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2021-04-28

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"Winning the U.S. Stock Financial Report" Series (3): The "Story" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)

2021-04-28

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2021-04-28

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Frequent investment, cross-border giants, and the IoT industry is surging

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But in fact, the purpose of the annual report is nothing more than to convey the effective information of the enterprise, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three companies to learn--</p><p>\"How to read the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the most popular</strong></p><p>The annual report of Chinese concept stocks is generally divided into three parts. The structure of each part is fixed by the SEC, and the company discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Prospects\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>The annual report is like a magazine regularly published by an enterprise. Whichever aspect of the enterprise you are interested in, turn to whichever page to read it. Basically, all the enterprise information you want to know is in the annual report.</p><p>Let's take Nio, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc =/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f. htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first part \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS\", and the data and text will tell you the results directly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8, 27,945 ES6 and 4,922 EC6. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are pioneers in successfully commercializing EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Electric SUV, equipped with range-extending systems and cutting-edge smart car solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we have delivered more than 33,500 Li ONE units. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018 and as of December 31, 2020, we have delivered 24,736 units of the G3 to our customers. We started production of the P7 and commenced deliveries in May 2020, and by December 31, 2020, we have delivered 15,062 units of the P7 to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Ideal. But combined with models, Nio has the most models and covers a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3 and P7), with an average sales of 19,899 vehicles per model; Ideal has only one car (Li ONE), and a single model sold 33,500 units. As a result, the single model sales ranking of the three brands has become: Ideal > XPeng > Nio.</p><p>It can be seen that although the total sales volume of the three companies was high and low last year, it is hard to say who has the advantage.</p><p><strong>Example 2: Want to know who makes more money?</strong></p><p>Method: It is still the first part of \"Operation and Financial Review and Prospects\". The enterprise gives a brief and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB 5,304.1 million (US $812.9 million) in 2020, compared with a net loss of RMB 11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB 151.7 million (approximately US $23.2 million) in 2020, compared with a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB 2,732.0 million (US $418.7 million) in 2020, compared to RMB 3,691.7 million in 2019.\"</p><p>It can be seen that the three companies are losing money from 2019 to 2020. According to the amount of losses, the ideal < XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, there are nothing more than two problems, one is<strong>\"Where does the enterprise income come from\"</strong>The second is<strong>\"Where did enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". \"Key Information\" simply and rudely throws data, while \"Operational and Financial Review and Prospects\" patiently explains the data of the past three years. Well-founded and easy to understand.</p><p>We simply sorted it out based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio has the highest total revenue, and XPeng has the lowest. Considering \"sales and operating costs\" alone, all three companies are still in a state of \"unable to make ends meet\"; The one with the highest gross profit margin is Ideal, and the one with the least is XPeng; Nio sells the most services; XPeng invests the most in R&D.</p><p>In addition, in the \"Operational and Financial Review and Prospects\", the three companies<strong>Revenue and cost composition</strong>He gave a further patient explanation:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that the business strategies of the three companies are quite different: the ideal with the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service, and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report contains complete information, and the important contents are concentrated in three items: \"Key Information\", \"Operation and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and text. The column data presents objective reality, and the text description explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To get a glimpse of the overall picture of the enterprise, we also have to look at the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you must read more completely when reading the annual report. To this end, we can build a reading map according to our personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how business money is being spent.</strong>The purpose is to evaluate the capital operation ability of the enterprise. Only when the funds are spent in the right places will they generate more reasonable and promising income. The annual report provides us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can obtain it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise's business is doing.</strong>The purpose is to evaluate the implementation of the business model of the enterprise. The business layout of enterprises in different industries and at different stages of development in the same industry may change. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing, and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprises' products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understand the business foundation, that is, understand the environment in which the enterprise is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development prospects of enterprises are executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, executive information looks at \"directors, executives and employees\", and policy environment and industry environment look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal, and XPeng. (As the basic financial data have been analyzed above, only the \"business layout\" and \"operating basis\" of the three companies are discussed below)</p><p>First up is Nio:</p><p><strong>Nio</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>XPeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"operating foundation\" of the three companies last year, we can see that there are two major problems faced by new energy vehicle companies at this stage, one is technical problems, and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideally, it quickly occupies the transitional area between the two kinds of power, and quickly achieves results; XPeng has plunged into technology research and development with the intention of establishing solid technical barriers, while Nio has formed a relatively stable pure electric technology system. From a developmental point of view, XPeng and Nio are comparable. Although Ideal has not disclosed more direction information in technology, in today's era, the technological fortress still has a validity period. In the near future, there will eventually be a few giants left in the tram market, and their moats are not necessarily created by technology.</p><p>In terms of operation, XPeng and Ideal seem to have given up their struggle. Nio's operation has been involved in finance, services, users and technology, and these elements are precisely the precious resources for piling up \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build an annual report reading map that suits you;</p><p>(2) A complete enterprise status needs to be looked at from the perspectives of finance, business, environment, etc.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of the enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and burdensome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments will not affect your understanding at all;</p><p>(3) To look at the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle companies is fierce, and each of the three companies has its own emphasis. Nio has the first service income, and it seems that they are more expanding services and peripheral services; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng ranks first in R&D investment, taking the technology flow, and does not hesitate to reduce it<span>Net profit</span>, obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the views in this article do not constitute any investment advice.</p><p></article></body></html></p>","source":"tencent","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>\"Winning the U.S. Stock Financial Report\" Series (3): The \"Story\" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Winning the U.S. Stock Financial Report\" Series (3): The \"Story\" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁斌penny</strong><span class=\"h-time small\">2021-04-27 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Some people say: I don't have a financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey the effective information of the enterprise, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three companies to learn--</p><p>\"How to read the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the most popular</strong></p><p>The annual report of Chinese concept stocks is generally divided into three parts. The structure of each part is fixed by the SEC, and the company discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Prospects\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>The annual report is like a magazine regularly published by an enterprise. Whichever aspect of the enterprise you are interested in, turn to whichever page to read it. Basically, all the enterprise information you want to know is in the annual report.</p><p>Let's take Nio, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc =/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f. htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first part \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS\", and the data and text will tell you the results directly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8, 27,945 ES6 and 4,922 EC6. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are pioneers in successfully commercializing EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Electric SUV, equipped with range-extending systems and cutting-edge smart car solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we have delivered more than 33,500 Li ONE units. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018 and as of December 31, 2020, we have delivered 24,736 units of the G3 to our customers. We started production of the P7 and commenced deliveries in May 2020, and by December 31, 2020, we have delivered 15,062 units of the P7 to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Ideal. But combined with models, Nio has the most models and covers a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3 and P7), with an average sales of 19,899 vehicles per model; Ideal has only one car (Li ONE), and a single model sold 33,500 units. As a result, the single model sales ranking of the three brands has become: Ideal > XPeng > Nio.</p><p>It can be seen that although the total sales volume of the three companies was high and low last year, it is hard to say who has the advantage.</p><p><strong>Example 2: Want to know who makes more money?</strong></p><p>Method: It is still the first part of \"Operation and Financial Review and Prospects\". The enterprise gives a brief and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB 5,304.1 million (US $812.9 million) in 2020, compared with a net loss of RMB 11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB 151.7 million (approximately US $23.2 million) in 2020, compared with a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB 2,732.0 million (US $418.7 million) in 2020, compared to RMB 3,691.7 million in 2019.\"</p><p>It can be seen that the three companies are losing money from 2019 to 2020. According to the amount of losses, the ideal < XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, there are nothing more than two problems, one is<strong>\"Where does the enterprise income come from\"</strong>The second is<strong>\"Where did enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". \"Key Information\" simply and rudely throws data, while \"Operational and Financial Review and Prospects\" patiently explains the data of the past three years. Well-founded and easy to understand.