Technology的个人主页 - 老虎社区

Technology

Technology

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IP属地：陕西

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2025-05-09

$理想汽车-W(02015)$

2022-07-06

$蔚来(NIO)$一个造假的公司要么牢底坐穿，要么人间悲剧

2022-07-01

这不就是说明威能的收入并不是来自电池，4万块电池19亿利润一块5万，哈哈😆

灰熊做空蔚来，摩根斯坦利、摩根大通、大和等国际大行驳斥：香港上市时BaaS模式已获尽职调查

2022-06-29

$蔚来(NIO)$煮熟的鸭子嘴硬，瑞幸不是也很能，最后呢

2022-06-29

$蔚来(NIO)$垃圾蔚来，目标价退市

2022-05-05

腿美

@昨夜梦见你:$精锐教育(ONE)$一个教育股的发帖没有一点跟经验行业有关系了[笑哭] [笑哭] [笑哭]

2022-04-12

$京东物流(02618)$大中小京东都有自己的领域

2022-04-11

$逸仙电商(YSG)$业绩很好，大部分中国女生都在用。我身边的高中生大学生都在用

2022-04-11

$逸仙电商(YSG)$不要害怕，公司是个好公司

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20:53","market":"sh","language":"zh","title":"灰熊做空蔚来，摩根斯坦利、摩根大通、大和等国际大行驳斥：香港上市时BaaS模式已获尽职调查","url":"https://stock-news.laohu8.com/highlight/detail?id=2247074887","media":"智通财经","summary":"灰熊此举引发多家国际大行反驳，包括Morgan Stanley、JP Morgan、Daiwa Capital Markets等机构，均发布报告称，不支持Grizzly Research的报告结论。国际大行认为，Grizzly Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。蔚来香港及新加坡上市文件，和2021年财报中对BaaS模式的商业逻辑均有明确阐述。在港交所上市过程中，该商业模式以及向蔚能销售电池包的相关收入确认已经根据监管机构的要求，进行了尽职调查，并对财务报表进行定期审计。","content":"<html><body><p>6月28日晚间，美国做空机构Grizzly Research（灰熊）发布报告称，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>(09688)通过会计手段夸大了收入和净利润率，从而达到市场预期。灰熊此举引发多家国际大行反驳，包括<a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>（摩根斯坦利）、JP Morgan（JP摩根）、Daiwa Capital Markets（大和资本市场）等机构，均发布报告称，不支持Grizzly Research的报告结论。</p><p>国际大行认为，Grizzly Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。</p><p>公开资料显示，截至2021Q3，武汉蔚能电池资产有限公司（以下简称“蔚能”）持有40,053块BaaS电池包，并将其中19,000个BaaS订单打包成衍生品发行ABS融资。蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。</p><p>灰熊错误理解为蔚能有40,053块电池包，但只有19,000个BaaS订单，因此所有与超售电池包、虚增营收和毛利的推论全部不成立。</p><p>Grizzly Research的做空报告指出，截至2021年9月，<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>与蔚能通过关联交易形式，出售了4万块电池，而根据蔚能ABS招股说明书，其用于ABS的BaaS订单数为19,000，由此认为蔚来向蔚能过度销售电池，从而夸大自身营业收入和净利润。</p><p>就此问题，Daiwa Capital Markets发布报告阐述了相关业务数据的合理性。其中，蔚能披露其BaaS订单数（19,000）的目的是进行ABS融资，而19,000个BaaS订单，应该只是用于融资的部分用户，而不能代表蔚能全部的BaaS订单数。同时Daiwa Capital Markets估算，根据蔚来在2020年第4季度至2021年第3季度的销量（8.4万台）来看，截至2021年9月，蔚来可以拥有4万名BaaS用户（近50%的BaaS购买率）。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593911488822.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593911488822.png\"/></p><p>在JP Morgan的报告中，分析师提出，蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。相关披露表明，蔚能持有的每一块电池都有相应的基础订户。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593919463202.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593919463202.png\"/></p><p>公开资料显示，蔚能目前拥有包括蔚来中国在内的16家机构股东，后者拥有前者19.8%的股权。在数量众多的股东构成下，蔚来想要单方面控制蔚能进行不实交易，并非易事。而且，根据蔚能的公开信息，其更倾向于保持经营的独立性。</p><p>蔚来香港及新加坡上市文件，和2021年财报中对BaaS模式的商业逻辑均有明确阐述。</p><p>关于蔚来BaaS服务，在今年年2月向港交所招股说明书中，蔚来详细解释了相关商业模式。根据招股说明书，从蔚来购买电池包后，蔚能有权在电池资产的整个生命周期内向消费者收取电池月租费。在港交所上市过程中，该商业模式以及向蔚能销售电池包的相关收入确认已经根据监管机构的要求，进行了尽职调查，并对财务报表进行定期审计。