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Jessyyyyy

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2021-08-25

Good

Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote>

2021-08-23

Wow

Paysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</blockquote>

2021-08-15

Better

抱歉，原内容已删除

2021-08-13

Yes

抱歉，原内容已删除

2021-08-11

Wow

抱歉，原内容已删除

2021-08-10

Ya

抱歉，原内容已删除

2021-08-06

Yo

抱歉，原内容已删除

2021-08-05

Ok

抱歉，原内容已删除

2021-08-02

Ok

抱歉，原内容已删除

2021-07-31

Wow

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

Woohoo

Merck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</blockquote>

2021-07-29

Hi

抱歉，原内容已删除

2021-07-28

Yo

抱歉，原内容已删除

2021-07-27

Good

抱歉，原内容已删除

2021-07-26

Tesla

Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>

2021-07-23

Good

抱歉，原内容已删除

2021-07-21

Woooo

抱歉，原内容已删除

2021-07-20

[生病]

抱歉，原内容已删除

2021-07-19

Good

抱歉，原内容已删除

2021-07-16

Omg

DIDI shares falls more than 8% in premarket trading.<blockquote>滴滴股价在盘前交易中下跌超过8%。</blockquote>

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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":1629880349,"share":"https://www.laohu8.com/m/news/1138197095?lang=zh_CN&edition=full","pubTime":"2021-08-25 16:32","market":"us","language":"en","title":"Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138197095","media":"Tiger Newspress","summary":"Kuaishou Technology announced the unaudited consolidated results of the Company for the three and si","content":"<p>Kuaishou Technology&nbsp;announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2021.Kuaishou Technology’s revenue beat estimates.Sales rose to 19.1 billion yuan ($3 billion) for the three months ended June, versus the 18.7 billion yuan average forecast. Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.</p><p><blockquote>快手科技公布公司截至2021年6月30日止三个月及六个月未经审核综合业绩，快手科技营收超出预期。截至6月份的三个月销售额增至191亿元人民币（30亿美元），而平均预测为187亿元人民币。净亏损70.4亿元，预估亏损62.5亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">Q2 2021 Kuaishou Technology Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">2021年第二季度快手科技收益电话会议</a></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b509844047790d8e963e13fc790db37\" tg-width=\"1189\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c164ab8bf034ae0500759913e971e79\" tg-width=\"1186\" tg-height=\"518\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5c06cc6e67cb37fe31f2add56208fe29\" tg-width=\"1192\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ba8da541a6a01d31051ff7261e69f112\" tg-width=\"1188\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p> As a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.</p><p><blockquote>作为拥有数亿日活跃用户的领先内容社区和社交平台，我们快手有能力继续培育充满活力、基于信任的生态系统，同时通过更好地管理我们的海量流量来增强我们的货币化能力，并进一步加强我们对用户和客户的价值主张。</blockquote></p><p> Amid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.</p><p><blockquote>我们不断提升用户体验以及广告主和商家的服务能力，并努力以我们独特的内容和生态系统赋能他们，于2021年第二季度实现总收入人民币191亿元，同比增长48.8%，超过2021年第一季度36.6%的同比增幅。2021年第二季度，在线营销服务收入同比增长156.2%至人民币100亿元，再次佔我们总收入的50%以上。2021年第二季度，包括电子商务在内的其他服务收入同比增长212.9%至人民币20亿元。</blockquote></p><p> <b>Ecosystem </b></p><p><blockquote><b>生态系统</b></blockquote></p><p> Driven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.</p><p><blockquote>在我们不断迭代流量分发算法、增强社交信任和丰富内容生态的投资推动下，我们进一步提高了平台上的用户参与度和用户活跃度。这有助于推动每个DAU在快手应用上的平均每日花费时间在2021年第二季度达到106.9分钟，环比增长7.7%，同比增长25.2%。利用我们平台上不断增长的公域流量，我们通过加深对用户内容消费行为和偏好以及不断变化的用户需求的洞察和理解，不断优化我们的算法，这使我们能够不断改进我们的分发算法，从而进一步优化用户体验。</blockquote></p><p> Besides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.</p><p><blockquote>除了提高用户参与度外，我们在提升用户活跃度方面也取得了坚实的成果。通过传统用户获取渠道和留存措施的效率提高，以及强大的社交信任和多元化内容推动的有机增长，我们在快手应用上的DAU与MAU比率于2021年第二季度达到57.9%，环比扩大1.1个百分点。2021年第二季度，我们在快手应用程序上的平均DAU同比增长11.9%至2.932亿，而该季度的同比增长率每个月都在加快，显示出健康的势头。用户活跃度的提高亦得益于我们努力促进涵盖用户获取、用户留存和变现的全周期用户管理，以及提供优化的内容推荐和个性化服务，从而提高了用户留存率。这种协同用户管理也使我们能够不断改进产品，更及时有效地解决用户需求。</blockquote></p><p> The strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.</p><p><blockquote>强大的社会信任是我们生态系统的支柱，使我们有别于其他行业参与者。2021年第二季度，我们平台上的社交信任进一步加强，快手应用上的相互关注者对数不断增加，截至2021年第二季度末累计达到126亿对，同比增长60%。</blockquote></p><p></p><p> Continuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet&nbsp;delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.</p><p><blockquote>我们领先内容类别的持续扩张以及内容生态系统的规模和多样性也有助于我们不断提高用户参与度和用户活跃度。我们不断努力提供差异化和精细化的内容，以满足不同用户的需求。截至2021年6月30日，我们的特色快手剧集取得了优异的成绩，贡献了超过800集短剧，每部短剧的累计视频播放量均超过1亿次，其中包括40部由我们自己的Project Astral制作的独家剧集。在新内容垂直领域，我们很自豪能够成为体育类别的行业标杆。除了我们丰富多彩的专业生成和用户生成的体育内容库外，我们最近还成为东京2020年夏季奥运会和北京2022年冬季奥运会的官方转播商，通过短视频和直播为用户带来更具创新性的体育观看体验和更具互动性的体育内容创作体验。</blockquote></p><p> To encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.</p><p><blockquote>为鼓励内容创作及优化内容分发，我们通过针对公域流量的精细化算法，向用户分发的不仅仅是短视频，而是越来越多的优质直播及电商内容。通过这样做，我们使用户能够发现更多更有趣、更有意义和更有用的内容，以满足他们的新需求。这也使我们的平台对内容创作者越来越有吸引力和友好，2021年第二季度高质量内容创作者的数量每月持续健康增长就证明了这一点。这些因素进一步强化了我们在内容创作和内容消费方面的强大飞轮效应。</blockquote></p><p> <b>Online marketing services </b></p><p><blockquote><b>在线营销服务</b></blockquote></p><p> We achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.</p><p><blockquote>我们在2021年第二季度实现了强劲的在线营销服务增长，收入同比增长156.2%至人民币100亿元。其中，品牌广告收入保持高增长，再次超过网络营销服务收入同比增速，平台品牌广告主数量较去年同期增长近4倍。该等业绩得益于我们持续努力提升品牌形象、营销效率及服务能力，通过私域运营帮助品牌吸引及发展用户群、提高知名度，进一步提升用户粘性及忠诚度。</blockquote></p><p> Brand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.</p><p><blockquote>品牌广告已成为我们的战略重点之一。随着我们继续投资于基础设施和工具，以释放我们庞大流量的价值并提高广告主的效率，我们努力建立一个闭环解决方案，为品牌广告主提供端到端的在线营销服务。这些营销服务包括制作定制短视频广告、直播营销支持、粉丝群和私人流量管理以及电子商务变现。通过这个服务工具箱，我们的品牌合作伙伴可以在我们的平台内执行他们在品牌发现、推广和产品销售方面的策略。这反过来改善了我们的内容创作者从他们的才华中获得回报的环境，并建立了一个一体化的目的地，我们的用户可以在这里发现值得信赖的品牌和来源，甚至社交和从他们那里购买。</blockquote></p><p> To bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade</p><p><blockquote>为将我们的解决方案及全平台效益带给更多品牌，我们亦扩大品牌广告销售团队，与品牌广告代理一起覆盖更多行业，进一步扩大我们的市场影响力。我们关注的主要行业包括快速消费品、美妆和电子。针对每个行业，我们根据行业特点提供定制化的流量转化模型，并不断完善和升级</blockquote></p><p> On feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.</p><p><blockquote>在feeds广告方面，为了提升我们的价值主张并为我们的广告合作伙伴带来强劲的投资回报，我们一直在投资基础设施，其中包括迭代智能竞价系统，全面提高广告效果和效率。该系统以优化算法为基础，可在广告内容和目标受众之间提供更好的匹配。借助基于人工智能的工具，我们能够评估不同广告内容的有效性，并协助制作创意内容，不仅为广告商带来更高的回报，还能保持用户体验，从而增加广告负载的空间。这些努力帮助我们在2021年第二季度以更好的效率和更强的定价能力推动我们的在线营销服务。</blockquote></p><p></p><p> On the product side, we launched the Magnetic Taurus&nbsp;platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.</p><p><blockquote>在产品端，我们于2021年第二季度推出磁金牛平台，提供连接公域和私域流量的综合闭环电商营销解决方案。该平台提供了多种定制选项，以及数据可视化和数据监控，可以为商家提供更精准的营销服务。Magnetic Taurus的推出有助于提高我们算法的效率和流量变现能力，扩大我们平台上广告主的多样性以及增强他们的参与度。继磁金牛推出后，磁金牛服务的广告主数量不断增加。</blockquote></p><p> <b>Live streaming </b></p><p><blockquote><b>直播</b></blockquote></p><p> Our live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.</p><p><blockquote>我们的直播生态系统保持活跃和健康，为我们提供了一个蓬勃发展的平台。我们的直播用户参与度提升至更高水平，2021年第二季度快手应用的DAU渗透率超过70%证明了这一点。</blockquote></p><p> With respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.</p><p><blockquote>在内容创作方面，我们在活跃流媒体数量以及满足不同用户兴趣的不同类别内容提供的深度和广度方面保持领先地位，使我们有别于其他平台。2021年第二季度，我们平台上的每日活跃流媒体数量保持在约190万，吸引了不同的用户群体，为丰富健康的直播生态系统做出了贡献。</blockquote></p><p> We have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean&nbsp;with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.</p><p><blockquote>我们已开始采取措施深化公共领域直播的货币化。通过与达人机构的广泛合作进行直播，我们在公共领域提供了更高的优质内容曝光率，并拥有更系统化的运营。于2021年第二季度，我们启动了蓝海计划，旨在与全国范围内的人才机构建立长期合作伙伴关系，以协同促进我们直播生态系统的健康发展，并利用我们庞大的公域流量推广优质直播内容。与更多人才机构合作的努力带来了显著的成果。截至2021年6月30日，我们合作名册上的人才机构数量较2020年6月30日同比增长近400%，帮助我们实现了16.9%的季度环比增长和18.2%快手应用上直播服务的月度ARPPU同比增长。</blockquote></p><p> Besides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.</p><p><blockquote>除了利用公域流量推广直播外，我们还致力于加强私域直播的治理，这可以激发我们用户更多的信任和互动。我们相信这将有助于我们为优秀的内容创作者创造更多的机会。随着治理能力、流量效率和内容提供的不断提高，我们致力于维持我们的直播生态系统的健康增长和活力。这使得拥有更强追随者基础的内容创作者能够进一步发展，从而提高我们平台的整体用户粘性和货币化潜力。</blockquote></p><p> <b>Other services including e-commerce </b></p><p><blockquote><b>其他服务，包括电子商务</b></blockquote></p><p> Our other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.</p><p><blockquote>我们的其他服务于2021年第二季度保持强劲增长势头，收入同比增长212.9%至人民币20亿元，主要受电子商务推动，产生GMV人民币1,454亿元，较去年同期的GMV翻了一番。就我们的电商业务闭环模式葵店而言，其对电商GMV总额的贡献由2020年同期的66.4%增至2021年第二季度的90.7%。我们持续提升电子商务基础设施，包括推出工具，让商户更容易办理开户及管理手续、经营店铺及利用多维数据分析产品表现及用户行为，方便及优化商户的产品选择。我们的电商生态闭环也得到了进一步的拓展和不断的强化。</blockquote></p><p> We further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.</p><p><blockquote>我们进一步升级电商策略，通过私域强化优势信任型电商模式，更适合推广长尾或非标准化产品，同时通过公域引入更多老牌产品。具体而言，我们采取了双管齐下的电子商务战略：首先，通过利用我们内容的沉浸式性质以及我们的商家和流媒体通过其私域运营培养的信任，巩固我们在基于信任的电子商务中的竞争优势；第二，通过增加更多品牌产品，逐步建立用户对我们产品和我们平台的信任和信心，努力充分释放电商公共领域的价值。</blockquote></p><p></p><p> Private domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.</p><p><blockquote>私域是我们平台的面包和黄油。它贡献了我们2021年第二季度电子商务GMV总额的大部分。随着我们不断完善以内容和信任为核心的独特商业模式，这将进一步推动平均重复购买率以及电子商务买家的转化率。</blockquote></p><p> In the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.</p><p><blockquote>在公共领域，我们致力于全方位的商业解决方案来支持品牌自营电商直播，包括精英分销、公共流量扶持、私人流量转化及运营等品牌扶持政策。这些努力不仅扩大了我们的商户基础和商品供应，还扩大了用户从流媒体到产品和我们平台本身的信任圈，这有助于激励更多的电子商务交易，并巩固了我们作为高度信任的一站式电子商务平台的地位。</blockquote></p><p> In addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.</p><p><blockquote>除支持商家外，于二零二一年第二季度，我们亦不遗余力地丰富商品供应、加强消费者平台治理及提升用户体验，旨在进一步优化我们的电商生态。</blockquote></p><p> Our efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.</p><p><blockquote>我们在品牌产品上的努力也有效地促进了商品供应的改善，以及电商DAU渗透率和快手应用上电商的平均订单价值。于二零二一年第二季度，我们已将商品供应扩展至女装、珠宝及玉石、美容及化妆品等最畅销类别以外。于二零二一年第二季度，男装及运动服、家电及数码产品以及家居用品等新兴产品类别的电商GMV均实现高增长，佔电商GMV总额的比例逐季上升。展望未来，我们将继续探索更多具有足够规模和高电商兼容性的品类，以进一步推动我们的电商GMV增长。</blockquote></p><p> Becoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.</p><p><blockquote>成为用户安全可信的平台一直是我们的核心价值主张。因此，我们继续专注于质量控制和生态系统治理，以维护充满活力和健康的生态系统。于二零二一年第二季度，我们继续加强电商选品官方平台快手选品，提升了用户的电商体验以及网红和商家的效率。首先，我们在2021年第二季度向快手精选引入了更多品牌产品。通过提供及推广官方精选品牌商品，我们提升了市场上的整体产品质量，让消费者的购物体验更加畅快。此外，通过深化与品牌的合作夥伴关系，我们大大拓宽了客户的产品选择。快手精选亦降低了电商主播在我们平台上推广商品的准入门槛，提高了其活跃度及参与度。在这些因素的推动下，2021年第二季度快手精选的电商GMV总额环比增长近90%。</blockquote></p><p> We also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.</p><p><blockquote>我们亦积极加强生态系统治理及消费者权益保护。2021年第二季度，我们推出了“信任卡”，提供商家向消费者提供的一系列保障，如退款不退货、假货赔偿、7天无条件退货等。我们将继续加强平台治理，以更好地保护用户和业务合作伙伴的权利，并改善整体客户体验。</blockquote></p><p> <b>Overseas </b></p><p><blockquote><b>海外的</b></blockquote></p><p> Overseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.</p><p><blockquote>鉴于海外市场的时间窗口和高增长潜力，海外扩张已成为我们的主要战略努力之一。海外短视频和直播行业成熟度要低得多，仍处于早期发展和商业化阶段。它的用户渗透率较低，未来增长和发展充满机会，用户需求尚未得到充分满足，代表着巨大且多样化的货币化潜力。</blockquote></p><p> Underpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.</p><p><blockquote>凭借我们作为短视频和直播行业的开拓者和领导者的经验，凭借十多年深耕行业积累的深刻见解、成熟产品和强大的技术能力，以及在建立和完善内容生态系统方面的突出优势，我们已准备好抓住当前海外市场的机会窗口，通过建立互动内容社区和社交平台，鼓励更多人通过创作、交流和互动创造价值。</blockquote></p><p></p><p> We strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.</p><p><blockquote>我们战略性地将海外发展重点放在人口密度高、短视频文化接受度强、盈利潜力好的国家和地区。2021年上半年，我们主要关注南美、东南亚和中东市场。我们一直积极投入用户获取和用户活跃度提升。同时，我们一直致力于丰富和深化我们的内容生态系统，鼓励本地化内容创作和发展不同类别的内容，以提高用户参与度和留存率，并快速建立一个在内容社区和用户社区之间建立自我强化良性循环的生态系统。除鼓励用户生成内容外，我们亦积极探索优质本地化专业生成内容。于二零二一年六月，我们成为在巴西举行的CONMEBOL Copa America 2021的官方赞助商及官方社交媒体平台，拥有该赛事的短视频制作权。我们成功运营CONMEBOL Copa America 2021赛事，有效提升了南美市场的用户参与度和活跃度。</blockquote></p><p> During our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.</p><p><blockquote>在海外市场的初步探索中，我们取得了远超预期的令人鼓舞的业绩，进一步坚定了我们拓展海外业务的决心。2021年6月，我们在海外市场的月活跃用户数超过1.8亿。海外市场不断增长的用户群有助于我们利用我们的技术和数据分析能力更好地洞察我们的用户，使我们能够提供优化的推荐算法，并不断完善我们的产品和用户体验。所有这些投资、努力和积累的经验将是我们在广阔的海外市场长期发展的宝贵资产。</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>Kuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</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\">\nKuaishou Technology Posts Qtrly Adjusted Net Loss Of RMB4.77 Billion<blockquote>快手科技季度调整后净亏损为人民币47.7亿元</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\">2021-08-25 16:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Kuaishou Technology&nbsp;announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2021.Kuaishou Technology’s revenue beat estimates.Sales rose to 19.1 billion yuan ($3 billion) for the three months ended June, versus the 18.7 billion yuan average forecast. Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.</p><p><blockquote>快手科技公布公司截至2021年6月30日止三个月及六个月未经审核综合业绩，快手科技营收超出预期。截至6月份的三个月销售额增至191亿元人民币（30亿美元），而平均预测为187亿元人民币。净亏损70.4亿元，预估亏损62.5亿元。</blockquote></p><p> <a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">Q2 2021 Kuaishou Technology Earnings Conference Call</a></p><p><blockquote><a href=\"https://laohu8.com/RN?name=RNLive&amp;rndata=%7B%22liveId%22:%2216296990282877%22%7D\" target=\"_blank\">2021年第二季度快手科技收益电话会议</a></blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b509844047790d8e963e13fc790db37\" tg-width=\"1189\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c164ab8bf034ae0500759913e971e79\" tg-width=\"1186\" tg-height=\"518\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5c06cc6e67cb37fe31f2add56208fe29\" tg-width=\"1192\" tg-height=\"517\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ba8da541a6a01d31051ff7261e69f112\" tg-width=\"1188\" tg-height=\"331\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>BUSINESS REVIEW AND OUTLOOK </b></p><p><blockquote><b>业务回顾及展望</b></blockquote></p><p> As a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.</p><p><blockquote>作为拥有数亿日活跃用户的领先内容社区和社交平台，我们快手有能力继续培育充满活力、基于信任的生态系统，同时通过更好地管理我们的海量流量来增强我们的货币化能力，并进一步加强我们对用户和客户的价值主张。</blockquote></p><p> Amid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.</p><p><blockquote>我们不断提升用户体验以及广告主和商家的服务能力，并努力以我们独特的内容和生态系统赋能他们，于2021年第二季度实现总收入人民币191亿元，同比增长48.8%，超过2021年第一季度36.6%的同比增幅。2021年第二季度，在线营销服务收入同比增长156.2%至人民币100亿元，再次佔我们总收入的50%以上。2021年第二季度，包括电子商务在内的其他服务收入同比增长212.9%至人民币20亿元。</blockquote></p><p> <b>Ecosystem </b></p><p><blockquote><b>生态系统</b></blockquote></p><p> Driven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.</p><p><blockquote>在我们不断迭代流量分发算法、增强社交信任和丰富内容生态的投资推动下，我们进一步提高了平台上的用户参与度和用户活跃度。这有助于推动每个DAU在快手应用上的平均每日花费时间在2021年第二季度达到106.9分钟，环比增长7.7%，同比增长25.2%。利用我们平台上不断增长的公域流量，我们通过加深对用户内容消费行为和偏好以及不断变化的用户需求的洞察和理解，不断优化我们的算法，这使我们能够不断改进我们的分发算法，从而进一步优化用户体验。</blockquote></p><p> Besides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.</p><p><blockquote>除了提高用户参与度外，我们在提升用户活跃度方面也取得了坚实的成果。通过传统用户获取渠道和留存措施的效率提高，以及强大的社交信任和多元化内容推动的有机增长，我们在快手应用上的DAU与MAU比率于2021年第二季度达到57.9%，环比扩大1.1个百分点。2021年第二季度，我们在快手应用程序上的平均DAU同比增长11.9%至2.932亿，而该季度的同比增长率每个月都在加快，显示出健康的势头。用户活跃度的提高亦得益于我们努力促进涵盖用户获取、用户留存和变现的全周期用户管理，以及提供优化的内容推荐和个性化服务，从而提高了用户留存率。这种协同用户管理也使我们能够不断改进产品，更及时有效地解决用户需求。</blockquote></p><p> The strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.</p><p><blockquote>强大的社会信任是我们生态系统的支柱，使我们有别于其他行业参与者。2021年第二季度，我们平台上的社交信任进一步加强，快手应用上的相互关注者对数不断增加，截至2021年第二季度末累计达到126亿对，同比增长60%。</blockquote></p><p></p><p> Continuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet&nbsp;delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.</p><p><blockquote>我们领先内容类别的持续扩张以及内容生态系统的规模和多样性也有助于我们不断提高用户参与度和用户活跃度。我们不断努力提供差异化和精细化的内容，以满足不同用户的需求。截至2021年6月30日，我们的特色快手剧集取得了优异的成绩，贡献了超过800集短剧，每部短剧的累计视频播放量均超过1亿次，其中包括40部由我们自己的Project Astral制作的独家剧集。在新内容垂直领域，我们很自豪能够成为体育类别的行业标杆。除了我们丰富多彩的专业生成和用户生成的体育内容库外，我们最近还成为东京2020年夏季奥运会和北京2022年冬季奥运会的官方转播商，通过短视频和直播为用户带来更具创新性的体育观看体验和更具互动性的体育内容创作体验。</blockquote></p><p> To encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.</p><p><blockquote>为鼓励内容创作及优化内容分发，我们通过针对公域流量的精细化算法，向用户分发的不仅仅是短视频，而是越来越多的优质直播及电商内容。通过这样做，我们使用户能够发现更多更有趣、更有意义和更有用的内容，以满足他们的新需求。这也使我们的平台对内容创作者越来越有吸引力和友好，2021年第二季度高质量内容创作者的数量每月持续健康增长就证明了这一点。这些因素进一步强化了我们在内容创作和内容消费方面的强大飞轮效应。</blockquote></p><p> <b>Online marketing services </b></p><p><blockquote><b>在线营销服务</b></blockquote></p><p> We achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.</p><p><blockquote>我们在2021年第二季度实现了强劲的在线营销服务增长，收入同比增长156.2%至人民币100亿元。其中，品牌广告收入保持高增长，再次超过网络营销服务收入同比增速，平台品牌广告主数量较去年同期增长近4倍。该等业绩得益于我们持续努力提升品牌形象、营销效率及服务能力，通过私域运营帮助品牌吸引及发展用户群、提高知名度，进一步提升用户粘性及忠诚度。</blockquote></p><p> Brand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.</p><p><blockquote>品牌广告已成为我们的战略重点之一。随着我们继续投资于基础设施和工具，以释放我们庞大流量的价值并提高广告主的效率，我们努力建立一个闭环解决方案，为品牌广告主提供端到端的在线营销服务。这些营销服务包括制作定制短视频广告、直播营销支持、粉丝群和私人流量管理以及电子商务变现。通过这个服务工具箱，我们的品牌合作伙伴可以在我们的平台内执行他们在品牌发现、推广和产品销售方面的策略。这反过来改善了我们的内容创作者从他们的才华中获得回报的环境，并建立了一个一体化的目的地，我们的用户可以在这里发现值得信赖的品牌和来源，甚至社交和从他们那里购买。</blockquote></p><p> To bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade</p><p><blockquote>为将我们的解决方案及全平台效益带给更多品牌，我们亦扩大品牌广告销售团队，与品牌广告代理一起覆盖更多行业，进一步扩大我们的市场影响力。我们关注的主要行业包括快速消费品、美妆和电子。针对每个行业，我们根据行业特点提供定制化的流量转化模型，并不断完善和升级</blockquote></p><p> On feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.</p><p><blockquote>在feeds广告方面，为了提升我们的价值主张并为我们的广告合作伙伴带来强劲的投资回报，我们一直在投资基础设施，其中包括迭代智能竞价系统，全面提高广告效果和效率。该系统以优化算法为基础，可在广告内容和目标受众之间提供更好的匹配。借助基于人工智能的工具，我们能够评估不同广告内容的有效性，并协助制作创意内容，不仅为广告商带来更高的回报，还能保持用户体验，从而增加广告负载的空间。这些努力帮助我们在2021年第二季度以更好的效率和更强的定价能力推动我们的在线营销服务。</blockquote></p><p></p><p> On the product side, we launched the Magnetic Taurus&nbsp;platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.</p><p><blockquote>在产品端，我们于2021年第二季度推出磁金牛平台，提供连接公域和私域流量的综合闭环电商营销解决方案。该平台提供了多种定制选项，以及数据可视化和数据监控，可以为商家提供更精准的营销服务。Magnetic Taurus的推出有助于提高我们算法的效率和流量变现能力，扩大我们平台上广告主的多样性以及增强他们的参与度。继磁金牛推出后，磁金牛服务的广告主数量不断增加。</blockquote></p><p> <b>Live streaming </b></p><p><blockquote><b>直播</b></blockquote></p><p> Our live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.</p><p><blockquote>我们的直播生态系统保持活跃和健康，为我们提供了一个蓬勃发展的平台。我们的直播用户参与度提升至更高水平，2021年第二季度快手应用的DAU渗透率超过70%证明了这一点。</blockquote></p><p> With respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.</p><p><blockquote>在内容创作方面，我们在活跃流媒体数量以及满足不同用户兴趣的不同类别内容提供的深度和广度方面保持领先地位，使我们有别于其他平台。2021年第二季度，我们平台上的每日活跃流媒体数量保持在约190万，吸引了不同的用户群体，为丰富健康的直播生态系统做出了贡献。</blockquote></p><p> We have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean&nbsp;with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.</p><p><blockquote>我们已开始采取措施深化公共领域直播的货币化。通过与达人机构的广泛合作进行直播，我们在公共领域提供了更高的优质内容曝光率，并拥有更系统化的运营。于2021年第二季度，我们启动了蓝海计划，旨在与全国范围内的人才机构建立长期合作伙伴关系，以协同促进我们直播生态系统的健康发展，并利用我们庞大的公域流量推广优质直播内容。与更多人才机构合作的努力带来了显著的成果。截至2021年6月30日，我们合作名册上的人才机构数量较2020年6月30日同比增长近400%，帮助我们实现了16.9%的季度环比增长和18.2%快手应用上直播服务的月度ARPPU同比增长。</blockquote></p><p> Besides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.</p><p><blockquote>除了利用公域流量推广直播外，我们还致力于加强私域直播的治理，这可以激发我们用户更多的信任和互动。我们相信这将有助于我们为优秀的内容创作者创造更多的机会。随着治理能力、流量效率和内容提供的不断提高，我们致力于维持我们的直播生态系统的健康增长和活力。这使得拥有更强追随者基础的内容创作者能够进一步发展，从而提高我们平台的整体用户粘性和货币化潜力。</blockquote></p><p> <b>Other services including e-commerce </b></p><p><blockquote><b>其他服务，包括电子商务</b></blockquote></p><p> Our other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.</p><p><blockquote>我们的其他服务于2021年第二季度保持强劲增长势头，收入同比增长212.9%至人民币20亿元，主要受电子商务推动，产生GMV人民币1,454亿元，较去年同期的GMV翻了一番。就我们的电商业务闭环模式葵店而言，其对电商GMV总额的贡献由2020年同期的66.4%增至2021年第二季度的90.7%。我们持续提升电子商务基础设施，包括推出工具，让商户更容易办理开户及管理手续、经营店铺及利用多维数据分析产品表现及用户行为，方便及优化商户的产品选择。我们的电商生态闭环也得到了进一步的拓展和不断的强化。</blockquote></p><p> We further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.</p><p><blockquote>我们进一步升级电商策略，通过私域强化优势信任型电商模式，更适合推广长尾或非标准化产品，同时通过公域引入更多老牌产品。具体而言，我们采取了双管齐下的电子商务战略：首先，通过利用我们内容的沉浸式性质以及我们的商家和流媒体通过其私域运营培养的信任，巩固我们在基于信任的电子商务中的竞争优势；第二，通过增加更多品牌产品，逐步建立用户对我们产品和我们平台的信任和信心，努力充分释放电商公共领域的价值。</blockquote></p><p></p><p> Private domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.</p><p><blockquote>私域是我们平台的面包和黄油。它贡献了我们2021年第二季度电子商务GMV总额的大部分。随着我们不断完善以内容和信任为核心的独特商业模式，这将进一步推动平均重复购买率以及电子商务买家的转化率。</blockquote></p><p> In the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.</p><p><blockquote>在公共领域，我们致力于全方位的商业解决方案来支持品牌自营电商直播，包括精英分销、公共流量扶持、私人流量转化及运营等品牌扶持政策。这些努力不仅扩大了我们的商户基础和商品供应，还扩大了用户从流媒体到产品和我们平台本身的信任圈，这有助于激励更多的电子商务交易，并巩固了我们作为高度信任的一站式电子商务平台的地位。</blockquote></p><p> In addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.</p><p><blockquote>除支持商家外，于二零二一年第二季度，我们亦不遗余力地丰富商品供应、加强消费者平台治理及提升用户体验，旨在进一步优化我们的电商生态。</blockquote></p><p> Our efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.</p><p><blockquote>我们在品牌产品上的努力也有效地促进了商品供应的改善，以及电商DAU渗透率和快手应用上电商的平均订单价值。于二零二一年第二季度，我们已将商品供应扩展至女装、珠宝及玉石、美容及化妆品等最畅销类别以外。于二零二一年第二季度，男装及运动服、家电及数码产品以及家居用品等新兴产品类别的电商GMV均实现高增长，佔电商GMV总额的比例逐季上升。展望未来，我们将继续探索更多具有足够规模和高电商兼容性的品类，以进一步推动我们的电商GMV增长。</blockquote></p><p> Becoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.</p><p><blockquote>成为用户安全可信的平台一直是我们的核心价值主张。因此，我们继续专注于质量控制和生态系统治理，以维护充满活力和健康的生态系统。于二零二一年第二季度，我们继续加强电商选品官方平台快手选品，提升了用户的电商体验以及网红和商家的效率。首先，我们在2021年第二季度向快手精选引入了更多品牌产品。通过提供及推广官方精选品牌商品，我们提升了市场上的整体产品质量，让消费者的购物体验更加畅快。此外，通过深化与品牌的合作夥伴关系，我们大大拓宽了客户的产品选择。快手精选亦降低了电商主播在我们平台上推广商品的准入门槛，提高了其活跃度及参与度。在这些因素的推动下，2021年第二季度快手精选的电商GMV总额环比增长近90%。</blockquote></p><p> We also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.</p><p><blockquote>我们亦积极加强生态系统治理及消费者权益保护。2021年第二季度，我们推出了“信任卡”，提供商家向消费者提供的一系列保障，如退款不退货、假货赔偿、7天无条件退货等。我们将继续加强平台治理，以更好地保护用户和业务合作伙伴的权利，并改善整体客户体验。</blockquote></p><p> <b>Overseas </b></p><p><blockquote><b>海外的</b></blockquote></p><p> Overseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.</p><p><blockquote>鉴于海外市场的时间窗口和高增长潜力，海外扩张已成为我们的主要战略努力之一。海外短视频和直播行业成熟度要低得多，仍处于早期发展和商业化阶段。它的用户渗透率较低，未来增长和发展充满机会，用户需求尚未得到充分满足，代表着巨大且多样化的货币化潜力。</blockquote></p><p> Underpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.</p><p><blockquote>凭借我们作为短视频和直播行业的开拓者和领导者的经验，凭借十多年深耕行业积累的深刻见解、成熟产品和强大的技术能力，以及在建立和完善内容生态系统方面的突出优势，我们已准备好抓住当前海外市场的机会窗口，通过建立互动内容社区和社交平台，鼓励更多人通过创作、交流和互动创造价值。</blockquote></p><p></p><p> We strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.</p><p><blockquote>我们战略性地将海外发展重点放在人口密度高、短视频文化接受度强、盈利潜力好的国家和地区。2021年上半年，我们主要关注南美、东南亚和中东市场。我们一直积极投入用户获取和用户活跃度提升。同时，我们一直致力于丰富和深化我们的内容生态系统，鼓励本地化内容创作和发展不同类别的内容，以提高用户参与度和留存率，并快速建立一个在内容社区和用户社区之间建立自我强化良性循环的生态系统。除鼓励用户生成内容外，我们亦积极探索优质本地化专业生成内容。于二零二一年六月，我们成为在巴西举行的CONMEBOL Copa America 2021的官方赞助商及官方社交媒体平台，拥有该赛事的短视频制作权。我们成功运营CONMEBOL Copa America 2021赛事，有效提升了南美市场的用户参与度和活跃度。</blockquote></p><p> During our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.</p><p><blockquote>在海外市场的初步探索中，我们取得了远超预期的令人鼓舞的业绩，进一步坚定了我们拓展海外业务的决心。2021年6月，我们在海外市场的月活跃用户数超过1.8亿。海外市场不断增长的用户群有助于我们利用我们的技术和数据分析能力更好地洞察我们的用户，使我们能够提供优化的推荐算法，并不断完善我们的产品和用户体验。所有这些投资、努力和积累的经验将是我们在广阔的海外市场长期发展的宝贵资产。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138197095","content_text":"Kuaishou Technology announced the unaudited consolidated results of the Company for the three and six months ended June 30, 2021.Kuaishou Technology’s revenue beat estimates.Sales rose to 19.1 billion yuan ($3 billion) for the three months ended June, versus the 18.7 billion yuan average forecast. Net loss was 7.04 billion yuan, compared with the 6.25 billion yuan loss projected.\nQ2 2021 Kuaishou Technology Earnings Conference Call\n\nBUSINESS REVIEW AND OUTLOOK \nAs a leading content community and social platform with hundreds of millions of daily active users, we, Kuaishou, are well-positioned to continue cultivating a vibrant, trust-based ecosystem, while bolstering our monetization capabilities through better management of our massive traffic, and further strengthening our value proposition for our users and customers.\nAmid consistent improvements to the experience for users as well as service capability of advertisers and merchants, and efforts to empower them with our unique content and ecosystem, we achieved total revenues of RMB19.1 billion in the second quarter of 2021, representing a year-over-year increase of 48.8% which outpaced the 36.6% year-over-year increase in the first quarter of 2021. Revenues from online marketing services grew by 156.2% year-over-year to RMB10.0 billion in the second quarter of 2021, contributing over 50% of our total revenues once again. Revenues from other services including e-commerce increased by 212.9% year-over-year to RMB2.0 billion in the second quarter of 2021.