XxBoxX的个人主页 - 老虎社区

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2021-03-25

Why market still drop?

Weekly jobless claims tumble to lowest level in more than a year<blockquote>每周申请失业救济人数跌至一年多来的最低水平</blockquote>

2021-07-29

Nice

抱歉，原内容已删除

2021-02-15

Okok

抱歉，原内容已删除

2021-02-21

Ok

抱歉，原内容已删除

2021-03-15

Daily task

2021-03-15

Buy Nokia?

抱歉，原内容已删除

2021-03-09

Keep dipping

抱歉，原内容已删除

2021-03-05

Nice

抱歉，原内容已删除

2021-02-27

Testing

Just test out of this function. Pls bear with me as I don't know what to write. Hope to learn a lot of thing from you all

2021-03-11

Daily task

去老虎APP查看更多动态

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17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</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>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须翻新，否则就有可能失去所有顾客到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资金推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1\">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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":113540439,"gmtCreate":1622628715321,"gmtModify":1631891869650,"author":{"id":"3555405988657722","authorId":"3555405988657722","name":"XxBoxX","avatar":"https://static.tigerbbs.com/10dca596007b042e10a18625e67b7893","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555405988657722","idStr":"3555405988657722"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113540439","repostId":"1104336218","repostType":4,"repost":{"id":"1104336218","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":1622628284,"share":"https://www.laohu8.com/m/news/1104336218?lang=zh_CN&edition=full","pubTime":"2021-06-02 18:04","market":"us","language":"en","title":"RLX Technology Q1 revenues $366.1 million,up 48.2% YOY<blockquote>RLX科技第一季度营收3.661亿美元，同比增长48.2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104336218","media":"Tiger Newspress","summary":"RLX Technology Inc., a leading branded e-vapor company in China, today announced its unaudited finan","content":"<p>RLX Technology Inc., a leading branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the first quarter endedMarch 31, 2021.</p><p><blockquote>国内领先的品牌电子烟公司RLX科技公司今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><b><u>First Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第一季度财务摘要</u></b></blockquote></p><p><ul><li><b>Net revenues</b>&nbsp;were&nbsp;RMB2,398.5 million(US$366.1 million), representing an increase of 48.2% from&nbsp;RMB1,618.5 millionin the fourth quarter of 2020.</li><li><b>Gross margin</b>&nbsp;was 46.0%, compared to 42.9% in the fourth quarter of 2020.</li><li><b>GAAP</b>&nbsp;<b>netloss</b>&nbsp;was&nbsp;RMB267.0 million(US$40.8 million), compared withRMB236.7 millionin the fourth quarter of 2020.</li><li><b>Non-GAAP net income[1]</b>was&nbsp;RMB610.5 million(US$93.2 million), representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.</li></ul>RLX Technology&nbsp;stock&nbsp;surged&nbsp;5%&nbsp;in premarket trading.</p><p><blockquote><ul><li><b>净收入</b>为人民币23.985亿元（3.661亿美元），较2020年第四季度的人民币16.185亿元增长48.2%。</li><li><b>毛利率</b>为46.0%，而2020年第四季度为42.9%。</li><li><b>GAAP</b> <b>净损失</b>为人民币2.67亿元（4080万美元），而2020年第四季度为人民币2.367亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币6.105亿元（9320万美元），较2020年第四季度的人民币4.193亿元增长45.6%。</li></ul>RLX科技股价在盘前交易中飙升5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f8e41217bab21ae2e0b69073c4d5e48b\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p>\"2021 began, on a solid note, with strong growth in key performance metrics of our business,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"Specifically, our expansion in distribution network fueled a strong sequential growth, further demonstrating sustained user demand for our e-vapor product portfolio.\"</p><p><blockquote>RLX科技联合创始人、董事会主席兼首席执行官王英女士表示：“2021年开局良好，我们业务的关键绩效指标强劲增长。”“具体来说，我们分销网络的扩张推动了强劲的环比增长，进一步证明了用户对我们电子蒸汽产品组合的持续需求。”