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- oyzhengoyzheng
  ·2021-06-15
  Looks good
  Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>
  It was "better late than never" for Novavax, Inc.NVAX, as the biopharma finally got around to announ
  Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>
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- oyzhengoyzheng
  ·2021-06-15
  Nice
  非常抱歉，此主贴已删除
  1,531 评论
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- oyzhengoyzheng
  ·2021-06-14
  Good read
  非常抱歉，此主贴已删除
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- oyzhengoyzheng
  ·2021-06-14
  Oh no!
  非常抱歉，此主贴已删除
  2,206 评论
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- oyzhengoyzheng
  ·2021-06-14
  Good info
  PayPal: One Of The Best Plays On The Secular Growth Trend Of Digital Payments<blockquote>PayPal：数字支付长期增长趋势的最佳剧本之一</blockquote>
  Summary PayPal is a leading fintech company that benefits immensely from the secular growth trend i
  PayPal: One Of The Best Plays On The Secular Growth Trend Of Digital Payments<blockquote>PayPal：数字支付长期增长趋势的最佳剧本之一</blockquote>
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- oyzhengoyzheng
  ·2021-06-14
  Nice
  非常抱歉，此主贴已删除
  1,851 评论
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- oyzhengoyzheng
  ·2021-06-14
  I agree
  非常抱歉，此主贴已删除
  2,889 评论
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- oyzhengoyzheng
  ·2021-06-12
  Interesting
  非常抱歉，此主贴已删除
  1,463 评论
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- oyzhengoyzheng
  ·2021-06-12
  Oh no
  非常抱歉，此主贴已删除
  2,596 评论
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- oyzhengoyzheng
  ·2021-06-12
  Good info
  非常抱歉，此主贴已删除
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good","listText":"Looks good","text":"Looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187654423","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":1622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187656147,"gmtCreate":1623753166989,"gmtModify":1634029022357,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187656147","repostId":"1142697857","repostType":4,"isVote":1,"tweetType":1,"viewCount":1531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185214446,"gmtCreate":1623652948485,"gmtModify":1634030606220,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Good read","listText":"Good read","text":"Good read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185214446","repostId":"2143785982","repostType":4,"isVote":1,"tweetType":1,"viewCount":1524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185214225,"gmtCreate":1623652934867,"gmtModify":1634030606466,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Oh no!","listText":"Oh no!","text":"Oh no!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185214225","repostId":"2143789794","repostType":4,"isVote":1,"tweetType":1,"viewCount":2206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185214328,"gmtCreate":1623652907864,"gmtModify":1634030606812,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Good info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185214328","repostId":"1141995531","repostType":4,"repost":{"id":"1141995531","kind":"news","pubTimestamp":1623652578,"share":"https://www.laohunote.com/m/news/1141995531?lang=zh_CN&edition=full","pubTime":"2021-06-14 14:36","market":"us","language":"en","title":"PayPal: One Of The Best Plays On The Secular Growth Trend Of Digital Payments<blockquote>PayPal：数字支付长期增长趋势的最佳剧本之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141995531","media":"seekingalpha","summary":"Summary\n\nPayPal is a leading fintech company that benefits immensely from the secular growth trend i","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>PayPal is a leading fintech company that benefits immensely from the secular growth trend in the digital payments industry.</li>  <li>Its growth history is impressive and momentum is not showing any sign of slowing down, making its 2025 targets quite achievable.</li>  <li>The premium valuation to Visa or Mastercard is justified and PayPal is now my largest holding in the digital payments theme.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4976c13e5ffab4c5035b08d60831ed\" tg-width=\"768\" tg-height=\"512\"><span>JasonDoiy/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>PayPal是一家领先的金融科技公司，从数字支付行业的长期增长趋势中受益匪浅。</li><li>其增长历史令人印象深刻，而且势头没有放缓的迹象，这使得其 2025 年的目标完全可以实现。</li><li>Visa 或万事达卡的溢价估值是合理的，PayPal现在是我在数字支付主题中最大的持股。</li></ul><p class=\"t-img-caption\"><span>JasonDoiy/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>PayPal</b>(PYPL) is a compelling long-term play on the secular growth trend of digital payments as the company’s growth path is likely to remain quite strong over the next few years.</p><p><blockquote><b>PayPal</b>(PYPL) 是对数字支付长期增长趋势的一个引人注目的长期投资，因为该公司的增长路径在未来几年可能会保持相当强劲。</blockquote></p><p> <b>Company Profile</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> PayPal Holdings Inc. is a leading fintech company that enables digital and mobile payments through its technology platform. Its major competitors are other payment technology companies, such as<b>Visa</b>(V),<b>Mastercard</b>(MA) or<b>Adyen</b>(OTCPK:ADYEY). It currently has a market capitalization of about $309 billion, a smaller value than MasterCard or Visa.</p><p><blockquote>PayPal控股公司是一家领先的金融科技公司，通过其技术平台实现数字和移动支付。其主要竞争对手是其他支付技术公司，例如<b>签证</b>（五），<b>万事达卡</b>（马）或<b>阿迪恩</b>（OTCPK：阿迪）。它目前的市值约为3090亿美元，低于万事达卡或维萨卡。</blockquote></p><p> PayPal’s core business is the offering of payment solutions to merchants and consumers, operating globally. At the end of 2020, it had about 377 million active accounts, of which some 348 million consumer accounts and 29 million merchant accounts, more than double the number of active accounts at the end of 2015.</p><p><blockquote>PayPal的核心业务是为商家和消费者提供支付解决方案，业务遍及全球。