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PinnPinn
PinnPinn
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2023-12-13
$GLOBALFOUNDRIES Inc.(GFS)$
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2021-07-09
666
Apple Ge Yue: Apple Watch will be gesture-controllable later this year
这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。
Apple Ge Yue: Apple Watch will be gesture-controllable later this year
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PinnPinn
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2021-07-08
666
Is Nayuki's tea Starbucks or Ruixing?
我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。 先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整
Is Nayuki's tea Starbucks or Ruixing?
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PinnPinn
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2021-07-08
666
Hong Kong stocks Apple concept stocks fell, BYD Electronics fell more than 6%
7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。 有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是
Hong Kong stocks Apple concept stocks fell, BYD Electronics fell more than 6%
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PinnPinn
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2021-07-07
666
Nio: Battery swap stations and supercharging piles officially shipped to Norway
7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获
Nio: Battery swap stations and supercharging piles officially shipped to Norway
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PinnPinn
PinnPinn
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2021-07-06
?
Behind Vitasoy is a group of stubborn business leaders
维他奶事件愈演愈烈。7月4日，全国多地商户和电商开始下架维他奶产品，向供应商退货。7月5日，“维他奶国际”盘中一度跌超14.8%，创去年9月以来新低，市值跌破270亿港元，全天蒸发23亿人民币……
Behind Vitasoy is a group of stubborn business leaders
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PinnPinn
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2021-07-04
666
It's someone else's company again! Xiaomi Haopai "Big Red Packet", 390,000 per capita
格力和小米，一前一后抛股权激励计划。 7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励
It's someone else's company again! Xiaomi Haopai "Big Red Packet", 390,000 per capita
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PinnPinn
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2021-07-04
?
It's someone else's company again! Xiaomi Haopai "Big Red Packet", 390,000 per capita
格力和小米，一前一后抛股权激励计划。 7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励
It's someone else's company again! Xiaomi Haopai "Big Red Packet", 390,000 per capita
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PinnPinn
PinnPinn
·
2021-07-03
?
Chinese hip-hop promotion company made a hot debut, and Pupu Culture rose nearly 8 times in three days of listing
有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。 普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的
Chinese hip-hop promotion company made a hot debut, and Pupu Culture rose nearly 8 times in three days of listing
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PinnPinn
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2021-07-02
666
Hong Kong sets up SPAC listing system, or starts consulting opinions this month
市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。
Hong Kong sets up SPAC listing system, or starts consulting opinions this month
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href=\"https://ttm.financial/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$ </a>","listText":"<a href=\"https://ttm.financial/S/GFS\">$GLOBALFOUNDRIES Inc.(GFS)$ </a>","text":"$GLOBALFOUNDRIES 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21:48","market":"us","language":"zh","title":"Apple Ge Yue: Apple Watch will be gesture-controllable later this year","url":"https://stock-news.laohu8.com/highlight/detail?id=2150937793","media":"IT时报","summary":"这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。","content":"<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30 seconds quick read</p><p>1. AI and machine learning are<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company is extensively used in application innovation and care for people with disabilities.</p><p>2. Many new features in iOS 15 and iPadOS 15 come from machine learning.</p><p>3. Apple does not collect a large amount of personal information and store user data on servers.</p><p>What scenarios will \"Apple + AI\" land in? July 8th, in the world artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the conference's \"Smart Chips Define the Future of the Industry\" forum, Ge Yue, vice president of Apple and managing director of Greater China, shared a number of Apple applications in artificial intelligence and machine learning.</p><p>At the WWDC conference in June this year, Apple launched a series of new systems such as iOS 15 and iPadOS 15, many of which were developed based on machine learning.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269819/0\"/>Source: Apple</p><p>For example, a new function called \"visual search\" can help users select an object in a picture and immediately get more information about the object. \"There are various choices of objects, which can be a work of art, a book, an animal or a landmark\".</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269830/0\"/>Source: Apple</p><p>Ge Yue said that Apple is widely using machine learning and AI to empower users' daily lives, and machine learning has also driven Apple to carry out more innovations around auxiliary functions.</p><p>For example, in the auxiliary function, the microphone can act as the ear of the deaf person. When the user's device \"hears\" a fire alarm, a baby's crying or a household appliance's chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users identify the content on the screen of the device, become the user's \"eyes\", and help users \"see\" images, text and buttons on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use Apple Watch more fully with a technology called assistive touch function.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology of assisted touch function can detect subtle changes in user muscle movement and tendon activity through sensors built into Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when users wear watches, they can move the hands on the screen from a distance through gestures and without touching the screen to call various functions of Apple Watch.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple products.\" Ge Yue said. \"No matter what the purpose of users using products is, whether they simply use the device for entertainment or want to make their mark in the world, we should make better products for them, that is, products that are suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users care about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning needs to use a lot of data, but the effectiveness of artificial intelligence and machine learning does not need to be at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times trainee reporter Fan Xinru</p><p>Editor/Wang Xin was kicked by sister</p><p>Typesetting/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/\"IT Times\" WeChat official account vittimes</p><p></article></body></html></p>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Ge Yue: Apple Watch will be gesture-controllable later this year</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\">\nApple Ge Yue: Apple Watch will be gesture-controllable later this year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">IT时报</strong><span class=\"h-time small\">2021-07-09 21:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269811/0\"/>Ge Yue, vice president of Apple and managing director of Greater China, photo: IT Times</p><p>30 seconds quick read</p><p>1. AI and machine learning are<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The company is extensively used in application innovation and care for people with disabilities.</p><p>2. Many new features in iOS 15 and iPadOS 15 come from machine learning.</p><p>3. Apple does not collect a large amount of personal information and store user data on servers.</p><p>What scenarios will \"Apple + AI\" land in? July 8th, in the world artificial<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>At the conference's \"Smart Chips Define the Future of the Industry\" forum, Ge Yue, vice president of Apple and managing director of Greater China, shared a number of Apple applications in artificial intelligence and machine learning.</p><p>At the WWDC conference in June this year, Apple launched a series of new systems such as iOS 15 and iPadOS 15, many of which were developed based on machine learning.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269819/0\"/>Source: Apple</p><p>For example, a new function called \"visual search\" can help users select an object in a picture and immediately get more information about the object. \"There are various choices of objects, which can be a work of art, a book, an animal or a landmark\".</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269830/0\"/>Source: Apple</p><p>Ge Yue said that Apple is widely using machine learning and AI to empower users' daily lives, and machine learning has also driven Apple to carry out more innovations around auxiliary functions.</p><p>For example, in the auxiliary function, the microphone can act as the ear of the deaf person. When the user's device \"hears\" a fire alarm, a baby's crying or a household appliance's chirping, it will immediately notify the user.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269807/0\"/>Source: Apple</p><p>The narration function can help visually impaired users identify the content on the screen of the device, become the user's \"eyes\", and help users \"see\" images, text and buttons on the screen.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269817/0\"/>Source: Apple</p><p>Later this year, Ge Yue said that people with physical disabilities will be able to use Apple Watch more fully with a technology called assistive touch function.</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269808/0\"/>Source: Apple</p><p>The technology of assisted touch function can detect subtle changes in user muscle movement and tendon activity through sensors built into Apple Watch, combined with Apple's own machine learning technology.</p><p>This means that when users wear watches, they can move the hands on the screen from a distance through gestures and without touching the screen to call various functions of Apple Watch.</p><p>\"In these ways, machine learning makes it easy for anyone to experience Apple products.\" Ge Yue said. \"No matter what the purpose of users using products is, whether they simply use the device for entertainment or want to make their mark in the world, we should make better products for them, that is, products that are suitable for everyone.\"</p><p><img src=\"http://inews.gtimg.com/newsapp_match/0/13748269822/0\"/>Source: Apple</p><p>Regarding the privacy topic that Chinese users care about, Ge Yue said that privacy protection is the core of everything. \"Apple does not collect a large amount of personal information, store user data on servers, or sell it to third parties. Machine learning needs to use a lot of data, but the effectiveness of artificial intelligence and machine learning does not need to be at the expense of user privacy\".</p><p>Ge Yue emphasized that for all Apple employees, privacy protection is the company's primary concern and basic value, which is integrated into every stage of Apple's global product design.</p><p>Author/IT Times trainee reporter Fan Xinru</p><p>Editor/Wang Xin was kicked by sister</p><p>Typesetting/Huang Jian</p><p>Photo/IT Times, Apple</p><p>Source/\"IT Times\" WeChat official account vittimes</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107092150037c1e9682&s=b\">IT时报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9352eeb054da879ea3921619a5a8a9c","relate_stocks":{"AAPL":"苹果","03086":"华夏纳指","09086":"华夏纳指-U"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202107092150037c1e9682&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2150937793","content_text":"Apple公司副总裁、大中华区董事总经理葛越，图摄：IT 时报30秒快读1、AI和机器学习被苹果公司大量应用于应用创新以及对残障人士的关怀中。2、iOS 15、iPadOS 15中许多新功能都来自机器学习。3、苹果不收集大量的个人信息，不将用户数据存储在服务器上。“苹果+AI”会落地到哪些场景？7月8日，在世界人工智能大会“智能芯片定义产业未来”论坛上，Apple公司副总裁、大中华区董事总经理葛越分享多个苹果在人工智能和机器学习方面的落地应用。今年6月的WWDC大会上，苹果推出了iOS 15、iPadOS 15等一系列新的系统，其中许多新功能都是基于机器学习而开发出来的。图源：Apple比如一个叫做“视觉查找”的新功能，可以帮助用户在图片中选定一个对象，并立即获取更多关于该对象的信息，“对象的选择多样，可以是一款艺术品、一本书、一个动物或者一个地标”。图源：Apple葛越表示，苹果正广泛地将机器学习和AI用于赋能用户的日常生活，而机器学习也驱动了苹果围绕辅助功能开展更多的创新。比如，在辅助功能中，麦克风可以充当失聪人士的耳朵。当用户的设备“听到”了火警，婴儿的哭啼或者是家用电器的鸣叫等声音的时候，会立即通知用户。图源：Apple旁白功能能够帮助视觉障碍的用户识别设备屏幕上的内容，成为用户的“眼睛”，帮助用户去“看”到屏幕中的图像、文本和按钮等。图源：Apple今年晚些时候，葛越表示，肢体障碍人士将可以用上一项名为辅助触控功能的技术，更加充分地使用Apple Watch。图源：Apple辅助触控功能的技术通过内置于Apple Watch中的传感器，结合苹果自身的机器学习技术，可以检测到用户肌肉的运动和肌腱活动的细微变化。这意味着用户在佩戴手表的时候，可以通过手势，在不接触屏幕的前提下，隔空移动屏幕上的指针，调用Apple Watch的各种功能。“通过这些方式，机器学习使得任何人能够轻松地体验Apple的产品。”葛越说，“无论用户使用产品的目的是什么，是单纯地使用设备来娱乐，或者是想在这个世界上留下自己的印记，我们都应该为他们做出更好的产品，也就是适合每一个人使用的产品”。图源：Apple对于中国用户关心的隐私话题，葛越表示，隐私保护是一切的核心，“苹果不收集大量的个人信息，不将用户数据存储在服务器上，也不出售给第三方。机器学习需要使用大量数据，但人工智能和机器学习的有效性并不需要以牺牲用户隐私为代价”。葛越强调，对于苹果所有员工来说，隐私保护是公司首要的关注点，也是基本的价值观，融入到苹果全球产品设计的每个阶段中。作者／IT时报见习记者 范昕茹编辑／王昕 挨踢妹排版／黄建图片／IT时报、Apple来源／《IT时报》公众号vittimes","news_type":1,"symbols_score_info":{"09086":0.6,"03086":0.6,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149589999,"gmtCreate":1625735583211,"gmtModify":1703747416866,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149589999","repostId":"1169344170","repostType":4,"repost":{"id":"1169344170","kind":"news","pubTimestamp":1625733962,"share":"https://ttm.financial/m/news/1169344170?lang=en_US&edition=fundamental","pubTime":"2021-07-08 16:46","market":"hk","language":"zh","title":"Is Nayuki's tea Starbucks or Ruixing?","url":"https://stock-news.laohu8.com/highlight/detail?id=1169344170","media":" 科技说","summary":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整","content":"<p>We start with the analysis of enterprise value to explore whether Nayuki's tea company has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive view on Nayuki's tea prospectus first. Unlike Ruixing, which emphasizes its own \"technological attributes\" and highlights the usual operating data of Internet companies such as DAU and MAU, Nayuki's tea as a whole is flaunting its own offline retail attributes, that is to say, companies have not deliberately created \"strong concepts\" to improve pricing power.