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2021-06-29

good

Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.

2021-06-25

oh

Discussion on Valuation Bubble in CXO Track

2021-06-25

look

XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.

2021-06-17

up

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2021-06-10

hi ,nice to meet here

Go to Tiger App to see more news

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Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at approximately HK$4.84 billion (assuming the over-allotment option is not exercised), for the following purposes: approximately 70.0% will be used to expand its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained strong growth momentum.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.</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\">\nNayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 29th news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>The company issued an announcement stating that it will issue 257 million shares at a price of HK$19.8 per share, with 500 shares per lot, and is expected to list on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an 8% success rate per lot. Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at approximately HK$4.84 billion (assuming the over-allotment option is not exercised), for the following purposes: approximately 70.0% will be used to expand its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":3092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122303537,"gmtCreate":1624595733929,"gmtModify":1703841326454,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"oh","listText":"oh","text":"oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122303537","repostId":"1198330093","repostType":4,"repost":{"id":"1198330093","kind":"news","weMediaInfo":{"introduction":"民间投资共享平台——汇集投资高手，发现投资好点子。","home_visible":1,"media_name":"阿尔法工场研究院","id":"1026500124","head_image":"https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a"},"pubTimestamp":1624588229,"share":"https://ttm.financial/m/news/1198330093?lang=en_US&edition=fundamental","pubTime":"2021-06-25 10:30","market":"sh","language":"zh","title":"Discussion on Valuation Bubble in CXO Track","url":"https://stock-news.laohu8.com/highlight/detail?id=1198330093","media":"阿尔法工场研究院","summary":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有","content":"<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increasing penetration rate of CXO, the industry's growth rate will decline rapidly in the future.</b></p><p>Before we discuss this, let me conclude: no matter which CXO stock you hold, the current pe ratio of one or two hundred is clearly a bubble. However, a bubble does not mean that you should take profits. It is just a reminder to everyone to have a correct psychological expectation for the future.</p><p>The CXO sector has undoubtedly been one of the highest-quality sectors in the A-share market in recent years, and it could even be removed as one of them.</p><p>The rapid development of CXO gods in China in recent years is attributed to these factors: First, the engineer dividend. my country's supply of bachelor's, master's, and doctoral degrees has surged, and labor costs are relatively low (only 30%-50% of those in Europe and the United States). In addition, leading talents in related fields from overseas have returned to China to start businesses in recent years. The combination of these two factors has highlighted its advantages.</p><p>Second, the penetration rate of China's pharmaceutical outsourcing market was low in previous years, and only about 35% in 2018.</p><p>Third, the industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future speed of industrial transfer is questionable.</p><p>IV. In recent years, capital has invested heavily in domestic innovative drug companies.</p><p>We won't go into detail about the other fundamentals; let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative drug companies.<b>To judge the golden cycle of CXO, it is inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of mature foreign markets, the growth rate of the scale of drugs under development and the growth rate of CXO are matched. Let's take a look at the scale of the global and Chinese pharmaceutical markets:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound annual growth rate of about 5%.</p><p>Geographically, the United States remains the world's largest pharmaceutical market, accounting for approximately 38% of the global market in 2016. As the world's largest emerging market, China's market size has maintained rapid growth in recent years as demand has continued to rise, and it is expected to reach US$178.2 billion by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. The peak of financing and the peak of pharmaceutical outsourcing growth should be very obviously correlated. The chart below shows that 2019 and 2020 were the peak periods for financing, and the two years following the peak should also be the peak of growth in the CXO sector.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Judging from the chart below, 2020 and 2021 will be the peak years for the growth of domestic CXO performance.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the role of pharmaceutical outsourcing services as the pharmaceutical market develops. At present, the penetration rate of pharmaceutical R&D outsourcing abroad has reached about 55%, while the penetration rate of pharmaceutical R&D outsourcing in China is still around 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and expectations of pharmaceutical R&D outsourcing development, the growth has exceeded expectations.