截至2020年底，它拥有约3.77亿个活跃账户，其中约3.48亿个消费者账户和2900万个商户账户，比2015年底活跃账户数量增加了一倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f478cd622b0c634fd146fdf46bf0ef\" tg-width=\"747\" tg-height=\"432\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> The company’s revenue stream comes mainly from charging fees for some completed payment transactions, while generally it does not charge consumers to fund or withdraw money from their PayPal account. It also generates revenues from currency conversion and instant transfers from the PayPal or Venmo accounts to debit cards or bank accounts. For its merchant clients, it also offers access to certain credit products for small and medium-sized merchants, increasing its engagement its clients and providing finance for clients that possibly would not get loans from traditional banks or other lending providers.</p><p><blockquote>该公司的收入来源主要来自对一些已完成的支付交易收取费用，而一般来说，它不会向消费者收取从其PayPal账户中充值或取款的费用。它还从货币兑换和从PayPal或Venmo账户到借记卡或银行账户的即时转账中产生收入。对于其商户客户，它还为中小型商户提供某些信贷产品，增加其对客户的参与度，并为可能无法从传统银行或其他贷款提供商获得贷款的客户提供融资。</blockquote></p><p> <b>Secular Growth</b></p><p><blockquote><b>长期增长</b></blockquote></p><p> As I’ve analyzed in a previous article on “Visa: Despite Earnings Dip, Secular Growth Prospects Remain Strong,” the global payments industry has a very good growth track record and future growth prospects are quite strong.</p><p><blockquote>正如我在之前一篇关于 “Visa： 尽管盈利下滑，但长期增长前景依然强劲 ”的文章中所分析的那样，全球支付行业有着非常好的增长记录，未来的增长前景也相当强劲。</blockquote></p><p> During the past few years, consumers and businesses have increasingly adopted new payment methods beyond cash and the rise of e-commerce has also been an important growth driver of digital payments across the globe. Revenues for the industry have grown roughly at 7% per year over recent years, to a total of just under $2 trillion in 2019, according to McKinsey data, and this growth is only expected to accelerate in the future as digital payments continue to increase their market share as a percentage of total banking revenues.</p><p><blockquote>在过去几年中，消费者和企业越来越多地采用现金以外的新支付方式，电子商务的兴起也是全球数字支付的重要增长动力。根据麦肯锡的数据，近年来，该行业的收入每年大约增长 7%，2019 年总收入略低于 2 万亿美元，随着数字支付继续增加其市场份额占银行总收入的百分比，预计未来这一增长只会加速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27b37a2ed30f39bff844ae07aa49ac5\" tg-width=\"372\" tg-height=\"395\"><span>Source: McKinsey.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：麦肯锡。</span></p></blockquote></p><p> This background has been very supportive for PayPal’s growth prospects, as one of the leading companies in this industry. Indeed, PayPal’s revenues have increased at a compounded annual growth rate [CAGR] of 20.8% during the past five years, a much higher growth rate than the global payments industry and also above its largest competitors like Visa and MasterCard.</p><p><blockquote>作为该行业的领先公司之一，这一背景非常有利于PayPal的增长前景。事实上，PayPal的收入在过去五年中以 20.8% 的复合年增长率 [CAGR] 增长，这一增长率远高于全球支付行业，也高于 Visa 和万事达卡等最大竞争对手。</blockquote></p><p> Moreover, while recently the growth path of digital payments has changed due to the coronavirus pandemic, that has affected negatively the growth of the global payments industry, PayPal has remained on a strong growth path because its business is clearly more exposed to digital transactions rather than physical payments. This means that the pandemic has barely impacted its business, while it has been a significant setback for other companies, such as&nbsp;<b>American Express</b>&nbsp;(AXP) or MasterCard that are more exposed to cross-border transactions.</p><p><blockquote>此外，尽管最近由于冠状病毒大流行，数字支付的增长路径发生了变化，这对全球支付行业的增长产生了负面影响，但PayPal仍保持强劲的增长路径，因为其业务显然更多地接触数字交易而不是实体支付。这意味着疫情对其业务几乎没有影响，而对其他公司来说却是一个重大挫折，例如<b>美国运通</b>（AXP）或万事达卡更容易接触跨境交易。</blockquote></p><p> Nevertheless, the Covid-19 seems to be positive for the long-term growth of the industry because digital payments became more adopted last year and people will likely use less cash for payment transactions in the future, accelerating even further the growth of digital payments across the world.</p><p><blockquote>尽管如此，Covid-19似乎有利于该行业的长期增长，因为去年数字支付变得更加普遍，未来人们可能会使用更少的现金进行支付交易，从而进一步加速全球数字支付的增长。</blockquote></p><p> Over the next few years, growth is expected to resume quite rapidly and should even be higher than in the recent past. According to Mordor Intelligence, the global digital payments industry is expected to have a revenue CAGR of 13.7% during 2021-26, which is almost double the growth in recent years. This clearly shows that digital payments is a secular growth industry, being a very good backdrop for the companies operating in this industry for years to come.</p><p><blockquote>未来几年，预计增长将迅速恢复，甚至应该高于最近的水平。根据Mordor Intelligence的数据，2021-26年期间，全球数字支付行业的收入CAGR预计为13.7%，几乎是近年来增长的两倍。这清楚地表明，数字支付是一个长期增长的行业，对于未来几年在该行业运营的公司来说是一个非常好的背景。</blockquote></p><p></p><p> Taking this environment into account, PayPal is clearly in a very good position to maintain a solid growth path for many years to come, being potentially one of the major winners of the global shift to digital payments and e-commerce.</p><p><blockquote>考虑到这种环境，PayPal显然处于非常有利的地位，可以在未来许多年内保持稳定的增长道路，成为全球向数字支付和电子商务转变的潜在赢家之一。</blockquote></p><p> Taking this background into account, it is not surprising that PayPal has strong growth ambitions for the coming years, aiming to generate more than $50 billion in revenue by 2025 (more than double the 2020 revenues) both from growth of its existing business, higher customer engagement and new offerings that will increase PayPal’s total addressable market.</p><p><blockquote>考虑到这一背景，PayPal在未来几年有着强劲的增长雄心也就不足为奇了，目标是到 2025 年实现超过 500 亿美元的收入（是 2020 年收入的两倍多），这得益于现有业务的增长、更高的客户参与度以及将增加PayPal总潜在市场的新产品。</blockquote></p><p> PayPal expects to double the number of active accounts over the next five years and triple the volumes transacted, which seems to be achievable considering its growth history and the strong growth prospects of the global payments industry.