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2021-08-07

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US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>

2021-09-09

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Most of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote>

2021-08-12

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iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>

2021-08-10

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2021-07-25

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2021-07-22

Nice

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2021-08-03

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Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>

2021-07-31

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You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>

2021-07-30

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2021-07-16

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height=\"auto\"></p><p><blockquote></blockquote></p><p></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>Most of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote></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{ 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}\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\">\nMost of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-09 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 9)&nbsp;Most of China concepts stocks fell in premarket trading.</p><p><blockquote>（9月9日）中概股盘前交易多数下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1cc6e1e421893d8bebaea0dc552bf76\" tg-width=\"279\" tg-height=\"728\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176538965","content_text":"(Sept 9) Most of China concepts stocks fell in premarket trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833738543,"gmtCreate":1629261935582,"gmtModify":1633686127302,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833738543","repostId":"2160207426","repostType":4,"isVote":1,"tweetType":1,"viewCount":1800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833394777,"gmtCreate":1629203847399,"gmtModify":1633686614520,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/833394777","repostId":"1130466931","repostType":4,"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830488010,"gmtCreate":1629089699230,"gmtModify":1633687474162,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/830488010","repostId":"2159210175","repostType":4,"isVote":1,"tweetType":1,"viewCount":2976,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897231031,"gmtCreate":1628920833423,"gmtModify":1633688468419,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897231031","repostId":"1149823415","repostType":4,"repost":{"id":"1149823415","kind":"news","pubTimestamp":1628909753,"share":"https://www.laohu8.com/m/news/1149823415?lang=zh_CN&edition=full","pubTime":"2021-08-14 10:55","market":"us","language":"en","title":"Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1149823415","media":"seekingalpha","summary":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"d","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，随着这些改进，该公司还“目标是减少Unity航班之间的周转航班，时间从VSS Unity的7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE中性评级。</blockquote></p><p></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>Where Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote></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\">\nWhere Will Virgin Galactic Stock Be In 10 Years?<blockquote>10年后维珍银河的股票会在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-14 10:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Virgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.</li>  <li>However, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.</li>  <li>We would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.</li>  <li>Lastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/00922c9874a28954c08c613b8dbf378b\" tg-width=\"768\" tg-height=\"493\" width=\"100%\" height=\"auto\"><span>Nastco/iStock via Getty Images</span></p><p><blockquote><ul><li>由于市场对影响其私人商业收入服务推出的“延迟”感到失望，维珍银河财报后下跌超过30%。</li><li>然而，我们认为该公司的“延迟”对于纠正供应限制并满足该公司正在经历的巨大需求是必要的。</li><li>我们还将详细讨论公司的长期机遇和威胁，以及投资者未来需要监控的内容。</li><li>最后，我们为正在考虑增加维珍银河投资的长期投资者提出了我们的估值论点。</li></ul><p class=\"t-img-caption\"><span>Nastco/iStock来自Getty Images</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Back in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.</p><p><blockquote>早在5月份，当我们发表关于维珍银河(SPCE)的上一篇文章（链接到本文所附文章）时，我们明确强调，我们认为华尔街的共识对维珍银河的收入预测过于乐观，因为我们认为这些预测夸大了市场根据我们咨询多个来源的研究，未来10年亚轨道太空旅游的机会在很大程度上，我们提交了修订后的预测。</blockquote></p><p> Since then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from&nbsp;late Q3'CY22.</p><p><blockquote>此后，华尔街日报下调了近期预测，因为该公司最近表示，他们预计仅从2022年第三季度末开始提供商业服务。</blockquote></p><p> This article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.</p><p><blockquote>本文将讨论导致维珍银河“延迟”发射的情况、长期机遇以及维珍在亚轨道太空旅游领域寻求领导地位所面临的竞争威胁。</blockquote></p><p> Lastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.</p><p><blockquote>最后，我们将为目前考虑增加该股投资的长期投资者提出我们的估值论点。</blockquote></p><p> <b>Revisions to Virgin Galactic's Mean Consensus Estimates</b></p><p><blockquote><b>对维珍银河平均共识估计的修正</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9e15e65a740bf4a03405cd6f31e82bfc\" tg-width=\"640\" tg-height=\"396\" width=\"100%\" height=\"auto\"><span>May's consensus revenue estimates &amp; Aug's consensus revenue estimates. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>5月份的普遍收入估计和8月份的普遍收入估计。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/149d99203d29b3a3e785096ccc509c57\" tg-width=\"600\" tg-height=\"371\" width=\"100%\" height=\"auto\"><span>Scale of revised estimates (Between May and Aug estimates). Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>修订估计数的规模（5月至8月估计数之间）。数据来源：标普资本智商</span></p></blockquote></p><p> Investors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.</p><p><blockquote>投资者应该能够清楚地收集到，近期共识预期较5月份影响21年至25年的预测有所下调。然而，我们认为投资者需要注意的是，华尔街从CY26大幅上调了其预期，以反映SPCE在最近的盈利看涨期权中强调的强劲需求，我们认为这表明了该公司对强劲收入跑道的信心长期，我们将在后续章节中详细讨论。</blockquote></p><p> <b>Private Commercial Full Revenue Service is Expected from Q3'CY22</b></p><p><blockquote><b>私人商业全收入服务预计从2022年第三季度开始</b></blockquote></p><p> SPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.</p><p><blockquote>自8月5日发布财报以来，SPCE的价值已下跌约33%，我们认为这主要是由于VSS Unity和VSS Unity拟议的关键增强功能导致其商业服务推出“延迟”而带来的近期阻力。母舰VMS Eve将显着增加飞行和维护之间的周转时间。</blockquote></p><p> As a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.</p><p><blockquote>由于Unity 23与意大利空军的创收飞行完成后将进行的增强，该公司预计仅从2022年第三季度末开始其私人商业全面收入服务，我们认为这可能会让投资者大吃一惊，因为虽然市场预计全面商业服务将于2022年开始，但他们预计不会晚于第三季度。</blockquote></p><p> However, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:</p><p><blockquote>然而，我们认为市场再次选择关注近期收入服务延迟带来的不确定性，而忽视了预计将显着改善VMS Eve周转时间的增强功能的重要性，以至于维珍银河强调：</blockquote></p><p>   These enhancements  <i>could potentially allow Eve to fly 100 flights between major maintenance inspections</i>. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.  In addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"</p><p><blockquote>这些增强功能<i>可能允许Eve在主要维护检查之间飞行100次航班</i>这比今天主要检查之间的10个航班间隔有所增加。在早期商业服务期间，当我们正在制造更多母舰时，这将是一个非常重要的成功因素。此外，该公司还强调，随着这些改进，该公司还“目标是减少Unity航班之间的周转航班，时间从VSS Unity的7至8周。”</blockquote></p><p></p><p> The Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"</p><p><blockquote>华尔街和市场当然对这一消息感到失望，因为分析师下调了近期预测并下调了评级，摩根士丹利还强调：“在这个繁重的维护期间，维珍银河在2022年夏季之前都无法进行任何太空飞行。”</blockquote></p><p> Sure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:</p><p><blockquote>当然，没有航班。我们当然不担心，因为该公司重申了这些增强功能的重要性：</blockquote></p><p>   These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and  <i>that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today</i>.\"  If investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:</p><p><blockquote>这些都是对Eve相当稳健的修改。但是，我们为Eve的增强期增加范围和时间的原因是，在此增强期之后，我们将从Eve获得的飞行率是我们计划建立的。在主要检查和我们现在所做的之间，这几乎是10倍。这将使我们能够更频繁地飞行Eve，并且<i>这对我们未来的第一批宇航员以及我们将从今天开始报名的人来说非常重要</i>.“如果投资者能够清楚地收集该公司在上述句子中使用的语言，那么该公司显然这样做是因为他们预计对其太空飞行服务的需求如此强劲，我们认为这可能超出了该公司最初的计划。因此，虽然最近与理查德·布兰森爵士举行的发布会在很大程度上被视为一次重大的公关妙招，但它无疑让该公司能够衡量感兴趣的客户的反应，并且该公司明确表示，他们看到了如此强劲的需求，因此需要开放正如首席执行官迈克尔·科尔格拉齐尔(Michael Colglazier)所阐明的那样，尽快列出优先事项清单：</blockquote></p><p>   Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.  We are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).</p><p><blockquote>利用我们在网站上看到的巨大需求，我很高兴地宣布，我们将很快为希望成为下一个的未来太空旅行者开放一个优先名单。在我们的太空人转换过程结束后，我们将首先向这个列表提供任何可用的库存。该名单的注册将很快在我们的网站上提供...我们对整个潜在市场充满信心，对[理查德·布兰森爵士]Unity 22的反应就表明了这一点。所以我们不会全部吸收，但我们确实认为我们可以在这里向前迈出一大步。我们不确定市场和其他投资者的想法。尽管如此，该公司仍需要找到一种方法来应对供应明显严重受限的情况下的需求。他们在短期内会做的下一件最好的事情是对VMS Eve和VSS Unity进行必要的修改，以确保这些高价值的潜在客户不会去敲杰夫·贝索斯蓝色起源(BORGN)的门。</blockquote></p><p> <b>Are There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?</b></p><p><blockquote><b>真的有那么多迫不及待想上VSS Unity的客户吗？</b></blockquote></p><p> Yes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket&nbsp;holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"</p><p><blockquote>是的，想到该公司期待这么多迫不及待地加入的客户，真是令人难以置信。风险投资公司Hemisphere Ventures的管理合伙人丽莎·里奇(Lisa Rich)明确表示：“……这些年来，我遇到了很多维珍（银河）的持票人。顺便说一句，他们每个人都告诉我，由于他们多年来分享的经历，他们花在等待上的25万美元已经收回了10倍。”</blockquote></p><p> Investors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"</p><p><blockquote>投资者应该清楚地了解，多年来，由600名致力于维珍银河飞行服务的未来宇航员组成的社区形成了一个紧密团结的团体，正如该公司所强调的那样：“我认为在现有的未来宇航员之外可能不为人所知的一件事是维珍银河的秘密武器之一，那就是我们的宇航员办公室。这是一群人，他们将这600人聚集成了一个真正的社区。”</blockquote></p><p> The company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"</p><p><blockquote>该公司强调，这些客户真正重视实现飞行体验的旅程，因为这些客户认为这是一次“人生过渡之旅”。他们看到了维珍银河所做的事情的巨大价值，以至于该公司强调，他们的客户认为加入该公司汇集的社区是“首要考虑的[优先事项]并且非常强大”。</blockquote></p><p> Importantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.</p><p><blockquote>重要的是，该公司还强调，他们已经向通过该公司“一小步”计划注册的1000多名“宇航员”社区开放了门票销售，每个座位的价格从45万美元起，远高于最初600名未来宇航员注册的每个座位20万至25万美元。</blockquote></p><p></p><p> Virgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience<b><i>.</i></b>And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"</p><p><blockquote>维珍银河认为，这些未来的宇航员将成为公司的“销售大使”，因为他们拥有该公司煞费苦心建立的强大而紧密的宇航员社区的经验：“……所以我认为你可以从几个方面来思考终身价值。其中之一是当人们从未来的宇航员毕业生进入宇航员社区时，我认为他们会回来，我认为人们分享这些经验是非常自然的<b><i>.</i></b>我认为他们分享这段经历不仅会让人们说这是多么美妙，还会给人类航天的概念带来常态。因此，当我们将这群人引入时，他们的终身价值是全面的需求，并在他们走出去分享他们所做的事情时继续增加总的潜在市场。”</blockquote></p><p> <b>Strong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage</b></p><p><blockquote><b>强劲的需求证明快速扩大规模以实现强劲的运营杠杆是合理的</b></blockquote></p><p> Astute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.</p><p><blockquote>精明的投资者会清楚地认识到，如果该公司仅依靠VSS Unity或VSS Imagine机队来主导亚轨道太空旅游市场，这在很大程度上是不够的。</blockquote></p><p> Based on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.</p><p><blockquote>根据该公司的指导和华尔街的估计，如果不对VMS Eve进行修改，该公司最初的600名未来宇航员社区的工作至少需要几年时间。</blockquote></p><p> The initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.</p><p><blockquote>2022年的初始节奏（修改前）是最多10个收入航班，总共60名乘客。到2023年，该公司每年最多只能飞行24至36次航班，这将允许他们最多飞行144至216名宇航员。因此，到2025年，维珍银河可能至少还需要2年时间才能开始处理1000名宇航员社区的订单，我们认为到那时，至少其中一些人会去蓝色起源。因此，最初的节奏真的不起作用，特别是该公司准备很快为Unity 22公关活动产生的兴趣制定优先列表，他们需要快速完成1600名未来宇航员的工作，这在短期内将通过Eve的修改来解决，因为它允许SPCE在主要检查之间多飞行10倍。</blockquote></p><p> However, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.</p><p><blockquote>然而，该公司仍然认为这仍然不足以满足他们所经历的需求水平。因此，他们宣布将制造下一代Delta级车辆，“能够每隔一周启动一次”。随着时间的推移，此类船舶预计将构成该公司未来运力的大部分。</blockquote></p><p> Part of the reason that the company needed to raise the&nbsp;$500M equity&nbsp;offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.</p><p><blockquote>该公司最近需要筹集5亿美元股票发行的部分原因是，他们已准备好开始开发和制造Delta级车辆，这将非常有助于满足其长期产能和节奏，VSS Unity和VSS想象永远无法充分满足。</blockquote></p><p> Crucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"</p><p><blockquote>至关重要的是，该公司强调，通过提高达美级的产量和产能，他们将能够实现显著的运营杠杆，正如维珍银河强调的那样：“...这就是为什么我们如此专注于用下一代母舰获得达美级。这是我们真正获得效率的地方。这是我们获得规模的地方。这是你真正看到流通的地方，因为我们将有一个固定的成本基础，便于我们沟通，也便于我们在未来为效率做出贡献。”</blockquote></p><p> <b>Competing Against Blue Origin</b></p><p><blockquote><b>与蓝色起源竞争</b></blockquote></p><p> We think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.</p><p><blockquote>我们认为运营杠杆将成为这里的游戏名称，维珍银河清楚地认识到，对于该公司来说，以其需求驱动因素所证明的足够规模运营以与蓝色起源进行强有力的竞争至关重要。</blockquote></p><p> While we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture&nbsp;and the technology we have chosen is complete overkill for a suborbital tourism mission.”</p><p><blockquote>虽然我们不认为蓝色起源的主要游戏是亚轨道太空旅游，但正如杰夫·贝索斯之前也强调的那样：“我们选择的架构和技术对于亚轨道旅游任务来说完全是矫枉过正。”</blockquote></p><p> We think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"</p><p><blockquote>我们认为蓝色起源的主要市场肯定超出了亚轨道太空旅游，摩根士丹利强调，“贝佐斯先生的公司正在太空市场寻求业务，假设技术快速发展，到2040年，太空市场的规模将扩大两倍，年销售额将超过1万亿美元。实现例行登月、小行星采矿和太空旅游。”</blockquote></p><p> Therefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.</p><p><blockquote>因此，虽然蓝色起源专注于建立其太空殖民地的长期愿景，但我们认为他们肯定能够快速提高产量并获得显着的运营杠杆。关键是这些优势如何在短期内转化为其亚轨道太空旅游领域，这将是决定维珍银河领导地位的关键。</blockquote></p><p></p><p> One thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.</p><p><blockquote>有一件事是肯定的。两家公司预计，随着生产规模的扩大和技术的改进，亚轨道太空旅游门票的价格将随着时间的推移大幅下降。因此，维珍银河在这个市场中的领导地位和生存的关键是尽快获得运营杠杆以建立这些优势，而蓝色起源则忙于其整个领域的各种项目。</blockquote></p><p> Virgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.</p><p><blockquote>维珍银河希望让亚轨道太空旅游变得更加容易，而实现这一目标的关键是通过提高产量实现的运营杠杆来降低价格。因此，我们认为该公司的达美级计划对于维珍银河对抗蓝色起源的领导地位至关重要，并强烈鼓励投资者密切关注这些计划。</blockquote></p><p> <b>Free Cash Flow Forecast &amp; Valuations</b></p><p><blockquote><b>自由现金流预测和估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/48be5e8da375fdc72591e31b96a223f4\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>EBITDA margin forecast &amp; CapEx margin forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EBITDA利润率预测和资本支出利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57509b52b1c0ac46a44e7a0dd619bd97\" tg-width=\"640\" tg-height=\"361\" width=\"100%\" height=\"auto\"><span>EV / Fwd EBITDA trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd EBITDA趋势。数据来源：标普资本智商</span></p></blockquote></p><p> Despite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.</p><p><blockquote>尽管全面收入服务的推出推迟到22年第三季度，但华尔街预计该公司将从2024财年末开始实现自由现金流盈利。我们认为这很重要，因为它展示了公司业务在这个市场的长期现金流潜力，目前只有BORGN和SPCE是明显的领导者。</blockquote></p><p> However, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.