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没起昵称呢
2021-07-23

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"Wei Xiaoli" competes on the Hong Kong Stock Exchange, not just for money

资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得

"Wei Xiaoli" competes on the Hong Kong Stock Exchange, not just for money

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":172707899,"tweetId":"172707899","gmtCreate":1626991863911,"gmtModify":1703481842771,"author":{"id":3582263827074473,"idStr":"3582263827074473","authorId":3582263827074473,"authorIdStr":"3582263827074473","name":"没起昵称呢","avatar":"https://static.tigerbbs.com/0190b0a0b135a48272a325e50c2343ba","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":153,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>☕️</body></html>","htmlText":"<html><head></head><body>☕️</body></html>","text":"☕️","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/172707899","repostId":1127242118,"repostType":4,"repost":{"id":"1127242118","kind":"news","pubTimestamp":1626920223,"share":"https://ttm.financial/m/news/1127242118?lang=en_US&edition=fundamental","pubTime":"2021-07-22 10:17","market":"us","language":"zh","title":"\"Wei Xiaoli\" competes on the Hong Kong Stock Exchange, not just for money","url":"https://stock-news.laohu8.com/highlight/detail?id=1127242118","media":"Tech星球","summary":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得","content":"There is no shortage of capital stories, and the outlet has already been crowded with rivals. Since Musk handed over Tesla's car keys to Chinese car owners, new cars have already become the most topical and most unable to let go of the track for investors..The starting point of the story of the three idiots who built cars is quite the same. The story basically started in 2014. The founders who gained wealth and freedom did not want to hide their merits and fame, and went to the second venture of the domestic new energy track, which in itself was passionate enough.In 2020, Li Bin just returned from the listing of the US stock market, and he reminded internally that now is the most dangerous time, because the plane is the most dangerous after taking off. The reality is that in 7 years, after the three idiots who build cars have successfully transformed into three treasures, the status quo of continuous blood transfusions has not changed.In July, XPeng Automobile was the first to land on the Hong Kong Stock Exchange, ushering in a dual secondary market listing. Ideal also submitted an application in May, followed by a listing as early as August. According to Tencent First Line, Nio Automobile submitted a secondary listing application in Hong Kong secretly in March this year, even earlier than XPeng, but there are still equity problems. It should be a matter of time before it goes to the Hong Kong Stock Exchange.In less than a year, the new car-making forces once again ignited their desire for capital.The dual meaning of dual listingAn era is over. On September 12, 2018, Nio was listed on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife Wang Yizhi.Coincidentally, after the recent IPO ceremony of XPeng Automobile Hong Kong Stock Exchange, He XPeng also used a metaphor when answering reporters' questions to describe the nodes faced by new car-making forces at this time. Today, we are already facing a challenge, that is, how to move from the Spring and Autumn Period to the Warring States Period.The resurgence of Hong Kong stocks occurred around 2020. During this period, more than a dozen companies such as Ali, Baidu, and JD.com successfully went public for the second time, and they withdrew one after another. Among them, there are considerations for boosting stock prices and telling new stories. But most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the U.S. stock market for 3 years. They basically meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for 2 years. Requirements, but the three idiots in building cars are obviously not enough to achieve this target.As a result, the new car-making forces can only give up the secondary listing and adopt the dual listing strategy, which means that the regulatory requirements that need to be followed are more stringent. Meanwhile, the dual listing will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).The reason why the new car-making forces are anxious is that the trend of new energy is imminent. If we wait two years for the listing before returning to Hong Kong with a secondary listing, the trend of the market is likely to have changed direction, and fundraising will face more uncertainty.After returning to the Hong Kong stock market, Wei Xiaoli is more likely to land on the A-share market or science and technology innovation board. Because many pharmaceutical companies previously listed on the Hong Kong stock market have successfully moved to the Science and Technology Innovation Board to realize the A + H capital market layout and facilitate further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share and science and technology innovation board.Analysts at CICC Capital revealed that Wei Xiaoli, who once went to the United States for listing due to restrictions on the A-share listing system, will improve the liquidity of his stocks and bring