3_145的个人主页 - 老虎社区

3_145

3_145

暂无个人介绍

IP属地：江苏

23关注

3粉丝

0主题

0勋章

2021-02-09

换手率相当低，稳步前进。

2021-02-08

$百世集团(BEST)$差不多了，开始拉了。

2021-02-05

这篇文章不错，转发给大家看看

@Norstar:$百世集团(BEST)$macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧

2021-02-04

$蓝城兄弟(BLCT)$今晚又放量了，必有人要拉。

2021-02-04

$蓝城兄弟(BLCT)$好的，筑底完成，拉升开始。可以入了兄弟们。

2021-01-29

Fxck ws

抱歉，原内容已删除

2021-01-28

$百度(BIDU)$总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来

2021-01-28

$百世集团(BEST)$这个股票搞个逼空就留了。同志们跟上！

2021-01-11

$百度(BIDU)$现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。

2020-08-14

拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？

招股书里的秘密：李斌、何小鹏与李想的套路与心机

2020-04-16

说明有自信

【借特斯拉打蔚来的牌，蔚来新营销方式你认

2020-02-25

$蔚来(NIO)$哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。

2019-12-11

今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。

2019-11-28

$百世集团(BEST)$入了MSCI怎么也得涨点

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3537872892923774","uuid":"3537872892923774","gmtCreate":1574778870506,"gmtModify":1574825699205,"name":"3_145","pinyin":"31453145","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":3,"headSize":23,"tweetSize":16,"questionSize":0,"limitLevel":999,"accountStatus":2,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.01.05","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001}],"userBadgeCount":1,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"江苏","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":383594562,"gmtCreate":1612883604756,"gmtModify":1703766351031,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"换手率相当低，稳步前进。","listText":"换手率相当低，稳步前进。","text":"换手率相当低，稳步前进。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383594562","isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":389269236,"gmtCreate":1612778422025,"gmtModify":1703764874253,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>差不多了，开始拉了。","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>差不多了，开始拉了。","text":"$百世集团(BEST)$差不多了，开始拉了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389269236","isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":380165643,"gmtCreate":1612524874382,"gmtModify":1703763091685,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/380165643","repostId":"317200072","repostType":1,"repost":{"id":317200072,"gmtCreate":1612449416296,"gmtModify":1703762046243,"author":{"id":"3496114338580379","authorId":"3496114338580379","name":"Norstar","avatar":"https://static.tigerbbs.com/020120281add87d4a3a597fb7e072940","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3496114338580379","authorIdStr":"3496114338580379"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","text":"$百世集团(BEST)$macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317200072","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":317255003,"gmtCreate":1612452067402,"gmtModify":1703762154845,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>今晚又放量了，必有人要拉。","listText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>今晚又放量了，必有人要拉。","text":"$蓝城兄弟(BLCT)$今晚又放量了，必有人要拉。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/317255003","isVote":1,"tweetType":1,"viewCount":2824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":314734752,"gmtCreate":1612372405676,"gmtModify":1703761116745,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>好的，筑底完成，拉升开始。可以入了兄弟们。","listText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>好的，筑底完成，拉升开始。可以入了兄弟们。","text":"$蓝城兄弟(BLCT)$好的，筑底完成，拉升开始。可以入了兄弟们。