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2022-01-22

[Cry]

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2022-01-15

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Can Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote>

2021-12-28

[Doubt]

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2021-12-25

[Wow]

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2021-12-23

[smile]

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2021-12-21

[Gosh]

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2021-12-19

[smile]

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2021-12-16

[Great]

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2021-12-15

[Cry] //@slien23: [Sad]

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2021-12-15

[Sad]

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2021-12-11

[Cry]

Sea Ltd stock dropped more than 5% in morning trading<blockquote>Sea Ltd股价早盘下跌超过5%</blockquote>

2021-12-08

[Sad]

Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>

2021-12-07

[What]

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2021-12-05

[Anger]

RLX Technology Q3 net revenues decreased by 34%<blockquote>RLX科技第三季度净收入下降34%</blockquote>

2021-11-30

[真香] //@slien23: [得意]

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2021-11-30

[得意]

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2021-11-27

[微笑]

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2021-11-25

[得意]

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2021-11-23

[呆住]

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2021-11-22

[微笑]

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Can shares reclaim the milestone soon and head higher in 2022?</p><p><blockquote><html><head></head><body>到目前为止，3万亿美元的市值已被证明是苹果股票似乎尚未准备好突破的上限。股价能否很快恢复里程碑并在2022年走高？</body></html></blockquote></p><p>Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.</p><p><blockquote>最近，苹果股票的市值曾一度接近3万亿美元，但很快跌破2.9万亿美元——因为大盘对货币紧缩的反应现在应该比之前预期的更快。</blockquote></p><p>Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?</p><p><blockquote>这家库比蒂诺公司的股价能否最终在2022年找到北上之路，并满足华尔街众多多头的预期？或者，在利率上升和通胀挥之不去的一年里，看跌情绪会占上风吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f77cd919bf55f9c7b79f631b0255910\" tg-width=\"1240\" tg-height=\"697\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Apple Park in Cupertino, CA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：加利福尼亚州库比蒂诺的苹果公园。</span></p></blockquote></p><p><b>AAPL: the bull case</b></p><p><blockquote><b>苹果公司：牛市案例</b></blockquote></p><p>As Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.</p><p><blockquote>随着苹果股价在11月底至12月初期间恶性攀升，许多华尔街专家纷纷支持“AAPL$3T”。例如，至少自去年第三季度我们的谈话以来，Wedbush的Dan Ives一直在谈论市值里程碑。</blockquote></p><p>But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.</p><p><blockquote>但其他分析师最近也加入了看涨行列。摩根士丹利在11月份将目标价上调至每股200美元，而摩根大通研究团队预计苹果股票的市值将在未来12个月内达到3.5万亿美元。</blockquote></p><p>One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.</p><p><blockquote>最直言不讳的乐观主义者之一来自买方。Loup的吉恩·蒙斯特(Gene Munster)认为，他之前的目标价很快就过时了，现在每股250美元似乎更合理。他认为，元宇宙的多年机会将在新的一年里获得投资者的赞赏，这应该会重新点燃该股在2021年最后几周失去的动力。</blockquote></p><p><b>AAPL: the bear case</b></p><p><blockquote><b>苹果公司：熊市案例</b></blockquote></p><p>Despite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.</p><p><blockquote>尽管存在上述乐观预期，主要受到公司特定因素的支持，但市场在进入2022年时仍保持警惕。眼下的恶魔似乎是美联储对接近充分就业和粘性通胀的预期反应，这应该会导致未来几个月利率上升。</blockquote></p><p>I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.</p><p><blockquote>我最近解释了货币供应收紧如何给市盈率相对较高的股票带来麻烦。虽然AAPL不是特斯拉或Rivian，但该股近30倍的预期市盈率和仅温和的盈利增长预期可能会拖累2022年的股价，因为投资者正在寻找价值股和周期性股票的更好交易。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>I continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.</p><p><blockquote>我仍然认为苹果是一只值得长期购买和持有的优秀股票。在以卓越运营为驱动力的首席执行官（和前首席运营官）的领导下，该公司似乎得到了很好的管理。更好的是，对苹果产品和服务的需求以及消费者对该品牌的赞赏似乎处于或接近历史最高水平。</blockquote></p><p>That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.</p><p><blockquote>也就是说，2022年前几周或几个月的设置对我来说看起来很有挑战性。苹果股价在2020年无情攀升，去年再次攀升。得益于大流行推动的科技设备需求激增以及系统中充裕的流动性，AAPL在2019年至2021年间创下了有史以来最好的三年回报率之一。</blockquote></p><p>As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate future.</p><p><blockquote>尽管元宇宙和自动驾驶汽车能够而且很可能支持公司未来许多年的财务业绩，但我认为苹果公司的股票早就应该喘口气了。虽然股价可能会回升至3万亿美元以上，并最终进一步走高，但我对这种反弹会在不久的将来发生不太有信心。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2022-01-09 12:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready to break through yet. Can shares reclaim the milestone soon and head higher in 2022?</p><p><blockquote><html><head></head><body>到目前为止，3万亿美元的市值已被证明是苹果股票似乎尚未准备好突破的上限。股价能否很快恢复里程碑并在2022年走高？</body></html></blockquote></p><p>Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.</p><p><blockquote>最近，苹果股票的市值曾一度接近3万亿美元，但很快跌破2.9万亿美元——因为大盘对货币紧缩的反应现在应该比之前预期的更快。</blockquote></p><p>Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?</p><p><blockquote>这家库比蒂诺公司的股价能否最终在2022年找到北上之路，并满足华尔街众多多头的预期？或者，在利率上升和通胀挥之不去的一年里，看跌情绪会占上风吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f77cd919bf55f9c7b79f631b0255910\" tg-width=\"1240\" tg-height=\"697\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Apple Park in Cupertino, CA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：加利福尼亚州库比蒂诺的苹果公园。</span></p></blockquote></p><p><b>AAPL: the bull case</b></p><p><blockquote><b>苹果公司：牛市案例</b></blockquote></p><p>As Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.</p><p><blockquote>随着苹果股价在11月底至12月初期间恶性攀升，许多华尔街专家纷纷支持“AAPL$3T”。例如，至少自去年第三季度我们的谈话以来，Wedbush的Dan Ives一直在谈论市值里程碑。</blockquote></p><p>But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.</p><p><blockquote>但其他分析师最近也加入了看涨行列。摩根士丹利在11月份将目标价上调至每股200美元，而摩根大通研究团队预计苹果股票的市值将在未来12个月内达到3.5万亿美元。</blockquote></p><p>One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.</p><p><blockquote>最直言不讳的乐观主义者之一来自买方。Loup的吉恩·蒙斯特(Gene Munster)认为，他之前的目标价很快就过时了，现在每股250美元似乎更合理。他认为，元宇宙的多年机会将在新的一年里获得投资者的赞赏，这应该会重新点燃该股在2021年最后几周失去的动力。</blockquote></p><p><b>AAPL: the bear case</b></p><p><blockquote><b>苹果公司：熊市案例</b></blockquote></p><p>Despite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.</p><p><blockquote>尽管存在上述乐观预期，主要受到公司特定因素的支持，但市场在进入2022年时仍保持警惕。眼下的恶魔似乎是美联储对接近充分就业和粘性通胀的预期反应，这应该会导致未来几个月利率上升。</blockquote></p><p>I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.</p><p><blockquote>我最近解释了货币供应收紧如何给市盈率相对较高的股票带来麻烦。虽然AAPL不是特斯拉或Rivian，但该股近30倍的预期市盈率和仅温和的盈利增长预期可能会拖累2022年的股价，因为投资者正在寻找价值股和周期性股票的更好交易。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>I continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.</p><p><blockquote>我仍然认为苹果是一只值得长期购买和持有的优秀股票。在以卓越运营为驱动力的首席执行官（和前首席运营官）的领导下，该公司似乎得到了很好的管理。更好的是，对苹果产品和服务的需求以及消费者对该品牌的赞赏似乎处于或接近历史最高水平。</blockquote></p><p>That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.</p><p><blockquote>也就是说，2022年前几周或几个月的设置对我来说看起来很有挑战性。苹果股价在2020年无情攀升，去年再次攀升。得益于大流行推动的科技设备需求激增以及系统中充裕的流动性，AAPL在2019年至2021年间创下了有史以来最好的三年回报率之一。</blockquote></p><p>As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate future.</p><p><blockquote>尽管元宇宙和自动驾驶汽车能够而且很可能支持公司未来许多年的财务业绩，但我认为苹果公司的股票早就应该喘口气了。虽然股价可能会回升至3万亿美元以上，并最终进一步走高，但我对这种反弹会在不久的将来发生不太有信心。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/can-apple-stock-reclaim-3-trillion-and-thrive-in-2022\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/can-apple-stock-reclaim-3-trillion-and-thrive-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198290127","content_text":"A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready to break through yet. Can shares reclaim the milestone soon and head higher in 2022?Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?Figure 1: Apple Park in Cupertino, CA.AAPL: the bull caseAs Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.AAPL: the bear caseDespite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.The Apple Maven’s takeI continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate 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[Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607846303","repostId":"2191784951","repostType":4,"isVote":1,"tweetType":1,"viewCount":2548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":607846018,"gmtCreate":1639528280740,"gmtModify":1639528280872,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Sad]&nbsp;","listText":"[Sad]&nbsp;","text":"[Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/607846018","repostId":"2191784951","repostType":4,"isVote":1,"tweetType":1,"viewCount":1984,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":605597653,"gmtCreate":1639187952769,"gmtModify":1639187952902,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Cry]&nbsp;","listText":"[Cry]&nbsp;","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/605597653","repostId":"1133027099","repostType":4,"repost":{"id":"1133027099","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639152670,"share":"https://www.laohu8.com/m/news/1133027099?lang=zh_CN&edition=full","pubTime":"2021-12-11 00:11","market":"us","language":"en","title":"Sea Ltd stock dropped more than 5% in morning trading<blockquote>Sea Ltd股价早盘下跌超过5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1133027099","media":"Tiger Newspress","summary":"Sea Ltd stock dropped more than 5% in morning trading.","content":"<p>Sea Ltd stock dropped more than 5% in morning trading.