</blockquote></p><p>\"As the go-to brand of e-vapor products inChina, we remain dedicated to investing in deepening our scientific research, improving our technology and product development, expanding our distribution network and retail outlets as well as enhancing supply chain and production capabilities. In the first quarter, we opened our<i>Quality Lab</i>to further strengthen our quality assurance and control capabilities, and started developing our second and third exclusive production plants to enhance our production capabilities. We believe we are well positioned to further capture the growth potential in the e-vapor industry inChina,\" Ms. Wang concluded.</p><p><blockquote>“作为中国电子烟产品的首选品牌，我们继续致力于投资深化我们的科学研究、改进我们的技术和产品开发、扩大我们的分销网络和零售店，以及增强供应链和生产能力。<i>质量实验室</i>进一步加强我们的质量保证和控制能力，并开始开发我们的第二个和第三个独家生产工厂，以提高我们的生产能力。我们相信，我们处于有利地位，可以进一步抓住中国电子蒸汽行业的增长潜力。”王女士总结道。</blockquote></p><p>\"Our robust results in the first quarter of 2021 exemplify our strong capabilities in meeting user demands for reliable, innovative and trustworthy products,\" said Mr.Chao Lu, Chief Financial Officer. \"Building on rapid revenue growth and continued efforts in improving operating leverage, our gross margin and non-GAAP net margin have remained steady in the first quarter. We will continue to pursue user value creation by enhancing our suite of product offerings and strengthening our brand leadership in the market.\"</p><p><blockquote>“我们2021年第一季度的强劲业绩证明了我们在满足用户对可靠、创新和值得信赖的产品的需求方面的强大能力，”首席财务官Chao Lu先生表示。“基于收入的快速增长和持续努力提高运营杠杆，我们的毛利率和非公认会计准则净利润率在第一季度保持稳定。我们将继续通过增强我们的产品组合和加强我们的品牌来追求用户价值创造在市场上的领导地位。”</blockquote></p><p><b><u>First Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><b><u>2021年第一季度未经审计的财务业绩</u></b></blockquote></p><p><b>Net revenues</b>&nbsp;increased by 48.2% toRMB2,398.5 million(US$366.1 million) in the first quarter of 2021 fromRMB1,618.5 millionin the fourth quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.</p><p><blockquote><b>净收入</b>从2020年第四季度的人民币16.185亿元增长48.2%至2021年第一季度的人民币23.985亿元（3.661亿美元）。该增加主要是由于向线下分销商销售的净收入增加，这主要归因于公司分销和零售网络的扩张。</blockquote></p><p><b>Gross profit</b>&nbsp;increased by 59.1% to&nbsp;RMB1,104.1 million (US$168.5 million) in the first quarter of 2021 fromRMB694.1 millionin the fourth quarter of 2020.</p><p><blockquote><b>毛利</b>从2020年第四季度的人民币6.941亿元增长59.1%至2021年第一季度的人民币11.041亿元（1.685亿美元）。</blockquote></p><p><b>Gross margin</b>&nbsp;increased to 46.0% in the first quarter of 2021, compared to 42.9% in the fourth quarter of 2020.</p><p><blockquote><b>毛利率</b>2021年第一季度增至46.0%，而2020年第四季度为42.9%。</blockquote></p><p><b>Operating expenses</b>&nbsp;wereRMB1,216.0 million(US$185.6 million) in the first quarter of 2021, representing an increase of 42.6% fromRMB852.6 millionin the fourth quarter of 2020.</p><p><blockquote><b>营业费用</b>2021年第一季度为12.16亿元人民币（1.856亿美元），较2020年第四季度的8.526亿元人民币增长42.6%。</blockquote></p><p><i>Selling expenses</i>increased by 48.2% to&nbsp;RMB291.5 million (US$44.5 million) in the first quarter of 2021 fromRMB196.7 millionin the fourth quarter of 2020. The increase was mainly driven by (i) an increase in salaries and welfare benefits, (ii) an increase in branding material expenses, and (iii) an increase in shipping expenses.</p><p><blockquote><i>销售费用</i>从2020年第四季度的人民币1.967亿元增长48.2%至2021年第一季度的人民币2.915亿元（4450万美元）。该增加主要由于(i)薪金及福利增加、(ii)品牌材料开支增加及(iii)运输开支增加所致。</blockquote></p><p><i>General and administrative expenses</i>&nbsp;increased by 59.5% toRMB712.8 million(US$108.8 million) in the first quarter of 2021 fromRMB447.0 millionin the fourth quarter of 2020. The increase was primarily due to (i) an increase in salaries and welfare benefits, and (ii) an increase in share-based compensation expenses, partially offset by a decrease in legal and other consulting fees.</p><p><blockquote><i>一般及行政开支</i>从2020年第四季度的4.47亿元人民币增长59.5%至2021年第一季度的7.128亿元人民币（1.088亿美元）。该增加主要由于(i)薪金及福利增加，及(ii)以股份为基础的薪酬开支增加，惟部分被法律及其他谘询费用减少所抵销。</blockquote></p><p><i>Research and development expenses</i>increased by 1.3% to&nbsp;RMB211.6 million (US$32.3 million) in the first quarter of 2021 fromRMB208.9 millionin the fourth quarter of 2020. The increase was primarily driven by an increase in salaries and welfare benefits, partially offset by (i) a decrease in share-based compensation expenses, and (ii) a decrease in material expenses.</p><p><blockquote><i>研发费用</i>从2020年第四季度的人民币2.089亿元增长1.3%至2021年第一季度的人民币2.116亿元（3230万美元）。该增加主要由于薪金及福利增加所致，惟部分被(i)以股份为基础的薪酬开支减少及(ii)重大开支减少所抵销。