<b>The ceiling for future development should be very low.</b>Some industry insiders predict that the penetration rate ceiling will be around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Here's a picture of the domestic pharmaceutical outsourcing penetration rate. I think it's a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is already very mature. Compared with the domestic market, the growth rate of the track is much lower. According to authoritative data, the CXO growth rate of a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds 100 billion US dollars, with chemical pharmaceutical C(D)MO accounting for the largest market size and biological pharmaceutical C(D)MO growing the fastest. It is reported that the average annual compound growth rate from 2013 to 2017 was 10.3%, and the overall size of the global pharmaceutical outsourcing market grew steadily.</p><p>In 2017, the overall market size reached US$104.1 billion, of which the CRO market size was US$44.6 billion, accounting for 43%, and the C(D)MO market size was US$59.5 billion, accounting for 57%.</p><p>In the next five years, the global CRO+C(D)MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">China's pharmaceutical outsourcing scale is expected to grow as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">One more thing: if we look at the sub-sectors of CXO, there are two aspects worth noting: First, CRO companies, whether past or future...<b>Their development trends are far behind those of CDMO companies.</b>； Secondly, CXO companies whose main revenue comes from international sources will be far more competitive in the future than companies with a low proportion of international revenue.</p><p>I won't go into detail here. The images below are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">In summary, there are two main factors that determine the future growth of the CXO track in the global pharmaceutical market, including the Chinese market: one is the growth of the scale of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market is increasing. The global pharmaceutical market is expected to grow by 5%, while China's is 8%. The current penetration rate is 55% globally, while China's is around 40% to 45%. At this point, the conclusion is self-evident.</p><p>Apart from the top few top-tier CXO companies, everyone should be careful with the rest.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Discussion on Valuation Bubble in CXO Track</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\">\nDiscussion on Valuation Bubble in CXO Track\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026500124\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">阿尔法工场研究院 </p>\n<p class=\"h-time smaller\">2021-06-25 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increasing penetration rate of CXO, the industry's growth rate will decline rapidly in the future.</b></p><p>Before we discuss this, let me conclude: no matter which CXO stock you hold, the current pe ratio of one or two hundred is clearly a bubble. However, a bubble does not mean that you should take profits. It is just a reminder to everyone to have a correct psychological expectation for the future.</p><p>The CXO sector has undoubtedly been one of the highest-quality sectors in the A-share market in recent years, and it could even be removed as one of them.</p><p>The rapid development of CXO gods in China in recent years is attributed to these factors: First, the engineer dividend. my country's supply of bachelor's, master's, and doctoral degrees has surged, and labor costs are relatively low (only 30%-50% of those in Europe and the United States). In addition, leading talents in related fields from overseas have returned to China to start businesses in recent years. The combination of these two factors has highlighted its advantages.</p><p>Second, the penetration rate of China's pharmaceutical outsourcing market was low in previous years, and only about 35% in 2018.</p><p>Third, the industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future speed of industrial transfer is questionable.</p><p>IV. In recent years, capital has invested heavily in domestic innovative drug companies.</p><p>We won't go into detail about the other fundamentals; let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative drug companies.<b>To judge the golden cycle of CXO, it is inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of mature foreign markets, the growth rate of the scale of drugs under development and the growth rate of CXO are matched. Let's take a look at the scale of the global and Chinese pharmaceutical markets:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound annual growth rate of about 5%.</p><p>Geographically, the United States remains the world's largest pharmaceutical market, accounting for approximately 38% of the global market in 2016. As the world's largest emerging market, China's market size has maintained rapid growth in recent years as demand has continued to rise, and it is expected to reach US$178.2 billion by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. The peak of financing and the peak of pharmaceutical outsourcing growth should be very obviously correlated. The chart below shows that 2019 and 2020 were the peak periods for financing, and the two years following the peak should also be the peak of growth in the CXO sector.