\nEcosystem \nDriven by our investments to continuously iterate traffic distribution algorithms and to enhance social trust and enrich content ecosystem, we further increased user engagement and user activeness on our platform. This helped propel the average daily time spent per DAU on Kuaishou App to reach 106.9 minutes in the second quarter of 2021, increasing by 7.7% quarter-over-quarter and 25.2% year-over-year. Leveraging the growing public domain traffic on our platform, we have continuously optimized our algorithms by deepening our insights and understanding of user behaviors and preferences in content consumption as well as the evolving user needs, which allows us to continuously improve our distribution algorithms, leading to further optimized user experience.\nBesides improvements in user engagement, we also achieved solid results in promoting user activeness. Through the improved efficiency of traditional user acquisition channels and retention measures as well as organic growth driven by strong social trust and diversified content, our DAUs to MAUs ratio reached 57.9% in the second quarter of 2021 on Kuaishou App, expanding by 1.1 percentage point quarter-over-quarter. Our average DAUs on Kuaishou App increased by 11.9% year-over-year to 293.2 million in the second quarter of 2021, while the year-over-year growth rate accelerated every month during the quarter, showing a healthy momentum. The growing user activeness was also driven by our improved user retention rate resulted from our efforts to facilitate full-cycle user management which spans user acquisition, user retention and monetization, as well as providing optimized content recommendation and personalized services. This synergistic user management also allows us to continuously improve our products and address user needs more promptly and effectively.\nThe strong social trust is the backbone of our ecosystem and differentiates us from other industry players. In the second quarter of 2021, social trust was further strengthened on our platform, as demonstrated by the increasing number of pairs of mutual followers on Kuaishou App, which reached 12.6 billion pairs on a cumulative basis by the end of the second quarter of 2021, increasing by 60% year-over-year.\nContinuous expansion in our leading content categories and the scale and diversity of our content ecosystem also contributed to our increasing user engagement and growing user activeness. We have continually strived for differentiated and refined content offerings that cater to diverse user needs. Our featured Kuaishou Playlet delivered excellent results, contributing over 800 series of short plays, each of which received more than 100 million video views accumulatively by June 30, 2021, and including 40 exclusive series produced by our own Project Astral. On new content verticals side, we are proud to have become an industry benchmark in the sports category. In addition to our colorful professionally generated and user generated sports content library, we have recently become the official broadcaster of the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics, bringing our users a more innovative sports viewing experience and an even more interactive experience in sports content creation through short videos and live streams.\nTo encourage content creation and optimize content distribution, we have distributed not only short videos, but an increasing amount of premium live streaming and e-commerce content to users through refined algorithms for public domain traffic. By doing so, we have enabled our users to discover a broader variety of more interesting, meaningful and useful content that serve their new needs. This has also allowed our platform to become increasingly attractive and friendly to content creators, as evidenced by the number of high quality content creators growing continuously and healthily on a monthly basis during the second quarter of 2021. These factors further reinforced our strong flywheel effects in content creation and content consumption.\nOnline marketing services \nWe achieved strong online marketing services growth in the second quarter of 2021, with revenues increasing 156.2% year-over-year to RMB10.0 billion. In particular, revenues from brand advertisements maintained its high growth, outpacing the year-over-year growth rate of revenues from online marketing services once again, while the number of brand advertisers on our platform increased by nearly four times compared with the same period of last year. These results were driven by our continuous efforts to improve our brand image, marketing efficiency as well as service capabilities, helping brands attract and grow user base, increase popularities and further enhance user stickiness and loyalty through private domain operations.\nBrand advertisement has become one of the strategic focuses for us. As we continue to invest in infrastructure and tools to unlock the value of our massive traffic and improve efficiency for advertisers, we endeavor to establish a closed-loop solution offering endto-end online marketing services to brand advertisers. These marketing services include production of customized short video ads, live streaming marketing support, follower base and private traffic management, as well as e-commerce monetization. From this services tool box, our brand partners can execute their strategies in brand discovery, promotion and product sales all within our platform. This in turn enhances the environment for our content creators to reap rewards from their talents and establishes an all-in-one destination where our users can discover trusted brands and sources and even socialize and make purchases from them.\nTo bring our solutions and platform-wide benefits to more brands, we have also expanded our sales teams for brand advertisements to cover more industries together with brand advertising agencies that further bolster our market reach. The main industries we focus on include fast moving consumer goods, beauty and cosmetics, and electronics. For each industry, we offer a customized traffic conversion model based on the industry’s characteristics, which we continually refine and upgrade\nOn feeds advertisement, in order to boost our value proposition and drive strong return on investment for our advertising partners, we have been investing in infrastructure, which includes an iterative intelligent bidding system with improved advertising effectiveness and efficiency across the board. This system is underpinned by optimized algorithms to provide better matching between ad content and target audiences. With AI-based tools, we were able to assess the effectiveness of different ad content and assist in the production of creative content to not only generate higher returns for advertisers, but also maintain the user experience hence growing room for ad loads. These efforts helped drive our online marketing services with better effectiveness and stronger pricing power in the second quarter of 2021.\nOn the product side, we launched the Magnetic Taurus platform in the second quarter of 2021, which provides comprehensive closed-loop e-commerce marketing solutions connecting public and private domain traffic. This platform offers multiple options for customization, as well as data visualization and data monitoring, which allows more precise marketing services for merchants. The introduction of Magnetic Taurus has helped improve the efficiency of our algorithms and traffic monetization capabilities and broaden the diversity of advertisers on our platform as well as enhance their engagement. Following the launch of Magnetic Taurus, the number of advertisers served by Magnetic Taurus has continuously increased.\nLive streaming \nOur live streaming ecosystem remained active and healthy, anchoring a thriving platform for us. The engagement level of our live streaming users improved to a higher level as evidenced by a DAUs penetration rate of over 70% in the second quarter of 2021 on Kuaishou App.\nWith respect to content creation, we maintained our leadership in terms of number of active streamers and depth and breadth of content offering in various categories catering to different users’ interests, setting us apart from other platforms. The number of daily active streamers on our platform stayed elevated at about 1.9 million during the second quarter of 2021, attracting diverse user cohorts and contributing to a rich and healthy live streaming ecosystem.\nWe have started undertaking initiatives to deepen monetization of live streaming in the public domain. Through extensive cooperation with talent agencies for live streaming, we have provided enhanced exposure to high-quality content in the public domain and had more systematic operations. In the second quarter of 2021, we launched Project Blue Ocean with the intention to cultivate long-term partnerships with talent agencies nationwide, to collaboratively facilitate healthy development of our live streaming ecosystem and promote high-quality live streaming content leveraging our massive public domain traffic. The drive to cooperate with more talent agencies has brought notable results. By June 30, 2021, the number of talent agencies on our collaboration roster increased by nearly 400% year-over-year comparing with that by June 30, 2020, helping us achieve a 16.9% quarter-over-quarter growth and an 18.2% year-over-year growth in monthly ARPPU for live streaming services on Kuaishou App.\nBesides leveraging public domain traffic to promote live streaming, we have also worked on enhancing the governance of live streaming in the private domain, which can inspire more trust and interaction from our users. We believe it will help us create more opportunities for superior content creators. With constant improvements in governance capabilities, traffic efficiency and content offering, we are committed to sustaining the healthy growth and vibrancy of our live streaming ecosystem. This allows content creators with a stickier follower base to further develop, which in turn improves our overall user stickiness and monetization potential of our platform.\nOther services including e-commerce \nOur other services maintained strong growth momentum in the second quarter of 2021 with revenue increasing by 212.9% year-over-year to RMB2.0 billion, primarily driven by e-commerce, which generated GMV of RMB145.4 billion, doubling from the GMV in the same period of last year. With respect to Kwai Shop, the closed-loop mode of our e-commerce business, its contribution to the total e-commerce GMV for the second quarter of 2021 increased to 90.7%, compared with 66.4% in the same period of 2020. We have continued to enhance the e-commerce infrastructure, including the introduction of tools to make the account opening and management procedures easier for merchants, operate their stores and utilize multi-dimensional data to analyze product performance and user behavior, facilitating and optimizing their product selection. Our closed-loop e-commerce ecosystem has also been further expanded and reinforced continuously.\nWe further upgraded our e-commerce strategy, strengthening our advantageous trustbased e-commerce model through private domain, which is more suitable for promoting longtail or non-standardized products, while introducing more products from established brands through public domain. To be specific, we have adopted a two-pronged e-commerce strategy: first, solidify our competitive edge in trust-based e-commerce by leveraging the immersive nature of our content and the trust our merchants and streamers fostered through their private domain operations; second, work to fully unlock the value of the public domain in e-commerce by adding more branded products and gradually building users’ trust and confidence in our products and our platform.