</p><p>The business model and cost structure of the offline tea industry are very similar to those of coffee chains. We compare Nayuki's tea in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Nayuki's tea gross profit margin is insufficient, considering factors such as volume and development stage, we believe that its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and middle stages of development, there have not yet been oligarchs with market pricing power, and Nayuki's tea has not yet faced a cruel price war. After the myth of Luckin was debunked, although the milk tea industry has expanded rapidly with the support of capital, so far we have not seen a brutal price war. Judging from Nayuki's tea historical data, the low proportion of market expenses and high gross profit show that the industry requires companies to balance the relationship between growth and loss.</p><p>With the above ideas in mind, let's look at indicators such as store operating costs. Nayuki's tea is very close to Starbucks. Although the two companies are in different industries, their business logic is basically the same.</p><p>So in this case, why is Nayuki's tea still losing money in 2020? Since the business model and logic of the company and Starbucks are very close, the latter should be used as a reference in the judgment of market value, and the potential of business scale growth and profitability should be considered. The high revenue accompanied by high losses used by Internet companies is not appropriate for Nayuki's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The costs listed in the figure above are the main consumption points for offline store operations. In addition, there are still many subtle expenses that cannot be expressed. From the perspective of revenue model, the biggest difference between Nayuki's tea and Starbucks is that take-out orders account for a particularly large proportion., and Starbucks still mainly provides dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>This has also caused Nayuki's tea delivery expenses to increase significantly in the past three years, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will operate It is relatively close to Starbucks in terms of profit margin performance.</p><p>For Nayuki's tea, after the increase in take-out orders (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay delivery fees to the delivery company. In order not to affect consumers' purchase impulse, online and offline sales at the same price, and freight subsidies are provided through various methods (such as full discounts, such as free shipping days every Monday today, etc.), when the scale of take-out orders is so expanding, when Starbucks' offline operating profit margin is less than 7%, it will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How to crack this?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail has been severely impacted (so far, the growth of social consumption across the country is still at a low level), which has seriously affected the rent level of offline shops (in 2020, whether it is the central government or all levels Governments are calling for rent reduction, subsidies and profits), which can also be verified in Nayuki's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, rents in cities at all levels have a downward trend. Considering that the contract period of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. The average rent in 2020 needs to be hedged against the previously high rental cost after the price reduction in that year. Although there was a decline in that year, it did not fully reflect the actual extent of the decline in shop rents;</p><p>2. In 2020, the company has carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure on average rents will be partially alleviated after that, especially in non-first-tier cities in terms of rent concessions. The intensity may be greater (already shown in the figure above).</p><p>Before that, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power when negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) would give priority to Starbucks when attracting investment, and gave policy inclination (similar ban and rent discount), which made Starbucks have a distinct comparative advantage when compared with similar enterprises.</p><p>From the perspective of internal and external factors, although it is extremely controversial to reflect on the Ruixing model now, one thing seems reasonable, that is, when users become more and more dependent on food delivery, they can actually expand the proportion of food delivery stores, reduce the proportion of rent, and expand Online income and adjust the operating cost structure.</p><p>So we sorted out the transaction scale of Nayuki's tea applet and its own App and food delivery platform, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of in-store cashier (mainly dine-in) payments has dropped significantly. At the same time, the proportion of payments completed through small programs and take-out platforms has increased. Even if users are excluded, they will go to the store through small programs. Purchase this factor, but we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operations, does this mean that companies can reduce the store area in the future, focus on take-out operations, reduce offline costs, and hedge the increase in distribution costs. What about this fact?</p><p>In the prospectus, we saw that Nayuki's Tea stated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, 70% of which are PRO stores. If the cost If we maintain the results of our analysis above during control and business expansion, it is conceivable that the composition of the company's operating expenses will change significantly in the future, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party food delivery platform service expenses, we don't know yet, which is what we will focus on next.</p><p>So when is the profit cycle we expect for this enterprise?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating costs, we estimate that judging from the store's operating conditions in 2020, the store's break-even point is about 25,000 yuan per day. In 2018-2019, it was higher than this level. If the financing costs and other expenses at that time are excluded, for store operations, it is roughly within the profitability range.</p><p>However, judging from the trend, the daily sales scale of a single store is showing a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. This is not only the impact of the epidemic explained by the company, but also the impact of the expansion. The lax grasp of efficiency dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the figure above, we can see that in the past three years, the daily sales of single stores in cities at different levels have been approaching, and in 2020 they have been almost at the same level. We previously thought that this was due to the epidemic factor, and consumption was conservative. The inevitable result of the impact, but after seeing 2019, we are more certain that this may be a trend. For milk tea loved by young people, users in first-and second-tier cities are getting closer and closer to the acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, In theory, the balance point of daily sales of 25,000 yuan can be reduced to a level of around 23,000 yuan, thus alleviating the pressure on profits.</p><p>To summarize our conclusions in this section:</p><p>First, this is a company whose revenue and cost structure is very similar to Starbucks, and its valuation should also refer to the Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong in the past three years. The founder's shares are relatively less diluted, and it can also Raise funds in the capital market in the form of additional issuance and convertible bonds to maintain expansion.</p><p>Next, let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After Naixue's tea went public, the latest financing of Heytea was reported, coupled with brands such as Gongcha and Lele Tea. We can accurately say that due to the high gross profit and relatively accurate growth of the industry, this category has become the hot spot of capital pursuit, and it can be said with certainty that there will still be no shortage of financing news in the industry that will shock us.</p><p>Strong capital intervention has always been a double-edged sword. On the one hand, capital does give start-up companies the motivation to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. The typical representative is that the limited premium capacity of companies in the terminal market, insufficient negotiation power with suppliers, etc., will dilute the profitability of single companies. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents.</p><p>This is not the same as the coffee chain industry. Although Starbucks is at the top of the coffee chain industry, it has never lacked challengers for so many years. From overseas COSTA to Ruixing in the Chinese market, the strong competitive pressure is optimistically to train the team and improve its resistance to pressure. Ability, but pessimistically, users are extremely sensitive to their prices, enterprises have strong substitutability, and profit margins are compressed to a low level.</p><p>Now that my country's capital market has reached a relatively mature stage, Starbucks is making money while lying down. What if Nayuki's tea is not waiting for it? That is to say, although we have conducted an ideal business analysis of the company above, we must add the premise: the industry is still under huge uncertainty, and the company has gained a financing advantage by listing earlier than others, but the stock price is the next The anchor of financing costs, doing a good job in operating to maintain the stock price, obtaining convenient and cheap financing, and supporting its expansion are the top priorities. However, under uncertainty (there are also overall adjustment factors of Hong Kong stocks), we must say that Nayuki's tea market value management is under relatively great pressure.</p><p>So what is the center point of the company's market value?</p><p>We still take Starbucks as an example and use the data of fiscal year 2020 as a reference. Now the market value has reached a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks has shown a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and the United States have a huge impact). Taking 2019 data as an example, the current price-to-sales ratio is over 5 times, and the static P/E is around 40 times. Due to the U.S. stock market has expanded under the global release, and now it is almost the highest point of Starbucks' stock price.</p><p>When we value Nayuki's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about 22 billion Hong Kong dollars. However, considering that the company will increase store expansion after financing, the total revenue will be in a rapid growth range, and we will give a certain premium. After careful consideration, it will be around 25 billion Hong Kong dollars.</p><p>Let's use p/E as verification. The market value of 25 billion Hong Kong dollars is 25 times p/E, the operating profit is 10 Hong Kong dollars, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the profit p balance point, we believe that although this goal is difficult, it is not impossible to achieve.</p><p>In addition, it is important to emphasize that when conducting dynamic observations on enterprises, we will still use profitability as an important reference to adjust the valuation level. The above-mentioned market value valuation is also based on the premise of ideal operation. If there is a proper balance between profitability and expansion, the model will also be adjusted appropriately, but in short, for Nayuki's tea, we must treat it as a retail enterprise and never be fooled by the concept of the Internet. Nayuki's tea is not an Internet enterprise, and the valuation of enterprises cannot follow the old path of Haidilao.</p>","source":"lsy1583724996352","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>Is Nayuki's tea Starbucks or Ruixing?</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\">\nIs Nayuki's tea Starbucks or Ruixing?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 科技说</strong><span class=\"h-time small\">2021-07-08 16:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>We start with the analysis of enterprise value to explore whether Nayuki's tea company has investment value and space.</p><p><img src=\"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about our intuitive view on Nayuki's tea prospectus first. Unlike Ruixing, which emphasizes its own \"technological attributes\" and highlights the usual operating data of Internet companies such as DAU and MAU, Nayuki's tea as a whole is flaunting its own offline retail attributes, that is to say, companies have not deliberately created \"strong concepts\" to improve pricing power.</p><p>The business model and cost structure of the offline tea industry are very similar to those of coffee chains. We compare Nayuki's tea in 2020 with the financial data of Starbucks in fiscal year 2020, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/0e1c3673ff1fef2b9e23b1af7777c35e\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>Compared with Starbucks, although Nayuki's tea gross profit margin is insufficient, considering factors such as volume and development stage, we believe that its performance is still in a relatively ideal range.