</p><p><blockquote>然而，到2030年底，估值看起来仍然昂贵，为18.5倍，比航空航天和国防同行13.61倍的平均水平高出36%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1084f3186f9732fad8d28b824c65de2a\" tg-width=\"640\" tg-height=\"472\" width=\"100%\" height=\"auto\"><span>Street's mean price target. Source: TIKR</span></p><p><blockquote><p class=\"t-img-caption\"><span>Street的平均目标价。来源：TIKR</span></p></blockquote></p><p> The Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.</p><p><blockquote>华尔街也不太乐观，平均目标价为35.55美元，仅比上一收盘价高出13.5%，因为分析师关注SPCE将其收入服务转移到2022年第三季度的近期“阻力”，我们认为这对其长期竞争优势非常重要。</blockquote></p><p> While we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.</p><p><blockquote>虽然我们对该公司的长期前景以及将亚轨道太空旅游带给世界的雄心感到非常兴奋，但我们对维珍银河看似昂贵的估值并不那么确定。</blockquote></p><p> <b>SPCE Stock Price Action and Trend Analysis</b></p><p><blockquote><b>SPCE股价走势及趋势分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4f872b3e8670eac6d5ca4d8afce15200\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> While we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.</p><p><blockquote>虽然鉴于SPCE的估值昂贵，我们认为SPCE不适合长期投资者，但我们认为头寸交易者仍可能发现该股潜伏的机会。</blockquote></p><p> SPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.</p><p><blockquote>SPCE在50周移动平均线动态支撑位上受到强有力的支撑，该支撑位自2020年以来一直保持强劲，包括最近5月份出现的下行错误突破（熊市陷阱）。因此，我们希望，一旦价格走势在未来几周内自行解决，热衷于交易该股票的头寸交易者可能会找到机会。</blockquote></p><p> In summary, we assign a neutral rating to SPCE for long-term investors.</p><p><blockquote>综上所述，我们为长期投资者给予SPCE中性评级。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://seekingalpha.com/article/4449270-virgin-galactic-stock-10-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149823415","content_text":"Summary\n\nVirgin Galactic fell more than 30% post-earnings as the market was disappointed with the \"delay\" affecting the launch of its private commercial revenue service.\nHowever, we think the company's \"delay\" is necessary for it to rectify its supply constraints and meet the huge demand that the company is experiencing.\nWe would also discuss in detail the company's long-term opportunities and threats, and what investors need to monitor moving forward.\nLastly, we present our valuation arguments for long-term investors who are considering adding exposure to Virgin Galactic.\n\nNastco/iStock via Getty Images\nInvestment Thesis\nBack in May, when we published our previous article (link to article appendedhere) on Virgin Galactic (SPCE), we clearly highlighted that we think the Street's consensus has been too optimistic about Virgin Galactic's revenue estimates as we thought the projections overstated the market opportunity for suborbital space tourism over the next 10 years to a large extent, based on our research that consulted multiple sources, and we submitted a revised projection.\nSince then, the Street has revised its near-term projections downwards as the company recently indicated that they are expecting to commence commercial service only from late Q3'CY22.\nThis article will discuss the circumstances leading to Virgin Galactic's \"delayed\" launch, the long-term opportunities, and the competitive threat facing Virgin's leadership quest in suborbital space tourism.\nLastly, we would present our valuation argument for long-term investors considering adding exposure to the stock right now.\nRevisions to Virgin Galactic's Mean Consensus Estimates\nMay's consensus revenue estimates & Aug's consensus revenue estimates. Data source: S&P Capital IQ\nScale of revised estimates (Between May and Aug estimates). Data source: S&P Capital IQ\nInvestors should be able to glean clearly that near-term consensus estimates were revised downwards from May's projections that affected CY21 to CY25. However, we think what's important for investors to note is that the Street revised its estimates meaningfully upwards from CY26 to reflect the strong demand that SPCE highlighted during its recent earnings call, which we think demonstrates the company's confidence in a strong revenue runway for the long term, which we would discuss in detail in the subsequent sections.\nPrivate Commercial Full Revenue Service is Expected from Q3'CY22\nSPCE has since lost about 33% of its value since its earnings release on Aug 5, which we think is largely attributed to the near term headwinds resulting from its \"delay\" on commercial service launch as a result of proposed critical enhancements to VSS Unity and the mothership VMS Eve to increase their turnaround time between flights and maintenance significantly.\nAs a result of the enhancements that would take place after the completion of Unity 23 revenue-generating flight with the Italian Air Force, the company expects to commence its private commercial full revenue service only from late Q3'CY22, which we think may have taken investors aback as while the market expected full commercial service to begin in 2022, they did not expect it to be as late as Q3.\nHowever, we think the market has once again chosen to focus on the uncertainty resulting from the near-term revenue service delay and ignore the importance of the enhancements that are expected to improve VMS Eve's turnaround time so significantly that Virgin Galactic emphasized:\n\n These enhancements\n could potentially allow Eve to fly 100 flights between major maintenance inspections. This is up from the current interval of 10 flights between major inspections today. This will be an incredibly important success factor during the early commercial service period while we are in process of manufacturing additional motherships.\n\nIn addition, the company also highlighted that with the enhancements, the company is also \"targeting a reduced turnaround flight between Unity flights of 4 to 5 weeks, and that's down from what has at best, been 7 to 8 weeks for VSS Unity.\"\nThe Street and the market were certainly disappointed with the announcement, as analysts cut near-term forecasts and downgraded ratings, and Morgan Stanley also emphasized: \"During this heavy maintenance period, Virgin Galactic will not be able to conduct any space flights until summer of 2022.\"\nSure, no flights. We are certainly not concerned, as the company reiterated the significance of these enhancements:\n\n These are reasonably robust modifications to Eve. But the reason we are taking the additional scope and the additional time for this enhancement period of Eve is because the flight rate that we will derive from Eve following this enhancement period is we plan to build that to effect. It's almost 10x greater between major inspections and what we've been doing now. That will give us an ability to fly Eve much more frequently, and\n that's really important to our initial group of future astronauts as well as the people that we're going to be signing up starting today.\"\n\nIf investors could clearly glean the language used by the company in the above sentence, the company is clearly doing it because they are expecting such a robust demand for its space flight services that we think may have exceeded what the company had initially planned for. So while the recent launch event with Sir Richard Branson was largely seen as a major PR coup, it certainly allowed the company to measure the response from interested customers, and the company has clearly indicated that they see such robust demand that they needed to open up a priority list as soon as possible as CEO Michael Colglazier articulated:\n\n Leveraging the substantial demand we have seen to our website, I am pleased to announce that we will soon open a priority list for future space travelers who wish to be next in line. We will reach out first to this list with any available inventory following the conclusion of our spacefarer conversion process. Registration for this list will soon be made available on our website...We have an enormous amount of confidence in the total addressable market that's been kind of shown from the response to [Sir Richard Branson's] Unity 22. So we won't be absorbing all of it, but we do think we can make a major step forward here.\n\nWe are not sure what the market and other investors think. Still, the company needs to find a way to cope with the demand from what's obviously a heavily supply-constrained situation. The next best thing they would do in the near term is to make the necessary modifications to VMS Eve and VSS Unity to ensure these highly valued potential customers don't go knocking on the door of Jeff Bezos's Blue Origin (BORGN).\nAre There Really So Many Customers Who Couldn't Wait to Get On Board VSS Unity?\nYes, it's pretty incredible to think that the company is expecting so many customers who couldn't wait to get on board. Lisa Rich, the Managing Partner at the venture capital firm Hemisphere Ventures, articulated: \"...I've met so many Virgin [Galactic] ticket holders over the years. And by the way, every one of them has told me that the $250,000 they've spent waiting has paid for itself 10 times over because of the experiences that they have shared over the years.\"\nInvestors should clearly understand that the community of 600 future astronauts that have committed to Virgin Galactic's flight services formed a tight-knit group over the years as the company emphasized: \"I think one thing that probably [is] not well known outside of the existing future astronaut is one of the secret weapons of Virgin Galactic is our astronaut office. This is a group of people who have brought together these 600 people into a true community.\"\nThe company emphasized that these customers really value the journey towards realizing the flight experience as these customers consider it a \"life-transitional journey.\" They see so much value in what Virgin Galactic is doing that the company emphasized that their customers consider joining the community that the company brought together is \"[a] top, top of mind [priority] and very powerful.\"\nImportantly, the company also highlighted that they have opened up ticket sales to their 1000-strong \"Spacefarer\" community who has signed up through the company's \"One Small Step\" program, with a price starting from $450K per seat, that's way higher than the $200K to $250K per seat that the initial 600 future astronauts signed up for.\nVirgin Galactic believes that these future astronauts are going to be the \"sales ambassadors\" for the company because of the experience of the strong and tight-knit astronaut community that the company has painstakingly built up: \"...And so I think you can think about lifetime value in several ways. One of them is as people move through being a future astronaut graduate into the astronaut community, I think they're going to come back, and I think it will just be very natural in how people will share the experience.And I think them sharing the experience will not only let people say how wonderful it was, but it will also bring normalcy to the concept of human spaceflight. So this group of people as we bring them in, the lifetime value is all-around demand and continuing to increase the total addressable market as they go out there and share what they've done.\"\nStrong Demand Justifies Rapid Scaling Up To Achieve Strong Operating Leverage\nAstute investors would clearly have recognized that if the company relied on just the fleet of VSS Unity or VSS Imagine to dominate the market for suborbital space tourism, it would have been largely insufficient.\nBased on the company's guidance and the Street's estimates, working through the company's initial community of 600 future astronauts would take a few years at least without the modifications to VMS Eve.\nThe initial cadence (before modifications) for 2022 is a maximum of 10 revenue flights comprising 60 passengers in total. Moving on to 2023, the company could also only fly a maximum of 24 to 36 flights annually, which would allow them to fly a maximum of 144 to 216 astronauts. Thus, it may be at least another 2 years until 2025 before Virgin Galactic could start to work through the order book from the 1000 Spacefarer community, and we think by then, at least some of them would have gone over to Blue Origin. Therefore, the initial cadence really doesn't work, especially with the company preparing to draw up its priority list soon for the interest generated from the Unity 22 PR campaign, and they need to work through the 1,600 future astronauts fast, which in the near term would be solved by Eve's modifications since it allows SPCE to fly 10x more in between major inspections.\nHowever, the company still thinks that would still be insufficient to cater to the level of demand that they have been experiencing. As a result, they announced that they would be building their next-gen Delta class vehicles \"that are capable of turning on a 1-week interval.\" This class of ships is expected to form the majority of the company's future capacity over time.\nPart of the reason that the company needed to raise the $500M equity offering recently is that they are ready to start developing and build the Delta class vehicles that would be highly instrumental towards meeting their long term capacity and cadence, that VSS Unity and VSS Imagine would never be able to meet sufficiently.\nCrucially, the company highlighted that by ramping production and capacity through the Delta class, they would be able to achieve significant operating leverage as Virgin Galactic emphasized: \"...And that's why we're so focused on getting the Delta class with next generation of mothership. That's where we really get efficiency. That's where we get scale. That's where you'll really see the flow-through come because we'll have a fixed cost basis that is easy for us to communicate and easy for us to contribute the trade for efficiency down the road.\"\nCompeting Against Blue Origin\nWe think operating leverage will be the name of the game here, and Virgin Galactic clearly recognizes that it would be vital for the company to operate at a sufficient scale justified by its demand drivers to compete strongly against Blue Origin.