yuan per share during trading, and finally closed at 432.21 yuan per share, with its market capitalization once again exceeding one trillion yuan. On May 31, the company's stock price surged by more than 6% on high volume, and its market value exceeded one trillion yuan for the first time, becoming a new giant in the A-share \"trillion-yuan\" market value club with its technology manufacturing attributes.</p><p><img src=\"https://static.tigerbbs.com/fcb210468635fa704b49b71271c28929\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>However, just as the market was applauding and celebrating CATL, some people saw a \"bubble\".</p><p>On the same day, Morgan Stanley downgraded CATL's rating to \"underweight\" with a target price of only 251 yuan, which is equivalent to a 40% discount to the current stock price of more than 400 yuan.</p><p>Coincidentally, as early as November 2020, Morgan Stanley downgraded CATL's stock rating from overweight to equal weight. The reason given at the time was that the medium-term prospects of new energy batteries had been basically reflected in the stock price, and whether global automakers could launch new models that were popular with the market might not be verified until next year.</p><p>Is it too high or too low? Can CATL, which has reached the \"summit,\" still catch up? For investors, there are at least three hidden dangers that require attention.</p><p><b>/ 01 /</b></p><p><b>Profitability is on a downward trend.</b></p><p>As a leader in the power battery industry, CATL has benefited from the high prosperity of the industry and the high valuation premium given to leading companies by the market. Since its listing, it has enjoyed the treatment of being \"favored\" by institutions, and its stock price has continued to rise.</p><p>Looking at the daily chart, it can be seen that from its listing on the ChiNext board on June 11, 2018, to June 4, 2021, the company's stock price has generally shown a rapid upward trend. Compared to its initial offering price of 25.14 yuan per share, CATL's stock price has increased by 1592% in the past three years.</p><p>However, despite the soaring stock price, CATL's profitability continues to decline.</p><p>In 2020, the company sold 44.45 GWh of power battery systems, a year-on-year increase of 10.43%, generating revenue of RMB 39.426 billion, a year-on-year increase of 2.18%. The fact that revenue growth is slower than sales growth indicates that product prices are declining.</p><p>On the other hand, due to rising commodity prices since the second half of 2020, CATL's main raw materials, lithium carbonate and cobalt, have both seen increases of more than 20%, increasing cost control pressure.</p><p>A slight increase in revenue and a significant increase in costs put some pressure on profits. In 2020, CATL's gross profit margin was 27.76%, a decrease of 1.3 percentage points compared to 29.06% in 2019.</p><p>Node Finance's review of financial reports revealed that this is not the first time CATL's gross profit margin has declined. In fact, since its listing, CATL's gross profit margin has remained on a downward trend.</p><p><img src=\"https://static.tigerbbs.com/221a2154223564669e02d5c5d597485c\" tg-width=\"550\" tg-height=\"392\" referrerpolicy=\"no-referrer\">Data source: CATL financial report, Eastmoney choice</p><p>As shown in the chart above, from 2016 to 2020, the company's gross profit margin decreased from 43.7% to 27.76%, a decrease of 15.94 percentage points in five years. Compared to the situation before the listing, the company's gross profit margin increased from 25.73% to 43.7% from 2014 to 2016, and its profitability differed significantly before and after the listing.