</p><p>On the one hand, because the offline tea industry as a whole is still in the early and middle stages of development, there have not yet been oligarchs with market pricing power, and Nayuki's tea has not yet faced a cruel price war. After the myth of Luckin was debunked, although the milk tea industry has expanded rapidly with the support of capital, so far we have not seen a brutal price war. Judging from Nayuki's tea historical data, the low proportion of market expenses and high gross profit show that the industry requires companies to balance the relationship between growth and loss.</p><p>With the above ideas in mind, let's look at indicators such as store operating costs. Nayuki's tea is very close to Starbucks. Although the two companies are in different industries, their business logic is basically the same.</p><p>So in this case, why is Nayuki's tea still losing money in 2020? Since the business model and logic of the company and Starbucks are very close, the latter should be used as a reference in the judgment of market value, and the potential of business scale growth and profitability should be considered. The high revenue accompanied by high losses used by Internet companies is not appropriate for Nayuki's tea.</p><p>In the analysis of this problem, we introduce the following ideas.</p><p>The costs listed in the figure above are the main consumption points for offline store operations. In addition, there are still many subtle expenses that cannot be expressed. From the perspective of revenue model, the biggest difference between Nayuki's tea and Starbucks is that take-out orders account for a particularly large proportion., and Starbucks still mainly provides dine-in or in-store services all over the world.</p><p><img src=\"https://static.tigerbbs.com/28b7dafb3c26ae3fec530cfbb6d19f98\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>This has also caused Nayuki's tea delivery expenses to increase significantly in the past three years, accounting for more than 5 percentage points of revenue. In other words, without this part of the expenditure, Nayuki's tea will operate It is relatively close to Starbucks in terms of profit margin performance.</p><p>For Nayuki's tea, after the increase in take-out orders (the proportion of orders through small programs and third-party take-out platforms has exceeded 20%), it is necessary to pay delivery fees to the delivery company. In order not to affect consumers' purchase impulse, online and offline sales at the same price, and freight subsidies are provided through various methods (such as full discounts, such as free shipping days every Monday today, etc.), when the scale of take-out orders is so expanding, when Starbucks' offline operating profit margin is less than 7%, it will undoubtedly dilute the profitability of Nayuki's tea.</p><p>How to crack this?</p><p>We think from two threads: external and internal.</p><p>Externally, affected by the epidemic in 2020, offline physical retail has been severely impacted (so far, the growth of social consumption across the country is still at a low level), which has seriously affected the rent level of offline shops (in 2020, whether it is the central government or all levels Governments are calling for rent reduction, subsidies and profits), which can also be verified in Nayuki's tea prospectus.</p><p><img src=\"https://static.tigerbbs.com/9a65ec725a1756977e4b7ee1a19ea828\" tg-width=\"968\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>In the above figure, rents in cities at all levels have a downward trend. Considering that the contract period of enterprises for offline shops is generally 3-5 years, that is to say:</p><p>1. The average rent in 2020 needs to be hedged against the previously high rental cost after the price reduction in that year. Although there was a decline in that year, it did not fully reflect the actual extent of the decline in shop rents;</p><p>2. In 2020, the company has carried out great store expansion, among which new first-tier cities and second-tier cities are important highlights. It is foreseeable that the pressure on average rents will be partially alleviated after that, especially in non-first-tier cities in terms of rent concessions. The intensity may be greater (already shown in the figure above).</p><p>Before that, when we considered Starbucks, apart from its brand and supply chain advantages, we often ignored its bargaining power when negotiating with commercial real estate. Generally, commercial real estate projects (especially in new first-tier and below cities) would give priority to Starbucks when attracting investment, and gave policy inclination (similar ban and rent discount), which made Starbucks have a distinct comparative advantage when compared with similar enterprises.</p><p>From the perspective of internal and external factors, although it is extremely controversial to reflect on the Ruixing model now, one thing seems reasonable, that is, when users become more and more dependent on food delivery, they can actually expand the proportion of food delivery stores, reduce the proportion of rent, and expand Online income and adjust the operating cost structure.</p><p>So we sorted out the transaction scale of Nayuki's tea applet and its own App and food delivery platform, as shown in the figure below</p><p><img src=\"https://static.tigerbbs.com/90001f578e743ede6f4cfb5f7a21d393\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the past three years, the proportion of in-store cashier (mainly dine-in) payments has dropped significantly. At the same time, the proportion of payments completed through small programs and take-out platforms has increased. Even if users are excluded, they will go to the store through small programs. Purchase this factor, but we can still get the fact that the proportion of take-out consumption is expanding.</p><p>This trend is also consistent with the increase in the proportion of take-out service fees mentioned above, but starting from business operations, does this mean that companies can reduce the store area in the future, focus on take-out operations, reduce offline costs, and hedge the increase in distribution costs. What about this fact?</p><p>In the prospectus, we saw that Nayuki's Tea stated that it would increase the layout of PRO stores. In 2021 and 2021, it plans to open 300-350 stores in first-tier and new first-tier cities, 70% of which are PRO stores. If the cost If we maintain the results of our analysis above during control and business expansion, it is conceivable that the composition of the company's operating expenses will change significantly in the future, and it is very likely that the pressure of losses will be reduced.</p><p>Then, this requires enterprises to strengthen the effect of online diversion during operation. Whether it will increase online marketing expenses or third-party food delivery platform service expenses, we don't know yet, which is what we will focus on next.</p><p>So when is the profit cycle we expect for this enterprise?</p><p>If the door operation personnel, rent, water and electricity, depreciation and amortization are regarded as fixed expenses, and the material cost is regarded as floating costs, we estimate that judging from the store's operating conditions in 2020, the store's break-even point is about 25,000 yuan per day. In 2018-2019, it was higher than this level. If the financing costs and other expenses at that time are excluded, for store operations, it is roughly within the profitability range.</p><p>However, judging from the trend, the daily sales scale of a single store is showing a downward trend, from more than 30,000 yuan in 2018 to just over 20,000 yuan. This is not only the impact of the epidemic explained by the company, but also the impact of the expansion. The lax grasp of efficiency dilutes the sales capacity of a single store.</p><p><img src=\"https://static.tigerbbs.com/df667a903b463c588372613690159b13\" tg-width=\"754\" tg-height=\"454\" referrerpolicy=\"no-referrer\"></p><p>In the figure above, we can see that in the past three years, the daily sales of single stores in cities at different levels have been approaching, and in 2020 they have been almost at the same level. We previously thought that this was due to the epidemic factor, and consumption was conservative. The inevitable result of the impact, but after seeing 2019, we are more certain that this may be a trend. For milk tea loved by young people, users in first-and second-tier cities are getting closer and closer to the acceptance of prices and products.</p><p>In the previous article, we discussed that from the perspective of rent level, new first-tier and second-tier cities have obvious advantages compared with first-tier cities. In addition, there are also differences in personnel salary costs. That is to say, if the proportion of stores in non-first-tier cities can be expanded, In theory, the balance point of daily sales of 25,000 yuan can be reduced to a level of around 23,000 yuan, thus alleviating the pressure on profits.</p><p>To summarize our conclusions in this section:</p><p>First, this is a company whose revenue and cost structure is very similar to Starbucks, and its valuation should also refer to the Starbucks model;</p><p>Second, increasing PRO stores, focusing on the proportion of stores in non-first-tier cities, may be an important path to profit. After getting the A round in 2017, it has been listed in Hong Kong in the past three years. The founder's shares are relatively less diluted, and it can also Raise funds in the capital market in the form of additional issuance and convertible bonds to maintain expansion.</p><p>Next, let's talk about some \"pessimistic\" views on Nayuki's tea.</p><p>After Naixue's tea went public, the latest financing of Heytea was reported, coupled with brands such as Gongcha and Lele Tea. We can accurately say that due to the high gross profit and relatively accurate growth of the industry, this category has become the hot spot of capital pursuit, and it can be said with certainty that there will still be no shortage of financing news in the industry that will shock us.</p><p>Strong capital intervention has always been a double-edged sword. On the one hand, capital does give start-up companies the motivation to accelerate industry market education, but on the other hand, it will also make an industry quickly change from a blue ocean to a red ocean. The typical representative is that the limited premium capacity of companies in the terminal market, insufficient negotiation power with suppliers, etc., will dilute the profitability of single companies. Moreover, due to the same industry model, offline high-quality stores are often concentrated in some areas, which is very likely to drive up store rents.</p><p>This is not the same as the coffee chain industry. Although Starbucks is at the top of the coffee chain industry, it has never lacked challengers for so many years. From overseas COSTA to Ruixing in the Chinese market, the strong competitive pressure is optimistically to train the team and improve its resistance to pressure. Ability, but pessimistically, users are extremely sensitive to their prices, enterprises have strong substitutability, and profit margins are compressed to a low level.</p><p>Now that my country's capital market has reached a relatively mature stage, Starbucks is making money while lying down. What if Nayuki's tea is not waiting for it? That is to say, although we have conducted an ideal business analysis of the company above, we must add the premise: the industry is still under huge uncertainty, and the company has gained a financing advantage by listing earlier than others, but the stock price is the next The anchor of financing costs, doing a good job in operating to maintain the stock price, obtaining convenient and cheap financing, and supporting its expansion are the top priorities. However, under uncertainty (there are also overall adjustment factors of Hong Kong stocks), we must say that Nayuki's tea market value management is under relatively great pressure.</p><p>So what is the center point of the company's market value?</p><p>We still take Starbucks as an example and use the data of fiscal year 2020 as a reference. Now the market value has reached a price-to-sales ratio of nearly 6 times, and the static P/E exceeds 138 times.</p><p>Affected by the epidemic, Starbucks has shown a relatively flat revenue in 2020, but a serious decline in profits (stores in Europe and the United States have a huge impact). Taking 2019 data as an example, the current price-to-sales ratio is over 5 times, and the static P/E is around 40 times. Due to the U.S. stock market has expanded under the global release, and now it is almost the highest point of Starbucks' stock price.</p><p>When we value Nayuki's tea, we refer to the price-to-sales ratio of 6 times, and take the revenue in 2020 as a reference, which is about 22 billion Hong Kong dollars. However, considering that the company will increase store expansion after financing, the total revenue will be in a rapid growth range, and we will give a certain premium. After careful consideration, it will be around 25 billion Hong Kong dollars.</p><p>Let's use p/E as verification. The market value of 25 billion Hong Kong dollars is 25 times p/E, the operating profit is 10 Hong Kong dollars, and the profit of a single store will be around 4,000 yuan. According to the above analysis of the profit p balance point, we believe that although this goal is difficult, it is not impossible to achieve.