about the transfer of pricing power if he is connected with the A-share market in the future. And its further ambition lies in grabbing positions and laying the foundation for listing in the three places.At present, members of the second echelon of new car-making forces such as Weimar, Nezha, and Leapmotor are all interested in landing on the Science and Technology Innovation Board. By then, there will be a wave of IPO boom for new car-making forces. Occupying the position first will help Nio, Ideal and XPeng set anchor points, which will be conducive to the subsequent increase in stock prices.In one year, landing in the dual secondary market, Wei Xiaoli's real core foothold actually falls on money.From the book point of view, none of the three companies are poor. As of July 20, 2021, Nio's market value is US $67.441 billion, XPeng's market value is US $28.086 billion, and the ideal market value is US $22.019 billion; Nio, XPeng, and Ideal's cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) are 47.5 billion yuan, 36.2 billion yuan, and 30.36 billion yuan respectively.But the tickets to enter the next battle may not be enough. He XPeng's recent judgment is this. If it costs about 20 billion from 0 to 1, the money in the second step will definitely exceed 30 billion. This is a foundation.The voiceover is, if you don't have 50 billion, don't come and play.The more you sell, the harder you loseEntering 2021, new car-making forces have ushered in a bumper year, sales have soared steadily, and Nio, Ideal, and XPeng have gradually stabilized their positions in the first echelon.Among them, Nio sold best. From January to June this year, the cumulative delivery volume was 41,956 units, which has exceeded 95% of last year's full-year delivery volume. After experiencing a short sales trough, Ideal's sales volume soared to the first medium-sized SUV in June., 30,154 units were delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries hitting record highs, with a total of 30,738 units delivered in half a year, which has exceeded the number of the previous year.<img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\">From January to June 2021, although the current revenue of Nio, XPeng, and Ideal has increased significantly, Wei Xiaoli's main theme is still loss.Let's take a look at the report cards of each family separately.From 2018 to 2020, Nio's net losses were 11.413 billion yuan, 11.9 billion yuan and 5.304 billion yuan respectively, totaling 28.6 billion yuan. If the net loss of 5.0122 billion yuan in 2017 and the net loss of 9.639 billion yuan in 2018 are added, the loss is as high as 43.3 billion.In 2018, 2019, 2020 and the first quarter of 2021, the net losses of XPeng Automobile were 1.399 billion yuan, 3.692 billion yuan, 2.732 billion yuan and 787 million yuan respectively, and the net losses in three years have accumulated more than 8.6 billion yuan.In 2018, 2019, and 2020, Ideal's net losses were 1.532 billion, 2.438 billion, and 152 million yuan respectively. The results were relatively good. However, after a short period of profitability in the previous quarter, Ideal Q1 turned into a loss again, with a net loss of 360 million yuan, exceeding the whole year of last year, an increase of 366.9% year-on-year, and a total of 4.482 billion yuan.<img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\">From 2018 to the first quarter of 2021, Nio, XPeng, and Ideal's net losses Tech Planet simply calculated an account. XPeng's first quarterly report showed that the company lost 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, with an average loss of 60,000 yuan for every car sold. By analogy, Nio lost 22,000 yuan for every car sold; Ideally, every time a car is sold, it loses 28,000 yuan, and every family is on the road of losing more and more money.On the other hand, behind the surge in sales is high-investment marketing, but the marketing cost will only get more and more tiring. Opening more and more stores is the common wish of new car-making forces. Currently, Nio has 23 Nio centers and 203 NIO SPACE, covering 121 cities in China, and plans to continue to increase in 2021.XPeng's automobile sales network consists of 178 stores (88 directly-operated stores and 90 licensed stores) and 61 service centers (4 directly-operated stores and others are licensed), covering 70 cities in China. Ideal is slightly inferior, but when Li Xiang realized that whether a city has a Li Auto store or not, the market share will differ by 8 times. Ideal's stores will rise to 200 this year, and it is encouraged internally. There is no ceiling, and you can open as many as you can.Each company is constantly testing consumers with price cuts. Tech Planet learned through various sales that Nio has reduced the 400,000-yuan range model to the 300,000-yuan range through the option of battery swapping, just to allow customers to enjoy new energy subsidies; Ideal and XPeng also launched preferential measures such as cash of 5,000 to 10,000 to impact sales.But the options in the hands of consumers are increasing. In July, Tesla offered another killer. The Model Y launched the standard aviation version, which directly entered the 300,000 range. The next car, which has been rumored to be smaller and cheaper, is also eyeing the