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314734752","isVote":1,"tweetType":1,"viewCount":1824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":316099702,"gmtCreate":1611898851506,"gmtModify":1703755839737,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"Fxck ws","listText":"Fxck ws","text":"Fxck ws","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/316099702","repostId":"2107429437","repostType":4,"isVote":1,"tweetType":1,"viewCount":1420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":318825544,"gmtCreate":1611848603688,"gmtModify":1703755125107,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","text":"$百度(BIDU)$总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318825544","isVote":1,"tweetType":1,"viewCount":2532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318801409,"gmtCreate":1611847102001,"gmtModify":1703755042732,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>这个股票搞个逼空就留了。同志们跟上！","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>这个股票搞个逼空就留了。同志们跟上！","text":"$百世集团(BEST)$这个股票搞个逼空就留了。同志们跟上！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318801409","isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":332631520,"gmtCreate":1610377609460,"gmtModify":1703743949077,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","text":"$百度(BIDU)$现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/332631520","isVote":1,"tweetType":1,"viewCount":2079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":947519725,"gmtCreate":1597341905467,"gmtModify":1704215543222,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","listText":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","text":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/947519725","repostId":"1183889780","repostType":2,"repost":{"id":"1183889780","kind":"news","pubTimestamp":1597315624,"share":"https://www.laohu8.com/m/news/1183889780?lang=&edition=full","pubTime":"2020-08-13 18:47","market":"us","language":"zh","title":"招股书里的秘密：李斌、何小鹏与李想的套路与心机","url":"https://stock-news.laohu8.com/highlight/detail?id=1183889780","media":"汽车头条","summary":"拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共","content":"<p>拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。</p>\n<p><img src=\"https://static.tigerbbs.com/c2dba73d83c772015c5eeb3981e0607e\" tg-width=\"1080\" tg-height=\"631\"></p>\n<p>为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。</p>\n<p><b>亏钱并不可怕</b></p>\n<p>作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。</p>\n<p>从2016年到2018年6月，蔚营收4599万元，累计亏损111.42亿元。从2018年到2020年3月，理想营收11.36亿元，累计亏损40.48亿元。从2018年到2020年6月，小鹏营收33.34亿元，累计亏损58.86亿元。</p>\n<p>然而，在出现巨额亏损的同时，他们却获得了更大规模的融资。从2016年到2018年6月，蔚来累计获得了170.6亿元的融资，现金及现金等价物由5.96亿元增至44.8亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/3dcb66a538e0c5149a8e4ffd16b055c3\" tg-width=\"1080\" tg-height=\"397\"></p>\n<p>从2018年到2020年3月，理想累计获得了69亿元的融资，现金及现金等价物由9552万元增至10.6亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/ec7841ac51d4760787dedd3dc376134c\" tg-width=\"1080\" tg-height=\"244\"></p>\n<p>从2018年到2020年6月，小鹏累计获得了112亿元的融资。现金及现金等价物由16.31亿元增至18.95亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/1305ccac3235e9fbb1395fa04883d077\" tg-width=\"1080\" tg-height=\"319\"></p>\n<p>事实上，对于新造车企业而言，最重要的不是盈利能力，而是融资能力。只要能够融到钱，即使出现亏损，企业照样也能生存下去。而在IPO以前，企业能否融到钱，很大程度上取决于创始人在资本圈中的资源。</p>\n<p>蔚来以前，李斌已经拥有了易车和易鑫两家上市公司，并在资本圈内积累了良好的口碑。李想曾带领汽车之家登陆纽交所，并获得了王兴的高度评价。</p>\n<p>至于何小鹏，尽管他的首家公司UC并没有上市，但通过UC，他与雷军、俞永福等业界大佬建立了联系。</p>\n<p><img src=\"https://static.tigerbbs.com/d1e61d3906de4e610cb8dc15fe70186d\" tg-width=\"828\" tg-height=\"613\"></p>\n<p>过往的经历让这三位老板在资本圈中积累下深厚的资源，当他们再次出来创业时，自然一呼百应、应者云集。</p>\n<p>蔚来在上市前共完成5轮融资，投资方包括高瓴资本、腾讯投资、Baillie Gifford等知名投资机构；理想上市前共完成8轮融资，投资方包括明势资本、经纬中国、字节跳动和美团系知名投资机构；小鹏上市前共完成10轮融资，投资方包括阿里巴巴、顺为资本、GGV纪源资本等知名投资机构。</p>\n<p><b>花钱至关重要</b></p>\n<p>一直以来，新造车企业烧钱的行为被人诟病。