</p><p>We simply sorted it out based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio has the highest total revenue, and XPeng has the lowest. Considering \"sales and operating costs\" alone, all three companies are still in a state of \"unable to make ends meet\"; The one with the highest gross profit margin is Ideal, and the one with the least is XPeng; Nio sells the most services; XPeng invests the most in R&D.</p><p>In addition, in the \"Operational and Financial Review and Prospects\", the three companies<strong>Revenue and cost composition</strong>He gave a further patient explanation:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that the business strategies of the three companies are quite different: the ideal with the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service, and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report contains complete information, and the important contents are concentrated in three items: \"Key Information\", \"Operation and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and text. The column data presents objective reality, and the text description explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To get a glimpse of the overall picture of the enterprise, we also have to look at the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you must read more completely when reading the annual report. To this end, we can build a reading map according to our personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how business money is being spent.</strong>The purpose is to evaluate the capital operation ability of the enterprise. Only when the funds are spent in the right places will they generate more reasonable and promising income. The annual report provides us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can obtain it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise's business is doing.</strong>The purpose is to evaluate the implementation of the business model of the enterprise. The business layout of enterprises in different industries and at different stages of development in the same industry may change. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing, and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprises' products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understand the business foundation, that is, understand the environment in which the enterprise is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development prospects of enterprises are executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, executive information looks at \"directors, executives and employees\", and policy environment and industry environment look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal, and XPeng. (As the basic financial data have been analyzed above, only the \"business layout\" and \"operating basis\" of the three companies are discussed below)</p><p>First up is Nio:</p><p><strong>Nio</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>XPeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"operating foundation\" of the three companies last year, we can see that there are two major problems faced by new energy vehicle companies at this stage, one is technical problems, and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideally, it quickly occupies the transitional area between the two kinds of power, and quickly achieves results; XPeng has plunged into technology research and development with the intention of establishing solid technical barriers, while Nio has formed a relatively stable pure electric technology system. From a developmental point of view, XPeng and Nio are comparable. Although Ideal has not disclosed more direction information in technology, in today's era, the technological fortress still has a validity period. In the near future, there will eventually be a few giants left in the tram market, and their moats are not necessarily created by technology.</p><p>In terms of operation, XPeng and Ideal seem to have given up their struggle. Nio's operation has been involved in finance, services, users and technology, and these elements are precisely the precious resources for piling up \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build an annual report reading map that suits you;</p><p>(2) A complete enterprise status needs to be looked at from the perspectives of finance, business, environment, etc.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of the enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and burdensome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments will not affect your understanding at all;</p><p>(3) To look at the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle companies is fierce, and each of the three companies has its own emphasis. Nio has the first service income, and it seems that they are more expanding services and peripheral services; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng ranks first in R&D investment, taking the technology flow, and does not hesitate to reduce it<span>Net profit</span>, obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the views in this article do not constitute any investment advice.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b\">梁斌penny</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eebab619623966f6e7115434f653b888","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2130185329","content_text":"有人说：我没有财务基础，年报里很多财务报表，看不懂。但实际上，年报的目的无非就是传达企业的有效信息，信息的表达也不外乎数字、文字。所以，看年报，财务有财务的看法，非财务人员其实也另有门道。本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。年报的众多内容中，“经营情况”最热门中概股年报一般分成三个部分，每个部分的结构是SEC固定的，企业根据实际情况披露。我们在各种文章中看到数据，通常来源于年报第一部分，比如“关键信息”、“营运及财务回顾、前景”。年报的三大部分大致结构如下：年报就像企业定期发布的一本杂志，你对企业的哪方面感兴趣，就翻到哪一页去读，基本上，你想了解的企业信息，年报里都有。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。本文年报数据来源蔚来：https://www.sec.gov/ix?doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm理想：https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm小鹏：https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm例一：想知道谁卖了更多的车？方法：翻到第一部分“营运及财务回顾、前景”（OPERATING AND FINANCIAL REVIEW AND PROSPECTS），数据和文字将直截了当告诉你结果。蔚来：“到2020年，我们交付了43,728辆汽车，包括10,861辆ES8、27,945辆ES6和4,922辆EC6。截至2020年12月31日，我们共交付了75,641辆汽车。下表列出了所示期间与我们的车辆有关的交付数据。”理想：“我们是中国新能源汽车市场的创新者。我们设计，开发，制造和销售高级智能电动SUV。通过我们的产品，技术和商业模式创新，我们为家庭提供安全，方便和精致的产品和服务。我们是在中国成功商业化EREV的先驱。我们的首款车型Li ONE是六座大型豪华电动SUV，配备了增程系统和尖端的智能汽车解决方案。我们于2019年11月开始量产Li ONE，截至2020年12月31日，我们已交付了超过33,500辆Li ONE。”小鹏：“我们于2018年11月开始生产G3，截至2020年12月31日，我们已向客户交付了24,736单位G3。我们开始生产P7，并于2020年5月开始交付，到2020年12月31日，我们已向客户交付了15,062台P7。我们计划在2021年推出我们的第三款Smart EV轿车。”单看总销量，蔚来>小鹏>理想。但结合车型，蔚来车型最多，覆盖市场更广，平均每个车型销量14576；小鹏有两款车（G3、P7），平均每个车型卖出19899辆；而理想只有一款车（Li ONE），单个车型卖出33500辆，如此一来，三个品牌的单车型销量排名变成了：理想>小鹏>蔚来。可见，三个公司去年虽然总销量有高低，但谁更有优势却不好说。例二：想知道谁赚了更多的钱？方法：还是第一部分的“营运及财务回顾、前景”，企业对自己的盈亏进行了简而有力的描述。蔚来：“由于上述原因，我们在2020年净亏损为53.041亿元人民币（8.129亿美元），而在2019年则为净亏损112.957亿元人民币。”理想：“由于上述原因，我们在2020年发生了人民币1.517亿元（约合2,320万美元）的净亏损，而在2019年则是人民币24亿元的净亏损。”小鹏：“由于上述原因，我们在2020年发生了净亏损人民币27.320亿元（4.187亿美元），而在2019年则为人民币36.917亿元。”可见，三家企业从2019到2020都在亏损，按照亏损额来看，理想<小鹏<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>蔚来（53.04%）>小鹏（26.00%）。这样看来，理想的赚钱能力是不是更强一些？例三：想了解企业的经营策略？方法：经营策略，简单来说无非两个问题，一是“企业收入从哪来”，二是“企业把钱花哪了”。在年报中，这两类信息都几种体现在“关键信息”和“营运及财务回顾、前景”两部分。“关键信息”中简单粗暴地抛数据，“营运及财务回顾、前景”则对近三年的数据进行了耐心解释。有理有据，通俗易懂。我们根据三家企业的“关键信息”进行了简单整理：根据上述信息：2020年总收入最高的是蔚来，最少的是小鹏，单考虑“销售与营业成本”的话，三家企业都还处于“入不敷出”的状态；毛利率最高的是理想，最少的是小鹏；卖服务最多的是蔚来；研发投入最多的是小鹏。另外，在“营运及财务回顾、前景”中，三家企业对收入和成本构成又进行了进一步的耐心解释：不难发现，三个企业经营策略有很大出入：毛利率最高的理想，看似最能赚钱，在研发上孤注一掷的小鹏稍显固执，研发、服务、产品创新一样不落下的蔚来貌似格局最广。小结：（1）年报信息全，重要内容集中在“关键信息”、“营运及财务回顾、前景”、“财务报表”三个条目中；（2）年报信息形式包括数据、文字，列数据呈现客观现实，文字描述解释其中原因，简单清晰，通俗易懂。二窥企业全貌，还得看业务布局和环境了解企业全貌，读年报就要读更全。为此，我们可以根据个人的认知习惯搭建阅读导图，理清阅读思路：了解财务情况，也就是了解企业钱花得怎么样。目的是为了评估企业的资金运营能力，资金花在了正确的地方，才会产生更合理、更有前途的收入。年报为我们提供最直观、最基础的财务信息。（如果需要更专业的评估信息，可以从券商平台获取，比如杜邦分析）了解业务布局，也就是了解企业业务做得怎么样。目的是为了评估企业的商业模式的落地情况。不同行业、同一行业不同发展阶段的企业，业务布局可能会发生改变。了解企业业务布局可从研发、营销、服务三个点切入了解。其中，研发代表企业的核心竞争力，营销代表企业产品的市场接受度，服务代表企业的战略布局。业务情况主要看第一部分“有关公司的信息”。了解经营基础，也就是了解企业所处的环境怎么样。目的是为了评估企业的发展前途。影响企业发展前途的，一有高管，二有政策环境，三有行业环境，企业年报为我们提供了一部分关键信息。比如，高管信息看“董事、高管和雇员”，政策环境、行业环境看“关键信息”中的风险部分。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。（由于上文已经对基本的财务数据进行了分析，下面仅探讨三家公司的“业务布局”与“经营基础”）首先是蔚来：蔚 来理 想小 鹏从三家公司的去年的“业务布局”和“经营基础”可以看到，新能源车企现阶段面临的两大难题，一是技术难题，二是运营难题。技术上，三家新能源车企的核心技术各有千秋。理想快速占领两种动力的过渡地段，并且迅速取得了业绩；小鹏一头扎进技术研发，意图建立牢固的技术壁垒，蔚来则已经形成了相对稳固的纯电动技术体系。从发展性上看，小鹏和蔚来不相上下，虽然理想在技术上仍未透露更多的方向信息，但在如今的时代，技术堡垒还是存在有效期的。不久的将来，电车市场终将剩下几大巨头，而它们护城河却不一定是由技术造就的。运营上，小鹏、理想似乎已经放弃挣扎。蔚来的运营已经涉足金融、服务、用户以及技术上，而这几大元素，恰恰是当今时代堆砌“城墙”的珍贵资源。小结：（1）了解企业总体情况，要搭建适合自己的年报阅读导图；（2）完整的企业近况，需要从财务、业务、环境等角三总结（1）阅读企业年报是了解企业最有效的办法，年报由数字和文字组成，看似复杂累赘，实则有理有据，通俗易懂；（2）阅读企业年报可根据偏好翻阅，片段阅读丝毫不影响理解；（3）要看企业近期全貌，最好构建阅读导图，根据框架定位阅读；（4）新能源汽车企业竞争激烈，三家各有侧重，蔚来，服务收益第一，看上去更加的拓展服务，扩大周边服务；理想第一、侧重效率，提高毛利率，稳住现金消耗，打持久战；小鹏研发投入第一，走的是技术流，不惜降低净利润，通过技术路线获得未来的市场竞争机会。声明：本文图表资料均整理自SEC官网，文中观点不构成任何投资建议。","news_type":1,"symbols_score_info":{"NIO":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":2104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan to partner with Temasek and others to launch blockchain payment platform","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore-based Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 commercial bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop a wholesale payment track based on digitized commercial bank currency to enable \"atomic\" (i.e. instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating U.S. dollar and Singapore dollar flows between Singapore banks and will eventually expand services to other markets and currencies. Additionally, the platform will also be used to complement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","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>JPMorgan to partner with Temasek and others to launch blockchain payment platform</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\">\nJPMorgan to partner with Temasek and others to launch blockchain payment platform\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore-based Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 commercial bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop a wholesale payment track based on digitized commercial bank currency to enable \"atomic\" (i.e. instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating U.S. dollar and Singapore dollar flows between Singapore banks and will eventually expand services to other markets and currencies. Additionally, the platform will also be used to complement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":2285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"repost":{"id":"2130737155","kind":"highlight","pubTimestamp":1619591364,"share":"https://ttm.financial/m/news/2130737155?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:29","market":"hk","language":"zh","title":"Frequent investment, cross-border giants, and the IoT industry is surging","url":"https://stock-news.laohu8.com/highlight/detail?id=2130737155","media":"时氪分享","summary":"在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心，各领域的IoT投融资事件高度活跃，巨额融资频发。","content":"<p>April 26, IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Join hands with Hillhouse to jointly unveil the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages US $400 million in funds and mainly invests in IoT companies in the growth stage around the world. Graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>He Hillhouse said that as the leading IoT cloud platform and investment institution, the two parties will vigorously support potential enterprises and projects in the IoT track, and jointly create a diverse, rich and neutral global intelligent business ecosystem.</p><p>After a year of historic turning point in 2020, IoT appears to be returning to the center of the stage in capital markets. Whether it is in smart homes, smart businesses, smart cities, smart industry and agriculture and other fields, it is playing an increasingly important role. Therefore, IoT investment and financing events in various fields are highly active, and huge financing occurs frequently.</p><p>For example, in May 2020, Samsara, an industrial IoT startup, raised another US $400 million after receiving US $300 million in Series F financing the previous year to further expand its industrial IoT business; On January 21, 2021, the IoT startup Skylo stepped out of the hidden mode and announced the completion of the US $103 million Series B financing led by SoftBank Group; In China, online education companies have announced the launch of smart hardware. Keike House Search has been in the Internet of Things industry for a long time, and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the new trend after the mobile Internet</b></p><p>This year's IoT track is booming, and the reason behind it is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went to the United States for an IPO, and Hillhouse became an investor in Tuya. The unveiling of the Tuya IoT Industry Fund means that Hillhouse, one of the largest investment institutions in Asia, has once again increased its investment in the industry.