market covetously.Wei Xiaoli urgently needs more money to build infrastructureAfter being unable to make up for losses in a short period of time after selling cars, it is faced with infrastructure investment such as building factories and stations that are still in the investment period for new cars. Wei Xiaoli naturally needs to raise more capital to maintain the expensive investment.Building a factory is the infrastructure that new forces must build now.The ideal Changzhou production capacity is about 100,000 vehicles/year, which will increase to 200,000 vehicles/year by 2022. According to the \"Future Automobile\" report, in June 2021, Ideal plans to invest 6 billion yuan to establish a production base in Beijing.XPeng currently has two factories, namely Zhengzhou and Zhaoqing Haima. Among them, Tech Planet understands that the Guangzhou production base is under intensive construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment. It is ensured that it will be put into use by the end of 22 years, with a production capacity of 100,000 vehicles per year, and will be provided to XPeng for use by lease, and will be purchased by XPeng seven years later. At the same time, the Wuhan factory is also under construction simultaneously.At present, only Nio does not have its own factory. In order to increase production capacity, Nio can only start the expansion of the factory with Jianghuai. It plans to achieve a production capacity of 150,000 in a single shift and 300,000 in a double shift by the end of 2021; However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.Among the new car-making forces, Nio is the only one that uses the OEM model. If the planning of building a factory is to be put on the agenda, it means that it will be a basic investment of at least 10 billion yuan, because Geely has launched the Jikrypton model. It took 4 years to build the SEA vast architecture, and the investment of more than 18 billion yuan is a precedent.As a necessary infrastructure, charging stations are also expansions that must be invested in. Nio's power swap line requires Nio to deploy more power swap stations in order to enjoy more convenient services. There are currently 301 power swap stations. This year's small goal is to have 700 battery swap stations by the end of the year, with new stations being added at a rate of 600 every year. XPeng is taking the free route. In addition, third parties already have 1,314 free supercharging stations and 172 self-operated supercharging stations. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.In addition, intelligence is also an important expenditure for new car manufacturers. Since its establishment, the R&D cost invested is about 40 billion yuan. In the next few years, more than 5 billion yuan of R&D investment will be maintained every year, Nio Xia Qinghua once revealed. As XPeng embarked on self-developed autonomous driving technology, research and development expenses are also increasing year by year, which is the largest among the three families.Taking the first quarter as an example, the R&D investment of Nio, Ideal, and XPeng was 687 million yuan, 515 million yuan, and 535 million yuan respectively, and R&D expenses accounted for 8.61%, 14.41%, and 18.13% of the overall revenue respectively.. It is reported that about 45% of the proceeds from this Hong Kong stock fundraising will be invested in the development of new technologies by XPeng.There is a common direction behind building new cars, high-cost marketing, supporting power stations, battery swapping stations, building factories, and R&D investment, money, money, money.Going overseas or sinking, new car-making forces needIn The Three-Body Problem, there are two axioms of cosmic sociology, one is that survival is the first need of civilization; Second, civilization continues to grow and expand, while the total amount of material in the universe remains unchanged.The universe of new car manufacturing is still expanding, and the team of car manufacturers is getting larger and larger. Competing in the incremental market, there are more and more competitors. This scene is quite similar to the period when a hundred schools of thought contended for smartphones. More than a hundred mobile phone manufacturers emerged on the market one after another. In the end, only a few smartphones we have in our hands are left. The same is true for new cars. Only by occupying more shares can we talk about survival.Among the three attacking Wei Xiaoli, XPeng's strategy is to sink, which is to sink the market for third-and fourth-tier cities. Tech Planet has learned that XPeng's key investment cities this year include Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, Wenzhou and other regions, and is engaged in incremental competition for larger-scale sinking.Nio chose to go overseas. On May 6, it released its Norwegian strategy and announced its official entry into the Norwegian market. It plans to deliver the ES8 in September this year, and the ET7 will officially enter the Norwegian market in 2022. In Norway, Nio will adopt the same model of direct sales, direct sales and direct service to customers as in China. According to its overseas plan, Nio will also explore five overseas markets besides Norway next year, but Li Bin admits