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Judging from the chart below, 2020 and 2021 will be the peak years for the growth of domestic CXO performance.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the role of pharmaceutical outsourcing services as the pharmaceutical market develops. At present, the penetration rate of pharmaceutical R&D outsourcing abroad has reached about 55%, while the penetration rate of pharmaceutical R&D outsourcing in China is still around 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and expectations of pharmaceutical R&D outsourcing development, the growth has exceeded expectations.<b>The ceiling for future development should be very low.</b>Some industry insiders predict that the penetration rate ceiling will be around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Here's a picture of the domestic pharmaceutical outsourcing penetration rate. I think it's a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is already very mature. Compared with the domestic market, the growth rate of the track is much lower. According to authoritative data, the CXO growth rate of a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds 100 billion US dollars, with chemical pharmaceutical C(D)MO accounting for the largest market size and biological pharmaceutical C(D)MO growing the fastest. It is reported that the average annual compound growth rate from 2013 to 2017 was 10.3%, and the overall size of the global pharmaceutical outsourcing market grew steadily.</p><p>In 2017, the overall market size reached US$104.1 billion, of which the CRO market size was US$44.6 billion, accounting for 43%, and the C(D)MO market size was US$59.5 billion, accounting for 57%.</p><p>In the next five years, the global CRO+C(D)MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">China's pharmaceutical outsourcing scale is expected to grow as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">One more thing: if we look at the sub-sectors of CXO, there are two aspects worth noting: First, CRO companies, whether past or future...<b>Their development trends are far behind those of CDMO companies.</b>； Secondly, CXO companies whose main revenue comes from international sources will be far more competitive in the future than companies with a low proportion of international revenue.</p><p>I won't go into detail here. The images below are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">In summary, there are two main factors that determine the future growth of the CXO track in the global pharmaceutical market, including the Chinese market: one is the growth of the scale of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market is increasing. The global pharmaceutical market is expected to grow by 5%, while China's is 8%. The current penetration rate is 55% globally, while China's is around 40% to 45%. At this point, the conclusion is self-evident.</p><p>Apart from the top few top-tier CXO companies, everyone should be careful with the rest.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29","relate_stocks":{"WX":"Corgi All World 2x Daily ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198330093","content_text":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有个正确的心理预期。\nCXO赛道这几年毫无疑问是A股无容置疑的最优质赛道之一，甚至可以把这个之一拿掉。\n这些年国内CXO众神的飞速发展得益于这几个因素：一、工程师红利。我国本硕博供给井喷且劳动力成本相对较低（只相当于欧美国家的30%-50%），加上这几年海外相关领域的领军人才回国创业，两相结合，优势凸显。\n二、前几年中国医药外包市场的渗透率较低，2018年才35%左右。\n三、国际医药研发外包服务的产业转移，但从目前不断增长的各种成本来看，未来的产业转移速度要打个疑问了。\n四、近几年资本给国内创新药公司的疯狂投入。\n其他基本面就不用细谈了，我们来看看未来的发展潜力吧。\n01\nCXO的增长是与创新药公司的增长息息相关的，要判断CXO的黄金周期必定离不开创新药的发展增长周期。\n从国外成熟市场来看，在研药物规模增速和CXO增速是相匹配的，我们来看看全球和中国的医药市场规模：\n2016年全球医药市场规模为11536亿美元，预计将在2021年达到14751亿美元，复合增速约5%。\n从地域来看，美国仍是世界上最大的医药市场，2016年美国市场规模约占同期全球市场38%的份额。而中国作为全球最大的新兴市场，近年随需求不断提升，其市场规模也保持高速增长，预计到2021年将达到1782亿美元，增速约8%。\n再来看看这几年国内生物科技公司的融资情况，融资的高点与医药外包增长高点应该是前后相关性很明显的。下图可以看到2019、2020年是融资的高峰期，融资高峰后的两年也应该是CXO赛道增长的高峰。目测下图2020年、2021年会是国内CXO业绩增长的高峰。再来看看医药市场发展的同时医药外包服务起到的作用有多大，目前国外医药研发外包的渗透率已达到55%左右，而国内的医药研发外包渗透率仍在40%到45%左右。\n也就是如果没有国外市场，那么未来国内医药外包还有10到15%的潜力可以挖掘。\n从医药研发外包发展的实际渗透率和预计来看，增长是超预期的。未来发展的天花板应该很低了，有行业人士预测渗透率天花板在60%到65%左右甚至更低。补充一张国内医药外包渗透率的图片，我觉得根据其他数据综合来看有点低估了。国外的医药外包市场已经非常成熟了，相比国内而言赛道增长速度是放低很多，从权威的数据来看，一个成熟的市场的CXO增长速度大概10%左右。\n02\n全球医药外包市场规模超千亿美元，其中化药C(D)MO市场规模占比最大，生物药C(D)MO增速最快。据悉，2013—2017年年均复合增长率10.3%，全球医药外包市场规模整体增长平稳。\n2017年总体市场规模达到1041亿美元，其中CRO市场规模446亿美元，占43%，C(D)MO市场规模595亿美元，占57%。\n未来5年，全球CRO+C(D)MO行业仍将保持高速增长，2022年全球医药外包行业规模将达1784亿美元，年均复合增长率达11.4%。中国的医药外包规模预计增长情况如下，大概年均增长率12%左右。再多说一句，如果从CXO的细分行业来看，有两个方面值得大家注意：一是CRO企业不管是以前还是未来的发展趋势都远不及CDMO企业；二是主要收入来源于国际的CXO企业未来竞争力远大于国际收入占比低的企业。\n这里就不展开细说了。下面图片给大家参考。综上来看，全球医药市场包括中国市场主要有两个主要因素决定了CXO赛道未来的增长情况：一是医药市场的规模增长，特别是创新药发展的增速；二是医药外包市场的渗透率增长。全球医药市场增长预期是5%，中国是8%，目前的渗透率，全球55%，中国是40%到45%左右。 聊到了这里，结论已经不言而喻了。\n除了头部几个一线的最优质的CXO企业，其他的大家且行且珍重。","news_type":1,"symbols_score_info":{"WX":0.9}},"isVote":1,"tweetType":1,"viewCount":2995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122309831,"gmtCreate":1624595682423,"gmtModify":1703841324350,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"look&nbsp;","listText":"look&nbsp;","text":"look","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122309831","repostId":"1102925117","repostType":4,"repost":{"id":"1102925117","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624582814,"share":"https://ttm.financial/m/news/1102925117?lang=en_US&edition=fundamental","pubTime":"2021-06-25 09:00","market":"hk","language":"zh","title":"XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1102925117","media":"老虎资讯综合","summary":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，","content":"<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.