\nPrivate domain is the bread and butter of our platform. It contributed the majority of our total e-commerce GMV in the second quarter of 2021. As we continually refine our unique business model with content and trust at its core, this will further drive the average repeat purchase rate as well as the conversion rate to e-commerce buyers.\nIn the public domain, we have strived for a full spectrum of business solutions to support brand self-operated e-commerce live streaming, which include elite distribution, public traffic support, private traffic conversion and operation as well as other brand supporting policies. These efforts have not only broadened our merchants base and merchandise supply, but also expanded users’ circle of trust from streamers to products and to our platform itself, which helps incentivize more e-commerce transactions and reinforce our position as a highly trusted one-stop e-commerce platform.\nIn addition to supporting merchants, during the second quarter of 2021, we also spared no effort to enrich merchandise supply, strengthen platform governance for consumers, and enhance user experience, all aiming at further optimizing our e-commerce ecosystem.\nOur efforts on branded products have also effectively contributed to improvements on merchandise supply, as well as e-commerce DAUs penetration rate and average order value for e-commerce on Kuaishou App. In the second quarter of 2021, we have expanded our merchandise offerings beyond the top-selling categories of women’s apparel, jewelry and jade, beauty and cosmetics. Some emerging product categories such as men’s apparel and sportswear, home appliances and digital products, as well as household goods all achieved high growths in terms of e-commerce GMV during the second quarter of 2021, contributing to an increasing percentage of total e-commerce GMV on a quarter-over-quarter basis. Going forward, we will continue to explore more categories with sufficient scale and high e-commerce compatibility to further fuel our e-commerce GMV growth.\nBecoming a safe and trusted platform for users has always been our core value proposition. As such, we have continued to focus on quality control and ecosystem governance to safeguard a vibrant and healthy ecosystem. In the second quarter of 2021, we continued the reinforcement of Kuaishou Selection, our official platform of e-commerce product selection, which has improved the e-commerce experience for our users as well as the efficiency of influencers and merchants. First, we introduced more branded products to Kuaishou Selection in the second quarter of 2021. By providing and promoting officially selected branded items, we have enhanced the overall product quality on our marketplace, making the shopping experience more carefree for consumers. In addition, by deepening collaborative partnerships with brands, we have significantly broadened our selection of products for customers. Kuaishou Selection has also lowered the entry barriers for e-commerce streamers to promote merchandise on our platform and improved their activeness and engagement levels. Driven by these factors, total e-commerce GMV of Kuaishou Selection increased by nearly 90% on a quarter-over-quarter basis in the second quarter of 2021.\nWe also proactively enhanced our ecosystem governance and consumer rights protection. In the second quarter of 2021, we launched a “Trust Card” that offers a series of guarantees provided by merchants to consumers, such as refund without return, compensation for fake goods, 7-day unconditional return, etc. We will continue to strengthen our platform governance to better protect the rights of our users and business partners, and improve overall customer experience.\nOverseas \nOverseas expansion has become one of our key strategic efforts given the time window and high growth potential in the overseas markets. The overseas short video and live streaming industry is much less mature and still at an earlier stage of development and commercialization. It has low user penetration and is full of opportunities for future growth and development with user needs yet to be fully met, representing significant and diverse monetization potential.\nUnderpinned by our experience as the pioneer and a leader of the short video and live streaming industry, with deep insights, mature products and strong technological capabilities accumulated through more than a decade’s rich experience entrenched in the industry, and outstanding advantages in establishing and improving content ecosystems, we are ready to seize the current window of opportunity in the overseas markets by building interactive content communities and social platforms to encourage more people to create value through creation, communication and interaction.\nWe strategically focus our overseas development efforts in countries and regions that have high population density, strong cultural acceptance for short videos and good upside monetization potential. In the first half of 2021, we primarily focused on markets in South America, Southeast Asia, and the Middle East. We have been actively investing in user acquisition and user activeness improvement. Simultaneously, we have been working to enrich and deepen our content ecosystem, encouraging localized content creation and growing content in different categories, which improve user engagement and retention, as well as rapidly establish an ecosystem that builds a self-reinforcing virtuous cycle between content community and user community. Besides encouraging user generated content, we have also proactively explored premium localized professionally generated content. In June 2021, we became an official sponsor and the official social media platform of the CONMEBOL Copa America 2021 held in Brazil, with rights to short video production of this event. Our successful operation of CONMEBOL Copa America 2021 events effectively improved the user engagement and activeness in the South America market.\nDuring our initial exploration of overseas markets, we achieved encouraging results that well exceeded our original expectations, further solidifying our resolve to grow our overseas business. In June 2021, we achieved MAUs of more than 180 million in the overseas markets. The growing user base in overseas markets helps us to gain better insights into our users by leveraging our technology and data analysis capabilities, enabling us to provide optimized recommendation algorithms, and continuously refine our products and user experience. All these investments, efforts and accumulated experience will be invaluable assets for our longer-term development in the broad overseas markets.","news_type":1,"symbols_score_info":{"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":1710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835665696,"gmtCreate":1629712784115,"gmtModify":1631890259873,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835665696","repostId":"1190758315","repostType":4,"repost":{"id":"1190758315","kind":"news","pubTimestamp":1629712689,"share":"https://www.laohu8.com/m/news/1190758315?lang=zh_CN&edition=full","pubTime":"2021-08-23 17:58","market":"us","language":"en","title":"Paysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190758315","media":"seekingalpha","summary":"Summary\n\nPaysafe's revenue growth for its fiscal 2021 second quarter has sped up.\nHigh leverage has ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Paysafe's revenue growth for its fiscal 2021 second quarter has sped up.</li>  <li>High leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.</li>  <li>The share price continues to fall on the back of negative SPAC sentiment.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>Paysafe 2021财年第二季度的收入增长有所加快。</li><li>高杠杆阻碍了盈利能力，并且在公司每季度产生足够的自由现金流来偿还之前，仍将是一个阻力。</li><li>受SPAC负面情绪影响，股价继续下跌。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Paysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.</p><p><blockquote>Paysafe(PSFE)下跌后立即又出现下跌。该公司现已成为特殊目的收购公司和DESPAC衰落的典型代表之一。一个曾经备受推崇的上市渠道如何在暴露于时间的到来时最终崩溃。对于许多Paysafe多头来说，最糟糕的情况已经发生。但他们并不孤单，几乎所有DeSPACs的投资者都感受到了各自投资燃烧的硝烟。尽管这些针对的是完全不同的行业、客户和地区。</blockquote></p><p> To illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?</p><p><blockquote>为了说明这个难题，一个谜语。除了SPAC之外，狗玩具公司、直接面向消费者的远程医疗公司、数字贷款机构和Paysafe还有什么共同点？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88b2c677e09e609cb1130119524f7580\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Paysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.</p><p><blockquote>Paysafe的多头一直感到震惊，我们都是如此。因为despac无论其基础财务状况和行业如何，都继续表现出彼此之间的强烈相关性。我仍然认为这是一种短期偏差。从长远来看，它应该会融化，让财务状况稳健的公司升至更高的价值。</blockquote></p><p> The problem left for Paysafe bulls is does the company possess these solid financials?</p><p><blockquote>留给Paysafe多头的问题是，该公司是否拥有这些稳健的财务状况？</blockquote></p><p> <b>Leverage, Faster Growth, And Cash Burn</b></p><p><blockquote><b>杠杆、更快的增长和现金消耗</b></blockquote></p><p> Paysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.</p><p><blockquote>Paysafe最近公布了2021财年第二季度业绩。该公司实现营收3.8434亿美元，同比增长12.7%，比分析师预期高出590万美元。令人鼓舞的是，收入增长率较上一季度的5%有所加快，该公司的支付量同比增长41%，达到320亿美元。</blockquote></p><p> Unfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.</p><p><blockquote>不幸的是，尽管比去年同期1590万美元的净亏损有所改善，但这并没有转化为该期间的重大净利润，仅为660万美元。Paysafe预计2021财年的收入将在15.3亿美元至15.5亿美元之间，而市场普遍预期为15.5亿美元。调整后EBITDA预计在4.8亿美元至4.95亿美元之间。这使得该公司的远期市盈率为3.85倍。当然，如果考虑到截至本季度末Paysafe余额中18.7亿美元的净债务，这一数字将上升至5倍。</blockquote></p><p> Indeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.</p><p><blockquote>事实上，该公司持有21亿美元的长期债务，仅被2.48亿美元的现金及等价物部分抵消。由于本季度自由现金流为负850万美元，该公司目前无法通过运营偿还债务。该季度的利息支付成本为6100万美元，比去年同期增长15%，约为同期净利润的9倍。这笔债务是从公司之前的私募股权所有者那里继承的，将限制公司的运营能力，直到能够从持续的自由现金流中偿还。</blockquote></p><p> The company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.</p><p><blockquote>该公司还宣布收购SafetyPay，这是一家总部位于佛罗里达州的支付平台，支持电子商务交易，主要在拉丁美洲运营。然而，虽然提供了4.41亿美元的收购成本，但Safetypay的基本财务状况却没有提供。</blockquote></p><p> <b>What Comes Next?</b></p><p><blockquote><b>接下来会发生什么？</b></blockquote></p><p> I like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.</p><p><blockquote>我和SPAC公司的许多其他投资者一样，预计2021年第二季度业绩期将是相关性开始消失的时期，也是让实力更强的公司开始脱离SPAC群体的时期。然而，这种相关性似乎只会加剧。从这个意义上说，Paysafe 2021年第二季度的业绩从未真正重要。不管是好是坏，普通股都会下跌。SPAC的系统性抛售是对SPAC已死交易口号的抵制。</blockquote></p><p> <b>So what comes next?</b></p><p><blockquote><b>那么接下来会发生什么？</b></blockquote></p><p></p><p> There will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.</p><p><blockquote>最终将脱离零售业主导的更广泛的SPAC市场的潮起潮落，无论何时发生这种情况，Paysafe都可能受益。第二季度业绩不错，增长加快，公司盈利能力提高。虽然我不会称财务状况稳健，因为高债务将继续拖累盈利能力，但Paysafe并没有停滞不前，并将从不断扩大的北美iGaming市场中受益。对于未来的回报，Paysafe多头应该暂时关注更广泛的SPAC市场，该市场的情绪目前处于谷底。从长远来看，寻求更高的盈利能力来支持管理层大幅减少债务的具体计划。这将有助于该公司降低目前每年2亿美元的利息成本。</blockquote></p><p> DeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back up.</p><p><blockquote>DeSPACs并没有停滞不前。我仍然认为，当前的负面情绪已经结束，卖出SPAC交易过于拥挤。因此，正如时间看到曾经备受推崇的公司崩溃一样，它也会看到它们重新崛起。</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>Paysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</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\">\nPaysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-23 17:58</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>Paysafe's revenue growth for its fiscal 2021 second quarter has sped up.</li>  <li>High leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.</li>  <li>The share price continues to fall on the back of negative SPAC sentiment.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>Paysafe 2021财年第二季度的收入增长有所加快。</li><li>高杠杆阻碍了盈利能力，并且在公司每季度产生足够的自由现金流来偿还之前，仍将是一个阻力。</li><li>受SPAC负面情绪影响，股价继续下跌。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Paysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.</p><p><blockquote>Paysafe(PSFE)下跌后立即又出现下跌。