</p><p><blockquote>Sea Ltd股价早盘下跌超过5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6295277426435ac2c7135ba73dfbdef\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea Ltd stock dropped more than 5% in morning trading<blockquote>Sea Ltd股价早盘下跌超过5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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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\">\nSea Ltd stock dropped more than 5% in morning trading<blockquote>Sea Ltd股价早盘下跌超过5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-11 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sea Ltd stock dropped more than 5% in morning trading.</p><p><blockquote>Sea Ltd股价早盘下跌超过5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6295277426435ac2c7135ba73dfbdef\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133027099","content_text":"Sea Ltd stock dropped more than 5% in morning trading.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1164,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602094196,"gmtCreate":1638936955917,"gmtModify":1638936956089,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Sad]&nbsp;","listText":"[Sad]&nbsp;","text":"[Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602094196","repostId":"1105817084","repostType":4,"repost":{"id":"1105817084","kind":"news","pubTimestamp":1638933976,"share":"https://www.laohu8.com/m/news/1105817084?lang=zh_CN&edition=full","pubTime":"2021-12-08 11:26","market":"us","language":"en","title":"Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105817084","media":"TheStreet","summary":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock  investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts a","content":"<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-08 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105817084","content_text":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock (AAPL) investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.\nToday, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.\nApple heading to net cash neutral\nTo be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.\nThe chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.\nFigure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha\nStarting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.\nWhat happens when cash runs out?\nThe chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.\nFigure 3:Apple's cash deployment by major category.data from Seeking Alpha\nAs Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.\nWhy is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.\nAt the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.\nShould investors worry?\nI think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.\nI remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606365411,"gmtCreate":1638836200124,"gmtModify":1638836200260,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606365411","repostId":"2189457105","repostType":4,"isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608886978,"gmtCreate":1638680578800,"gmtModify":1638680578921,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Anger]&nbsp;","listText":"[Anger]&nbsp;","text":"[Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608886978","repostId":"1118864312","repostType":4,"repost":{"id":"1118864312","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638529375,"share":"https://www.laohu8.com/m/news/1118864312?lang=zh_CN&edition=full","pubTime":"2021-12-03 19:02","market":"us","language":"en","title":"RLX Technology Q3 net revenues decreased by 34%<blockquote>RLX科技第三季度净收入下降34%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118864312","media":"Tiger Newspress","summary":"RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.\n\nRLX Techno","content":"<p>RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.</p><p><blockquote>公布季度业绩后，RLX科技股价在盘前交易中下跌10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8acbbffd3f14c3429c67447451525f1\" tg-width=\"850\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> RLX Technology Inc., a&nbsp;branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the third quarter ended&nbsp;September 30, 2021.</p><p><blockquote>在华品牌电子烟企业RLX科技公司今天公布了截至2021年9月30日的第三季度未经审计的财务业绩。</blockquote></p><p> <b><u>Third Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第三季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Net revenues</b>wereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.</li>  <li><b>Gross margin</b>was 39.1%, compared to 45.1% in the second quarter of 2021.</li>  <li><b>U.S. GAAP</b>&nbsp;<b>netincome</b>wasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.</li>  <li><b>Non-GAAP net income[1]</b>wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.</li> </ul> <b><u>Third Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><ul><li><b>净收入</b>为16.767亿元人民币（2.602亿美元），较2021年第二季度的25.414亿元人民币下降34.0%。</li><li><b>毛利率</b>为39.1%，而2021年第二季度为45.1%。</li><li><b>美国公认会计原则</b> <b>净收入</b>为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币4.527亿元（7030万美元），而2021年第二季度为人民币6.518亿元。</li></ul><b><u>2021年第三季度未经审计的财务业绩</u></b></blockquote></p><p> <b>Net revenues</b>&nbsp;decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the&nbsp;second&nbsp;quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19&nbsp;restrictions in response to outbreaks inChina, which had an adverse impact on our sales&nbsp;and channel inventory management.</p><p><blockquote><b>净收入</b>从2021年第二季度的人民币25.414亿元下降34.0%至2021年第三季度的人民币16.767亿元（2.602亿美元）。这一下降是由于市场状况波动造成的，包括(i)自第二季度下半年以来电子烟行业的负面宣传，(ii)2021年3月22日宣布的新规则草案尚未在本季度得到正式确认，以及(iii)为应对中国疫情而不断变化的COVID-19限制，这对我们的销售和渠道库存管理产生了不利影响。</blockquote></p><p> <b>Gross profit</b>&nbsp;decreased by 42.8% to&nbsp;RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.</p><p><blockquote><b>毛利</b>从2021年第二季度的人民币11.465亿元下降42.8%至2021年第三季度的人民币6.560亿元（1.018亿美元）。</blockquote></p><p> <b>Gross margin</b>&nbsp;was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.</p><p><blockquote><b>毛利率</b>2021年第三季度为39.1%，而2021年第二季度为45.1%。该减少主要由于(i)与促销活动相关的直接成本增加及(ii)存货拨备增加。</blockquote></p><p> <b>Operating expenses</b>&nbsp;were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.</p><p><blockquote><b>营业费用</b>2021年第三季度为正2.413亿元人民币（3750万美元），较2021年第二季度的1.672亿元人民币下降244.4%。经营开支大幅减少主要是由于确认以股份为基础的薪酬开支正人民币523.7百万元（81.3百万美元），包括(i)于销售开支确认的以股份为基础的薪酬开支正人民币90.8百万元（14.1百万美元），(ii)于一般及行政开支确认的以股份为基础的薪酬开支正人民币320.1百万元（49.7百万美元），及(iii)于研发开支确认的以股份为基础的薪酬开支正人民币112.8百万元（17.5百万美元）。以股份为基础的薪酬开支大幅波动主要是由于本公司向其僱员授出的股份激励奖励的公允价值受本公司股价大幅波动的影响而发生变动。</blockquote></p><p> <i>Selling expenses</i>&nbsp;decreased by 55.1% to&nbsp;RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.</p><p><blockquote><i>销售费用</i>从2021年第二季度的人民币1.26亿元下降55.1%至2021年第三季度的人民币5650万元（880万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被品牌材料开支增加所抵销。</blockquote></p><p> <i>General and administrative expenses</i>&nbsp;decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by&nbsp;the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.</p><p><blockquote><i>一般及行政开支</i>从2021年第二季度的4610万元人民币下降649.8%至2021年第三季度的正2.532亿元人民币（3930万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致。</blockquote></p><p> <i>Research and development expenses</i>decreased by 808.3% to&nbsp;positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.</p><p><blockquote><i>研发费用</i>从2021年第二季度的正490万人民币下降808.3%至2021年第三季度的正4460万人民币（690万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被(i)软件及技术开支增加及(ii)谘询开支增加所抵销。</blockquote></p><p> <b>Income from operations</b>&nbsp;wasRMB897.3&nbsp;million (US$139.3&nbsp;million) in the third quarter of 2021, compared withRMB979.3&nbsp;&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>营业收入</b>2021年第三季度为人民币8.973亿元（1.393亿美元），而2021年第二季度为人民币9.793亿元。</blockquote></p><p> <b>Income tax expense</b>&nbsp;wasRMB121.4&nbsp;million (US$18.8&nbsp;million) in the third quarter of 2021, compared withRMB204.2&nbsp;million in the second quarter of 2021. The decrease was primarily due to a decrease&nbsp;in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第三季度为人民币1.214亿元（1,880万美元），而2021年第二季度为人民币2.042亿元。该减少主要由于应课税收入减少所致。</blockquote></p><p> <b>U.S. GAAPnet income</b>&nbsp;wasRMB976.4&nbsp;million (US$151.5 million) in the third&nbsp;quarter of 2021, compared withRMB824.3&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则净收入</b>2021年第三季度为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</blockquote></p><p></p><p> <b>Non-GAAP&nbsp;net income</b>wasRMB452.7 million(US$70.3&nbsp;million) in the third&nbsp;quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第三季度为人民币4.527亿元（7030万美元），较2021年第二季度的人民币6.518亿元下降30.5%。</blockquote></p><p> <b>U.S. GAAP basic and diluted net income per American depositary share (\"ADS\")</b>&nbsp;wereRMB0.724(US$0.112)&nbsp;andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则每股美国存托股（“ADS”）基本和摊薄净利润</b>2021年第三季度每股美国存托凭证的基本和摊薄净利润分别为0.724元人民币（0.112美元）和0.717元人民币（0.111美元），而2021年第二季度每股美国存托凭证的基本和摊薄净利润分别为0.595元人民币和0.591元人民币。</blockquote></p><p> <b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>wereRMB0.334(US$0.052)&nbsp;andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 2021.</p><p><blockquote><b>非GAAP每股美国存托凭证基本和摊薄净收入[2]</b>2021年第三季度分别为人民币0.334元（0.052美元）和人民币0.332元（0.051美元），而第二季度非公认会计准则基本和摊薄每股美国存托凭证净利润分别为人民币0.470元和人民币0.467元2021年。