</p><p><blockquote>PayPal预计未来五年内活跃账户数量将增加一倍，交易量将增加两倍，考虑到其增长历史和全球支付行业强劲的增长前景，这似乎是可以实现的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/828bae36490c031b69fcf87de3ef91a8\" tg-width=\"640\" tg-height=\"341\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> This means that $50 billion in revenue by 2025 represents CAGR of about 20% during 2020-25, showing that PayPal has very good growth prospects in coming years. Moreover, as the company expects to improve a little bit its business margins during this period, its earnings are expected to increase at CAGR of 22% over the next five years and generate more than $40 billion in free cash flow.</p><p><blockquote>这意味着到2025年的500亿美元收入相当于2020-25年期间约20%的CAGR，表明PayPal在未来几年拥有非常好的增长前景。此外，由于该公司预计在此期间的业务利润率将略有提高，因此其盈利预计将在未来五年内以 22% 的复合年增长率增长，并产生超过 400 亿美元的自由现金流。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, PayPal has a very good track record with revenues and earnings growing quite rapidly over the past few years. Indeed, from 201 to 2020, PayPal’s revenues increased at a CAGR of around 20% and its earnings increased at CAGR of 31%, a very impressive achievement and much better than established peers like Visa and MasterCard.</p><p><blockquote>关于其财务业绩，PayPal拥有非常好的记录，过去几年收入和盈利增长相当迅速。事实上，从 201 年到 2020 年，PayPal的收入复合年增长率约为 20%，盈利复合年增长率为 31%，这是一个非常令人印象深刻的成就，远胜于 Visa 和万事达卡等老牌同行。</blockquote></p><p> More recently, the company’s growth was not interrupted by the coronavirus as the secular growth trends of e-commerce and cash displacement accelerated with the pandemic, being a very strong tailwind for the company’s growth.</p><p><blockquote>最近，公司的增长并未因冠状病毒而中断，因为电子商务和现金转移的长期增长趋势随着大流行病而加速，为公司的增长提供了非常强劲的推动力。</blockquote></p><p> In 2020, PayPal recorded record financial figures regarding its revenues, volumes, net new active accounts and earnings. Indeed, PayPal’s revenues increased by 20.8% YoY to $21.5 billion, a level that is very close to Visa’s annual revenues showing that PayPal has achieved a very large size despite being a much younger company. Beyond higher revenues, its business margins and free cash flow generation also improved, a very good performance compared to its peers that rely more on debit and credit card payments.</p><p><blockquote>2020年，PayPal在收入、销量、净新活跃账户和收益方面创下了创纪录的财务数据。事实上，PayPal的收入同比增长了 20.8%，达到 215 亿美元，这一水平非常接近 Visa 的年收入，这表明PayPal尽管是一家年轻得多的公司，但已经实现了非常大的规模。除了更高的收入外，其业务利润率和自由现金流产生也有所改善，与更多地依赖借记卡和信用卡支付的同行相比，这是一个非常好的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a6b1369e32917090ea7cdb92b9a2fe8a\" tg-width=\"772\" tg-height=\"359\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> This positive financial performance was justified by the shift to online shopping and transactions due to Covid-19, but also due to PayPal’s new offerings such as the option to buy and hold digital currencies during the last quarter of the year. Its net income amounted to $4.2 billion, an increase of 70% YoY, boosted by organic growth and gains on some investments and its free cash flow was about $5 billion, or 23% of revenue, which shows that PayPal has a very good cash flow generation capacity.</p><p><blockquote>这一积极的财务表现是合理的，因为 Covid-19 导致人们转向网上购物和交易，但也得益于PayPal在今年最后一个季度推出的新产品，如购买和持有数字货币的选择权。其净利润达到42亿美元，同比增长70%，这得益于有机增长和一些投资收益，其自由现金流约为50亿美元，占收入的23%，这表明PayPal拥有非常好的现金流产生能力。</blockquote></p><p> During thefirst quarter of 2021, PayPal has maintained an impressive operating momentum with volumes up by 50% YoY and revenue up by 31% YoY. Active accounts grew by 21% to 392 million, while it added 14.5 million net new accounts during the quarter. Its operating margin improved to 27.7% (non-GAAP) and non-GAAP EPS grew by 84% YoY and free cash flow amounted to $1.54 billion or 25% of its quarterly revenue.</p><p><blockquote>2021年第一季度，PayPal保持了令人印象深刻的运营势头，销量同比增长50%，收入同比增长31%。活跃账户增长 21%，达到 3.92 亿个，而本季度净新增账户 1,450 万个。其营业利润率提高到 27.7%（非 GAAP），非 GAAP 每股收益同比增长 84%，自由现金流达到 15.4 亿美元，占季度收入的 25%。</blockquote></p><p> For the full year 2021, its guidance was revised upwards with Q1 earnings and PayPal now expects to grow revenues to about $25.7 billion, which represents annual growth of about 20% in constant currencies, EPS growth around 21% YoY and about $6 billion in free cash flow.</p><p><blockquote>对于 2021 年全年，其指引随着第一季度收益而上调，PayPal目前预计收入将增长至约 257 亿美元，按固定汇率计算，年增长率约为 20%，每股收益同比增长约 21%，自由现金流约为 60 亿美元。</blockquote></p><p> This clearly shows that PayPal’s growth momentum is not showing any sign of slowdown over the coming quarters, boding quite well to reach its 2025 targets probably ahead of schedule if it continues to grow at this pace.</p><p><blockquote>这清楚地表明，PayPal的增长势头在未来几个季度没有放缓的迹象，如果继续以这种速度增长，很有可能提前实现 2025 年的目标。</blockquote></p><p> However, this is not currently expected from the sell-side, given that according toanalysts’ estimates, revenue growth is expected to be around 20-21% during the next 2-3 years and then slow down a little bit to less than 20% in 2024 and 2025. This is in-line with PayPal’s own targets, which means that there is some potential upside to estimates if it continues to execute well on its growth initiatives during the next few years.</p><p><blockquote>不过，目前卖方预计不会出现这种情况，因为根据分析师的估计，未来 2-3 年的收入增长率预计将在 20-21% 左右，然后在 2024 年和 2025 年略有放缓，低于 20%。这符合PayPal自己的目标，这意味着如果该公司在未来几年继续良好地执行其增长计划，那么预估就有一些潜在的上升空间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ee830ca42c6ed20907df39e8c28786b\" tg-width=\"902\" tg-height=\"250\"><span>Source: SeekingAlpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SeekingAlpha。</span></p></blockquote></p><p></p><p> Regarding its capital allocation, PayPal’s has used its cash flow generation capacity to finance several acquisitions and repurchase its own shares, while capex spending has been relatively limited as expected for a technology company that operates digitally. Going forward, this strategy is not expected to change much as PayPal should continue to invest in fintech innovation through PayPal Ventures, while share buybacks will be the main way to return capital to shareholders even though the company may decide to start distributing dividends in the coming years.</p><p><blockquote>在资本分配方面，PayPal利用其现金流产生能力为多项收购提供资金，并回购了自己的股票，而资本支出相对有限，正如一家数字化运营的科技公司所预期的那样。