</b>Zhang Lei, founder of Hillhouse, once pointed out in the book \"Value\": For an investor, it is a very important ability to understand key industries and companies hidden in huge potential energy.</p><p>The IoT industry happens to have the \"potential energy\" that Hillhouse values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. Technically, artificial intelligence, big data, cloud computing, edge computing and other technologies continue to develop, and sensors, communication networks, cloud-edge data platforms and various applications are becoming more and more perfect, accelerating the arrival of the climax of IoT development. In terms of demand, intelligence and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also increasing.</p><p>At present, the penetration rate of the IoT market is still not high, and it is on the \"eve\" of the trend, and there is huge room for future growth.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>It is estimated that a single household needs 50 smart modules to complete intelligence, but there were only 763 million smart modules in the world in 2019. Assuming that all of them are for home use, it corresponds to about 1 billion households around the world. The average number of smart modules owned by each household is less than 1. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It can be expected that smart module shipments will rise rapidly in the next few years, and the global intelligence process will also accelerate.</p><p>After years of gaining momentum, human society has gone from the PC era to the mobile Internet era and is about to enter the IoT era. It is not difficult to see that IoT may become another blue ocean after the mobile Internet.</p><p><b>The three pillars of the IoT industry</b></p><p>The three roles of cloud giants, To C hardware brands, and IoT developer platforms that have entered IoT have become three key forces that cannot be ignored in the IoT industry. Among them, it is worth mentioning the IoT developer platform. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, the developer platform will be the linker of the IoT ecosystem. Solved the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>(CICC) put forward such a point of view in a recently released report: \"Compared with the mobile Internet era 10 years ago, in the explosion period of each generation of new device connections, the birth of giants is to gather upstream and downstream players through unified operating system capabilities, and build a strong ecosystem and barriers.\"</p><p>In the era of mobile Internet, the rise of Android is a very typical example.</p><p>In 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Developed the Android system and took the lead in establishing the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said: \"The powerful platform we've unveiled will power thousands of different models of phones.\" He commented that the strategy was \"more ambitious than any'Google phone 'the media has speculated over the past few weeks.\"</p><p>When Android was born, the industry already had the Symbian system that dominated the market, as well as the Windows mobile operating system,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and iOS, which has just broken its shell, and the way for the latecomer Android to seek to break the game is open source. Android adopted the open source system from the beginning, and quickly gathered loyal developers from all over the world. Then, a steady stream of application products gradually blossomed and gathered in the App store represented by Google Play, attracting more and more end users to enter the App ecosystem of Android system.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of Android system ecosystem is to grasp the bilateral network effect of developers and end users\". Open source labels Android as a neutral, which is the entrance for the Android ecosystem to take off. After that, in order to consolidate its ecosystem on the developer side, Google provides a large number of SDK developer tools; In order to consolidate the ecology on the user side, the value-added services provided by Google Family Bucket are used to enhance user stickiness.</p><p>After more than ten years of development, at present, Android has become the largest mobile operating system in the world, with a market share of about 75%.</p><p>Looking back to the IoT ecosystem, its core is mainly composed of four basic elements, namely devices, networking layer, application layer and cloud. Due to the extremely diverse devices in this industry, it is destined not to be a \"winner-take-all\" market. Smart devices of different brands and categories need to be connected with multiple scenarios and diversified applications, so that brands, OEMs and end users can communicate and interact with various smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" that belongs to the IoT industry. Through a unified operating system, upstream and downstream players are gathered and products of different brands and categories are linked together to build an Internet of Everything. IoT ecosystem. Compared with the other two business models, in the IoT industry, the number of companies deeply involved in developer platforms is scarce.</p><p><b>\"Ecological co-builder\" in the IoT era</b></p><p>In the IoT era, Tuya Smart is one such \"ecological co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has brought together more than 262,000 registered developers and linked more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve cross-brand and category interconnection.</p><p>In March this year, Tuya Smart successfully landed on the new york Stock Exchange in the United States, becoming \"the first IoT cloud platform in the world\". The IPO fundraising scale exceeded US $900 million, and the market value on the first day of listing was nearly US $14 billion, which also proved from the perspective of the capital market. This business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises link massive devices together, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby realizing Continuous \"self-proliferation\" of the ecosystem.</p><p>This time, Tuya Smart and Hillhouse jointly launched the IoT Industry Fund, which was interpreted by the outside world as an extension of its platform ecological strategy.</p><p>If we explore the era of mobile Internet, the key to the rise of Android is that its ecology is open and diverse enough. Similarly, in the IoT era where everything is intelligently connected, it is impossible for one platform to complete all industry applications by itself. Therefore, Tuya launched the IoT Industry Fund this time, announcing that it will support more developers in the industry, including Android and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early stage, in order to encourage developers to join the ecosystem, various favorable measures were introduced.</p><p>It is worth noting that this time Tuya also announced the \"Klein Plan\" that will empower the \"nine major industries\". This reflects the recent frequent actions of players from all walks of life who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, traditional industries will gradually upgrade to smart businesses, and traditional devices will gradually upgrade to smart devices. In the process of industrial intelligent transformation, platform enterprises may become the mainstay, playing a key role in \"empowering the intelligence of all things\" and leading the wave of the intelligent era.</p>","source":"36kr_stock","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>Frequent investment, cross-border giants, and the IoT industry is surging</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\">\nFrequent investment, cross-border giants, and the IoT industry is surging\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">时氪分享</strong><span class=\"h-time small\">2021-04-28 14:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>April 26, IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Join hands with Hillhouse to jointly unveil the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages US $400 million in funds and mainly invests in IoT companies in the growth stage around the world. Graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>He Hillhouse said that as the leading IoT cloud platform and investment institution, the two parties will vigorously support potential enterprises and projects in the IoT track, and jointly create a diverse, rich and neutral global intelligent business ecosystem.</p><p>After a year of historic turning point in 2020, IoT appears to be returning to the center of the stage in capital markets. Whether it is in smart homes, smart businesses, smart cities, smart industry and agriculture and other fields, it is playing an increasingly important role. Therefore, IoT investment and financing events in various fields are highly active, and huge financing occurs frequently.</p><p>For example, in May 2020, Samsara, an industrial IoT startup, raised another US $400 million after receiving US $300 million in Series F financing the previous year to further expand its industrial IoT business; On January 21, 2021, the IoT startup Skylo stepped out of the hidden mode and announced the completion of the US $103 million Series B financing led by SoftBank Group; In China, online education companies have announced the launch of smart hardware. Keike House Search has been in the Internet of Things industry for a long time, and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the new trend after the mobile Internet</b></p><p>This year's IoT track is booming, and the reason behind it is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went to the United States for an IPO, and Hillhouse became an investor in Tuya. The unveiling of the Tuya IoT Industry Fund means that Hillhouse, one of the largest investment institutions in Asia, has once again increased its investment in the industry.</b>Zhang Lei, founder of Hillhouse, once pointed out in the book \"Value\": For an investor, it is a very important ability to understand key industries and companies hidden in huge potential energy.</p><p>The IoT industry happens to have the \"potential energy\" that Hillhouse values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. Technically, artificial intelligence, big data, cloud computing, edge computing and other technologies continue to develop, and sensors, communication networks, cloud-edge data platforms and various applications are becoming more and more perfect, accelerating the arrival of the climax of IoT development. In terms of demand, intelligence and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also increasing.</p><p>At present, the penetration rate of the IoT market is still not high, and it is on the \"eve\" of the trend, and there is huge room for future growth.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>It is estimated that a single household needs 50 smart modules to complete intelligence, but there were only 763 million smart modules in the world in 2019. Assuming that all of them are for home use, it corresponds to about 1 billion households around the world. The average number of smart modules owned by each household is less than 1. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It can be expected that smart module shipments will rise rapidly in the next few years, and the global intelligence process will also accelerate.</p><p>After years of gaining momentum, human society has gone from the PC era to the mobile Internet era and is about to enter the IoT era. It is not difficult to see that IoT may become another blue ocean after the mobile Internet.</p><p><b>The three pillars of the IoT industry</b></p><p>The three roles of cloud giants, To C hardware brands, and IoT developer platforms that have entered IoT have become three key forces that cannot be ignored in the IoT industry. Among them, it is worth mentioning the IoT developer platform. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, the developer platform will be the linker of the IoT ecosystem. Solved the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>(CICC) put forward such a point of view in a recently released report: \"Compared with the mobile Internet era 10 years ago, in the explosion period of each generation of new device connections, the birth of giants is to gather upstream and downstream players through unified operating system capabilities, and build a strong ecosystem and barriers.\"</p><p>In the era of mobile Internet, the rise of Android is a very typical example.</p><p>In 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Developed the Android system and took the lead in establishing the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said: \"The powerful platform we've unveiled will power thousands of different models of phones.