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nRLX Technology Q3 net revenues decreased by 34%<blockquote>RLX科技第三季度净收入下降34%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 19:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.</p><p><blockquote>公布季度业绩后，RLX科技股价在盘前交易中下跌10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8acbbffd3f14c3429c67447451525f1\" tg-width=\"850\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> RLX Technology Inc., a&nbsp;branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the third quarter ended&nbsp;September 30, 2021.</p><p><blockquote>在华品牌电子烟企业RLX科技公司今天公布了截至2021年9月30日的第三季度未经审计的财务业绩。</blockquote></p><p> <b><u>Third Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第三季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Net revenues</b>wereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.</li>  <li><b>Gross margin</b>was 39.1%, compared to 45.1% in the second quarter of 2021.</li>  <li><b>U.S. GAAP</b>&nbsp;<b>netincome</b>wasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.</li>  <li><b>Non-GAAP net income[1]</b>wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.</li> </ul> <b><u>Third Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><ul><li><b>净收入</b>为16.767亿元人民币（2.602亿美元），较2021年第二季度的25.414亿元人民币下降34.0%。</li><li><b>毛利率</b>为39.1%，而2021年第二季度为45.1%。</li><li><b>美国公认会计原则</b> <b>净收入</b>为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币4.527亿元（7030万美元），而2021年第二季度为人民币6.518亿元。</li></ul><b><u>2021年第三季度未经审计的财务业绩</u></b></blockquote></p><p> <b>Net revenues</b>&nbsp;decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the&nbsp;second&nbsp;quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19&nbsp;restrictions in response to outbreaks inChina, which had an adverse impact on our sales&nbsp;and channel inventory management.</p><p><blockquote><b>净收入</b>从2021年第二季度的人民币25.414亿元下降34.0%至2021年第三季度的人民币16.767亿元（2.602亿美元）。这一下降是由于市场状况波动造成的，包括(i)自第二季度下半年以来电子烟行业的负面宣传，(ii)2021年3月22日宣布的新规则草案尚未在本季度得到正式确认，以及(iii)为应对中国疫情而不断变化的COVID-19限制，这对我们的销售和渠道库存管理产生了不利影响。</blockquote></p><p> <b>Gross profit</b>&nbsp;decreased by 42.8% to&nbsp;RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.</p><p><blockquote><b>毛利</b>从2021年第二季度的人民币11.465亿元下降42.8%至2021年第三季度的人民币6.560亿元（1.018亿美元）。</blockquote></p><p> <b>Gross margin</b>&nbsp;was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.</p><p><blockquote><b>毛利率</b>2021年第三季度为39.1%，而2021年第二季度为45.1%。该减少主要由于(i)与促销活动相关的直接成本增加及(ii)存货拨备增加。</blockquote></p><p> <b>Operating expenses</b>&nbsp;were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.</p><p><blockquote><b>营业费用</b>2021年第三季度为正2.413亿元人民币（3750万美元），较2021年第二季度的1.672亿元人民币下降244.4%。经营开支大幅减少主要是由于确认以股份为基础的薪酬开支正人民币523.7百万元（81.3百万美元），包括(i)于销售开支确认的以股份为基础的薪酬开支正人民币90.8百万元（14.1百万美元），(ii)于一般及行政开支确认的以股份为基础的薪酬开支正人民币320.1百万元（49.7百万美元），及(iii)于研发开支确认的以股份为基础的薪酬开支正人民币112.8百万元（17.5百万美元）。以股份为基础的薪酬开支大幅波动主要是由于本公司向其僱员授出的股份激励奖励的公允价值受本公司股价大幅波动的影响而发生变动。</blockquote></p><p> <i>Selling expenses</i>&nbsp;decreased by 55.1% to&nbsp;RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.</p><p><blockquote><i>销售费用</i>从2021年第二季度的人民币1.26亿元下降55.1%至2021年第三季度的人民币5650万元（880万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被品牌材料开支增加所抵销。</blockquote></p><p> <i>General and administrative expenses</i>&nbsp;decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by&nbsp;the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.</p><p><blockquote><i>一般及行政开支</i>从2021年第二季度的4610万元人民币下降649.8%至2021年第三季度的正2.532亿元人民币（3930万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致。</blockquote></p><p> <i>Research and development expenses</i>decreased by 808.3% to&nbsp;positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.</p><p><blockquote><i>研发费用</i>从2021年第二季度的正490万人民币下降808.3%至2021年第三季度的正4460万人民币（690万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被(i)软件及技术开支增加及(ii)谘询开支增加所抵销。</blockquote></p><p> <b>Income from operations</b>&nbsp;wasRMB897.3&nbsp;million (US$139.3&nbsp;million) in the third quarter of 2021, compared withRMB979.3&nbsp;&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>营业收入</b>2021年第三季度为人民币8.973亿元（1.393亿美元），而2021年第二季度为人民币9.793亿元。</blockquote></p><p> <b>Income tax expense</b>&nbsp;wasRMB121.4&nbsp;million (US$18.8&nbsp;million) in the third quarter of 2021, compared withRMB204.2&nbsp;million in the second quarter of 2021. The decrease was primarily due to a decrease&nbsp;in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第三季度为人民币1.214亿元（1,880万美元），而2021年第二季度为人民币2.042亿元。该减少主要由于应课税收入减少所致。</blockquote></p><p> <b>U.S. GAAPnet income</b>&nbsp;wasRMB976.4&nbsp;million (US$151.5 million) in the third&nbsp;quarter of 2021, compared withRMB824.3&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则净收入</b>2021年第三季度为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</blockquote></p><p></p><p> <b>Non-GAAP&nbsp;net income</b>wasRMB452.7 million(US$70.3&nbsp;million) in the third&nbsp;quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第三季度为人民币4.527亿元（7030万美元），较2021年第二季度的人民币6.518亿元下降30.5%。</blockquote></p><p> <b>U.S. GAAP basic and diluted net income per American depositary share (\"ADS\")</b>&nbsp;wereRMB0.724(US$0.112)&nbsp;andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则每股美国存托股（“ADS”）基本和摊薄净利润</b>2021年第三季度每股美国存托凭证的基本和摊薄净利润分别为0.724元人民币（0.112美元）和0.717元人民币（0.111美元），而2021年第二季度每股美国存托凭证的基本和摊薄净利润分别为0.595元人民币和0.591元人民币。</blockquote></p><p> <b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>wereRMB0.334(US$0.052)&nbsp;andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 2021.</p><p><blockquote><b>非GAAP每股美国存托凭证基本和摊薄净收入[2]</b>2021年第三季度分别为人民币0.334元（0.052美元）和人民币0.332元（0.051美元），而第二季度非公认会计准则基本和摊薄每股美国存托凭证净利润分别为人民币0.470元和人民币0.467元2021年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RLX":"雾芯科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118864312","content_text":"RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.\n\nRLX Technology Inc., a branded e-vapor company in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.\nThird Quarter 2021 Financial Highlights\n\nNet revenueswereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.\nGross marginwas 39.1%, compared to 45.1% in the second quarter of 2021.\nU.S. GAAP netincomewasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.\nNon-GAAP net income[1]wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.\n\nThird Quarter 2021 Unaudited Financial Results\nNet revenues decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the second quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19 restrictions in response to outbreaks inChina, which had an adverse impact on our sales and channel inventory management.\nGross profit decreased by 42.8% to RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.\nGross margin was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.\nOperating expenses were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.\nSelling expenses decreased by 55.1% to RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.\nGeneral and administrative expenses decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.\nResearch and development expensesdecreased by 808.3% to positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.\nIncome from operations wasRMB897.3 million (US$139.3 million) in the third quarter of 2021, compared withRMB979.3  million in the second quarter of 2021.\nIncome tax expense wasRMB121.4 million (US$18.8 million) in the third quarter of 2021, compared withRMB204.2 million in the second quarter of 2021. The decrease was primarily due to a decrease in taxable income.\nU.S. GAAPnet income wasRMB976.4 million (US$151.5 million) in the third quarter of 2021, compared withRMB824.3 million in the second quarter of 2021.\nNon-GAAP net incomewasRMB452.7 million(US$70.3 million) in the third quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.\nU.S. GAAP basic and diluted net income per American depositary share (\"ADS\") wereRMB0.724(US$0.112) andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.\nNon-GAAP basic and diluted netincome per ADS[2]wereRMB0.334(US$0.052) andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 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morning trading<blockquote>Sea Ltd股价早盘下跌超过5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-11 00:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Sea Ltd stock dropped more than 5% in morning trading.</p><p><blockquote>Sea Ltd股价早盘下跌超过5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f6295277426435ac2c7135ba73dfbdef\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133027099","content_text":"Sea Ltd stock dropped more than 5% in morning 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23:34","market":"us","language":"en","title":"Biden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1140009260","media":"Reuters","summary":"U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by ","content":"<p>U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.</p><p><blockquote>美国总统拜登周三表示，越来越多的证据表明石油和天然气公司存在反消费者行为，并要求联邦贸易委员会更深入地调查市场上可能存在的反竞争或“非法行为”。</blockquote></p><p> Biden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.</p><p><blockquote>拜登八月份已经要求联邦贸易委员会调查可能导致天然气价格飙升的非法行为，但表示由于加油站价格持续上涨，需要采取进一步行动。</blockquote></p><p> \"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"</p><p><blockquote>拜登周三在给联邦贸易委员会主席莉娜·汗的信中表示：“我不接受辛勤工作的美国人因反竞争或其他潜在的非法行为而支付更多天然气费用。”