IPO前的两年半时间里，蔚来累计的营业费用为107.42亿元，理想为32.9亿元，小鹏为63.58亿元，拜腾为84亿元。</p>\n<p>不同的是，前三者在花掉这些钱后，量产车型开始交付，公司登陆资本市场，而拜腾首款车型非但没有量产，就连公司也变得岌岌可危。同样是烧钱，最后的结果却截然不同，这又是为什么？</p>\n<p>或许与四家企业如何支配这些钱有关。从2016年到2018年6月底，蔚来累计营业费用为107.42亿元，其中研发费用55.28亿元，所占比例为51%，销售、一般及行政费用52.14亿元，所占比例为49%。</p>\n<p><img src=\"https://static.tigerbbs.com/d0efbe815772fbbf1bb6691e3596adb8\" tg-width=\"1080\" tg-height=\"421\"></p>\n<p>从2018年到2020年3月底，理想累计营业费用为32.9亿元，其中研发费用21.53亿元，所占比例为65%，销售、一般及行政费用11.39亿元，所占比例为35%。</p>\n<p><img src=\"https://static.tigerbbs.com/864c278bd1612ffd3ec0c1a522c1b46d\" tg-width=\"1080\" tg-height=\"260\"></p>\n<p>从2018年到2020年6月底，小鹏累计的营业费用为63.58亿元，其中研发费用37.52亿元，所占比例为59%，销售、一般及行政费用26.06亿元，所占比例为41%。</p>\n<p><img src=\"https://static.tigerbbs.com/7a537352a943e2a768632a47b5490cc6\" tg-width=\"1080\" tg-height=\"406\"></p>\n<p>通过对研发的大量投入，蔚来、理想、小鹏迅速实现了量产交付，并乘势登陆资本市场。然而种种迹象表明，拜腾将更多的钱投向了一些匪夷所思的地方。</p>\n<p>由于拜腾从未公布财报，所以无从得知其营业费用具体是如何分配的。但从相关报道中，我们仍能发现一些蛛丝马迹。</p>\n<p>此前有媒体报道，拜腾300多人规模的北美办公室仅零食采购费就花了700多万美元；中国区员工名片采用进口环保材料，一盒名片费用高达上千元。</p>\n<p>2019年夏天，拜腾的FA牵线了一位中东潜在投资人，管理层带着M-Byte概念车浩浩荡荡地前往迪拜，往返开销高达数百万元。拜腾当时和潜在投资人签署了合作备忘录，但次日就遭遇毁约，对方从此杳无音信。在拜腾，这样的例子不胜枚举。</p>\n<p><img src=\"https://static.tigerbbs.com/dc6c635a258700f1cf964d046cbabb7e\" tg-width=\"738\" tg-height=\"487\"></p>\n<p>同样是从投资人手中融来的钱，为何蔚来、理想、小鹏花起来小心翼翼，而拜腾却显得大手大脚？</p>\n<p>或许与拜腾所有权与管理权的不一致有关。在蔚来、理想、小鹏，李斌、理想、何小鹏都是兼任董事长和CEO，既做老板也参与公司的日常管理。而在拜腾，实控人冯长革并不担任任何职务，公司全由毕福康和戴雷两位职业经理人来管理。</p>\n<p>所有权和管理权的分离导致没有人真正对公司负责，并造成了一系列令人瞠目结舌的乱象。此前有媒体报道，毕福康在任时，每次外出就餐，他一定会点一瓶店里最好的红酒；戴雷大部分时间在香港，通常每两周来南京总部\"出差\"1-2次，而他对公司最直接的管理就是工作日晚上10点左右与管理层进行线上沟通。</p>\n<p>更致命的是，作为一家创业公司，拜腾严格执行5天工作制，工作节奏松散，周末很少加班，有些外籍高管疫情期间甚至\"联系不到人\"。</p>\n<p><img src=\"https://static.tigerbbs.com/118eab34b39e49d390e8de74b657fa9c\" tg-width=\"1080\" tg-height=\"729\"></p>\n<p>在翻阅了蔚来、理想和小鹏的招股书，以及拜腾的相关报道后，我们发现了造车新势力得以存活的两个必要条件，一是创始人必须在资本圈中有深厚的资源，二是创始人必须直接参与公司的管理。前者能保证公司持续地融到钱，后者则能确保将融到的钱能花到正确的地方。</p>","source":"lsy1569230778530","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>招股书里的秘密：李斌、何小鹏与李想的套路与心机</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n招股书里的秘密：李斌、何小鹏与李想的套路与心机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-08-13 18:47 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw><strong>汽车头条</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。\n亏钱并不可怕\n作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。\n从2016...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9396c72972c232c356a55584fdf24fe","relate_stocks":{"NIO":"蔚来","LI":"理想汽车","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183889780","content_text":"拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。\n亏钱并不可怕\n作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。\n从2016年到2018年6月，蔚营收4599万元，累计亏损111.42亿元。从2018年到2020年3月，理想营收11.36亿元，累计亏损40.48亿元。从2018年到2020年6月，小鹏营收33.34亿元，累计亏损58.86亿元。\n然而，在出现巨额亏损的同时，他们却获得了更大规模的融资。从2016年到2018年6月，蔚来累计获得了170.6亿元的融资，现金及现金等价物由5.96亿元增至44.8亿元。\n\n从2018年到2020年3月，理想累计获得了69亿元的融资，现金及现金等价物由9552万元增至10.6亿元。\n\n从2018年到2020年6月，小鹏累计获得了112亿元的融资。现金及现金等价物由16.31亿元增至18.95亿元。\n\n事实上，对于新造车企业而言，最重要的不是盈利能力，而是融资能力。只要能够融到钱，即使出现亏损，企业照样也能生存下去。而在IPO以前，企业能否融到钱，很大程度上取决于创始人在资本圈中的资源。\n蔚来以前，李斌已经拥有了易车和易鑫两家上市公司，并在资本圈内积累了良好的口碑。李想曾带领汽车之家登陆纽交所，并获得了王兴的高度评价。\n至于何小鹏，尽管他的首家公司UC并没有上市，但通过UC，他与雷军、俞永福等业界大佬建立了联系。\n\n过往的经历让这三位老板在资本圈中积累下深厚的资源，当他们再次出来创业时，自然一呼百应、应者云集。\n蔚来在上市前共完成5轮融资，投资方包括高瓴资本、腾讯投资、Baillie Gifford等知名投资机构；理想上市前共完成8轮融资，投资方包括明势资本、经纬中国、字节跳动和美团系知名投资机构；小鹏上市前共完成10轮融资，投资方包括阿里巴巴、顺为资本、GGV纪源资本等知名投资机构。\n花钱至关重要\n一直以来，新造车企业烧钱的行为被人诟病。IPO前的两年半时间里，蔚来累计的营业费用为107.42亿元，理想为32.9亿元，小鹏为63.58亿元，拜腾为84亿元。\n不同的是，前三者在花掉这些钱后，量产车型开始交付，公司登陆资本市场，而拜腾首款车型非但没有量产，就连公司也变得岌岌可危。同样是烧钱，最后的结果却截然不同，这又是为什么？\n或许与四家企业如何支配这些钱有关。