that it will still suffer losses in the short term.In the first quarter of 2021, XPeng also received a payment of 77.6 million yuan from a Norwegian dealer, and its overseas trip has achieved initial results. Ideal has not yet announced its plan to go overseas, but it also immediately stated that Ideal is a global company, which seems to imply that going overseas is not far away.Faced with the growing situation of Yu Lie's new car manufacturing, He XPeng said frankly that no company today dares to say that it has taken the lead.However, the flags of each company have been set. Nio has not announced its sales target for this year. XPeng's target for this year is 100,000 vehicles. Ideal has set its target higher and farther, and will become the world's number one smart electric vehicle company in 2030, with a market share of 20%. According to its forecast, Li Auto's annual sales will reach 4 million vehicles by then, while according to Li Auto's delivery volume of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of the current one.Each company has long understood that car manufacturing is a long-cycle, asset-heavy industry. In the fierce battle, it is difficult for each company to achieve profitability in a short period of time. Only by relying on scale advantages can they live longer and better. Selling cars, Selling more cars is the foundation of survival.Li Bin predicted in early 2018 that it would be difficult for new car-making forces to survive if their car sales could not reach 100,000 units in 2020.Today, three years later, except catfish Tesla, no new domestic force can reach this standard. Tesla's extremely horrible manufacturing cost control ability continues to give Model Y enough room and possibility for price reduction. Tesla's gross profit margin of 21.32% and annual sales of more than 500,000 vehicles are still the direction that new domestic forces yearn for.New domestic car-making forces can only get involved in this war with no end and go deep into each other's range. Nio's first sedan ET7 will be officially delivered in the first quarter of next year. The new car is positioned as a mid-sized sedan. XPeng expects to launch a new SUV in 2022. The ideal of only one model at present will be a full-size high-end SUV based on a new architecture in 2022.Li Bin and He XPeng exchanged and said: We are all sitting at the poker table, we are all in the qualifying round, we have not yet reached the knockout round, we have not yet reached the poker table, the new energy infinite war, the game has just begun, and it is far from time to decide the winner.","source":"techxq","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>\"Wei Xiaoli\" competes on the Hong Kong Stock Exchange, not just for money</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Wei Xiaoli\" competes on the Hong Kong Stock Exchange, not just for money\n</h2>\n<h4 class=\"meta\">\n\nTech星球2021-07-22 10:17\n\n</h4>\n</header>\n<article>\nThere is no shortage of capital stories, and the outlet has already been crowded with rivals. Since Musk handed over Tesla's car keys to Chinese car owners, new cars have already become the most topical and most unable to let go of the track for investors..The starting point of the story of the three idiots who built cars is quite the same. The story basically started in 2014. The founders who gained wealth and freedom did not want to hide their merits and fame, and went to the second venture of the domestic new energy track, which in itself was passionate enough.In 2020, Li Bin just returned from the listing of the US stock market, and he reminded internally that now is the most dangerous time, because the plane is the most dangerous after taking off. The reality is that in 7 years, after the three idiots who build cars have successfully transformed into three treasures, the status quo of continuous blood transfusions has not changed.In July, XPeng Automobile was the first to land on the Hong Kong Stock Exchange, ushering in a dual secondary market listing. Ideal also submitted an application in May, followed by a listing as early as August. According to Tencent First Line, Nio Automobile submitted a secondary listing application in Hong Kong secretly in March this year, even earlier than XPeng, but there are still equity problems. It should be a matter of time before it goes to the Hong Kong Stock Exchange.In less than a year, the new car-making forces once again ignited their desire for capital.The dual meaning of dual listingAn era is over. On September 12, 2018, Nio was listed on the New York Stock Exchange. After the ceremony, Li Bin returned to his hotel and couldn't help but sigh to his wife Wang Yizhi.Coincidentally, after the recent IPO ceremony of XPeng Automobile Hong Kong Stock Exchange, He XPeng also used a metaphor when answering reporters' questions to describe the nodes faced by new car-making forces at this time. Today, we are already facing a challenge, that is, how to move from the Spring and Autumn Period to the Warring States Period.The resurgence of Hong Kong stocks occurred around 2020. During this period, more than a dozen companies such as Ali, Baidu, and JD.com successfully went public for the second time, and they withdrew one after another. Among them, there are considerations