\nWhile we don't think Blue Origin's main game is in suborbital space tourism, as Jeff Bezos also highlighted previously that: \"The architecture and the technology we have chosen is complete overkill for a suborbital tourism mission.”\nWe think Blue Origin's main market certainly goes beyond suborbital space tourism that Morgan Stanley highlighted that \"Mr. Bezos’ company is seeking business in a space market that will triple in size to more than $1 trillion in annual sales by 2040, assuming rapid technological developments enable routine moon landings, asteroid mining and space tourism.\"\nTherefore, while Blue Origin focuses on building up its Space colonies' vision over the long term, we think they would most certainly be able to ramp their production quickly and gain significant operating leverage. The key is how those advantages translate to its suborbital space tourism segment in the near term would be key to determine Virgin Galactic's leadership.\nOne thing is for sure. Both companies expect the price for the suborbital space tourism tickets to come down substantially over time as production scales up and technologies improve. Thus, the key for Virgin Galactic's leadership and survival in this market is to gain operating leverage as quickly as possible to build up those advantages while Blue Origin has its plate full with its various projects across the entire spectrum.\nVirgin Galactic wants to make suborbital space tourism much more accessible, and the key to achieving that is to drive prices down through operating leverage achieved by ramping up production. As a result, we think the company's Delta class plans are highly pivotal to Virgin Galactic's leadership against Blue Origin and highly encourage investors to keep their eyes closely focused on these plans.\nFree Cash Flow Forecast & Valuations\nEBITDA margin forecast & CapEx margin forecast. Data source: S&P Capital IQ\nEV / Fwd EBITDA trend. Data Source: S&P Capital IQ\nDespite the delay in launching full revenue service to Q3'22, the Street's estimates expect the company to be FCF profitable from the end of FY24. We think that's important as it demonstrates the long-term cash flow potential for the company's business in this market, where only BORGN and SPCE are the clear leaders right now.\nHowever, the valuations still look expensive at 18.5x by the end of 2030, 36% above its aerospace and defense peers comp set mean of 13.61x.\nStreet's mean price target. Source: TIKR\nThe Street is also not too optimistic, as the mean target price of $35.55 is a mere 13.5% above the last closing price, as analysts focused on SPCE's near term \"headwind\" of moving its revenue service to Q3'CY22, which we think is highly important to its long term competitive advantage.\nWhile we are really excited about the company's long-term prospects, as well as its ambition to bring suborbital space tourism to the world, we are not so sure about Virgin Galactic's expensively-looking valuation.\nSPCE Stock Price Action and Trend Analysis\nSource: TradingView\nWhile we don't think SPCE would be a suitable stock for long-term investors given its expensive valuation, we think position traders may still find an opportunity lurking around the horizon with this stock.\nSPCE is strongly supported along its 50-week moving average dynamic support level that has held strongly since 2020, including the recent false break to the downside (bear trap) it saw in May. Therefore, position traders keen to trade this stock may find an opportunity once the price action resolves itself in the next couple of weeks, we hope.\nIn summary, we assign a neutral rating to SPCE for long-term investors.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":3253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894663064,"gmtCreate":1628822357958,"gmtModify":1633689194285,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894663064","repostId":"1112657019","repostType":4,"repost":{"id":"1112657019","kind":"news","pubTimestamp":1628821759,"share":"https://www.laohu8.com/m/news/1112657019?lang=zh_CN&edition=full","pubTime":"2021-08-13 10:29","market":"us","language":"en","title":"Hot Stocks: Analyst note drops MU; LFST, GOCO fall on earnings; DDS sets new high; XONE jumps on merger deal<blockquote>热门股票：分析师报告MU下跌；LFST、GOCO盈利下降；DDS再创新高；XONE因合并交易而跃升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112657019","media":"Seeking Alpha","summary":"Analyst notes and earnings news spurred many of Thursday's biggest movers. M&A headlines also took a","content":"<p><ul>  <li>Analyst notes and earnings news spurred many of Thursday's biggest movers. M&amp;A headlines also took a share of the spotlight, sparking one of the day's biggest gains.</li>  <li>On the analyst front, a Morgan Stanley downgrade prompted a sharp decline in Micron. The selling also impacted other players in the sector, with&nbsp;<a href=\"https://laohu8.com/S/LRCX\">Lam Research</a>, <a href=\"https://laohu8.com/S/KLAC\">KLA-Tencor</a> and <a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> all taking a step down during the session.</li>  <li>The release of financial figures inspired a massive decline in LifeStance Health. A wider-than-expected loss and weak guidance turned this into one of the day's biggest decliners.</li>  <li>GoHealth&nbsp;also endured a substantial sell-off following its quarterly report. The stock plunged to a new 52-week low as a weak bottom-line figure took Wall Street by surprise.</li>  <li>Earnings news also had its winners on Thursday. This list included Dillard's, which overcame turbulent intraday trading to set a fresh 52-week high.</li>  <li>Meanwhile, ExOne&nbsp;scored a place among the day's biggest gainers. The stock skyrocketed following the announcement of a merger deal.</li> </ul> <h3><b>Sector In Focus</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> lowered its rating&nbsp;on <a href=\"https://laohu8.com/S/MU\">Micron Technology</a> on Thursday, warning that \"winter is coming\" for the sector. Specifically, the analyst said its cycle indicators pointed to late-cycle business -- a tough time for companies like Micron and the first time this has happened since 2019.</li>  <li>As a result, Morgan Stanley downgraded MU to Equal-Weight from Overweight. It also cut its price target to $75 from the previous level of $105.</li>  <li>MU dropped nearly 5% on the session to finish at $70.25. This represented its lowest close since December.</li>  <li>The slide spilled over&nbsp;to the rest of the semiconductor equipment space. LRCX, AMAT and KLAC all declined more than 4% on the session.</li> </ul> <h3><b>Standout Gainer</b></h3> <ul>  <li>Late Wednesday, industrial 3D printing firm <a href=\"https://laohu8.com/S/XONE\">ExOne</a>&nbsp;announced&nbsp;a definitive agreement to be acquired&nbsp;by <a href=\"https://laohu8.com/S/DM\">Desktop Metal Inc.</a>. Under the deal, each XONE share will be exchanged for $8.50 in cash and $17 in DM stock.</li>  <li>The total consideration of $25.50 per share represents an overall value of $575M.</li>  <li>XONE jumped 45% on the session to finish at $25.08. However, this was well off a 52-week high reached in February, when it touched a peak of $66.48.</li>  <li>XONE had a brief career as a high flier early this year. The stock rallied from under $10 on the last day of 2020 to reach its peak above $66 within the next six weeks of 2021.</li>  <li>The stock came off those levels through February and has generally moved sideways in recent months. Even with Thursday's colossal advance, shares remain down 49% over the last six months.</li> </ul> <h3><b>Standout Loser</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/LFST\">LifeStance Health Group, Inc.</a> posted a Q2 per-share loss&nbsp;that was double the amount that analysts had predicted. The weak bottom line came despite revenue that topped projections, rising 91% to $160.5M.</li>  <li>The mental healthcare company also issued a disappointing forecast for Q3. The firm projected a top-line figure between $168M and $173M for the quarter,&nbsp;below the $175.7M predicted by analysts.</li>  <li>Dragged down by the earnings news, LFST plunged more than 46% to close at $11.71.</li>  <li>LFST came public in mid-June&nbsp;with an IPO priced at $18. In the month following its public debut, the stock reached as high as $29.81.</li>  <li>However, shares fell in the second half of July and have generally moved sideways in the weeks headed into its earnings report.</li>  <li>With Thursday's plunge, LFST is 35% below its IPO price and 61% lower than its all-time high.</li> </ul> <h3><b>Notable New High</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/DDS\">Dillard's</a> had a bumpy ride after its latest earnings report.</li>  <li>The stock initially spiked at the open on Thursday, but quickly reversed course and dropped into negative territory. Buyers stepped in at that point, sending shares back above the flat line and almost to their initial intraday peak.</li>  <li>The choppy trading was inspired by the department store chain's quarterly update. The company reported&nbsp;a Q2 profit compared to a loss in the same period last year. Revenue topped projections, rising 71% from last year to $1.57B.</li>  <li>A strong showing in ladies' apparel and shoes&nbsp;underpinned the sales recovery. The company also benefited from better margins, which expanded to 41% compared to just over 30% a year ago.</li>  <li>Despite its choppy start, DDS finished Thursday's trading at $191.48, an advanc</p><p><blockquote><ul><li>分析师报告和财报刺激了周四许多涨幅最大的股票。并购头条也成为焦点，引发了当天最大的涨幅之一。</li><li>分析师方面，摩根士丹利评级下调导致美光科技股价大幅下跌。此次抛售也影响了该行业的其他参与者，<a href=\"https://laohu8.com/S/LRCX\">Lam研究</a>,<a href=\"https://laohu8.com/S/KLAC\">KLA-Tencor</a>和<a href=\"https://laohu8.com/S/AMAT\">应用材料</a>在会议期间都退了一步。</li><li>财务数据的发布引发了LifeStance Health的大幅下滑。超出预期的损失和疲弱的指引使其成为当天跌幅最大的股票之一。</li><li>GoHealth在发布季度报告后也遭受了大幅抛售。由于疲弱的盈利数据令华尔街感到意外，该股暴跌至52周新低。</li><li>周四的财报也有赢家。这份名单包括Dillard's，它克服了动荡的盘中交易，创下了52周新高。</li><li>与此同时，ExOne成为当天涨幅最大的股票之一。合并交易宣布后，该股飙升。</li></ul><h3><b>聚焦行业</b></h3><ul><li><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>下调评级<a href=\"https://laohu8.com/S/MU\">美光科技</a>周四，警告该行业“冬天即将来临”。具体来说，该分析师表示，其周期指标指向周期后期业务——对于美光科技等公司来说，这是一段艰难的时期，也是自2019年以来首次发生这种情况。</li><li>因此，大摩将MU的评级从跑赢大盘下调至同等权重。它还将目标价从之前的105美元下调至75美元。</li><li>MU盘中下跌近5%，收于70.25美元。这是自去年12月以来的最低收盘价。</li><li>幻灯片溢出到半导体设备空间的其余部分。LRCX、AMAT和KLAC盘中跌幅均超过4%。</li></ul><h3><b>杰出赢家</b></h3><ul><li>周三晚间，工业3D打印公司<a href=\"https://laohu8.com/S/XONE\">外显子</a>宣布达成最终协议，由<a href=\"https://laohu8.com/S/DM\">桌面金属公司。</a>.根据交易，每股XONE股票将兑换8.50美元现金和17美元DM股票。</li><li>每股25.50美元的总对价意味着总价值为5.75亿美元。</li><li>XONE盘中上涨45%，收于25.08美元。然而，这远低于2月份触及的52周高点，当时触及66.48美元的峰值。</li><li>今年早些时候，XONE有一个短暂的雄心勃勃的职业生涯。该股从2020年最后一天的10美元以下反弹，在2021年接下来的六周内达到66美元以上的峰值。</li><li>该股在二月份跌破了这些水平，近几个月来普遍横盘整理。尽管周四大幅上涨，但过去六个月股价仍下跌49%。</li></ul><h3><b>杰出的失败者</b></h3><ul><li><a href=\"https://laohu8.com/S/LFST\">生命健康集团公司。</a>公布的第二季度每股亏损是分析师预测的两倍。尽管收入超出预期，增长91%至1.605亿美元，但利润仍疲软。</li><li>这家心理保健公司还发布了令人失望的第三季度预测。该公司预计本季度营收在1.68亿美元至1.73亿美元之间，低于分析师预测的1.757亿美元。</li><li>受财报消息拖累，LFST暴跌逾46%，收于11.71美元。</li><li>LFST于6月中旬上市，IPO发行价为18美元。在首次公开募股后的一个月内，该股股价高达29.81美元。</li><li>然而，该股在7月下半月下跌，并在财报发布前几周普遍横盘整理。</li><li>随着周四的暴跌，LFST比IPO价格低35%，比历史高点低61%。</li></ul><h3><b>显着新高</b></h3><ul><li><a href=\"https://laohu8.com/S/DDS\">迪拉德氏</a>在发布最新收益报告后，经历了一段坎坷的旅程。</li><li>该股最初在周四开盘时飙升，但很快逆转并跌至负值区域。买家此时介入，使股价回到持平线上方，几乎达到最初的盘中峰值。</li><li>波动的交易受到了这家百货连锁店季度更新的启发。该公司报告第二季度盈利，而去年同期为亏损。收入超出预期，较去年增长71%至$1.57 B。</li><li>女装和鞋履的强劲表现支撑了销售复苏。该公司还受益于更好的利润率，利润率从一年前的30%多一点扩大到41%。</li><li>尽管开局震荡，DDS周四收盘价为191.48美元，上涨</li></ul></blockquote></p><p></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>Hot Stocks: Analyst note drops MU; LFST, GOCO fall on earnings; DDS sets new high; XONE jumps on merger deal<blockquote>热门股票：分析师报告MU下跌；LFST、GOCO盈利下降；DDS再创新高；XONE因合并交易而跃升</blockquote></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; 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}\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\">\nHot Stocks: Analyst note drops MU; LFST, GOCO fall on earnings; DDS sets new high; XONE jumps on merger deal<blockquote>热门股票：分析师报告MU下跌；LFST、GOCO盈利下降；DDS再创新高；XONE因合并交易而跃升</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-13 10:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Analyst notes and earnings news spurred many of Thursday's biggest movers. M&amp;A headlines also took a share of the spotlight, sparking one of the day's biggest gains.</li>  <li>On the analyst front, a Morgan Stanley downgrade prompted a sharp decline in Micron. The selling also impacted other players in the sector, with&nbsp;<a href=\"https://laohu8.com/S/LRCX\">Lam Research</a>, <a href=\"https://laohu8.com/S/KLAC\">KLA-Tencor</a> and <a href=\"https://laohu8.com/S/AMAT\">Applied Materials</a> all taking a step down during the session.</li>  <li>The release of financial figures inspired a massive decline in LifeStance Health. A wider-than-expected loss and weak guidance turned this into one of the day's biggest decliners.</li>  <li>GoHealth&nbsp;also endured a substantial sell-off following its quarterly report. The stock plunged to a new 52-week low as a weak bottom-line figure took Wall Street by surprise.</li>  <li>Earnings news also had its winners on Thursday. This list included Dillard's, which overcame turbulent intraday trading to set a fresh 52-week high.</li>  <li>Meanwhile, ExOne&nbsp;scored a place among the day's biggest gainers. The stock skyrocketed following the announcement of a merger deal.</li> </ul> <h3><b>Sector In Focus</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a> lowered its rating&nbsp;on <a href=\"https://laohu8.com/S/MU\">Micron Technology</a> on Thursday, warning that \"winter is coming\" for the sector. Specifically, the analyst said its cycle indicators pointed to late-cycle business -- a tough time for companies like Micron and the first time this has happened since 2019.</li>  <li>As a result, Morgan Stanley downgraded MU to Equal-Weight from Overweight. It also cut its price target to $75 from the previous level of $105.