</p><p>In response, CATL also stated in its financial report that if factors such as intensified market competition or industry policy adjustments cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>In the first quarter of 2021, the company's gross profit margin was 27.28%, an increase of 2.19 percentage points compared with the same period of the previous year. It has not yet recovered to the gross profit margin level of the first quarter of 2019 before the outbreak of the pandemic, but it decreased by 1.08 percentage points quarter-on-quarter.</p><p>At the same time, the company's ability to return to shareholders has weakened, with its weighted return on equity (ROE) decreasing from 69.55% in 2016 to 11.27% in 2020.</p><p>However, none of this seems to have affected the capital market's enthusiasm for CATL, with its valuation soaring like a wild horse.</p><p><b>/ 02 /</b></p><p><b>Valuations are \"galloping\"</b></p><p>Based on CATL's net profit of 1.954 billion yuan in the first quarter of this year, CATL's corresponding rolling P/E is 149 times, which is the highest value in history; Based on a net profit of 5.583 billion yuan in 2020, CATL's static P/E is 179 times, which is also the highest value in history.</p><p>Even according to the consensus earnings forecasts given by securities firms, the company's net profit in 2023 is expected to be 20 billion yuan, corresponding to a 51-fold P/E, which is still a figure within the 5-year valuation central range.</p><p>Considering the performance, from 2016 to 2020, in five years, CATL's net profit increased by less than double from 2.852 billion yuan to 5.583 billion yuan, while P/E increased by nearly 7 times from about 23 times to 179 times at the beginning of its listing. Obviously, the valuation is running faster, or rather, there is a possibility of prematurely depleting the valuation.</p><p>In 2020, the company's net profit growth rate was only 22.43% year-on-year, but riding the wave of Tesla, coupled with the release of medium- and long-term plans for the new energy industry and the concept of carbon neutrality, its stock price soared from more than 100 yuan to more than 350 yuan this year, an increase of more than 200%.</p><p>Compared to its peers, CATL's valuation is not cheap. Take its old rival BYD as an example. In 2020, its net profit was 4.234 billion yuan, its market value was about 530 billion yuan, and its static P/E was 125 times, which was significantly lower than that of CATL. Then look at Panasonic. In 2020, its net profit was equivalent to approximately RMB 10.27 billion, with a static P/E of 22 times. Compared with CATL, it is really as low as dust.</p><p>Even worse, even if we include the three major automakers with the highest market capitalization in the A-share market—BYD, Great Wall Motors, and SAIC Motor—with a combined market capitalization of 1.0881 trillion yuan, CATL's single-handed achievement of a trillion-yuan market capitalization is quite impressive.</p><p>Node Finance believes that since the new energy industry is in a growth stage, CATL's leading position in scale expansion makes it easier to highlight the market share agglomeration effect, resulting in a long-term and long-term development potential.</p><p>According to statistics from South Korean research firm SNEResearch, global electric vehicle battery sales reached 65.9 GWh from January to April this year, with CATL accounting for 32.5% of the market share.</p><p>However, as a major consumer good, automobiles are characterized by low consumption frequency and are not essential needs. This, to some extent, determines that the industry enters a mature stage faster than general consumer goods such as mobile phones and home appliances, and the increase in demand is limited. As the growth rate of shipments in the industrial chain slows down, how much valuation room does CATL still have to overdraw?</p><p>Recently, both Shanghai Securities and Caixin Securities gave CATL a \"cautious overweight\" or \"cautious buy\" rating.