</blockquote></p><p>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB877.5million (US$133.9&nbsp;million) in the first quarter of 2021 andRMB656.1&nbsp;million in the fourth quarter of 2020.</p><p><blockquote>2021年第一季度，销售费用、一般及管理费用以及研发费用中确认的股份薪酬费用总额为人民币8.775亿元（1.339亿美元），2020年第四季度为人民币6.561亿元。</blockquote></p><p></p><p><b>Loss from operations</b>&nbsp;was&nbsp;RMB111.9&nbsp;million (US$17.1&nbsp;million) in the first quarter of 2021, compared withRMB158.5&nbsp;million in the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币1.119亿元（1710万美元），而2020年第四季度为人民币1.585亿元。</blockquote></p><p><b>Income tax expense</b>&nbsp;wasRMB176.3&nbsp;million (US$26.9&nbsp;million) in the first quarter of 2021, compared withRMB110.6&nbsp;million in the fourth quarter of 2020, primarily due to an increase in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第一季度为人民币1.763亿元（2690万美元），而2020年第四季度为人民币1.106亿元，主要是由于应税收入增加。</blockquote></p><p><b>GAAPnet loss</b>&nbsp;was&nbsp;RMB267.0&nbsp;million (US$40.8 million) in the first&nbsp;quarter of 2021, compared withRMB236.7&nbsp;million in the fourth quarter of 2020.</p><p><blockquote><b>GAAP净损失</b>2021年第一季度为人民币2.670亿元（4080万美元），而2020年第四季度为人民币2.367亿元。</blockquote></p><p><b>Non-GAAP&nbsp;net income</b>&nbsp;was&nbsp;RMB610.5 million(US$93.2&nbsp;million) in the first&nbsp;quarter of 2021, representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第一季度为人民币6.105亿元（9320万美元），较2020年第四季度的人民币4.193亿元增长45.6%。</blockquote></p><p><b>GAAP basic and diluted net loss per American depositary share (\"ADS\")</b>&nbsp;were bothRMB0.174(US$0.027)in the first quarter of 2021, compared toRMB0.165in the fourth quarter of 2020.</p><p><blockquote><b>GAAP每股美国存托股（“ADS”）基本和摊薄净亏损</b>2021年第一季度均为0.174元人民币（0.027美元），而2020年第四季度为0.165元人民币。</blockquote></p><p><b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>were both&nbsp;RMB0.398(US$0.061)in the first quarter of 2021, compared toRMB0.292in the fourth quarter of 2020.</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年第一季度均为人民币0.398元（0.061美元），而2020年第四季度为人民币0.292元。</blockquote></p><p><b><u>Balance&nbsp;Sheet</u></b></p><p><blockquote><b><u>资产负债表</u></b></blockquote></p><p>As ofMarch 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments and long-term bank deposits ofRMB14,437.8&nbsp;million (US$2,203.6&nbsp;million), compared toRMB3,421.4 millionas ofDecember 31, 2020. The increase was primarily due to net proceeds raised in the Company's initial public offering inJanuary 2021. As of&nbsp;March 31, 2021, approximatelyUS$1,647.2 million(RMB10,792.2 million) was denominated in U.S. dollars.</p><p><blockquote>截至2021年3月31日，公司的现金及现金等价物、限制性现金、短期银行存款、短期投资和长期银行存款为人民币144.378亿元（22.036亿美元），而截至2020年12月31日为人民币34.214亿元。该增加主要是由于公司2021年1月首次公开募股筹集的所得款项净额所致。截至2021年3月31日，约16.472亿美元（人民币107.922亿元）以美元计价。</blockquote></p><p><b><u>Business Outlook</u></b></p><p><blockquote><b><u>业务展望</u></b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to exceedRMB2,850 million, and expects non-GAAP net income to exceedRMB720 million. The Company's expected GAAP net income will include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company currently also expects gross margin to remain steady.</p><p><blockquote>对于2021年第二季度，公司目前预计净收入将超过人民币28.5亿元，预计非公认会计准则净利润将超过人民币7.2亿元。公司的预期GAAP净利润将包括基于股份的薪酬费用，这些费用取决于公司的股价，如果不付出不合理的努力就无法获得。该公司目前还预计毛利率将保持稳定。</blockquote></p><p>The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.</p><p><blockquote>上述展望基于当前市场状况，包括与COVID-19大流行相关的市场状况，反映了公司对市场和运营状况以及用户需求的初步估计，这些都可能发生变化。有关与前瞻性陈述相关的风险，请参阅本新闻稿中的“安全港声明”。</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>RLX Technology Q1 revenues $366.1 million,up 48.2% YOY<blockquote>RLX科技第一季度营收3.661亿美元，同比增长48.2%</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\">\nRLX Technology Q1 revenues $366.1 million,up 48.2% YOY<blockquote>RLX科技第一季度营收3.661亿美元，同比增长48.2%</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\">2021-06-02 18:04</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>RLX Technology Inc., a leading branded e-vapor company in&nbsp;China, today announced its unaudited financial results for the first quarter endedMarch 31, 2021.</p><p><blockquote>国内领先的品牌电子烟公司RLX科技公司今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p><b><u>First Quarter 2021 Financial Highlights</u></b></p><p><blockquote><b><u>2021年第一季度财务摘要</u></b></blockquote></p><p><ul><li><b>Net revenues</b>&nbsp;were&nbsp;RMB2,398.5 million(US$366.1 million), representing an increase of 48.2% from&nbsp;RMB1,618.5 millionin the fourth quarter of 2020.