该公司现已成为特殊目的收购公司和DESPAC衰落的典型代表之一。一个曾经备受推崇的上市渠道如何在暴露于时间的到来时最终崩溃。对于许多Paysafe多头来说，最糟糕的情况已经发生。但他们并不孤单，几乎所有DeSPACs的投资者都感受到了各自投资燃烧的硝烟。尽管这些针对的是完全不同的行业、客户和地区。</blockquote></p><p> To illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?</p><p><blockquote>为了说明这个难题，一个谜语。除了SPAC之外，狗玩具公司、直接面向消费者的远程医疗公司、数字贷款机构和Paysafe还有什么共同点？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88b2c677e09e609cb1130119524f7580\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Paysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.</p><p><blockquote>Paysafe的多头一直感到震惊，我们都是如此。因为despac无论其基础财务状况和行业如何，都继续表现出彼此之间的强烈相关性。我仍然认为这是一种短期偏差。从长远来看，它应该会融化，让财务状况稳健的公司升至更高的价值。</blockquote></p><p> The problem left for Paysafe bulls is does the company possess these solid financials?</p><p><blockquote>留给Paysafe多头的问题是，该公司是否拥有这些稳健的财务状况？</blockquote></p><p> <b>Leverage, Faster Growth, And Cash Burn</b></p><p><blockquote><b>杠杆、更快的增长和现金消耗</b></blockquote></p><p> Paysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.</p><p><blockquote>Paysafe最近公布了2021财年第二季度业绩。该公司实现营收3.8434亿美元，同比增长12.7%，比分析师预期高出590万美元。令人鼓舞的是，收入增长率较上一季度的5%有所加快，该公司的支付量同比增长41%，达到320亿美元。</blockquote></p><p> Unfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.</p><p><blockquote>不幸的是，尽管比去年同期1590万美元的净亏损有所改善，但这并没有转化为该期间的重大净利润，仅为660万美元。Paysafe预计2021财年的收入将在15.3亿美元至15.5亿美元之间，而市场普遍预期为15.5亿美元。调整后EBITDA预计在4.8亿美元至4.95亿美元之间。这使得该公司的远期市盈率为3.85倍。当然，如果考虑到截至本季度末Paysafe余额中18.7亿美元的净债务，这一数字将上升至5倍。</blockquote></p><p> Indeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.</p><p><blockquote>事实上，该公司持有21亿美元的长期债务，仅被2.48亿美元的现金及等价物部分抵消。由于本季度自由现金流为负850万美元，该公司目前无法通过运营偿还债务。该季度的利息支付成本为6100万美元，比去年同期增长15%，约为同期净利润的9倍。这笔债务是从公司之前的私募股权所有者那里继承的，将限制公司的运营能力，直到能够从持续的自由现金流中偿还。</blockquote></p><p> The company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.</p><p><blockquote>该公司还宣布收购SafetyPay，这是一家总部位于佛罗里达州的支付平台，支持电子商务交易，主要在拉丁美洲运营。然而，虽然提供了4.41亿美元的收购成本，但Safetypay的基本财务状况却没有提供。</blockquote></p><p> <b>What Comes Next?</b></p><p><blockquote><b>接下来会发生什么？</b></blockquote></p><p> I like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.</p><p><blockquote>我和SPAC公司的许多其他投资者一样，预计2021年第二季度业绩期将是相关性开始消失的时期，也是让实力更强的公司开始脱离SPAC群体的时期。然而，这种相关性似乎只会加剧。从这个意义上说，Paysafe 2021年第二季度的业绩从未真正重要。不管是好是坏，普通股都会下跌。SPAC的系统性抛售是对SPAC已死交易口号的抵制。</blockquote></p><p> <b>So what comes next?</b></p><p><blockquote><b>那么接下来会发生什么？</b></blockquote></p><p></p><p> There will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.</p><p><blockquote>最终将脱离零售业主导的更广泛的SPAC市场的潮起潮落，无论何时发生这种情况，Paysafe都可能受益。第二季度业绩不错，增长加快，公司盈利能力提高。虽然我不会称财务状况稳健，因为高债务将继续拖累盈利能力，但Paysafe并没有停滞不前，并将从不断扩大的北美iGaming市场中受益。对于未来的回报，Paysafe多头应该暂时关注更广泛的SPAC市场，该市场的情绪目前处于谷底。从长远来看，寻求更高的盈利能力来支持管理层大幅减少债务的具体计划。这将有助于该公司降低目前每年2亿美元的利息成本。</blockquote></p><p> DeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back up.</p><p><blockquote>DeSPACs并没有停滞不前。我仍然认为，当前的负面情绪已经结束，卖出SPAC交易过于拥挤。因此，正如时间看到曾经备受推崇的公司崩溃一样，它也会看到它们重新崛起。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4451055-paysafe-where-is-the-floor\">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":{"PSFE":"Paysafe Ltd"},"source_url":"https://seekingalpha.com/article/4451055-paysafe-where-is-the-floor","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190758315","content_text":"Summary\n\nPaysafe's revenue growth for its fiscal 2021 second quarter has sped up.\nHigh leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.\nThe share price continues to fall on the back of negative SPAC sentiment.\n\nipopba/iStock via Getty Images\nPaysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.\nTo illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?\nData by YCharts\nPaysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.\nThe problem left for Paysafe bulls is does the company possess these solid financials?\nLeverage, Faster Growth, And Cash Burn\nPaysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.\nUnfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.\nIndeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.\nThe company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.\nWhat Comes Next?\nI like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.\nSo what comes next?\nThere will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.\nDeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back 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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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".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":3140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806392020,"gmtCreate":1627630650460,"gmtModify":1633757607518,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Woohoo","listText":"Woohoo","text":"Woohoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806392020","repostId":"1125537383","repostType":4,"repost":{"id":"1125537383","kind":"news","pubTimestamp":1627628293,"share":"https://www.laohu8.com/m/news/1125537383?lang=zh_CN&edition=full","pubTime":"2021-07-30 14:58","market":"us","language":"en","title":"Merck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125537383","media":"Barrons","summary":"Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line","content":"<p>Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.</p><p><blockquote>默克第二季度销售额超出华尔街预期，每股收益也符合预期，因为这家制药巨头看到对其重磅药物的需求继续快速增长，并被迫提高全年收入指引。</blockquote></p><p> Though analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.</p><p><blockquote>尽管分析师注意到该集团业绩强劲，但默克股价在纽约早盘交易中下跌1.4%。</blockquote></p><p> The back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck &amp; Co. was established as a U.S. arm in 1891.</p><p><blockquote>背景故事。其历史可以追溯到1668年，当时德国默克集团在达姆施塔特市作为一家药房成立，当代默克公司于1891年作为美国分公司成立。</blockquote></p><p> The company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.</p><p><blockquote>该公司生产的药物包括癌症治疗药物Keytruda和HPV疫苗Gardasil。上个月，默克剥离了一组非核心业务——海外销售的非专利药物、生物仿制药和女性健康部门——更名为Organon。</blockquote></p><p> When it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.</p><p><blockquote>默克公司上次公布的收益低于分析师预期时指出，Keytruda销售额强劲增长，而包括Gardasil在内的疫苗收入低于预期。更广泛的制药行业感受到了新冠肺炎疫情的压力，因为冠状病毒和社交距离措施主导的健康问题减缓了常规疫苗接种计划。</blockquote></p><p> At the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.</p><p><blockquote>6月底，默克公司首席执行官罗布·戴维斯(Rob Davis)从备受瞩目的领导人肯尼思·弗雷泽(Kenneth Frazier)手中接过了权力，后者在公司高层任职了十年。</blockquote></p><p> What’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.</p><p><blockquote>什么是新的。默克公司公布第二季度销售额为114亿美元，超过华尔街预期的接近110亿美元，比去年同期增长22%。调整后每股收益为1.31美元，符合预期，而调整后净利润为33亿美元，较2020年第二季度增长28%，略低于华尔街共识。</blockquote></p><p> Growth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.</p><p><blockquote>肿瘤部门的增长得益于Keytruda销售额的增长，增长了23%，达到42亿美元，而Gardasil则推动了疫苗的增长，在接种量普遍下滑的情况下，该药物的销售额从前一年的低点反弹至12亿美元。</blockquote></p><p> “We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.</p><p><blockquote>戴维斯在一份声明中表示：“随着疫情对我们业绩的影响减弱，我们的基础业务在主要增长动力的带动下呈现强劲势头，这让我们感到鼓舞。”</blockquote></p><p> The company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.</p><p><blockquote>该公司表示，预计全年销售额增长将在12%至14%之间，同时将2021年收入预期收窄并上调至46.4至474亿美元之间。</blockquote></p><p> Looking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.</p><p><blockquote>展望未来。这个财报季，市场似乎很挑剔：即使各行业的公司都公布了井喷式的财报，投资者也会发现可以抓住和关注的负面点。尽管业绩强劲，默克公司可能已经成为这种情绪的受害者。</blockquote></p><p> But there is reason to be bullish on the stock.</p><p><blockquote>但有理由看好该股。</blockquote></p><p> Analysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.</p><p><blockquote>Cantor Fitzgerald分析师给予默克股票跑赢大盘评级，目标价107美元。周四交易价格约为77.50美元，这表明该股还有上涨38%的空间——对于道琼斯工业指数成分股的回报率来说，这是一个不错的估计。</blockquote></p><p> “The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.</p><p><blockquote>以Louise Chen为首的分析师写道：“默克主要产品的基本收入增长突显出，肿瘤学、疫苗、动物保健和部分医院/专科护理产品的增长以及利润扩张机会仍未得到充分重视。”分析师补充说，他们特别认为Keytruda的销售预期有上升空间。</blockquote></p><p></p>","source":"lsy1601382232898","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>Merck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</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\">\nMerck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-30 14:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.</p><p><blockquote>默克第二季度销售额超出华尔街预期，每股收益也符合预期，因为这家制药巨头看到对其重磅药物的需求继续快速增长，并被迫提高全年收入指引。</blockquote></p><p> Though analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.</p><p><blockquote>尽管分析师注意到该集团业绩强劲，但默克股价在纽约早盘交易中下跌1.4%。</blockquote></p><p> The back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck &amp; Co. was established as a U.S. arm in 1891.</p><p><blockquote>背景故事。其历史可以追溯到1668年，当时德国默克集团在达姆施塔特市作为一家药房成立，当代默克公司于1891年作为美国分公司成立。</blockquote></p><p> The company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.</p><p><blockquote>该公司生产的药物包括癌症治疗药物Keytruda和HPV疫苗Gardasil。上个月，默克剥离了一组非核心业务——海外销售的非专利药物、生物仿制药和女性健康部门——更名为Organon。</blockquote></p><p> When it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.</p><p><blockquote>默克公司上次公布的收益低于分析师预期时指出，Keytruda销售额强劲增长，而包括Gardasil在内的疫苗收入低于预期。更广泛的制药行业感受到了新冠肺炎疫情的压力，因为冠状病毒和社交距离措施主导的健康问题减缓了常规疫苗接种计划。</blockquote></p><p> At the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.</p><p><blockquote>6月底，默克公司首席执行官罗布·戴维斯(Rob Davis)从备受瞩目的领导人肯尼思·弗雷泽(Kenneth Frazier)手中接过了权力，后者在公司高层任职了十年。</blockquote></p><p> What’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.</p><p><blockquote>什么是新的。默克公司公布第二季度销售额为114亿美元，超过华尔街预期的接近110亿美元，比去年同期增长22%。调整后每股收益为1.31美元，符合预期，而调整后净利润为33亿美元，较2020年第二季度增长28%，略低于华尔街共识。</blockquote></p><p> Growth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.</p><p><blockquote>肿瘤部门的增长得益于Keytruda销售额的增长，增长了23%，达到42亿美元，而Gardasil则推动了疫苗的增长，在接种量普遍下滑的情况下，该药物的销售额从前一年的低点反弹至12亿美元。</blockquote></p><p> “We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.</p><p><blockquote>戴维斯在一份声明中表示：“随着疫情对我们业绩的影响减弱，我们的基础业务在主要增长动力的带动下呈现强劲势头，这让我们感到鼓舞。”</blockquote></p><p> The company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.</p><p><blockquote>该公司表示，预计全年销售额增长将在12%至14%之间，同时将2021年收入预期收窄并上调至46.4至474亿美元之间。</blockquote></p><p> Looking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.</p><p><blockquote>展望未来。这个财报季，市场似乎很挑剔：即使各行业的公司都公布了井喷式的财报，投资者也会发现可以抓住和关注的负面点。尽管业绩强劲，默克公司可能已经成为这种情绪的受害者。</blockquote></p><p> But there is reason to be bullish on the stock.</p><p><blockquote>但有理由看好该股。</blockquote></p><p> Analysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.</p><p><blockquote>Cantor Fitzgerald分析师给予默克股票跑赢大盘评级，目标价107美元。周四交易价格约为77.50美元，这表明该股还有上涨38%的空间——对于道琼斯工业指数成分股的回报率来说，这是一个不错的估计。</blockquote></p><p> “The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.</p><p><blockquote>以Louise Chen为首的分析师写道：“默克主要产品的基本收入增长突显出，肿瘤学、疫苗、动物保健和部分医院/专科护理产品的增长以及利润扩张机会仍未得到充分重视。”分析师补充说，他们特别认为Keytruda的销售预期有上升空间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/merck-sales-beat-estimates-but-the-stock-is-falling-heres-1-reason-to-be-bullish-51627572965?mod=hp_DAY_2\">Barrons</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":{"MRK":"默沙东"},"source_url":"https://www.barrons.com/articles/merck-sales-beat-estimates-but-the-stock-is-falling-heres-1-reason-to-be-bullish-51627572965?mod=hp_DAY_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125537383","content_text":"Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.\nThough analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.\nThe back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck & Co. was established as a U.S. arm in 1891.\nThe company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.\nWhen it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.\nAt the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.\nWhat’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.\nGrowth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.\n“We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.\nThe company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.\nLooking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.