</li>  <li>MU dropped nearly 5% on the session to finish at $70.25. This represented its lowest close since December.</li>  <li>The slide spilled over&nbsp;to the rest of the semiconductor equipment space. LRCX, AMAT and KLAC all declined more than 4% on the session.</li> </ul> <h3><b>Standout Gainer</b></h3> <ul>  <li>Late Wednesday, industrial 3D printing firm <a href=\"https://laohu8.com/S/XONE\">ExOne</a>&nbsp;announced&nbsp;a definitive agreement to be acquired&nbsp;by <a href=\"https://laohu8.com/S/DM\">Desktop Metal Inc.</a>. Under the deal, each XONE share will be exchanged for $8.50 in cash and $17 in DM stock.</li>  <li>The total consideration of $25.50 per share represents an overall value of $575M.</li>  <li>XONE jumped 45% on the session to finish at $25.08. However, this was well off a 52-week high reached in February, when it touched a peak of $66.48.</li>  <li>XONE had a brief career as a high flier early this year. The stock rallied from under $10 on the last day of 2020 to reach its peak above $66 within the next six weeks of 2021.</li>  <li>The stock came off those levels through February and has generally moved sideways in recent months. Even with Thursday's colossal advance, shares remain down 49% over the last six months.</li> </ul> <h3><b>Standout Loser</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/LFST\">LifeStance Health Group, Inc.</a> posted a Q2 per-share loss&nbsp;that was double the amount that analysts had predicted. The weak bottom line came despite revenue that topped projections, rising 91% to $160.5M.</li>  <li>The mental healthcare company also issued a disappointing forecast for Q3. The firm projected a top-line figure between $168M and $173M for the quarter,&nbsp;below the $175.7M predicted by analysts.</li>  <li>Dragged down by the earnings news, LFST plunged more than 46% to close at $11.71.</li>  <li>LFST came public in mid-June&nbsp;with an IPO priced at $18. In the month following its public debut, the stock reached as high as $29.81.</li>  <li>However, shares fell in the second half of July and have generally moved sideways in the weeks headed into its earnings report.</li>  <li>With Thursday's plunge, LFST is 35% below its IPO price and 61% lower than its all-time high.</li> </ul> <h3><b>Notable New High</b></h3> <ul>  <li><a href=\"https://laohu8.com/S/DDS\">Dillard's</a> had a bumpy ride after its latest earnings report.</li>  <li>The stock initially spiked at the open on Thursday, but quickly reversed course and dropped into negative territory. Buyers stepped in at that point, sending shares back above the flat line and almost to their initial intraday peak.</li>  <li>The choppy trading was inspired by the department store chain's quarterly update. The company reported&nbsp;a Q2 profit compared to a loss in the same period last year. Revenue topped projections, rising 71% from last year to $1.57B.</li>  <li>A strong showing in ladies' apparel and shoes&nbsp;underpinned the sales recovery. The company also benefited from better margins, which expanded to 41% compared to just over 30% a year ago.</li>  <li>Despite its choppy start, DDS finished Thursday's trading at $191.48, an advanc</p><p><blockquote><ul><li>分析师报告和财报刺激了周四许多涨幅最大的股票。并购头条也成为焦点，引发了当天最大的涨幅之一。</li><li>分析师方面，摩根士丹利评级下调导致美光科技股价大幅下跌。此次抛售也影响了该行业的其他参与者，<a href=\"https://laohu8.com/S/LRCX\">Lam研究</a>,<a href=\"https://laohu8.com/S/KLAC\">KLA-Tencor</a>和<a href=\"https://laohu8.com/S/AMAT\">应用材料</a>在会议期间都退了一步。</li><li>财务数据的发布引发了LifeStance Health的大幅下滑。超出预期的损失和疲弱的指引使其成为当天跌幅最大的股票之一。</li><li>GoHealth在发布季度报告后也遭受了大幅抛售。由于疲弱的盈利数据令华尔街感到意外，该股暴跌至52周新低。</li><li>周四的财报也有赢家。这份名单包括Dillard's，它克服了动荡的盘中交易，创下了52周新高。</li><li>与此同时，ExOne成为当天涨幅最大的股票之一。合并交易宣布后，该股飙升。</li></ul><h3><b>聚焦行业</b></h3><ul><li><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>下调评级<a href=\"https://laohu8.com/S/MU\">美光科技</a>周四，警告该行业“冬天即将来临”。具体来说，该分析师表示，其周期指标指向周期后期业务——对于美光科技等公司来说，这是一段艰难的时期，也是自2019年以来首次发生这种情况。</li><li>因此，大摩将MU的评级从跑赢大盘下调至同等权重。它还将目标价从之前的105美元下调至75美元。</li><li>MU盘中下跌近5%，收于70.25美元。这是自去年12月以来的最低收盘价。</li><li>幻灯片溢出到半导体设备空间的其余部分。LRCX、AMAT和KLAC盘中跌幅均超过4%。</li></ul><h3><b>杰出赢家</b></h3><ul><li>周三晚间，工业3D打印公司<a href=\"https://laohu8.com/S/XONE\">外显子</a>宣布达成最终协议，由<a href=\"https://laohu8.com/S/DM\">桌面金属公司。</a>.根据交易，每股XONE股票将兑换8.50美元现金和17美元DM股票。</li><li>每股25.50美元的总对价意味着总价值为5.75亿美元。</li><li>XONE盘中上涨45%，收于25.08美元。然而，这远低于2月份触及的52周高点，当时触及66.48美元的峰值。</li><li>今年早些时候，XONE有一个短暂的雄心勃勃的职业生涯。该股从2020年最后一天的10美元以下反弹，在2021年接下来的六周内达到66美元以上的峰值。</li><li>该股在二月份跌破了这些水平，近几个月来普遍横盘整理。尽管周四大幅上涨，但过去六个月股价仍下跌49%。</li></ul><h3><b>杰出的失败者</b></h3><ul><li><a href=\"https://laohu8.com/S/LFST\">生命健康集团公司。</a>公布的第二季度每股亏损是分析师预测的两倍。尽管收入超出预期，增长91%至1.605亿美元，但利润仍疲软。</li><li>这家心理保健公司还发布了令人失望的第三季度预测。该公司预计本季度营收在1.68亿美元至1.73亿美元之间，低于分析师预测的1.757亿美元。</li><li>受财报消息拖累，LFST暴跌逾46%，收于11.71美元。</li><li>LFST于6月中旬上市，IPO发行价为18美元。在首次公开募股后的一个月内，该股股价高达29.81美元。</li><li>然而，该股在7月下半月下跌，并在财报发布前几周普遍横盘整理。</li><li>随着周四的暴跌，LFST比IPO价格低35%，比历史高点低61%。</li></ul><h3><b>显着新高</b></h3><ul><li><a href=\"https://laohu8.com/S/DDS\">迪拉德氏</a>在发布最新收益报告后，经历了一段坎坷的旅程。</li><li>该股最初在周四开盘时飙升，但很快逆转并跌至负值区域。买家此时介入，使股价回到持平线上方，几乎达到最初的盘中峰值。</li><li>波动的交易受到了这家百货连锁店季度更新的启发。该公司报告第二季度盈利，而去年同期为亏损。收入超出预期，较去年增长71%至$1.57 B。</li><li>女装和鞋履的强劲表现支撑了销售复苏。该公司还受益于更好的利润率，利润率从一年前的30%多一点扩大到41%。</li><li>尽管开局震荡，DDS周四收盘价为191.48美元，上涨</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3730037-hot-stocks-analyst-note-drops-mu-lfst-goco-fall-on-earnings-dds-sets-new-high-xone-jumps-on-merger-deal\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DM":"Desktop Metal Inc","LFST":"LifeStance Health Group, Inc.","XONE":"BondBloxx Bloomberg One Year Target Duration US Treasury ETF","GOCO":"GoHealth","MU":"美光科技","DDS":"狄乐百货"},"source_url":"https://seekingalpha.com/news/3730037-hot-stocks-analyst-note-drops-mu-lfst-goco-fall-on-earnings-dds-sets-new-high-xone-jumps-on-merger-deal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112657019","content_text":"Analyst notes and earnings news spurred many of Thursday's biggest movers. M&A headlines also took a share of the spotlight, sparking one of the day's biggest gains.\nOn the analyst front, a Morgan Stanley downgrade prompted a sharp decline in Micron. The selling also impacted other players in the sector, with Lam Research, KLA-Tencor and Applied Materials all taking a step down during the session.\nThe release of financial figures inspired a massive decline in LifeStance Health. A wider-than-expected loss and weak guidance turned this into one of the day's biggest decliners.\nGoHealth also endured a substantial sell-off following its quarterly report. The stock plunged to a new 52-week low as a weak bottom-line figure took Wall Street by surprise.\nEarnings news also had its winners on Thursday. This list included Dillard's, which overcame turbulent intraday trading to set a fresh 52-week high.\nMeanwhile, ExOne scored a place among the day's biggest gainers. The stock skyrocketed following the announcement of a merger deal.\n\nSector In Focus\n\nMorgan Stanley lowered its rating on Micron Technology on Thursday, warning that \"winter is coming\" for the sector. Specifically, the analyst said its cycle indicators pointed to late-cycle business -- a tough time for companies like Micron and the first time this has happened since 2019.\nAs a result, Morgan Stanley downgraded MU to Equal-Weight from Overweight. It also cut its price target to $75 from the previous level of $105.\nMU dropped nearly 5% on the session to finish at $70.25. This represented its lowest close since December.\nThe slide spilled over to the rest of the semiconductor equipment space. LRCX, AMAT and KLAC all declined more than 4% on the session.\n\nStandout Gainer\n\nLate Wednesday, industrial 3D printing firm ExOne announced a definitive agreement to be acquired by Desktop Metal Inc.. Under the deal, each XONE share will be exchanged for $8.50 in cash and $17 in DM stock.\nThe total consideration of $25.50 per share represents an overall value of $575M.\nXONE jumped 45% on the session to finish at $25.08. However, this was well off a 52-week high reached in February, when it touched a peak of $66.48.\nXONE had a brief career as a high flier early this year. The stock rallied from under $10 on the last day of 2020 to reach its peak above $66 within the next six weeks of 2021.\nThe stock came off those levels through February and has generally moved sideways in recent months. Even with Thursday's colossal advance, shares remain down 49% over the last six months.\n\nStandout Loser\n\nLifeStance Health Group, Inc. posted a Q2 per-share loss that was double the amount that analysts had predicted. The weak bottom line came despite revenue that topped projections, rising 91% to $160.5M.\nThe mental healthcare company also issued a disappointing forecast for Q3. The firm projected a top-line figure between $168M and $173M for the quarter, below the $175.7M predicted by analysts.\nDragged down by the earnings news, LFST plunged more than 46% to close at $11.71.\nLFST came public in mid-June with an IPO priced at $18. In the month following its public debut, the stock reached as high as $29.81.\nHowever, shares fell in the second half of July and have generally moved sideways in the weeks headed into its earnings report.\nWith Thursday's plunge, LFST is 35% below its IPO price and 61% lower than its all-time high.\n\nNotable New High\n\nDillard's had a bumpy ride after its latest earnings report.\nThe stock initially spiked at the open on Thursday, but quickly reversed course and dropped into negative territory. Buyers stepped in at that point, sending shares back above the flat line and almost to their initial intraday peak.\nThe choppy trading was inspired by the department store chain's quarterly update. The company reported a Q2 profit compared to a loss in the same period last year. Revenue topped projections, rising 71% from last year to $1.57B.\nA strong showing in ladies' apparel and shoes underpinned the sales recovery. The company also benefited from better margins, which expanded to 41% compared to just over 30% a year ago.\nDespite its choppy start, DDS finished Thursday's trading at $191.48, an advance of about 5% on the session. During the day, the stock set a 52-week high of $196.16.\n\nNotable New Low\n\nShares of GoHealth fell off a cliff on Thursday, reaching their lowest level since last year's IPO. The decline followed the release of a disappointing earnings report.\nThe marketplace for Medicare plans reported a loss for the quarter that was more than 70% wider than analysts had predicted. Meanwhile, the firm's revenue managed to exceed projections, climbing 55% to nearly $197M.\nThe weak report inspired a series of downgrades from Wall Street analysts. Raymond James and Credit Suisse were among the firms that lowered their ratings on GOCO.\nThe negative reaction to GOCO's earnings sent the stock lower by 43% on Thursday. It closed at $4.69 after touching a 52-week low of $4.61.\nGOCO came public in July 2020 in an IPO priced at $21. The stock began declining almost immediately. Since its public debut more than a year ago, shares have only closed above their IPO price three times.\nTo track the day's biggest movers throughout the session, turn to SA's On The Move section.","news_type":1,"symbols_score_info":{"DM":0.9,"GOCO":0.9,"LFST":0.9,"XONE":0.9,"MU":0.9,"DDS":0.9}},"isVote":1,"tweetType":1,"viewCount":1616,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895413402,"gmtCreate":1628764569906,"gmtModify":1633689698866,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895413402","repostId":"2158765256","repostType":4,"repost":{"id":"2158765256","kind":"highlight","weMediaInfo":{"introduction":"用于爱奇艺抓取企业号","home_visible":0,"media_name":"爱奇艺的ir源","id":"1020395258","head_image":"https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688"},"pubTimestamp":1628762400,"share":"https://www.laohu8.com/m/news/2158765256?lang=zh_CN&edition=full","pubTime":"2021-08-12 18:00","market":"us","language":"en","title":"iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2158765256","media":"爱奇艺的ir源","summary":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovativ","content":"<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></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>iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote></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\">\niQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">爱奇艺的ir源 </p>\n<p class=\"h-time smaller\">2021-08-12 18:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IQ":"爱奇艺"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158765256","content_text":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.\nSecond Quarter 2021 Highlights\n\nTotal revenues were RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.\nOperating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.\nNet loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nThe number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.\n\n\"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"\n\"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"\n\n\n\nFootnotes:\n\n\n[1] Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.\n\n\n\nSecond Quarter 2021 Financial Results\nTotal revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.\nMembership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.\nOnline advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.\nContent distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.\nOther revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.\nCost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.\nSelling, general and administrative expenses were RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.\nResearch and development expenses were RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.\nOperating loss was RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.\nTotal other expense was RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.\nLoss before income taxes was RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.