</p><p>行业人士表示，类似BaaS的换电和电池租赁，实际上就是电池银行的业务模式，在国内新能源行业中较为普遍，车企为此成立关联企业，也是惯常做法。其中，吉利、长安、<a href=\"https://laohu8.com/S/002594\">比亚迪</a>等车企，也会在今年相继布局换电业务，与整车销售业务配合推进。若按照Grizzly Research，国内新能源车企的类似商业模式不复存在，灰熊的这个质疑，显然存在对电池银行商业模式的严重误解。</p><p>事实上，越来越多的创新企业在登陆资本市场后，更容易被做空机构狙击，有业内人士统计称，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>是目前被做空次数较多的个股之一。</p><p>从过往信息来看，Grizzly Research曾多次做空中国创新企业，包括SPI绿能宝、<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>、<a href=\"https://laohu8.com/S/SOL\">瑞能新能源</a>等品牌。Grizzly Research官网信息显示，几乎一半的做空报告，都涉及中国创新企业。</p><p>另有专业投资者认为，类似Grizzly Research的做空机构专门针对处于快速增长时期的企业，用一些专业数据影响缺乏经验的投资者，并利用做空报告当日的股价变化进行单日交易来牟利。</p><p>对于蔚来的远期市场表现，Morgan Stanley发布报告称：虽然行业情绪低迷导致了下跌，但在强大产品线的帮助下，我们认为蔚来6月份的销量上涨以及下半年良好的销售趋势将重振投资者对公司运营的信心，并引发股价反弹。</p><p>据悉，蔚来于今年上市了首款轿车ET7，这是蔚来NT2技术平台下线的首款车型。与同类的燃油车或插电式混合动力汽车相比，蔚来ET7具有较佳的动力性能及较高的<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>配置。此外，NT2技术平台下线的智能电动中大型SUV ES7，也于6月进行全球首发。借由新车的推出，及老款的升级，蔚来接下来的整体销量还有望进一步提升。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593930520953.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593930520953.png\"/></p><p>在反驳报告发布之时，Morgan Stanley认为蔚来仍有吸引力，并给出增持评级。无独有偶，Daiwa Capital Markets则对蔚来接下来的12个月予以买入评级。</p></body></html>","source":"stock_zhitongcaijing","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n灰熊做空蔚来，摩根斯坦利、摩根大通、大和等国际大行驳斥：香港上市时BaaS模式已获尽职调查\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 20:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/748119.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>6月28日晚间，美国做空机构Grizzly Research（灰熊）发布报告称，蔚来(09688)通过会计手段夸大了收入和净利润率，从而达到市场预期。灰熊此举引发多家国际大行反驳，包括Morgan Stanley（摩根斯坦利）、JP Morgan（JP摩根）、Daiwa Capital Markets（大和资本市场）等机构，均发布报告称，不支持Grizzly Research的报告结论。国际大行...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/748119.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4207":"综合性银行","BK4574":"无人驾驶","BK4509":"腾讯概念","BK1588":"回港中概股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility 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Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。公开资料显示，截至2021Q3，武汉蔚能电池资产有限公司（以下简称“蔚能”）持有40,053块BaaS电池包，并将其中19,000个BaaS订单打包成衍生品发行ABS融资。蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。灰熊错误理解为蔚能有40,053块电池包，但只有19,000个BaaS订单，因此所有与超售电池包、虚增营收和毛利的推论全部不成立。Grizzly Research的做空报告指出，截至2021年9月，蔚来与蔚能通过关联交易形式，出售了4万块电池，而根据蔚能ABS招股说明书，其用于ABS的BaaS订单数为19,000，由此认为蔚来向蔚能过度销售电池，从而夸大自身营业收入和净利润。就此问题，Daiwa Capital Markets发布报告阐述了相关业务数据的合理性。其中，蔚能披露其BaaS订单数（19,000）的目的是进行ABS融资，而19,000个BaaS订单，应该只是用于融资的部分用户，而不能代表蔚能全部的BaaS订单数。同时Daiwa Capital Markets估算，根据蔚来在2020年第4季度至2021年第3季度的销量（8.4万台）来看，截至2021年9月，蔚来可以拥有4万名BaaS用户（近50%的BaaS购买率）。