展望未来，这一战略预计不会有太大变化，因为PayPal应继续通过PayPal风险投资公司投资金融科技创新，而股票回购将是向股东返还资本的主要方式，即使该公司可能决定在未来几年开始分配股息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530c58f1461ce1f7eefb7856a4ef2d05\" tg-width=\"563\" tg-height=\"318\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PayPal has a very good business and its growth prospects are very strong, both from industry tailwinds and its own growth initiatives. I think this is one of the best ways to play the secular growth trend of digital payments, as PayPal’s business model is completely focused on digital channels while its closest competitors Visa or Mastercard still rely significantly in physical transactions.</p><p><blockquote>PayPal的业务非常好，其增长前景非常强劲，无论是来自行业的顺风还是其自身的增长举措。我认为这是利用数字支付长期增长趋势的最佳方式之一，因为PayPal的商业模式完全专注于数字渠道，而其最接近的竞争对手 Visa 或万事达卡仍然严重依赖实体交易。</blockquote></p><p> This profile justifies PayPal’s premium valuation, considering that it is currentlytrading at about 57x forward earnings, while Visa and Mastercard are trading at between 42-47x earnings. Regarding my personal portfolio, I’ve recently rebalanced my positions and PayPal is now my largest holding on the digital payments theme, as I see this company as a very compelling long-term play in this industry.</p><p><blockquote>考虑到PayPal目前的远期市盈率约为 57 倍，而 Visa 和万事达卡的远期市盈率在 42-47 倍之间，这一概况证明了PayPal的溢价估值是合理的。关于我的个人投资组合，我最近重新平衡了我的仓位，PayPal现在是我在数字支付主题上的最大持股，因为我认为这家公司是该行业中非常引人注目的长期投资。</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>PayPal: One Of The Best Plays On The Secular Growth Trend Of Digital Payments<blockquote>PayPal：数字支付长期增长趋势的最佳剧本之一</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; 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}\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\">\nPayPal: One Of The Best Plays On The Secular Growth Trend Of Digital Payments<blockquote>PayPal：数字支付长期增长趋势的最佳剧本之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-14 14:36</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>PayPal is a leading fintech company that benefits immensely from the secular growth trend in the digital payments industry.</li>  <li>Its growth history is impressive and momentum is not showing any sign of slowing down, making its 2025 targets quite achievable.</li>  <li>The premium valuation to Visa or Mastercard is justified and PayPal is now my largest holding in the digital payments theme.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa4976c13e5ffab4c5035b08d60831ed\" tg-width=\"768\" tg-height=\"512\"><span>JasonDoiy/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>PayPal是一家领先的金融科技公司，从数字支付行业的长期增长趋势中受益匪浅。</li><li>其增长历史令人印象深刻，而且势头没有放缓的迹象，这使得其 2025 年的目标完全可以实现。</li><li>Visa 或万事达卡的溢价估值是合理的，PayPal现在是我在数字支付主题中最大的持股。</li></ul><p class=\"t-img-caption\"><span>JasonDoiy/iStock 未通过 Getty Images 发布</span></p></blockquote></p><p> <b>PayPal</b>(PYPL) is a compelling long-term play on the secular growth trend of digital payments as the company’s growth path is likely to remain quite strong over the next few years.</p><p><blockquote><b>PayPal</b>(PYPL) 是对数字支付长期增长趋势的一个引人注目的长期投资，因为该公司的增长路径在未来几年可能会保持相当强劲。</blockquote></p><p> <b>Company Profile</b></p><p><blockquote><b>公司简介</b></blockquote></p><p> PayPal Holdings Inc. is a leading fintech company that enables digital and mobile payments through its technology platform. Its major competitors are other payment technology companies, such as<b>Visa</b>(V),<b>Mastercard</b>(MA) or<b>Adyen</b>(OTCPK:ADYEY). It currently has a market capitalization of about $309 billion, a smaller value than MasterCard or Visa.</p><p><blockquote>PayPal控股公司是一家领先的金融科技公司，通过其技术平台实现数字和移动支付。其主要竞争对手是其他支付技术公司，例如<b>签证</b>（五），<b>万事达卡</b>（马）或<b>阿迪恩</b>（OTCPK：阿迪）。它目前的市值约为3090亿美元，低于万事达卡或维萨卡。</blockquote></p><p> PayPal’s core business is the offering of payment solutions to merchants and consumers, operating globally. At the end of 2020, it had about 377 million active accounts, of which some 348 million consumer accounts and 29 million merchant accounts, more than double the number of active accounts at the end of 2015.</p><p><blockquote>PayPal的核心业务是为商家和消费者提供支付解决方案，业务遍及全球。截至2020年底，它拥有约3.77亿个活跃账户，其中约3.48亿个消费者账户和2900万个商户账户，比2015年底活跃账户数量增加了一倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/45f478cd622b0c634fd146fdf46bf0ef\" tg-width=\"747\" tg-height=\"432\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> The company’s revenue stream comes mainly from charging fees for some completed payment transactions, while generally it does not charge consumers to fund or withdraw money from their PayPal account. It also generates revenues from currency conversion and instant transfers from the PayPal or Venmo accounts to debit cards or bank accounts. For its merchant clients, it also offers access to certain credit products for small and medium-sized merchants, increasing its engagement its clients and providing finance for clients that possibly would not get loans from traditional banks or other lending providers.</p><p><blockquote>该公司的收入来源主要来自对一些已完成的支付交易收取费用，而一般来说，它不会向消费者收取从其PayPal账户中充值或取款的费用。它还从货币兑换和从PayPal或Venmo账户到借记卡或银行账户的即时转账中产生收入。对于其商户客户，它还为中小型商户提供某些信贷产品，增加其对客户的参与度，并为可能无法从传统银行或其他贷款提供商获得贷款的客户提供融资。</blockquote></p><p> <b>Secular Growth</b></p><p><blockquote><b>长期增长</b></blockquote></p><p> As I’ve analyzed in a previous article on “Visa: Despite Earnings Dip, Secular Growth Prospects Remain Strong,” the global payments industry has a very good growth track record and future growth prospects are quite strong.</p><p><blockquote>正如我在之前一篇关于 “Visa： 尽管盈利下滑，但长期增长前景依然强劲 ”的文章中所分析的那样，全球支付行业有着非常好的增长记录，未来的增长前景也相当强劲。</blockquote></p><p> During the past few years, consumers and businesses have increasingly adopted new payment methods beyond cash and the rise of e-commerce has also been an important growth driver of digital payments across the globe. Revenues for the industry have grown roughly at 7% per year over recent years, to a total of just under $2 trillion in 2019, according to McKinsey data, and this growth is only expected to accelerate in the future as digital payments continue to increase their market share as a percentage of total banking revenues.