\nIncome tax expense was RMB30.4million (US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.\nNet loss attributable to iQIYI was RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nAs ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).\nFinancial Guidance\nFor the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892423364,"gmtCreate":1628685196358,"gmtModify":1633745158979,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/892423364","repostId":"2158128180","repostType":4,"isVote":1,"tweetType":1,"viewCount":2850,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896861359,"gmtCreate":1628569794571,"gmtModify":1633746066658,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896861359","repostId":"1152604328","repostType":4,"isVote":1,"tweetType":1,"viewCount":2521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896861041,"gmtCreate":1628569770883,"gmtModify":1633746066903,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/896861041","repostId":"1101485378","repostType":4,"repost":{"id":"1101485378","kind":"news","pubTimestamp":1628567272,"share":"https://www.laohu8.com/m/news/1101485378?lang=zh_CN&edition=full","pubTime":"2021-08-10 11:47","market":"us","language":"en","title":"Apple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道苹果正在与韩国制造商洽谈苹果汽车</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101485378","media":"Seeking Alpha","summary":"$Apple$ has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and $Magna$ to serve as suppliers for the Apple Car.\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source tells The Korea Times.The source says Apple  has held \"advanced meetings with EV battery maker SK Innovation. The company has also ","content":"<p><ul>  <li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and <a href=\"https://laohu8.com/S/MGA\">Magna</a> to serve as suppliers for the Apple Car.</li>  <li>\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source&nbsp;tells&nbsp;<i>The Korea Times</i>.</li>  <li>The source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.</li>  <li>Rumors that Apple (AAPL) would team with LG Magna e-Powertrain&nbsp;first surfaced earlier this year.</li>  <li>Previously, the company was said to favor Hyundai-Kia as a manufacturing partner&nbsp;but the company later denied the reports.</li> </ul></p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/AAPL\">苹果</a>据报道，已与韩国电动汽车公司SK Innovation、LG电子和<a href=\"https://laohu8.com/S/MGA\">麦格纳</a>作为苹果汽车的供应商。</li><li>“如果没有与韩国供应商的合作伙伴关系，苹果将无法完成其电动汽车业务计划。据我所知，苹果已经与LG、SK和韩华进行了谈判，但谈判仍处于早期阶段，”一位业内人士表示<i>韩国时报</i>.</li><li>消息人士称，苹果(AAPL)已与电动汽车电池制造商SK Innovation举行了“高级会议”。该公司还会见了LG和麦格纳，这两家公司拥有一家名为LG Magna e-Powertrain的合资企业，生产电动机、逆变器、车载充电器和电子驱动系统。</li><li>有关苹果(AAPL)将与LG Magna e-Powertrain合作的传言于今年早些时候首次浮出水面。</li><li>此前，据称该公司倾向于现代起亚作为制造合作伙伴，但该公司后来否认了这些报道。</li></ul></blockquote></p><p></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>Apple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道苹果正在与韩国制造商洽谈苹果汽车</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple reportedly talking to Korean manufacturers for Apple Car<blockquote>据报道苹果正在与韩国制造商洽谈苹果汽车</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-10 11:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul>  <li><a href=\"https://laohu8.com/S/AAPL\">Apple</a> has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and <a href=\"https://laohu8.com/S/MGA\">Magna</a> to serve as suppliers for the Apple Car.</li>  <li>\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source&nbsp;tells&nbsp;<i>The Korea Times</i>.</li>  <li>The source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.</li>  <li>Rumors that Apple (AAPL) would team with LG Magna e-Powertrain&nbsp;first surfaced earlier this year.</li>  <li>Previously, the company was said to favor Hyundai-Kia as a manufacturing partner&nbsp;but the company later denied the reports.</li> </ul></p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/AAPL\">苹果</a>据报道，已与韩国电动汽车公司SK Innovation、LG电子和<a href=\"https://laohu8.com/S/MGA\">麦格纳</a>作为苹果汽车的供应商。</li><li>“如果没有与韩国供应商的合作伙伴关系，苹果将无法完成其电动汽车业务计划。据我所知，苹果已经与LG、SK和韩华进行了谈判，但谈判仍处于早期阶段，”一位业内人士表示<i>韩国时报</i>.</li><li>消息人士称，苹果(AAPL)已与电动汽车电池制造商SK Innovation举行了“高级会议”。该公司还会见了LG和麦格纳，这两家公司拥有一家名为LG Magna e-Powertrain的合资企业，生产电动机、逆变器、车载充电器和电子驱动系统。</li><li>有关苹果(AAPL)将与LG Magna e-Powertrain合作的传言于今年早些时候首次浮出水面。</li><li>此前，据称该公司倾向于现代起亚作为制造合作伙伴，但该公司后来否认了这些报道。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3727547-apple-reportedly-talking-to-korean-manufacturers-for-apple-car\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3727547-apple-reportedly-talking-to-korean-manufacturers-for-apple-car","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101485378","content_text":"Apple has reportedly met with Korean electric vehicle companies SK Innovation, LG Electronics and Magna to serve as suppliers for the Apple Car.\n\"Without partnerships with Korean vendors, Apple won't be able to complete its EV business plan. As far as I know, Apple has talked with LG, SK and Hanwha, but the talks are still in the early stages,\" an industry source tells The Korea Times.\nThe source says Apple (AAPL) has held \"advanced meetings with EV battery maker SK Innovation. The company has also met with LG and Magna, which have a joint venture called LG Magna e-Powertrain that manufactures e-motors, inverters, on-board chargers and e-drive systems.\nRumors that Apple (AAPL) would team with LG Magna e-Powertrain first surfaced earlier this year.\nPreviously, the company was said to favor Hyundai-Kia as a manufacturing partner but the company later denied the reports.","news_type":1,"symbols_score_info":{"LGEPF":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898102666,"gmtCreate":1628476170655,"gmtModify":1633746885178,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898102666","repostId":"2158841967","repostType":4,"isVote":1,"tweetType":1,"viewCount":489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891756731,"gmtCreate":1628434327523,"gmtModify":1633747164856,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891756731","repostId":"2157490509","repostType":4,"isVote":1,"tweetType":1,"viewCount":561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891019690,"gmtCreate":1628306323110,"gmtModify":1633751778368,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891019690","repostId":"1157428986","repostType":4,"repost":{"id":"1157428986","kind":"news","pubTimestamp":1628296262,"share":"https://www.laohu8.com/m/news/1157428986?lang=zh_CN&edition=full","pubTime":"2021-08-07 08:31","market":"us","language":"en","title":"US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157428986","media":"renaissancecap...","summary":"The IPO market is getting a breather as the August lull continues to set in, with just two banks sch","content":"<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，总贷款为11亿美元，总存款为13亿美元，总股东权益为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote></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\">\nUS IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-08-07 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，总贷款为11亿美元，总存款为13亿美元，总股东权益为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown\">renaissancecap...</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FINW":"Finwise Bancorp","SSBK":"Southern States Bancshares, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157428986","content_text":"The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.\nUtah-based digital bank FinWise Bancorp(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.\nAlabama bank Southern States Bancshares(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.","news_type":1,"symbols_score_info":{"SSBK":0.9,"FINW":0.9}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893321188,"gmtCreate":1628239635144,"gmtModify":1633752326618,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893321188","repostId":"1135651416","repostType":4,"isVote":1,"tweetType":1,"viewCount":272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890226531,"gmtCreate":1628120941123,"gmtModify":1633753478442,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890226531","repostId":"2157483930","repostType":4,"isVote":1,"tweetType":1,"viewCount":497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807529948,"gmtCreate":1628044462484,"gmtModify":1633754086981,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/807529948","repostId":"1175010735","repostType":4,"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804556978,"gmtCreate":1627966986694,"gmtModify":1633754779624,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/804556978","repostId":"2156113212","repostType":4,"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804558613,"gmtCreate":1627966906932,"gmtModify":1633754779996,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804558613","repostId":"1119293992","repostType":4,"repost":{"id":"1119293992","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627963162,"share":"https://www.laohu8.com/m/news/1119293992?lang=zh_CN&edition=full","pubTime":"2021-08-03 11:59","market":"us","language":"en","title":"Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119293992","media":"Tiger Newspress","summary":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world","content":"<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></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>Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote></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\">\nGoogle sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 11:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119293992","content_text":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.\nSecond-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.\nThe company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.\nIncome (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.\nDiluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.\n“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.\nAlphabet, which owns and operates Google, also published additional financials related to Google’s performance.\nGoogle advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.\nIn total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.\nGoogle Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.\nGoogle’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.\n“In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.\nYouTube is a proven juggernaut\nWhen we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.\nYouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.\nTake a look at some of the key points we've learned about YouTube's growth recently:\nQuarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.\nAlso, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.\nYouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.\nThe company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"\nIt’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.\nNielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.\nBut Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.\nYouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.\nMore room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805498436,"gmtCreate":1627896627525,"gmtModify":1633755503267,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805498436","repostId":"1155171981","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802350371,"gmtCreate":1627721849893,"gmtModify":1633756804588,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802350371","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohu8.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国，在缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三名投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包含明显的创新者，包括特斯拉TSLA、亚马逊AMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆说，她指的是她的基金从2016年第二季度开始的早期头寸。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote></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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国，在缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三名投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包含明显的创新者，包括特斯拉TSLA、亚马逊AMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆说，她指的是她的基金从2016年第二季度开始的早期头寸。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":891019690,"gmtCreate":1628306323110,"gmtModify":1633751778368,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/891019690","repostId":"1157428986","repostType":4,"repost":{"id":"1157428986","kind":"news","pubTimestamp":1628296262,"share":"https://www.laohu8.com/m/news/1157428986?lang=zh_CN&edition=full","pubTime":"2021-08-07 08:31","market":"us","language":"en","title":"US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157428986","media":"renaissancecap...","summary":"The IPO market is getting a breather as the August lull continues to set in, with just two banks sch","content":"<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，总贷款为11亿美元，总存款为13亿美元，总股东权益为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1619493174116","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>US IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote></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\">\nUS IPO Week Ahead: 2 banks test the waters amid annual summer slowdown<blockquote>美国IPO未来一周：两家银行在年度夏季放缓中试水</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-08-07 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.</p><p><blockquote>随着8月份的平静继续到来，IPO市场正在得到喘息，未来一周只有两家银行计划上市。</blockquote></p><p> Utah-based digital bank&nbsp;<b>FinWise Bancorp</b>(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.</p><p><blockquote>犹他州数字银行<b>FinWise银行</b>(FINW)计划以1.83亿美元的市值筹集5800万美元。FinWise银行向美国各地的消费者和小企业提供贷款并吸收存款。截至2011年3月31日，FinWise Bancorp的总资产为3.3亿美元，贷款总额为2.45亿美元，存款总额为1.89亿美元，股东权益总额为5200万美元。</blockquote></p><p> Alabama bank&nbsp;<b>Southern States Bancshares</b>(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.</p><p><blockquote>阿拉巴马银行<b>南部各州银行股</b>(SSBK)计划以1.74亿美元的市值筹集4000万美元。南方各州银行是一家提供全方位服务的社区银行，通过阿拉巴马州和佐治亚州的15家分行为企业和个人提供服务。