从2016年到2018年6月底，蔚来累计营业费用为107.42亿元，其中研发费用55.28亿元，所占比例为51%，销售、一般及行政费用52.14亿元，所占比例为49%。\n\n从2018年到2020年3月底，理想累计营业费用为32.9亿元，其中研发费用21.53亿元，所占比例为65%，销售、一般及行政费用11.39亿元，所占比例为35%。\n\n从2018年到2020年6月底，小鹏累计的营业费用为63.58亿元，其中研发费用37.52亿元，所占比例为59%，销售、一般及行政费用26.06亿元，所占比例为41%。\n\n通过对研发的大量投入，蔚来、理想、小鹏迅速实现了量产交付，并乘势登陆资本市场。然而种种迹象表明，拜腾将更多的钱投向了一些匪夷所思的地方。\n由于拜腾从未公布财报，所以无从得知其营业费用具体是如何分配的。但从相关报道中，我们仍能发现一些蛛丝马迹。\n此前有媒体报道，拜腾300多人规模的北美办公室仅零食采购费就花了700多万美元；中国区员工名片采用进口环保材料，一盒名片费用高达上千元。\n2019年夏天，拜腾的FA牵线了一位中东潜在投资人，管理层带着M-Byte概念车浩浩荡荡地前往迪拜，往返开销高达数百万元。拜腾当时和潜在投资人签署了合作备忘录，但次日就遭遇毁约，对方从此杳无音信。在拜腾，这样的例子不胜枚举。\n\n同样是从投资人手中融来的钱，为何蔚来、理想、小鹏花起来小心翼翼，而拜腾却显得大手大脚？\n或许与拜腾所有权与管理权的不一致有关。在蔚来、理想、小鹏，李斌、理想、何小鹏都是兼任董事长和CEO，既做老板也参与公司的日常管理。而在拜腾，实控人冯长革并不担任任何职务，公司全由毕福康和戴雷两位职业经理人来管理。\n所有权和管理权的分离导致没有人真正对公司负责，并造成了一系列令人瞠目结舌的乱象。此前有媒体报道，毕福康在任时，每次外出就餐，他一定会点一瓶店里最好的红酒；戴雷大部分时间在香港，通常每两周来南京总部\"出差\"1-2次，而他对公司最直接的管理就是工作日晚上10点左右与管理层进行线上沟通。\n更致命的是，作为一家创业公司，拜腾严格执行5天工作制，工作节奏松散，周末很少加班，有些外籍高管疫情期间甚至\"联系不到人\"。\n\n在翻阅了蔚来、理想和小鹏的招股书，以及拜腾的相关报道后，我们发现了造车新势力得以存活的两个必要条件，一是创始人必须在资本圈中有深厚的资源，二是创始人必须直接参与公司的管理。前者能保证公司持续地融到钱，后者则能确保将融到的钱能花到正确的地方。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":926197219,"gmtCreate":1587026129731,"gmtModify":1704362939908,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"说明有自信","listText":"说明有自信","text":"说明有自信","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/926197219","repostId":"2027786051","repostType":2,"repost":{"id":"2027786051","kind":"news","pubTimestamp":1586944789,"share":"https://www.laohu8.com/m/news/2027786051?lang=&edition=full","pubTime":"2020-04-15 17:59","market":"us","language":"zh","title":"【借特斯拉打蔚来的牌，蔚来新营销方式你认","url":"https://stock-news.laohu8.com/highlight/detail?id=2027786051","media":"雪球综合","summary":"原标题：【借特斯拉打蔚来的牌，蔚来新营销方式你认 来源：雪球综合【借特斯拉打蔚来的牌，蔚来新营销方式你认可吗？】近日，蔚来推出了一项新的营销举措，即日起只要到店试驾蔚来车型，并最终选择蔚来或者特斯拉车","content":"<html><body><p>原标题：【借<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>打<a href=\"https://laohu8.com/S/NIO\">蔚来</a>的牌，蔚来新营销方式你认 来源：雪球综合</p><p>【借特斯拉打蔚来的牌，蔚来新营销方式你认可吗？】近日，蔚来推出了一项新的营销举措，即日起只要到店试驾蔚来车型，并最终选择蔚来或者特斯拉车型的用户，均可获得3张NIO Power一键加电服务体验券，该体验券单张价格为380元，合计价值1140元。但是如果消费者购买了在蔚来和特斯拉之外的品牌，不知道能否获得相同的福利，不得不说，蔚来汽车这一招真是厉害呀，有多大作用暂且不说，但肯定会让消费者记住，蔚来和特斯拉是属于直接的竞争车型，无疑是蹭了一波特斯拉销量暴涨的热度，当然蔚来汽车今年的销量也不错。</p><div><img src=\"http://k.sinaimg.cn/n/spider2020415/202/w600h402/20200415/bf4d-isehnnk7308382.png/w2048fin.jpg\"/></div><p>标签：新能源车品牌分析</p><p>纠错/举报</p></body></html>","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>【借特斯拉打蔚来的牌，蔚来新营销方式你认</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【借特斯拉打蔚来的牌，蔚来新营销方式你认\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-04-15 17:59 北京时间&nbsp;&nbsp;&nbsp;<a href=http://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2020-04-15/doc-iirczymi6496365.shtml><strong>雪球综合</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>原标题：【借特斯拉打蔚来的牌，蔚来新营销方式你认 来源：雪球综合【借特斯拉打蔚来的牌，蔚来新营销方式你认可吗？】近日，蔚来推出了一项新的营销举措，即日起只要到店试驾蔚来车型，并最终选择蔚来或者特斯拉车型的用户，均可获得3张NIO Power一键加电服务体验券，该体验券单张价格为380元，合计价值1140元。但是如果消费者购买了在蔚来和特斯拉之外的品牌，不知道能否获得相同的福利，不得不说，蔚来汽车这...</p>\n\n<a href=\"http://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2020-04-15/doc-iirczymi6496365.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a8dee905c75e031fc4f4e71da8a00201","relate_stocks":{"TSLA":"特斯拉","NIO":"蔚来"},"source_url":"http://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/relnews/us/2020-04-15/doc-iirczymi6496365.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2027786051","content_text":"原标题：【借特斯拉打蔚来的牌，蔚来新营销方式你认 来源：雪球综合【借特斯拉打蔚来的牌，蔚来新营销方式你认可吗？】近日，蔚来推出了一项新的营销举措，即日起只要到店试驾蔚来车型，并最终选择蔚来或者特斯拉车型的用户，均可获得3张NIO Power一键加电服务体验券，该体验券单张价格为380元，合计价值1140元。但是如果消费者购买了在蔚来和特斯拉之外的品牌，不知道能否获得相同的福利，不得不说，蔚来汽车这一招真是厉害呀，有多大作用暂且不说，但肯定会让消费者记住，蔚来和特斯拉是属于直接的竞争车型，无疑是蹭了一波特斯拉销量暴涨的热度，当然蔚来汽车今年的销量也不错。