</p><p><b>/ 03 /</b></p><p><b>The upcoming wave of lock-up lifting</b></p><p>For short-term investors, CATL's upcoming wave of lock-up releases on June 10th requires particular vigilance.</p><p>As of now, CATL's stock price is 432.21 yuan per share, with a total market capitalization of 1.0068 trillion yuan, making it the first trillion-yuan market capitalization stock on the ChiNext board. The market value of 411.629 billion yuan released from lock-up accounts for 40.88% of CATL's total market value. After the lock-up period expires next week, CATL's circulating shares will increase by 70.18%.</p><p>The shares of CATL that were released from lock-up on June 10 came from five shareholders: Ruiting Investment, Huang Shilin, Li Ping, Dongpeng Weichuang Investment, Lvlianjun, and Industrial M&A Equity Investment Fund Partnership. As of the end of the first quarter of 2021, Ruiting Investment, Huang Shilin, and Li Ping were the first, second, and fifth largest shareholders of CATL, respectively. Among the five shareholders of CATL whose shares will have their lock-up periods released next week, Ruiting Investment has a market value of 247 billion yuan, Huang Shilin has a market value of 112.764 billion yuan, Li Ping has a market value of 48.386 billion yuan, and the other two shareholders have a market value of less than 2 billion yuan.</p><p>Ruiting Investment is the controlling shareholder of CATL, wholly owned by Zeng Yuqun, the founder and chairman of CATL. Huang Shilin and Li Ping are the co-founders and vice chairmen of CATL, with Li Ping and Zeng Yuqun acting in concert.</p><p><b>Detailed information on the lifting of lock-up restrictions on</b></p><p><img src=\"https://static.tigerbbs.com/da24316a386ec8301036b6c656dfc6e0\" tg-width=\"1024\" tg-height=\"281\" referrerpolicy=\"no-referrer\">Generally speaking, the lifting of lock-up periods will create expectations of shareholders reducing their holdings, forcing short-term pressure on the stock price, which is a major negative factor for retail investors.</p><p>So, with the massive release of lock-up shares, can CATL stand firm at the trillion-yuan market capitalization threshold?</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>410 billion yuan! CATL is facing a massive lifting of lock-up restrictions; can it weather the storm safely?</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\">\n410 billion yuan! CATL is facing a massive lifting of lock-up restrictions; can it weather the storm safely?\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\">2021-06-06 14:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, CATL, which has been established for ten years, ushered in a milestone leap in its development.</p><p>On June 5, CATL reached a historical high of 439.5 yuan per share during trading, and finally closed at 432.21 yuan per share, with its market capitalization once again exceeding one trillion yuan. On May 31, the company's stock price surged by more than 6% on high volume, and its market value exceeded one trillion yuan for the first time, becoming a new giant in the A-share \"trillion-yuan\" market value club with its technology manufacturing attributes.</p><p><img src=\"https://static.tigerbbs.com/fcb210468635fa704b49b71271c28929\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>However, just as the market was applauding and celebrating CATL, some people saw a \"bubble\".</p><p>On the same day, Morgan Stanley downgraded CATL's rating to \"underweight\" with a target price of only 251 yuan, which is equivalent to a 40% discount to the current stock price of more than 400 yuan.</p><p>Coincidentally, as early as November 2020, Morgan Stanley downgraded CATL's stock rating from overweight to equal weight. The reason given at the time was that the medium-term prospects of new energy batteries had been basically reflected in the stock price, and whether global automakers could launch new models that were popular with the market might not be verified until next year.