</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\">\nXPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 09:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102925117","content_text":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\nTiger Trade将于11:30开放申购【申购入口】\n\n申购阶梯：\n每手100股，入场费18181.39港元。\n乙组门槛为3万股，申购所需资金约5454415.8港元。\n\n小鹏汽车成立于2015年，目前已发展成中国领先的智能电动汽车公司，于2020年8月在纽交所上市。小鹏汽车在中国从事智能电动汽车的设计、研发、制造及营销。根据IHS Markit的数据，截至最后实际可行日期，公司是中国唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。公司正在打造一个快速扩展、多元化的具有吸引力的智能电动汽车车型组合，以满足智能电动汽车日益增长的需求以及广大客户群的差异化需求。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018年至2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率从2018年的(24.3%)增长至2020年的4.6%，实现转正。2021年一季度，公司录得总收入4.50亿元，净亏损1.20亿元，毛利率达到11.2%。\n\n筹资用途方面，以发售价的上限180港元计算，此次IPO预计自全球发售收取所得款项净额约150.39亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际市场增加销售及服务覆盖，来加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":3085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163854576,"gmtCreate":1623876777695,"gmtModify":1703822108690,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163854576","repostId":"1174117014","repostType":4,"isVote":1,"tweetType":1,"viewCount":3203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183868518,"gmtCreate":1623322455934,"gmtModify":1704200848771,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"hi ,nice to meet here","listText":"hi ,nice to meet here","text":"hi ,nice to meet here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183868518","isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159938617,"gmtCreate":1624934785339,"gmtModify":1703848316585,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159938617","repostId":"1104770632","repostType":4,"repost":{"id":"1104770632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624927163,"share":"https://ttm.financial/m/news/1104770632?lang=en_US&edition=fundamental","pubTime":"2021-06-29 08:39","market":"sh","language":"zh","title":"Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1104770632","media":"老虎资讯综合","summary":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头","content":"<p>June 29th news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>The company issued an announcement stating that it will issue 257 million shares at a price of HK$19.8 per share, with 500 shares per lot, and is expected to list on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an 8% success rate per lot. Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at approximately HK$4.84 billion (assuming the over-allotment option is not exercised), for the following purposes: approximately 70.0% will be used to expand its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained strong growth momentum.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.</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\">\nNayuki's tea has an 8% success rate per lot; subscribing to 40 lots guarantees one lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 29th news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's Tea</a>The company issued an announcement stating that it will issue 257 million shares at a price of HK$19.8 per share, with 500 shares per lot, and is expected to list on June 30.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with an 8% success rate per lot. Subscribing to 40 lots guarantees one lot.</p><p>Group B consisted of 300,000 shares (600 lots) and was allocated 3,000 shares (6 lots).<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">During the public offering phase, Nayuki Tea was subscribed 432.03 times, and the final number of offer shares allocated to the public offering was 129 million shares, representing 50% of the total number of offer shares (before any over-allotment option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the international offering was significantly oversubscribed, with the final number of shares offered being 129 million (excluding over-allocated shares), representing 50% of the total number of shares offered.</p><p>Regarding the use of funds, the company intends to use the net proceeds from the global offering, estimated at approximately HK$4.84 billion (assuming the over-allotment option is not exercised), for the following purposes: approximately 70.0% will be used to expand its tea shop network and increase its market penetration over the next three years; Approximately 10.0% will be used over the next three years to further enhance overall operations by strengthening technological capabilities, thereby improving operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities over the next three years to support the company's scale expansion; Approximately 10.0% will be used for working capital and general corporate purposes.</p><p>It is understood that Nayuki's tea shops, operated by the company, are a leading high-end freshly made tea shop chain in China, focusing on providing freshly made tea shops. According to CIC, Nayuki's tea was the second largest teahouse brand in the premium freshly made teahouse market in China in terms of total retail consumption value in 2020, with a market share of 18.9%. Based on total retail consumption in 2020, Nayuki's tea was the seventh largest tea shop brand in China's overall freshly made tea shop industry, with a market share of 3.9%.