</li><li><b>Gross margin</b>&nbsp;was 46.0%, compared to 42.9% in the fourth quarter of 2020.</li><li><b>GAAP</b>&nbsp;<b>netloss</b>&nbsp;was&nbsp;RMB267.0 million(US$40.8 million), compared withRMB236.7 millionin the fourth quarter of 2020.</li><li><b>Non-GAAP net income[1]</b>was&nbsp;RMB610.5 million(US$93.2 million), representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.</li></ul>RLX Technology&nbsp;stock&nbsp;surged&nbsp;5%&nbsp;in premarket trading.</p><p><blockquote><ul><li><b>净收入</b>为人民币23.985亿元（3.661亿美元），较2020年第四季度的人民币16.185亿元增长48.2%。</li><li><b>毛利率</b>为46.0%，而2020年第四季度为42.9%。</li><li><b>GAAP</b> <b>净损失</b>为人民币2.67亿元（4080万美元），而2020年第四季度为人民币2.367亿元。</li><li><b>非公认会计准则净利润[1]</b>为人民币6.105亿元（9320万美元），较2020年第四季度的人民币4.193亿元增长45.6%。</li></ul>RLX科技股价在盘前交易中飙升5%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f8e41217bab21ae2e0b69073c4d5e48b\" tg-width=\"1302\" tg-height=\"663\"></p><p><blockquote></blockquote></p><p>\"2021 began, on a solid note, with strong growth in key performance metrics of our business,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"Specifically, our expansion in distribution network fueled a strong sequential growth, further demonstrating sustained user demand for our e-vapor product portfolio.\"</p><p><blockquote>RLX科技联合创始人、董事会主席兼首席执行官王英女士表示：“2021年开局良好，我们业务的关键绩效指标强劲增长。”“具体来说，我们分销网络的扩张推动了强劲的环比增长，进一步证明了用户对我们电子蒸汽产品组合的持续需求。”</blockquote></p><p>\"As the go-to brand of e-vapor products inChina, we remain dedicated to investing in deepening our scientific research, improving our technology and product development, expanding our distribution network and retail outlets as well as enhancing supply chain and production capabilities. In the first quarter, we opened our<i>Quality Lab</i>to further strengthen our quality assurance and control capabilities, and started developing our second and third exclusive production plants to enhance our production capabilities. We believe we are well positioned to further capture the growth potential in the e-vapor industry inChina,\" Ms. Wang concluded.</p><p><blockquote>“作为中国电子烟产品的首选品牌，我们继续致力于投资深化我们的科学研究、改进我们的技术和产品开发、扩大我们的分销网络和零售店，以及增强供应链和生产能力。<i>质量实验室</i>进一步加强我们的质量保证和控制能力，并开始开发我们的第二个和第三个独家生产工厂，以提高我们的生产能力。我们相信，我们处于有利地位，可以进一步抓住中国电子蒸汽行业的增长潜力。”王女士总结道。</blockquote></p><p>\"Our robust results in the first quarter of 2021 exemplify our strong capabilities in meeting user demands for reliable, innovative and trustworthy products,\" said Mr.Chao Lu, Chief Financial Officer. \"Building on rapid revenue growth and continued efforts in improving operating leverage, our gross margin and non-GAAP net margin have remained steady in the first quarter. We will continue to pursue user value creation by enhancing our suite of product offerings and strengthening our brand leadership in the market.\"</p><p><blockquote>“我们2021年第一季度的强劲业绩证明了我们在满足用户对可靠、创新和值得信赖的产品的需求方面的强大能力，”首席财务官Chao Lu先生表示。“基于收入的快速增长和持续努力提高运营杠杆，我们的毛利率和非公认会计准则净利润率在第一季度保持稳定。我们将继续通过增强我们的产品组合和加强我们的品牌来追求用户价值创造在市场上的领导地位。”</blockquote></p><p><b><u>First Quarter 2021 Unaudited Financial Results</u></b></p><p><blockquote><b><u>2021年第一季度未经审计的财务业绩</u></b></blockquote></p><p><b>Net revenues</b>&nbsp;increased by 48.2% toRMB2,398.5 million(US$366.1 million) in the first quarter of 2021 fromRMB1,618.5 millionin the fourth quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.</p><p><blockquote><b>净收入</b>从2020年第四季度的人民币16.185亿元增长48.2%至2021年第一季度的人民币23.985亿元（3.661亿美元）。该增加主要是由于向线下分销商销售的净收入增加，这主要归因于公司分销和零售网络的扩张。</blockquote></p><p><b>Gross profit</b>&nbsp;increased by 59.1% to&nbsp;RMB1,104.1 million (US$168.5 million) in the first quarter of 2021 fromRMB694.1 millionin the fourth quarter of 2020.</p><p><blockquote><b>毛利</b>从2020年第四季度的人民币6.941亿元增长59.1%至2021年第一季度的人民币11.041亿元（1.685亿美元）。</blockquote></p><p><b>Gross margin</b>&nbsp;increased to 46.0% in the first quarter of 2021, compared to 42.9% in the fourth quarter of 2020.</p><p><blockquote><b>毛利率</b>2021年第一季度增至46.0%，而2020年第四季度为42.9%。