</p><p>In addition, it is important to emphasize that when conducting dynamic observations on enterprises, we will still use profitability as an important reference to adjust the valuation level. The above-mentioned market value valuation is also based on the premise of ideal operation. If there is a proper balance between profitability and expansion, the model will also be adjusted appropriately, but in short, for Nayuki's tea, we must treat it as a retail enterprise and never be fooled by the concept of the Internet. Nayuki's tea is not an Internet enterprise, and the valuation of enterprises cannot follow the old path of Haidilao.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd\"> 科技说</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bff3555b72202127bef6719178801e92","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://mp.weixin.qq.com/s?__biz=MjM5MDEzOTc0MA==&mid=2655618063&idx=1&sn=0c50c8d126c29c9a41aec0aeaf2f081c&chksm=bdf4703c8a83f92ab1cc5c9318f1a97cc1cfa2268836fa654e2f5727222c0b107c456109d10e&token=1523209368&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169344170","content_text":"我们从企业价值分析入手，探讨奈雪的茶这家企业是否有投资的价值和空间。\n\n先说说我们对奈雪的茶招股书的直观看法，与瑞幸那般强调自身“科技属性”，突出DAU、MAU等互联网企业惯用经营数据不同，奈雪的茶整体上是在标榜自身的线下零售属性，也就是说，企业并没有刻意制造“强概念”来提高定价能力。\n线下茶饮业，其商业模型和成本结构与咖啡连锁雷同度极高，我们用2020年奈雪的茶与2020财年星巴克财务数据进行对比，见下图\n\n对比星巴克，奈雪的茶毛利率虽显出不足，但考虑体量以及发展阶段等因素，我们认为其表现还是在较为理想区间的。\n其一方面是由于线下茶业整体仍在发展前中期，尚未出现具有市场定价能力的寡头，奈雪的茶也尚不到面临残酷价格战的时候，而另一方面，我们也必须看到自瑞幸神话被戳破之后，奶茶业虽在资本加持下迅速扩张，但迄今为止我们也未看到凶残的价格战，从奈雪的茶历史数据看，市场费用占比低，毛利高都说明行业都是要求企业可以平衡增长与损耗之间的关系，行业发展较之瑞幸搅局的咖啡业要理性和克制许多。\n带着以上思路我们再看门店运营成本等指标，奈雪的茶与星巴克都极为接近，两个企业虽所处行业不同，但经营逻辑基本是一致的。\n那么既然如此，为何奈雪的茶在2020年仍然是亏损呢？由于企业与星巴克经营模式和逻辑极为接近，那么在市值判断中就应该以后者为参考，要考虑经营规模增长和盈利的潜力问题，互联网企业惯用的高营收伴随高亏损对于奈雪的茶是不合适的。\n在此问题的分析中我们引入以下思路。\n上图中所罗列成本乃是线下门店运营的主要消耗点，除此以外尚有许多细微费用未能表示，从营收模型看，奈雪的茶与星巴克最大不同在于外卖订单占比尤其之大，而星巴克在全世界仍然以堂食或到店服务为主。\n\n这也就使得在过去的三年时间里奈雪的茶配送费用出现了明显的上扬，占营收比也超过了5个百分点，换句话说，若无此部分支出，奈雪的茶在经营利润率表现方面就比较接近星巴克了。\n对于奈雪的茶，外卖订单增加之后（通过小程序以及第三方外卖平台订单占比已经超过20%）就需要向配送企业支付配送费用，而为了不影响消费者的购买冲动，就采取了线上线下同价销售，且通过各种方式进行运费补贴（如满减，如如今每周一的免运费日等等），在外卖订单规模如此膨胀之际，在星巴克线下经营利润率仅不足7%的情况下，无疑会摊薄奈雪的茶的盈利能力。\n这又当如何破解呢？\n我们从外部和内部两条线索去思考。\n外部，2020年受疫情影响，线下实体零售受到较为严重的冲击（至今全国社消增长仍在较低水平），这就严重影响了线下商铺的租金水平（2020年无论是中央还是各级政府都在号召减租补贴让利），这在奈雪的茶招股书中也能得到验证。\n\n在上图中，各级城市的租金都有下降的势头，考虑到企业对线下商铺的签约周期普遍在3-5年，也就是说：\n1.2020年平均租金需要用当年降价后的去对冲此前较高的租金成本，当年虽然有所下降，但并未完全反应商铺租金下降的实际幅度；\n2.2020年企业又进行了极大的门店扩张，其中新一线城市和二线城市是重要亮点，可以预见的是，此后平均租金的压力较之前要得到部分缓解，尤其非一线城市在租金让利方面的力度可能会更大（上图中已有表示）。\n在此之前我们考虑星巴克时，除了品牌以及供应链优势外，往往忽略了其在与商业地产谈判时的议价能力，一般商业地产项目（尤其在新一线及以下城市）招商时会优先考虑星巴克，并给以政策性倾斜（同类禁业以及租金折扣），这就使得对比同类企业时星巴克拥有了鲜明的比较优势。\n从内因外看，如今反思瑞幸模式，虽然争议极大，但其有一点似乎是有道理，即当用户越来越依赖外卖时，事实上是可以扩大外卖店比例，降低租金占比，扩大线上收入，调整经营成本结构。\n于是我们就整理了奈雪的茶小程序以及自身App与外卖平台的交易规模情况，见下图\n\n在过去的三年时间里，店内收银（主要是堂食）支付占比有明显的下降，与此同时通过小程序和外卖平台完成支付的比例却在放大，即便剔除用户也会通过小程序进行到店购买这一因素，但我们仍然可以得到：外卖消费占比正在扩大这一事实。\n此趋势也和前文所述外卖服务费占比增长相吻合，但从企业经营入手，这是否就代表着此后企业可以缩小门店面积，以经营外卖为主，降低线下成本，以对冲配送成本增加这一事实呢？\n在招股书中，我们看到奈雪的茶表示要加大PRO店的布局，2021年和2021年计划在一线和新一线城市开设300-350间门店，其中70%为PRO店，如果在成本控制以及经营扩张中保持上述我们分析的成绩，那么可以想象的是接下来企业的运营费用的构成将会发生明显变化，且极有可能会降低亏损压力。\n那么，这就要求企业在运营时要加强线上导流的效果，是否会加大线上营销费用或第三方外卖平台服务支出呢，我们暂不得而知，这也是接下来我们要重点观察的。\n那么对于该企业，我们所期望的盈利周期又在何时呢？\n如果将门运营的人员，房租水电，折旧摊销视为固定费用，材料成本视为浮动成本，我们测算，以2020年门店经营情况判断，其门店盈亏平衡点大概在日销25000元上下，在2018-2019年是高于此水平的，若剔除彼时融资成本以及其他开支，对于门店经营而言，大致是在盈利水平区间的。\n但从趋势判断单店日销规模是呈不断下降趋势的，从2018年的超过3万元下降到了刚过2万元，这其中既有企业所解释的疫情影响，但亦有在扩张中对效率的把握不严，稀释了单店销售能力。\n\n在上图中我们看到，在过去的三年时间里不同层级城市单店日销有不断接近的趋势，在2020年已经几乎在同一水平，我们此前曾认为这是疫情因素之下，消费保守冲击的必然结果，但看到2019年之后，我们较为肯定认为，这可能是一个趋势，对于年轻人所喜爱的奶茶而言，一二线城市用户对价格以及产品的接受度愈加接近。\n在前文中我们讨论过从房租水平来看，新一线以及二线城市较之一线城市是有着比较明显优势的，此外亦有人员薪资成本差别，也就是说，如果能扩大非一线城市的门店占比，理论上是可以缩小25000元日销的平衡点，达到23000左右的水平，缓解盈利压力。\n总结此部分我们的结论：\n其一，这是一家营收和成本费用结构与星巴克极为相似的企业，估值也应该参考星巴克模型；\n其二，加大PRO门店，侧重非一线城市门店占比，可能是盈利的重要路径，2017年拿到A轮之后，近三年多就在港上市，创始人股份稀释相对较少，还可以通过增发以及可转债形式在资本市场募资，保持扩张。\n接下来我们谈一谈对奈雪的茶的一些“悲观”看法。\n在奈雪的茶上市后，传出喜茶最新的融资，加之贡茶，乐乐茶等品牌，我们可以确切的说，由于行业的高毛利以及较为确切的成长性，该品类已经成为资本追逐的热点，也可以肯定的说，接下来行业仍然不乏令我们震惊的融资消息。\n资本强介入向来是双刃剑，一方面资本确实给了创业企业以动力，加速行业市场教育，但另一方面，也会使得一个行业快速由蓝海变为红海，典型代表为，企业在终端市场的溢价能力受限，与供应商的谈判能力不足等等，会摊薄单企业的盈利能力，且由于行业模式相同，线下优质门店又往往集中在部分区域，这就极有可能会哄抬门店租金，这类事情在过去几年的时间里我们屡见不鲜，奈雪的茶能否躲过，说实话我是比较怀疑的。\n这与咖啡连锁业又何尝不是，星巴克虽然位于咖啡连锁头把交椅，但这么多年从不缺挑战者，海外的COSTA到中国市场的瑞幸，强大的竞争压力乐观看是锻炼队伍，提高抗压能力，但悲观看就使得用户对其价格极为敏感，企业具有极强的可替代性，利润率被压缩在一个较低水平。\n如今我国资本市场已经到了一个较为成熟的阶段，星巴克都做到躺着赚钱，奈雪的茶如不枕戈待旦又当如何呢？也就是说，虽然我们上述对企业进行了理想性的经营分析，但必须加上前提：行业仍处在巨大的不确定性之下，企业早于他人上市拿到了融资优势，但股价是接下来融资成本的锚，做好经营守住股价，获得便利且便宜的融资，支持其扩张才是重中之重，但在不确定性下（也有港股整体的调整因素），我们必须说奈雪的茶市值管理是有比较大压力的。\n那么该企业的市值中心点又在何水平呢？\n我们仍然以星巴克为例，以2020财年数据为参考，如今市值差不多拿到了接近6倍的市销率，静态市盈率超过138倍。\n受疫情已经星巴克在2020年呈现营收相对持平，但利润严重下滑的局面（欧美地区门店影响巨大），以2019数据为例，如今市销率过5倍，静态市盈率则在40倍上下，由于美股在全球大放水下得到膨胀，如今几乎又是星巴克股价最高点。\n在我们给奈雪的茶以估值时，参考6倍的市销率，以2020年营收为参考，大概在220亿港币上下，但考虑到企业在融资后会加大门店扩张，总营收会在一个快速增长区间，我们给予一定溢价，审慎考虑会在250亿港币上下。\n我们再用市盈率做验证，250亿港币市值取25倍市盈率，经营性盈利在10港币，单店盈利会在4000元上下，按照上述对盈利p平衡点的分析，我们认为此目标虽有难度但并非不可完成。\n此外，强调一点，在对企业进行动态观察时，我们仍会以营利能力为重要参考，调整估值水平，上述的市值估值也是在经营较为理想的前提下，若盈利与扩张之间平衡得当，也会适当调整模型，但总之，对于奈雪的茶，我们要以零售企业对待，千万不要被互联网概念所迷惑，奈雪的茶不是互联网企业，对企业估值也不能走海底捞的老路。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":1587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149863655,"gmtCreate":1625715095177,"gmtModify":1703746994523,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText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10:59","market":"hk","language":"zh","title":"Hong Kong stocks Apple concept stocks fell, BYD Electronics fell more than 6%","url":"https://stock-news.laohu8.com/highlight/detail?id=1136141210","media":"老虎资讯综合","summary":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是","content":"<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks fell,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>Fell more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technology</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>Fell nearly 3%.</p><p>Some analysts predict that the assembly orders of the iPhone 13 mini will be significantly reduced compared with the iPhone 12 mini, mainly because the sales of the latter after its launch are lower than expected. In March of this year, some media said that the sales of iPhone 12 mini were not satisfactory, and Apple significantly cut orders for this model. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></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>Hong Kong stocks Apple concept stocks fell, BYD Electronics fell more than 6%</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\">\nHong Kong stocks Apple concept stocks fell, BYD Electronics fell more than 6%\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\">2021-07-08 10:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 8, Hong Kong stocks<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Concept stocks fell,<a href=\"https://laohu8.com/S/00285\">BYD Electronics</a>Fell more than 6%,<a href=\"https://laohu8.com/S/02018\">AAC Technology</a>Fell more than 5%,<a href=\"https://laohu8.com/S/02382\">Sunny Optical Technology</a>、<a href=\"https://laohu8.com/S/01478\">Qiu Ti Technology</a>Fell nearly 3%.</p><p>Some analysts predict that the assembly orders of the iPhone 13 mini will be significantly reduced compared with the iPhone 12 mini, mainly because the sales of the latter after its launch are lower than expected. In March of this year, some media said that the sales of iPhone 12 mini were not satisfactory, and Apple significantly cut orders for this model. At the end of last month, some research institutions also said that due to poor sales, iPhone 12 mini may stop production in the second quarter.<img src=\"https://static.tigerbbs.com/af304e0a8dbbc561b8d1c945e0c4f232\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/74282bcfe2e1d6d1ec4546eb18e35028","relate_stocks":{"09086":"华夏纳指-U","00285":"比亚迪电子","03086":"华夏纳指","02018":"瑞声科技","01478":"丘钛科技"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136141210","content_text":"7月8日，港股苹果概念股走低，比亚迪电子跌超6%，瑞声科技跌超5%，舜宇光学科技、丘钛科技跌近3%。\n有分析师预计iPhone 13 mini的组装订单较iPhone 12 mini将大幅削减，主要是因为后者推出之后的销量低于预期。今年3月份，有媒体称，iPhone 12 mini销量不理想，苹果大幅削减了这一款的订单。在上月底，也曾有研究机构称，由于销量不佳，iPhone 12 mini在二季度可能停止生产。","news_type":1,"symbols_score_info":{"01478":0.9,"00285":0.9,"02018":0.9,"03086":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":1642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140265494,"gmtCreate":1625662551718,"gmtModify":1703745861302,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140265494","repostId":"1173990890","repostType":4,"repost":{"id":"1173990890","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":1625653627,"share":"https://ttm.financial/m/news/1173990890?lang=en_US&edition=fundamental","pubTime":"2021-07-07 18:27","market":"us","language":"zh","title":"Nio: Battery swap stations and supercharging piles officially shipped to Norway","url":"https://stock-news.laohu8.com/highlight/detail?id=1173990890","media":"老虎资讯综合","summary":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获","content":"<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr., Executive Director of TÜV Rheinland Shanghai. Lutz Frankhol officially awarded TÜV Rheinland EU certification to Shen Fei, Vice President of Power Management of Nio. So far, Nio's battery swap stations, supercharging piles and home charging piles have all obtained dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate. This also marks that NIO Power has officially entered overseas markets and can officially build battery swap stations, supercharging piles and home charging piles in Europe. Charging pile.</p><p>At the same time, Nio's first batch of battery swap stations and supercharging piles have also been officially shipped and are expected to arrive in Norway in early August.</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>Nio: Battery swap stations and supercharging piles officially shipped to Norway</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\">\nNio: Battery swap stations and supercharging piles officially shipped to Norway\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\">2021-07-07 18:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 7, at the CPSE International Charging and Swapping Exhibition held in Shanghai, Mr., Executive Director of TÜV Rheinland Shanghai. Lutz Frankhol officially awarded TÜV Rheinland EU certification to Shen Fei, Vice President of Power Management of Nio. So far, Nio's battery swap stations, supercharging piles and home charging piles have all obtained dual certification of TÜV Rheinland EU certificate and TÜV MARK certificate. This also marks that NIO Power has officially entered overseas markets and can officially build battery swap stations, supercharging piles and home charging piles in Europe. Charging pile.</p><p>At the same time, Nio's first batch of battery swap stations and supercharging piles have also been officially shipped and are expected to arrive in Norway in early August.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f36b37eb8e9efe8641c7be55a7da26d","relate_stocks":{"NIO":"蔚来"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173990890","content_text":"7月7日，在上海举办的CPSE国际充换电展上，TÜV莱茵上海公司执行董事Mr. Lutz Frankhol正式向蔚来电源管理副总裁沈斐授予TÜV莱茵欧盟认证证书。至此，蔚来换电站、超充桩和家充桩都已获得TÜV莱茵欧盟证书和TÜV MARK证书双重认证，这也标志NIO Power正式进入海外市场，可以在欧洲正式建设换电站、超充桩和家充桩。\n与此同时，蔚来首批换电站和超充桩也正式发运，预计8月初抵达挪威。","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":1920,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157088423,"gmtCreate":1625553974762,"gmtModify":1703743580161,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157088423","repostId":"1146308719","repostType":4,"repost":{"id":"1146308719","kind":"news","pubTimestamp":1625548150,"share":"https://ttm.financial/m/news/1146308719?lang=en_US&edition=fundamental","pubTime":"2021-07-06 13:09","market":"hk","language":"zh","title":"Behind Vitasoy is a group of stubborn business leaders","url":"https://stock-news.laohu8.com/highlight/detail?id=1146308719","media":"中欧商业评论","summary":"维他奶事件愈演愈烈。7月4日，全国多地商户和电商开始下架维他奶产品，向供应商退货。7月5日，“维他奶国际”盘中一度跌超14.8%，创去年9月以来新低，市值跌破270亿港元，全天蒸发23亿人民币……\n\n","content":"<p>The Vitasoy incident is getting worse. On July 4, merchants and e-commerce companies in many places across the country began to remove Vitasoy products and return them to suppliers. On July 5, \"Vitasoy International\" once fell by more than 14.8% in intraday trading, hitting a new low since September last year. Its market value fell below 27 billion Hong Kong dollars, and 2.3 billion yuan evaporated throughout the day... For this beverage company with an annual revenue of 7.52 billion Hong Kong dollars, Mainland China has contributed at least 5.01 billion Hong Kong dollars, improper words and deeds are causing it to lose 66% of its largest consumer market. Even so, Vitasoy's top management is still reluctant to recognize the facts. There are indications that this is not only a major mistake made by Vitasoy in crisis public relations, but also a double-faced triple knife of its business leaders in the face of the truth and national justice. The leader's judgment will dominate the direction of the enterprise. If he can listen to both, he will understand and restore the judgment that belongs to normal people, instead of stealing the bell and resisting the facts with paranoia and arrogance, maybe there will be no farce like the Vitasoy incident. Today, we focus on the \"four destructive behaviors\" that obsessed leaders will bring enterprises into beyond redemption and the ideas to solve them, hoping that no enterprise will repeat the stupid mistakes of Vitasoy. Many times, people would rather ignore mistakes than face facts, and so do leaders.</p><p>Sydney Finkelstein, a professor of strategy and leadership at Tuck School of Business at Dartmouth College in the United States, has been devoted to studying what a \"good enterprise\" and a \"smart manager\" are all the year round. After conducting in-depth research on 40 companies that have suffered major failures, he mentioned in his book Mother of Success that there are four kinds of destructive behaviors that will unconsciously lead enterprises into the abyss.