\" He commented that the strategy was \"more ambitious than any'Google phone 'the media has speculated over the past few weeks.\"</p><p>When Android was born, the industry already had the Symbian system that dominated the market, as well as the Windows mobile operating system,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and iOS, which has just broken its shell, and the way for the latecomer Android to seek to break the game is open source. Android adopted the open source system from the beginning, and quickly gathered loyal developers from all over the world. Then, a steady stream of application products gradually blossomed and gathered in the App store represented by Google Play, attracting more and more end users to enter the App ecosystem of Android system.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of Android system ecosystem is to grasp the bilateral network effect of developers and end users\". Open source labels Android as a neutral, which is the entrance for the Android ecosystem to take off. After that, in order to consolidate its ecosystem on the developer side, Google provides a large number of SDK developer tools; In order to consolidate the ecology on the user side, the value-added services provided by Google Family Bucket are used to enhance user stickiness.</p><p>After more than ten years of development, at present, Android has become the largest mobile operating system in the world, with a market share of about 75%.</p><p>Looking back to the IoT ecosystem, its core is mainly composed of four basic elements, namely devices, networking layer, application layer and cloud. Due to the extremely diverse devices in this industry, it is destined not to be a \"winner-take-all\" market. Smart devices of different brands and categories need to be connected with multiple scenarios and diversified applications, so that brands, OEMs and end users can communicate and interact with various smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" that belongs to the IoT industry. Through a unified operating system, upstream and downstream players are gathered and products of different brands and categories are linked together to build an Internet of Everything. IoT ecosystem. Compared with the other two business models, in the IoT industry, the number of companies deeply involved in developer platforms is scarce.</p><p><b>\"Ecological co-builder\" in the IoT era</b></p><p>In the IoT era, Tuya Smart is one such \"ecological co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has brought together more than 262,000 registered developers and linked more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve cross-brand and category interconnection.</p><p>In March this year, Tuya Smart successfully landed on the new york Stock Exchange in the United States, becoming \"the first IoT cloud platform in the world\". The IPO fundraising scale exceeded US $900 million, and the market value on the first day of listing was nearly US $14 billion, which also proved from the perspective of the capital market. This business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises link massive devices together, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby realizing Continuous \"self-proliferation\" of the ecosystem.</p><p>This time, Tuya Smart and Hillhouse jointly launched the IoT Industry Fund, which was interpreted by the outside world as an extension of its platform ecological strategy.</p><p>If we explore the era of mobile Internet, the key to the rise of Android is that its ecology is open and diverse enough. Similarly, in the IoT era where everything is intelligently connected, it is impossible for one platform to complete all industry applications by itself. Therefore, Tuya launched the IoT Industry Fund this time, announcing that it will support more developers in the industry, including Android and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early stage, in order to encourage developers to join the ecosystem, various favorable measures were introduced.</p><p>It is worth noting that this time Tuya also announced the \"Klein Plan\" that will empower the \"nine major industries\". This reflects the recent frequent actions of players from all walks of life who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, traditional industries will gradually upgrade to smart businesses, and traditional devices will gradually upgrade to smart devices. In the process of industrial intelligent transformation, platform enterprises may become the mainstay, playing a key role in \"empowering the intelligence of all things\" and leading the wave of the intelligent era.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1201241384421641\">时氪分享</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/698524fb247d33e97bc29e7edacc3a96","relate_stocks":{"GOOG":"谷歌","TUYA":"涂鸦智能","QNETCN":"纳斯达克中美互联网老虎指数","09086":"华夏纳指-U","GOOGL":"谷歌A","03086":"华夏纳指"},"source_url":"https://36kr.com/p/1201241384421641","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130737155","content_text":"4月26日，IoT云平台涂鸦智能携手高瓴，在全球硬科技开发者大会上共同揭幕涂鸦IoT产业基金。\n该基金管理资金规模达4亿美元，主要面向全球处于成长期的IoT企业进行投资。涂鸦智能与高瓴表示，作为头部IoT云平台和投资机构，双方将大力扶持IoT赛道的潜力企业和项目，共同打造多元且丰富中立的全球智能商业生态。\n在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心。无论是在智能家居、智慧商业还是在智慧城市、智慧工农业等领域，都扮演愈发重要的角色，各领域的IoT投融资事件也因此高度活跃，巨额融资频发。\n例如2020年5月，工业物联网创企Samsara继前一年获得3亿美元的F轮融资之后，又筹集了4亿美元，进一步扩大其工业物联网业务；2021年1月21日，IoT初创公司Skylo走出隐匿模式，并宣布完成由软银集团领投的1.03亿美元B轮融资；而在国内，在线教育企业纷纷宣布推出智能硬件，贝壳找房则是布局物联网行业已久，近期在社区智能化领域动作频频。\nIoT，移动互联网之后的新风向\n今年IoT赛道热潮汹涌，究其背后原因，是基于对整个行业看好的预期。\n今年3月，涂鸦智能赴美IPO，高瓴成为涂鸦的投资方。而本次涂鸦IoT产业基金的揭幕，则意味着作为亚洲最大投资机构之一的高瓴对该行业的又一次加码。高瓴创始人张磊曾在《价值》一书中提出：对一名投资人而言，理解潜藏在巨大势能的关键行业和企业，是非常重要的能力。\n而IoT行业恰好具备高瓴所看重的“势能”。\n从政策发展的角度而言，IoT是我国政府近年来重点扶持的行业。在技术上，人工智能、大数据、云计算、边缘计算等技术不断发展，传感器、通信网络、云边端数据平台和各种应用愈加完善，加速了IoT发展高潮的到来。在需求上，智慧化、数字化已成为B端企业在生产、管理和运营上不可或缺的保障，消费者对智能设备的接受度也不断提升。\n当前，IoT市场渗透率仍不高，处于风口来临的“前夜”，未来增长空间巨大。天风证券估测，单个家庭需要50个智能模组完成智能化，但2019年全球仅有7.63亿个智能模组，假设其全部为家庭用，对应全球约10亿家庭，平均每个家庭拥有的智能模组不足1个。因此，智能模组市场渗透率不足2%，仍有50倍成长空间。可以预计的是，智能模组出货量将在未来几年内快速上升，全球智能化进程也将加速推进。\n历经多年蓄势，人类社会已经从PC时代走到了移动互联网时代，并即将进入IoT时代。不难看出，IoT或将成为移动互联网之后的又一个蓝海。\nIoT行业的三足鼎立\n切入IoT的云巨头、To C硬件品牌、IoT开发者平台三种角色，已经成为IoT行业内不可忽视的三股关键力量。其中值得一提的是IoT开发者平台，如果说云巨头和To C硬件品牌分别扮演“基础设施建设者”和“智能设备生产者”的角色，开发者平台则会是IoT生态的链接者，解决了行业核心痛点。\n中金公司（CICC）在近日发布的报告中提出了这样一个观点：“对标10年前的移动互联网时代，在每一代新设备连接的爆发期，巨头的诞生都是通过统一的操作系统能力汇聚上下游的玩家，建立起强大的生态体系和壁垒。”\n在移动互联网时代，安卓的崛起是一个非常典型的例子。\n2007年，谷歌研发安卓系统，并牵头成立了开放手机联盟（Open Handset Alliance），将大量手机制造商、芯片制造商、运营商囊括在内。当时，时任谷歌董事长兼首席执行官的埃里克·施密特表示：“我们所公布的强大平台将为数千款不同型号的手机提供动力。”他评论道，这一战略“比过去几周媒体所猜测的任何一款‘谷歌手机’都要雄心勃勃”。\n在安卓诞生之时，行业内已经有了称霸市场的塞班系统，以及Windows手机操作系统、黑莓系统和刚刚破壳的iOS，而后来者安卓寻求破局的途径是——开源。安卓一开始就采用开源系统，迅速汇集了来自全球的忠实开发者，随后源源不断的应用产品逐渐开花结果，汇集在以Google Play为代表的应用商店中，吸引越来越多的终端使用者进入安卓系统的App生态。\n中金公司认为，“安卓系统生态的建立正是把握了开发者、终端使用者的双边网络效应”。开源为安卓打上中立的标签，是安卓生态起飞的入口，在这之后，谷歌为了巩固其在开发者端的生态，提供大量 SDK 开发者工具；为了巩固在用户端的生态，以谷歌全家桶提供的增值服务增强用户粘性。\n历经十余年发展，目前，安卓已成为全球最大的移动操作系统，拥有约75%的市场份额。\n将目光放回IoT生态，其核心主要由四个基本要素组成，即设备、连网层、应用层和云。这个行业由于设备极度多样，注定不会是“赢家通吃”的市场，不同品牌、不同品类的智能设备就需要用多场景、多样化的应用来连接，品牌、OEM及终端用户才得以通过各种各样的智能设备进行交流和互动。\n因此，行业同样需要一个IoT开发者平台，来创造属于IoT行业的“操作系统”，通过统一的操作系统汇聚上下游的玩家并将不同品牌、不同品类的产品链接在一起，构建起万物互联的IoT生态。相比起其他两种商业模式，IoT行业内，深耕开发者平台的公司数量稀缺。\nIoT时代的“生态共建者”\n在IoT时代，涂鸦智能就是一个这样的“生态共建者”。\n截至2020年12月31日，涂鸦IoT开发者平台已经汇集了超过26.2万注册开发者，链接超过2亿台Powered by Tuya设备。而不同的Powered by Tuya设备之间可以实现跨品牌和品类的互联互通。\n今年3月，涂鸦智能顺利登陆美国纽约证券交易所，成为“全球IoT云平台第一股”，IPO募资规模超9亿美元，上市首日市值近140亿美元，也从资本市场的角度佐证了这种商业模式拥有巨大的发展潜力。\n而且，作为中立、开放的IoT云平台，在帮助全球企业把海量设备链接在一起之后，涂鸦智能有很大机会成为这些设备的中心管理平台，并吸引更多企业加入到生态之中，从而实现生态连续不断的“自我增殖”。\n此次涂鸦智能和高瓴共同推出IoT产业基金，外界解读为是其平台生态战略的延伸。\n若探究移动互联网时代，安卓崛起的关键，在于其生态足够开放多元。同理，在万物智联的IoT时代，不可能有一家平台能独力做完所有行业应用。因此，涂鸦此次推出IoT产业基金，宣布要扶植更多行业内的开发者，大有安卓和苹果早期为鼓励开发者加入生态，推出各种利好措施的影子。\n值得关注的是，此次涂鸦还宣布了将赋能“九大行业”的“克莱因计划”，这和近期动作频频，纷纷宣布进军IoT行业的各行各业玩家，正好相互映照。\n可以预见的是，未来，IoT行业生态会继续爆发，传统产业逐步升级为智能商业，传统设备将逐步升级为智能设备。在产业智能化转型的过程中，平台型企业或将会成为中流砥柱，扮演“赋能万物智能”的关键角色，引领智能化时代的浪潮。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TUYA":0.9,"09086":0.9,"GOOG":0.9,"GOOGL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":1715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":100175306,"gmtCreate":1619595545305,"gmtModify":1704726513712,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100175306","repostId":"2130185329","repostType":2,"repost":{"id":"2130185329","kind":"news","pubTimestamp":1619522556,"share":"https://ttm.financial/m/news/2130185329?lang=en_US&edition=fundamental","pubTime":"2021-04-27 19:22","market":"us","language":"zh","title":"\"Winning the U.S. Stock Financial Report\" Series (3): The \"Story\" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)","url":"https://stock-news.laohu8.com/highlight/detail?id=2130185329","media":"梁斌penny","summary":"本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。单看总销量，蔚来>小鹏>理想。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想>蔚来>小鹏。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。","content":"<p><html><body><article>Some people say: I don't have a financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey the effective information of the enterprise, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three companies to learn--</p><p>\"How to read the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the most popular</strong></p><p>The annual report of Chinese concept stocks is generally divided into three parts. The structure of each part is fixed by the SEC, and the company discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Prospects\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>The annual report is like a magazine regularly published by an enterprise. Whichever aspect of the enterprise you are interested in, turn to whichever page to read it. Basically, all the enterprise information you want to know is in the annual report.</p><p>Let's take Nio, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc =/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f. htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first part \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS\", and the data and text will tell you the results directly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8, 27,945 ES6 and 4,922 EC6. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are pioneers in successfully commercializing EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Electric SUV, equipped with range-extending systems and cutting-edge smart car solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we have delivered more than 33,500 Li ONE units. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018 and as of December 31, 2020, we have delivered 24,736 units of the G3 to our customers. We started production of the P7 and commenced deliveries in May 2020, and by December 31, 2020, we have delivered 15,062 units of the P7 to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Ideal. But combined with models, Nio has the most models and covers a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3 and P7), with an average sales of 19,899 vehicles per model; Ideal has only one car (Li ONE), and a single model sold 33,500 units. As a result, the single model sales ranking of the three brands has become: Ideal > XPeng > Nio.</p><p>It can be seen that although the total sales volume of the three companies was high and low last year, it is hard to say who has the advantage.</p><p><strong>Example 2: Want to know who makes more money?</strong></p><p>Method: It is still the first part of \"Operation and Financial Review and Prospects\". The enterprise gives a brief and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB 5,304.1 million (US $812.9 million) in 2020, compared with a net loss of RMB 11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB 151.7 million (approximately US $23.2 million) in 2020, compared with a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB 2,732.0 million (US $418.7 million) in 2020, compared to RMB 3,691.7 million in 2019.\"</p><p>It can be seen that the three companies are losing money from 2019 to 2020. According to the amount of losses, the ideal < XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, there are nothing more than two problems, one is<strong>\"Where does the enterprise income come from\"</strong>The second is<strong>\"Where did enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". \"Key Information\" simply and rudely throws data, while \"Operational and Financial Review and Prospects\" patiently explains the data of the past three years. Well-founded and easy to understand.</p><p>We simply sorted it out based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio has the highest total revenue, and XPeng has the lowest. Considering \"sales and operating costs\" alone, all three companies are still in a state of \"unable to make ends meet\"; The one with the highest gross profit margin is Ideal, and the one with the least is XPeng; Nio sells the most services; XPeng invests the most in R&D.