截至2011年3月31日，南方各州的总资产为15亿美元，总贷款为11亿美元，总存款为13亿美元，总股东权益为1.45亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8919c8c9b4257f3c84869f14fa89bcab\" tg-width=\"1414\" tg-height=\"356\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown\">renaissancecap...</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FINW":"Finwise Bancorp","SSBK":"Southern States Bancshares, Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/85076/US-IPO-Week-Ahead-2-banks-test-the-waters-amid-annual-summer-slowdown","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157428986","content_text":"The IPO market is getting a breather as the August lull continues to set in, with just two banks scheduled for the week ahead.\nUtah-based digital bank FinWise Bancorp(FINW) plans to raise $58 million at a $183 million market cap. FinWise Bank makes loans to and takes deposits from consumers and small businesses across the US. As of 3/31/21, FinWise Bancorp had total assets of $330 million, total loans of $245 million, total deposits of $189 million, and total shareholders’ equity of $52 million.\nAlabama bank Southern States Bancshares(SSBK) plans to raise $40 million at a $174 million market cap. Southern States Bank is a full service community bank, serving businesses and individuals through 15 branches across Alabama and Georgia. As of 3/31/21, Southern States had total assets of $1.5 billion, total loans of $1.1 billion, total deposits of $1.3 billion, and total shareholders’ equity of $145 million.","news_type":1,"symbols_score_info":{"SSBK":0.9,"FINW":0.9}},"isVote":1,"tweetType":1,"viewCount":397,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":889705727,"gmtCreate":1631175824669,"gmtModify":1632884145667,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/889705727","repostId":"1176538965","repostType":4,"repost":{"id":"1176538965","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631174811,"share":"https://www.laohu8.com/m/news/1176538965?lang=zh_CN&edition=full","pubTime":"2021-09-09 16:06","market":"us","language":"en","title":"Most of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176538965","media":"Tiger Newspress","summary":"(Sept 9)&nbsp;Most of China concepts stocks fell in premarket trading.","content":"<p>(Sept 9)&nbsp;Most of China concepts stocks fell in premarket trading.</p><p><blockquote>（9月9日）中概股盘前交易多数下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1cc6e1e421893d8bebaea0dc552bf76\" tg-width=\"279\" tg-height=\"728\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></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>Most of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote></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\">\nMost of China concepts stocks fell in premarket trading<blockquote>中概股盘前多数下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-09 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 9)&nbsp;Most of China concepts stocks fell in premarket trading.</p><p><blockquote>（9月9日）中概股盘前交易多数下跌。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1cc6e1e421893d8bebaea0dc552bf76\" tg-width=\"279\" tg-height=\"728\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176538965","content_text":"(Sept 9) Most of China concepts stocks fell in premarket trading.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895413402,"gmtCreate":1628764569906,"gmtModify":1633689698866,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895413402","repostId":"2158765256","repostType":4,"repost":{"id":"2158765256","kind":"highlight","weMediaInfo":{"introduction":"用于爱奇艺抓取企业号","home_visible":0,"media_name":"爱奇艺的ir源","id":"1020395258","head_image":"https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688"},"pubTimestamp":1628762400,"share":"https://www.laohu8.com/m/news/2158765256?lang=zh_CN&edition=full","pubTime":"2021-08-12 18:00","market":"us","language":"en","title":"iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2158765256","media":"爱奇艺的ir源","summary":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovativ","content":"<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></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>iQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote></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\">\niQIYI Announces Second Quarter 2021 Financial Results<blockquote>爱奇艺公布2021年第二季度财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/f695fa462d0fe848c30925bba4907688);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">爱奇艺的ir源 </p>\n<p class=\"h-time smaller\">2021-08-12 18:00</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年12月12日/美通社/--中国创新型市场领先的在线娱乐服务公司爱奇艺股份有限公司（纳斯达克：IQ）（“爱奇艺”或“公司”）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> <b>Second Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues were&nbsp;RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.</li>  <li>Operating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.</li>  <li>Net loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</li>  <li>The number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.</li> </ul> \"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"</p><p><blockquote><ul><li>总收入为人民币76亿元（12亿美元1），较2020年同期增长3%。</li><li>营业亏损为人民币11亿元（1.737亿美元），营业亏损率为15%，而2020年同期营业亏损为人民币13亿元，营业亏损率为17%。</li><li>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</li><li>截至2021年6月30日，订阅会员总数为1.062亿，不包括试用会员的个人为1.052亿。</li></ul>“我们第二季度的业绩基本符合我们的预期，”爱奇艺创始人、董事兼首席执行官龚宇先生评论道。“尽管第二季度传统上是淡季，但在本季度推出的热门原创剧的推动下，我们的订阅用户数量增长至1.062亿。我们在多个运营指标上继续引领市场。我们还看到了针对中国低线城市的爱奇艺Lite应用程序和海外扩张的令人鼓舞的势头。我们在视频制作方面仍处于产业化的早期阶段，我们正在持续推动行业进化以实现长期增长。凭借我们对用户的深刻理解、高度创新的内部生产团队以及先进的技术，我们相信我们有能力应对当前的挑战并抓住未来的市场机遇。”</blockquote></p><p> \"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"</p><p><blockquote>“我们第二季度的总收入接近了我们指导的高端，”爱奇艺首席财务官王晓东先生评论道。“我们继续通过优质内容和庞大的用户群来增加订阅用户并实现货币化渠道多元化。随着我们继续执行严格的投资策略，我们的净亏损连续五个季度同比收窄。展望未来，我们努力在下半年提供日益多元化的内容组合，这是恢复收入势头的关键支柱。”</blockquote></p><p> <table border=\"0\">  <tbody>   <tr>    <td>Footnotes:</p><p><blockquote><table border=\"0\"><tbody><tr><td>脚注：</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[1]&nbsp;Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.</p><p><blockquote><tr><td>[1]除非另有说明，所有人民币兑美元的换算均按6.4566元兑1.00美元的汇率进行，该汇率于2021年6月30日生效，见美联储系统理事会H.10统计发布。提供翻译只是为了方便读者。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第二季度财务业绩</b></blockquote></p><p> Total revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.</p><p><blockquote>总收入达到人民币76亿元（12亿美元），较2020年同期增长3%。</blockquote></p><p> Membership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.</p><p><blockquote>会员服务收入为人民币40亿元（6.184亿美元），与2020年同期持平。</blockquote></p><p> Online advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.</p><p><blockquote>在线广告服务收入为人民币18亿元（2.827亿美元），较2020年同期增长15%。这一增长主要是由于中国宏观经济复苏，品牌广告预算持续反弹。</blockquote></p><p> Content distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.</p><p><blockquote>内容发行收入为人民币6.879亿元（1.065亿美元），较2020年同期下降20%。该减少主要由于易货交易减少，部分被现金交易增加所抵销。</blockquote></p><p> Other revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.</p><p><blockquote>其他收入为人民币11亿元（1.707亿美元），较2020年同期增长20%，主要得益于某些业务线的强劲增长。</blockquote></p><p> Cost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.</p><p><blockquote>收入成本为69亿元人民币（11亿美元），与2020年同期持平。作为收入成本组成部分的内容成本为51亿元人民币（7.948亿美元），与2020年同期持平。</blockquote></p><p> Selling, general and administrative expenses were&nbsp;RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.</p><p><blockquote>销售、一般及管理费用为12亿元人民币（1.835亿美元），较2020年同期下降1%。</blockquote></p><p> Research and development expenses were&nbsp;RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.</p><p><blockquote>研发费用为人民币6.765亿元（1.048亿美元），较2020年同期增长2%。</blockquote></p><p> Operating loss was&nbsp;RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.</p><p><blockquote>营业亏损为人民币11亿元（1.737亿美元），而2020年同期营业亏损为人民币13亿元。经营亏损率为15%，而2020年同期的经营亏损率为17%。</blockquote></p><p></p><p> Total other expense was&nbsp;RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.</p><p><blockquote>其他费用总额为人民币2.264亿元（3510万美元），而2020年同期其他费用总额为人民币1.408亿元。这主要是由于与我们的融资活动相关的利息开支增加所致。</blockquote></p><p> Loss before income taxes was&nbsp;RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.</p><p><blockquote>所得税前亏损为人民币13亿元（2.088亿美元），而2020年同期所得税前亏损为人民币14亿元。</blockquote></p><p> Income tax expense was&nbsp;RMB30.4million&nbsp;(US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.</p><p><blockquote>所得税费用为人民币3040万元（470万美元），而2020年同期所得税费用为人民币1590万元。</blockquote></p><p> Net loss attributable to iQIYI was&nbsp;RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.</p><p><blockquote>归属于爱奇艺的净亏损为人民币14亿元（2.164亿美元），而2020年同期归属于爱奇艺的净亏损为人民币14亿元。2021年第二季度爱奇艺每股美国存托凭证摊薄净亏损为人民币1.75元（0.27美元），而2020年同期爱奇艺每股美国存托凭证摊薄净亏损为人民币1.96元。</blockquote></p><p> As ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).</p><p><blockquote>截至2021年6月30日，公司拥有现金、现金等价物、限制性现金和短期投资人民币123亿元（19亿美元）。</blockquote></p><p> <b>Financial Guidance</b></p><p><blockquote><b>财务指引</b></blockquote></p><p> For the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.</p><p><blockquote>爱奇艺预计2021年第三季度净收入总额将在76.2亿元人民币（11.8亿美元）至80.5亿元人民币（12.5亿美元）之间，同比增长6%至12%。这一预测反映了爱奇艺目前的初步观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IQ":"爱奇艺"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2158765256","content_text":"BEIJING,Aug. 12, 2021/PRNewswire/ --iQIYI, Inc.(Nasdaq: IQ) (\"iQIYI\" or the \"Company\"), an innovative market-leading online entertainment service inChina, today announced its unaudited financial results for the second quarter endedJune 30, 2021.\nSecond Quarter 2021 Highlights\n\nTotal revenues were RMB7.6 billion(US$1.2 billion1), representing a 3% increase from the same period in 2020.\nOperating loss wasRMB1.1 billion(US$173.7 million) and operating loss margin was 15%, compared to operating loss ofRMB1.3 billionand operating loss margin of 17% in the same period in 2020.\nNet loss attributable to iQIYI wasRMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27), compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nThe number of total subscribing members was 106.2 million as ofJune 30, 2021, or 105.2 million excluding individuals with trial memberships.\n\n\"Our second quarter results were largely in line with our expectation,\" commented Mr.Yu Gong, Founder, Director, and Chief Executive Officer of iQIYI. \"Despite the fact that the second quarter is traditionally an off-season, the number of our subscribers grew to 106.2 million, driven by the hit original dramas we launched during the quarter. We continued to lead the market across multiple operating metrics. We also saw encouraging momentum from our iQIYI Lite app targeting lower-tier cities inChinaand from our overseas expansion. We are still in the early stage of industrialization in video production, and we are continuing to drive industry evolution to achieve long-term growth. Leveraging our deep understanding of users, our highly innovative in-house production teams, as well as our advanced technologies, we believe we are well positioned to address current challenges and capture future market opportunities.\"\n\"Our total revenue in the second quarter approached the high end of our guidance,\" commented Mr.Xiaodong Wang, Chief Financial Officer of iQIYI. \"We continue to grow our subscribers and diversify our monetization channels through our premium content and massive user base. Our net loss narrowed for five consecutive quarters on a year-over-year basis as we continue to execute our disciplined investment strategy. Looking ahead, we strive to offer increasingly diversified content portfolio in the second half of the year, which is a key pillar to regain the revenue momentum.\"\n\n\n\nFootnotes:\n\n\n[1] Unless otherwise noted, all translations from RMB toU.S.dollars are made at a rate ofRMB6.4566toUS$1.00, the exchange rate in effect as ofJune 30, 2021as set forth in the H.10 statistical release of theBoard of Governorsof theFederal Reserve System. Translations are provided solely for the convenience of the reader.\n\n\n\nSecond Quarter 2021 Financial Results\nTotal revenues reachedRMB7.6 billion(US$1.2 billion), representing a 3% increase from the same period in 2020.\nMembership services revenue wasRMB4.0 billion(US$618.4 million), flat compared with the same period in 2020.\nOnline advertising services revenue wasRMB1.8 billion(US$282.7 million), representing a 15% increase from the same period in 2020. The increase was primarily driven by the sustained rebound of brand-advertising budgets amid the macroeconomic recovery inChina.\nContent distribution revenue wasRMB687.9 million(US$106.5 million), representing a 20% decrease from the same period in 2020. The decrease was primarily due to less barter transaction, partially offset by the increase of cash transaction.\nOther revenues wereRMB1.1 billion(US$170.7 million), representing a 20% increase from the same period in 2020, primarily driven by the strong growth of certain business lines.\nCost of revenues wasRMB6.9 billion(US$1.1 billion), flat compared with the same period in 2020. Content costs as a component of cost of revenues wereRMB5.1 billion(US$794.8 million), flat compared with the same period in 2020.\nSelling, general and administrative expenses were RMB1.2 billion(US$183.5 million), representing a 1% decrease from the same period in 2020.\nResearch and development expenses were RMB676.5 million(US$104.8 million), representing a 2% increase from the same period in 2020.\nOperating loss was RMB1.1 billion(US$173.7 million), compared to operating loss ofRMB1.3 billionin the same period in 2020. Operating loss margin was 15%, compared to operating loss margin of 17% in the same period in 2020.\nTotal other expense was RMB226.4 million(US$35.1 million), compared to total other expense ofRMB140.8 millionduring the same period of 2020. This was mainly due to increased interest expenses related to our financing activities.\nLoss before income taxes was RMB1.3 billion(US$208.8 million), compared to loss before income taxes ofRMB1.4 billionin the same period in 2020.\nIncome tax expense was RMB30.4million (US$4.7 million), compared to income tax expense ofRMB15.9 millionin the same period in 2020.