</p><p>Is it too high or too low? Can CATL, which has reached the \"summit,\" still catch up? For investors, there are at least three hidden dangers that require attention.</p><p><b>/ 01 /</b></p><p><b>Profitability is on a downward trend.</b></p><p>As a leader in the power battery industry, CATL has benefited from the high prosperity of the industry and the high valuation premium given to leading companies by the market. Since its listing, it has enjoyed the treatment of being \"favored\" by institutions, and its stock price has continued to rise.</p><p>Looking at the daily chart, it can be seen that from its listing on the ChiNext board on June 11, 2018, to June 4, 2021, the company's stock price has generally shown a rapid upward trend. Compared to its initial offering price of 25.14 yuan per share, CATL's stock price has increased by 1592% in the past three years.</p><p>However, despite the soaring stock price, CATL's profitability continues to decline.</p><p>In 2020, the company sold 44.45 GWh of power battery systems, a year-on-year increase of 10.43%, generating revenue of RMB 39.426 billion, a year-on-year increase of 2.18%. The fact that revenue growth is slower than sales growth indicates that product prices are declining.</p><p>On the other hand, due to rising commodity prices since the second half of 2020, CATL's main raw materials, lithium carbonate and cobalt, have both seen increases of more than 20%, increasing cost control pressure.</p><p>A slight increase in revenue and a significant increase in costs put some pressure on profits. In 2020, CATL's gross profit margin was 27.76%, a decrease of 1.3 percentage points compared to 29.06% in 2019.</p><p>Node Finance's review of financial reports revealed that this is not the first time CATL's gross profit margin has declined. In fact, since its listing, CATL's gross profit margin has remained on a downward trend.</p><p><img src=\"https://static.tigerbbs.com/221a2154223564669e02d5c5d597485c\" tg-width=\"550\" tg-height=\"392\" referrerpolicy=\"no-referrer\">Data source: CATL financial report, Eastmoney choice</p><p>As shown in the chart above, from 2016 to 2020, the company's gross profit margin decreased from 43.7% to 27.76%, a decrease of 15.94 percentage points in five years. Compared to the situation before the listing, the company's gross profit margin increased from 25.73% to 43.7% from 2014 to 2016, and its profitability differed significantly before and after the listing.</p><p>In response, CATL also stated in its financial report that if factors such as intensified market competition or industry policy adjustments cause adverse changes in the company's product prices and raw material procurement prices in the future, the company's gross profit margin risks declining.</p><p>In the first quarter of 2021, the company's gross profit margin was 27.28%, an increase of 2.19 percentage points compared with the same period of the previous year. It has not yet recovered to the gross profit margin level of the first quarter of 2019 before the outbreak of the pandemic, but it decreased by 1.08 percentage points quarter-on-quarter.</p><p>At the same time, the company's ability to return to shareholders has weakened, with its weighted return on equity (ROE) decreasing from 69.55% in 2016 to 11.27% in 2020.</p><p>However, none of this seems to have affected the capital market's enthusiasm for CATL, with its valuation soaring like a wild horse.</p><p><b>/ 02 /</b></p><p><b>Valuations are \"galloping\"</b></p><p>Based on CATL's net profit of 1.954 billion yuan in the first quarter of this year, CATL's corresponding rolling P/E is 149 times, which is the highest value in history; Based on a net profit of 5.583 billion yuan in 2020, CATL's static P/E is 179 times, which is also the highest value in history.