标签：新能源车品牌分析纠错/举报","news_type":1},"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":980710832,"gmtCreate":1582625421526,"gmtModify":1704347005351,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","text":"$蔚来(NIO)$哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/980710832","isVote":1,"tweetType":1,"viewCount":3963,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"content":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？","text":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？","html":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":910575801,"gmtCreate":1576078712203,"gmtModify":1704271218751,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","listText":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","text":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/910575801","isVote":1,"tweetType":1,"viewCount":1272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":937859317,"gmtCreate":1574873516439,"gmtModify":1704728749228,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>入了MSCI怎么也得涨点","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>入了MSCI怎么也得涨点","text":"$百世集团(BEST)$入了MSCI怎么也得涨点","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/937859317","isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":980710832,"gmtCreate":1582625421526,"gmtModify":1704347005351,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","text":"$蔚来(NIO)$哈哈。其实就是一个很简单的道理，蔚来车不错有技术又是中国唯一能卖的动的高端电动车政府和资本都没有理由让他倒闭。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/980710832","isVote":1,"tweetType":1,"viewCount":3963,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"content":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？","text":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？","html":"呵呵，你说我有必要跟你喷吗？我赚到钱了你咬我？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":317255003,"gmtCreate":1612452067402,"gmtModify":1703762154845,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>今晚又放量了，必有人要拉。","listText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>今晚又放量了，必有人要拉。","text":"$蓝城兄弟(BLCT)$今晚又放量了，必有人要拉。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/317255003","isVote":1,"tweetType":1,"viewCount":2824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":314734752,"gmtCreate":1612372405676,"gmtModify":1703761116745,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>好的，筑底完成，拉升开始。可以入了兄弟们。","listText":"<a href=\"https://laohu8.com/S/BLCT\">$蓝城兄弟(BLCT)$</a>好的，筑底完成，拉升开始。可以入了兄弟们。","text":"$蓝城兄弟(BLCT)$好的，筑底完成，拉升开始。可以入了兄弟们。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314734752","isVote":1,"tweetType":1,"viewCount":1824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318801409,"gmtCreate":1611847102001,"gmtModify":1703755042732,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>这个股票搞个逼空就留了。同志们跟上！","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>这个股票搞个逼空就留了。同志们跟上！","text":"$百世集团(BEST)$这个股票搞个逼空就留了。同志们跟上！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318801409","isVote":1,"tweetType":1,"viewCount":2069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":332631520,"gmtCreate":1610377609460,"gmtModify":1703743949077,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","text":"$百度(BIDU)$现在是正常的sell the news，这波短线获利了解缓过劲后，再向上运动。