</p><p>These four behavior patterns are as follows: the personal cognitive mistakes of business leaders make the company unable to see the reality clearly; Incorrect attitudes allow mistakes to continue to replace truth; There is something wrong with the link of the communication system that deals with potentially urgent information; The characteristics of leadership make it impossible for leaders of enterprises to correct their mistakes.</p><p>And he said that long before the obvious red flags appeared, leaders may have done the above actions. Although the enterprise seems normal on the surface, the internal mechanism has begun to collapse.</p><p>These four behaviors have a great negative impact on enterprises, but to sum up, they can be summed up in one simple sentence: leaders are often reluctant to face the facts. It is precisely because they don't want to face the truth that executives choose to shrink in their own illusions, or refuse to admit their mistakes and resist the facts with arrogance.</p><p><img src=\"https://static.tigerbbs.com/3e9d01041cec85debdebbb83e6bc5acc\" tg-width=\"926\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><b>The consequences of \"ostrich behavior\"</b></p><p>As written in The Mother of Success, sometimes danger flags may have appeared, and leaders are often reluctant to face the truth. Although they know that such \"ostrich behavior\" may bring devastating consequences to the enterprise, facing the truth and facts and admitting mistakes directly damages the authority of leaders.</p><p>If we explore the origin of this idea, we can trace it back to the industrial age. At that time, the company was still a purely linear organizational structure, and it was quite static. Leaders with knowledge and authority stood at the top of the organizational pyramid. The entire organization passed a strict hierarchy, allowing commands to be conveyed and flowed layer by layer from top to bottom. In this structure, the leader of the company is the omniscient leader with all the answers, and the existence of benchmarks and beliefs that are generally looked up to and worshipped.</p><p>Although with the development of society, the organizational structure has gradually changed, matrix structure and flat organization have begun to appear in more emerging companies, especially Internet companies, and more and more new generations believe in the concept of \"working for themselves\", \"challenging authority\" and \"speaking straight when you are unhappy\", but in more cases, this idea of \"leadership with authority and forward-looking perspective beyond subordinates\" still affects many people.</p><p>Sometimes, leaders prefer to believe that their authority is never challenged, that they know the internal dynamics of the company like the back of their hand, and that they have the ability to anticipate future changes in time, even if in some cases, this feeling is just a delusion of leadership wishful thinking. Behind this, in fact, it is the deep-rooted implantation of leadership authority into people's ideas. Leaders must become benchmarks and become the perfect leader who creates miracles.</p><p>In order to change this concept, leaders should understand that no one is omniscient and omnipotent, no one is always right, no one can know the answers to all difficulties, and no one can accurately predict everything that may happen in the development of enterprises.</p><p>It is normal that leaders may commit gross mistakes, cognitive limitations, or even intermittent \"abnormalities\". There may also be disharmonious factors in the organization they lead. These are all normal.</p><p>Therefore, for an ideal organizational structure, an enterprise is like a system with self-improvement and self-adaptability. In this system, although no one can be omniscient or control everything, the system can improve the whole system through continuous communication and feedback between subordinates and colleagues, so that everyone can be more adaptable.</p><p>As a leader, his responsibility is not only to formulate strategies or give suggestions and guidance to subordinates in the traditional understanding, but also to correctly handle various opinions existing in the organization, which may be positive praise or negative evaluation. Leaders need to collect, coordinate and give feedback in a unified way.</p><p>Michael Beal, professor emeritus at Harvard Business School, has been studying internal feedback paths. Bill believes that there are \"silent killers\" in tissues. Like plaques in arteries, they prevent or distort the meaningful flow of information in tissues, thus damaging the health of tissues.</p><p>Bill said: \"One of the main reasons I find that executives are stubborn is that they may not know what to do with the truth. What they think is: 'I know what I want to do, and I want to get it done as soon as possible.' Leaders don't know how to gather different information and feedback within the organization in an organized way, and leaders don't think it's effective. For leaders, there is also an easier way, which is to just listen to the leader alone, and all discord will be automatically eliminated. \"</p><p><img src=\"https://static.tigerbbs.com/739b1b5af8c9b1451cb6d0403abca4db\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><b>Three Ways to Face the Truth</b></p><p>Generally, in enterprises, in order to ensure that the information feedback channels of the organization are not distorted or blocked, leaders should avoid the arrogant leadership thoughts left over from the industrial age, and listen to both the facts and the truth clearly. Here are three approaches leaders can take in this regard.</p><p><b>Focus on clarity</b></p><p>According to Bill, one of the most common silent killers in organizations is the lack of a clear understanding of strategy, values and priorities. He pointed out that although these things are clearly defined for senior management and the strategic direction of the organization is quite obvious, they are not so clear for grassroots employees, strategic partners or other key stakeholders. Therefore, in addition to the general strategic direction, leaders can also provide more specific step-by-step small directions as a supplement to the strategy.</p><p>In addition, leaders should provide subordinates with a relaxed and comfortable environment, so that they can exchange opinions about the company and make personal suggestions. Bill pointed out that most people want to do their jobs well, and they also know what difficulties they encounter in practice. However, they often don't get the right opportunity to give feedback to their leaders, and they can't tell them that some work is actually meaningless or conflicts with the priorities of other tasks.</p><p>If the leader thinks that the company he leads has done well enough in this respect and is very clear about the implementation and implementation of the company's strategy, then the leader can rethink what else employees' dissatisfaction and complaints can include. This is not necessarily a strong dissatisfaction, but also an implicit and tactful opinion. If the leader fully listens to and gives feedback to these opinions, it will help improve the efficiency of employees.</p><p><b>Eliminate the absolute right to speak</b></p><p>Although there will always be a relationship between leaders and subordinates in organizations, leaders should pay attention to creating some informal occasions where people can let go of the constraints of rank and speak freely as more equal individuals. From the perspective of human nature, people tend to obey the people with the highest status or the highest income in the organization, which gives those people the natural attribute of \"absolute right to speak\".</p><p>To eliminate people's obedience to high-ranking people, you can refer to the After Action Review method, which includes four components:</p><p><ol><li>What should theoretically happen?</p><p></li><li>What actually happened?</p><p></li><li>If there is a next time, what other same steps will we take?</p><p></li><li>If there is a next time, what are the different steps we will take?</p><p></li></ol>In retrospective, the focus is on the motivation behind people's actions and whether this motivation led to the original desired result. Through this evaluation method, the individual's performance in the incident is downplayed, and the most important thing is not to blame or punish, but to review the practices of the whole organization and how it should be improved next time.</p><p>If an enterprise blindly adopts the accountability system, after problems occur, employees will panic for fear of being blamed, or they will not be able to raise their heads in front of colleagues because they are severely punished, which is not conducive to the feedback and flow of information within the organization.</p><p>Compared with the accountability system, the first thing enterprises should take is rational review and analysis. In this way, employees will have more motivation and courage to give feedback on the mistakes they have made and the difficulties they have encountered, tell the leaders what unexpected obstacles there are, why they took such actions in the first place, and calm down and analyze why the results deviated from the original intention.</p><p><img src=\"https://static.tigerbbs.com/70c507a1793b8bc24775ad735f5ce799\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><b>Don't let mistakes \"stigmatize\"</b></p><p>It is important for employees to have an environment where they feel psychologically safe, where colleagues are tolerant of mistakes and see them as an opportunity to learn and improve, rather than a stigmatizing punishment. Jimmy Doon, managing director of Wall Street investment banking, once said: \"Bad news has improved my efficiency\" when talking about how to deal with the chaotic and busy financial trading business.</p><p>Jimmy Doon explained that being able to find problems quickly helps him keep his banking business running normally. Jimmy Doon also said that he would never fire anyone for any honest mistake, because the financial market is changing rapidly, and no one can be perfect in it and never make a mistake. Therefore, for executives in the financial industry, in order to better protect customers' assets, instead of issuing impossible tasks such as \"always making the right decision\" to their subordinates, it is better to ask their subordinates to make quick corrections when they make mistakes, so as to protect the company's reputation.</p><p>Whether for leaders or employees, making mistakes is not a shame. Therefore, when people want to adjust their concepts, it is not \"the company made a new attempt and then failed\", but \"the company made a new attempt, and although it is unsuccessful, it can still learn new knowledge\". Before issuing a decision, leaders should first vaccinate employees, telling everyone that this attempt may fail and the strategic direction may be wrong, but the company will adjust the mistakes in time and reformulate the direction.</p><p>Although this makes the leader lose the position of absolute authority, it is much better than the leader deceiving himself and others, not daring to face the truth of failure, and pretending to be wise.</p><p>Whether you turn a blind eye to the truth or adopt an attitude of avoiding procrastination, it may lead to worse results. Excellent leadership requires being receptive, facing the truth and facts head-on, and encouraging subordinates to provide enthusiastic feedback. After all, facts will someday be exposed to the sun, whether leaders agree or not.</p>","source":"lsy1567750882116","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>Behind Vitasoy is a group of stubborn business leaders</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\">\nBehind Vitasoy is a group of stubborn business leaders\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中欧商业评论</strong><span class=\"h-time small\">2021-07-06 13:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Vitasoy incident is getting worse. On July 4, merchants and e-commerce companies in many places across the country began to remove Vitasoy products and return them to suppliers. On July 5, \"Vitasoy International\" once fell by more than 14.8% in intraday trading, hitting a new low since September last year. Its market value fell below 27 billion Hong Kong dollars, and 2.3 billion yuan evaporated throughout the day... For this beverage company with an annual revenue of 7.52 billion Hong Kong dollars, Mainland China has contributed at least 5.01 billion Hong Kong dollars, improper words and deeds are causing it to lose 66% of its largest consumer market. Even so, Vitasoy's top management is still reluctant to recognize the facts. There are indications that this is not only a major mistake made by Vitasoy in crisis public relations, but also a double-faced triple knife of its business leaders in the face of the truth and national justice. The leader's judgment will dominate the direction of the enterprise. If he can listen to both, he will understand and restore the judgment that belongs to normal people, instead of stealing the bell and resisting the facts with paranoia and arrogance, maybe there will be no farce like the Vitasoy incident. Today, we focus on the \"four destructive behaviors\" that obsessed leaders will bring enterprises into beyond redemption and the ideas to solve them, hoping that no enterprise will repeat the stupid mistakes of Vitasoy. Many times, people would rather ignore mistakes than face facts, and so do leaders.</p><p>Sydney Finkelstein, a professor of strategy and leadership at Tuck School of Business at Dartmouth College in the United States, has been devoted to studying what a \"good enterprise\" and a \"smart manager\" are all the year round. After conducting in-depth research on 40 companies that have suffered major failures, he mentioned in his book Mother of Success that there are four kinds of destructive behaviors that will unconsciously lead enterprises into the abyss.