</p><p>In addition, in the \"Operational and Financial Review and Prospects\", the three companies<strong>Revenue and cost composition</strong>He gave a further patient explanation:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that the business strategies of the three companies are quite different: the ideal with the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service, and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report contains complete information, and the important contents are concentrated in three items: \"Key Information\", \"Operation and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and text. The column data presents objective reality, and the text description explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To get a glimpse of the overall picture of the enterprise, we also have to look at the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you must read more completely when reading the annual report. To this end, we can build a reading map according to our personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how business money is being spent.</strong>The purpose is to evaluate the capital operation ability of the enterprise. Only when the funds are spent in the right places will they generate more reasonable and promising income. The annual report provides us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can obtain it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise's business is doing.</strong>The purpose is to evaluate the implementation of the business model of the enterprise. The business layout of enterprises in different industries and at different stages of development in the same industry may change. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing, and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprises' products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understand the business foundation, that is, understand the environment in which the enterprise is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development prospects of enterprises are executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, executive information looks at \"directors, executives and employees\", and policy environment and industry environment look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal, and XPeng. (As the basic financial data have been analyzed above, only the \"business layout\" and \"operating basis\" of the three companies are discussed below)</p><p>First up is Nio:</p><p><strong>Nio</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>XPeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"operating foundation\" of the three companies last year, we can see that there are two major problems faced by new energy vehicle companies at this stage, one is technical problems, and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideally, it quickly occupies the transitional area between the two kinds of power, and quickly achieves results; XPeng has plunged into technology research and development with the intention of establishing solid technical barriers, while Nio has formed a relatively stable pure electric technology system. From a developmental point of view, XPeng and Nio are comparable. Although Ideal has not disclosed more direction information in technology, in today's era, the technological fortress still has a validity period. In the near future, there will eventually be a few giants left in the tram market, and their moats are not necessarily created by technology.</p><p>In terms of operation, XPeng and Ideal seem to have given up their struggle. Nio's operation has been involved in finance, services, users and technology, and these elements are precisely the precious resources for piling up \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build an annual report reading map that suits you;</p><p>(2) A complete enterprise status needs to be looked at from the perspectives of finance, business, environment, etc.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of the enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and burdensome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments will not affect your understanding at all;</p><p>(3) To look at the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle companies is fierce, and each of the three companies has its own emphasis. Nio has the first service income, and it seems that they are more expanding services and peripheral services; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng ranks first in R&D investment, taking the technology flow, and does not hesitate to reduce it<span>Net profit</span>, obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the views in this article do not constitute any investment advice.</p><p></article></body></html></p>","source":"tencent","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>\"Winning the U.S. Stock Financial Report\" Series (3): The \"Story\" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Winning the U.S. Stock Financial Report\" Series (3): The \"Story\" Behind the Annual Report-Understanding the Latest Financial Reports of Nio, Ideal, and XPeng (Issue 18)\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁斌penny</strong><span class=\"h-time small\">2021-04-27 19:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>Some people say: I don't have a financial foundation, and I can't understand many financial statements in the annual report. But in fact, the purpose of the annual report is nothing more than to convey the effective information of the enterprise, and the expression of information is nothing more than numbers and words. Therefore, looking at the annual report, finance has a financial view, and non-financial personnel actually have another way.</p><p>In this issue, let's talk about this \"doorway\" and borrow \"<a href=\"https://laohu8.com/S/NIO\">Nio</a>, Ideal, XPeng \"three companies to learn--</p><p>\"How to read the story behind the annual report\".</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719204179937f13_570x380/0\"/><strong>Among the many contents of the annual report, \"business situation\" is the most popular</strong></p><p>The annual report of Chinese concept stocks is generally divided into three parts. The structure of each part is fixed by the SEC, and the company discloses it according to the actual situation. We see data in various articles, usually from the first part of the annual report, such as \"Key Information\", \"Operational and Financial Review, Prospects\". The general structure of the three parts of the annual report is as follows:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919457e6c7358_479x512/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194679bc17f3_497x542/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919467e6c7359_290x115/0\"/>The annual report is like a magazine regularly published by an enterprise. Whichever aspect of the enterprise you are interested in, turn to whichever page to read it. Basically, all the enterprise information you want to know is in the annual report.</p><p>Let's take Nio, Ideal and XPeng as examples to understand their recent operating performance through three questions.</p><p>Data source of this annual report</p><p>Nio:</p><p>https://www.sec.gov/ix? doc =/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f. htm</p><p>Ideal:</p><p>https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm</p><p>XPeng:</p><p>https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm</p><p><strong>Example 1: Want to know who sold more cars?</strong></p><p>Method: Turn to the first part \"OPERATING AND FINANCIAL REVIEW AND PROSPECTS\", and the data and text will tell you the results directly.</p><p><strong>Nio</strong>: \"In 2020, we delivered 43,728 vehicles, including 10,861 ES8, 27,945 ES6 and 4,922 EC6. As of December 31, 2020, we delivered a total of 75,641 vehicles. The table below sets forth the delivery data relating to our vehicles for the periods indicated.\"</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719194977e55d33_570x178/0\"/><strong>Ideal:</strong>\"We are<a href=\"https://laohu8.com/S/600617\">National New Energy</a>Innovators in the automotive market. We design, develop, manufacture and sell advanced<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Electric SUV. Through our product, technology and business model innovation, we provide safe, convenient and sophisticated products and services for families. We are pioneers in successfully commercializing EREV in China. Our first model, the Li ONE, is a six-seat large<a href=\"https://laohu8.com/S/DLX\">Luxurious</a>Electric SUV, equipped with range-extending systems and cutting-edge smart car solutions. We began mass production of the Li ONE in November 2019, and as of December 31, 2020, we have delivered more than 33,500 Li ONE units. \"</p><p><strong>XPeng</strong>: \"We started production of the G3 in November 2018 and as of December 31, 2020, we have delivered 24,736 units of the G3 to our customers. We started production of the P7 and commenced deliveries in May 2020, and by December 31, 2020, we have delivered 15,062 units of the P7 to our customers. We plan to launch our third Smart EV sedan in 2021.\"</p><p>Looking at total sales alone, Nio > XPeng > Ideal. But combined with models, Nio has the most models and covers a wider market, with an average sales volume of 14,576 per model; XPeng has two cars (G3 and P7), with an average sales of 19,899 vehicles per model; Ideal has only one car (Li ONE), and a single model sold 33,500 units. As a result, the single model sales ranking of the three brands has become: Ideal > XPeng > Nio.</p><p>It can be seen that although the total sales volume of the three companies was high and low last year, it is hard to say who has the advantage.</p><p><strong>Example 2: Want to know who makes more money?</strong></p><p>Method: It is still the first part of \"Operation and Financial Review and Prospects\". The enterprise gives a brief and powerful description of its own profit and loss.</p><p><strong>Nio:</strong>\"As a result of the foregoing, we had a net loss of RMB 5,304.1 million (US $812.9 million) in 2020, compared with a net loss of RMB 11,295.7 million in 2019.\"</p><p><strong>Ideal:</strong>\"As a result of the above reasons, we incurred a net loss of RMB 151.7 million (approximately US $23.2 million) in 2020, compared with a net loss of RMB 2.4 billion in 2019.\"</p><p><strong>XPeng:</strong>\"As a result of the foregoing, we incurred a net loss of RMB 2,732.0 million (US $418.7 million) in 2020, compared to RMB 3,691.7 million in 2019.\"</p><p>It can be seen that the three companies are losing money from 2019 to 2020. According to the amount of losses, the ideal < XPeng<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>Nio (53.04%) > XPeng (26.00%). In this way, is the ideal earning power stronger?</p><p><strong>Example 3: Want to know the business strategy of the enterprise?</strong></p><p>Method: Business strategy, simply put, there are nothing more than two problems, one is<strong>\"Where does the enterprise income come from\"</strong>The second is<strong>\"Where did enterprises spend their money?\"</strong>。 In the annual report, these two types of information are reflected in two parts: \"Key Information\" and \"Operational and Financial Review and Prospects\". \"Key Information\" simply and rudely throws data, while \"Operational and Financial Review and Prospects\" patiently explains the data of the past three years. Well-founded and easy to understand.</p><p>We simply sorted it out based on the \"key information\" of the three companies:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191949774ce970_889x762/0\"/>Based on the above information:</p><p>In 2020, Nio has the highest total revenue, and XPeng has the lowest. Considering \"sales and operating costs\" alone, all three companies are still in a state of \"unable to make ends meet\"; The one with the highest gross profit margin is Ideal, and the one with the least is XPeng; Nio sells the most services; XPeng invests the most in R&D.</p><p>In addition, in the \"Operational and Financial Review and Prospects\", the three companies<strong>Revenue and cost composition</strong>He gave a further patient explanation:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195079937f07_711x478/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919507a51094d_704x477/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195179937f08_689x638/0\"/>It is not difficult to find that the business strategies of the three companies are quite different: the ideal with the highest gross profit margin seems to be the most profitable, XPeng, which is desperate in R&D, is a little stubborn, and Nio, which does not fall behind in R&D, service, and product innovation, seems to have the widest pattern.</p><p><strong>Summary:</strong></p><p>(1) The annual report contains complete information, and the important contents are concentrated in three items: \"Key Information\", \"Operation and Financial Review, Prospects\" and \"Financial Statements\";</p><p>(2) The information form of the annual report includes data and text. The column data presents objective reality, and the text description explains the reasons, which is simple, clear and easy to understand.