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/332631520","isVote":1,"tweetType":1,"viewCount":2079,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":318825544,"gmtCreate":1611848603688,"gmtModify":1703755125107,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","listText":"<a href=\"https://laohu8.com/S/BIDU\">$百度(BIDU)$</a>总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","text":"$百度(BIDU)$总有一波人在高抛低吸，也没啥該拉的时候总归要拉起来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/318825544","isVote":1,"tweetType":1,"viewCount":2532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":910575801,"gmtCreate":1576078712203,"gmtModify":1704271218751,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","listText":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","text":"今天回老家四线城市，一条路上看见两辆未蔚来，甚慰。国产豪华车，能够打动4线城市青年足以说明蔚来的品牌营销是很成功的。车肯定也差不到哪去。至于股票。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/910575801","isVote":1,"tweetType":1,"viewCount":1272,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":389269236,"gmtCreate":1612778422025,"gmtModify":1703764874253,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>差不多了，开始拉了。","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>差不多了，开始拉了。","text":"$百世集团(BEST)$差不多了，开始拉了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/389269236","isVote":1,"tweetType":1,"viewCount":2164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":316099702,"gmtCreate":1611898851506,"gmtModify":1703755839737,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"Fxck ws","listText":"Fxck ws","text":"Fxck ws","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/316099702","repostId":"2107429437","repostType":4,"isVote":1,"tweetType":1,"viewCount":1420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":937859317,"gmtCreate":1574873516439,"gmtModify":1704728749228,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>入了MSCI怎么也得涨点","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>入了MSCI怎么也得涨点","text":"$百世集团(BEST)$入了MSCI怎么也得涨点","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/937859317","isVote":1,"tweetType":1,"viewCount":1162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":383594562,"gmtCreate":1612883604756,"gmtModify":1703766351031,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"换手率相当低，稳步前进。","listText":"换手率相当低，稳步前进。","text":"换手率相当低，稳步前进。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/383594562","isVote":1,"tweetType":1,"viewCount":2279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":380165643,"gmtCreate":1612524874382,"gmtModify":1703763091685,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/380165643","repostId":"317200072","repostType":1,"repost":{"id":317200072,"gmtCreate":1612449416296,"gmtModify":1703762046243,"author":{"id":"3496114338580379","authorId":"3496114338580379","name":"Norstar","avatar":"https://static.tigerbbs.com/020120281add87d4a3a597fb7e072940","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3496114338580379","authorIdStr":"3496114338580379"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","listText":"<a href=\"https://laohu8.com/S/BEST\">$百世集团(BEST)$</a>macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","text":"$百世集团(BEST)$macd底背离？一个年营收三四百亿的公司市值才9e美元，，，混的太惨了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/317200072","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1985,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":947519725,"gmtCreate":1597341905467,"gmtModify":1704215543222,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","listText":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","text":"拜腾属于被老外玩残了。创业公司出钱的不管事，还请个外国人单CEO，想啥呢？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/947519725","repostId":"1183889780","repostType":2,"repost":{"id":"1183889780","kind":"news","pubTimestamp":1597315624,"share":"https://www.laohu8.com/m/news/1183889780?lang=&edition=full","pubTime":"2020-08-13 18:47","market":"us","language":"zh","title":"招股书里的秘密：李斌、何小鹏与李想的套路与心机","url":"https://stock-news.laohu8.com/highlight/detail?id=1183889780","media":"汽车头条","summary":"拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共","content":"<p>拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。