</blockquote></p><p><b>Operating expenses</b>&nbsp;wereRMB1,216.0 million(US$185.6 million) in the first quarter of 2021, representing an increase of 42.6% fromRMB852.6 millionin the fourth quarter of 2020.</p><p><blockquote><b>营业费用</b>2021年第一季度为12.16亿元人民币（1.856亿美元），较2020年第四季度的8.526亿元人民币增长42.6%。</blockquote></p><p><i>Selling expenses</i>increased by 48.2% to&nbsp;RMB291.5 million (US$44.5 million) in the first quarter of 2021 fromRMB196.7 millionin the fourth quarter of 2020. The increase was mainly driven by (i) an increase in salaries and welfare benefits, (ii) an increase in branding material expenses, and (iii) an increase in shipping expenses.</p><p><blockquote><i>销售费用</i>从2020年第四季度的人民币1.967亿元增长48.2%至2021年第一季度的人民币2.915亿元（4450万美元）。该增加主要由于(i)薪金及福利增加、(ii)品牌材料开支增加及(iii)运输开支增加所致。</blockquote></p><p><i>General and administrative expenses</i>&nbsp;increased by 59.5% toRMB712.8 million(US$108.8 million) in the first quarter of 2021 fromRMB447.0 millionin the fourth quarter of 2020. The increase was primarily due to (i) an increase in salaries and welfare benefits, and (ii) an increase in share-based compensation expenses, partially offset by a decrease in legal and other consulting fees.</p><p><blockquote><i>一般及行政开支</i>从2020年第四季度的4.47亿元人民币增长59.5%至2021年第一季度的7.128亿元人民币（1.088亿美元）。该增加主要由于(i)薪金及福利增加，及(ii)以股份为基础的薪酬开支增加，惟部分被法律及其他谘询费用减少所抵销。</blockquote></p><p><i>Research and development expenses</i>increased by 1.3% to&nbsp;RMB211.6 million (US$32.3 million) in the first quarter of 2021 fromRMB208.9 millionin the fourth quarter of 2020. The increase was primarily driven by an increase in salaries and welfare benefits, partially offset by (i) a decrease in share-based compensation expenses, and (ii) a decrease in material expenses.</p><p><blockquote><i>研发费用</i>从2020年第四季度的人民币2.089亿元增长1.3%至2021年第一季度的人民币2.116亿元（3230万美元）。该增加主要由于薪金及福利增加所致，惟部分被(i)以股份为基础的薪酬开支减少及(ii)重大开支减少所抵销。</blockquote></p><p>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB877.5million (US$133.9&nbsp;million) in the first quarter of 2021 andRMB656.1&nbsp;million in the fourth quarter of 2020.</p><p><blockquote>2021年第一季度，销售费用、一般及管理费用以及研发费用中确认的股份薪酬费用总额为人民币8.775亿元（1.339亿美元），2020年第四季度为人民币6.561亿元。</blockquote></p><p></p><p><b>Loss from operations</b>&nbsp;was&nbsp;RMB111.9&nbsp;million (US$17.1&nbsp;million) in the first quarter of 2021, compared withRMB158.5&nbsp;million in the fourth quarter of 2020.</p><p><blockquote><b>经营亏损</b>2021年第一季度为人民币1.119亿元（1710万美元），而2020年第四季度为人民币1.585亿元。</blockquote></p><p><b>Income tax expense</b>&nbsp;wasRMB176.3&nbsp;million (US$26.9&nbsp;million) in the first quarter of 2021, compared withRMB110.6&nbsp;million in the fourth quarter of 2020, primarily due to an increase in taxable income.</p><p><blockquote><b>所得税费用</b>2021年第一季度为人民币1.763亿元（2690万美元），而2020年第四季度为人民币1.106亿元，主要是由于应税收入增加。</blockquote></p><p><b>GAAPnet loss</b>&nbsp;was&nbsp;RMB267.0&nbsp;million (US$40.8 million) in the first&nbsp;quarter of 2021, compared withRMB236.7&nbsp;million in the fourth quarter of 2020.</p><p><blockquote><b>GAAP净损失</b>2021年第一季度为人民币2.670亿元（4080万美元），而2020年第四季度为人民币2.367亿元。</blockquote></p><p><b>Non-GAAP&nbsp;net income</b>&nbsp;was&nbsp;RMB610.5 million(US$93.2&nbsp;million) in the first&nbsp;quarter of 2021, representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.</p><p><blockquote><b>非公认会计准则净利润</b>2021年第一季度为人民币6.105亿元（9320万美元），较2020年第四季度的人民币4.193亿元增长45.6%。</blockquote></p><p><b>GAAP basic and diluted net loss per American depositary share (\"ADS\")</b>&nbsp;were bothRMB0.174(US$0.027)in the first quarter of 2021, compared toRMB0.165in the fourth quarter of 2020.</p><p><blockquote><b>GAAP每股美国存托股（“ADS”）基本和摊薄净亏损</b>2021年第一季度均为0.174元人民币（0.027美元），而2020年第四季度为0.165元人民币。</blockquote></p><p><b>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]</b>were both&nbsp;RMB0.398(US$0.061)in the first quarter of 2021, compared toRMB0.292in the fourth quarter of 2020.</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年第一季度均为人民币0.398元（0.061美元），而2020年第四季度为人民币0.292元。</blockquote></p><p><b><u>Balance&nbsp;Sheet</u></b></p><p><blockquote><b><u>资产负债表</u></b></blockquote></p><p>As ofMarch 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments and long-term bank deposits ofRMB14,437.8&nbsp;million (US$2,203.6&nbsp;million), compared toRMB3,421.4 millionas ofDecember 31, 2020. The increase was primarily due to net proceeds raised in the Company's initial public offering inJanuary 2021. As of&nbsp;March 31, 2021, approximatelyUS$1,647.2 million(RMB10,792.2 million) was denominated in U.S. dollars.