</p><p><blockquote>在过去几年中，消费者和企业越来越多地采用现金以外的新支付方式，电子商务的兴起也是全球数字支付的重要增长动力。根据麦肯锡的数据，近年来，该行业的收入每年大约增长 7%，2019 年总收入略低于 2 万亿美元，随着数字支付继续增加其市场份额占银行总收入的百分比，预计未来这一增长只会加速。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27b37a2ed30f39bff844ae07aa49ac5\" tg-width=\"372\" tg-height=\"395\"><span>Source: McKinsey.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：麦肯锡。</span></p></blockquote></p><p> This background has been very supportive for PayPal’s growth prospects, as one of the leading companies in this industry. Indeed, PayPal’s revenues have increased at a compounded annual growth rate [CAGR] of 20.8% during the past five years, a much higher growth rate than the global payments industry and also above its largest competitors like Visa and MasterCard.</p><p><blockquote>作为该行业的领先公司之一，这一背景非常有利于PayPal的增长前景。事实上，PayPal的收入在过去五年中以 20.8% 的复合年增长率 [CAGR] 增长，这一增长率远高于全球支付行业，也高于 Visa 和万事达卡等最大竞争对手。</blockquote></p><p> Moreover, while recently the growth path of digital payments has changed due to the coronavirus pandemic, that has affected negatively the growth of the global payments industry, PayPal has remained on a strong growth path because its business is clearly more exposed to digital transactions rather than physical payments. This means that the pandemic has barely impacted its business, while it has been a significant setback for other companies, such as&nbsp;<b>American Express</b>&nbsp;(AXP) or MasterCard that are more exposed to cross-border transactions.</p><p><blockquote>此外，尽管最近由于冠状病毒大流行，数字支付的增长路径发生了变化，这对全球支付行业的增长产生了负面影响，但PayPal仍保持强劲的增长路径，因为其业务显然更多地接触数字交易而不是实体支付。这意味着疫情对其业务几乎没有影响，而对其他公司来说却是一个重大挫折，例如<b>美国运通</b>（AXP）或万事达卡更容易接触跨境交易。</blockquote></p><p> Nevertheless, the Covid-19 seems to be positive for the long-term growth of the industry because digital payments became more adopted last year and people will likely use less cash for payment transactions in the future, accelerating even further the growth of digital payments across the world.</p><p><blockquote>尽管如此，Covid-19似乎有利于该行业的长期增长，因为去年数字支付变得更加普遍，未来人们可能会使用更少的现金进行支付交易，从而进一步加速全球数字支付的增长。</blockquote></p><p> Over the next few years, growth is expected to resume quite rapidly and should even be higher than in the recent past. According to Mordor Intelligence, the global digital payments industry is expected to have a revenue CAGR of 13.7% during 2021-26, which is almost double the growth in recent years. This clearly shows that digital payments is a secular growth industry, being a very good backdrop for the companies operating in this industry for years to come.</p><p><blockquote>未来几年，预计增长将迅速恢复，甚至应该高于最近的水平。根据Mordor Intelligence的数据，2021-26年期间，全球数字支付行业的收入CAGR预计为13.7%，几乎是近年来增长的两倍。这清楚地表明，数字支付是一个长期增长的行业，对于未来几年在该行业运营的公司来说是一个非常好的背景。</blockquote></p><p></p><p> Taking this environment into account, PayPal is clearly in a very good position to maintain a solid growth path for many years to come, being potentially one of the major winners of the global shift to digital payments and e-commerce.</p><p><blockquote>考虑到这种环境，PayPal显然处于非常有利的地位，可以在未来许多年内保持稳定的增长道路，成为全球向数字支付和电子商务转变的潜在赢家之一。</blockquote></p><p> Taking this background into account, it is not surprising that PayPal has strong growth ambitions for the coming years, aiming to generate more than $50 billion in revenue by 2025 (more than double the 2020 revenues) both from growth of its existing business, higher customer engagement and new offerings that will increase PayPal’s total addressable market.</p><p><blockquote>考虑到这一背景，PayPal在未来几年有着强劲的增长雄心也就不足为奇了，目标是到 2025 年实现超过 500 亿美元的收入（是 2020 年收入的两倍多），这得益于现有业务的增长、更高的客户参与度以及将增加PayPal总潜在市场的新产品。</blockquote></p><p> PayPal expects to double the number of active accounts over the next five years and triple the volumes transacted, which seems to be achievable considering its growth history and the strong growth prospects of the global payments industry.</p><p><blockquote>PayPal预计未来五年内活跃账户数量将增加一倍，交易量将增加两倍，考虑到其增长历史和全球支付行业强劲的增长前景，这似乎是可以实现的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/828bae36490c031b69fcf87de3ef91a8\" tg-width=\"640\" tg-height=\"341\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> This means that $50 billion in revenue by 2025 represents CAGR of about 20% during 2020-25, showing that PayPal has very good growth prospects in coming years. Moreover, as the company expects to improve a little bit its business margins during this period, its earnings are expected to increase at CAGR of 22% over the next five years and generate more than $40 billion in free cash flow.</p><p><blockquote>这意味着到2025年的500亿美元收入相当于2020-25年期间约20%的CAGR，表明PayPal在未来几年拥有非常好的增长前景。此外，由于该公司预计在此期间的业务利润率将略有提高，因此其盈利预计将在未来五年内以 22% 的复合年增长率增长，并产生超过 400 亿美元的自由现金流。</blockquote></p><p> <b>Financial Overview</b></p><p><blockquote><b>财务概览</b></blockquote></p><p> Regarding its financial performance, PayPal has a very good track record with revenues and earnings growing quite rapidly over the past few years. Indeed, from 201 to 2020, PayPal’s revenues increased at a CAGR of around 20% and its earnings increased at CAGR of 31%, a very impressive achievement and much better than established peers like Visa and MasterCard.</p><p><blockquote>关于其财务业绩，PayPal拥有非常好的记录，过去几年收入和盈利增长相当迅速。事实上，从 201 年到 2020 年，PayPal的收入复合年增长率约为 20%，盈利复合年增长率为 31%，这是一个非常令人印象深刻的成就，远胜于 Visa 和万事达卡等老牌同行。</blockquote></p><p> More recently, the company’s growth was not interrupted by the coronavirus as the secular growth trends of e-commerce and cash displacement accelerated with the pandemic, being a very strong tailwind for the company’s growth.</p><p><blockquote>最近，公司的增长并未因冠状病毒而中断，因为电子商务和现金转移的长期增长趋势随着大流行病而加速，为公司的增长提供了非常强劲的推动力。