</p>\n<p><img src=\"https://static.tigerbbs.com/c2dba73d83c772015c5eeb3981e0607e\" tg-width=\"1080\" tg-height=\"631\"></p>\n<p>为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。</p>\n<p><b>亏钱并不可怕</b></p>\n<p>作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。</p>\n<p>从2016年到2018年6月，蔚营收4599万元，累计亏损111.42亿元。从2018年到2020年3月，理想营收11.36亿元，累计亏损40.48亿元。从2018年到2020年6月，小鹏营收33.34亿元，累计亏损58.86亿元。</p>\n<p>然而，在出现巨额亏损的同时，他们却获得了更大规模的融资。从2016年到2018年6月，蔚来累计获得了170.6亿元的融资，现金及现金等价物由5.96亿元增至44.8亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/3dcb66a538e0c5149a8e4ffd16b055c3\" tg-width=\"1080\" tg-height=\"397\"></p>\n<p>从2018年到2020年3月，理想累计获得了69亿元的融资，现金及现金等价物由9552万元增至10.6亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/ec7841ac51d4760787dedd3dc376134c\" tg-width=\"1080\" tg-height=\"244\"></p>\n<p>从2018年到2020年6月，小鹏累计获得了112亿元的融资。现金及现金等价物由16.31亿元增至18.95亿元。</p>\n<p><img src=\"https://static.tigerbbs.com/1305ccac3235e9fbb1395fa04883d077\" tg-width=\"1080\" tg-height=\"319\"></p>\n<p>事实上，对于新造车企业而言，最重要的不是盈利能力，而是融资能力。只要能够融到钱，即使出现亏损，企业照样也能生存下去。而在IPO以前，企业能否融到钱，很大程度上取决于创始人在资本圈中的资源。</p>\n<p>蔚来以前，李斌已经拥有了易车和易鑫两家上市公司，并在资本圈内积累了良好的口碑。李想曾带领汽车之家登陆纽交所，并获得了王兴的高度评价。</p>\n<p>至于何小鹏，尽管他的首家公司UC并没有上市，但通过UC，他与雷军、俞永福等业界大佬建立了联系。</p>\n<p><img src=\"https://static.tigerbbs.com/d1e61d3906de4e610cb8dc15fe70186d\" tg-width=\"828\" tg-height=\"613\"></p>\n<p>过往的经历让这三位老板在资本圈中积累下深厚的资源，当他们再次出来创业时，自然一呼百应、应者云集。</p>\n<p>蔚来在上市前共完成5轮融资，投资方包括高瓴资本、腾讯投资、Baillie Gifford等知名投资机构；理想上市前共完成8轮融资，投资方包括明势资本、经纬中国、字节跳动和美团系知名投资机构；小鹏上市前共完成10轮融资，投资方包括阿里巴巴、顺为资本、GGV纪源资本等知名投资机构。</p>\n<p><b>花钱至关重要</b></p>\n<p>一直以来，新造车企业烧钱的行为被人诟病。IPO前的两年半时间里，蔚来累计的营业费用为107.42亿元，理想为32.9亿元，小鹏为63.58亿元，拜腾为84亿元。</p>\n<p>不同的是，前三者在花掉这些钱后，量产车型开始交付，公司登陆资本市场，而拜腾首款车型非但没有量产，就连公司也变得岌岌可危。同样是烧钱，最后的结果却截然不同，这又是为什么？</p>\n<p>或许与四家企业如何支配这些钱有关。从2016年到2018年6月底，蔚来累计营业费用为107.42亿元，其中研发费用55.28亿元，所占比例为51%，销售、一般及行政费用52.14亿元，所占比例为49%。</p>\n<p><img src=\"https://static.tigerbbs.com/d0efbe815772fbbf1bb6691e3596adb8\" tg-width=\"1080\" tg-height=\"421\"></p>\n<p>从2018年到2020年3月底，理想累计营业费用为32.9亿元，其中研发费用21.53亿元，所占比例为65%，销售、一般及行政费用11.39亿元，所占比例为35%。</p>\n<p><img src=\"https://static.tigerbbs.com/864c278bd1612ffd3ec0c1a522c1b46d\" tg-width=\"1080\" tg-height=\"260\"></p>\n<p>从2018年到2020年6月底，小鹏累计的营业费用为63.58亿元，其中研发费用37.52亿元，所占比例为59%，销售、一般及行政费用26.06亿元，所占比例为41%。</p>\n<p><img src=\"https://static.tigerbbs.com/7a537352a943e2a768632a47b5490cc6\" tg-width=\"1080\" tg-height=\"406\"></p>\n<p>通过对研发的大量投入，蔚来、理想、小鹏迅速实现了量产交付，并乘势登陆资本市场。然而种种迹象表明，拜腾将更多的钱投向了一些匪夷所思的地方。</p>\n<p>由于拜腾从未公布财报，所以无从得知其营业费用具体是如何分配的。但从相关报道中，我们仍能发现一些蛛丝马迹。</p>\n<p>此前有媒体报道，拜腾300多人规模的北美办公室仅零食采购费就花了700多万美元；中国区员工名片采用进口环保材料，一盒名片费用高达上千元。</p>\n<p>2019年夏天，拜腾的FA牵线了一位中东潜在投资人，管理层带着M-Byte概念车浩浩荡荡地前往迪拜，往返开销高达数百万元。拜腾当时和潜在投资人签署了合作备忘录，但次日就遭遇毁约，对方从此杳无音信。在拜腾，这样的例子不胜枚举。</p>\n<p><img src=\"https://static.tigerbbs.com/dc6c635a258700f1cf964d046cbabb7e\" tg-width=\"738\" tg-height=\"487\"></p>\n<p>同样是从投资人手中融来的钱，为何蔚来、理想、小鹏花起来小心翼翼，而拜腾却显得大手大脚？</p>\n<p>或许与拜腾所有权与管理权的不一致有关。在蔚来、理想、小鹏，李斌、理想、何小鹏都是兼任董事长和CEO，既做老板也参与公司的日常管理。而在拜腾，实控人冯长革并不担任任何职务，公司全由毕福康和戴雷两位职业经理人来管理。</p>\n<p>所有权和管理权的分离导致没有人真正对公司负责，并造成了一系列令人瞠目结舌的乱象。此前有媒体报道，毕福康在任时，每次外出就餐，他一定会点一瓶店里最好的红酒；戴雷大部分时间在香港，通常每两周来南京总部\"出差\"1-2次，而他对公司最直接的管理就是工作日晚上10点左右与管理层进行线上沟通。</p>\n<p>更致命的是，作为一家创业公司，拜腾严格执行5天工作制，工作节奏松散，周末很少加班，有些外籍高管疫情期间甚至\"联系不到人\"。</p>\n<p><img src=\"https://static.tigerbbs.com/118eab34b39e49d390e8de74b657fa9c\" tg-width=\"1080\" tg-height=\"729\"></p>\n<p>在翻阅了蔚来、理想和小鹏的招股书，以及拜腾的相关报道后，我们发现了造车新势力得以存活的两个必要条件，一是创始人必须在资本圈中有深厚的资源，二是创始人必须直接参与公司的管理。