</p><p><blockquote>截至2021年3月31日，公司的现金及现金等价物、限制性现金、短期银行存款、短期投资和长期银行存款为人民币144.378亿元（22.036亿美元），而截至2020年12月31日为人民币34.214亿元。该增加主要是由于公司2021年1月首次公开募股筹集的所得款项净额所致。截至2021年3月31日，约16.472亿美元（人民币107.922亿元）以美元计价。</blockquote></p><p><b><u>Business Outlook</u></b></p><p><blockquote><b><u>业务展望</u></b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to exceedRMB2,850 million, and expects non-GAAP net income to exceedRMB720 million. The Company's expected GAAP net income will include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company currently also expects gross margin to remain steady.</p><p><blockquote>对于2021年第二季度，公司目前预计净收入将超过人民币28.5亿元，预计非公认会计准则净利润将超过人民币7.2亿元。公司的预期GAAP净利润将包括基于股份的薪酬费用，这些费用取决于公司的股价，如果不付出不合理的努力就无法获得。该公司目前还预计毛利率将保持稳定。</blockquote></p><p>The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.</p><p><blockquote>上述展望基于当前市场状况，包括与COVID-19大流行相关的市场状况，反映了公司对市场和运营状况以及用户需求的初步估计，这些都可能发生变化。有关与前瞻性陈述相关的风险，请参阅本新闻稿中的“安全港声明”。</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":"1104336218","content_text":"RLX Technology Inc., a leading branded e-vapor company in China, today announced its unaudited financial results for the first quarter endedMarch 31, 2021.First Quarter 2021 Financial HighlightsNet revenues were RMB2,398.5 million(US$366.1 million), representing an increase of 48.2% from RMB1,618.5 millionin the fourth quarter of 2020.Gross margin was 46.0%, compared to 42.9% in the fourth quarter of 2020.GAAP netloss was RMB267.0 million(US$40.8 million), compared withRMB236.7 millionin the fourth quarter of 2020.Non-GAAP net income[1]was RMB610.5 million(US$93.2 million), representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.RLX Technology stock surged 5% in premarket trading.\"2021 began, on a solid note, with strong growth in key performance metrics of our business,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"Specifically, our expansion in distribution network fueled a strong sequential growth, further demonstrating sustained user demand for our e-vapor product portfolio.\"\"As the go-to brand of e-vapor products inChina, we remain dedicated to investing in deepening our scientific research, improving our technology and product development, expanding our distribution network and retail outlets as well as enhancing supply chain and production capabilities. In the first quarter, we opened ourQuality Labto further strengthen our quality assurance and control capabilities, and started developing our second and third exclusive production plants to enhance our production capabilities. We believe we are well positioned to further capture the growth potential in the e-vapor industry inChina,\" Ms. Wang concluded.\"Our robust results in the first quarter of 2021 exemplify our strong capabilities in meeting user demands for reliable, innovative and trustworthy products,\" said Mr.Chao Lu, Chief Financial Officer. \"Building on rapid revenue growth and continued efforts in improving operating leverage, our gross margin and non-GAAP net margin have remained steady in the first quarter. We will continue to pursue user value creation by enhancing our suite of product offerings and strengthening our brand leadership in the market.\"First Quarter 2021 Unaudited Financial ResultsNet revenues increased by 48.2% toRMB2,398.5 million(US$366.1 million) in the first quarter of 2021 fromRMB1,618.5 millionin the fourth quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.Gross profit increased by 59.1% to RMB1,104.1 million (US$168.5 million) in the first quarter of 2021 fromRMB694.1 millionin the fourth quarter of 2020.Gross margin increased to 46.0% in the first quarter of 2021, compared to 42.9% in the fourth quarter of 2020.Operating expenses wereRMB1,216.0 million(US$185.6 million) in the first quarter of 2021, representing an increase of 42.6% fromRMB852.6 millionin the fourth quarter of 2020.Selling expensesincreased by 48.2% to RMB291.5 million (US$44.5 million) in the first quarter of 2021 