</blockquote></p><p> In 2020, PayPal recorded record financial figures regarding its revenues, volumes, net new active accounts and earnings. Indeed, PayPal’s revenues increased by 20.8% YoY to $21.5 billion, a level that is very close to Visa’s annual revenues showing that PayPal has achieved a very large size despite being a much younger company. Beyond higher revenues, its business margins and free cash flow generation also improved, a very good performance compared to its peers that rely more on debit and credit card payments.</p><p><blockquote>2020年，PayPal在收入、销量、净新活跃账户和收益方面创下了创纪录的财务数据。事实上，PayPal的收入同比增长了 20.8%，达到 215 亿美元，这一水平非常接近 Visa 的年收入，这表明PayPal尽管是一家年轻得多的公司，但已经实现了非常大的规模。除了更高的收入外，其业务利润率和自由现金流产生也有所改善，与更多地依赖借记卡和信用卡支付的同行相比，这是一个非常好的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a6b1369e32917090ea7cdb92b9a2fe8a\" tg-width=\"772\" tg-height=\"359\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> This positive financial performance was justified by the shift to online shopping and transactions due to Covid-19, but also due to PayPal’s new offerings such as the option to buy and hold digital currencies during the last quarter of the year. Its net income amounted to $4.2 billion, an increase of 70% YoY, boosted by organic growth and gains on some investments and its free cash flow was about $5 billion, or 23% of revenue, which shows that PayPal has a very good cash flow generation capacity.</p><p><blockquote>这一积极的财务表现是合理的，因为 Covid-19 导致人们转向网上购物和交易，但也得益于PayPal在今年最后一个季度推出的新产品，如购买和持有数字货币的选择权。其净利润达到42亿美元，同比增长70%，这得益于有机增长和一些投资收益，其自由现金流约为50亿美元，占收入的23%，这表明PayPal拥有非常好的现金流产生能力。</blockquote></p><p> During thefirst quarter of 2021, PayPal has maintained an impressive operating momentum with volumes up by 50% YoY and revenue up by 31% YoY. Active accounts grew by 21% to 392 million, while it added 14.5 million net new accounts during the quarter. Its operating margin improved to 27.7% (non-GAAP) and non-GAAP EPS grew by 84% YoY and free cash flow amounted to $1.54 billion or 25% of its quarterly revenue.</p><p><blockquote>2021年第一季度，PayPal保持了令人印象深刻的运营势头，销量同比增长50%，收入同比增长31%。活跃账户增长 21%，达到 3.92 亿个，而本季度净新增账户 1,450 万个。其营业利润率提高到 27.7%（非 GAAP），非 GAAP 每股收益同比增长 84%，自由现金流达到 15.4 亿美元，占季度收入的 25%。</blockquote></p><p> For the full year 2021, its guidance was revised upwards with Q1 earnings and PayPal now expects to grow revenues to about $25.7 billion, which represents annual growth of about 20% in constant currencies, EPS growth around 21% YoY and about $6 billion in free cash flow.</p><p><blockquote>对于 2021 年全年，其指引随着第一季度收益而上调，PayPal目前预计收入将增长至约 257 亿美元，按固定汇率计算，年增长率约为 20%，每股收益同比增长约 21%，自由现金流约为 60 亿美元。</blockquote></p><p> This clearly shows that PayPal’s growth momentum is not showing any sign of slowdown over the coming quarters, boding quite well to reach its 2025 targets probably ahead of schedule if it continues to grow at this pace.</p><p><blockquote>这清楚地表明，PayPal的增长势头在未来几个季度没有放缓的迹象，如果继续以这种速度增长，很有可能提前实现 2025 年的目标。</blockquote></p><p> However, this is not currently expected from the sell-side, given that according toanalysts’ estimates, revenue growth is expected to be around 20-21% during the next 2-3 years and then slow down a little bit to less than 20% in 2024 and 2025. This is in-line with PayPal’s own targets, which means that there is some potential upside to estimates if it continues to execute well on its growth initiatives during the next few years.</p><p><blockquote>不过，目前卖方预计不会出现这种情况，因为根据分析师的估计，未来 2-3 年的收入增长率预计将在 20-21% 左右，然后在 2024 年和 2025 年略有放缓，低于 20%。这符合PayPal自己的目标，这意味着如果该公司在未来几年继续良好地执行其增长计划，那么预估就有一些潜在的上升空间。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ee830ca42c6ed20907df39e8c28786b\" tg-width=\"902\" tg-height=\"250\"><span>Source: SeekingAlpha.</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SeekingAlpha。</span></p></blockquote></p><p></p><p> Regarding its capital allocation, PayPal’s has used its cash flow generation capacity to finance several acquisitions and repurchase its own shares, while capex spending has been relatively limited as expected for a technology company that operates digitally. Going forward, this strategy is not expected to change much as PayPal should continue to invest in fintech innovation through PayPal Ventures, while share buybacks will be the main way to return capital to shareholders even though the company may decide to start distributing dividends in the coming years.</p><p><blockquote>在资本分配方面，PayPal利用其现金流产生能力为多项收购提供资金，并回购了自己的股票，而资本支出相对有限，正如一家数字化运营的科技公司所预期的那样。展望未来，这一战略预计不会有太大变化，因为PayPal应继续通过PayPal风险投资公司投资金融科技创新，而股票回购将是向股东返还资本的主要方式，即使该公司可能决定在未来几年开始分配股息。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530c58f1461ce1f7eefb7856a4ef2d05\" tg-width=\"563\" tg-height=\"318\"><span>Source: PayPal.</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：PayPal。</span></p></blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> PayPal has a very good business and its growth prospects are very strong, both from industry tailwinds and its own growth initiatives. I think this is one of the best ways to play the secular growth trend of digital payments, as PayPal’s business model is completely focused on digital channels while its closest competitors Visa or Mastercard still rely significantly in physical transactions.</p><p><blockquote>PayPal的业务非常好，其增长前景非常强劲，无论是来自行业的顺风还是其自身的增长举措。我认为这是利用数字支付长期增长趋势的最佳方式之一，因为PayPal的商业模式完全专注于数字渠道，而其最接近的竞争对手 Visa 或万事达卡仍然严重依赖实体交易。</blockquote></p><p> This profile justifies PayPal’s premium valuation, considering that it is currentlytrading at about 57x forward earnings, while Visa and Mastercard are trading at between 42-47x earnings. Regarding my personal portfolio, I’ve recently rebalanced my positions and PayPal is now my largest holding on the digital payments theme, as I see this company as a very compelling long-term play in this industry.</p><p><blockquote>考虑到PayPal目前的远期市盈率约为 57 倍，而 Visa 和万事达卡的远期市盈率在 42-47 倍之间，这一概况证明了PayPal的溢价估值是合理的。关于我的个人投资组合，我最近重新平衡了我的仓位，PayPal现在是我在数字支付主题上的最大持股，因为我认为这家公司是该行业中非常引人注目的长期投资。