在JP 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href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>一个造假的公司要么牢底坐穿，要么人间悲剧","text":"$蔚来(NIO)$一个造假的公司要么牢底坐穿，要么人间悲剧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681592934","isVote":1,"tweetType":1,"viewCount":2608,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":681987221,"gmtCreate":1656607460967,"gmtModify":1704865403769,"author":{"id":"4097309166107580","authorId":"4097309166107580","name":"Technology","avatar":"https://static.tigerbbs.com/e46cc9dfff0ee0ed06c7c1d609a7e8db","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4097309166107580","idStr":"4097309166107580"},"themes":[],"htmlText":"这不就是说明威能的收入并不是来自电池，4万块电池19亿利润一块5万，哈哈😆","listText":"这不就是说明威能的收入并不是来自电池，4万块电池19亿利润一块5万，哈哈😆","text":"这不就是说明威能的收入并不是来自电池，4万块电池19亿利润一块5万，哈哈😆","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/681987221","repostId":"2247074887","repostType":2,"repost":{"id":"2247074887","kind":"news","pubTimestamp":1656593638,"share":"https://www.laohu8.com/m/news/2247074887?lang=zh_CN&edition=full","pubTime":"2022-06-30 20:53","market":"sh","language":"zh","title":"灰熊做空蔚来，摩根斯坦利、摩根大通、大和等国际大行驳斥：香港上市时BaaS模式已获尽职调查","url":"https://stock-news.laohu8.com/highlight/detail?id=2247074887","media":"智通财经","summary":"灰熊此举引发多家国际大行反驳，包括Morgan Stanley、JP Morgan、Daiwa Capital Markets等机构，均发布报告称，不支持Grizzly Research的报告结论。国际大行认为，Grizzly Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。蔚来香港及新加坡上市文件，和2021年财报中对BaaS模式的商业逻辑均有明确阐述。在港交所上市过程中，该商业模式以及向蔚能销售电池包的相关收入确认已经根据监管机构的要求，进行了尽职调查，并对财务报表进行定期审计。","content":"<html><body><p>6月28日晚间，美国做空机构Grizzly Research（灰熊）发布报告称，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>(09688)通过会计手段夸大了收入和净利润率，从而达到市场预期。灰熊此举引发多家国际大行反驳，包括<a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>（摩根斯坦利）、JP Morgan（JP摩根）、Daiwa Capital Markets（大和资本市场）等机构，均发布报告称，不支持Grizzly Research的报告结论。</p><p>国际大行认为，Grizzly Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。</p><p>公开资料显示，截至2021Q3，武汉蔚能电池资产有限公司（以下简称“蔚能”）持有40,053块BaaS电池包，并将其中19,000个BaaS订单打包成衍生品发行ABS融资。蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。</p><p>灰熊错误理解为蔚能有40,053块电池包，但只有19,000个BaaS订单，因此所有与超售电池包、虚增营收和毛利的推论全部不成立。</p><p>Grizzly Research的做空报告指出，截至2021年9月，<a href=\"https://laohu8.com/S/NIO.SI\">蔚来</a>与蔚能通过关联交易形式，出售了4万块电池，而根据蔚能ABS招股说明书，其用于ABS的BaaS订单数为19,000，由此认为蔚来向蔚能过度销售电池，从而夸大自身营业收入和净利润。</p><p>就此问题，Daiwa Capital Markets发布报告阐述了相关业务数据的合理性。其中，蔚能披露其BaaS订单数（19,000）的目的是进行ABS融资，而19,000个BaaS订单，应该只是用于融资的部分用户，而不能代表蔚能全部的BaaS订单数。同时Daiwa Capital Markets估算，根据蔚来在2020年第4季度至2021年第3季度的销量（8.4万台）来看，截至2021年9月，蔚来可以拥有4万名BaaS用户（近50%的BaaS购买率）。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593911488822.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593911488822.png\"/></p><p>在JP Morgan的报告中，分析师提出，蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。相关披露表明，蔚能持有的每一块电池都有相应的基础订户。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593919463202.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593919463202.png\"/></p><p>公开资料显示，蔚能目前拥有包括蔚来中国在内的16家机构股东，后者拥有前者19.8%的股权。在数量众多的股东构成下，蔚来想要单方面控制蔚能进行不实交易，并非易事。而且，根据蔚能的公开信息，其更倾向于保持经营的独立性。</p><p>蔚来香港及新加坡上市文件，和2021年财报中对BaaS模式的商业逻辑均有明确阐述。</p><p>关于蔚来BaaS服务，在今年年2月向港交所招股说明书中，蔚来详细解释了相关商业模式。