前者能保证公司持续地融到钱，后者则能确保将融到的钱能花到正确的地方。</p>","source":"lsy1569230778530","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>招股书里的秘密：李斌、何小鹏与李想的套路与心机</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n招股书里的秘密：李斌、何小鹏与李想的套路与心机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-08-13 18:47 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw><strong>汽车头条</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。\n亏钱并不可怕\n作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。\n从2016...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a9396c72972c232c356a55584fdf24fe","relate_stocks":{"NIO":"蔚来","LI":"理想汽车","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/x9X7-QscmsIJ7ZoQ9vPHIw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183889780","content_text":"拜腾暴雷一个月后，小鹏向美国证监会提交了招股书。如果不出意外，它将成为继蔚来和理想之后，第三家登陆资本市场的造车新势力。\n\n为什么蔚来、理想和小鹏能从众多新势力中脱颖而出？他们做对了什么？他们有哪些共同的特征？在翻阅了近千页的招股书后，我们发现了这些秘密。\n亏钱并不可怕\n作为汽车行业的后来者，新造车企业亏钱几乎是必然的，蔚来、理想、小鹏也不例外，甚至很可能是这场\"烧钱大赛\"中的领头羊。\n从2016年到2018年6月，蔚营收4599万元，累计亏损111.42亿元。从2018年到2020年3月，理想营收11.36亿元，累计亏损40.48亿元。从2018年到2020年6月，小鹏营收33.34亿元，累计亏损58.86亿元。\n然而，在出现巨额亏损的同时，他们却获得了更大规模的融资。从2016年到2018年6月，蔚来累计获得了170.6亿元的融资，现金及现金等价物由5.96亿元增至44.8亿元。\n\n从2018年到2020年3月，理想累计获得了69亿元的融资，现金及现金等价物由9552万元增至10.6亿元。\n\n从2018年到2020年6月，小鹏累计获得了112亿元的融资。现金及现金等价物由16.31亿元增至18.95亿元。\n\n事实上，对于新造车企业而言，最重要的不是盈利能力，而是融资能力。只要能够融到钱，即使出现亏损，企业照样也能生存下去。而在IPO以前，企业能否融到钱，很大程度上取决于创始人在资本圈中的资源。\n蔚来以前，李斌已经拥有了易车和易鑫两家上市公司，并在资本圈内积累了良好的口碑。李想曾带领汽车之家登陆纽交所，并获得了王兴的高度评价。\n至于何小鹏，尽管他的首家公司UC并没有上市，但通过UC，他与雷军、俞永福等业界大佬建立了联系。\n\n过往的经历让这三位老板在资本圈中积累下深厚的资源，当他们再次出来创业时，自然一呼百应、应者云集。\n蔚来在上市前共完成5轮融资，投资方包括高瓴资本、腾讯投资、Baillie Gifford等知名投资机构；理想上市前共完成8轮融资，投资方包括明势资本、经纬中国、字节跳动和美团系知名投资机构；小鹏上市前共完成10轮融资，投资方包括阿里巴巴、顺为资本、GGV纪源资本等知名投资机构。\n花钱至关重要\n一直以来，新造车企业烧钱的行为被人诟病。IPO前的两年半时间里，蔚来累计的营业费用为107.42亿元，理想为32.9亿元，小鹏为63.58亿元，拜腾为84亿元。\n不同的是，前三者在花掉这些钱后，量产车型开始交付，公司登陆资本市场，而拜腾首款车型非但没有量产，就连公司也变得岌岌可危。同样是烧钱，最后的结果却截然不同，这又是为什么？\n或许与四家企业如何支配这些钱有关。从2016年到2018年6月底，蔚来累计营业费用为107.42亿元，其中研发费用55.28亿元，所占比例为51%，销售、一般及行政费用52.14亿元，所占比例为49%。\n\n从2018年到2020年3月底，理想累计营业费用为32.9亿元，其中研发费用21.53亿元，所占比例为65%，销售、一般及行政费用11.39亿元，所占比例为35%。\n\n从2018年到2020年6月底，小鹏累计的营业费用为63.58亿元，其中研发费用37.52亿元，所占比例为59%，销售、一般及行政费用26.06亿元，所占比例为41%。\n\n通过对研发的大量投入，蔚来、理想、小鹏迅速实现了量产交付，并乘势登陆资本市场。然而种种迹象表明，拜腾将更多的钱投向了一些匪夷所思的地方。\n由于拜腾从未公布财报，所以无从得知其营业费用具体是如何分配的。但从相关报道中，我们仍能发现一些蛛丝马迹。\n此前有媒体报道，拜腾300多人规模的北美办公室仅零食采购费就花了700多万美元；中国区员工名片采用进口环保材料，一盒名片费用高达上千元。\n2019年夏天，拜腾的FA牵线了一位中东潜在投资人，管理层带着M-Byte概念车浩浩荡荡地前往迪拜，往返开销高达数百万元。拜腾当时和潜在投资人签署了合作备忘录，但次日就遭遇毁约，对方从此杳无音信。在拜腾，这样的例子不胜枚举。\n\n同样是从投资人手中融来的钱，为何蔚来、理想、小鹏花起来小心翼翼，而拜腾却显得大手大脚？\n或许与拜腾所有权与管理权的不一致有关。在蔚来、理想、小鹏，李斌、理想、何小鹏都是兼任董事长和CEO，既做老板也参与公司的日常管理。而在拜腾，实控人冯长革并不担任任何职务，公司全由毕福康和戴雷两位职业经理人来管理。\n所有权和管理权的分离导致没有人真正对公司负责，并造成了一系列令人瞠目结舌的乱象。此前有媒体报道，毕福康在任时，每次外出就餐，他一定会点一瓶店里最好的红酒；戴雷大部分时间在香港，通常每两周来南京总部\"出差\"1-2次，而他对公司最直接的管理就是工作日晚上10点左右与管理层进行线上沟通。\n更致命的是，作为一家创业公司，拜腾严格执行5天工作制，工作节奏松散，周末很少加班，有些外籍高管疫情期间甚至\"联系不到人\"。\n\n在翻阅了蔚来、理想和小鹏的招股书，以及拜腾的相关报道后，我们发现了造车新势力得以存活的两个必要条件，一是创始人必须在资本圈中有深厚的资源，二是创始人必须直接参与公司的管理。前者能保证公司持续地融到钱，后者则能确保将融到的钱能花到正确的地方。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":926197219,"gmtCreate":1587026129731,"gmtModify":1704362939908,"author":{"id":"3537872892923774","authorId":"3537872892923774","name":"3_145","avatar":"https://static.tigerbbs.com/c42f1a6d31911e5a3880a0c2ba00b92c","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3537872892923774","authorIdStr":"3537872892923774"},"themes":[],"htmlText":"说明有自信","listText":"说明有自信","text":"说明有自信","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/926197219","repostId":"2027786051","repostType":2,"isVote":1,"tweetType":1,"viewCount":1537,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}