“因此，我要求委员会进一步审查石油和天然气市场正在发生的情况，如果发现任何不当行为，请使用委员会的所有工具。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Biden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ 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.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\">\nBiden asks FTC to redouble probe of possible 'illegal conduct' by oil, gas companies<blockquote>拜登要求联邦贸易委员会加倍调查石油和天然气公司可能的“非法行为”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-11-17 23:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.</p><p><blockquote>美国总统拜登周三表示，越来越多的证据表明石油和天然气公司存在反消费者行为，并要求联邦贸易委员会更深入地调查市场上可能存在的反竞争或“非法行为”。</blockquote></p><p> Biden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.</p><p><blockquote>拜登八月份已经要求联邦贸易委员会调查可能导致天然气价格飙升的非法行为，但表示由于加油站价格持续上涨，需要采取进一步行动。</blockquote></p><p> \"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"</p><p><blockquote>拜登周三在给联邦贸易委员会主席莉娜·汗的信中表示：“我不接受辛勤工作的美国人因反竞争或其他潜在的非法行为而支付更多天然气费用。”“因此，我要求委员会进一步审查石油和天然气市场正在发生的情况，如果发现任何不当行为，请使用委员会的所有工具。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/energy/biden-asks-ftc-redouble-probe-possible-illegal-conduct-by-oil-gas-companies-2021-11-17/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/business/energy/biden-asks-ftc-redouble-probe-possible-illegal-conduct-by-oil-gas-companies-2021-11-17/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140009260","content_text":"U.S. President Joe Biden on Wednesday said there was mounting evidence of anti-consumer behavior by oil and gas companies and asked the Federal Trade Commission to dig deeper into possible anti-competitive or \"illegal conduct\" in the market.\nBiden in August already asked the FTC to investigate possible illegal conduct causing the spike in gas prices, but said further action was needed since prices had continued to rise at the pump.\n\"I do not accept hard-working Americans paying more for gas because of anti-competitive or otherwise potentially illegal conduct,\" Biden said in a letter to FTC Chair Lina Khan on Wednesday. \"I therefore ask that the Commission further examine what is happening with oil and gas markets, and that you bring all of the Commission's tools to bear if you uncover any wrongdoing.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845645152,"gmtCreate":1636336972681,"gmtModify":1636337144879,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/845645152","repostId":"848332584","repostType":1,"repost":{"id":848332584,"gmtCreate":1635964120572,"gmtModify":1636017731812,"author":{"id":"3577922109777992","authorId":"3577922109777992","name":"Eldenminaj","avatar":"https://static.tigerbbs.com/0b70c888201698b49ffaacadca9b58be","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577922109777992","idStr":"3577922109777992"},"themes":[],"title":"Tapering has started. What it means for the stock market?","htmlText":"The Federal Bank Reserve has announce today at 2pm that the well expecter Tapering will commenced.&nbsp;The Fed announce that The Federal Reserve&nbsp;will reduce&nbsp;its purchases of Treasurys and mortgage-backed securities later this month to not let the economy overheat and hyperinflation to take place.The goals of the commitee through this QE has been achieved, which is to reach max employment and continued gains in the economic activity. In livht of the inflation rate, the feds will proceed to Taper by reducing is net asset purchase by $10 Billion for Treasury securities and $5Billion for mortgage backed securities.&nbsp; Target rate of federal funds rate will be at 0 to 1/4. The feds want the inflation rate to be below 2% on the long run.&nbsp;Now, what does this mean for the&nbsp;&lt;","listText":"The Federal Bank Reserve has announce today at 2pm that the well expecter Tapering will commenced.&nbsp;The Fed announce that The Federal Reserve&nbsp;will reduce&nbsp;its purchases of Treasurys and mortgage-backed securities later this month to not let the economy overheat and hyperinflation to take place.The goals of the commitee through this QE has been achieved, which is to reach max employment and continued gains in the economic activity. In livht of the inflation rate, the feds will proceed to Taper by reducing is net asset purchase by $10 Billion for Treasury securities and $5Billion for mortgage backed securities.&nbsp; Target rate of federal funds rate will be at 0 to 1/4. The feds want the inflation rate to be below 2% on the long run.&nbsp;Now, what does this mean for the&nbsp;&lt;","text":"The Federal Bank Reserve has announce today at 2pm that the well expecter Tapering will commenced. The Fed announce that The Federal Reserve will reduce its purchases of Treasurys and mortgage-backed securities later this month to not let the economy overheat and hyperinflation to take place.The goals of the commitee through this QE has been achieved, which is to reach max employment and continued gains in the economic activity. In livht of the inflation rate, the feds will proceed to Taper by reducing is net asset purchase by $10 Billion for Treasury securities and $5Billion for mortgage backed securities. Target rate of federal funds rate will be at 0 to 1/4. The feds want the inflation rate to be below 2% on the long run. Now, what does this mean for the <","images":[],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848332584","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":326223091,"gmtCreate":1615672343313,"gmtModify":1703491940966,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[傲娇]&nbsp;[生气]&nbsp;","listText":"[傲娇]&nbsp;[生气]&nbsp;","text":"[傲娇] [生气]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/326223091","repostId":"1100128328","repostType":4,"repost":{"id":"1100128328","kind":"news","pubTimestamp":1615563404,"share":"https://www.laohu8.com/m/news/1100128328?lang=zh_CN&edition=full","pubTime":"2021-03-12 23:36","market":"us","language":"en","title":"Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1100128328","media":"Barrons","summary":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremon","content":"<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的环境。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>","source":"lsy1601382232898","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>Tesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Stock Is Down. You Could Blame Joe Biden.<blockquote>特斯拉股价下跌。你可以责怪乔·拜登。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-12 23:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Stock inTesla&nbsp;is lower after CNBC reported that the&nbsp;electric-vehicle&nbsp;company&nbsp;had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.</p><p><blockquote>CNBC报道电动汽车公司特斯拉在加利福尼亚州弗里蒙特发生火灾后，该公司股价走低。植物，但大火可能不是下降的原因。</blockquote></p><p>Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.</p><p><blockquote>对于任何制造商来说，火灾只是一个正常但不幸的操作问题。特斯拉（股票代码：TSLA）没有立即回应有关火灾或火灾可能造成的损失的置评请求。</blockquote></p><p>President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.</p><p><blockquote>总统乔·拜登可能对股价下跌负有责任，该股在盘前交易中下跌约2.7%，至约680美元。对于特斯拉股东来说，这是疯狂的一周。本周初股价约为675美元，交易价格高于700美元，跌至约560美元，然后反弹，周四上涨4.7%，至略低于700美元。</blockquote></p><p>Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.</p><p><blockquote>特斯拉所做的一切似乎都不是最近波动的原因。一切都与利率有关。</blockquote></p><p>That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.</p><p><blockquote>这就是总统发挥作用的地方。周四晚上，他向全国发表讲话，重点是在世界卫生组织宣布疫情已经开始一年后，将新冠肺炎(Covid-19)抛在脑后。</blockquote></p><p>“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.</p><p><blockquote>总统说：“所有成年美国人都有资格在5月1日之前接种疫苗。”他补充说，联邦政府正在建立数百个疫苗接种点，并采购数百万剂疫苗。</blockquote></p><p>It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.</p><p><blockquote>这是个好消息，但周五早上市场正在抛售。对于股票来说，这次讲话几乎代表了太多的好事。经济正在重新开放，因此债券收益率正在上升，给高增长股票带来压力。</blockquote></p><p>Futures on the&nbsp;Nasdaq Composite&nbsp;Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.</p><p><blockquote>拥有许多飙升的科技股的纳斯达克综合指数期货下跌1.6%。另一方面，道琼斯工业平均指数期货持平。</blockquote></p><p>Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.</p><p><blockquote>较高的收益率对估值高、快速增长的公司的伤害比其他公司更大，原因有几个。第一，它们使融资增长更加昂贵。第二，高增长公司预计将在未来产生大部分现金。与利率低时相比，利率高时现金的价值较低。在利率较高的环境下，投资者如今有更多赚取利息的选择，这给高增长股票的估值带来压力。</blockquote></p><p>A Friday dip, however,doesn’t mean the end&nbsp;of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.</p><p><blockquote>然而，周五的下跌并不意味着特斯拉、电动汽车股票或纳斯达克牛市的结束。让经济重新站稳脚跟是件好事。投资者只是需要一个机会来适应不断变化的环境。</blockquote></p><p>“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.</p><p><blockquote>拜登说：“你、你的家人和朋友很有可能能够在你的后院或附近聚会，野餐……庆祝独立日。”这是个好消息。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-is-down-you-could-blame-joe-biden-51615557806?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100128328","content_text":"Stock inTesla is lower after CNBC reported that the electric-vehicle company had a firein its Fremont, Calif. plant, but the blaze probably isn’t the reason for the dip.Fires are just a normal, albeit unfortunate, operating problem for any manufacturer. Tesla (ticker: TSLA) didn’t immediately respond to a request for comment about the fire or the damage it may have caused.President Joe Biden is probably responsible for the share-price decline, which left the stock about 2.7% lower in premarket trading, at about $680. It has beena wild weekfor Tesla stockholders. Shares started off the week at about $675,traded above $700and fell to about $560 before bounding back, up 4.7% Thursday, to just under $700.Nothing Tesla has done appears to be the reason for the recent volatility. It’s all about interest rates.That is where the president comes into the picture. Thursday evening, he addressed the nation, focusing on putting Covid-19 in the rearview mirror a year after the World Health Organization declared that a pandemic had begun.