根据招股说明书，从蔚来购买电池包后，蔚能有权在电池资产的整个生命周期内向消费者收取电池月租费。在港交所上市过程中，该商业模式以及向蔚能销售电池包的相关收入确认已经根据监管机构的要求，进行了尽职调查，并对财务报表进行定期审计。</p><p>行业人士表示，类似BaaS的换电和电池租赁，实际上就是电池银行的业务模式，在国内新能源行业中较为普遍，车企为此成立关联企业，也是惯常做法。其中，吉利、长安、<a href=\"https://laohu8.com/S/002594\">比亚迪</a>等车企，也会在今年相继布局换电业务，与整车销售业务配合推进。若按照Grizzly Research，国内新能源车企的类似商业模式不复存在，灰熊的这个质疑，显然存在对电池银行商业模式的严重误解。</p><p>事实上，越来越多的创新企业在登陆资本市场后，更容易被做空机构狙击，有业内人士统计称，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>是目前被做空次数较多的个股之一。</p><p>从过往信息来看，Grizzly Research曾多次做空中国创新企业，包括SPI绿能宝、<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>、<a href=\"https://laohu8.com/S/SOL\">瑞能新能源</a>等品牌。Grizzly Research官网信息显示，几乎一半的做空报告，都涉及中国创新企业。</p><p>另有专业投资者认为，类似Grizzly Research的做空机构专门针对处于快速增长时期的企业，用一些专业数据影响缺乏经验的投资者，并利用做空报告当日的股价变化进行单日交易来牟利。</p><p>对于蔚来的远期市场表现，Morgan Stanley发布报告称：虽然行业情绪低迷导致了下跌，但在强大产品线的帮助下，我们认为蔚来6月份的销量上涨以及下半年良好的销售趋势将重振投资者对公司运营的信心，并引发股价反弹。</p><p>据悉，蔚来于今年上市了首款轿车ET7，这是蔚来NT2技术平台下线的首款车型。与同类的燃油车或插电式混合动力汽车相比，蔚来ET7具有较佳的动力性能及较高的<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>配置。此外，NT2技术平台下线的智能电动中大型SUV ES7，也于6月进行全球首发。借由新车的推出，及老款的升级，蔚来接下来的整体销量还有望进一步提升。</p><p><img src=\"https://img.zhitongcaijing.com/image/20220630/1656593930520953.png?x-oss-process=image/format,jpg/quality,Q_90\" title=\"1656593930520953.png\"/></p><p>在反驳报告发布之时，Morgan Stanley认为蔚来仍有吸引力，并给出增持评级。无独有偶，Daiwa Capital Markets则对蔚来接下来的12个月予以买入评级。</p></body></html>","source":"stock_zhitongcaijing","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\" 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n灰熊做空蔚来，摩根斯坦利、摩根大通、大和等国际大行驳斥：香港上市时BaaS模式已获尽职调查\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 20:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/748119.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>6月28日晚间，美国做空机构Grizzly Research（灰熊）发布报告称，蔚来(09688)通过会计手段夸大了收入和净利润率，从而达到市场预期。灰熊此举引发多家国际大行反驳，包括Morgan Stanley（摩根斯坦利）、JP Morgan（JP摩根）、Daiwa Capital Markets（大和资本市场）等机构，均发布报告称，不支持Grizzly Research的报告结论。国际大行...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/748119.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4207":"综合性银行","BK4574":"无人驾驶","BK4509":"腾讯概念","BK1588":"回港中概股","EVS.SI":"MSCI China Electric Vehicles and Future Mobility 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Research提出关于BaaS的相关质疑，是对BaaS模式的误读，以及混淆相关概念和数据。公开资料显示，截至2021Q3，武汉蔚能电池资产有限公司（以下简称“蔚能”）持有40,053块BaaS电池包，并将其中19,000个BaaS订单打包成衍生品发行ABS融资。蔚能可以用剩余电池或未来的电池（来自新的BaaS订户）作为基础资产继续发行更多的ABS，以扩大未来的资产组合。灰熊错误理解为蔚能有40,053块电池包，但只有19,000个BaaS订单，因此所有与超售电池包、虚增营收和毛利的推论全部不成立。Grizzly Research的做空报告指出，截至2021年9月，蔚来与蔚能通过关联交易形式，出售了4万块电池，而根据蔚能ABS招股说明书，其用于ABS的BaaS订单数为19,000，由此认为蔚来向蔚能过度销售电池，从而夸大自身营业收入和净利润。就此问题，Daiwa Capital Markets发布报告阐述了相关业务数据的合理性。其中，蔚能披露其BaaS订单数（19,000）的目的是进行ABS融资，而19,000个BaaS订单，应该只是用于融资的部分用户，而不能代表蔚能全部的BaaS订单数。同时Daiwa Capital Markets估算，根据蔚来在2020年第4季度至2021年第3季度的销量（8.4万台）来看，截至2021年9月，蔚来可以拥有4万名BaaS用户（近50%的BaaS购买率）。在JP 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