fromRMB196.7 millionin the fourth quarter of 2020. The increase was mainly driven by (i) an increase in salaries and welfare benefits, (ii) an increase in branding material expenses, and (iii) an increase in shipping expenses.General and administrative expenses increased by 59.5% toRMB712.8 million(US$108.8 million) in the first quarter of 2021 fromRMB447.0 millionin the fourth quarter of 2020. The increase was primarily due to (i) an increase in salaries and welfare benefits, and (ii) an increase in share-based compensation expenses, partially offset by a decrease in legal and other consulting fees.Research and development expensesincreased by 1.3% to RMB211.6 million (US$32.3 million) in the first quarter of 2021 fromRMB208.9 millionin the fourth quarter of 2020. The increase was primarily driven by an increase in salaries and welfare benefits, partially offset by (i) a decrease in share-based compensation expenses, and (ii) a decrease in material expenses.Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB877.5million (US$133.9 million) in the first quarter of 2021 andRMB656.1 million in the fourth quarter of 2020.Loss from operations was RMB111.9 million (US$17.1 million) in the first quarter of 2021, compared withRMB158.5 million in the fourth quarter of 2020.Income tax expense wasRMB176.3 million (US$26.9 million) in the first quarter of 2021, compared withRMB110.6 million in the fourth quarter of 2020, primarily due to an increase in taxable income.GAAPnet loss was RMB267.0 million (US$40.8 million) in the first quarter of 2021, compared withRMB236.7 million in the fourth quarter of 2020.Non-GAAP net income was RMB610.5 million(US$93.2 million) in the first quarter of 2021, representing an increase of 45.6% fromRMB419.3 millionin the fourth quarter of 2020.GAAP basic and diluted net loss per American depositary share (\"ADS\") were bothRMB0.174(US$0.027)in the first quarter of 2021, compared toRMB0.165in the fourth quarter of 2020.Non-GAAP basic and diluted netincome per ADS[2]were both RMB0.398(US$0.061)in the first quarter of 2021, compared toRMB0.292in the fourth quarter of 2020.Balance SheetAs ofMarch 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments and long-term bank deposits ofRMB14,437.8 million (US$2,203.6 million), compared toRMB3,421.4 millionas ofDecember 31, 2020. The increase was primarily due to net proceeds raised in the Company's initial public offering inJanuary 2021. As of March 31, 2021, approximatelyUS$1,647.2 million(RMB10,792.2 million) was denominated in U.S. dollars.Business OutlookFor the second quarter of 2021, the Company currently expects net revenues to exceedRMB2,850 million, and expects non-GAAP net income to exceedRMB720 million. The Company's expected GAAP net income will include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company currently also expects gross margin to remain steady.The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":862,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119786957,"gmtCreate":1622565108579,"gmtModify":1634100402183,"author":{"id":"3555405988657722","authorId":"3555405988657722","name":"XxBoxX","avatar":"https://static.tigerbbs.com/10dca596007b042e10a18625e67b7893","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3555405988657722","idStr":"3555405988657722"},"themes":[],"htmlText":"Daily task","listText":"Daily task","text":"Daily 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drop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/358170899","repostId":"1171024907","repostType":4,"repost":{"id":"1171024907","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":1616675693,"share":"https://www.laohu8.com/m/news/1171024907?lang=zh_CN&edition=full","pubTime":"2021-03-25 20:34","market":"us","language":"en","title":"Weekly jobless claims tumble to lowest level in more than a year<blockquote>每周申请失业救济人数跌至一年多来的最低水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171024907","media":"Tiger Newspress","summary":"First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hir","content":"<p>First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday.</p><p><blockquote>美国劳工部周四报告称，由于有迹象表明美国经济招聘有所回升，上周首次申请失业保险的人数意外大幅下降。