</p><p><strong>two</strong></p><p><strong>To get a glimpse of the overall picture of the enterprise, we also have to look at the business layout and environment</strong></p><p>To understand the whole picture of the enterprise, you must read more completely when reading the annual report. To this end, we can build a reading map according to our personal cognitive habits and clarify our reading ideas:</p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919517dd3e25b_565x499/0\"/><strong>Understanding the financial situation, that is, understanding how business money is being spent.</strong>The purpose is to evaluate the capital operation ability of the enterprise. Only when the funds are spent in the right places will they generate more reasonable and promising income. The annual report provides us with the most intuitive and basic financial information. (If you need more professional evaluation information, you can obtain it from the brokerage platform, such as<a href=\"https://laohu8.com/S/DD\">DuPont</a>Analysis)</p><p><strong>Understand the business layout, that is, understand how the enterprise's business is doing.</strong>The purpose is to evaluate the implementation of the business model of the enterprise. The business layout of enterprises in different industries and at different stages of development in the same industry may change. Understanding the business layout of an enterprise can be understood from three points: R&D, marketing, and service. Among them, R&D represents the core competitiveness of enterprises, marketing represents the market acceptance of enterprises' products, and service represents the strategic layout of enterprises. The business situation mainly depends on the first part \"Information about the company\".</p><p><strong>Understand the business foundation, that is, understand the environment in which the enterprise is located.</strong>The purpose is to evaluate the development prospects of enterprises. What affects the development prospects of enterprises are executives, policy environment and industry environment. The annual report of enterprises provides us with some key information. For example, executive information looks at \"directors, executives and employees\", and policy environment and industry environment look at the risk part of \"key information\".</p><p>Next, we try to use this framework to understand the earning power of Nio, Ideal, and XPeng. (As the basic financial data have been analyzed above, only the \"business layout\" and \"operating basis\" of the three companies are discussed below)</p><p>First up is Nio:</p><p><strong>Nio</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195279bc17f4_1003x908/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191952774ce972_811x803/0\"/><strong>Ideal</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919537c0b6aa6_1033x794/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG20210427191953787e2317_747x681/0\"/><strong>XPeng</strong></p><p><img src=\"http://snpimg.gtimg.com/snp/0/IMG202104271919547b72db62_841x878/0\"/><img src=\"http://snpimg.gtimg.com/snp/0/IMG2021042719195479937f09_736x505/0\"/>From the \"business layout\" and \"operating foundation\" of the three companies last year, we can see that there are two major problems faced by new energy vehicle companies at this stage, one is technical problems, and the other is operational problems.</p><p>Technically, the core technologies of the three new energy vehicle companies have their own merits. Ideally, it quickly occupies the transitional area between the two kinds of power, and quickly achieves results; XPeng has plunged into technology research and development with the intention of establishing solid technical barriers, while Nio has formed a relatively stable pure electric technology system. From a developmental point of view, XPeng and Nio are comparable. Although Ideal has not disclosed more direction information in technology, in today's era, the technological fortress still has a validity period. In the near future, there will eventually be a few giants left in the tram market, and their moats are not necessarily created by technology.</p><p>In terms of operation, XPeng and Ideal seem to have given up their struggle. Nio's operation has been involved in finance, services, users and technology, and these elements are precisely the precious resources for piling up \"city walls\" in today's era.</p><p><strong>Summary:</strong></p><p>(1) Understand the overall situation of the enterprise, and build an annual report reading map that suits you;</p><p>(2) A complete enterprise status needs to be looked at from the perspectives of finance, business, environment, etc.</p><p><strong>three</strong></p><p><strong>sum up</strong></p><p>(1) Reading the annual report of the enterprise is the most effective way to understand the enterprise. The annual report is composed of numbers and words, which seems complicated and burdensome, but in fact it is well-founded and easy to understand;</p><p>(2) Reading the annual report of the enterprise can be read according to your preference, and reading fragments will not affect your understanding at all;</p><p>(3) To look at the recent overall picture of the enterprise, it is best to build a reading map and position reading according to the framework;</p><p>(4) The competition between new energy vehicle companies is fierce, and each of the three companies has its own emphasis. Nio has the first service income, and it seems that they are more expanding services and peripheral services; Ideal first, focus on efficiency, increase gross profit margin, stabilize cash consumption, and fight a protracted war; XPeng ranks first in R&D investment, taking the technology flow, and does not hesitate to reduce it<span>Net profit</span>, obtain future market competition opportunities through technical routes.</p><p>Disclaimer: The charts and materials in this article are compiled from SEC official website, and the views in this article do not constitute any investment advice.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b\">梁斌penny</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eebab619623966f6e7115434f653b888","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210427191759787e2302&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2130185329","content_text":"有人说：我没有财务基础，年报里很多财务报表，看不懂。但实际上，年报的目的无非就是传达企业的有效信息，信息的表达也不外乎数字、文字。所以，看年报，财务有财务的看法，非财务人员其实也另有门道。本期我们来聊聊这个“门道”，借“蔚来、理想、小鹏”三家企业来学习学习——“如何读懂年报背后的故事”。年报的众多内容中，“经营情况”最热门中概股年报一般分成三个部分，每个部分的结构是SEC固定的，企业根据实际情况披露。我们在各种文章中看到数据，通常来源于年报第一部分，比如“关键信息”、“营运及财务回顾、前景”。年报的三大部分大致结构如下：年报就像企业定期发布的一本杂志，你对企业的哪方面感兴趣，就翻到哪一页去读，基本上，你想了解的企业信息，年报里都有。我们以蔚来、理想、小鹏三家企业为例，通过三个问题了解它们近期的经营业绩。本文年报数据来源蔚来：https://www.sec.gov/ix?doc=/Archives/edgar/data/0001736541/000110465921046834/nio-20201231x20f.htm理想：https://www.sec.gov/Archives/edgar/data/0001791706/000110465921034154/a21-5895_120f.htm小鹏：https://www.sec.gov/Archives/edgar/data/0001810997/000119312521118515/d63077d20f.htm例一：想知道谁卖了更多的车？方法：翻到第一部分“营运及财务回顾、前景”（OPERATING AND FINANCIAL REVIEW AND PROSPECTS），数据和文字将直截了当告诉你结果。蔚来：“到2020年，我们交付了43,728辆汽车，包括10,861辆ES8、27,945辆ES6和4,922辆EC6。截至2020年12月31日，我们共交付了75,641辆汽车。下表列出了所示期间与我们的车辆有关的交付数据。”理想：“我们是中国新能源汽车市场的创新者。我们设计，开发，制造和销售高级智能电动SUV。通过我们的产品，技术和商业模式创新，我们为家庭提供安全，方便和精致的产品和服务。我们是在中国成功商业化EREV的先驱。我们的首款车型Li ONE是六座大型豪华电动SUV，配备了增程系统和尖端的智能汽车解决方案。我们于2019年11月开始量产Li ONE，截至2020年12月31日，我们已交付了超过33,500辆Li ONE。”小鹏：“我们于2018年11月开始生产G3，截至2020年12月31日，我们已向客户交付了24,736单位G3。我们开始生产P7，并于2020年5月开始交付，到2020年12月31日，我们已向客户交付了15,062台P7。我们计划在2021年推出我们的第三款Smart EV轿车。”单看总销量，蔚来>小鹏>理想。但结合车型，蔚来车型最多，覆盖市场更广，平均每个车型销量14576；小鹏有两款车（G3、P7），平均每个车型卖出19899辆；而理想只有一款车（Li ONE），单个车型卖出33500辆，如此一来，三个品牌的单车型销量排名变成了：理想>小鹏>蔚来。可见，三个公司去年虽然总销量有高低，但谁更有优势却不好说。例二：想知道谁赚了更多的钱？方法：还是第一部分的“营运及财务回顾、前景”，企业对自己的盈亏进行了简而有力的描述。蔚来：“由于上述原因，我们在2020年净亏损为53.041亿元人民币（8.129亿美元），而在2019年则为净亏损112.957亿元人民币。”理想：“由于上述原因，我们在2020年发生了人民币1.517亿元（约合2,320万美元）的净亏损，而在2019年则是人民币24亿元的净亏损。”小鹏：“由于上述原因，我们在2020年发生了净亏损人民币27.320亿元（4.187亿美元），而在2019年则为人民币36.917亿元。”可见，三家企业从2019到2020都在亏损，按照亏损额来看，理想<小鹏<蔚来。同时，三家企业2020年亏损都缩窄了，从亏损缩窄幅度来看，理想（93.68%）>蔚来（53.04%）>小鹏（26.00%）。这样看来，理想的赚钱能力是不是更强一些？例三：想了解企业的经营策略？方法：经营策略，简单来说无非两个问题，一是“企业收入从哪来”，二是“企业把钱花哪了”。在年报中，这两类信息都几种体现在“关键信息”和“营运及财务回顾、前景”两部分。“关键信息”中简单粗暴地抛数据，“营运及财务回顾、前景”则对近三年的数据进行了耐心解释。有理有据，通俗易懂。我们根据三家企业的“关键信息”进行了简单整理：根据上述信息：2020年总收入最高的是蔚来，最少的是小鹏，单考虑“销售与营业成本”的话，三家企业都还处于“入不敷出”的状态；毛利率最高的是理想，最少的是小鹏；卖服务最多的是蔚来；研发投入最多的是小鹏。另外，在“营运及财务回顾、前景”中，三家企业对收入和成本构成又进行了进一步的耐心解释：不难发现，三个企业经营策略有很大出入：毛利率最高的理想，看似最能赚钱，在研发上孤注一掷的小鹏稍显固执，研发、服务、产品创新一样不落下的蔚来貌似格局最广。小结：（1）年报信息全，重要内容集中在“关键信息”、“营运及财务回顾、前景”、“财务报表”三个条目中；（2）年报信息形式包括数据、文字，列数据呈现客观现实，文字描述解释其中原因，简单清晰，通俗易懂。二窥企业全貌，还得看业务布局和环境了解企业全貌，读年报就要读更全。为此，我们可以根据个人的认知习惯搭建阅读导图，理清阅读思路：了解财务情况，也就是了解企业钱花得怎么样。目的是为了评估企业的资金运营能力，资金花在了正确的地方，才会产生更合理、更有前途的收入。年报为我们提供最直观、最基础的财务信息。（如果需要更专业的评估信息，可以从券商平台获取，比如杜邦分析）了解业务布局，也就是了解企业业务做得怎么样。目的是为了评估企业的商业模式的落地情况。不同行业、同一行业不同发展阶段的企业，业务布局可能会发生改变。了解企业业务布局可从研发、营销、服务三个点切入了解。其中，研发代表企业的核心竞争力，营销代表企业产品的市场接受度，服务代表企业的战略布局。业务情况主要看第一部分“有关公司的信息”。了解经营基础，也就是了解企业所处的环境怎么样。目的是为了评估企业的发展前途。影响企业发展前途的，一有高管，二有政策环境，三有行业环境，企业年报为我们提供了一部分关键信息。比如，高管信息看“董事、高管和雇员”，政策环境、行业环境看“关键信息”中的风险部分。接下来我们尝试用这个框架了解了解蔚来、理想、小鹏的赚钱能力。（由于上文已经对基本的财务数据进行了分析，下面仅探讨三家公司的“业务布局”与“经营基础”）首先是蔚来：蔚 来理 想小 鹏从三家公司的去年的“业务布局”和“经营基础”可以看到，新能源车企现阶段面临的两大难题，一是技术难题，二是运营难题。技术上，三家新能源车企的核心技术各有千秋。理想快速占领两种动力的过渡地段，并且迅速取得了业绩；小鹏一头扎进技术研发，意图建立牢固的技术壁垒，蔚来则已经形成了相对稳固的纯电动技术体系。从发展性上看，小鹏和蔚来不相上下，虽然理想在技术上仍未透露更多的方向信息，但在如今的时代，技术堡垒还是存在有效期的。不久的将来，电车市场终将剩下几大巨头，而它们护城河却不一定是由技术造就的。运营上，小鹏、理想似乎已经放弃挣扎。蔚来的运营已经涉足金融、服务、用户以及技术上，而这几大元素，恰恰是当今时代堆砌“城墙”的珍贵资源。小结：（1）了解企业总体情况，要搭建适合自己的年报阅读导图；（2）完整的企业近况，需要从财务、业务、环境等角三总结（1）阅读企业年报是了解企业最有效的办法，年报由数字和文字组成，看似复杂累赘，实则有理有据，通俗易懂；（2）阅读企业年报可根据偏好翻阅，片段阅读丝毫不影响理解；（3）要看企业近期全貌，最好构建阅读导图，根据框架定位阅读；（4）新能源汽车企业竞争激烈，三家各有侧重，蔚来，服务收益第一，看上去更加的拓展服务，扩大周边服务；理想第一、侧重效率，提高毛利率，稳住现金消耗，打持久战；小鹏研发投入第一，走的是技术流，不惜降低净利润，通过技术路线获得未来的市场竞争机会。声明：本文图表资料均整理自SEC官网，文中观点不构成任何投资建议。","news_type":1,"symbols_score_info":{"NIO":1,"XPEV":1}},"isVote":1,"tweetType":1,"viewCount":2104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100172842,"gmtCreate":1619595471186,"gmtModify":1704726513062,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100172842","repostId":"2130371811","repostType":4,"repost":{"id":"2130371811","kind":"highlight","pubTimestamp":1619589667,"share":"https://ttm.financial/m/news/2130371811?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:01","market":"us","language":"zh","title":"JPMorgan to partner with Temasek and others to launch blockchain payment platform","url":"https://stock-news.laohu8.com/highlight/detail?id=2130371811","media":"新浪财经","summary":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。　　三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。　　Partior将针对区块链技术的一些最有前途的用例。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","content":"<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore-based Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 commercial bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop a wholesale payment track based on digitized commercial bank currency to enable \"atomic\" (i.e. instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating U.S. dollar and Singapore dollar flows between Singapore banks and will eventually expand services to other markets and currencies. Additionally, the platform will also be used to complement ongoing central bank digital currency initiatives and use cases.</p>","source":"sina_us","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>JPMorgan to partner with Temasek and others to launch blockchain payment platform</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\">\nJPMorgan to partner with Temasek and others to launch blockchain payment platform\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-04-28 14:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/f542c98f21116410e3737c56a1246b19\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>A blockchain-based payment, trade and foreign exchange settlement platform called Partior will be launched in partnership with Singapore-based Temasek Holdings and DBS Group.</p><p>The platform will leverage blockchain technology to digitize M1 commercial bank currency to reduce current friction and delays in cross-border payments, trade and currency settlements, the three companies said in a statement on Wednesday.</p><p>Partior means \"distribute and share\" in Latin, and according to the statement, the platform is also expected to develop a wholesale payment track based on digitized commercial bank currency to enable \"atomic\" (i.e. instant) payment settlement for various financial transactions. This will help banks overcome the challenges posed by the current standard sequential approach to processing global payments.</p><p>Partior will target some of the most promising use cases of blockchain technology. Even in the digital age, processes like cross-border payments tend to be slow and cumbersome, so there is plenty of room for improvement.</p><p>The platform will initially focus primarily on facilitating U.S. dollar and Singapore dollar flows between Singapore banks and will eventually expand services to other markets and currencies. Additionally, the platform will also be used to complement ongoing central bank digital currency initiatives and use cases.