</p><p>Even according to the consensus earnings forecasts given by securities firms, the company's net profit in 2023 is expected to be 20 billion yuan, corresponding to a 51-fold P/E, which is still a figure within the 5-year valuation central range.</p><p>Considering the performance, from 2016 to 2020, in five years, CATL's net profit increased by less than double from 2.852 billion yuan to 5.583 billion yuan, while P/E increased by nearly 7 times from about 23 times to 179 times at the beginning of its listing. Obviously, the valuation is running faster, or rather, there is a possibility of prematurely depleting the valuation.</p><p>In 2020, the company's net profit growth rate was only 22.43% year-on-year, but riding the wave of Tesla, coupled with the release of medium- and long-term plans for the new energy industry and the concept of carbon neutrality, its stock price soared from more than 100 yuan to more than 350 yuan this year, an increase of more than 200%.</p><p>Compared to its peers, CATL's valuation is not cheap. Take its old rival BYD as an example. In 2020, its net profit was 4.234 billion yuan, its market value was about 530 billion yuan, and its static P/E was 125 times, which was significantly lower than that of CATL. Then look at Panasonic. In 2020, its net profit was equivalent to approximately RMB 10.27 billion, with a static P/E of 22 times. Compared with CATL, it is really as low as dust.</p><p>Even worse, even if we include the three major automakers with the highest market capitalization in the A-share market—BYD, Great Wall Motors, and SAIC Motor—with a combined market capitalization of 1.0881 trillion yuan, CATL's single-handed achievement of a trillion-yuan market capitalization is quite impressive.</p><p>Node Finance believes that since the new energy industry is in a growth stage, CATL's leading position in scale expansion makes it easier to highlight the market share agglomeration effect, resulting in a long-term and long-term development potential.</p><p>According to statistics from South Korean research firm SNEResearch, global electric vehicle battery sales reached 65.9 GWh from January to April this year, with CATL accounting for 32.5% of the market share.</p><p>However, as a major consumer good, automobiles are characterized by low consumption frequency and are not essential needs. This, to some extent, determines that the industry enters a mature stage faster than general consumer goods such as mobile phones and home appliances, and the increase in demand is limited. As the growth rate of shipments in the industrial chain slows down, how much valuation room does CATL still have to overdraw?</p><p>Recently, both Shanghai Securities and Caixin Securities gave CATL a \"cautious overweight\" or \"cautious buy\" rating.</p><p><b>/ 03 /</b></p><p><b>The upcoming wave of lock-up lifting</b></p><p>For short-term investors, CATL's upcoming wave of lock-up releases on June 10th requires particular vigilance.</p><p>As of now, CATL's stock price is 432.21 yuan per share, with a total market capitalization of 1.0068 trillion yuan, making it the first trillion-yuan market capitalization stock on the ChiNext board. The market value of 411.629 billion yuan released from lock-up accounts for 40.88% of CATL's total market value. After the lock-up period expires next week, CATL's circulating shares will increase by 70.18%.</p><p>The shares of CATL that were released from lock-up on June 10 came from five shareholders: Ruiting Investment, Huang Shilin, Li Ping, Dongpeng Weichuang Investment, Lvlianjun, and Industrial M&A Equity Investment Fund Partnership. As of the end of the first quarter of 2021, Ruiting Investment, Huang Shilin, and Li Ping were the first, second, and fifth largest shareholders of CATL, respectively. Among the five shareholders of CATL whose shares will have their lock-up periods released next week, Ruiting Investment has a market value of 247 billion yuan, Huang Shilin has a market value of 112.764 billion yuan, Li Ping has a market value of 48.386 billion yuan, and the other two shareholders have a market value of less than 2 billion yuan.