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434455-paypal-best-play-on-secular-growth-trend-of-digital-payments\">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":{"PYPL":"PayPal"},"source_url":"https://seekingalpha.com/article/4434455-paypal-best-play-on-secular-growth-trend-of-digital-payments","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141995531","content_text":"Summary\n\nPayPal is a leading fintech company that benefits immensely from the secular growth trend in the digital payments industry.\nIts growth history is impressive and momentum is not showing any sign of slowing down, making its 2025 targets quite achievable.\nThe premium valuation to Visa or Mastercard is justified and PayPal is now my largest holding in the digital payments theme.\n\nJasonDoiy/iStock Unreleased via Getty Images\nPayPal(PYPL) is a compelling long-term play on the secular growth trend of digital payments as the company’s growth path is likely to remain quite strong over the next few years.\nCompany Profile\nPayPal Holdings Inc. is a leading fintech company that enables digital and mobile payments through its technology platform. Its major competitors are other payment technology companies, such asVisa(V),Mastercard(MA) orAdyen(OTCPK:ADYEY). It currently has a market capitalization of about $309 billion, a smaller value than MasterCard or Visa.\nPayPal’s core business is the offering of payment solutions to merchants and consumers, operating globally. At the end of 2020, it had about 377 million active accounts, of which some 348 million consumer accounts and 29 million merchant accounts, more than double the number of active accounts at the end of 2015.\nSource: PayPal.\nThe company’s revenue stream comes mainly from charging fees for some completed payment transactions, while generally it does not charge consumers to fund or withdraw money from their PayPal account. It also generates revenues from currency conversion and instant transfers from the PayPal or Venmo accounts to debit cards or bank accounts. For its merchant clients, it also offers access to certain credit products for small and medium-sized merchants, increasing its engagement its clients and providing finance for clients that possibly would not get loans from traditional banks or other lending providers.\nSecular Growth\nAs I’ve analyzed in a previous article on “Visa: Despite Earnings Dip, Secular Growth Prospects Remain Strong,” the global payments industry has a very good growth track record and future growth prospects are quite strong.\nDuring the past few years, consumers and businesses have increasingly adopted new payment methods beyond cash and the rise of e-commerce has also been an important growth driver of digital payments across the globe. Revenues for the industry have grown roughly at 7% per year over recent years, to a total of just under $2 trillion in 2019, according to McKinsey data, and this growth is only expected to accelerate in the future as digital payments continue to increase their market share as a percentage of total banking revenues.\nSource: McKinsey.\nThis background has been very supportive for PayPal’s growth prospects, as one of the leading companies in this industry. Indeed, PayPal’s revenues have increased at a compounded annual growth rate [CAGR] of 20.8% during the past five years, a much higher growth rate than the global payments industry and also above its largest competitors like Visa and MasterCard.\nMoreover, while recently the growth path of digital payments has changed due to the coronavirus pandemic, that has affected negatively the growth of the global payments industry, PayPal has remained on a strong growth path because its business is clearly more exposed to digital transactions rather than physical payments. This means that the pandemic has barely impacted its business, while it has been a significant setback for other companies, such as American Express (AXP) or MasterCard that are more exposed to cross-border transactions.\nNevertheless, the Covid-19 seems to be positive for the long-term growth of the industry because digital payments became more adopted last year and people will likely use less cash for payment transactions in the future, accelerating even further the growth of digital payments across the world.\nOver the next few years, growth is expected to resume quite rapidly and should even be higher than in the recent past. According to Mordor Intelligence, the global digital payments industry is expected to have a revenue CAGR of 13.7% during 2021-26, which is almost double the growth in recent years. This clearly shows that digital payments is a secular growth industry, being a very good backdrop for the companies operating in this industry for years to come.\nTaking this environment into account, PayPal is clearly in a very good position to maintain a solid growth path for many years to come, being potentially one of the major winners of the global shift to digital payments and e-commerce.\nTaking this background into account, it is not surprising that PayPal has strong growth ambitions for the coming years, aiming to generate more than $50 billion in revenue by 2025 (more than double the 2020 revenues) both from growth of its existing business, higher customer engagement and new offerings that will increase PayPal’s total addressable market.\nPayPal expects to double the number of active accounts over the next five years and triple the volumes transacted, which seems to be achievable considering its growth history and the strong growth prospects of the global payments industry.\nSource: PayPal.\nThis means that $50 billion in revenue by 2025 represents CAGR of about 20% during 2020-25, showing that PayPal has very good growth prospects in coming years. Moreover, as the company expects to improve a little bit its business margins during this period, its earnings are expected to increase at CAGR of 22% over the next five years and generate more than $40 billion in free cash flow.