</p><p>These four behavior patterns are as follows: the personal cognitive mistakes of business leaders make the company unable to see the reality clearly; Incorrect attitudes allow mistakes to continue to replace truth; There is something wrong with the link of the communication system that deals with potentially urgent information; The characteristics of leadership make it impossible for leaders of enterprises to correct their mistakes.</p><p>And he said that long before the obvious red flags appeared, leaders may have done the above actions. Although the enterprise seems normal on the surface, the internal mechanism has begun to collapse.</p><p>These four behaviors have a great negative impact on enterprises, but to sum up, they can be summed up in one simple sentence: leaders are often reluctant to face the facts. It is precisely because they don't want to face the truth that executives choose to shrink in their own illusions, or refuse to admit their mistakes and resist the facts with arrogance.</p><p><img src=\"https://static.tigerbbs.com/3e9d01041cec85debdebbb83e6bc5acc\" tg-width=\"926\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><b>The consequences of \"ostrich behavior\"</b></p><p>As written in The Mother of Success, sometimes danger flags may have appeared, and leaders are often reluctant to face the truth. Although they know that such \"ostrich behavior\" may bring devastating consequences to the enterprise, facing the truth and facts and admitting mistakes directly damages the authority of leaders.</p><p>If we explore the origin of this idea, we can trace it back to the industrial age. At that time, the company was still a purely linear organizational structure, and it was quite static. Leaders with knowledge and authority stood at the top of the organizational pyramid. The entire organization passed a strict hierarchy, allowing commands to be conveyed and flowed layer by layer from top to bottom. In this structure, the leader of the company is the omniscient leader with all the answers, and the existence of benchmarks and beliefs that are generally looked up to and worshipped.</p><p>Although with the development of society, the organizational structure has gradually changed, matrix structure and flat organization have begun to appear in more emerging companies, especially Internet companies, and more and more new generations believe in the concept of \"working for themselves\", \"challenging authority\" and \"speaking straight when you are unhappy\", but in more cases, this idea of \"leadership with authority and forward-looking perspective beyond subordinates\" still affects many people.</p><p>Sometimes, leaders prefer to believe that their authority is never challenged, that they know the internal dynamics of the company like the back of their hand, and that they have the ability to anticipate future changes in time, even if in some cases, this feeling is just a delusion of leadership wishful thinking. Behind this, in fact, it is the deep-rooted implantation of leadership authority into people's ideas. Leaders must become benchmarks and become the perfect leader who creates miracles.</p><p>In order to change this concept, leaders should understand that no one is omniscient and omnipotent, no one is always right, no one can know the answers to all difficulties, and no one can accurately predict everything that may happen in the development of enterprises.</p><p>It is normal that leaders may commit gross mistakes, cognitive limitations, or even intermittent \"abnormalities\". There may also be disharmonious factors in the organization they lead. These are all normal.</p><p>Therefore, for an ideal organizational structure, an enterprise is like a system with self-improvement and self-adaptability. In this system, although no one can be omniscient or control everything, the system can improve the whole system through continuous communication and feedback between subordinates and colleagues, so that everyone can be more adaptable.</p><p>As a leader, his responsibility is not only to formulate strategies or give suggestions and guidance to subordinates in the traditional understanding, but also to correctly handle various opinions existing in the organization, which may be positive praise or negative evaluation. Leaders need to collect, coordinate and give feedback in a unified way.</p><p>Michael Beal, professor emeritus at Harvard Business School, has been studying internal feedback paths. Bill believes that there are \"silent killers\" in tissues. Like plaques in arteries, they prevent or distort the meaningful flow of information in tissues, thus damaging the health of tissues.</p><p>Bill said: \"One of the main reasons I find that executives are stubborn is that they may not know what to do with the truth. What they think is: 'I know what I want to do, and I want to get it done as soon as possible.' Leaders don't know how to gather different information and feedback within the organization in an organized way, and leaders don't think it's effective. For leaders, there is also an easier way, which is to just listen to the leader alone, and all discord will be automatically eliminated. \"</p><p><img src=\"https://static.tigerbbs.com/739b1b5af8c9b1451cb6d0403abca4db\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\"></p><p><b>Three Ways to Face the Truth</b></p><p>Generally, in enterprises, in order to ensure that the information feedback channels of the organization are not distorted or blocked, leaders should avoid the arrogant leadership thoughts left over from the industrial age, and listen to both the facts and the truth clearly. Here are three approaches leaders can take in this regard.</p><p><b>Focus on clarity</b></p><p>According to Bill, one of the most common silent killers in organizations is the lack of a clear understanding of strategy, values and priorities. He pointed out that although these things are clearly defined for senior management and the strategic direction of the organization is quite obvious, they are not so clear for grassroots employees, strategic partners or other key stakeholders. Therefore, in addition to the general strategic direction, leaders can also provide more specific step-by-step small directions as a supplement to the strategy.</p><p>In addition, leaders should provide subordinates with a relaxed and comfortable environment, so that they can exchange opinions about the company and make personal suggestions. Bill pointed out that most people want to do their jobs well, and they also know what difficulties they encounter in practice. However, they often don't get the right opportunity to give feedback to their leaders, and they can't tell them that some work is actually meaningless or conflicts with the priorities of other tasks.</p><p>If the leader thinks that the company he leads has done well enough in this respect and is very clear about the implementation and implementation of the company's strategy, then the leader can rethink what else employees' dissatisfaction and complaints can include. This is not necessarily a strong dissatisfaction, but also an implicit and tactful opinion. If the leader fully listens to and gives feedback to these opinions, it will help improve the efficiency of employees.</p><p><b>Eliminate the absolute right to speak</b></p><p>Although there will always be a relationship between leaders and subordinates in organizations, leaders should pay attention to creating some informal occasions where people can let go of the constraints of rank and speak freely as more equal individuals. From the perspective of human nature, people tend to obey the people with the highest status or the highest income in the organization, which gives those people the natural attribute of \"absolute right to speak\".</p><p>To eliminate people's obedience to high-ranking people, you can refer to the After Action Review method, which includes four components:</p><p><ol><li>What should theoretically happen?</p><p></li><li>What actually happened?</p><p></li><li>If there is a next time, what other same steps will we take?</p><p></li><li>If there is a next time, what are the different steps we will take?</p><p></li></ol>In retrospective, the focus is on the motivation behind people's actions and whether this motivation led to the original desired result. Through this evaluation method, the individual's performance in the incident is downplayed, and the most important thing is not to blame or punish, but to review the practices of the whole organization and how it should be improved next time.</p><p>If an enterprise blindly adopts the accountability system, after problems occur, employees will panic for fear of being blamed, or they will not be able to raise their heads in front of colleagues because they are severely punished, which is not conducive to the feedback and flow of information within the organization.</p><p>Compared with the accountability system, the first thing enterprises should take is rational review and analysis. In this way, employees will have more motivation and courage to give feedback on the mistakes they have made and the difficulties they have encountered, tell the leaders what unexpected obstacles there are, why they took such actions in the first place, and calm down and analyze why the results deviated from the original intention.</p><p><img src=\"https://static.tigerbbs.com/70c507a1793b8bc24775ad735f5ce799\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p><b>Don't let mistakes \"stigmatize\"</b></p><p>It is important for employees to have an environment where they feel psychologically safe, where colleagues are tolerant of mistakes and see them as an opportunity to learn and improve, rather than a stigmatizing punishment. Jimmy Doon, managing director of Wall Street investment banking, once said: \"Bad news has improved my efficiency\" when talking about how to deal with the chaotic and busy financial trading business.</p><p>Jimmy Doon explained that being able to find problems quickly helps him keep his banking business running normally. Jimmy Doon also said that he would never fire anyone for any honest mistake, because the financial market is changing rapidly, and no one can be perfect in it and never make a mistake. Therefore, for executives in the financial industry, in order to better protect customers' assets, instead of issuing impossible tasks such as \"always making the right decision\" to their subordinates, it is better to ask their subordinates to make quick corrections when they make mistakes, so as to protect the company's reputation.</p><p>Whether for leaders or employees, making mistakes is not a shame. Therefore, when people want to adjust their concepts, it is not \"the company made a new attempt and then failed\", but \"the company made a new attempt, and although it is unsuccessful, it can still learn new knowledge\". Before issuing a decision, leaders should first vaccinate employees, telling everyone that this attempt may fail and the strategic direction may be wrong, but the company will adjust the mistakes in time and reformulate the direction.</p><p>Although this makes the leader lose the position of absolute authority, it is much better than the leader deceiving himself and others, not daring to face the truth of failure, and pretending to be wise.</p><p>Whether you turn a blind eye to the truth or adopt an attitude of avoiding procrastination, it may lead to worse results. Excellent leadership requires being receptive, facing the truth and facts head-on, and encouraging subordinates to provide enthusiastic feedback. After all, facts will someday be exposed to the sun, whether leaders agree or not.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/i1Nh69JdzRNrkpUHiEaujg\">中欧商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9ec05a4c6ed4707be8f1aeb0d8f33b1","relate_stocks":{"00345":"VITASOY INT'L"},"source_url":"https://mp.weixin.qq.com/s/i1Nh69JdzRNrkpUHiEaujg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1146308719","content_text":"维他奶事件愈演愈烈。7月4日，全国多地商户和电商开始下架维他奶产品，向供应商退货。7月5日，“维他奶国际”盘中一度跌超14.8%，创去年9月以来新低，市值跌破270亿港元，全天蒸发23亿人民币……\n\n\n 对于这家年收入75.2亿港元，中国内地至少贡献了50.1亿港元的饮料企业来说，不当的言行正令其失去66%的最大消费者市场。即便如此，维他奶的高层依然不愿认清事实。种种迹象表明，这已不仅是维他奶在危机公关方面出现的重大失误，更是其企业领导者在事实真相与国家大义面前的两面三刀。\n\n\n 领导者的判断将会主导企业的走向，如果其能够兼听则明，恢复属于正常人的判断，而非掩耳盗铃，用偏执与傲慢抵抗事实，也许就不会出现维他奶事件这样的闹剧。今天，我们集中讨论执迷不悟的领导者会将企业带入万劫不复的“四种破坏性行为”及破解思路，希望不要再有企业重蹈维他奶的愚蠢覆辙。\n\n很多时候，人们宁可忽视错误，也不愿面对事实，领导者亦然。\n美国达特茅斯学院塔克商学院战略和领导学教授悉尼 · 芬克斯坦常年致力于研究什么是“好企业”以及“聪明的管理者”，他在对40家遭受重大失败的公司进行深入调研后，在著作《成功之母》中提到：有四种破坏性的行为，会在不知不觉中将企业带入深渊。\n这四种行为模式表现为：企业领导者个人的认知错误让公司无法看清现实；不正确的态度让错误继续代替真相；沟通系统中处理潜在的紧急信息的环节出了问题；领导的特性让企业的领导者们无法纠正自己的错误。\n并且他表示道，早在明显的危险信号出现前，领导者们可能就有了上述举动，虽然企业表面看似正常，但内部机制却已开始瓦解。\n这四种行为对企业的负面影响极大，但总结起来，可以用一句简单的话概括：领导者往往不愿面对事实。正是因为不愿面对真相，所以高管选择龟缩于自身的错觉之中，又或是拒绝承认错误，用傲慢抵抗事实。\n\n“鸵鸟行为”的恶果\n正如《成功之母》中所写，有时危险的信号可能已经出现，领导者往往依然不愿面对真相。尽管他们知道这样的“鸵鸟行为”，可能会给企业带来毁灭性的后果，但面对真相与事实并承认错误这件事，直接损害了身为领导的权威。\n如果探究这份思想的起源，可以追溯到工业时代。彼时，公司还是纯线性的组织架构，并且相当静态，拥有知识和权威的领导站在组织金字塔的最顶端，整个组织通过严格的等级层次，让命令从上往下逐层传达和流动。在这种架构中，公司的领导者是拥有所有答案、全知全能的领袖，是标杆和信仰一般令人仰望和崇拜的存在。\n尽管随着社会的发展，组织架构逐渐发生了变化，矩阵式结构和扁平式组织在更多的新兴公司，尤其是互联网公司中开始出现，并且也有越来越多的新世代们信奉“为自己打工”“挑战权威”“不高兴就直说”的观念，但更多情况下，这份“领导具有权威性和超越下属的前瞻性视角”的思想，依然影响着很多人。\n有时，领导们更愿意相信自己的权威从不被挑战，他们对公司内部的动态了如指掌，并且拥有及时预见未来变化的能力，即使在有些情况下，这种感受只是领导一厢情愿的错觉而已。而这背后，其实是领导权威性对人们观念根深蒂固的植入，领导必须要成为标杆性的存在，成为缔造奇迹的那个完美领袖。\n为了改变这种观念，领导要明白：没有一个人是全知全能的，没有人是永远正确的，没有人能够知道一切困难的答案，也没有人能准确预知企业发展中可能发生的一切。\n领导者可能犯下重大过失，也可能存在认知的局限性，甚至间歇性“不正常”，其率领的组织中也可能存在着不和谐因素，这些都是正常的。\n因此，对于理想的组织结构而言，企业就像是一个拥有自我改善、自我适应能力的系统。在这个系统中，虽然没有任何一个人能做到全知全能，或是控制一切，但是系统可以通过下属、同事之间不断的沟通反馈，对整个系统进行改善，让大家更为适应。\n作为领导者，其职责并非只是传统理解中的制定战略，或是对下属给出建议指导，还包括了正确处理组织中存在的各种意见，它们可能是正面赞扬，也可能是负面评价，领导者需要统一搜集，进行协调并给出反馈。\n哈佛商学院名誉教授迈克尔·比尔一直在研究内部的反馈路径。比尔认为，组织中存在着“沉默的杀手”，它们就像动脉中的斑块一样，阻止或是扭曲了组织中有意义的信息流，从而损害组织的健康。\n比尔表示：“我发现高管执迷不悟的一个主要原因是，他们也许并不知道对于真相该做什么。他们想的就是：‘我知道我想要做什么，并且我希望把这件事尽快完成。’领导们并不知道该如何有条理地在组织内搜集不同的信息与反馈，并且领导们也不觉得这是有效的。对于领导者而言，还有一个更简单的方法，就是只听领导一个人的话，所有的不和谐声音都会自动消除。”\n\n直面真相的三个方法\n一般在企业中，为保证组织的信息反馈渠道不被扭曲或堵塞，领导要避免由工业时代所遗留的傲慢的领袖思想，做到兼听广纳，认清事实与真相。