for boosting stock prices and telling new stories. But most of them are companies that have been listed for many years. Ctrip has been listed on Nasdaq for 18 years, Baidu has been listed for 15 years, and Bilibili has also been listed on the U.S. stock market for 3 years. They basically meet the requirements for the secondary listing of Hong Kong stocks to be listed on other exchanges for 2 years. Requirements, but the three idiots in building cars are obviously not enough to achieve this target.As a result, the new car-making forces can only give up the secondary listing and adopt the dual listing strategy, which means that the regulatory requirements that need to be followed are more stringent. Meanwhile, the dual listing will be regulated by the U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC).The reason why the new car-making forces are anxious is that the trend of new energy is imminent. If we wait two years for the listing before returning to Hong Kong with a secondary listing, the trend of the market is likely to have changed direction, and fundraising will face more uncertainty.After returning to the Hong Kong stock market, Wei Xiaoli is more likely to land on the A-share market or science and technology innovation board. Because many pharmaceutical companies previously listed on the Hong Kong stock market have successfully moved to the Science and Technology Innovation Board to realize the A + H capital market layout and facilitate further financing. Therefore, in the future, it is very likely that new energy companies will be allowed to be spun off and listed on the A-share and science and technology innovation board.Analysts at CICC Capital revealed that Wei Xiaoli, who once went to the United States for listing due to restrictions on the A-share listing system, will improve the liquidity of his stocks and bring about the transfer of pricing power if he is connected with the A-share market in the future. And its further ambition lies in grabbing positions and laying the foundation for listing in the three places.At present, members of the second echelon of new car-making forces such as Weimar, Nezha, and Leapmotor are all interested in landing on the Science and Technology Innovation Board. By then, there will be a wave of IPO boom for new car-making forces. Occupying the position first will help Nio, Ideal and XPeng set anchor points, which will be conducive to the subsequent increase in stock prices.In one year, landing in the dual secondary market, Wei Xiaoli's real core foothold actually falls on money.From the book point of view, none of the three companies are poor. As of July 20, 2021, Nio's market value is US $67.441 billion, XPeng's market value is US $28.086 billion, and the ideal market value is US $22.019 billion; Nio, XPeng, and Ideal's cash reserves (cash and cash equivalents, restricted cash and time deposits, and short-term investment balances) are 47.5 billion yuan, 36.2 billion yuan, and 30.36 billion yuan respectively.But the tickets to enter the next battle may not be enough. He XPeng's recent judgment is this. If it costs about 20 billion from 0 to 1, the money in the second step will definitely exceed 30 billion. This is a foundation.The voiceover is, if you don't have 50 billion, don't come and play.The more you sell, the harder you loseEntering 2021, new car-making forces have ushered in a bumper year, sales have soared steadily, and Nio, Ideal, and XPeng have gradually stabilized their positions in the first echelon.Among them, Nio sold best. From January to June this year, the cumulative delivery volume was 41,956 units, which has exceeded 95% of last year's full-year delivery volume. After experiencing a short sales trough, Ideal's sales volume soared to the first medium-sized SUV in June., 30,154 units were delivered in half a year, also exceeding last year. XPeng is also catching up, with monthly, quarterly and semi-annual cumulative deliveries hitting record highs, with a total of 30,738 units delivered in half a year, which has exceeded the number of the previous year.<img src=\"https://static.tigerbbs.com/750c6bd3d77f2257d8defc9fc4121a4f\" tg-width=\"708\" tg-height=\"531\" referrerpolicy=\"no-referrer\">From January to June 2021, although the current revenue of Nio, XPeng, and Ideal has increased significantly, Wei Xiaoli's main theme is still loss.Let's take a look at the report cards of each family separately.From 2018 to 2020, Nio's net losses were 11.413 billion yuan, 11.9 billion yuan and 5.304 billion yuan respectively, totaling 28.6 billion yuan. If the net loss of 5.0122 billion yuan in 2017 and the net loss of 9.639 billion yuan in 2018 are added, the loss is as high as 43.3 billion.In 2018, 2019, 2020 and the first quarter of 2021, the net losses of XPeng Automobile were 1.399 billion yuan, 3.692 billion yuan, 2.732 billion yuan and 787 million yuan respectively, and the net losses in three years have accumulated more than 8.6 billion yuan.In 2018, 2019, and 2020, Ideal's net losses were 1.532 billion, 2.438 billion, and 152 million yuan respectively. The results were relatively good. However, after a short period of profitability in the previous quarter, Ideal Q1 turned into a loss again, with a net loss of 360 million yuan, exceeding the whole year of last year, an increase of 366.9% year-on-year, and a total of 4.482 billion yuan.