</p><p>To enhance the convenience and personalized experience of Nayuki Tea for customers, the company launched the Nayuki Tea membership system and the Nayuki Tea application, and achieved full integration with the company's Nayuki Tea shop network. The company's Nayuki Tea membership system has approximately 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki's teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020 and further to 562 as of the Latest Practicable Date. Revenue generated from the company's Nayuki tea shops increased from RMB910 million in 2018 to RMB2.292 billion in 2019, and further to RMB2.871 billion in 2020.</p><p>In addition, Nayuki's tea same-store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively, for the same stores in 2018 and 2019. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 for the same stores in 2019 and 2020.</p><p>Throughout the track record period, the company's profitability continued to improve, with total revenue increasing from RMB 1.087 billion in 2018 to RMB 3.057 billion in 2020, representing a compound annual growth rate of 67.7% from 2018 to 2020. The adjusted net loss decreased significantly from RMB 56.58 million in 2018 to RMB 11.735 million in 2019, and further reversed to an adjusted net profit of RMB 16.643 million in 2020.</p><p>In the first nine months of 2020, the company recorded revenue of RMB 2.115 billion and adjusted net profit of RMB 4.484 million. The domestic food industry has been significantly impacted by the pandemic, and the company's adjusted net profit has narrowed under pressure, but revenue has still maintained strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":3092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122303537,"gmtCreate":1624595733929,"gmtModify":1703841326454,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"oh","listText":"oh","text":"oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122303537","repostId":"1198330093","repostType":4,"repost":{"id":"1198330093","kind":"news","weMediaInfo":{"introduction":"民间投资共享平台——汇集投资高手，发现投资好点子。","home_visible":1,"media_name":"阿尔法工场研究院","id":"1026500124","head_image":"https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a"},"pubTimestamp":1624588229,"share":"https://ttm.financial/m/news/1198330093?lang=en_US&edition=fundamental","pubTime":"2021-06-25 10:30","market":"sh","language":"zh","title":"Discussion on Valuation Bubble in CXO Track","url":"https://stock-news.laohu8.com/highlight/detail?id=1198330093","media":"阿尔法工场研究院","summary":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有","content":"<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increasing penetration rate of CXO, the industry's growth rate will decline rapidly in the future.</b></p><p>Before we discuss this, let me conclude: no matter which CXO stock you hold, the current pe ratio of one or two hundred is clearly a bubble. However, a bubble does not mean that you should take profits. It is just a reminder to everyone to have a correct psychological expectation for the future.</p><p>The CXO sector has undoubtedly been one of the highest-quality sectors in the A-share market in recent years, and it could even be removed as one of them.</p><p>The rapid development of CXO gods in China in recent years is attributed to these factors: First, the engineer dividend. my country's supply of bachelor's, master's, and doctoral degrees has surged, and labor costs are relatively low (only 30%-50% of those in Europe and the United States). In addition, leading talents in related fields from overseas have returned to China to start businesses in recent years. The combination of these two factors has highlighted its advantages.</p><p>Second, the penetration rate of China's pharmaceutical outsourcing market was low in previous years, and only about 35% in 2018.</p><p>Third, the industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future speed of industrial transfer is questionable.</p><p>IV. In recent years, capital has invested heavily in domestic innovative drug companies.</p><p>We won't go into detail about the other fundamentals; let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative drug companies.<b>To judge the golden cycle of CXO, it is inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of mature foreign markets, the growth rate of the scale of drugs under development and the growth rate of CXO are matched. Let's take a look at the scale of the global and Chinese pharmaceutical markets:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound annual growth rate of about 5%.</p><p>Geographically, the United States remains the world's largest pharmaceutical market, accounting for approximately 38% of the global market in 2016. As the world's largest emerging market, China's market size has maintained rapid growth in recent years as demand has continued to rise, and it is expected to reach US$178.2 billion by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. The peak of financing and the peak of pharmaceutical outsourcing growth should be very obviously correlated. The chart below shows that 2019 and 2020 were the peak periods for financing, and the two years following the peak should also be the peak of growth in the CXO sector.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Judging from the chart below, 2020 and 2021 will be the peak years for the growth of domestic CXO performance.