对此，领导者可以采取以下三个方法。\n注重清晰\n比尔表示，组织中最常见的沉默杀手之一就是缺乏对战略、价值观和优先事项的清晰理解。他指出，尽管对于高层管理人员而言，这些事都有着明确的定义，组织的战略方向也相当显而易见，但对于基层员工、战略伙伴或是其他关键利益者而言，这些并没有那么清晰。因此除了战略大方向之外，领导者也可以提供更为具体分步骤小方向，作为战略的补充。\n此外，领导要给下属们提供一个宽松自在的环境，让他们可以交流对于公司的意见，并且提出个人建议。比尔指出，大部分人都希望做好自己的工作，并且也知道在实际操作中，究竟碰到了哪些困难。但是，他们往往得不到合适的机会向领导反馈，无法告诉领导某些工作其实并没有意义，或是与其他任务的优先级存在冲突。\n如果领导者认为，其所率领的公司在这方面已经做得足够好，对于公司战略的执行和贯彻也非常明晰，那么领导者可以重新思考，员工的不满、投诉还可以包括哪些内容，这未必是强烈的不满，也可能是含蓄委婉的意见，如果领导者对这些意见给予充分的倾听和反馈，将有助于提升员工的效率。\n消除绝对话语权\n尽管组织中，永远会存在上下级的领导与被领导关系，但领导者要注意创造一些非正式场合，让人们可以放开职级的约束，作为更平等的个体畅所欲言。从人性的角度而言，人们都会倾向于服从组织中地位最高的人，或收入最高的人，这让那些人拥有了“绝对话语权”的天然属性。\n为了消除人们对高位者的顺从，可以参考事后回顾法（After Action Review），这包括了四个组成部分：\n\n理论上应该发生什么？\n实际发生了什么？\n如果有下次，我们还会采取哪些相同的步骤？\n如果有下次，我们将采取哪些不同的步骤？\n\n在事后回顾法中，着重考察的是人们采取行为背后的动机，以及这份动机是否导致了最初所期望的结果。通过这种评估方法，个人在事件中的表现被淡化了，最重要的不是责备或是惩罚，而是回顾整个组织的做法，以及下一次应该如何改进。\n如果企业一味采取问责制，在出现问题后，员工会因为担心被责备，从而陷入恐慌，或是因为被严厉惩罚，在同事面前抬不起头，这不利于组织内部信息的反馈与流动。\n比起问责制度，企业首先采取的应是理性回顾与分析，这样，员工会更有动力和勇气对曾经犯的错，以及遇到的困难提出反馈，告知领导有哪些出乎意料的障碍，当初为什么会采取这样的行动，并且静下心分析，为何结果与初衷出现了偏差。\n\n不要让错误“污名化”\n让员工拥有一个在心理上感到安全的环境，同事们对错误足够宽容，并且将犯错视为学习与进步的机会，而不是充满耻辱的惩罚，是十分重要的。华尔街投资银行常务董事吉米·都恩在谈到如何处理混乱又忙碌的金融交易业务时曾表示：“坏消息提升了我的效率”。\n吉米·都恩解释道，能够迅速地发现问题，有助于他保持银行业务的正常运转。吉米·都恩还说，他绝不会因为任何诚实的错误而解雇任何人，因为金融市场瞬息万变，没有任何人可以在其中做到完美无缺、从不犯错。因此对于金融业的高管而言，为了更好地保护客户的资产，与其给下属发布类似“永远做出正确的决定”等不可能完成的任务，不如要求下属在犯错时，迅速进行更正，以此守护公司的声誉。\n无论是对于领导或是员工而言，犯错都不是一件丢脸的事。因此，人们要调整观念，并不是“公司做了新的尝试，然后失败了”，而是“公司做了新的尝试，虽然不成功，但依然能学到新的知识”。领导者在发布决策前，要先给员工打好预防针，告诉大家这次尝试可能失败，战略方向也可能会出错，但公司会对错误及时调整，并重新制定方向。\n虽然这样做让领导者丧失了绝对权威的位置，但这要比领导自欺欺人，不敢面对失败的真相，还假装自己很英明要好得多。\n无论是对真相视而不见，又或是采取逃避拖延的态度，都可能导致更为糟糕的结果。优秀的领导力需要广纳兼听，直面真相与事实并且鼓励下属踊跃提供反馈。毕竟，无论领导者同意与否，事实终有一天会暴露在阳光之下。","news_type":1,"symbols_score_info":{"00345":0.9}},"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155044644,"gmtCreate":1625365869588,"gmtModify":1703740806595,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155044644","repostId":"1198720542","repostType":4,"repost":{"id":"1198720542","kind":"news","pubTimestamp":1625361204,"share":"https://ttm.financial/m/news/1198720542?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:13","market":"sh","language":"zh","title":"It's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita","url":"https://stock-news.laohu8.com/highlight/detail?id=1198720542","media":"每日经济新闻","summary":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励","content":"<p><div>Gree and Xiaomi, in tandem, sell the equity incentive plan. On July 2, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees that day. As of the close of Hong Kong stocks on July 2, Xiaomi Group's stock price was HK $26.2 per share, so the total amount of shares awarded this time reached HK $1.84 billion (approximately RMB 1.534 billion), and the per capita reward was approximately HK $470,000 (approximately RMB 392,900). RMB). Selected employees are minimum 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>","source":"mrjjxw","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>It's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita</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\">\nIt's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">每日经济新闻</strong><span class=\"h-time small\">2021-07-04 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Gree and Xiaomi, in tandem, sell the equity incentive plan. On July 2, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees that day. As of the close of Hong Kong stocks on July 2, Xiaomi Group's stock price was HK $26.2 per share, so the total amount of shares awarded this time reached HK $1.84 billion (approximately RMB 1.534 billion), and the per capita reward was approximately HK $470,000 (approximately RMB 392,900). RMB). Selected employees are minimum 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634498\">每日经济新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3634498","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198720542","content_text":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励股份的总额达到18.4亿港元（约合人民币15.34亿元），人均奖励约47万港元（约合39.29万元人民币）。\n入选员工最小24岁\n根据公告，小米集团董事会于2021年7月2日根据股份奖励计划奖励合共7023万股奖励股份予3904名选定参与者。所有选定参与者均为非关连承授人。上述奖励不会筹集任何新资金。\n\n小米集团称，授出奖励日的股份收市价为26.20港元。按照上述股市收市价计算，合计奖励金额达到18.4亿港元。\n此次获得奖励股份的小米员工包括集团优秀青年工程师、优秀应届生和团队核心岗位的优秀员工，以及年度技术大奖的获得者。\n小米特别提到，在以上员工中，有约700名优秀青年工程师入选了小米最新的人才激励项目“青年工程师激励计划”，他们将获得总计1604.2万股的股票。经简单计算，这700名青年工程师人均获发的股票价值为60万港元（约合50万元人民币）。\n公告发布以后，小米创始人雷军发布微博表示，是他亲自负责了“青年工程师激励计划”，首批入选的近700名青年工程师主要是研发工程师、测试、产品经理、设计师等，其中最小的员工仅24岁。\n\n有网友评论称：“现在入职还来的及吗？”“这样工程师肯定会更努力！激发创造力了”还有一位网友调侃称，“我还有汽修专业的高级技工证书，你看什么时候安排一下填入职表，雷总？”\n\n据了解，小米于今年3月30日官宣造车。每日经济新闻此前曾报道，小米官宣造车后，雷军已拜访上汽通用五菱、长城汽车等车企，并与蔚来汽车创始人、董事长兼CEO李斌，理想汽车创始人、CEO李想，小鹏汽车董事长兼CEO何小鹏，以及比亚迪股份有限公司董事长兼总裁王传福等业内人士商谈。\n与此同时，包括武汉、西安等地都表示积极对接“小米造车”项目，希望小米汽车落户。一时之间，一场争夺小米汽车的暗战已经打响。\n小米上市以来多次发布股权激励计划\n2018年的7月9日，小米集团登陆港交所，成为首批港交所力推“同股不同权”的挂牌企业，发行价为17港元。\n自1月初达到35.9港元/股的高点后，今年以来小米股价累计跌幅达21%。自上市至今，小米集团股价累计涨幅为54%。\n近日，小米公布一季度业绩显示，总收入同比增长54.7%至769亿元，经调整净利润达到人民币61亿元，同比增长163.8%，业绩增长大超市场预期，总收入和经调整净利润均创下单季度历史新高。\n2020年全年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n据证券时报统计，小米自上市以来，共发布了11次股权激励计划，其中，2019年有4次，2020年有5次，今年来也已有2次。\n最近一次发生在2021年1月6日，当时一共给2405名员工授予了1686.63万股，当时的小米股价为33.90港元，授予股份的整体价值为5.72亿港元。\n\n股份奖励是上市公司常见的激励员工的方式之一。就在不久前，格力电器（000651）就发布了员工持股计划草案，参与员工数达1.2万人。\n不过格力的计划和小米有所不同，小米是给员工发股票，而格力是以折扣后的价格让员工买股票。\n格力1.2万名员工可5折买股票打组合拳再出手回购6000万股\n刚刚过去的6月份，格力股价下跌了7.46%，今年以来累计下跌了17%。\n股价下跌之际，格力再度出手回购自家公司股票。\n7月2日晚间，格力电器公告称，截至6月30日，该公司第三期回购计划以集中竞价方式累计回购公司股份6001万股，占总股本的0.9975%，支付的总金额为31.75亿元。其中，最高成交价为56.11元/股，最低成交价为49.92元/股。\n截至目前，格力已经完成了前两期共120亿元回购，加上此番30亿元回购，已经累计动用了150亿元回购自家股票。\n除了大手笔的回购，6月30日，格力刚刚召开完股东大会，备受争议的格力员工持股计划顺利通过，1.34万人的投票更是创纪录。\n\n此事源于6月20日晚间，格力公布第一期员工持股计划，规模总额不超过30亿元，覆盖员工人数最高为1.2万人，员工持股计划购买公司回购股份的价格为27.68元/股，回购股票规模不超过1.08亿股，占该公司当前总股本的1.80%。\n由于员工5折“买股票”，董明珠一人更是认购3000万股，账面浮盈就达8亿元，一度备受市场争议。\n\n紧接着，6月27日晚间，格力电器发布公告称，将第二期回购的股份变更为直接注销减少注册资本，显然对股东而言是一大利好消息。\n此外，董明珠还罕见的现身接待机构投资者。在被问到“公司后续会不会注销回购股份，长期分红比例会不会加大？”的问题时，格力电器回应，该公司回购股票不仅仅为了股权激励，更重要的是维护股东、社会、员工的利益，是否会注销回购股份需要结合实际情况研究，按程序决策。\n即第三期回购是否注销，目前还没有结论。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155045556,"gmtCreate":1625365832875,"gmtModify":1703740805451,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155045556","repostId":"1198720542","repostType":4,"repost":{"id":"1198720542","kind":"news","pubTimestamp":1625361204,"share":"https://ttm.financial/m/news/1198720542?lang=en_US&edition=fundamental","pubTime":"2021-07-04 09:13","market":"sh","language":"zh","title":"It's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita","url":"https://stock-news.laohu8.com/highlight/detail?id=1198720542","media":"每日经济新闻","summary":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励","content":"<p><div>Gree and Xiaomi, in tandem, sell the equity incentive plan. On July 2, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees that day. As of the close of Hong Kong stocks on July 2, Xiaomi Group's stock price was HK $26.2 per share, so the total amount of shares awarded this time reached HK $1.84 billion (approximately RMB 1.534 billion), and the per capita reward was approximately HK $470,000 (approximately RMB 392,900). RMB). Selected employees are minimum 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>","source":"mrjjxw","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>It's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita</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\">\nIt's someone else's company again! Xiaomi Haopai \"Big Red Packet\", 390,000 per capita\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">每日经济新闻</strong><span class=\"h-time small\">2021-07-04 09:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Gree and Xiaomi, in tandem, sell the equity incentive plan. On July 2, Xiaomi Group announced that the company's board of directors granted a total of 70.23 million award shares to 3,904 employees that day. As of the close of Hong Kong stocks on July 2, Xiaomi Group's stock price was HK $26.2 per share, so the total amount of shares awarded this time reached HK $1.84 billion (approximately RMB 1.534 billion), and the per capita reward was approximately HK $470,000 (approximately RMB 392,900). RMB). Selected employees are minimum 24 years old According to the announcement, the board of directors of Xiaomi Group awarded a total of...</p><p><a href=\"https://wallstreetcn.com/articles/3634498\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634498\">每日经济新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bb44f0df3fb7312ee913474e800cc495","relate_stocks":{"01810":"小米集团-W"},"source_url":"https://wallstreetcn.com/articles/3634498","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198720542","content_text":"格力和小米，一前一后抛股权激励计划。\n7月2日，小米集团发布公告称，公司董事会于当天向3904名员工授予了共计7023万股奖励股份。截至7月2日港股收盘，小米集团的股价为26.2港元/股，所以此次奖励股份的总额达到18.4亿港元（约合人民币15.34亿元），人均奖励约47万港元（约合39.29万元人民币）。\n入选员工最小24岁\n根据公告，小米集团董事会于2021年7月2日根据股份奖励计划奖励合共7023万股奖励股份予3904名选定参与者。所有选定参与者均为非关连承授人。上述奖励不会筹集任何新资金。\n\n小米集团称，授出奖励日的股份收市价为26.20港元。按照上述股市收市价计算，合计奖励金额达到18.4亿港元。\n此次获得奖励股份的小米员工包括集团优秀青年工程师、优秀应届生和团队核心岗位的优秀员工，以及年度技术大奖的获得者。\n小米特别提到，在以上员工中，有约700名优秀青年工程师入选了小米最新的人才激励项目“青年工程师激励计划”，他们将获得总计1604.2万股的股票。经简单计算，这700名青年工程师人均获发的股票价值为60万港元（约合50万元人民币）。\n公告发布以后，小米创始人雷军发布微博表示，是他亲自负责了“青年工程师激励计划”，首批入选的近700名青年工程师主要是研发工程师、测试、产品经理、设计师等，其中最小的员工仅24岁。\n\n有网友评论称：“现在入职还来的及吗？”“这样工程师肯定会更努力！激发创造力了”还有一位网友调侃称，“我还有汽修专业的高级技工证书，你看什么时候安排一下填入职表，雷总？”\n\n据了解，小米于今年3月30日官宣造车。每日经济新闻此前曾报道，小米官宣造车后，雷军已拜访上汽通用五菱、长城汽车等车企，并与蔚来汽车创始人、董事长兼CEO李斌，理想汽车创始人、CEO李想，小鹏汽车董事长兼CEO何小鹏，以及比亚迪股份有限公司董事长兼总裁王传福等业内人士商谈。\n与此同时，包括武汉、西安等地都表示积极对接“小米造车”项目，希望小米汽车落户。一时之间，一场争夺小米汽车的暗战已经打响。\n小米上市以来多次发布股权激励计划\n2018年的7月9日，小米集团登陆港交所，成为首批港交所力推“同股不同权”的挂牌企业，发行价为17港元。\n自1月初达到35.9港元/股的高点后，今年以来小米股价累计跌幅达21%。自上市至今，小米集团股价累计涨幅为54%。\n近日，小米公布一季度业绩显示，总收入同比增长54.7%至769亿元，经调整净利润达到人民币61亿元，同比增长163.8%，业绩增长大超市场预期，总收入和经调整净利润均创下单季度历史新高。\n2020年全年，小米收入达人民币2459亿元，同比增长19.4%；经调整净利润人民币130亿元，同比增长12.8%。\n据证券时报统计，小米自上市以来，共发布了11次股权激励计划，其中，2019年有4次，2020年有5次，今年来也已有2次。\n最近一次发生在2021年1月6日，当时一共给2405名员工授予了1686.63万股，当时的小米股价为33.90港元，授予股份的整体价值为5.72亿港元。\n\n股份奖励是上市公司常见的激励员工的方式之一。就在不久前，格力电器（000651）就发布了员工持股计划草案，参与员工数达1.2万人。\n不过格力的计划和小米有所不同，小米是给员工发股票，而格力是以折扣后的价格让员工买股票。\n格力1.2万名员工可5折买股票打组合拳再出手回购6000万股\n刚刚过去的6月份，格力股价下跌了7.46%，今年以来累计下跌了17%。\n股价下跌之际，格力再度出手回购自家公司股票。\n7月2日晚间，格力电器公告称，截至6月30日，该公司第三期回购计划以集中竞价方式累计回购公司股份6001万股，占总股本的0.9975%，支付的总金额为31.75亿元。其中，最高成交价为56.11元/股，最低成交价为49.92元/股。\n截至目前，格力已经完成了前两期共120亿元回购，加上此番30亿元回购，已经累计动用了150亿元回购自家股票。\n除了大手笔的回购，6月30日，格力刚刚召开完股东大会，备受争议的格力员工持股计划顺利通过，1.34万人的投票更是创纪录。\n\n此事源于6月20日晚间，格力公布第一期员工持股计划，规模总额不超过30亿元，覆盖员工人数最高为1.2万人，员工持股计划购买公司回购股份的价格为27.68元/股，回购股票规模不超过1.08亿股，占该公司当前总股本的1.80%。\n由于员工5折“买股票”，董明珠一人更是认购3000万股，账面浮盈就达8亿元，一度备受市场争议。\n\n紧接着，6月27日晚间，格力电器发布公告称，将第二期回购的股份变更为直接注销减少注册资本，显然对股东而言是一大利好消息。\n此外，董明珠还罕见的现身接待机构投资者。在被问到“公司后续会不会注销回购股份，长期分红比例会不会加大？”的问题时，格力电器回应，该公司回购股票不仅仅为了股权激励，更重要的是维护股东、社会、员工的利益，是否会注销回购股份需要结合实际情况研究，按程序决策。\n即第三期回购是否注销，目前还没有结论。","news_type":1,"symbols_score_info":{"01810":0.9}},"isVote":1,"tweetType":1,"viewCount":1568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152807086,"gmtCreate":1625279154045,"gmtModify":1703739846283,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152807086","repostId":"2148801896","repostType":4,"repost":{"id":"2148801896","kind":"news","pubTimestamp":1625261623,"share":"https://ttm.financial/m/news/2148801896?lang=en_US&edition=fundamental","pubTime":"2021-07-03 05:33","market":"us","language":"zh","title":"Chinese hip-hop promotion company made a hot debut, and Pupu Culture rose nearly 8 times in three days of listing","url":"https://stock-news.laohu8.com/highlight/detail?id=2148801896","media":"新浪财经","summary":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的","content":"<p>Some stocks will do very well after an IPO. But the 790% increase cannot be described as \"very good\", it is completely incredible.</p><p><a href=\"https://laohu8.com/S/CPOP\">Pupu culture</a>Is the latest unbelievable, quickly becoming a candidate case for the stock market boom. The hip-hop cultural communication company went public at a price of $6 per share on Wednesday, giving it a market value of about $140 million. By Friday, the stock had gained about 790%, and its market capitalization soared to $1.27 billion.</p><p>According to the aggregated data, the stock rose 405% on its first day of listing on Wednesday, ranking fifth in the history of the U.S. stock market. Ranked first is Yijia Kuaifu, which achieved a jaw-dropping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pupp Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pupu Culture's IPO prospectus stated that its revenue in the 12 months ended June 2020 was approximately US $15.7 million, nearly half of which came from event hosting. According to the data, based on Friday's closing price, the stock has a P/E of more than 300 times, or about 10 times that of Apple.</p>","source":"sina_symbol","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>Chinese hip-hop promotion company made a hot debut, and Pupu Culture rose nearly 8 times in three days of listing</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\">\nChinese hip-hop promotion company made a hot debut, and Pupu Culture rose nearly 8 times in three days of listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-03 05:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Some stocks will do very well after an IPO. But the 790% increase cannot be described as \"very good\", it is completely incredible.</p><p><a href=\"https://laohu8.com/S/CPOP\">Pupu culture</a>Is the latest unbelievable, quickly becoming a candidate case for the stock market boom. The hip-hop cultural communication company went public at a price of $6 per share on Wednesday, giving it a market value of about $140 million. By Friday, the stock had gained about 790%, and its market capitalization soared to $1.27 billion.</p><p>According to the aggregated data, the stock rose 405% on its first day of listing on Wednesday, ranking fifth in the history of the U.S. stock market. Ranked first is Yijia Kuaifu, which achieved a jaw-dropping 1100% increase on the first day of listing in May.