<img src=\"https://static.tigerbbs.com/6daaac165ae02fa845a1a10d70f23c08\" tg-width=\"1080\" tg-height=\"743\" referrerpolicy=\"no-referrer\">From 2018 to the first quarter of 2021, Nio, XPeng, and Ideal's net losses Tech Planet simply calculated an account. XPeng's first quarterly report showed that the company lost 787 million yuan, with an average daily loss of nearly 9 million yuan. During the same period, 13,300 units were delivered, with an average loss of 60,000 yuan for every car sold. By analogy, Nio lost 22,000 yuan for every car sold; Ideally, every time a car is sold, it loses 28,000 yuan, and every family is on the road of losing more and more money.On the other hand, behind the surge in sales is high-investment marketing, but the marketing cost will only get more and more tiring. Opening more and more stores is the common wish of new car-making forces. Currently, Nio has 23 Nio centers and 203 NIO SPACE, covering 121 cities in China, and plans to continue to increase in 2021.XPeng's automobile sales network consists of 178 stores (88 directly-operated stores and 90 licensed stores) and 61 service centers (4 directly-operated stores and others are licensed), covering 70 cities in China. Ideal is slightly inferior, but when Li Xiang realized that whether a city has a Li Auto store or not, the market share will differ by 8 times. Ideal's stores will rise to 200 this year, and it is encouraged internally. There is no ceiling, and you can open as many as you can.Each company is constantly testing consumers with price cuts. Tech Planet learned through various sales that Nio has reduced the 400,000-yuan range model to the 300,000-yuan range through the option of battery swapping, just to allow customers to enjoy new energy subsidies; Ideal and XPeng also launched preferential measures such as cash of 5,000 to 10,000 to impact sales.But the options in the hands of consumers are increasing. In July, Tesla offered another killer. The Model Y launched the standard aviation version, which directly entered the 300,000 range. The next car, which has been rumored to be smaller and cheaper, is also eyeing the market covetously.Wei Xiaoli urgently needs more money to build infrastructureAfter being unable to make up for losses in a short period of time after selling cars, it is faced with infrastructure investment such as building factories and stations that are still in the investment period for new cars. Wei Xiaoli naturally needs to raise more capital to maintain the expensive investment.Building a factory is the infrastructure that new forces must build now.The ideal Changzhou production capacity is about 100,000 vehicles/year, which will increase to 200,000 vehicles/year by 2022. According to the \"Future Automobile\" report, in June 2021, Ideal plans to invest 6 billion yuan to establish a production base in Beijing.XPeng currently has two factories, namely Zhengzhou and Zhaoqing Haima. Among them, Tech Planet understands that the Guangzhou production base is under intensive construction. The Guangzhou Economic Development Zone will invest 1.3 billion yuan to build the base and provide 1.2 billion yuan in financing to purchase equipment. It is ensured that it will be put into use by the end of 22 years, with a production capacity of 100,000 vehicles per year, and will be provided to XPeng for use by lease, and will be purchased by XPeng seven years later. At the same time, the Wuhan factory is also under construction simultaneously.At present, only Nio does not have its own factory. In order to increase production capacity, Nio can only start the expansion of the factory with Jianghuai. It plans to achieve a production capacity of 150,000 in a single shift and 300,000 in a double shift by the end of 2021; However, from the start of production in April 2018 to the end of 2020, Nio has paid more than 1.2 billion yuan to JAC.Among the new car-making forces, Nio is the only one that uses the OEM model. If the planning of building a factory is to be put on the agenda, it means that it will be a basic investment of at least 10 billion yuan, because Geely has launched the Jikrypton model. It took 4 years to build the SEA vast architecture, and the investment of more than 18 billion yuan is a precedent.As a necessary infrastructure, charging stations are also expansions that must be invested in. Nio's power swap line requires Nio to deploy more power swap stations in order to enjoy more convenient services. There are currently 301 power swap stations. This year's small goal is to have 700 battery swap stations by the end of the year, with new stations being added at a rate of 600 every year. XPeng is taking the free route. In addition, third parties already have 1,314 free supercharging stations and 172 self-operated supercharging stations. Its goal is to build more than 500 XPeng brand supercharging stations by the end of the year.In addition, intelligence is also an important expenditure for new car manufacturers. Since its establishment, the R&D cost invested is about 40 billion yuan. In the next few years, more than 5 billion yuan of R&D investment will be maintained every year, Nio Xia Qinghua once revealed. As XPeng embarked