\nBut there is reason to be bullish on the stock.\nAnalysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.\n“The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.","news_type":1,"symbols_score_info":{"MRK":0.9}},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808893574,"gmtCreate":1627567559998,"gmtModify":1633763721047,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808893574","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801376765,"gmtCreate":1627485283657,"gmtModify":1633764524219,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801376765","repostId":"1179923360","repostType":4,"isVote":1,"tweetType":1,"viewCount":588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809724432,"gmtCreate":1627393996726,"gmtModify":1633765430260,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809724432","repostId":"1112531605","repostType":4,"isVote":1,"tweetType":1,"viewCount":373,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800414304,"gmtCreate":1627312093108,"gmtModify":1633766219088,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Tesla","listText":"Tesla","text":"Tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800414304","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</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\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">Barrons</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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175118280,"gmtCreate":1627013326540,"gmtModify":1633768773283,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/175118280","repostId":"1113949436","repostType":4,"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176687663,"gmtCreate":1626880319252,"gmtModify":1633770126295,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Woooo","listText":"Woooo","text":"Woooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176687663","repostId":"1107219983","repostType":4,"isVote":1,"tweetType":1,"viewCount":736,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171200395,"gmtCreate":1626744579417,"gmtModify":1633771489892,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"[生病]&nbsp;","listText":"[生病]&nbsp;","text":"[生病]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171200395","repostId":"1113782694","repostType":4,"isVote":1,"tweetType":1,"viewCount":1327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":171002092,"gmtCreate":1626693213316,"gmtModify":1633924900055,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/171002092","repostId":"2152568245","repostType":4,"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170613234,"gmtCreate":1626425972428,"gmtModify":1633926853628,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3587085224026177","authorIdStr":"3587085224026177"},"themes":[],"htmlText":"Omg","listText":"Omg","text":"Omg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170613234","repostId":"1194487154","repostType":4,"repost":{"id":"1194487154","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":1626422505,"share":"https://www.laohu8.com/m/news/1194487154?lang=zh_CN&edition=full","pubTime":"2021-07-16 16:01","market":"us","language":"en","title":"DIDI shares falls more than 8% in premarket trading.<blockquote>滴滴股价在盘前交易中下跌超过8%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194487154","media":"Tiger Newspress","summary":"DIDI shares falls more than 8% in premarket trading.\n\nOfficials from seven Chinese government depart","content":"<p>DIDI&nbsp;shares&nbsp;falls&nbsp;more&nbsp;than 8% in premarket&nbsp;trading.</p><p><blockquote>滴滴股价在盘前交易中下跌超过8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85b87d4a938496df4bd4077b1058de3b\" tg-width=\"1284\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Officials from seven Chinese government department visited Didi's offices to conduct a cybersecurity review on Friday.</p><p><blockquote>周五，中国七个政府部门的官员访问了滴滴的办公室，进行网络安全审查。</blockquote></p><p> This month, days after its high-profile listing in the U.S., the Cyberspace Administration of China (CAC)announced a cybersecurity review of Didi.</p><p><blockquote>本月，在滴滴高调在美国上市几天后，中国国家互联网信息办公室（CAC）宣布对滴滴进行网络安全审查。</blockquote></p><p> The ride-hailing giant was forced to stop signing up new users and itsapp was also removed from Chinese app stores.</p><p><blockquote>这家网约车巨头被迫停止注册新用户，其应用程序也从中国应用商店下架。</blockquote></p><p> The CAC, China's top cyberspace regulator, alleged that Didi had illegally collected users' data.</p><p><blockquote>中国最高网络空间监管机构网信办指控滴滴非法收集用户数据。</blockquote></p><p> The CAC as well as the State Administration for Market Regulation (SAMR), the leading antitrust regulator, were among the seven departments that visited Didi for the network security review.</p><p><blockquote>CAC和主要的反垄断监管机构国家市场监督管理总局（SAMR）是访问滴滴进行网络安全审查的七个部门之一。</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>DIDI shares falls more than 8% in premarket trading.<blockquote>滴滴股价在盘前交易中下跌超过8%。</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\">\nDIDI shares falls more than 8% in premarket trading.<blockquote>滴滴股价在盘前交易中下跌超过8%。</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\">2021-07-16 16:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>DIDI&nbsp;shares&nbsp;falls&nbsp;more&nbsp;than 8% in premarket&nbsp;trading.</p><p><blockquote>滴滴股价在盘前交易中下跌超过8%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85b87d4a938496df4bd4077b1058de3b\" tg-width=\"1284\" tg-height=\"616\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Officials from seven Chinese government department visited Didi's offices to conduct a cybersecurity review on Friday.</p><p><blockquote>周五，中国七个政府部门的官员访问了滴滴的办公室，进行网络安全审查。</blockquote></p><p> This month, days after its high-profile listing in the U.S., the Cyberspace Administration of China (CAC)announced a cybersecurity review of Didi.</p><p><blockquote>本月，在滴滴高调在美国上市几天后，中国国家互联网信息办公室（CAC）宣布对滴滴进行网络安全审查。</blockquote></p><p> The ride-hailing giant was forced to stop signing up new users and itsapp was also removed from Chinese app stores.</p><p><blockquote>这家网约车巨头被迫停止注册新用户，其应用程序也从中国应用商店下架。</blockquote></p><p> The CAC, China's top cyberspace regulator, alleged that Didi had illegally collected users' data.</p><p><blockquote>中国最高网络空间监管机构网信办指控滴滴非法收集用户数据。</blockquote></p><p> The CAC as well as the State Administration for Market Regulation (SAMR), the leading antitrust regulator, were among the seven departments that visited Didi for the network security review.</p><p><blockquote>CAC和主要的反垄断监管机构国家市场监督管理总局（SAMR）是访问滴滴进行网络安全审查的七个部门之一。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194487154","content_text":"DIDI shares falls more than 8% in premarket trading.\n\nOfficials from seven Chinese government department visited Didi's offices to conduct a cybersecurity review on Friday.\nThis month, days after its high-profile listing in the U.S., the Cyberspace Administration of China (CAC)announced a cybersecurity review of Didi.\nThe ride-hailing giant was forced to stop signing up new users and itsapp was also removed from Chinese app stores.\nThe CAC, China's top cyberspace regulator, alleged that Didi had illegally collected users' data.\nThe CAC as well as the State Administration for Market Regulation (SAMR), the leading antitrust regulator, were among the seven departments that visited Didi for the network security review.","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":369,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":893140854,"gmtCreate":1628249986678,"gmtModify":1631890259951,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893140854","repostId":"1182741560","repostType":4,"isVote":1,"tweetType":1,"viewCount":2003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":802119437,"gmtCreate":1627731091729,"gmtModify":1631890259991,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802119437","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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".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":3140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800414304,"gmtCreate":1627312093108,"gmtModify":1633766219088,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Tesla","listText":"Tesla","text":"Tesla","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800414304","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohu8.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</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\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布财报。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于7月26日星期一收盘后发布报告。FactSet的数据显示，华尔街预计特斯拉（股票代码：TSLA）的销售额为115亿美元，每股收益约为94美分。对于任何股票在财报后交易中保持稳定来说，超出分析师预期非常重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>然而，对于这家世界上最有价值的汽车公司及其打破传统的首席执行官埃隆·马斯克来说，将会有很多活动部件，甚至比平时更多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响底线收益的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者将希望看到营业利润创纪录——无论它如何发生。这可能会使股价突破近期区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布2020年第三季度营业利润超过8亿美元，该股在随后的三个月内上涨了一倍多，达到860美元左右。但由于随后几个季度营业利润增长基本暂停，股价最近已从约860美元跌至约640美元。利润停滞也意味着股票停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计为8.35亿美元。2021年第二季度是特斯拉单季度交付量首次超过20万辆。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>在盈利被消化后，多头和空头之间应该会对盈利质量争论不休。例如，特斯拉创造销售的一种方式是出售监管信用——它通过生产超过其公平份额的电动汽车来赚取监管信用。该公司第一季度信贷销售额为5.18亿美元，这帮助特斯拉超出了盈利预期。关于什么是“正常”的信贷销售金额以及这些销售何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将销售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉第一季度比特币持有量小幅增长，但该加密货币的价格自4月份的峰值以来已下跌约一半。这意味着有可能会有一点损失。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉的新德国工厂和德克萨斯奥斯丁工厂何时开始交付汽车。奥斯丁工厂将生产特斯拉的Cybertruck。人们还可能会对特斯拉驾驶辅助功能的进步产生疑问——该公司最近开始以订阅形式销售其驾驶辅助软件——以及该公司可以从其充电网络中赚多少钱。马斯克本周在推特上表示，特斯拉将向其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午5:30举行的收益电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约9%，落后于标准普尔500指数和道琼斯工业平均指数分别17%和15%的涨幅。尽管如此，特斯拉股价仍表现强劲，在过去12个月内上涨了约112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">Barrons</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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156196098,"gmtCreate":1625200375914,"gmtModify":1633942598074,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Young adult.","listText":"Young adult.","text":"Young adult.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/156196098","repostId":"1133090424","repostType":4,"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835665696,"gmtCreate":1629712784115,"gmtModify":1631890259873,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835665696","repostId":"1190758315","repostType":4,"repost":{"id":"1190758315","kind":"news","pubTimestamp":1629712689,"share":"https://www.laohu8.com/m/news/1190758315?lang=zh_CN&edition=full","pubTime":"2021-08-23 17:58","market":"us","language":"en","title":"Paysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190758315","media":"seekingalpha","summary":"Summary\n\nPaysafe's revenue growth for its fiscal 2021 second quarter has sped up.\nHigh leverage has ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Paysafe's revenue growth for its fiscal 2021 second quarter has sped up.</li>  <li>High leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.</li>  <li>The share price continues to fall on the back of negative SPAC sentiment.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>Paysafe 2021财年第二季度的收入增长有所加快。</li><li>高杠杆阻碍了盈利能力，并且在公司每季度产生足够的自由现金流来偿还之前，仍将是一个阻力。</li><li>受SPAC负面情绪影响，股价继续下跌。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Paysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.</p><p><blockquote>Paysafe(PSFE)下跌后立即又出现下跌。该公司现已成为特殊目的收购公司和DESPAC衰落的典型代表之一。一个曾经备受推崇的上市渠道如何在暴露于时间的到来时最终崩溃。对于许多Paysafe多头来说，最糟糕的情况已经发生。但他们并不孤单，几乎所有DeSPACs的投资者都感受到了各自投资燃烧的硝烟。