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c5ffd177b367a0ebb005b955b9ab6599","relate_stocks":{"JPM":"摩根大通"},"source_url":"https://finance.sina.com.cn/flashnews/2021-04-28/doc-ikmxzfmk9454440.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130371811","content_text":"摩根大通将与新加坡淡马锡控股和星展集团合作，推出一个名为Partior的基于区块链的支付、贸易和外汇结算平台。\n三家公司周三发表声明称，该平台将利用区块链技术，将M1商业银行货币数字化，以减少当前跨境支付、贸易和货币结算的摩擦和延迟。\nPartior在拉丁语中的意思是“分发和分享”，根据声明，该平台预计还将开发基于数字化商业银行货币的批发支付轨道，以实现各种金融交易的“原子”（即即时）支付结算。这将有助于银行克服当前处理全球支付的标准顺序方法所带来的挑战。\nPartior将针对区块链技术的一些最有前途的用例。即使在数字时代，像跨境支付这样的流程也往往缓慢而繁琐，因此还有很大的改进空间。\n该平台最初将主要专注于促进新加坡银行之间的美元和新加坡元流动，最终将把服务扩展到其他市场和货币。此外，该平台还将用于补充正在进行的央行数字货币举措和使用案例。","news_type":1,"symbols_score_info":{"JPM":0.9}},"isVote":1,"tweetType":1,"viewCount":2285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100176130,"gmtCreate":1619595357020,"gmtModify":1704726510615,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/100176130","repostId":"2130737155","repostType":4,"repost":{"id":"2130737155","kind":"highlight","pubTimestamp":1619591364,"share":"https://ttm.financial/m/news/2130737155?lang=en_US&edition=fundamental","pubTime":"2021-04-28 14:29","market":"hk","language":"zh","title":"Frequent investment, cross-border giants, and the IoT industry is surging","url":"https://stock-news.laohu8.com/highlight/detail?id=2130737155","media":"时氪分享","summary":"在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心，各领域的IoT投融资事件高度活跃，巨额融资频发。","content":"<p>April 26, IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Join hands with Hillhouse to jointly unveil the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages US $400 million in funds and mainly invests in IoT companies in the growth stage around the world. Graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>He Hillhouse said that as the leading IoT cloud platform and investment institution, the two parties will vigorously support potential enterprises and projects in the IoT track, and jointly create a diverse, rich and neutral global intelligent business ecosystem.</p><p>After a year of historic turning point in 2020, IoT appears to be returning to the center of the stage in capital markets. Whether it is in smart homes, smart businesses, smart cities, smart industry and agriculture and other fields, it is playing an increasingly important role. Therefore, IoT investment and financing events in various fields are highly active, and huge financing occurs frequently.</p><p>For example, in May 2020, Samsara, an industrial IoT startup, raised another US $400 million after receiving US $300 million in Series F financing the previous year to further expand its industrial IoT business; On January 21, 2021, the IoT startup Skylo stepped out of the hidden mode and announced the completion of the US $103 million Series B financing led by SoftBank Group; In China, online education companies have announced the launch of smart hardware. Keike House Search has been in the Internet of Things industry for a long time, and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the new trend after the mobile Internet</b></p><p>This year's IoT track is booming, and the reason behind it is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went to the United States for an IPO, and Hillhouse became an investor in Tuya. The unveiling of the Tuya IoT Industry Fund means that Hillhouse, one of the largest investment institutions in Asia, has once again increased its investment in the industry.</b>Zhang Lei, founder of Hillhouse, once pointed out in the book \"Value\": For an investor, it is a very important ability to understand key industries and companies hidden in huge potential energy.</p><p>The IoT industry happens to have the \"potential energy\" that Hillhouse values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. Technically, artificial intelligence, big data, cloud computing, edge computing and other technologies continue to develop, and sensors, communication networks, cloud-edge data platforms and various applications are becoming more and more perfect, accelerating the arrival of the climax of IoT development. In terms of demand, intelligence and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also increasing.</p><p>At present, the penetration rate of the IoT market is still not high, and it is on the \"eve\" of the trend, and there is huge room for future growth.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>It is estimated that a single household needs 50 smart modules to complete intelligence, but there were only 763 million smart modules in the world in 2019. Assuming that all of them are for home use, it corresponds to about 1 billion households around the world. The average number of smart modules owned by each household is less than 1. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It can be expected that smart module shipments will rise rapidly in the next few years, and the global intelligence process will also accelerate.</p><p>After years of gaining momentum, human society has gone from the PC era to the mobile Internet era and is about to enter the IoT era. It is not difficult to see that IoT may become another blue ocean after the mobile Internet.</p><p><b>The three pillars of the IoT industry</b></p><p>The three roles of cloud giants, To C hardware brands, and IoT developer platforms that have entered IoT have become three key forces that cannot be ignored in the IoT industry. Among them, it is worth mentioning the IoT developer platform. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, the developer platform will be the linker of the IoT ecosystem. Solved the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>(CICC) put forward such a point of view in a recently released report: \"Compared with the mobile Internet era 10 years ago, in the explosion period of each generation of new device connections, the birth of giants is to gather upstream and downstream players through unified operating system capabilities, and build a strong ecosystem and barriers.\"</p><p>In the era of mobile Internet, the rise of Android is a very typical example.</p><p>In 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Developed the Android system and took the lead in establishing the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said: \"The powerful platform we've unveiled will power thousands of different models of phones.\" He commented that the strategy was \"more ambitious than any'Google phone 'the media has speculated over the past few weeks.\"</p><p>When Android was born, the industry already had the Symbian system that dominated the market, as well as the Windows mobile operating system,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and iOS, which has just broken its shell, and the way for the latecomer Android to seek to break the game is open source. Android adopted the open source system from the beginning, and quickly gathered loyal developers from all over the world. Then, a steady stream of application products gradually blossomed and gathered in the App store represented by Google Play, attracting more and more end users to enter the App ecosystem of Android system.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of Android system ecosystem is to grasp the bilateral network effect of developers and end users\". Open source labels Android as a neutral, which is the entrance for the Android ecosystem to take off. After that, in order to consolidate its ecosystem on the developer side, Google provides a large number of SDK developer tools; In order to consolidate the ecology on the user side, the value-added services provided by Google Family Bucket are used to enhance user stickiness.</p><p>After more than ten years of development, at present, Android has become the largest mobile operating system in the world, with a market share of about 75%.</p><p>Looking back to the IoT ecosystem, its core is mainly composed of four basic elements, namely devices, networking layer, application layer and cloud. Due to the extremely diverse devices in this industry, it is destined not to be a \"winner-take-all\" market. Smart devices of different brands and categories need to be connected with multiple scenarios and diversified applications, so that brands, OEMs and end users can communicate and interact with various smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" that belongs to the IoT industry. Through a unified operating system, upstream and downstream players are gathered and products of different brands and categories are linked together to build an Internet of Everything. IoT ecosystem. Compared with the other two business models, in the IoT industry, the number of companies deeply involved in developer platforms is scarce.</p><p><b>\"Ecological co-builder\" in the IoT era</b></p><p>In the IoT era, Tuya Smart is one such \"ecological co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has brought together more than 262,000 registered developers and linked more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve cross-brand and category interconnection.</p><p>In March this year, Tuya Smart successfully landed on the new york Stock Exchange in the United States, becoming \"the first IoT cloud platform in the world\". The IPO fundraising scale exceeded US $900 million, and the market value on the first day of listing was nearly US $14 billion, which also proved from the perspective of the capital market. This business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises link massive devices together, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby realizing Continuous \"self-proliferation\" of the ecosystem.</p><p>This time, Tuya Smart and Hillhouse jointly launched the IoT Industry Fund, which was interpreted by the outside world as an extension of its platform ecological strategy.</p><p>If we explore the era of mobile Internet, the key to the rise of Android is that its ecology is open and diverse enough. Similarly, in the IoT era where everything is intelligently connected, it is impossible for one platform to complete all industry applications by itself. Therefore, Tuya launched the IoT Industry Fund this time, announcing that it will support more developers in the industry, including Android and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early stage, in order to encourage developers to join the ecosystem, various favorable measures were introduced.</p><p>It is worth noting that this time Tuya also announced the \"Klein Plan\" that will empower the \"nine major industries\". This reflects the recent frequent actions of players from all walks of life who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, traditional industries will gradually upgrade to smart businesses, and traditional devices will gradually upgrade to smart devices. In the process of industrial intelligent transformation, platform enterprises may become the mainstay, playing a key role in \"empowering the intelligence of all things\" and leading the wave of the intelligent era.</p>","source":"36kr_stock","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>Frequent investment, cross-border giants, and the IoT industry is surging</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\">\nFrequent investment, cross-border giants, and the IoT industry is surging\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">时氪分享</strong><span class=\"h-time small\">2021-04-28 14:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>April 26, IoT cloud platform<a href=\"https://laohu8.com/S/TUYA\">Tuya Smart</a>Join hands with Hillhouse to jointly unveil the Tuya IoT Industry Fund at the Global Hard Technology Developers Conference.</p><p>The fund manages US $400 million in funds and mainly invests in IoT companies in the growth stage around the world. Graffiti<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>He Hillhouse said that as the leading IoT cloud platform and investment institution, the two parties will vigorously support potential enterprises and projects in the IoT track, and jointly create a diverse, rich and neutral global intelligent business ecosystem.</p><p>After a year of historic turning point in 2020, IoT appears to be returning to the center of the stage in capital markets. Whether it is in smart homes, smart businesses, smart cities, smart industry and agriculture and other fields, it is playing an increasingly important role. Therefore, IoT investment and financing events in various fields are highly active, and huge financing occurs frequently.</p><p>For example, in May 2020, Samsara, an industrial IoT startup, raised another US $400 million after receiving US $300 million in Series F financing the previous year to further expand its industrial IoT business; On January 21, 2021, the IoT startup Skylo stepped out of the hidden mode and announced the completion of the US $103 million Series B financing led by SoftBank Group; In China, online education companies have announced the launch of smart hardware. Keike House Search has been in the Internet of Things industry for a long time, and has recently made frequent moves in the field of community intelligence.