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the role of pharmaceutical outsourcing services as the pharmaceutical market develops. At present, the penetration rate of pharmaceutical R&D outsourcing abroad has reached about 55%, while the penetration rate of pharmaceutical R&D outsourcing in China is still around 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and expectations of pharmaceutical R&D outsourcing development, the growth has exceeded expectations.<b>The ceiling for future development should be very low.</b>Some industry insiders predict that the penetration rate ceiling will be around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Here's a picture of the domestic pharmaceutical outsourcing penetration rate. I think it's a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is already very mature. Compared with the domestic market, the growth rate of the track is much lower. According to authoritative data, the CXO growth rate of a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds 100 billion US dollars, with chemical pharmaceutical C(D)MO accounting for the largest market size and biological pharmaceutical C(D)MO growing the fastest. It is reported that the average annual compound growth rate from 2013 to 2017 was 10.3%, and the overall size of the global pharmaceutical outsourcing market grew steadily.</p><p>In 2017, the overall market size reached US$104.1 billion, of which the CRO market size was US$44.6 billion, accounting for 43%, and the C(D)MO market size was US$59.5 billion, accounting for 57%.</p><p>In the next five years, the global CRO+C(D)MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">China's pharmaceutical outsourcing scale is expected to grow as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">One more thing: if we look at the sub-sectors of CXO, there are two aspects worth noting: First, CRO companies, whether past or future...<b>Their development trends are far behind those of CDMO companies.</b>； Secondly, CXO companies whose main revenue comes from international sources will be far more competitive in the future than companies with a low proportion of international revenue.</p><p>I won't go into detail here. The images below are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">In summary, there are two main factors that determine the future growth of the CXO track in the global pharmaceutical market, including the Chinese market: one is the growth of the scale of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market is increasing. The global pharmaceutical market is expected to grow by 5%, while China's is 8%. The current penetration rate is 55% globally, while China's is around 40% to 45%. At this point, the conclusion is self-evident.</p><p>Apart from the top few top-tier CXO companies, everyone should be careful with the rest.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Discussion on Valuation Bubble in CXO Track</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\">\nDiscussion on Valuation Bubble in CXO Track\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026500124\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">阿尔法工场研究院 </p>\n<p class=\"h-time smaller\">2021-06-25 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increasing penetration rate of CXO, the industry's growth rate will decline rapidly in the future.</b></p><p>Before we discuss this, let me conclude: no matter which CXO stock you hold, the current pe ratio of one or two hundred is clearly a bubble. However, a bubble does not mean that you should take profits. It is just a reminder to everyone to have a correct psychological expectation for the future.</p><p>The CXO sector has undoubtedly been one of the highest-quality sectors in the A-share market in recent years, and it could even be removed as one of them.</p><p>The rapid development of CXO gods in China in recent years is attributed to these factors: First, the engineer dividend. my country's supply of bachelor's, master's, and doctoral degrees has surged, and labor costs are relatively low (only 30%-50% of those in Europe and the United States). In addition, leading talents in related fields from overseas have returned to China to start businesses in recent years. The combination of these two factors has highlighted its advantages.</p><p>Second, the penetration rate of China's pharmaceutical outsourcing market was low in previous years, and only about 35% in 2018.</p><p>Third, the industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future speed of industrial transfer is questionable.</p><p>IV. In recent years, capital has invested heavily in domestic innovative drug companies.</p><p>We won't go into detail about the other fundamentals; let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative drug companies.<b>To judge the golden cycle of CXO, it is inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of mature foreign markets, the growth rate of the scale of drugs under development and the growth rate of CXO are matched. Let's take a look at the scale of the global and Chinese pharmaceutical markets:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound annual growth rate of about 5%.