“All adult Americans will be eligible to get a vaccine no later than May 1,” said the president, adding the federal government is setting up hundreds of vaccination sites and procuring millions more vaccine doses.It’s good news, but the market is selling off Friday morning. For stocks, the speech represents almost too much of a good thing. The economy is reopening and, as a result,bond yields are rising, putting pressure on high-growth stocks.Futures on the Nasdaq Composite Index, home to many highflying tech stocks, are down 1.6%.Dow Jones Industrial Averagefutures, on the other hand, are flat.Higher yields hurt richly valued, fast-growing companies more than others for a couple of reasons. One, they makes funding growth more expensive. Two, high- growth companies are expected generate most of their cash far in the future. That cash is a little less valuable in present terms when rates are high, compared with when rates are low. In a higher-rate environment, investors have more options to earn interest today, which puts pressure on high-growth stocks’ valuations.A Friday dip, however,doesn’t mean the end of the bull market in Tesla, EV stocks or the Nasdaq. Getting the economy back on its feet is a good thing. Investors just need a chance to adjust to the changing landscape.“There’s a good chance you, your families and friends will be able to get together in your backyard or in your neighborhood and have a cookout …and celebrate Independence Day,” Biden said. That is great news.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630659624,"gmtCreate":1642832537069,"gmtModify":1642832537247,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Cry]&nbsp;","listText":"[Cry]&nbsp;","text":"[Cry]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/630659624","repostId":"2205302378","repostType":4,"isVote":1,"tweetType":1,"viewCount":2425,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":818190038,"gmtCreate":1630381256924,"gmtModify":1704959446799,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[财迷]&nbsp;","listText":"[财迷]&nbsp;","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/818190038","repostId":"1172465123","repostType":4,"isVote":1,"tweetType":1,"viewCount":449,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":697304394,"gmtCreate":1642257180538,"gmtModify":1642257180727,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/697304394","repostId":"1198290127","repostType":4,"repost":{"id":"1198290127","kind":"news","pubTimestamp":1641702682,"share":"https://www.laohu8.com/m/news/1198290127?lang=zh_CN&edition=full","pubTime":"2022-01-09 12:31","market":"us","language":"en","title":"Can Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198290127","media":"TheStreet","summary":"A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready","content":"<p><html><head></head><body>A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready to break through yet. Can shares reclaim the milestone soon and head higher in 2022?</p><p><blockquote><html><head></head><body>到目前为止，3万亿美元的市值已被证明是苹果股票似乎尚未准备好突破的上限。股价能否很快恢复里程碑并在2022年走高？</body></html></blockquote></p><p>Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.</p><p><blockquote>最近，苹果股票的市值曾一度接近3万亿美元，但很快跌破2.9万亿美元——因为大盘对货币紧缩的反应现在应该比之前预期的更快。</blockquote></p><p>Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?</p><p><blockquote>这家库比蒂诺公司的股价能否最终在2022年找到北上之路，并满足华尔街众多多头的预期？或者，在利率上升和通胀挥之不去的一年里，看跌情绪会占上风吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f77cd919bf55f9c7b79f631b0255910\" tg-width=\"1240\" tg-height=\"697\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Apple Park in Cupertino, CA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：加利福尼亚州库比蒂诺的苹果公园。</span></p></blockquote></p><p><b>AAPL: the bull case</b></p><p><blockquote><b>苹果公司：牛市案例</b></blockquote></p><p>As Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.</p><p><blockquote>随着苹果股价在11月底至12月初期间恶性攀升，许多华尔街专家纷纷支持“AAPL$3T”。例如，至少自去年第三季度我们的谈话以来，Wedbush的Dan Ives一直在谈论市值里程碑。</blockquote></p><p>But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.</p><p><blockquote>但其他分析师最近也加入了看涨行列。摩根士丹利在11月份将目标价上调至每股200美元，而摩根大通研究团队预计苹果股票的市值将在未来12个月内达到3.5万亿美元。</blockquote></p><p>One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.</p><p><blockquote>最直言不讳的乐观主义者之一来自买方。Loup的吉恩·蒙斯特(Gene Munster)认为，他之前的目标价很快就过时了，现在每股250美元似乎更合理。他认为，元宇宙的多年机会将在新的一年里获得投资者的赞赏，这应该会重新点燃该股在2021年最后几周失去的动力。</blockquote></p><p><b>AAPL: the bear case</b></p><p><blockquote><b>苹果公司：熊市案例</b></blockquote></p><p>Despite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.</p><p><blockquote>尽管存在上述乐观预期，主要受到公司特定因素的支持，但市场在进入2022年时仍保持警惕。眼下的恶魔似乎是美联储对接近充分就业和粘性通胀的预期反应，这应该会导致未来几个月利率上升。</blockquote></p><p>I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.</p><p><blockquote>我最近解释了货币供应收紧如何给市盈率相对较高的股票带来麻烦。虽然AAPL不是特斯拉或Rivian，但该股近30倍的预期市盈率和仅温和的盈利增长预期可能会拖累2022年的股价，因为投资者正在寻找价值股和周期性股票的更好交易。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>I continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.</p><p><blockquote>我仍然认为苹果是一只值得长期购买和持有的优秀股票。在以卓越运营为驱动力的首席执行官（和前首席运营官）的领导下，该公司似乎得到了很好的管理。更好的是，对苹果产品和服务的需求以及消费者对该品牌的赞赏似乎处于或接近历史最高水平。</blockquote></p><p>That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.</p><p><blockquote>也就是说，2022年前几周或几个月的设置对我来说看起来很有挑战性。苹果股价在2020年无情攀升，去年再次攀升。得益于大流行推动的科技设备需求激增以及系统中充裕的流动性，AAPL在2019年至2021年间创下了有史以来最好的三年回报率之一。</blockquote></p><p>As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate future.</p><p><blockquote>尽管元宇宙和自动驾驶汽车能够而且很可能支持公司未来许多年的财务业绩，但我认为苹果公司的股票早就应该喘口气了。虽然股价可能会回升至3万亿美元以上，并最终进一步走高，但我对这种反弹会在不久的将来发生不太有信心。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Apple Stock Reclaim $3 Trillion And Thrive In 2022?<blockquote>苹果股价能否在2022年收回3万亿美元并蓬勃发展？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2022-01-09 12:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready to break through yet. Can shares reclaim the milestone soon and head higher in 2022?</p><p><blockquote><html><head></head><body>到目前为止，3万亿美元的市值已被证明是苹果股票似乎尚未准备好突破的上限。股价能否很快恢复里程碑并在2022年走高？</body></html></blockquote></p><p>Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.</p><p><blockquote>最近，苹果股票的市值曾一度接近3万亿美元，但很快跌破2.9万亿美元——因为大盘对货币紧缩的反应现在应该比之前预期的更快。</blockquote></p><p>Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?</p><p><blockquote>这家库比蒂诺公司的股价能否最终在2022年找到北上之路，并满足华尔街众多多头的预期？或者，在利率上升和通胀挥之不去的一年里，看跌情绪会占上风吗？</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1f77cd919bf55f9c7b79f631b0255910\" tg-width=\"1240\" tg-height=\"697\" referrerpolicy=\"no-referrer\"/><span>Figure 1: Apple Park in Cupertino, CA.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：加利福尼亚州库比蒂诺的苹果公园。</span></p></blockquote></p><p><b>AAPL: the bull case</b></p><p><blockquote><b>苹果公司：牛市案例</b></blockquote></p><p>As Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.</p><p><blockquote>随着苹果股价在11月底至12月初期间恶性攀升，许多华尔街专家纷纷支持“AAPL$3T”。例如，至少自去年第三季度我们的谈话以来，Wedbush的Dan Ives一直在谈论市值里程碑。</blockquote></p><p>But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.</p><p><blockquote>但其他分析师最近也加入了看涨行列。摩根士丹利在11月份将目标价上调至每股200美元，而摩根大通研究团队预计苹果股票的市值将在未来12个月内达到3.5万亿美元。</blockquote></p><p>One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.</p><p><blockquote>最直言不讳的乐观主义者之一来自买方。Loup的吉恩·蒙斯特(Gene Munster)认为，他之前的目标价很快就过时了，现在每股250美元似乎更合理。他认为，元宇宙的多年机会将在新的一年里获得投资者的赞赏，这应该会重新点燃该股在2021年最后几周失去的动力。</blockquote></p><p><b>AAPL: the bear case</b></p><p><blockquote><b>苹果公司：熊市案例</b></blockquote></p><p>Despite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.</p><p><blockquote>尽管存在上述乐观预期，主要受到公司特定因素的支持，但市场在进入2022年时仍保持警惕。眼下的恶魔似乎是美联储对接近充分就业和粘性通胀的预期反应，这应该会导致未来几个月利率上升。</blockquote></p><p>I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.</p><p><blockquote>我最近解释了货币供应收紧如何给市盈率相对较高的股票带来麻烦。虽然AAPL不是特斯拉或Rivian，但该股近30倍的预期市盈率和仅温和的盈利增长预期可能会拖累2022年的股价，因为投资者正在寻找价值股和周期性股票的更好交易。</blockquote></p><p><b>The Apple Maven’s take</b></p><p><blockquote><b>苹果专家的看法</b></blockquote></p><p>I continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.</p><p><blockquote>我仍然认为苹果是一只值得长期购买和持有的优秀股票。在以卓越运营为驱动力的首席执行官（和前首席运营官）的领导下，该公司似乎得到了很好的管理。更好的是，对苹果产品和服务的需求以及消费者对该品牌的赞赏似乎处于或接近历史最高水平。</blockquote></p><p>That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.</p><p><blockquote>也就是说，2022年前几周或几个月的设置对我来说看起来很有挑战性。苹果股价在2020年无情攀升，去年再次攀升。得益于大流行推动的科技设备需求激增以及系统中充裕的流动性，AAPL在2019年至2021年间创下了有史以来最好的三年回报率之一。</blockquote></p><p>As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate future.</p><p><blockquote>尽管元宇宙和自动驾驶汽车能够而且很可能支持公司未来许多年的财务业绩，但我认为苹果公司的股票早就应该喘口气了。虽然股价可能会回升至3万亿美元以上，并最终进一步走高，但我对这种反弹会在不久的将来发生不太有信心。