</p><p><b>IoT, the new trend after the mobile Internet</b></p><p>This year's IoT track is booming, and the reason behind it is based on optimistic expectations for the entire industry.</p><p><b>In March of this year, Tuya Smart went to the United States for an IPO, and Hillhouse became an investor in Tuya. The unveiling of the Tuya IoT Industry Fund means that Hillhouse, one of the largest investment institutions in Asia, has once again increased its investment in the industry.</b>Zhang Lei, founder of Hillhouse, once pointed out in the book \"Value\": For an investor, it is a very important ability to understand key industries and companies hidden in huge potential energy.</p><p>The IoT industry happens to have the \"potential energy\" that Hillhouse values.</p><p>From the perspective of policy development, IoT is an industry that the Chinese government has focused on supporting in recent years. Technically, artificial intelligence, big data, cloud computing, edge computing and other technologies continue to develop, and sensors, communication networks, cloud-edge data platforms and various applications are becoming more and more perfect, accelerating the arrival of the climax of IoT development. In terms of demand, intelligence and digitalization have become indispensable guarantees for B-end enterprises in production, management and operation, and consumers' acceptance of smart devices is also increasing.</p><p>At present, the penetration rate of the IoT market is still not high, and it is on the \"eve\" of the trend, and there is huge room for future growth.<a href=\"https://laohu8.com/S/601162\">Tianfeng Securities</a>It is estimated that a single household needs 50 smart modules to complete intelligence, but there were only 763 million smart modules in the world in 2019. Assuming that all of them are for home use, it corresponds to about 1 billion households around the world. The average number of smart modules owned by each household is less than 1. Therefore, the market penetration rate of smart modules is less than 2%, and there is still room for 50 times growth. It can be expected that smart module shipments will rise rapidly in the next few years, and the global intelligence process will also accelerate.</p><p>After years of gaining momentum, human society has gone from the PC era to the mobile Internet era and is about to enter the IoT era. It is not difficult to see that IoT may become another blue ocean after the mobile Internet.</p><p><b>The three pillars of the IoT industry</b></p><p>The three roles of cloud giants, To C hardware brands, and IoT developer platforms that have entered IoT have become three key forces that cannot be ignored in the IoT industry. Among them, it is worth mentioning the IoT developer platform. If cloud giants and To C hardware brands play the roles of \"infrastructure builders\" and \"smart device producers\" respectively, the developer platform will be the linker of the IoT ecosystem. Solved the core pain points of the industry.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>(CICC) put forward such a point of view in a recently released report: \"Compared with the mobile Internet era 10 years ago, in the explosion period of each generation of new device connections, the birth of giants is to gather upstream and downstream players through unified operating system capabilities, and build a strong ecosystem and barriers.\"</p><p>In the era of mobile Internet, the rise of Android is a very typical example.</p><p>In 2007,<a href=\"https://laohu8.com/S/GOOG\">Google</a>Developed the Android system and took the lead in establishing the Open Handset Alliance, which includes a large number of mobile phone manufacturers, chip manufacturers, and operators. At the time, Eric Schmidt, then Google's chairman and CEO, said: \"The powerful platform we've unveiled will power thousands of different models of phones.\" He commented that the strategy was \"more ambitious than any'Google phone 'the media has speculated over the past few weeks.\"</p><p>When Android was born, the industry already had the Symbian system that dominated the market, as well as the Windows mobile operating system,<a href=\"https://laohu8.com/S/BB\">Blackberry</a>The system and iOS, which has just broken its shell, and the way for the latecomer Android to seek to break the game is open source. Android adopted the open source system from the beginning, and quickly gathered loyal developers from all over the world. Then, a steady stream of application products gradually blossomed and gathered in the App store represented by Google Play, attracting more and more end users to enter the App ecosystem of Android system.</p><p><a href=\"https://laohu8.com/S/03908\">CICC</a>It is believed that \"the establishment of Android system ecosystem is to grasp the bilateral network effect of developers and end users\". Open source labels Android as a neutral, which is the entrance for the Android ecosystem to take off. After that, in order to consolidate its ecosystem on the developer side, Google provides a large number of SDK developer tools; In order to consolidate the ecology on the user side, the value-added services provided by Google Family Bucket are used to enhance user stickiness.</p><p>After more than ten years of development, at present, Android has become the largest mobile operating system in the world, with a market share of about 75%.</p><p>Looking back to the IoT ecosystem, its core is mainly composed of four basic elements, namely devices, networking layer, application layer and cloud. Due to the extremely diverse devices in this industry, it is destined not to be a \"winner-take-all\" market. Smart devices of different brands and categories need to be connected with multiple scenarios and diversified applications, so that brands, OEMs and end users can communicate and interact with various smart devices.</p><p>Therefore, the industry also needs an IoT developer platform to create an \"operating system\" that belongs to the IoT industry. Through a unified operating system, upstream and downstream players are gathered and products of different brands and categories are linked together to build an Internet of Everything. IoT ecosystem. Compared with the other two business models, in the IoT industry, the number of companies deeply involved in developer platforms is scarce.</p><p><b>\"Ecological co-builder\" in the IoT era</b></p><p>In the IoT era, Tuya Smart is one such \"ecological co-builder\".</p><p>As of December 31, 2020, the Tuya IoT developer platform has brought together more than 262,000 registered developers and linked more than 200 million Powered by Tuya devices. Different Powered by Tuya devices can achieve cross-brand and category interconnection.</p><p>In March this year, Tuya Smart successfully landed on the new york Stock Exchange in the United States, becoming \"the first IoT cloud platform in the world\". The IPO fundraising scale exceeded US $900 million, and the market value on the first day of listing was nearly US $14 billion, which also proved from the perspective of the capital market. This business model has huge development potential.</p><p>Moreover, as a neutral and open IoT cloud platform, after helping global enterprises link massive devices together, Tuya Smart has a great opportunity to become the central management platform for these devices and attract more enterprises to join the ecosystem, thereby realizing Continuous \"self-proliferation\" of the ecosystem.</p><p>This time, Tuya Smart and Hillhouse jointly launched the IoT Industry Fund, which was interpreted by the outside world as an extension of its platform ecological strategy.</p><p>If we explore the era of mobile Internet, the key to the rise of Android is that its ecology is open and diverse enough. Similarly, in the IoT era where everything is intelligently connected, it is impossible for one platform to complete all industry applications by itself. Therefore, Tuya launched the IoT Industry Fund this time, announcing that it will support more developers in the industry, including Android and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>In the early stage, in order to encourage developers to join the ecosystem, various favorable measures were introduced.</p><p>It is worth noting that this time Tuya also announced the \"Klein Plan\" that will empower the \"nine major industries\". This reflects the recent frequent actions of players from all walks of life who have announced their entry into the IoT industry.</p><p>It is foreseeable that in the future, the IoT industry ecosystem will continue to explode, traditional industries will gradually upgrade to smart businesses, and traditional devices will gradually upgrade to smart devices. In the process of industrial intelligent transformation, platform enterprises may become the mainstay, playing a key role in \"empowering the intelligence of all things\" and leading the wave of the intelligent era.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://36kr.com/p/1201241384421641\">时氪分享</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/698524fb247d33e97bc29e7edacc3a96","relate_stocks":{"GOOG":"谷歌","TUYA":"涂鸦智能","QNETCN":"纳斯达克中美互联网老虎指数","09086":"华夏纳指-U","GOOGL":"谷歌A","03086":"华夏纳指"},"source_url":"https://36kr.com/p/1201241384421641","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2130737155","content_text":"4月26日，IoT云平台涂鸦智能携手高瓴，在全球硬科技开发者大会上共同揭幕涂鸦IoT产业基金。\n该基金管理资金规模达4亿美元，主要面向全球处于成长期的IoT企业进行投资。涂鸦智能与高瓴表示，作为头部IoT云平台和投资机构，双方将大力扶持IoT赛道的潜力企业和项目，共同打造多元且丰富中立的全球智能商业生态。\n在经历了2020年历史性转折的一年后，IoT似乎正重新回到资本市场的舞台中心。无论是在智能家居、智慧商业还是在智慧城市、智慧工农业等领域，都扮演愈发重要的角色，各领域的IoT投融资事件也因此高度活跃，巨额融资频发。\n例如2020年5月，工业物联网创企Samsara继前一年获得3亿美元的F轮融资之后，又筹集了4亿美元，进一步扩大其工业物联网业务；2021年1月21日，IoT初创公司Skylo走出隐匿模式，并宣布完成由软银集团领投的1.03亿美元B轮融资；而在国内，在线教育企业纷纷宣布推出智能硬件，贝壳找房则是布局物联网行业已久，近期在社区智能化领域动作频频。\nIoT，移动互联网之后的新风向\n今年IoT赛道热潮汹涌，究其背后原因，是基于对整个行业看好的预期。\n今年3月，涂鸦智能赴美IPO，高瓴成为涂鸦的投资方。而本次涂鸦IoT产业基金的揭幕，则意味着作为亚洲最大投资机构之一的高瓴对该行业的又一次加码。高瓴创始人张磊曾在《价值》一书中提出：对一名投资人而言，理解潜藏在巨大势能的关键行业和企业，是非常重要的能力。\n而IoT行业恰好具备高瓴所看重的“势能”。\n从政策发展的角度而言，IoT是我国政府近年来重点扶持的行业。在技术上，人工智能、大数据、云计算、边缘计算等技术不断发展，传感器、通信网络、云边端数据平台和各种应用愈加完善，加速了IoT发展高潮的到来。在需求上，智慧化、数字化已成为B端企业在生产、管理和运营上不可或缺的保障，消费者对智能设备的接受度也不断提升。\n当前，IoT市场渗透率仍不高，处于风口来临的“前夜”，未来增长空间巨大。天风证券估测，单个家庭需要50个智能模组完成智能化，但2019年全球仅有7.63亿个智能模组，假设其全部为家庭用，对应全球约10亿家庭，平均每个家庭拥有的智能模组不足1个。因此，智能模组市场渗透率不足2%，仍有50倍成长空间。可以预计的是，智能模组出货量将在未来几年内快速上升，全球智能化进程也将加速推进。\n历经多年蓄势，人类社会已经从PC时代走到了移动互联网时代，并即将进入IoT时代。不难看出，IoT或将成为移动互联网之后的又一个蓝海。\nIoT行业的三足鼎立\n切入IoT的云巨头、To C硬件品牌、IoT开发者平台三种角色，已经成为IoT行业内不可忽视的三股关键力量。其中值得一提的是IoT开发者平台，如果说云巨头和To C硬件品牌分别扮演“基础设施建设者”和“智能设备生产者”的角色，开发者平台则会是IoT生态的链接者，解决了行业核心痛点。\n中金公司（CICC）在近日发布的报告中提出了这样一个观点：“对标10年前的移动互联网时代，在每一代新设备连接的爆发期，巨头的诞生都是通过统一的操作系统能力汇聚上下游的玩家，建立起强大的生态体系和壁垒。”\n在移动互联网时代，安卓的崛起是一个非常典型的例子。\n2007年，谷歌研发安卓系统，并牵头成立了开放手机联盟（Open Handset Alliance），将大量手机制造商、芯片制造商、运营商囊括在内。当时，时任谷歌董事长兼首席执行官的埃里克·施密特表示：“我们所公布的强大平台将为数千款不同型号的手机提供动力。”他评论道，这一战略“比过去几周媒体所猜测的任何一款‘谷歌手机’都要雄心勃勃”。\n在安卓诞生之时，行业内已经有了称霸市场的塞班系统，以及Windows手机操作系统、黑莓系统和刚刚破壳的iOS，而后来者安卓寻求破局的途径是——开源。安卓一开始就采用开源系统，迅速汇集了来自全球的忠实开发者，随后源源不断的应用产品逐渐开花结果，汇集在以Google Play为代表的应用商店中，吸引越来越多的终端使用者进入安卓系统的App生态。\n中金公司认为，“安卓系统生态的建立正是把握了开发者、终端使用者的双边网络效应”。开源为安卓打上中立的标签，是安卓生态起飞的入口，在这之后，谷歌为了巩固其在开发者端的生态，提供大量 SDK 开发者工具；为了巩固在用户端的生态，以谷歌全家桶提供的增值服务增强用户粘性。\n历经十余年发展，目前，安卓已成为全球最大的移动操作系统，拥有约75%的市场份额。\n将目光放回IoT生态，其核心主要由四个基本要素组成，即设备、连网层、应用层和云。这个行业由于设备极度多样，注定不会是“赢家通吃”的市场，不同品牌、不同品类的智能设备就需要用多场景、多样化的应用来连接，品牌、OEM及终端用户才得以通过各种各样的智能设备进行交流和互动。\n因此，行业同样需要一个IoT开发者平台，来创造属于IoT行业的“操作系统”，通过统一的操作系统汇聚上下游的玩家并将不同品牌、不同品类的产品链接在一起，构建起万物互联的IoT生态。相比起其他两种商业模式，IoT行业内，深耕开发者平台的公司数量稀缺。\nIoT时代的“生态共建者”\n在IoT时代，涂鸦智能就是一个这样的“生态共建者”。\n截至2020年12月31日，涂鸦IoT开发者平台已经汇集了超过26.2万注册开发者，链接超过2亿台Powered by Tuya设备。而不同的Powered by Tuya设备之间可以实现跨品牌和品类的互联互通。\n今年3月，涂鸦智能顺利登陆美国纽约证券交易所，成为“全球IoT云平台第一股”，IPO募资规模超9亿美元，上市首日市值近140亿美元，也从资本市场的角度佐证了这种商业模式拥有巨大的发展潜力。\n而且，作为中立、开放的IoT云平台，在帮助全球企业把海量设备链接在一起之后，涂鸦智能有很大机会成为这些设备的中心管理平台，并吸引更多企业加入到生态之中，从而实现生态连续不断的“自我增殖”。\n此次涂鸦智能和高瓴共同推出IoT产业基金，外界解读为是其平台生态战略的延伸。\n若探究移动互联网时代，安卓崛起的关键，在于其生态足够开放多元。同理，在万物智联的IoT时代，不可能有一家平台能独力做完所有行业应用。因此，涂鸦此次推出IoT产业基金，宣布要扶植更多行业内的开发者，大有安卓和苹果早期为鼓励开发者加入生态，推出各种利好措施的影子。\n值得关注的是，此次涂鸦还宣布了将赋能“九大行业”的“克莱因计划”，这和近期动作频频，纷纷宣布进军IoT行业的各行各业玩家，正好相互映照。\n可以预见的是，未来，IoT行业生态会继续爆发，传统产业逐步升级为智能商业，传统设备将逐步升级为智能设备。在产业智能化转型的过程中，平台型企业或将会成为中流砥柱，扮演“赋能万物智能”的关键角色，引领智能化时代的浪潮。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TUYA":0.9,"09086":0.9,"GOOG":0.9,"GOOGL":0.9,"03086":0.9}},"isVote":1,"tweetType":1,"viewCount":2585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":952897190,"gmtCreate":1591921220310,"gmtModify":1705317255379,"author":{"id":"3550402835667717","authorId":"3550402835667717","name":"繁荣景象","avatar":"https://static.tigerbbs.com/d126e3b3c2401183506526735a1a1b56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3550402835667717","idStr":"3550402835667717"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/952897190","repostId":"1153645979","repostType":2,"isVote":1,"tweetType":1,"viewCount":1715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}