on self-developed autonomous driving technology, research and development expenses are also increasing year by year, which is the largest among the three families.Taking the first quarter as an example, the R&D investment of Nio, Ideal, and XPeng was 687 million yuan, 515 million yuan, and 535 million yuan respectively, and R&D expenses accounted for 8.61%, 14.41%, and 18.13% of the overall revenue respectively.. It is reported that about 45% of the proceeds from this Hong Kong stock fundraising will be invested in the development of new technologies by XPeng.There is a common direction behind building new cars, high-cost marketing, supporting power stations, battery swapping stations, building factories, and R&D investment, money, money, money.Going overseas or sinking, new car-making forces needIn The Three-Body Problem, there are two axioms of cosmic sociology, one is that survival is the first need of civilization; Second, civilization continues to grow and expand, while the total amount of material in the universe remains unchanged.The universe of new car manufacturing is still expanding, and the team of car manufacturers is getting larger and larger. Competing in the incremental market, there are more and more competitors. This scene is quite similar to the period when a hundred schools of thought contended for smartphones. More than a hundred mobile phone manufacturers emerged on the market one after another. In the end, only a few smartphones we have in our hands are left. The same is true for new cars. Only by occupying more shares can we talk about survival.Among the three attacking Wei Xiaoli, XPeng's strategy is to sink, which is to sink the market for third-and fourth-tier cities. Tech Planet has learned that XPeng's key investment cities this year include Ma'anshan, Putian, Baotou, Luoyang, Zhangjiakou, Wenzhou and other regions, and is engaged in incremental competition for larger-scale sinking.Nio chose to go overseas. On May 6, it released its Norwegian strategy and announced its official entry into the Norwegian market. It plans to deliver the ES8 in September this year, and the ET7 will officially enter the Norwegian market in 2022. In Norway, Nio will adopt the same model of direct sales, direct sales and direct service to customers as in China. According to its overseas plan, Nio will also explore five overseas markets besides Norway next year, but Li Bin admits that it will still suffer losses in the short term.In the first quarter of 2021, XPeng also received a payment of 77.6 million yuan from a Norwegian dealer, and its overseas trip has achieved initial results. Ideal has not yet announced its plan to go overseas, but it also immediately stated that Ideal is a global company, which seems to imply that going overseas is not far away.Faced with the growing situation of Yu Lie's new car manufacturing, He XPeng said frankly that no company today dares to say that it has taken the lead.However, the flags of each company have been set. Nio has not announced its sales target for this year. XPeng's target for this year is 100,000 vehicles. Ideal has set its target higher and farther, and will become the world's number one smart electric vehicle company in 2030, with a market share of 20%. According to its forecast, Li Auto's annual sales will reach 4 million vehicles by then, while according to Li Auto's delivery volume of 30,154 vehicles in the first half of this year, the target for 2030 is 66 times that of the current one.Each company has long understood that car manufacturing is a long-cycle, asset-heavy industry. In the fierce battle, it is difficult for each company to achieve profitability in a short period of time. Only by relying on scale advantages can they live longer and better. Selling cars, Selling more cars is the foundation of survival.Li Bin predicted in early 2018 that it would be difficult for new car-making forces to survive if their car sales could not reach 100,000 units in 2020.Today, three years later, except catfish Tesla, no new domestic force can reach this standard. Tesla's extremely horrible manufacturing cost control ability continues to give Model Y enough room and possibility for price reduction. Tesla's gross profit margin of 21.32% and annual sales of more than 500,000 vehicles are still the direction that new domestic forces yearn for.New domestic car-making forces can only get involved in this war with no end and go deep into each other's range. Nio's first sedan ET7 will be officially delivered in the first quarter of next year. The new car is positioned as a mid-sized sedan. XPeng expects to launch a new SUV in 2022. The ideal of only one model at present will be a full-size high-end SUV based on a new architecture in 2022.Li Bin and He XPeng exchanged and said: We are all sitting at the poker table, we are all in the qualifying round, we have not yet reached the knockout round, we have not yet reached the poker table, the new energy infinite war, the game has just begun, and it is far from time to decide the winner.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd\">Tech星球</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c7c564576990fabefdec364687a49cbc","relate_stocks":{"TSLA":"特斯拉","LI":"理想汽车","NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s?