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/can-apple-stock-reclaim-3-trillion-and-thrive-in-2022\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/can-apple-stock-reclaim-3-trillion-and-thrive-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198290127","content_text":"A market cap of $3 trillion has, so far, proven to be a ceiling that Apple stock does not seem ready to break through yet. Can shares reclaim the milestone soon and head higher in 2022?Recently, Apple stock flirted with $3 trillion in market cap, but quickly dipped below $2.9 trillion — as the broad market reacted to monetary tightening that should now happen more rapidly than previously expected.Can shares of the Cupertino company finally find its way north in 2022 and meet the expectations of so many bulls on Wall Street? Or will bearishness take over during a year of rising interest rates and lingering inflation?Figure 1: Apple Park in Cupertino, CA.AAPL: the bull caseAs Apple stock climbed viciously between late November and early December, many Wall Street experts piled on in support of “AAPL $3T”. Wedbush’s Dan Ives, for example, has been talking about the market cap milestone since our conversation in Q3 of last year, at least.But other analysts have also hopped on the bullish bandwagon recently. Morgan Stanley upped its price target to $200 per share in November, while the JPMorgan research team saw Apple stock heading to $3.5 trillion in market cap over the next 12 months.One of the most vocal optimists came from the buy side. Loup’s Gene Munster thought that his previous price target had quickly become stale, and that $250 per share now seemed more reasonable. In his opinion, the multi-year opportunity in the metaverse will gain investor appreciation in the new year, which should reignite momentum that the stock had lost in the last few weeks of 2021.AAPL: the bear caseDespite the upbeat expectations described above, mostly supported by company-specific factors, the market rolled into 2022 with its guard up. The boogieman of the moment seems to be the Federal Reserve’s anticipated reaction to near-full employment and sticky inflation, which should lead to higher interest rates in the next several months.I have recently explained how tighter money supply can spell trouble for stocks that trade for relatively high multiples. While AAPL is no Tesla or Rivian, the stock’s forward P/E of nearly 30 times and only modest earnings growth expectations could be a drag for share price in 2022, as investors look for better deals in value and cyclical stocks.The Apple Maven’s takeI continue to think that Apple is a great stock to buy and hold for the long term. Under the leadership of a CEO (and former COO) that is driven by operational excellence, the company seems to be in very good hands. Better yet, demand for Apple’s products and services, as well as consumer appreciation for the brand, seem to be at or near an all-time high.That said, the setup for the first few weeks or months of 2022 looks challenging to me. Apple stock climbed relentlessly in 2020, and then again last year. Aided by a spike in pandemic-driven demand for tech devices and lavish liquidity in the system, AAPL recorded one of its best three years of returns ever between 2019 and 2021.As much as the metaverse and autonomous vehicles can and likely will support the company’s financial results over the next many years, I think that AAPL stock is overdue for a breather. While shares will likely climb back above $3 trillion and head much higher from there eventually, I am not so confident that this rally will happen in the immediate future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2514,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696179728,"gmtCreate":1640655522483,"gmtModify":1640655522697,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Doubt]&nbsp;","listText":"[Doubt]&nbsp;","text":"[Doubt]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/696179728","repostId":"1114062676","repostType":4,"isVote":1,"tweetType":1,"viewCount":3567,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691254516,"gmtCreate":1640215182135,"gmtModify":1640215182275,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/691254516","repostId":"2193419144","repostType":4,"isVote":1,"tweetType":1,"viewCount":2094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":693572889,"gmtCreate":1640054868147,"gmtModify":1640055757355,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Gosh]&nbsp;","listText":"[Gosh]&nbsp;","text":"[Gosh]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/693572889","repostId":"2192181330","repostType":4,"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":699704161,"gmtCreate":1639887450540,"gmtModify":1639887450720,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[smile]&nbsp;","listText":"[smile]&nbsp;","text":"[smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/699704161","repostId":"2192903795","repostType":4,"isVote":1,"tweetType":1,"viewCount":2488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690368220,"gmtCreate":1639636991310,"gmtModify":1639637044142,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Great]&nbsp;","listText":"[Great]&nbsp;","text":"[Great]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/690368220","repostId":"2191994940","repostType":4,"isVote":1,"tweetType":1,"viewCount":2528,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":602094196,"gmtCreate":1638936955917,"gmtModify":1638936956089,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Sad]&nbsp;","listText":"[Sad]&nbsp;","text":"[Sad]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/602094196","repostId":"1105817084","repostType":4,"repost":{"id":"1105817084","kind":"news","pubTimestamp":1638933976,"share":"https://www.laohu8.com/m/news/1105817084?lang=zh_CN&edition=full","pubTime":"2021-12-08 11:26","market":"us","language":"en","title":"Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105817084","media":"TheStreet","summary":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock  investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts a","content":"<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金用完会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-12-08 11:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(<b>AAPL</b>)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.</p><p><blockquote>苹果即将耗尽现金。对于大多数苹果股票来说，这种说法听起来可能是lucrac（<b>AAPL</b>）投资者，因为库比蒂诺公司在过去多年里一直是一台现金产生机。但即使是管理团队也知道这是真的。</blockquote></p><p> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.</p><p><blockquote>今天，这位苹果专家谈论了这家iPhone制造商曾经庞大的现金储备发生了什么，以及余额下降对股东可能意味着什么。</blockquote></p><p> <b>Apple heading to net cash neutral</b></p><p><blockquote><b>苹果走向净现金中性</b></blockquote></p><p> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.</p><p><blockquote>公平地说，在这种情况下“现金耗尽”并不意味着苹果在银行的支票账户将会枯竭。这仅仅意味着该公司的债务余额将大致抵消其现金状况，即苹果将成为净现金中性。</blockquote></p><p> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.</p><p><blockquote>下图显示了自2011年以来苹果总现金（蓝色条）和净现金（橙色条）余额的演变。十年前，时任首席执行官史蒂夫·乔布斯卸任，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\"><span>Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：苹果2012-2021财年的现金状况。数据来自Seeking Alpha</span></p></blockquote></p><p> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.</p><p><blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有其账簿中有史以来最大的总现金余额和债务净额现金余额。但从那以后，这两个数字都在减少。今年720亿美元的净现金还不到大约四年前的一半。</blockquote></p><p> <b>What happens when cash runs out?</b></p><p><blockquote><b>现金用完会怎么样？</b></blockquote></p><p> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.</p><p><blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常谨慎。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却飙升。自2018年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\"><span>Figure 3:Apple's cash deployment by major category.data from Seeking Alpha</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：苹果按主要类别划分的现金部署。数据来自Seeking Alpha</span></p></blockquote></p><p> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.</p><p><blockquote>随着苹果的现金余额持续下降，有理由预计股票退出的速度也会下降。这不仅是因为资产负债表更加精简，还因为苹果公司股票如今的交易价格要高得多——因此，苹果回购每股自己股权的成本更高。</blockquote></p><p> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.</p><p><blockquote>为什么这与投资者相关？过去十年，苹果的流通股减少了100亿股，至167亿股。股票数量是EPS（每股收益）的分母，EPS是市盈率的分母。因此，仅回购就可能是苹果股价过去几年上涨的很大一部分原因。</blockquote></p><p> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.</p><p><blockquote>按照目前每股165美元的股价，苹果可以以其目前的净现金余额再出售约4.35亿股股票，仅占流通股的3%。此后，库比蒂诺公司可能需要缩减回购或借贷规模，以继续购买其股票。</blockquote></p><p> <b>Should investors worry?</b></p><p><blockquote><b>投资者应该担心吗？</b></blockquote></p><p> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.</p><p><blockquote>我认为，如果或一旦苹果开始放慢股票回购步伐，其股票可能会受到影响，至少是投资者情绪恶化。然而，我也认为，这只是人们应该考虑的投资论文的一个方面。</blockquote></p><p> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.</p><p><blockquote>从商业基本面的角度来看，我对苹果股票保持乐观。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对苹果公司来说是个好兆头。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105817084","content_text":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock (AAPL) investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.\nToday, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.\nApple heading to net cash neutral\nTo be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.\nThe chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.\nFigure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha\nStarting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.\nWhat happens when cash runs out?\nThe chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.