尽管这些针对的是完全不同的行业、客户和地区。</blockquote></p><p> To illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?</p><p><blockquote>为了说明这个难题，一个谜语。除了SPAC之外，狗玩具公司、直接面向消费者的远程医疗公司、数字贷款机构和Paysafe还有什么共同点？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88b2c677e09e609cb1130119524f7580\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Paysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.</p><p><blockquote>Paysafe的多头一直感到震惊，我们都是如此。因为despac无论其基础财务状况和行业如何，都继续表现出彼此之间的强烈相关性。我仍然认为这是一种短期偏差。从长远来看，它应该会融化，让财务状况稳健的公司升至更高的价值。</blockquote></p><p> The problem left for Paysafe bulls is does the company possess these solid financials?</p><p><blockquote>留给Paysafe多头的问题是，该公司是否拥有这些稳健的财务状况？</blockquote></p><p> <b>Leverage, Faster Growth, And Cash Burn</b></p><p><blockquote><b>杠杆、更快的增长和现金消耗</b></blockquote></p><p> Paysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.</p><p><blockquote>Paysafe最近公布了2021财年第二季度业绩。该公司实现营收3.8434亿美元，同比增长12.7%，比分析师预期高出590万美元。令人鼓舞的是，收入增长率较上一季度的5%有所加快，该公司的支付量同比增长41%，达到320亿美元。</blockquote></p><p> Unfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.</p><p><blockquote>不幸的是，尽管比去年同期1590万美元的净亏损有所改善，但这并没有转化为该期间的重大净利润，仅为660万美元。Paysafe预计2021财年的收入将在15.3亿美元至15.5亿美元之间，而市场普遍预期为15.5亿美元。调整后EBITDA预计在4.8亿美元至4.95亿美元之间。这使得该公司的远期市盈率为3.85倍。当然，如果考虑到截至本季度末Paysafe余额中18.7亿美元的净债务，这一数字将上升至5倍。</blockquote></p><p> Indeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.</p><p><blockquote>事实上，该公司持有21亿美元的长期债务，仅被2.48亿美元的现金及等价物部分抵消。由于本季度自由现金流为负850万美元，该公司目前无法通过运营偿还债务。该季度的利息支付成本为6100万美元，比去年同期增长15%，约为同期净利润的9倍。这笔债务是从公司之前的私募股权所有者那里继承的，将限制公司的运营能力，直到能够从持续的自由现金流中偿还。</blockquote></p><p> The company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.</p><p><blockquote>该公司还宣布收购SafetyPay，这是一家总部位于佛罗里达州的支付平台，支持电子商务交易，主要在拉丁美洲运营。然而，虽然提供了4.41亿美元的收购成本，但Safetypay的基本财务状况却没有提供。</blockquote></p><p> <b>What Comes Next?</b></p><p><blockquote><b>接下来会发生什么？</b></blockquote></p><p> I like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.</p><p><blockquote>我和SPAC公司的许多其他投资者一样，预计2021年第二季度业绩期将是相关性开始消失的时期，也是让实力更强的公司开始脱离SPAC群体的时期。然而，这种相关性似乎只会加剧。从这个意义上说，Paysafe 2021年第二季度的业绩从未真正重要。不管是好是坏，普通股都会下跌。SPAC的系统性抛售是对SPAC已死交易口号的抵制。</blockquote></p><p> <b>So what comes next?</b></p><p><blockquote><b>那么接下来会发生什么？</b></blockquote></p><p></p><p> There will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.</p><p><blockquote>最终将脱离零售业主导的更广泛的SPAC市场的潮起潮落，无论何时发生这种情况，Paysafe都可能受益。第二季度业绩不错，增长加快，公司盈利能力提高。虽然我不会称财务状况稳健，因为高债务将继续拖累盈利能力，但Paysafe并没有停滞不前，并将从不断扩大的北美iGaming市场中受益。对于未来的回报，Paysafe多头应该暂时关注更广泛的SPAC市场，该市场的情绪目前处于谷底。从长远来看，寻求更高的盈利能力来支持管理层大幅减少债务的具体计划。这将有助于该公司降低目前每年2亿美元的利息成本。</blockquote></p><p> DeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back up.</p><p><blockquote>DeSPACs并没有停滞不前。我仍然认为，当前的负面情绪已经结束，卖出SPAC交易过于拥挤。因此，正如时间看到曾经备受推崇的公司崩溃一样，它也会看到它们重新崛起。</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>Paysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</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\">\nPaysafe: Where Is The Floor?<blockquote>Paysafe：地板在哪里？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-23 17:58</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>Paysafe's revenue growth for its fiscal 2021 second quarter has sped up.</li>  <li>High leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.</li>  <li>The share price continues to fall on the back of negative SPAC sentiment.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86757d2b7d17b7fe7071210bad77f795\" tg-width=\"1536\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>Paysafe 2021财年第二季度的收入增长有所加快。</li><li>高杠杆阻碍了盈利能力，并且在公司每季度产生足够的自由现金流来偿还之前，仍将是一个阻力。</li><li>受SPAC负面情绪影响，股价继续下跌。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock来自Getty Images</span></p></blockquote></p><p> Paysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.</p><p><blockquote>Paysafe(PSFE)下跌后立即又出现下跌。该公司现已成为特殊目的收购公司和DESPAC衰落的典型代表之一。一个曾经备受推崇的上市渠道如何在暴露于时间的到来时最终崩溃。对于许多Paysafe多头来说，最糟糕的情况已经发生。但他们并不孤单，几乎所有DeSPACs的投资者都感受到了各自投资燃烧的硝烟。尽管这些针对的是完全不同的行业、客户和地区。</blockquote></p><p> To illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?</p><p><blockquote>为了说明这个难题，一个谜语。除了SPAC之外，狗玩具公司、直接面向消费者的远程医疗公司、数字贷款机构和Paysafe还有什么共同点？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88b2c677e09e609cb1130119524f7580\" tg-width=\"635\" tg-height=\"467\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来自YCharts</span></p></blockquote></p><p> Paysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.</p><p><blockquote>Paysafe的多头一直感到震惊，我们都是如此。因为despac无论其基础财务状况和行业如何，都继续表现出彼此之间的强烈相关性。我仍然认为这是一种短期偏差。从长远来看，它应该会融化，让财务状况稳健的公司升至更高的价值。</blockquote></p><p> The problem left for Paysafe bulls is does the company possess these solid financials?</p><p><blockquote>留给Paysafe多头的问题是，该公司是否拥有这些稳健的财务状况？</blockquote></p><p> <b>Leverage, Faster Growth, And Cash Burn</b></p><p><blockquote><b>杠杆、更快的增长和现金消耗</b></blockquote></p><p> Paysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.</p><p><blockquote>Paysafe最近公布了2021财年第二季度业绩。该公司实现营收3.8434亿美元，同比增长12.7%，比分析师预期高出590万美元。令人鼓舞的是，收入增长率较上一季度的5%有所加快，该公司的支付量同比增长41%，达到320亿美元。</blockquote></p><p> Unfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.</p><p><blockquote>不幸的是，尽管比去年同期1590万美元的净亏损有所改善，但这并没有转化为该期间的重大净利润，仅为660万美元。Paysafe预计2021财年的收入将在15.3亿美元至15.5亿美元之间，而市场普遍预期为15.5亿美元。调整后EBITDA预计在4.8亿美元至4.95亿美元之间。这使得该公司的远期市盈率为3.85倍。当然，如果考虑到截至本季度末Paysafe余额中18.7亿美元的净债务，这一数字将上升至5倍。</blockquote></p><p> Indeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.</p><p><blockquote>事实上，该公司持有21亿美元的长期债务，仅被2.48亿美元的现金及等价物部分抵消。由于本季度自由现金流为负850万美元，该公司目前无法通过运营偿还债务。该季度的利息支付成本为6100万美元，比去年同期增长15%，约为同期净利润的9倍。这笔债务是从公司之前的私募股权所有者那里继承的，将限制公司的运营能力，直到能够从持续的自由现金流中偿还。</blockquote></p><p> The company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.</p><p><blockquote>该公司还宣布收购SafetyPay，这是一家总部位于佛罗里达州的支付平台，支持电子商务交易，主要在拉丁美洲运营。然而，虽然提供了4.41亿美元的收购成本，但Safetypay的基本财务状况却没有提供。</blockquote></p><p> <b>What Comes Next?</b></p><p><blockquote><b>接下来会发生什么？</b></blockquote></p><p> I like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.</p><p><blockquote>我和SPAC公司的许多其他投资者一样，预计2021年第二季度业绩期将是相关性开始消失的时期，也是让实力更强的公司开始脱离SPAC群体的时期。然而，这种相关性似乎只会加剧。从这个意义上说，Paysafe 2021年第二季度的业绩从未真正重要。不管是好是坏，普通股都会下跌。SPAC的系统性抛售是对SPAC已死交易口号的抵制。</blockquote></p><p> <b>So what comes next?</b></p><p><blockquote><b>那么接下来会发生什么？</b></blockquote></p><p></p><p> There will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.</p><p><blockquote>最终将脱离零售业主导的更广泛的SPAC市场的潮起潮落，无论何时发生这种情况，Paysafe都可能受益。第二季度业绩不错，增长加快，公司盈利能力提高。虽然我不会称财务状况稳健，因为高债务将继续拖累盈利能力，但Paysafe并没有停滞不前，并将从不断扩大的北美iGaming市场中受益。对于未来的回报，Paysafe多头应该暂时关注更广泛的SPAC市场，该市场的情绪目前处于谷底。从长远来看，寻求更高的盈利能力来支持管理层大幅减少债务的具体计划。这将有助于该公司降低目前每年2亿美元的利息成本。</blockquote></p><p> DeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back up.</p><p><blockquote>DeSPACs并没有停滞不前。我仍然认为，当前的负面情绪已经结束，卖出SPAC交易过于拥挤。因此，正如时间看到曾经备受推崇的公司崩溃一样，它也会看到它们重新崛起。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4451055-paysafe-where-is-the-floor\">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":{"PSFE":"Paysafe Ltd"},"source_url":"https://seekingalpha.com/article/4451055-paysafe-where-is-the-floor","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190758315","content_text":"Summary\n\nPaysafe's revenue growth for its fiscal 2021 second quarter has sped up.\nHigh leverage has hampered profitability and will remain a headwind until the company generates enough free cash flow on a quarterly basis to pay it back.\nThe share price continues to fall on the back of negative SPAC sentiment.\n\nipopba/iStock via Getty Images\nPaysafe's (PSFE) fall was immediately followed by another fall. The company has now become one of the poster boys for the decline of special purpose acquisition companies and DeSPACs. Of how a go-public conduit that was once held in high regard eventually came crashing down when exposed to the advent of time. For many Paysafe bulls, the worst possible scenario has come to pass. But they are not alone, nearly all investors in DeSPACs are feeling the smoke from the burning of their respective investments. This is despite these targeting entirely different sectors, customers, and geographies.\nTo illustrate this conundrum, a riddle. What does a dog toy company, a direct-to-consumer telehealth company, a digital lender, and Paysafe have in common apart from having been SPACs?\nData by YCharts\nPaysafe's bulls have been left reeling, we all have. As DeSPACs regardless of their underlying financials and industry continue to show a strong correlation with each other. I continue to believe this to be a short-term aberration. In the longer term, it should melt and allow companies with solid financials to rise to higher values.\nThe problem left for Paysafe bulls is does the company possess these solid financials?\nLeverage, Faster Growth, And Cash Burn\nPaysafe recently published its fiscal 2021 second-quarter results. This saw the company realize revenue of$384.34 million, a year-over-year increase of 12.7% and a beat of $5.9 million on analyst estimates. It's encouraging that the rate of revenue growth sped up from the 5% recorded in the previous quarter as the company was able to record a 41% YoY growth in payment volume to $32 billion.\nUnfortunately, this did not translate to material net profit for the period which came in at just $6.6 million, albeit an improvement on the net loss of $15.9 million in the year-ago quarter. For its 2021 fiscal year, Paysafe expects revenue to be in the range of $1.53 billion to $1.55 billion versus a consensus of $1.55 billion. Adjusted EBITDA is expected to be in the range of $480 million to $495 million. This places the company's forward price to revenue multiple at 3.85x. Of course, this rises to 5x when the net debt of $1.87 billion Paysafe held on its balance as at the end of the quarter is considered.\nIndeed, the company held long-term debt of $2.1 billion only partially offset by cash and equivalents of $248 million. As free cash flow during the quarter was negative at $8.5 million, the company is not currently in the position of being able to pay back its debt through its operations. This cost $61 million in interest payment during the quarter, up 15% from the year-ago quarter and around 9x times net income during the period. This debt was inherited from the company's previous private equity owners and will restrict the company's operational capacity until it can be paid off from consistent free cash flow.\nThe company also announced the acquisition ofSafetypay, a Florida-based payments platform that enables eCommerce transactions and operating primarily in Latin America. However, while the acquisition cost of $441 million was provided, the underlying financials for Safetypay was not.\nWhat Comes Next?\nI like many other investors in SPAC companies expected Q2 2021 results period to be when the correlation begins to melt and a period that would allow stronger companies to start detaching themselves from the SPAC herd. However, this correlation only seems to have heightened. In this sense, Paysafe's Q2 2021 results never really mattered. Whether good or bad the common shares would have fallen. This systematic selloff of SPACs is a holdout from the SPACs are dead trade mantra.\nSo what comes next?\nThere will eventually be a detachment from the retail-led ebbs and flows of the wider SPAC market and Paysafe might stand to benefit whenever this happens. The Q2 results were decent with growth picking up and the company improving its profitability. While I'd stop short of calling the financials solid as high debt will continue to weigh down on profitability, Paysafe is not standing still and stands to benefit from the expanding North America iGaming market. For future returns, Paysafe bulls should in the interim look to the wider SPAC market where sentiment currently sits at rock bottom. In the longer term, look to higher profitability to support a concrete plan by management to materially reduce debt. This will help the company reduce its current $200 million annual interest cost.