\nFinancial Overview\nRegarding its financial performance, PayPal has a very good track record with revenues and earnings growing quite rapidly over the past few years. Indeed, from 201 to 2020, PayPal’s revenues increased at a CAGR of around 20% and its earnings increased at CAGR of 31%, a very impressive achievement and much better than established peers like Visa and MasterCard.\nMore recently, the company’s growth was not interrupted by the coronavirus as the secular growth trends of e-commerce and cash displacement accelerated with the pandemic, being a very strong tailwind for the company’s growth.\nIn 2020, PayPal recorded record financial figures regarding its revenues, volumes, net new active accounts and earnings. Indeed, PayPal’s revenues increased by 20.8% YoY to $21.5 billion, a level that is very close to Visa’s annual revenues showing that PayPal has achieved a very large size despite being a much younger company. Beyond higher revenues, its business margins and free cash flow generation also improved, a very good performance compared to its peers that rely more on debit and credit card payments.\nSource: PayPal.\nThis positive financial performance was justified by the shift to online shopping and transactions due to Covid-19, but also due to PayPal’s new offerings such as the option to buy and hold digital currencies during the last quarter of the year. Its net income amounted to $4.2 billion, an increase of 70% YoY, boosted by organic growth and gains on some investments and its free cash flow was about $5 billion, or 23% of revenue, which shows that PayPal has a very good cash flow generation capacity.\nDuring thefirst quarter of 2021, PayPal has maintained an impressive operating momentum with volumes up by 50% YoY and revenue up by 31% YoY. Active accounts grew by 21% to 392 million, while it added 14.5 million net new accounts during the quarter. Its operating margin improved to 27.7% (non-GAAP) and non-GAAP EPS grew by 84% YoY and free cash flow amounted to $1.54 billion or 25% of its quarterly revenue.\nFor the full year 2021, its guidance was revised upwards with Q1 earnings and PayPal now expects to grow revenues to about $25.7 billion, which represents annual growth of about 20% in constant currencies, EPS growth around 21% YoY and about $6 billion in free cash flow.\nThis clearly shows that PayPal’s growth momentum is not showing any sign of slowdown over the coming quarters, boding quite well to reach its 2025 targets probably ahead of schedule if it continues to grow at this pace.\nHowever, this is not currently expected from the sell-side, given that according toanalysts’ estimates, revenue growth is expected to be around 20-21% during the next 2-3 years and then slow down a little bit to less than 20% in 2024 and 2025. This is in-line with PayPal’s own targets, which means that there is some potential upside to estimates if it continues to execute well on its growth initiatives during the next few years.\nSource: SeekingAlpha.\nRegarding its capital allocation, PayPal’s has used its cash flow generation capacity to finance several acquisitions and repurchase its own shares, while capex spending has been relatively limited as expected for a technology company that operates digitally. Going forward, this strategy is not expected to change much as PayPal should continue to invest in fintech innovation through PayPal Ventures, while share buybacks will be the main way to return capital to shareholders even though the company may decide to start distributing dividends in the coming years.\nSource: PayPal.\nConclusion\nPayPal has a very good business and its growth prospects are very strong, both from industry tailwinds and its own growth initiatives. I think this is one of the best ways to play the secular growth trend of digital payments, as PayPal’s business model is completely focused on digital channels while its closest competitors Visa or Mastercard still rely significantly in physical transactions.\nThis profile justifies PayPal’s premium valuation, considering that it is currentlytrading at about 57x forward earnings, while Visa and Mastercard are trading at between 42-47x earnings. Regarding my personal portfolio, I’ve recently rebalanced my positions and PayPal is now my largest holding on the digital payments theme, as I see this company as a very compelling long-term play in this industry.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185215445,"gmtCreate":1623652885087,"gmtModify":1634030607279,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185215445","repostId":"1146430910","repostType":4,"isVote":1,"tweetType":1,"viewCount":1851,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185215546,"gmtCreate":1623652860685,"gmtModify":1634030607401,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"I agree","listText":"I agree","text":"I agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/185215546","repostId":"1165811803","repostType":4,"isVote":1,"tweetType":1,"viewCount":2889,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186974421,"gmtCreate":1623471511163,"gmtModify":1634032682652,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186974421","repostId":"2142744202","repostType":4,"isVote":1,"tweetType":1,"viewCount":1463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186978096,"gmtCreate":1623471276015,"gmtModify":1634032686910,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186978096","repostId":"2142202662","repostType":4,"isVote":1,"tweetType":1,"viewCount":2596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":186971956,"gmtCreate":1623471250975,"gmtModify":1634032687856,"author":{"id":"3575704006877751","authorId":"3575704006877751","name":"oyzheng","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575704006877751","idStr":"3575704006877751"},"themes":[],"title":"","htmlText":"Good info","listText":"Good info","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/186971956","repostId":"1177806573","repostType":4,"isVote":1,"tweetType":1,"viewCount":3133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}