\nFigure 3:Apple's cash deployment by major category.data from Seeking Alpha\nAs Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.\nWhy is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.\nAt the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.\nShould investors worry?\nI think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.\nI remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":606365411,"gmtCreate":1638836200124,"gmtModify":1638836200260,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[What]&nbsp;","listText":"[What]&nbsp;","text":"[What]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/606365411","repostId":"2189457105","repostType":4,"isVote":1,"tweetType":1,"viewCount":994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":608886978,"gmtCreate":1638680578800,"gmtModify":1638680578921,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[Anger]&nbsp;","listText":"[Anger]&nbsp;","text":"[Anger]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/608886978","repostId":"1118864312","repostType":4,"repost":{"id":"1118864312","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1638529375,"share":"https://www.laohu8.com/m/news/1118864312?lang=zh_CN&edition=full","pubTime":"2021-12-03 19:02","market":"us","language":"en","title":"RLX Technology Q3 net revenues decreased by 34%<blockquote>RLX科技第三季度净收入下降34%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118864312","media":"Tiger Newspress","summary":"RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.\n\nRLX Techno","content":"<p>RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.</p><p><blockquote>公布季度业绩后，RLX科技股价在盘前交易中下跌10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8acbbffd3f14c3429c67447451525f1\" tg-width=\"850\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> RLX Technology Inc., a&nbsp;branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the third quarter ended&nbsp;September 30, 2021.</p><p><blockquote>在华品牌电子烟企业RLX科技公司今天公布了截至2021年9月30日的第三季度未经审计的财务业绩。</blockquote></p><p> <b><u>Third Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第三季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Net revenues</b>wereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.</li>  <li><b>Gross margin</b>was 39.1%, compared to 45.1% in the second quarter of 2021.</li>  <li><b>U.S. GAAP</b>&nbsp;<b>netincome</b>wasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.</li>  <li><b>Non-GAAP net income[1]</b>wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.</li> </ul> <b><u>Third Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><ul><li><b>净收入</b>为16.767亿元人民币（2.602亿美元），较2021年第二季度的25.414亿元人民币下降34.0%。</li><li><b>毛利率</b>为39.1%，而2021年第二季度为45.1%。</li><li><b>美国公认会计原则</b> <b>净收入</b>为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币4.527亿元（7030万美元），而2021年第二季度为人民币6.518亿元。</li></ul><b><u>2021年第三季度未经审计的财务业绩</u></b></blockquote></p><p> <b>Net revenues</b>&nbsp;decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the&nbsp;second&nbsp;quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19&nbsp;restrictions in response to outbreaks inChina, which had an adverse impact on our sales&nbsp;and channel inventory management.</p><p><blockquote><b>净收入</b>从2021年第二季度的人民币25.414亿元下降34.0%至2021年第三季度的人民币16.767亿元（2.602亿美元）。这一下降是由于市场状况波动造成的，包括(i)自第二季度下半年以来电子烟行业的负面宣传，(ii)2021年3月22日宣布的新规则草案尚未在本季度得到正式确认，以及(iii)为应对中国疫情而不断变化的COVID-19限制，这对我们的销售和渠道库存管理产生了不利影响。</blockquote></p><p> <b>Gross profit</b>&nbsp;decreased by 42.8% to&nbsp;RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.</p><p><blockquote><b>毛利</b>从2021年第二季度的人民币11.465亿元下降42.8%至2021年第三季度的人民币6.560亿元（1.018亿美元）。</blockquote></p><p> <b>Gross margin</b>&nbsp;was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.</p><p><blockquote><b>毛利率</b>2021年第三季度为39.1%，而2021年第二季度为45.1%。该减少主要由于(i)与促销活动相关的直接成本增加及(ii)存货拨备增加。</blockquote></p><p> <b>Operating expenses</b>&nbsp;were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.</p><p><blockquote><b>营业费用</b>2021年第三季度为正2.413亿元人民币（3750万美元），较2021年第二季度的1.672亿元人民币下降244.4%。经营开支大幅减少主要是由于确认以股份为基础的薪酬开支正人民币523.7百万元（81.3百万美元），包括(i)于销售开支确认的以股份为基础的薪酬开支正人民币90.8百万元（14.1百万美元），(ii)于一般及行政开支确认的以股份为基础的薪酬开支正人民币320.1百万元（49.7百万美元），及(iii)于研发开支确认的以股份为基础的薪酬开支正人民币112.8百万元（17.5百万美元）。以股份为基础的薪酬开支大幅波动主要是由于本公司向其僱员授出的股份激励奖励的公允价值受本公司股价大幅波动的影响而发生变动。</blockquote></p><p> <i>Selling expenses</i>&nbsp;decreased by 55.1% to&nbsp;RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.</p><p><blockquote><i>销售费用</i>从2021年第二季度的人民币1.26亿元下降55.1%至2021年第三季度的人民币5650万元（880万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被品牌材料开支增加所抵销。</blockquote></p><p> <i>General and administrative expenses</i>&nbsp;decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by&nbsp;the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.</p><p><blockquote><i>一般及行政开支</i>从2021年第二季度的4610万元人民币下降649.8%至2021年第三季度的正2.532亿元人民币（3930万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致。</blockquote></p><p> <i>Research and development expenses</i>decreased by 808.3% to&nbsp;positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.</p><p><blockquote><i>研发费用</i>从2021年第二季度的正490万人民币下降808.3%至2021年第三季度的正4460万人民币（690万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被(i)软件及技术开支增加及(ii)谘询开支增加所抵销。</blockquote></p><p> <b>Income from operations</b>&nbsp;wasRMB897.3&nbsp;million (US$139.3&nbsp;million) in the third quarter of 2021, compared withRMB979.3&nbsp;&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>营业收入</b>2021年第三季度为人民币8.973亿元（1.393亿美元），而2021年第二季度为人民币9.793亿元。</blockquote></p><p> <b>Income tax expense</b>&nbsp;wasRMB121.4&nbsp;million (US$18.8&nbsp;million) in the third quarter of 2021, compared withRMB204.2&nbsp;million in the second quarter of 2021. The decrease was primarily due to a decrease&nbsp;in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第三季度为人民币1.214亿元（1,880万美元），而2021年第二季度为人民币2.042亿元。该减少主要由于应课税收入减少所致。</blockquote></p><p> <b>U.S. GAAPnet income</b>&nbsp;wasRMB976.4&nbsp;million (US$151.5 million) in the third&nbsp;quarter of 2021, compared withRMB824.3&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则净收入</b>2021年第三季度为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</blockquote></p><p></p><p> <b>Non-GAAP&nbsp;net income</b>wasRMB452.7 million(US$70.3&nbsp;million) in the third&nbsp;quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第三季度为人民币4.527亿元（7030万美元），较2021年第二季度的人民币6.518亿元下降30.5%。</blockquote></p><p> <b>U.S. GAAP basic and diluted net income per American depositary share (\"ADS\")</b>&nbsp;wereRMB0.724(US$0.112)&nbsp;andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则每股美国存托股（“ADS”）基本和摊薄净利润</b>2021年第三季度每股美国存托凭证的基本和摊薄净利润分别为0.724元人民币（0.112美元）和0.717元人民币（0.111美元），而2021年第二季度每股美国存托凭证的基本和摊薄净利润分别为0.595元人民币和0.591元人民币。</blockquote></p><p> <b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>wereRMB0.334(US$0.052)&nbsp;andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 2021.</p><p><blockquote><b>非GAAP每股美国存托凭证基本和摊薄净收入[2]</b>2021年第三季度分别为人民币0.334元（0.052美元）和人民币0.332元（0.051美元），而第二季度非公认会计准则基本和摊薄每股美国存托凭证净利润分别为人民币0.470元和人民币0.467元2021年。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nRLX Technology Q3 net revenues decreased by 34%<blockquote>RLX科技第三季度净收入下降34%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-03 19:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.</p><p><blockquote>公布季度业绩后，RLX科技股价在盘前交易中下跌10%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/e8acbbffd3f14c3429c67447451525f1\" tg-width=\"850\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> RLX Technology Inc., a&nbsp;branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the third quarter ended&nbsp;September 30, 2021.</p><p><blockquote>在华品牌电子烟企业RLX科技公司今天公布了截至2021年9月30日的第三季度未经审计的财务业绩。</blockquote></p><p> <b><u>Third Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第三季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Net revenues</b>wereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.</li>  <li><b>Gross margin</b>was 39.1%, compared to 45.1% in the second quarter of 2021.</li>  <li><b>U.S. GAAP</b>&nbsp;<b>netincome</b>wasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.</li>  <li><b>Non-GAAP net income[1]</b>wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.</li> </ul> <b><u>Third Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><ul><li><b>净收入</b>为16.767亿元人民币（2.602亿美元），较2021年第二季度的25.414亿元人民币下降34.0%。</li><li><b>毛利率</b>为39.1%，而2021年第二季度为45.1%。</li><li><b>美国公认会计原则</b> <b>净收入</b>为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币4.527亿元（7030万美元），而2021年第二季度为人民币6.518亿元。</li></ul><b><u>2021年第三季度未经审计的财务业绩</u></b></blockquote></p><p> <b>Net revenues</b>&nbsp;decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the&nbsp;second&nbsp;quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19&nbsp;restrictions in response to outbreaks inChina, which had an adverse impact on our sales&nbsp;and channel inventory management.</p><p><blockquote><b>净收入</b>从2021年第二季度的人民币25.414亿元下降34.0%至2021年第三季度的人民币16.767亿元（2.602亿美元）。这一下降是由于市场状况波动造成的，包括(i)自第二季度下半年以来电子烟行业的负面宣传，(ii)2021年3月22日宣布的新规则草案尚未在本季度得到正式确认，以及(iii)为应对中国疫情而不断变化的COVID-19限制，这对我们的销售和渠道库存管理产生了不利影响。</blockquote></p><p> <b>Gross profit</b>&nbsp;decreased by 42.8% to&nbsp;RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.</p><p><blockquote><b>毛利</b>从2021年第二季度的人民币11.465亿元下降42.8%至2021年第三季度的人民币6.560亿元（1.018亿美元）。