\nDeSPACs are not standing still. And I continue to believe that current negative sentiment has run its course and the sell SPAC trade too crowded. Hence, just as time saw companies once held in high regard come crashing down, it will see them rise back up.","news_type":1,"symbols_score_info":{"PSFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830059550,"gmtCreate":1628995152770,"gmtModify":1631890259884,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Better","listText":"Better","text":"Better","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/830059550","repostId":"2159145532","repostType":4,"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895023429,"gmtCreate":1628695511461,"gmtModify":1631890259930,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895023429","repostId":"2158280307","repostType":4,"isVote":1,"tweetType":1,"viewCount":1692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805783903,"gmtCreate":1627906832602,"gmtModify":1631890259977,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805783903","repostId":"1161935562","repostType":4,"isVote":1,"tweetType":1,"viewCount":1432,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806392020,"gmtCreate":1627630650460,"gmtModify":1633757607518,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Woohoo","listText":"Woohoo","text":"Woohoo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/806392020","repostId":"1125537383","repostType":4,"repost":{"id":"1125537383","kind":"news","pubTimestamp":1627628293,"share":"https://www.laohu8.com/m/news/1125537383?lang=zh_CN&edition=full","pubTime":"2021-07-30 14:58","market":"us","language":"en","title":"Merck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1125537383","media":"Barrons","summary":"Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line","content":"<p>Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.</p><p><blockquote>默克第二季度销售额超出华尔街预期，每股收益也符合预期，因为这家制药巨头看到对其重磅药物的需求继续快速增长，并被迫提高全年收入指引。</blockquote></p><p> Though analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.</p><p><blockquote>尽管分析师注意到该集团业绩强劲，但默克股价在纽约早盘交易中下跌1.4%。</blockquote></p><p> The back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck &amp; Co. was established as a U.S. arm in 1891.</p><p><blockquote>背景故事。其历史可以追溯到1668年，当时德国默克集团在达姆施塔特市作为一家药房成立，当代默克公司于1891年作为美国分公司成立。</blockquote></p><p> The company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.</p><p><blockquote>该公司生产的药物包括癌症治疗药物Keytruda和HPV疫苗Gardasil。上个月，默克剥离了一组非核心业务——海外销售的非专利药物、生物仿制药和女性健康部门——更名为Organon。</blockquote></p><p> When it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.</p><p><blockquote>默克公司上次公布的收益低于分析师预期时指出，Keytruda销售额强劲增长，而包括Gardasil在内的疫苗收入低于预期。更广泛的制药行业感受到了新冠肺炎疫情的压力，因为冠状病毒和社交距离措施主导的健康问题减缓了常规疫苗接种计划。</blockquote></p><p> At the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.</p><p><blockquote>6月底，默克公司首席执行官罗布·戴维斯(Rob Davis)从备受瞩目的领导人肯尼思·弗雷泽(Kenneth Frazier)手中接过了权力，后者在公司高层任职了十年。</blockquote></p><p> What’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.</p><p><blockquote>什么是新的。默克公司公布第二季度销售额为114亿美元，超过华尔街预期的接近110亿美元，比去年同期增长22%。调整后每股收益为1.31美元，符合预期，而调整后净利润为33亿美元，较2020年第二季度增长28%，略低于华尔街共识。</blockquote></p><p> Growth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.</p><p><blockquote>肿瘤部门的增长得益于Keytruda销售额的增长，增长了23%，达到42亿美元，而Gardasil则推动了疫苗的增长，在接种量普遍下滑的情况下，该药物的销售额从前一年的低点反弹至12亿美元。</blockquote></p><p> “We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.</p><p><blockquote>戴维斯在一份声明中表示：“随着疫情对我们业绩的影响减弱，我们的基础业务在主要增长动力的带动下呈现强劲势头，这让我们感到鼓舞。”</blockquote></p><p> The company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.</p><p><blockquote>该公司表示，预计全年销售额增长将在12%至14%之间，同时将2021年收入预期收窄并上调至46.4至474亿美元之间。</blockquote></p><p> Looking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.</p><p><blockquote>展望未来。这个财报季，市场似乎很挑剔：即使各行业的公司都公布了井喷式的财报，投资者也会发现可以抓住和关注的负面点。尽管业绩强劲，默克公司可能已经成为这种情绪的受害者。</blockquote></p><p> But there is reason to be bullish on the stock.</p><p><blockquote>但有理由看好该股。</blockquote></p><p> Analysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.</p><p><blockquote>Cantor Fitzgerald分析师给予默克股票跑赢大盘评级，目标价107美元。周四交易价格约为77.50美元，这表明该股还有上涨38%的空间——对于道琼斯工业指数成分股的回报率来说，这是一个不错的估计。</blockquote></p><p> “The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.</p><p><blockquote>以Louise Chen为首的分析师写道：“默克主要产品的基本收入增长突显出，肿瘤学、疫苗、动物保健和部分医院/专科护理产品的增长以及利润扩张机会仍未得到充分重视。”分析师补充说，他们特别认为Keytruda的销售预期有上升空间。</blockquote></p><p></p>","source":"lsy1601382232898","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>Merck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</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\">\nMerck Sales Beat Estimates, But the Stock Is Falling. Here’s 1 Reason to Be Bullish.<blockquote>默克公司的销售额超出预期，但股价正在下跌。以下是看涨的1个理由。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-30 14:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.</p><p><blockquote>默克第二季度销售额超出华尔街预期，每股收益也符合预期，因为这家制药巨头看到对其重磅药物的需求继续快速增长，并被迫提高全年收入指引。</blockquote></p><p> Though analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.</p><p><blockquote>尽管分析师注意到该集团业绩强劲，但默克股价在纽约早盘交易中下跌1.4%。</blockquote></p><p> The back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck &amp; Co. was established as a U.S. arm in 1891.</p><p><blockquote>背景故事。其历史可以追溯到1668年，当时德国默克集团在达姆施塔特市作为一家药房成立，当代默克公司于1891年作为美国分公司成立。</blockquote></p><p> The company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.</p><p><blockquote>该公司生产的药物包括癌症治疗药物Keytruda和HPV疫苗Gardasil。上个月，默克剥离了一组非核心业务——海外销售的非专利药物、生物仿制药和女性健康部门——更名为Organon。</blockquote></p><p> When it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.</p><p><blockquote>默克公司上次公布的收益低于分析师预期时指出，Keytruda销售额强劲增长，而包括Gardasil在内的疫苗收入低于预期。更广泛的制药行业感受到了新冠肺炎疫情的压力，因为冠状病毒和社交距离措施主导的健康问题减缓了常规疫苗接种计划。</blockquote></p><p> At the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.</p><p><blockquote>6月底，默克公司首席执行官罗布·戴维斯(Rob Davis)从备受瞩目的领导人肯尼思·弗雷泽(Kenneth Frazier)手中接过了权力，后者在公司高层任职了十年。</blockquote></p><p> What’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.</p><p><blockquote>什么是新的。默克公司公布第二季度销售额为114亿美元，超过华尔街预期的接近110亿美元，比去年同期增长22%。调整后每股收益为1.31美元，符合预期，而调整后净利润为33亿美元，较2020年第二季度增长28%，略低于华尔街共识。</blockquote></p><p> Growth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.</p><p><blockquote>肿瘤部门的增长得益于Keytruda销售额的增长，增长了23%，达到42亿美元，而Gardasil则推动了疫苗的增长，在接种量普遍下滑的情况下，该药物的销售额从前一年的低点反弹至12亿美元。</blockquote></p><p> “We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.</p><p><blockquote>戴维斯在一份声明中表示：“随着疫情对我们业绩的影响减弱，我们的基础业务在主要增长动力的带动下呈现强劲势头，这让我们感到鼓舞。”</blockquote></p><p> The company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.</p><p><blockquote>该公司表示，预计全年销售额增长将在12%至14%之间，同时将2021年收入预期收窄并上调至46.4至474亿美元之间。</blockquote></p><p> Looking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.</p><p><blockquote>展望未来。这个财报季，市场似乎很挑剔：即使各行业的公司都公布了井喷式的财报，投资者也会发现可以抓住和关注的负面点。尽管业绩强劲，默克公司可能已经成为这种情绪的受害者。</blockquote></p><p> But there is reason to be bullish on the stock.</p><p><blockquote>但有理由看好该股。</blockquote></p><p> Analysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.</p><p><blockquote>Cantor Fitzgerald分析师给予默克股票跑赢大盘评级，目标价107美元。周四交易价格约为77.50美元，这表明该股还有上涨38%的空间——对于道琼斯工业指数成分股的回报率来说，这是一个不错的估计。</blockquote></p><p> “The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.</p><p><blockquote>以Louise Chen为首的分析师写道：“默克主要产品的基本收入增长突显出，肿瘤学、疫苗、动物保健和部分医院/专科护理产品的增长以及利润扩张机会仍未得到充分重视。”分析师补充说，他们特别认为Keytruda的销售预期有上升空间。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/merck-sales-beat-estimates-but-the-stock-is-falling-heres-1-reason-to-be-bullish-51627572965?mod=hp_DAY_2\">Barrons</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":{"MRK":"默沙东"},"source_url":"https://www.barrons.com/articles/merck-sales-beat-estimates-but-the-stock-is-falling-heres-1-reason-to-be-bullish-51627572965?mod=hp_DAY_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125537383","content_text":"Merck’s second-quarter sales outpaced Wall Street expectations while earnings per share came in line with estimates, as the pharmaceutical giant saw demand for its blockbuster drugs continue to grow at pace and was pushed to raise full-year revenue guidance.\nThough analysts noted the strong results from the group, shares in Merck slipped 1.4% in early New York trading.\nThe back story. Tracing its roots back to 1668, when Germany’s Merck Group was founded as a pharmacy in the city of Darmstadt, the contemporary Merck & Co. was established as a U.S. arm in 1891.\nThe company makes drugs including cancer treatment Keytruda and HPV vaccine Gardasil. Last month, Merck spun off a group of non-core businesses—off-patent drugs sold overseas, biosimilars, and a women’s health division—as Organon.\nWhen it last reported earnings, which missed analyst estimates, Merck noted strong growth in Keytruda sales while revenue from its vaccines, including Gardasil, fell short of expectations. The wider drug industry has felt a pinch from the Covid-19 pandemic, as health concerns dominated by coronavirus and social distancing measures have slowed regular vaccination schedules.\nAt the end of June, Merck’s chief executive, Rob Davis, took over the reins from high-profile leader Kenneth Frazier, who spent a decade at the top of the company.\nWhat’s new. Merck reported sales of $11.4 billion in the second quarter, outpacing Wall Street estimates of closer to $11 billion and representing a 22% rise from the same period in the year prior. Adjusted earnings per share of $1.31 was in line with expectations, while adjusted net income of $3.3 billion—28% growth from the second quarter of 2020—fell just behind the Street’s consensus.\nGrowth was led in the oncology division by higher sales of Keytruda, which rose 23% to $4.2 billion, while Gardasil drove growth in vaccines, as sales of the drug rebounded to $1.2 billion from lows in the year prior amid a wider slump in inoculations.\n“We are encouraged by the strong momentum of our underlying business led by our key growth drivers as the impact of the pandemic on our performance lessens,” Davis said in a statement.\nThe company said it expects full-year sales growth to be between 12% and 14%, while it narrowed and raised its estimates for 2021 revenue to be between $46.4 and $47.4 billion.\nLooking ahead. Markets seem picky this earnings season: Even as companies across sectors post blowout earnings, investors find negative points to grab onto and focus on. Despite strong results, Merck may have fallen victim to this sentiment.\nBut there is reason to be bullish on the stock.\nAnalysts at Cantor Fitzgerald give Merck stock an overweight rating with a target price of $107. Trading around $77.50 on Thursday, that suggests the shares have legs to climb 38% higher—not a bad estimate for returns on a Dow industrials constituent.\n“The underlying revenue growth for Merck’s key products underscores that growth across oncology, vaccines, animal health, and select hospital/specialty care products, as well as margin expansion opportunities, remain underappreciated,” wrote analysts led by Louise Chen. The analysts added that, in particular, they see upside in sales estimates for Keytruda.","news_type":1,"symbols_score_info":{"MRK":0.9}},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808893574,"gmtCreate":1627567559998,"gmtModify":1633763721047,"author":{"id":"3587085224026177","authorId":"3587085224026177","name":"Jessyyyyy","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3587085224026177","idStr":"3587085224026177"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808893574","repostId":"1165497040","repostType":4,"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}