__biz=MzU5MTczNjIyNA==&mid=2247550608&idx=1&sn=ed7f329619dd3a0b4da693ab78234cdc&chksm=fe283a5fc95fb3493fa6f4e46a0cdc83b52558cbd58e59a8e76278c5b4dbc5f40c1de65582bd&mpshare=1&scene=1&srcid=07211LZwtmMOKNO07R970A2K&sharer_sharetime=1626870547366&sharer_shareid=42d15f61d8b2ad6d1c0fccfcdb82fc3f&version=3.1.8.3015&platform=win#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127242118","content_text":"资本不缺少故事，风口早已挤满对手，从马斯克把特斯拉的车钥匙交到中国车主手里开始，新造车，早已成为了最具有话题性的和投资人最放不下的赛道。\n「造车三傻」的故事起点颇为相同，故事基本发端于2014年，获得财富自由的创始人们不愿深藏功与名，奔赴国产新能源赛道的二次创业，这本身就足够热血。\n2020年，李斌才从美股上市回来，他就在内部提醒，「现在到了最危险的时候，因为飞机起飞以后最危险。」 现实是，7年时间，「造车三傻」已成功转变为「三宝」后，不断输血的现状还未改变。\n7月，小鹏汽车最先登陆港交所，迎来了「双重二级市场」上市，理想也于5月提交申请，紧随其后最早于8月上市，据《腾讯一线》报道，蔚来汽车早在今年3月就「通过秘密方式」在港提交二次上市申请，甚至比小鹏还早，但目前还存在股权问题，奔赴港交所，应该是时间早晚的问题。\n不满一年，造车新势力们再次燃起对资本的渴望。\n双重上市的双重意味\n「一个时代结束了」，2018年9月12日，蔚来在纽交所上市，仪式结束后李斌回到下榻酒店，忍不住向妻子王屹芝感叹。\n无独有偶，在最近的小鹏汽车港交所IPO仪式后，何小鹏回答记者问时也用了一个比喻，去形容此时新造车新势力们面临的节点，「今天我们已经面临一个挑战，就是如何从春秋到战国。」\n港股的回潮发生在2020年前后，期间，阿里、百度、京东等十多家企业成功二次上市，纷纷回笼。这其中，有提振股价，也有讲新故事的考虑。但大多数都是上市多年的企业，携程纳斯达克上市18年，百度上市15年，B站也在美股走过3年，基本都符合港股二次上市对其他交易所上市满2年的要求，但「造车三傻」显然不足达成这一指标。\n于是，造车新势力们只能放弃二次上市，采取双重上市的策略，这意味着，需要遵守的监管规定更为严苛。同时，双重上市将受到美国证券交易委员会（SEC）和香港证券及期货事务监察委员会（SFC）的监管。\n让造车新势力们着急的原因是，新能源的风口箭在弦上，若是等足上市两年后再以二次上市回港，市场的潮头很可能已改变方向，到时候募资将面临更多不确定性。\n回归港股之后，「蔚小理」还更有可能登陆A股或者科创板。因为有很多之前在港股上市的医药企业都成功转战科创板，实现「A+H」的资本市场布局，便于进一步融资。所以，未来很打可能也允许新能源企业分拆至A股、科创板上市。\n中金资本的分析师透露，曾经因A股上市制度限制而远赴美国上市的「蔚小理」，如未来与A股市场的联通，将会为其提升股票流通性，带来的定价权转移。而其更远的野心，还在于抢位，奠定三地上市的基础。\n目前，威马、哪吒、零跑等造车新势力第二梯队成员均有意登陆科创板。届时，将会制造一波造车新势力IPO热潮，先占位有助于帮助蔚来、理想和小鹏定下锚点，有利于后续股价的提升。\n一年的时间，登陆双重的二级市场，「蔚小理」的真正核心落脚点其实还是落在了「钱」上。\n从账面来看，3家都不算穷，截止2021年7月20日，蔚来市值674.41亿美元，小鹏市值280.86亿美元，理想市值220.19亿美元；蔚来、小鹏、理想的现金储备（现金及现金等价物，受限现金与定期存款和短期投资余额）分别为475亿元、362亿元、303.6亿元。\n但想要进入下一场争夺战的门票可能还远远不够，何小鹏最近下的判断是这样，「如果从0到1大概要200亿的话，第二步的这个钱肯定超过300亿，这是一个基础。」\n画外音是，没500亿，别来玩儿。\n卖得越多，亏得越狠\n迈入2021年，造车新势力们迎来了丰收年，销量节节飙升，蔚来、理想、小鹏逐渐稳固第一梯队的位置。\n其中，蔚来卖得最好，今年1-6月累计交付量为41956台，已超去年全年交付量的95%，理想经历了短暂的销量低谷后，6月销量飙升至中型SUV第一，半年交付30154台，也超过去年。小鹏也在赶上，月度、季度及半年度累计交付量均创历史新高，半年累计交付30738台，已经超过上年全年数。\n\n2021年1-6月蔚来、小鹏、理想销量尽管目前营收大幅增加，但「蔚小理」的主旋律仍然是亏损。\n分别来看下各家的成绩单。\n2018-2020年，蔚来净亏损分别为114.13亿元、119亿元和53.04亿元，合计286亿元，如果加上2017年净亏损50.122亿元和2018年净亏损为96.39亿元，亏损高达433亿。\n2018年、2019年、2020年和2021年第一季度，小鹏汽车的净亏损分别为13.99亿元、36.92亿元、27.32亿元和7.87亿元，三年净亏损已经累计超过86亿元。\n2018年和2019年、2020年，理想净亏损分别为15.32亿、24.38亿，1.52亿元，成绩相对较好，但经历了短暂上一季度实现盈利后，理想Q1又转为亏损，净亏损达3.6亿元，超过去年全年，同比扩大366.9%，累计44.82亿元。\n\n2018年-2021年1季度蔚来、小鹏、理想净亏损Tech星球简单算了一笔账，小鹏一季报显示，公司亏损7.87亿元，日均亏近900万元。同期交付1.33万台，平均每卖一辆车，亏掉6万块，以此类推，蔚来每卖一辆车，亏掉2.2万元；理想每卖一辆车，亏掉2.8万元，每一家都在越卖越亏的路上。\n另一方面，销量暴增的背后是高投入的营销，但营销的费用只会越累越多，开越来越多店，是造车新势力共同的心愿，目前，蔚来有23个蔚来中心和203个NIO SPACE，覆盖中国121个城市，2021年计划继续增加。\n小鹏汽车销售网络由178间门店（直营店88间，特许授权店90间）和61个服务中心（4个直营，其它为特许授权）组成，覆盖中国70个城市。理想稍逊一筹，但当李想意识到，一个城市有没有理想汽车门店，市场占有率会相差 8倍，理想的今年门店上升至200家，内部还鼓励，不设天花板，能开多少，就开多少。\n各家都在不停地用降价试探消费者，Tech星球通过各家销售了解到，蔚来通过换电的选配，40万的区间车型降为30万元内的区间，只为让客户享受新能源补贴；理想、小鹏也推出现金5000抵1万等优惠措施冲击销量。\n但消费者手里的选项正在增多，7月，特斯拉又祭出一枚杀手锏，Model Y推出标航版，直接杀进30万区间，而一直传闻的更小更便宜的下一款车，也在虎视眈眈地盯着市场。\n「蔚小理」急需更多钱搭基建\n在卖车短时间内无法补充亏损后，面对新造车还在投入期的建厂、建站等基础设施投入。「蔚小理」自然还需要筹集更多的资本，来维持不菲的投入。\n建厂，就是新势力当下必须要搭建的基建。\n理想的常州产能约 10万辆/年，到 2022年会增加到 20 万辆/年。据《未来汽车》报道，2021 年 6 月，理想拟投资 60 亿元，在北京建立生产基地。\n小鹏目前有2座工厂，分别是郑州、肇庆海马，其中，Tech星球了解，广州生产基地正在紧密建设，由广州经济开发区将投资13亿元建设基地，并提供12亿融资用于购买设备，确保在22年底投入使用，产能10万辆/年，并以租赁的方式提供给小鹏使用，7年后再由小鹏购置。同时，武汉工厂也在同步建设中。\n目前，只有蔚来，还没有自己的工厂，为了增加产能，蔚来只能与江淮启动工厂的扩建工作，计划到2021年底实现单班15万，双班30万产能；但从2018年4月投产至2020年末，蔚来已向江淮支付超过12亿元。\n在造车新势力中，用「代工」模式的已只剩蔚来一家，如果要把建厂的规划提上日程，意味着又是起码100亿打底的投入，因为，吉利为推出极氪车型，打造的SEA浩瀚架构耗时4年，投入超过180亿元就是个前例。\n充电站作为必要的基建，也是必须投入的扩张。蔚来的换电路线，要求蔚来必须部署更多的换点站，才能享受更便捷的服务，目前已有 301 座换电站。今年的小目标是年底 700 座换电站，每年以 600 座的速度进行新增。小鹏走的是免费路线，加上第三方已拥有 1314 个免费超充站，自营运营 172座，而其目标是在年底建立超过500座小鹏品牌超充站。\n此外，智能化也是新造车势力的重要支出。「成立到现在，投入的研发成本大概有400多亿元。接下来几年，每年也将保持50亿元以上的研发投入」，蔚来夏庆华曾透露。作为小鹏走上了自研的自动驾驶技术，研发费用也在逐年递增，是三家里最多的。\n以一季度为例，蔚来、理想、小鹏的研发投入分别为6.87亿元、5.15亿元和5.35亿元，研发费用在整体营收中的占比分别为8.61%、14.41%、18.13%。据悉，此次港股募资所得款项中约45%的资金，小鹏都要投入到开发新技术上。\n造新款车、高额营销、配套电站、换电站、建工厂、研发投入，背后都有一个共同的指向，钱，钱，钱。\n出海or下沉，造车新势力都要\n《三体》中，宇宙社会学的两条公理，一是生存是文明的第一需要；二是文明不断增长和扩张，而宇宙的总体物质总量保持不变。\n新造车的宇宙还在不断扩张，造车的队伍越来越庞大，在增量的市场上竞争，对手变得越来越多。这份场景，颇与当初智能机百家争鸣时期相似，市面上接连涌现百余家手机厂商，最后留下来的，只有我们现在手里拿的智能机那么几家。对新造车而言也同理，占领更多的份额才能去谈活下来。\n进击的「蔚小理」三家中，小鹏想到的策略是下沉，是面向三四线城市的市场下沉。Tech星球了解到，小鹏在今年的重点招商城市包括马鞍山、莆田、包头、洛阳、张家口、温州等地区，在做更大规模下沉的增量竞争。\n蔚来选择出海，5月6日，发布挪威战略，宣布正式进入挪威市场，计划今年9月将交付ES8，ET7将于2022年正式进入挪威市场。在挪威，蔚来将采取与国内相同的直营、直销、直接服务客户的模式。按其出海计划，蔚来明年还将开拓除挪威以外的五个海外市场，但李斌坦言，短期内仍会是亏损。\n2021年一季度，小鹏也收到了来自挪威经销商7760万元的货款，出海初见成效。理想还没有公布出海计划，但也紧接表示理想是一个全球性企业，似乎也在暗示，出海已经不远。\n面对愈演俞烈的新造车局势，何小鹏坦诚地说，「今天没有任何一家企业敢说自己已经拿到了先手」。\n但各家的flag已经立下，蔚来没公布今年销量目标，小鹏的今年目标是10万辆，理想则把目标定的更高更远，在2030年要成为全球第一的智能电动车企业，市场占有率达到20%。按照其预计，届时理想汽车的年销量要达到400万辆，而按照理想汽车今年上半年的交付量30154辆，2030年的目标是现在的66倍。\n各家早已更懂得，造车，是一个长周期、重资产行业，在激烈的争夺战中，各家短时间内都很难实现盈利，要靠规模优势才能活的更久更好，卖车，卖更多的车，才是活下去的根本。\n李斌曾在2018年初就预言，造车新势力在2020年汽车销量无法达到10万辆，则很难活下去。\n3年后的今天，除了「鲶鱼」特斯拉，还没有哪个国产新势力能达到这一标准。而特斯拉异常恐怖的制造成本管控能力，继续给予Model Y足够的降价空间与可能性，特斯拉21.32%的毛利率，50万辆以上的年销量仍是国产新势力向往的方向。\n国产造车新势力只能卷入这场没有终局的战争中，并深入对方的区间，蔚来首款轿车ET7将于明年一季度正式交付，新车定位中型轿车，小鹏预计2022年推出新款SUV，而目前只有一款车型的理想，也要在2022年，基于全新架构的全尺寸高端SUV。\n李斌和何小鹏交流说过：「我们都坐在牌桌边，都正在资格赛里面，还没有到淘汰赛，还没上牌桌」，新能源的无限战争，游戏才刚开始，远未到分胜负的时候。","news_type":1,"symbols_score_info":{"TSLA":0.9,"LI":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":2476,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}