</blockquote></p><p> <b>Gross margin</b>&nbsp;was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.</p><p><blockquote><b>毛利率</b>2021年第三季度为39.1%，而2021年第二季度为45.1%。该减少主要由于(i)与促销活动相关的直接成本增加及(ii)存货拨备增加。</blockquote></p><p> <b>Operating expenses</b>&nbsp;were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.</p><p><blockquote><b>营业费用</b>2021年第三季度为正2.413亿元人民币（3750万美元），较2021年第二季度的1.672亿元人民币下降244.4%。经营开支大幅减少主要是由于确认以股份为基础的薪酬开支正人民币523.7百万元（81.3百万美元），包括(i)于销售开支确认的以股份为基础的薪酬开支正人民币90.8百万元（14.1百万美元），(ii)于一般及行政开支确认的以股份为基础的薪酬开支正人民币320.1百万元（49.7百万美元），及(iii)于研发开支确认的以股份为基础的薪酬开支正人民币112.8百万元（17.5百万美元）。以股份为基础的薪酬开支大幅波动主要是由于本公司向其僱员授出的股份激励奖励的公允价值受本公司股价大幅波动的影响而发生变动。</blockquote></p><p> <i>Selling expenses</i>&nbsp;decreased by 55.1% to&nbsp;RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.</p><p><blockquote><i>销售费用</i>从2021年第二季度的人民币1.26亿元下降55.1%至2021年第三季度的人民币5650万元（880万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被品牌材料开支增加所抵销。</blockquote></p><p> <i>General and administrative expenses</i>&nbsp;decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by&nbsp;the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.</p><p><blockquote><i>一般及行政开支</i>从2021年第二季度的4610万元人民币下降649.8%至2021年第三季度的正2.532亿元人民币（3930万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致。</blockquote></p><p> <i>Research and development expenses</i>decreased by 808.3% to&nbsp;positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.</p><p><blockquote><i>研发费用</i>从2021年第二季度的正490万人民币下降808.3%至2021年第三季度的正4460万人民币（690万美元）。该减少主要由于(i)以股份为基础的薪酬开支波动及(ii)薪金及福利减少所致，惟部分被(i)软件及技术开支增加及(ii)谘询开支增加所抵销。</blockquote></p><p> <b>Income from operations</b>&nbsp;wasRMB897.3&nbsp;million (US$139.3&nbsp;million) in the third quarter of 2021, compared withRMB979.3&nbsp;&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>营业收入</b>2021年第三季度为人民币8.973亿元（1.393亿美元），而2021年第二季度为人民币9.793亿元。</blockquote></p><p> <b>Income tax expense</b>&nbsp;wasRMB121.4&nbsp;million (US$18.8&nbsp;million) in the third quarter of 2021, compared withRMB204.2&nbsp;million in the second quarter of 2021. The decrease was primarily due to a decrease&nbsp;in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第三季度为人民币1.214亿元（1,880万美元），而2021年第二季度为人民币2.042亿元。该减少主要由于应课税收入减少所致。</blockquote></p><p> <b>U.S. GAAPnet income</b>&nbsp;wasRMB976.4&nbsp;million (US$151.5 million) in the third&nbsp;quarter of 2021, compared withRMB824.3&nbsp;million in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则净收入</b>2021年第三季度为人民币9.764亿元（1.515亿美元），而2021年第二季度为人民币8.243亿元。</blockquote></p><p></p><p> <b>Non-GAAP&nbsp;net income</b>wasRMB452.7 million(US$70.3&nbsp;million) in the third&nbsp;quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第三季度为人民币4.527亿元（7030万美元），较2021年第二季度的人民币6.518亿元下降30.5%。</blockquote></p><p> <b>U.S. GAAP basic and diluted net income per American depositary share (\"ADS\")</b>&nbsp;wereRMB0.724(US$0.112)&nbsp;andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.</p><p><blockquote><b>美国公认会计准则每股美国存托股（“ADS”）基本和摊薄净利润</b>2021年第三季度每股美国存托凭证的基本和摊薄净利润分别为0.724元人民币（0.112美元）和0.717元人民币（0.111美元），而2021年第二季度每股美国存托凭证的基本和摊薄净利润分别为0.595元人民币和0.591元人民币。</blockquote></p><p> <b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>wereRMB0.334(US$0.052)&nbsp;andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 2021.</p><p><blockquote><b>非GAAP每股美国存托凭证基本和摊薄净收入[2]</b>2021年第三季度分别为人民币0.334元（0.052美元）和人民币0.332元（0.051美元），而第二季度非公认会计准则基本和摊薄每股美国存托凭证净利润分别为人民币0.470元和人民币0.467元2021年。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RLX":"雾芯科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118864312","content_text":"RLX Technology stock tumbled 10% in premarket trading after reporting quarterly results.\n\nRLX Technology Inc., a branded e-vapor company in China, today announced its unaudited financial results for the third quarter ended September 30, 2021.\nThird Quarter 2021 Financial Highlights\n\nNet revenueswereRMB1,676.7 million(US$260.2 million), representing a decrease of 34.0% fromRMB2,541.4 millionin the second quarter of 2021.\nGross marginwas 39.1%, compared to 45.1% in the second quarter of 2021.\nU.S. GAAP netincomewasRMB976.4 million(US$151.5 million), compared withRMB824.3 millionin the second quarter of 2021.\nNon-GAAP net income[1]wasRMB452.7 million(US$70.3 million), compared withRMB651.8 millionin the second quarter of 2021.\n\nThird Quarter 2021 Unaudited Financial Results\nNet revenues decreased by 34.0% toRMB1,676.7 million(US$260.2 million) in the third quarter of 2021 fromRMB2,541.4 millionin the second quarter of 2021. The decrease was as a result of volatile market conditions, including (i) the negative publicity on the e-vapor industry since the latter half of the second quarter, (ii) the fact that the draft new rules announced onMarch 22, 2021had not been formally confirmed in this quarter, and (iii) evolving COVID-19 restrictions in response to outbreaks inChina, which had an adverse impact on our sales and channel inventory management.\nGross profit decreased by 42.8% to RMB656.0 million (US$101.8 million) in the third quarter of 2021 fromRMB1,146.5 millionin the second quarter of 2021.\nGross margin was 39.1% in the third quarter of 2021, compared to 45.1% in the second quarter of 2021. The decrease was primarily due to (i) an increase in direct cost related to promotional activities and (ii) an increase in inventory provision.\nOperating expenses were positiveRMB241.3 million(US$37.5 million) in the third quarter of 2021, representing a decrease of 244.4% fromRMB167.2 millionin the second quarter of 2021. The significant decrease in operating expenses was primarily due to the recognition of share-based compensation expenses of positiveRMB523.7 million(US$81.3 million), consisting of (i) share-based compensation expenses of positiveRMB90.8 million(US$14.1 million) recognized in selling expenses, (ii) share-based compensation expenses of positiveRMB320.1 million(US$49.7 million) recognized in general and administrative expenses, and (iii) share-based compensation expenses of positiveRMB112.8 million(US$17.5 million) recognized in research and development expenses. The significant fluctuations in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the significant fluctuations of the share price of the Company.\nSelling expenses decreased by 55.1% to RMB56.5 million (US$8.8 million) in the third quarter of 2021 fromRMB126.0 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by an increase in branding material expenses.\nGeneral and administrative expenses decreased by 649.8% to positiveRMB253.2 million(US$39.3 million) in the third quarter of 2021 fromRMB46.1 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits.\nResearch and development expensesdecreased by 808.3% to positiveRMB44.6 million(US$6.9 million) in the third quarter of 2021 from positiveRMB4.9 millionin the second quarter of 2021. The decrease was mainly driven by the (i) fluctuation of the share-based compensation expenses and (ii) a decrease in salaries and welfare benefits, partially offset by (i) an increase in software and technical expenses and (ii) an increase in consulting expenses.\nIncome from operations wasRMB897.3 million (US$139.3 million) in the third quarter of 2021, compared withRMB979.3  million in the second quarter of 2021.\nIncome tax expense wasRMB121.4 million (US$18.8 million) in the third quarter of 2021, compared withRMB204.2 million in the second quarter of 2021. The decrease was primarily due to a decrease in taxable income.\nU.S. GAAPnet income wasRMB976.4 million (US$151.5 million) in the third quarter of 2021, compared withRMB824.3 million in the second quarter of 2021.\nNon-GAAP net incomewasRMB452.7 million(US$70.3 million) in the third quarter of 2021, representing a decrease of 30.5% fromRMB651.8 millionin the second quarter of 2021.\nU.S. GAAP basic and diluted net income per American depositary share (\"ADS\") wereRMB0.724(US$0.112) andRMB0.717(US$0.111), respectively, in the third quarter of 2021, compared to U.S. GAAP basic and diluted net income per ADS ofRMB0.595andRMB0.591, respectively, in the second quarter of 2021.\nNon-GAAP basic and diluted netincome per ADS[2]wereRMB0.334(US$0.052) andRMB0.332(US$0.051), respectively, in the third quarter of 2021, compared to non-GAAP basic and diluted net income per ADS ofRMB0.470andRMB0.467, respectively, in the second quarter of 2021.","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":874,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":609924905,"gmtCreate":1638233274306,"gmtModify":1638233274528,"author":{"id":"3554954039850565","authorId":"3554954039850565","name":"slien23","avatar":"https://static.tigerbbs.com/3f10a21c0940c004a5899c9984f639a6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3554954039850565","idStr":"3554954039850565"},"themes":[],"htmlText":"[真香]&nbsp;//<a href=\"https://laohu8.com/U/3554954039850565\">@slien23</a>: [得意]&nbsp;","listText":"[真香]&nbsp;//<a href=\"https://laohu8.com/U/3554954039850565\">@slien23</a>: [得意]&nbsp;","text":"[真香] //@slien23: [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/609924905","repostId":"2186262293","repostType":4,"isVote":1,"tweetType":1,"viewCount":794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}