</p><p>Geographically, the United States remains the world's largest pharmaceutical market, accounting for approximately 38% of the global market in 2016. As the world's largest emerging market, China's market size has maintained rapid growth in recent years as demand has continued to rise, and it is expected to reach US$178.2 billion by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. The peak of financing and the peak of pharmaceutical outsourcing growth should be very obviously correlated. The chart below shows that 2019 and 2020 were the peak periods for financing, and the two years following the peak should also be the peak of growth in the CXO sector.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Judging from the chart below, 2020 and 2021 will be the peak years for the growth of domestic CXO performance.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the role of pharmaceutical outsourcing services as the pharmaceutical market develops. At present, the penetration rate of pharmaceutical R&D outsourcing abroad has reached about 55%, while the penetration rate of pharmaceutical R&D outsourcing in China is still around 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and expectations of pharmaceutical R&D outsourcing development, the growth has exceeded expectations.<b>The ceiling for future development should be very low.</b>Some industry insiders predict that the penetration rate ceiling will be around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">Here's a picture of the domestic pharmaceutical outsourcing penetration rate. I think it's a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is already very mature. Compared with the domestic market, the growth rate of the track is much lower. According to authoritative data, the CXO growth rate of a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds 100 billion US dollars, with chemical pharmaceutical C(D)MO accounting for the largest market size and biological pharmaceutical C(D)MO growing the fastest. It is reported that the average annual compound growth rate from 2013 to 2017 was 10.3%, and the overall size of the global pharmaceutical outsourcing market grew steadily.</p><p>In 2017, the overall market size reached US$104.1 billion, of which the CRO market size was US$44.6 billion, accounting for 43%, and the C(D)MO market size was US$59.5 billion, accounting for 57%.</p><p>In the next five years, the global CRO+C(D)MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">China's pharmaceutical outsourcing scale is expected to grow as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">One more thing: if we look at the sub-sectors of CXO, there are two aspects worth noting: First, CRO companies, whether past or future...<b>Their development trends are far behind those of CDMO companies.</b>； Secondly, CXO companies whose main revenue comes from international sources will be far more competitive in the future than companies with a low proportion of international revenue.</p><p>I won't go into detail here. The images below are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">In summary, there are two main factors that determine the future growth of the CXO track in the global pharmaceutical market, including the Chinese market: one is the growth of the scale of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market is increasing. The global pharmaceutical market is expected to grow by 5%, while China's is 8%. The current penetration rate is 55% globally, while China's is around 40% to 45%. At this point, the conclusion is self-evident.</p><p>Apart from the top few top-tier CXO companies, everyone should be careful with the rest.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29","relate_stocks":{"WX":"Corgi All World 2x Daily ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198330093","content_text":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有个正确的心理预期。\nCXO赛道这几年毫无疑问是A股无容置疑的最优质赛道之一，甚至可以把这个之一拿掉。\n这些年国内CXO众神的飞速发展得益于这几个因素：一、工程师红利。我国本硕博供给井喷且劳动力成本相对较低（只相当于欧美国家的30%-50%），加上这几年海外相关领域的领军人才回国创业，两相结合，优势凸显。\n二、前几年中国医药外包市场的渗透率较低，2018年才35%左右。\n三、国际医药研发外包服务的产业转移，但从目前不断增长的各种成本来看，未来的产业转移速度要打个疑问了。\n四、近几年资本给国内创新药公司的疯狂投入。\n其他基本面就不用细谈了，我们来看看未来的发展潜力吧。\n01\nCXO的增长是与创新药公司的增长息息相关的，要判断CXO的黄金周期必定离不开创新药的发展增长周期。\n从国外成熟市场来看，在研药物规模增速和CXO增速是相匹配的，我们来看看全球和中国的医药市场规模：\n2016年全球医药市场规模为11536亿美元，预计将在2021年达到14751亿美元，复合增速约5%。\n从地域来看，美国仍是世界上最大的医药市场，2016年美国市场规模约占同期全球市场38%的份额。而中国作为全球最大的新兴市场，近年随需求不断提升，其市场规模也保持高速增长，预计到2021年将达到1782亿美元，增速约8%。\n再来看看这几年国内生物科技公司的融资情况，融资的高点与医药外包增长高点应该是前后相关性很明显的。下图可以看到2019、2020年是融资的高峰期，融资高峰后的两年也应该是CXO赛道增长的高峰。目测下图2020年、2021年会是国内CXO业绩增长的高峰。再来看看医药市场发展的同时医药外包服务起到的作用有多大，目前国外医药研发外包的渗透率已达到55%左右，而国内的医药研发外包渗透率仍在40%到45%左右。\n也就是如果没有国外市场，那么未来国内医药外包还有10到15%的潜力可以挖掘。\n从医药研发外包发展的实际渗透率和预计来看，增长是超预期的。未来发展的天花板应该很低了，有行业人士预测渗透率天花板在60%到65%左右甚至更低。补充一张国内医药外包渗透率的图片，我觉得根据其他数据综合来看有点低估了。国外的医药外包市场已经非常成熟了，相比国内而言赛道增长速度是放低很多，从权威的数据来看，一个成熟的市场的CXO增长速度大概10%左右。\n02\n全球医药外包市场规模超千亿美元，其中化药C(D)MO市场规模占比最大，生物药C(D)MO增速最快。据悉，2013—2017年年均复合增长率10.3%，全球医药外包市场规模整体增长平稳。\n2017年总体市场规模达到1041亿美元，其中CRO市场规模446亿美元，占43%，C(D)MO市场规模595亿美元，占57%。\n未来5年，全球CRO+C(D)MO行业仍将保持高速增长，2022年全球医药外包行业规模将达1784亿美元，年均复合增长率达11.4%。中国的医药外包规模预计增长情况如下，大概年均增长率12%左右。再多说一句，如果从CXO的细分行业来看，有两个方面值得大家注意：一是CRO企业不管是以前还是未来的发展趋势都远不及CDMO企业；二是主要收入来源于国际的CXO企业未来竞争力远大于国际收入占比低的企业。\n这里就不展开细说了。下面图片给大家参考。综上来看，全球医药市场包括中国市场主要有两个主要因素决定了CXO赛道未来的增长情况：一是医药市场的规模增长，特别是创新药发展的增速；二是医药外包市场的渗透率增长。全球医药市场增长预期是5%，中国是8%，目前的渗透率，全球55%，中国是40%到45%左右。 聊到了这里，结论已经不言而喻了。