</blockquote></p><p> Claims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 since the Covid-19 pandemic began just over a year ago.</p><p><blockquote>截至3月20日当周，申请失业救济人数总计684,000人，这是自一年多前Covid-19大流行开始以来，这一数字首次低于70万人。</blockquote></p><p> Economists surveyed by Dow Jones had been expecting claims to total 735,000 after an unexpected spike the week before.</p><p><blockquote>道琼斯调查的经济学家此前预计申请失业救济人数将达到735,000人，此前一周意外激增。</blockquote></p><p> A separate release Thursday morning showed that gross domestic product was stronger than anticipated in the fourth quarter. The third and final reading on GDP showed a gain of 4.3%, up from previous estimates and the Wall Street consensus of 4.1%.</p><p><blockquote>周四上午发布的另一份报告显示，第四季度国内生产总值强于预期。GDP第三次也是最终数据显示增长4.3%，高于之前的预期和华尔街普遍预期的4.1%。</blockquote></p><p> Policymakers have been watching the jobs data more closely, though, for clues about where the economy is headed. Last week’s progress showed that the jobs market is gaining traction amid aggressive government stimulus and a vaccination program that is seeing close to 2.5 million Americans a day getting shots aimed at stopping the Covid-19 spread.</p><p><blockquote>不过，政策制定者一直在更密切地关注就业数据，以寻找有关经济走向的线索。上周的进展表明，在政府积极的刺激措施和疫苗接种计划的推动下，就业市场正在获得牵引力，每天有近250万美国人接种旨在阻止Covid-19传播的疫苗。</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>Weekly jobless claims tumble to lowest level in more than a year<blockquote>每周申请失业救济人数跌至一年多来的最低水平</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\">\nWeekly jobless claims tumble to lowest level in more than a year<blockquote>每周申请失业救济人数跌至一年多来的最低水平</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\">2021-03-25 20:34</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday.</p><p><blockquote>美国劳工部周四报告称，由于有迹象表明美国经济招聘有所回升，上周首次申请失业保险的人数意外大幅下降。</blockquote></p><p> Claims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 since the Covid-19 pandemic began just over a year ago.</p><p><blockquote>截至3月20日当周，申请失业救济人数总计684,000人，这是自一年多前Covid-19大流行开始以来，这一数字首次低于70万人。</blockquote></p><p> Economists surveyed by Dow Jones had been expecting claims to total 735,000 after an unexpected spike the week before.</p><p><blockquote>道琼斯调查的经济学家此前预计申请失业救济人数将达到735,000人，此前一周意外激增。</blockquote></p><p> A separate release Thursday morning showed that gross domestic product was stronger than anticipated in the fourth quarter. The third and final reading on GDP showed a gain of 4.3%, up from previous estimates and the Wall Street consensus of 4.1%.</p><p><blockquote>周四上午发布的另一份报告显示，第四季度国内生产总值强于预期。GDP第三次也是最终数据显示增长4.3%，高于之前的预期和华尔街普遍预期的4.1%。</blockquote></p><p> Policymakers have been watching the jobs data more closely, though, for clues about where the economy is headed. Last week’s progress showed that the jobs market is gaining traction amid aggressive government stimulus and a vaccination program that is seeing close to 2.5 million Americans a day getting shots aimed at stopping the Covid-19 spread.</p><p><blockquote>不过，政策制定者一直在更密切地关注就业数据，以寻找有关经济走向的线索。上周的进展表明，在政府积极的刺激措施和疫苗接种计划的推动下，就业市场正在获得牵引力，每天有近250万美国人接种旨在阻止Covid-19传播的疫苗。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171024907","content_text":"First-time claims for unemployment insurance unexpectedly fell sharply last week amid signs that hiring has picked up in the U.S. economy, the Labor Department reported Thursday.\nClaims totaled 684,000 for the week ended March 20, the first time the number has been below 700,000 since the Covid-19 pandemic began just over a year ago.\nEconomists surveyed by Dow Jones had been expecting claims to total 735,000 after an unexpected spike the week before.\nA separate release Thursday morning showed that gross domestic product was stronger than anticipated in the fourth quarter. The third and final reading on GDP showed a gain of 4.3%, up from previous estimates and the Wall Street consensus of 4.1%.\nPolicymakers have been watching the jobs data more closely, though, for clues about where the economy is headed. Last week’s progress showed that the jobs market is gaining traction amid aggressive government stimulus and a vaccination program that is seeing close to 2.5 million Americans a day getting shots aimed at stopping the Covid-19 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