\nNet loss attributable to iQIYI was RMB1.4 billion(US$216.4 million), compared to net loss attributable to iQIYI ofRMB1.4 billionin the same period in 2020. Diluted net loss attributable to iQIYI per ADS wasRMB1.75(US$0.27) for the second quarter of 2021, compared to diluted net loss attributable to iQIYI per ADS ofRMB1.96in the same period of 2020.\nAs ofJune 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments ofRMB12.3 billion(US$1.9 billion).\nFinancial Guidance\nFor the third quarter of 2021, iQIYI expects total net revenues to be betweenRMB7.62 billion(US$1.18 billion) andRMB8.05 billion(US$1.25 billion), representing a 6% to 12% increase year over year. This forecast reflects iQIYI's current and preliminary view, which may be subject to change.","news_type":1,"symbols_score_info":{"IQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896861359,"gmtCreate":1628569794571,"gmtModify":1633746066658,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/896861359","repostId":"1152604328","repostType":4,"isVote":1,"tweetType":1,"viewCount":2521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177398078,"gmtCreate":1627179378794,"gmtModify":1633767436281,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like and comment :)","listText":"Like and comment :)","text":"Like and comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/177398078","repostId":"1153219140","repostType":4,"isVote":1,"tweetType":1,"viewCount":320,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172328302,"gmtCreate":1626938707606,"gmtModify":1633769559497,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Nice&nbsp;","listText":"Nice&nbsp;","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/172328302","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":261,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":804558613,"gmtCreate":1627966906932,"gmtModify":1633754779996,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/804558613","repostId":"1119293992","repostType":4,"repost":{"id":"1119293992","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627963162,"share":"https://www.laohu8.com/m/news/1119293992?lang=zh_CN&edition=full","pubTime":"2021-08-03 11:59","market":"us","language":"en","title":"Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1119293992","media":"Tiger Newspress","summary":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world","content":"<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></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>Google sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote></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\">\nGoogle sets all-time records as search and YouTube profits soar<blockquote>随着搜索和YouTube利润飙升，谷歌创下历史纪录</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-08-03 11:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.</p><p><blockquote>谷歌在过去一个季度实现了强劲的销售增长，凸显了其作为全球最强大广告引擎的地位。这家互联网巨头利用了疫情重新开放不均衡的机会，迎合了花更多时间在屏幕上的居家用户以及冒险外出购物和旅行的消费者。</blockquote></p><p> Second-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.</p><p><blockquote>谷歌母公司Alphabet第二季度销售额飙升，超出了华尔街的预期，原因是零售营销人员急于通过YouTube上的电子商务和实体店重返商店来鼓励消费者支出。</blockquote></p><p> The company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.</p><p><blockquote>该公司的收入为619亿美元，高于2020年第二季度的383亿美元，营业收入为194亿美元，高于2020年第二季度的64亿美元。</blockquote></p><p> Income (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.</p><p><blockquote>收入（支出）也从19亿美元增至26亿美元，而净利润则从2021年的70亿美元增至185亿美元。</blockquote></p><p> Diluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.</p><p><blockquote>本季度摊薄后每股收益为27.26美元，高于去年同期的10.13美元。</blockquote></p><p> “Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.</p><p><blockquote>“我们第二季度619亿美元的强劲收入反映了消费者在线活动的增加和广告商支出的广泛实力。我们再次受益于我们团队的全面出色执行，”Alphabet和谷歌首席财务官露丝·波拉特(Ruth Porat)评论道。</blockquote></p><p> Alphabet, which owns and operates Google, also published additional financials related to Google’s performance.</p><p><blockquote>拥有并运营谷歌的Alphabet还公布了与谷歌业绩相关的其他财务数据。</blockquote></p><p> Google advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.</p><p><blockquote>谷歌广告：搜索在Q2 2021年带来了358亿美元的收入，高于Q2 2020年的213亿美元。YouTube广告收入总计70亿美元，高于38亿美元，谷歌网络总计76亿美元，高于47亿美元。</blockquote></p><p> In total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.</p><p><blockquote>谷歌服务总共带来了570亿美元的收入，高于去年同期的350亿美元。谷歌服务包括广告、Android、Chrome、硬件、谷歌地图、Google Play、搜索和YouTube。创收来自广告；应用程序、应用内购买、数字内容产品和硬件的销售；以及YouTube Premium和YouTube TV等基于订阅的产品收取的费用。</blockquote></p><p> Google Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.</p><p><blockquote>谷歌云报告营收为46亿美元，高于去年同期的30亿美元。</blockquote></p><p> Google’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.</p><p><blockquote>谷歌的员工总数也从2020年Q2的127,498人上升到2021年Q2的144,056人。</blockquote></p><p> “In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.</p><p><blockquote>“第二季度，世界许多地区的在线活动激增，我们很自豪我们的服务帮助了如此多的消费者和企业。我们对人工智能和谷歌云的长期投资正在帮助我们推动重大改进每个人的数字体验，”Alphabet和谷歌首席执行官Sundar Pinchai评论道。</blockquote></p><p> <h4>YouTube is a proven juggernaut</h4> When we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.</p><p><blockquote><h4>YouTube是一个久经考验的巨头</h4>当我们谈论流媒体战争中的赢家和输家时，焦点主要是迪士尼+、网飞和HBO Max等订阅服务。但自从Alphabet去年初开始突破YouTube的表现以来，很明显它应该与其他公司融为一体。</blockquote></p><p> YouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.</p><p><blockquote>YouTube不仅是一个流媒体视频巨头，继续报告令人难以置信的增长，它也正在成为主导电视未来对话的付费服务的主要竞争对手。而且它还有很大的成长空间。</blockquote></p><p> Take a look at some of the key points we've learned about YouTube's growth recently:</p><p><blockquote>看看我们最近了解到的有关YouTube增长的一些要点：</blockquote></p><p> Quarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.</p><p><blockquote>季度收入与Netflix相当，而且增长速度更快。Alphabet表示，YouTube上季度的广告收入为70亿美元。这比去年同期增长了83%。相比之下，Netflix同期的收入为73.4亿美元。Netflix的收入同比增长19.4%。</blockquote></p><p> Also, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.</p><p><blockquote>此外，Netflix几乎所有的收入都来自订阅。Alphabet只报告YouTube的广告收入，不报告YouTube TV和YouTube Premium等订阅产品的收入。</blockquote></p><p> YouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.</p><p><blockquote>YouTube的电视观看量增长速度比以往任何时候都快。虽然绝大多数YouTube消费发生在手机、电脑和平板电脑上，但Alphabet报告称，过去一年在电视机上观看的人数大幅增长。</blockquote></p><p> The company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"</p><p><blockquote>该公司表示，上个月有1.2亿人在电视上观看YouTube，高于去年每月1亿人。谷歌首席商务官菲利普·辛德勒(Philipp Schindler)周二在公司财报看涨期权上表示，电视上的YouTube是“我们拥有的增长最快的消费者平台”。</blockquote></p><p> It’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.</p><p><blockquote>这是迄今为止最强烈的信号，表明YouTube正在蚕食Netflix（截至6月底拥有2.09亿订阅者）和Disney+（截至4月3日拥有1.036亿订阅者）在客厅的领地。</blockquote></p><p> Nielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.</p><p><blockquote>尼尔森表示，观看YouTube和网飞的人比任何其他流媒体服务都多。研究公司尼尔森上个月发布了一项有趣的研究，显示观看传统电视的人远远多于观看流媒体视频的人。</blockquote></p><p> But Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.</p><p><blockquote>但尼尔森的数据也对在各种服务上花费的时间进行了有趣的排名。YouTube和网飞是排名前两位的流媒体，每项服务都占看电视时间的6%。</blockquote></p><p></p><p> YouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.</p><p><blockquote>YouTube的竞争对手TikTok也在不断壮大。短视频是当今社交媒体的主导趋势，抖音处于领先地位。YouTube有自己的短视频服务YouTube Shorts，旨在与抖音竞争。Alphabet没有透露有多少人在使用YouTube短片，但表示观看指标从3月份的每天65亿次观看跃升至上季度末的每天150亿次观看。</blockquote></p><p> More room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.</p><p><blockquote>更大的成长空间。尼尔森上个月的报告显示，随着越来越多的人远离传统的线性电视，所有流媒体仍有很大的增长空间。流媒体仍仅占所有电视观看量的四分之一左右。水涨船高。由于早期的领先优势，YouTube有望成为流媒体战争的赢家之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119293992","content_text":"Google delivered turbocharged sales growth in the past quarter, underscoring its status as the world’s most potent advertising engine. The internet giant took advantage of an uneven pandemic reopening, catering to homebound users spending more time on screens as well as consumers venturing out to shop and travel.\nSecond-quarter sales for Alphabet Inc., Google’s parent, surged past Wall Street estimates, due to a swell of ads from retail marketers eager to encourage consumer spending -- through e-commerce on YouTube and by physically returning to stores.\nThe company brought in US$61.9 billion in revenue, up from $38.3 billion in Q2 2020, and reported an operating income of $19.4 billion, up from $6.4 billion in Q2 2020.\nIncome (expenses) also rose to $2.6 billion, up from $1.9 billion, while net income reached $18.5 billion, up from $7 billion in 2021.\nDiluted EPS for the quarter was $27.26, up from $10.13 in the same period last year.\n“Our strong second quarter revenues of $61.9 billion reflect elevated consumer online activity and broad-based strength in advertiser spend. Again, we benefited from excellent execution across the board by our teams,” comments Alphabet and Google chief financial officer Ruth Porat.\nAlphabet, which owns and operates Google, also published additional financials related to Google’s performance.\nGoogle advertising: Search brought in US$35.8 billion in Q2 2021, up from $21.3 billion in Q2 2020. YouTube ad revenue totalled $7 billion, up from $3.8 billion, and Google Network totalled $7.6 billion, up from $4.7 billion.\nIn total, Google Services brought in $57 billion, up from $35 billion for the same period last year. Google Services include ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube. Revenue generation comes from advertising; sales of apps, in-app purchases, digital content products, and hardware; and fees received for subscription-based products such as YouTube Premium and YouTube TV.\nGoogle Cloud reported revenue of $4.6 billion, up from $3 billion for the same period last year.\nGoogle’s total number of employees also rose from 127,498 in Q2 2020 to 144,056 in Q2 2021.\n“In Q2, there was a rising tide of online activity in many parts of the world, and we’re proud that our services helped so many consumers and businesses. Our long-term investments in AI and Google Cloud are helping us drive significant improvements in everyone’s digital experience,” comments Alphabet and Google CEO Sundar Pinchai.\nYouTube is a proven juggernaut\nWhen we talk about the winners and losers in the streaming wars, the focus is primarily on the subscription services like Disney+, Netflix and HBO Max. But ever since Alphabet started breaking out YouTube's performance early last year, it's become clear it should be right there in the mix with the rest.\nYouTube is not only a streaming video juggernaut that continues to report mind-bending growth, it is also turning into a key rival to the paid services that dominate the conversation around the future of television. And it has plenty of room to grow.\nTake a look at some of the key points we've learned about YouTube's growth recently:\nQuarterly revenue is on a par with Netflix, and it's growing at a faster rate. Alphabet said YouTube booked $7 billion in ad revenue last quarter. That's up 83% from the year-ago quarter. Compare that to the $7.34 billion in revenue Netflix booked during the same period. Netflix's revenue grew 19.4% from a year ago.\nAlso, practically all of Netflix's revenue comes from subscriptions. Alphabet only reports YouTube's advertising revenue, not revenue from subscription products like YouTube TV and YouTube Premium.\nYouTube's television viewing is growing faster than ever. While the vast majority of YouTube consumption happens on phones, computers and tablets, Alphabet reported huge growth over the past year in people watching on television sets.\nThe company said 120 million people watched YouTube on a TV last month, up from 100 million per month last year. Philipp Schindler, Google's chief business officer, said on the company's earnings call Tuesday YouTube on TV is \"the fastest growing consumer surface that we have.\"\nIt’s the strongest signal yet that YouTube is encroaching on Netflix (209 million subscribers as of the end of June) and Disney+’s (103.6 million subscribers as of April 3) territory in the living room.\nNielsen says more people are watching YouTube and Netflix than any other streaming service. Research firm Nielsen released a fascinating study last month showing far more people still watch traditional television than streaming video.\nBut Nielsen’s data also had an interesting ranking of time spent streaming on various services. YouTube and Netflix were the top two streamers, with each service accounting for 6% of time spent watching television.\nYouTube’s TikTok rival is also growing. Short-form video is the dominant trend on social media today, with TikTok leading the charge. YouTube has its own short-form video service, YouTube Shorts, designed to compete with TikTok. Alphabet didn’t disclose how many people are using YouTube shorts but said viewing metrics jumped from 6.5 billion views per day in March to 15 billion views per day by the end of last quarter.\nMore room to grow. Nielsen’s report last month showed there’s still plenty of room for all streamers to grow as more people migrate away from traditional linear TV. Streaming is still just about a quarter of all television viewing. A rising tide lifts all boats. YouTube is poised to be one of the streaming wars winners thanks to its early lead.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":431,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802350371,"gmtCreate":1627721849893,"gmtModify":1633756804588,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802350371","repostId":"1147779023","repostType":4,"repost":{"id":"1147779023","kind":"news","pubTimestamp":1627716124,"share":"https://www.laohu8.com/m/news/1147779023?lang=zh_CN&edition=full","pubTime":"2021-07-31 15:22","market":"us","language":"en","title":"You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147779023","media":"MarketWatch","summary":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fu","content":"<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国，在缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三名投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包含明显的创新者，包括特斯拉TSLA、亚马逊AMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆说，她指的是她的基金从2016年第二季度开始的早期头寸。