\n除了头部几个一线的最优质的CXO企业，其他的大家且行且珍重。","news_type":1,"symbols_score_info":{"WX":0.9}},"isVote":1,"tweetType":1,"viewCount":2995,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122309831,"gmtCreate":1624595682423,"gmtModify":1703841324350,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"look&nbsp;","listText":"look&nbsp;","text":"look","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122309831","repostId":"1102925117","repostType":4,"repost":{"id":"1102925117","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624582814,"share":"https://ttm.financial/m/news/1102925117?lang=en_US&edition=fundamental","pubTime":"2021-06-25 09:00","market":"hk","language":"zh","title":"XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.","url":"https://stock-news.laohu8.com/highlight/detail?id=1102925117","media":"老虎资讯综合","summary":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，","content":"<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>XPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.</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\">\nXPeng Motors-W begins its IPO today, with an entry fee of approximately HK$18,181.39 per lot.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 09:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>The company announced that its IPO will be conducted from June 25 to June 30. The company plans to offer 85 million shares globally, including 4.25 million shares offered in Hong Kong and 80.75 million shares offered internationally, with a 15% over-allotment option. The issue price per share will not exceed HK$180, with trading units of 100 shares per lot, and an entry fee of approximately HK$18,181.39. The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30.</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Subscription portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>Each lot contains 100 shares, with an entry fee of HK$18,181.39.</p><p>The threshold for Group B is 30,000 shares, and the funds required for subscription are approximately HK$5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng has grown into China's leading smart electric vehicle company and went public on the New York Stock Exchange in August 2020. XPeng Automobile is engaged in the design, research and development, manufacturing and marketing of intelligent electric vehicles in the PRC. According to data from IHS Markit, as of the Latest Practicable Date, the company was the only automaker in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified, and attractive portfolio of intelligent electric vehicle models to meet the growing demand for intelligent electric vehicles and the differentiated needs of a wide range of customers.</p><p>As of Q1 2021, XPeng had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of charging infrastructure network layout, as of Q1 2021, there were 172 XPeng brand Supercharger stations nationwide, covering 60 cities. The company offers a free charging plan to eligible car owners, and as of the end of March, the plan had covered more than 140 cities.</p><p>In terms of financial data, the company achieved significant growth and strong operating results during the track record period. From 2018 to 2020, the company's total revenue increased from RMB 9.706 million to RMB 5.844 billion. With strong revenue growth, the company's gross profit margin increased from 24.3% in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>Regarding the use of funds, based on the upper limit of the Offer Price of HK$180, the IPO is expected to receive net proceeds of approximately HK$15,039 million from the Global Offering (after deducting underwriting commissions and other estimated expenses related to the Global Offering). The company intends to use the net proceeds from the share offering for the following purposes: approximately 45% is expected to be used to expand the company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the company's business expansion by enhancing brand awareness, acquiring customers through omnichannel marketing strategies, and increasing sales and service coverage in domestic and international markets. Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities, and developing production technologies; Approximately 10% is expected to be used for general corporate purposes, including for working capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102925117","content_text":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\nTiger Trade将于11:30开放申购【申购入口】\n\n申购阶梯：\n每手100股，入场费18181.39港元。\n乙组门槛为3万股，申购所需资金约5454415.8港元。\n\n小鹏汽车成立于2015年，目前已发展成中国领先的智能电动汽车公司，于2020年8月在纽交所上市。小鹏汽车在中国从事智能电动汽车的设计、研发、制造及营销。根据IHS Markit的数据，截至最后实际可行日期，公司是中国唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。公司正在打造一个快速扩展、多元化的具有吸引力的智能电动汽车车型组合，以满足智能电动汽车日益增长的需求以及广大客户群的差异化需求。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018年至2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率从2018年的(24.3%)增长至2020年的4.6%，实现转正。2021年一季度，公司录得总收入4.50亿元，净亏损1.20亿元，毛利率达到11.2%。\n\n筹资用途方面，以发售价的上限180港元计算，此次IPO预计自全球发售收取所得款项净额约150.39亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际市场增加销售及服务覆盖，来加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":3085,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163854576,"gmtCreate":1623876777695,"gmtModify":1703822108690,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163854576","repostId":"1174117014","repostType":4,"isVote":1,"tweetType":1,"viewCount":3203,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183868518,"gmtCreate":1623322455934,"gmtModify":1704200848771,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"title":"","htmlText":"hi ,nice to meet here","listText":"hi ,nice to meet here","text":"hi ,nice to meet here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183868518","isVote":1,"tweetType":1,"viewCount":3124,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}