</p><p><img src=\"https://static.tigerbbs.com/9d2d2ded13e2cd73fb9670a2709b6017\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>Pupp Culture's strong rally cooled on Friday, with shares falling 11% to $53.40, still about $47 above its IPO price.</p><p>Pupu Culture's IPO prospectus stated that its revenue in the 12 months ended June 2020 was approximately US $15.7 million, nearly half of which came from event hosting. According to the data, based on Friday's closing price, the stock has a P/E of more than 300 times, or about 10 times that of Apple.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"CPOP":"普普文化"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-07-03/doc-ikqcfnca4648692.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148801896","content_text":"有些股票在IPO之后会表现非常好。但790%的涨幅不是一句“非常好”就能形容的，完全是匪夷所思。\n普普文化是最新一个的匪夷所思者，迅速成为股市繁荣的一个候选案例。这家嘻哈文化传播公司周三以每股6美元的价格发行上市，市值约为1.4亿美元。到周五，该股累计上涨约790%，市值飙升至12.7亿美元。\n汇总的数据显示，该股周三首日上市大涨405%，在美国股市历史上排名第五。排名第一的是亿家快服，5月份上市首日取得令人瞠目结舌的1100%涨幅。\n\n普普文化的强劲涨势在周五有所降温，股价下跌11%至53.40美元，仍比IPO价格高出约47美元。\n普普文化的IPO招股说明书称，在截至2020年6月的12个月收入约1570万美元，其中近一半来自活动主办。数据显示，按周五收盘价计算，该股市盈率超过300倍，约为苹果公司的10倍。","news_type":1,"symbols_score_info":{"CPOP":0.9}},"isVote":1,"tweetType":1,"viewCount":1756,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156150983,"gmtCreate":1625204364542,"gmtModify":1703738321710,"author":{"id":"3586943117143889","authorId":"3586943117143889","name":"PinnPinn","avatar":"https://static.tigerbbs.com/54c24f171e376ae26854a896f694ed75","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586943117143889","idStr":"3586943117143889"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156150983","repostId":"2148875942","repostType":4,"repost":{"id":"2148875942","kind":"news","pubTimestamp":1625203503,"share":"https://ttm.financial/m/news/2148875942?lang=en_US&edition=fundamental","pubTime":"2021-07-02 13:25","market":"hk","language":"zh","title":"Hong Kong sets up SPAC listing system, or starts consulting opinions this month","url":"https://stock-news.laohu8.com/highlight/detail?id=2148875942","media":"财经自媒体","summary":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。","content":"<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether to implement SPAC depending on the market reaction obtained from the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>In the third quarter, the market will be consulted on specific proposals for establishing a SPAC (Special Purpose Acquisition Company) listing system in Hong Kong. According to the news, the Hong Kong Securities and Futures Commission is open to SPACs, and the regulatory agency has also formulated a framework for relevant consultation documents, and will conduct public consultation as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it emphasizes the need to take into account the protection of investors.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether to implement SPAC depending on the market reaction obtained from the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only limit the participation of professional investors, and the entire market may not be opened at once to protect ordinary investors.</p><p>Help attract unicorns to be listed in Hong Kong</p><p>A spokesman for the Hong Kong Stock Exchange responded that the Hong Kong Stock Exchange will often review and study plans to upgrade Hong Kong's listing system, which must consider balancing various factors such as protecting investors' interests, market quality and attractiveness. We are currently studying the feasibility of introducing the Hong Kong SPAC framework, and will consult the market in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPACs, enterprises will have one more choice and outlet, and increase the competitiveness of Hong Kong's capital market. Some accountants said that because it is difficult to define the valuation of companies in start-up or new economy industries, it is difficult to reach a consensus with investors when conducting traditional listings, while SPACs have corresponding pricing during mergers and acquisitions, and it is easier for both parties to bury themselves. I believe the introduction of SPAC The mechanism is especially helpful to attract new economy companies to list in Hong Kong, even international unicorn companies, that is, start-up companies with a valuation of more than US $1 billion.</p><p>However, he admitted frankly that Hong Kong's capital market is different from that of the United States. The United States is disclosure-based, while Hong Kong focuses on investor protection, emphasizing that the entire new SPAC mechanism must implement the Hong Kong version. When regulators consult, it is also necessary to clearly explain to the market the difference between the mechanism and traditional beer shells, so as to prevent the outside world from thinking that SPACs are beneficial to legal beer shells, and propose more measures to protect investors.</p><p>The United States starts a craze and plans to strengthen supervision</p><p>SPACs are on the rise in the United States. Last year, a total of 248 SPACs were listed. The boom continued until the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of the competitors of HKEx<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>, completed the public consultation on the SPAC main board listing rules at the end of April; The London Stock Exchange also proposed to amend the listing rules, hoping to attract more SPACs to list locally. In Asia alone, only South Korea and Malaysia currently allow SPACs to be listed, so it is also a general trend for Hong Kong to intend to introduce SPACs.</p><p>However, regulatory concerns immediately arose behind the upsurge. The United States is preparing to tighten SPAC regulations and has carried out investor education work for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he hopes to examine whether the time for disclosure of positions of listed companies can be shortened, and also believes that it is necessary to strengthen the disclosure of supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs usually have funds, celebrities, rich people, entrepreneurs, etc. as Sponsors (Sponsors). They first invest in the establishment of a Blank Check Company (Blank Check Company) with no actual business, that is, a shell company, and then find investors to complete the listing and fund-raising. After listing, only cash is held and custodied in trust. The main task is to acquire suitable target enterprises and inject business, and the acquisition proposal must be approved by shareholders.</p><p>Introduction to SPAC operation process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>","source":"sina","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>Hong Kong sets up SPAC listing system, or starts consulting opinions this month</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\">\nHong Kong sets up SPAC listing system, or starts consulting opinions this month\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">财经自媒体</strong><span class=\"h-time small\">2021-07-02 13:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/1753d7cfef2e2d092f069fb180432706\" tg-width=\"550\" tg-height=\"274\" referrerpolicy=\"no-referrer\"></p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether to implement SPAC depending on the market reaction obtained from the consultation results.</p><p><a href=\"https://laohu8.com/S/00388\">HKEX</a>In the third quarter, the market will be consulted on specific proposals for establishing a SPAC (Special Purpose Acquisition Company) listing system in Hong Kong. According to the news, the Hong Kong Securities and Futures Commission is open to SPACs, and the regulatory agency has also formulated a framework for relevant consultation documents, and will conduct public consultation as soon as July. According to the analysis, one more financing channel for enterprises is conducive to the long-term development of Hong Kong's financial market, but it emphasizes the need to take into account the protection of investors.</p><p>Market participants pointed out that the Hong Kong Securities and Futures Commission will decide whether to implement SPAC depending on the market reaction obtained from the consultation results. Even if the SPAC is finally released, it is expected that the initial stage will only limit the participation of professional investors, and the entire market may not be opened at once to protect ordinary investors.</p><p>Help attract unicorns to be listed in Hong Kong</p><p>A spokesman for the Hong Kong Stock Exchange responded that the Hong Kong Stock Exchange will often review and study plans to upgrade Hong Kong's listing system, which must consider balancing various factors such as protecting investors' interests, market quality and attractiveness. We are currently studying the feasibility of introducing the Hong Kong SPAC framework, and will consult the market in due course. The CSRC will not comment on this.</p><p>The market expects that through the introduction of SPACs, enterprises will have one more choice and outlet, and increase the competitiveness of Hong Kong's capital market. Some accountants said that because it is difficult to define the valuation of companies in start-up or new economy industries, it is difficult to reach a consensus with investors when conducting traditional listings, while SPACs have corresponding pricing during mergers and acquisitions, and it is easier for both parties to bury themselves. I believe the introduction of SPAC The mechanism is especially helpful to attract new economy companies to list in Hong Kong, even international unicorn companies, that is, start-up companies with a valuation of more than US $1 billion.</p><p>However, he admitted frankly that Hong Kong's capital market is different from that of the United States. The United States is disclosure-based, while Hong Kong focuses on investor protection, emphasizing that the entire new SPAC mechanism must implement the Hong Kong version. When regulators consult, it is also necessary to clearly explain to the market the difference between the mechanism and traditional beer shells, so as to prevent the outside world from thinking that SPACs are beneficial to legal beer shells, and propose more measures to protect investors.</p><p>The United States starts a craze and plans to strengthen supervision</p><p>SPACs are on the rise in the United States. Last year, a total of 248 SPACs were listed. The boom continued until the first quarter of this year, with more than 300 SPACs listed, which also attracted other overseas markets to pay attention to this lucrative business.</p><p>One of the competitors of HKEx<a href=\"https://laohu8.com/S/S68.SI\">Singapore Exchange</a>, completed the public consultation on the SPAC main board listing rules at the end of April; The London Stock Exchange also proposed to amend the listing rules, hoping to attract more SPACs to list locally. In Asia alone, only South Korea and Malaysia currently allow SPACs to be listed, so it is also a general trend for Hong Kong to intend to introduce SPACs.</p><p>However, regulatory concerns immediately arose behind the upsurge. The United States is preparing to tighten SPAC regulations and has carried out investor education work for SPACs. Gary Gensler, chairman of the US Securities and Exchange Commission, has indicated that he hopes to examine whether the time for disclosure of positions of listed companies can be shortened, and also believes that it is necessary to strengthen the disclosure of supporters behind SPACs to improve the protection of retail investors.</p><p>SPACs usually have funds, celebrities, rich people, entrepreneurs, etc. as Sponsors (Sponsors). They first invest in the establishment of a Blank Check Company (Blank Check Company) with no actual business, that is, a shell company, and then find investors to complete the listing and fund-raising. After listing, only cash is held and custodied in trust. The main task is to acquire suitable target enterprises and inject business, and the acquisition proposal must be approved by shareholders.</p><p>Introduction to SPAC operation process</p><p><img src=\"https://static.tigerbbs.com/aca4398177c04504e2f3ca9c98006592\" tg-width=\"550\" tg-height=\"348\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml\">财经自媒体</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/566088346f21146400ff8254e5bf4332","relate_stocks":{"HSI":"恒生指数"},"source_url":"https://finance.sina.com.cn/stock/hkstock/ggipo/2021-07-02/doc-ikqcfnca4537854.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2148875942","content_text":"市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。\n香港交易所将于第三季就香港设立SPAC(特殊目的收购公司)上市制度具体建议咨询市场意见。消息指，香港证监会对SPAC态度开放，监管机构亦已就相关咨询文件拟订框架，最快7月进行公开咨询。分析指，企业多一个融资渠道，有利于香港港金融市场长远发展，但强调要兼顾保障投资者的问题。\n市场人士指出，香港证监会将视乎咨询结果所得的市场反应，才决定会否推行SPAC。即使SPAC最终获放行，预期初始阶段只局限专业投资者参与，未必会一下子开放全个市场，以保障一般投资者。\n助吸「独角兽」来港上市\n港交所发言人响应指，港交所会经常审视并研究方案提升香港的上市制度，当中须考虑平衡保障投资者利益、市场质素及吸引力等多种因素。目前正研究引入香港SPAC框架的可行性，并会适时就此咨询市场意见。证监会则对此不予评论。\n市场期望透过引入SPAC，让企业多一个选择及出路，增加香港资本市场的竞争力。有会计师表示，由于初创或新经济行业的公司估值难以界定，进行传统上市时较难与投资者取得共识，而SPAC则在并购时已有相应定价，双方更容易「倾得埋」，相信引入SPAC机制，特别有助吸引新经济企业来港上市，甚至是国际级的「独角兽」企业，即估值10亿美元以上的初创公司。\n不过，他坦言，香港资本市场与美国有别，美国以披露为本，香港侧重投资者保护，强调整个SPAC新机制须实行「香港版本」。监管机构在咨询时，亦有必要向市场解释清楚机制与传统「啤壳」的分别，以免外界以为SPAC有利合法「啤壳」，及提出更多保障投资者的措施。\n美掀热潮，拟加强监管\nSPAC在美国兴起，去年共有248只SPAC上市，热潮延续至今年首季，有逾300家SPAC上市，亦吸引其他海外市场关注这笔丰厚的生意。\n港交所竞争对手之一的新加坡交易所，已于4月底完成有关SPAC主板上市规则的公众咨询；英国伦敦交易所亦提出修改上市规则建议，冀吸引更多SPAC到当地上市。单计亚洲地区，目前仅南韩国、马来西亚准许SPAC上市，故香港有意引入SPAC亦是大势所趋。\n不过，热潮背后随即惹来监管忧虑，美国准备收紧SPAC规定，并已针对SPAC开展投资者教育工作。美国证交会主席Gary Gensler已表明，希望检视能否缩短上市公司持仓披露的时间，也认为要加强披露SPAC背后的支持者，以提升对散户的保障。\nSPAC通常会由基金、名人、富豪、企业家等作为发起人(Sponsors)，先出资成立一间没有实际业务的「空白支票公司」(Blank Check Company)，即「空壳公司」，再寻找投资者完成上市集资。上市后，只持有现金，以信托方式托管，主要「任务」是收购合适的目标企业，将业务注入，而收购建议须由股东通过。\nSPAC运作流程简介","news_type":1,"symbols_score_info":{"HSI":0.9}},"isVote":1,"tweetType":1,"viewCount":2229,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}