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>","source":"lsy1603348471595","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>You can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote></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\">\nYou can beat stock market indexes — this fund manager has, and this is how she and her team did it<blockquote>你可以击败股市指数——这位基金经理做到了，她和她的团队就是这样做到的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-07-31 15:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.</b>  Investing is a tough game. That’s why so many mutual funds lag behind their indices.</p><p><blockquote><b>美国世纪聚焦动态增长基金的Prabha Ram关于优异表现的五个关键经验教训。</b>投资是一场艰苦的游戏。这就是为什么如此多的共同基金落后于其指数。</blockquote></p><p> So when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.</p><p><blockquote>因此，当你找到一只记录良好的基金时，调查基金经理在做什么是值得的——吸取一些教训。</blockquote></p><p> The American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth&nbsp;Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.</p><p><blockquote>专注于美国世纪的动态增长基金符合这一要求。据晨星公司称，这只价值28亿美元的基金在过去三年和五年的年化收益比罗素1000增长指数高出6个百分点以上。五年来，它的年化表现比高增长类别高出8.6个百分点。它有一个合理的0.65%的费用率。</blockquote></p><p> The fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.</p><p><blockquote>该基金由Prabha Ram共同管理，我最近采访了他。拉姆在印度长大，来到美国，在缅因大学担任助教，并在那里获得了计算机科学硕士学位。她后来在宾夕法尼亚大学沃顿商学院获得了MBA学位。Ram和其他三名投资组合经理自2016年以来一直领导该基金。</blockquote></p><p> Here are the five key takeaways, with examples of specific stocks.</p><p><blockquote>以下是五个关键要点，并附有具体股票的示例。</blockquote></p><p> <b>1. Own companies that can “land and expand” in big markets</b></p><p><blockquote><b>1.拥有能在大市场“落地扩张”的公司</b></blockquote></p><p> Even though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.</p><p><blockquote>尽管我们已经进入数字时代多年，但许多小公司仍然在纸上做大部分业务。Bill.comBill想要改变这一点。该公司由首席执行官RenéLacerte创立，他在20世纪90年代末创办了在线薪资公司PayCycle，该公司被Intuit收购。</blockquote></p><p> Bill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.</p><p><blockquote>Bill.com帮助小公司实现应付账款和应收账款的数字化。但这仅仅是个开始。一旦进入公司内部，Bill.com就会将现金和费用账户管理等其他领域数字化。</blockquote></p><p> Bill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.</p><p><blockquote>Bill.com“登陆并扩展”客户，但它也利用他们的商业伙伴来创建潜在客户网络。</blockquote></p><p> “Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.</p><p><blockquote>“每个供应商都是网络成员，即使它不是Bill.com客户，”Ram说。这个网络大约有250万成员。Bill.com还从其合作伙伴那里获得了潜在客户，包括美国银行BAC、摩根大通JP和美国运通XP。第一季度销售额增长45%。</blockquote></p><p> Founder-run companies such as this one are worth considering because they often outperform.</p><p><blockquote>像这样的创始人经营的公司值得考虑，因为它们往往表现出色。</blockquote></p><p> <b>2. Seek out innovators</b></p><p><blockquote><b>2.寻找创新者</b></blockquote></p><p> Ram’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.</p><p><blockquote>拉姆的投资组合中包含明显的创新者，包括特斯拉TSLA、亚马逊AMZN和AlphabetGOOGL，这是她的前三名。让我们超越技术，看看啤酒。</blockquote></p><p> Back in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.</p><p><blockquote>早在20世纪80年代，波士顿啤酒创始人吉姆·科赫(Jim Koch)从塞缪尔·亚当斯(Samuel Adams)开始推出成功的“精酿”啤酒，开始从啤酒巨头安海斯-布希(Anheuser-Busch InbevBUD)和喜力海尼(Heinekenheiny)手中夺取份额。科赫帮助发明了精酿啤酒类别，基本上将美国带回了禁酒令前的时代，当时美国有数百家地区啤酒厂为当地口味生产更美味的啤酒。</blockquote></p><p> Boston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.</p><p><blockquote>波士顿啤酒股票表现非常好，但随后在2015年至2017年期间因啤酒销量整体持平而陷入停滞。作为回应，波士顿啤酒帮助推出了一个新的类别——其真正的硬苏打水品牌于2106年推出。它仍然是领先的硬苏打水之一。</blockquote></p><p> “We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”</p><p><blockquote>“我们被这家公司吸引是因为它的创新历史，”拉姆说，她指的是她的基金从2016年第二季度开始的早期头寸。“由于啤酒市场趋于平缓，该股表现不佳，但他们推出了真正的硬苏打水。真正的苏打水比我们预期的更成功。它创造了一个新的类别。”</blockquote></p><p> This penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.</p><p><blockquote>波士顿啤酒对创新的热情帮助拉姆的基金得以保留。其他成功的波士顿啤酒品牌包括扭曲茶、愤怒果园和狗鱼头。</blockquote></p><p> A key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.</p><p><blockquote>这里的一个关键要点是，要寻找创新公司，要寻找那些由过去表现出创新能力的人领导的公司。创新型管理者倾向于不断创新。波士顿啤酒不断测试新的苏打水、啤酒、烈性苹果酒、蒸馏酒和其他饮料。股东们押注他们会再次成功。</blockquote></p><p> They’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.</p><p><blockquote>他们需要帮助。由于众多竞争对手进入烈性苹果酒领域，波士顿啤酒股价7月23日下跌20%。由于该公司提高了广告成本以对抗竞争，销售额增长了33%，但净利润下降了1.6%。由于预计销售增长放缓，该公司大幅下调了今年的预期。</blockquote></p><p> But don’t count out this innovator yet.</p><p><blockquote>但还不要排除这位创新者。</blockquote></p><p> “We recently announced plans to develop new innovative beverages with&nbsp;Beam Suntory&nbsp;that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory&nbsp;sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”</p><p><blockquote>波士顿啤酒的科赫表示：“我们最近宣布计划与Beam Suntory合作开发新的创新饮料，计划于2022年初推出。”Beam Suntory销售Jim Beam威士忌和其他品牌的烈酒。“我们相信，随着饮酒者偏好的变化，这些新饮料将进一步展示我们创新和发展业务的能力。”</blockquote></p><p> <b>3. Look for companies that can create and dominate a niche</b></p><p><blockquote><b>3.寻找能够创造并主导利基市场的公司</b></blockquote></p><p></p><p> For years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.</p><p><blockquote>多年来，随着零工经济的出现，大型信用卡公司并不真正关心当地的瑜伽教练是否可以接受信用卡付款。SquareSQ认为这是一个机会。于是在2009年推出了卡支付设备业务。从那时起，它通过接纳更大的客户并扩展到现金管理、借记卡贷款和报税等金融服务的新业务领域而实现了增长。第一季度基于交易的收入增长了27%，订阅和服务收入飙升了88%。</blockquote></p><p> This is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.</p><p><blockquote>这是一家公司创造商业利基的一个很好的例子。但它也是一家“土地和扩张”的公司，因为它通过向客户提供新服务来发展。这两种品质都有助于公司保持拉姆喜欢在投资中看到的竞争优势。</blockquote></p><p> <b>4. Buy companies in the early stages of rapid growth</b></p><p><blockquote><b>4.买入快速成长初期的公司</b></blockquote></p><p> One way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.</p><p><blockquote>找到这些的一种方法是识别开发将改变整个行业的产品的公司。Ram认为Alnylam PharmaceuticalsALNY的情况就是如此。它正在开发基于RNA干扰（RNAi）技术的新疗法。在体内，信使RNA（mRNA）根据来自RNA的信号编码我们需要的蛋白质。有时mRNA会交叉信号，编码有缺陷的蛋白质。这会导致疾病。</blockquote></p><p> Alnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.</p><p><blockquote>Alnylam开发了一种调整RNAi途径的方法，以沉默有缺陷的信号并阻止致病蛋白质的产生。到目前为止，Alnylam已经有四种获得批准的基于RNAi的药物，用于治疗罕见的遗传性疾病。该公司还有十几种其他疗法处于临床研究中，其中六种处于后期开发阶段。</blockquote></p><p> “This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”</p><p><blockquote>“这是一个全新的治疗领域，”拉姆说。“它是一个可以治疗多种疾病的产品平台。”</blockquote></p><p> <b>5. Hold stocks for the long term</b></p><p><blockquote><b>5.长期持有股票</b></blockquote></p><p> All of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.</p><p><blockquote>上述所有名字都是拉姆基金中的大量头寸，这告诉我拉姆和她的团队认为他们有更大的上涨空间。不过，如果您购买其中任何一款，请记住您必须在多年的时间范围内购买。拉姆的基金就是这么做的。它的年投资组合周转率较低，为27%。有长远的眼光很重要，因为看涨期权股市或股票的短期走势非常困难，你需要给公司发展的时间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index","SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/you-can-beat-stock-market-indexes-this-fund-manager-has-and-this-is-how-she-and-her-team-did-it-11627481445?mod=article_inline","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147779023","content_text":"Five key lessons on outperformance from Prabha Ram at the American Century Focused Dynamic Growth Fund.\n\nInvesting is a tough game. That’s why so many mutual funds lag behind their indices.\nSo when you find a fund with a great record, it pays to investigate what the fund managers are doing — to learn some lessons.\nThe American Century Focused Dynamic Growth FundACFSXfits the bill. The $2.8 billion fund beats its Russell 1000 Growth Index by over 6 percentage points annualized over the past three and five years, according toMorningstar. It outperforms its large-growth category by 8.6 percentage points annualized over five years. It has a reasonable 0.65% expense ratio.\nThe fund is co-managed by Prabha Ram, who I recently caught up with. Raised in India, Ram came to the U.S. as a teaching assistant at the University of Maine, where she earned a master’s degree in computer science. She went on to receive an MBA at the Wharton School at the University of Pennsylvania. Ram and three other portfolio managers have led this fund since 2016.\nHere are the five key takeaways, with examples of specific stocks.\n1. Own companies that can “land and expand” in big markets\nEven though we’ve been in the digital age for years, many small companies still do much of their business on paper. Bill.comBILLwants to change that. The company was founded by CEO René Lacerte, who in the late 1990s started the online payroll company PayCycle, which was acquired by Intuit.\nBill.com helps small companies go digital in accounts payable and receivable payments. But that’s just the start. Once inside a company, Bill.com digitizes other areas like cash and expense account management.\nBill.com “lands and expands” at clients, but it also uses their business partners to create a network of leads.\n“Every vendor is a network member, even if it is not a Bill.com customer,” says Ram. This network has about 2.5 million members. Bill.com also gets prospects from its partners, including Bank of AmericaBAC,JPMorgan ChaseJPMand American ExpressAXP.Sales grew 45% in the first quarter.\nFounder-run companies such as this one are worth considering because they often outperform.\n2. Seek out innovators\nRam’s portfolio contains obvious innovators, including TeslaTSLA,Amazon.comAMZNand AlphabetGOOGL,her top three positions. Let’s look beyond technology — to beer.\nBack in the 1980s, Boston Beer founder Jim Koch began taking share from beer giants Anheuser-Busch InBevBUDand HeinekenHEINYby rolling out successful “craft” brews, starting with Samuel Adams. Koch helped invent the craft brew category, essentially taking the country back to pre-Prohibition days when the U.S. had hundreds of regional breweries making more flavorful beers for local tastes.\nBoston Beer stock did very well, but then it stalled during 2015-2017 as beer sales overall went flat. In response, Boston Beer helped put a new category on the map — with its Truly Hard Seltzer brand rolled out in 2106. It remains one of the leading hard seltzers.\n“We were drawn to the company because of its history of innovation,” says Ram, referring to her fund’s early position from the second quarter of 2016. “The stock was doing poorly because the beer market was flattening, but they were coming up with Truly Hard Seltzer. Truly was more successful than we anticipated. It created a new category.”\nThis penchant for innovation at Boston Beer has helped keep Ram’s fund in the name. Other successful Boston Beer brands include Twisted Tea, Angry Orchard and Dogfish Head.\nA key takeaway here is that to find innovative companies, look for the ones led by people who have demonstrated a knack for innovation in the past. Innovative managers tend to keep on innovating. Boston Beer continually tests new seltzers, beers, hard ciders, distilled spirits and other drinks. Shareholders are betting they will come through again.\nThey’ll need the help. Boston Beer shares fell 20% on July 23 because so many competitors entered the hard cider niche. Sales grew 33% but net income fell 1.6% as the company jacked up advertising costs to try to combat the competition. The company slashed estimates for the year on an expected slowdown in sales growth.\nBut don’t count out this innovator yet.\n“We recently announced plans to develop new innovative beverages with Beam Suntory that we are planning to launch in early 2022,” Boston Beer’s Koch said. Beam Suntory sells Jim Beam whiskey and other brands of spirits. “We believe these new beverages will further demonstrate our ability to innovate and grow our business as drinker preferences evolve.”\n3. Look for companies that can create and dominate a niche\nFor years as the gig economy emerged, the big credit card companies didn’t really care that much if the local yoga instructor could accept payments with a credit card. SquareSQrecognized this as an opportunity. So it launched its card payment device business in 2009. Since then, it has grown by taking on larger customers, and expanding into new lines of business in financial services such as cash management, debit cards loans and tax filing. Transaction-based revenue grew 27% in the first quarter, and subscription and services revenue soared 88%.\nThis is a great example of a company that created a business niche. But it’s also a “land and expand” company because it grows by offering customers new services. Both qualities help companies maintain the competitive advantage Ram likes see in investments.\n4. Buy companies in the early stages of rapid growth\nOne way to find these is to identify companies developing products that will transform an entire industry. Ram thinks that is the case with Alnylam PharmaceuticalsALNY.It’s developing novel therapies base on a technique called RNA interference (RNAi). Inside the body, messenger RNA (mRNA) encodes proteins we need, based on signals from RNA. Sometimes mRNA gets the signals crossed, and it encodes flawed proteins. This causes diseases.\nAlnylam has developed a way to tweak the RNAi pathway to silence the flawed signaling and block the creation of disease-causing proteins. So far, Alnylam has four approved RNAi-based medicines that treat rare hereditary diseases. The company has a dozen other therapies in clinical studies, including six in late-stage development.\n“This is a completely new area of therapeutics,” says Ram. “It is a platform of products that can treat a variety of conditions.”\n5. Hold stocks for the long term\nAll of the names above are large positions in Ram’s fund, which tells me that Ram and her team think they have considerably more upside. If you buy any of them, though, remember you have to do so with a multi-year time horizon. That’s what Ram’s fund does. It has a low annual portfolio turnover of 27%. It’s important to have a long-term view, because it is so tough to call short-term moves in the stock market or in stocks, and you need to give companies time to develop.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806339518,"gmtCreate":1627631239534,"gmtModify":1633757605300,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806339518","repostId":"1137003588","repostType":4,"isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170896412,"gmtCreate":1626417802036,"gmtModify":1633926919308,"author":{"id":"3578310930857724","authorId":"3578310930857724","name":"Nocturne78","avatar":"https://static.tigerbbs.com/15ab3009f35055774b1ce316cb1012e4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3578310930857724","idStr":"3578310930857724"},"themes":[],"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/170896412","repostId":"1188033080","repostType":4,"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}