</p><p>Ruiting Investment is the controlling shareholder of CATL, wholly owned by Zeng Yuqun, the founder and chairman of CATL. Huang Shilin and Li Ping are the co-founders and vice chairmen of CATL, with Li Ping and Zeng Yuqun acting in concert.</p><p><b>Detailed information on the lifting of lock-up restrictions on</b></p><p><img src=\"https://static.tigerbbs.com/da24316a386ec8301036b6c656dfc6e0\" tg-width=\"1024\" tg-height=\"281\" referrerpolicy=\"no-referrer\">Generally speaking, the lifting of lock-up periods will create expectations of shareholders reducing their holdings, forcing short-term pressure on the stock price, which is a major negative factor for retail investors.</p><p>So, with the massive release of lock-up shares, can CATL stand firm at the trillion-yuan market capitalization threshold?</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0a520115dfc7edeb93cc3cdf6a15df14","relate_stocks":{"300750":"宁德时代"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2141004294","content_text":"近日，成立十年的宁德时代迎来了其发展中的一次里程碑式跨越。6月5日，宁德时代股份盘中一度达到439.5元/股的历史最高值，最终收盘于432.21元/股，市值再度突破万亿元。此前不久的5月31日，该公司股价放量大涨超过6％，市值首次破万亿，成为以科技制造业属性跻身A股“万亿”市值俱乐部的新巨头。不过，就在市场为宁德时代“拍手庆贺”的空档，有人却看到了“泡沫”。同一天，摩根士丹利将宁德时代评级下调至“低配”，目标价仅为251元，相当于给目前400多元的股价直接打了六折。无独有偶，早在2020年11月，大摩就曾将宁德时代的股票评级从超配下调至平配，当时给出的理由是，新能源电池的中期前景已基本反应在股价中，而且全球的汽车厂能否推出受市场欢迎的新车型情况可能要到明年才能被验证。究竟是高了还是低了？站上“山顶”的宁德时代还能不能追？对于投资者来说，至少有三重隐患是需要关注的。/ 01 /盈利能力处在下行通道作为动力电池行业的龙头，受益于行业景气度高，市场给予头部公司较高的估值溢价，宁德时代自上市以来便享受到了被机构“团宠”的待遇，簇拥其股价不断上扬。拉长日线可见，从2018年6月11日登陆创业板开始，截止2021年6月4日，公司股价整体呈快速上升趋势。相较上市之初25.14元/股的发行价，宁德时代近三年的股价涨幅达到1592%。但在股价节节走高的背后，宁德时代的盈利能力却在持续下滑。2020年，公司销售动力电池系统44.45GWh，同比增长10.43%，带来收入394.26亿元，同比增长2.18%。收入增速不及销量增速，说明产品价格在下降。另一边，囿于2020年下半年以来大宗商品涨价，宁德时代主要生产原材料中碳酸锂及钴涨幅都超过20%，成本控制压力加大。收入微涨，成本大增，对利润造成一定挤压，2020年宁德时代的毛利率为27.76%，同比2019年的29.06%减少1.3个百分点。节点财经查阅财报发现，这并不是宁德时代毛利率初次下滑。事实上，自上市后，宁德时代的毛利率便一直停留在下行通道。数据来源：宁德时代财报、东方财富choice如上图所示，2016年至2020年，公司毛利率从43.7%下降至27.76%，五年少赚15.94个百分点。对比上市前的状态，2014年至2016年，公司毛利率从25.73%提升到43.7%，其盈利能力在上市前后分化明显。对此，宁德时代也在财报中表示，若未来市场竞争加剧或行业政策调整等因素使得公司产品售价及原材料采购价格发生不利变化，公司毛利率存在下降的风险。2021年一季度，公司毛利率为27.28%，较上年同期增加2.19个百分点，尚未恢复到疫情发生前2019年一季度毛利率水平，环比则减少1.08个百分点。于此同时，公司对股东的回报能力趋弱，其加权净资产收益率（ROE）从2016年的69.55%下降至2020年11.27%。不过，这似乎都没有影响到资本市场对宁德时代的追捧，估值如脱缰的野马一路飞奔。/ 02 /估值“策马狂奔”按照今年一季度净利润19.54亿元计算，宁德时代对应的滚动市盈率为149倍，处于历史最高值；按照2020年净利润55.83亿元计算，宁德时代对应的静态市盈率为179倍，同样处于历史最高值。即使按照券商给出的一致业绩预测，公司2023年净利润预计为200亿，对应51倍市盈率，这仍是一个处在5年估值中枢区间内的数值。结合业绩，2016年-2020年，五年时间，宁德时代净利润从28.52亿元到55.83亿元，涨了不到1 倍，市盈率从上市之初约23倍到179倍，涨了接近7倍，显然估值跑的更快，或者说有提前消耗估值的可能。2020年，公司净利润同比增速不过22.43%，但搭上特斯拉的“顺风车”，叠加新能源产业中长期规划发布，碳中和概念等，其年内股价从100多元狂飙到350多元，涨幅超过200%。对比同行，宁德时代的估值更是不便宜。就拿老对手比亚迪来说，2020年净利润42.34亿元，市值约5300亿元，静态市盈率125倍，显著低于宁德时代；再看看松下，2020年净利润折合人民币约102.7亿元，静态市盈率22倍，和宁德时代一比，真的要低到尘埃里了。更甚者，就算拉来目前A股市值最高的三大主车厂，比亚迪、长城汽车和上汽集团，三者合计市值10881亿元，宁德时代以一人之力创出万亿市值，相当彪悍。节点财经认为，由于新能源行业正处在成长期，宁德时代以龙头地位下的规模扩张优势，较容易凸显出市占率聚集效应，导致发展空间被看远、看久。韩国研究机构SNEResearch统计，今年1-4月，全球电动汽车电池销量65.9Gwh，其中宁德时代占有32.5%的份额。然而，作为大宗消费品，汽车具有消费频次低，非刚需等特点，这又在一定程度上决定了该行业进入成熟期的速度要快于手机、家电等一般消费品，且需求增量有限，随着产业链出货量增速放缓，宁德时代还有多少估值空间可以透支？近期，上海证券、财信证券均给予宁德时代“谨慎增持”或“谨慎推荐”评级。/ 03 /即将到来的解禁潮对短期投资者来说，宁德时代即将于6月10日迎来的一波解禁巨浪是需要特别警惕的。截至目前，宁德时代股价为432.21元/股，总市值为10068亿元，为创业板首只万亿市值个股。4116.29亿元的解禁市值占宁德时代总市值的40.88%，下周解禁后，宁德时代流通盘将大增70.18%。宁德时代6月10日解禁的股份来自于5名股东，分别为瑞庭投资、黄世霖、李平、东鹏伟创投资、绿联君和产业并购股权投资基金合伙企业，截至2021年一季度末，瑞庭投资、黄世霖、李平分列宁德时代第一、第二、第五大股东。在宁德时代下周解禁的5个股东中，瑞庭投资解禁市值达2470亿元，黄世霖解禁市值达1127.64亿元，李平解禁市值达483.86亿元，其他两名股东解禁市值不足20亿元。瑞庭投资为宁德时代控股股东，由宁德时代创始人、董事长曾毓群100%控股，黄世霖、李平为宁德时代联合创始人、副董事长，其中李平和曾毓群为一致行动人。宁德时代解禁详细信息一般来说，解禁会形成股东减持预期，迫使盘面股价短期承压，属于对散户们的重大利空。那么，巨量解禁之下，宁德时代在万亿市值的关口能够站得稳吗？","news_type":1,"symbols_score_info":{"300750":0.9}},"isVote":1,"tweetType":1,"viewCount":2865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}