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Meiw

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2021-05-11

$GameStop(GME)$So um should I pull out?

2021-05-13

Tesla has always been one of the more consistent ones so I’ll wait.

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2021-04-15

Lmao

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2021-05-03

Give it time. It will hopefully increase evantually.

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2021-05-13

Hmm

Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</blockquote>

2021-05-13

I agree. Please sell. [Smile]

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2021-04-28

Fb’s a scam imo.

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2021-05-10

$GameStop(GME)$When will this change?

2021-05-03

$GameStop(GME)$At least it is holding...

2021-05-10

Eh?

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(“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a lea","content":"<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，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>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户(DAU)</b>达到6010万，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费82分钟。2021年3月29日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者基础，并扩大了我们在离家更近的金融市场的影响力。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z+一代人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较2020年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加所致。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币1250万元（190万美元），而2020年同期为人民币940万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税，2020年同期为人民币4.746亿元。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本和稀释每股收益以及调整后基本和稀释每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，公司的现金及现金等价物、定期存款以及短期投资为人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>公司目前预计2021年第二季度净收入在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与持续的COVID-19大流行相关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户指在我们平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></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>Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</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\">\nBilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</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\">2021-05-13 17:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，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>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户(DAU)</b>达到6010万，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费82分钟。2021年3月29日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者基础，并扩大了我们在离家更近的金融市场的影响力。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z+一代人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较2020年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加所致。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币1250万元（190万美元），而2020年同期为人民币940万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税，2020年同期为人民币4.746亿元。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本和稀释每股收益以及调整后基本和稀释每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，公司的现金及现金等价物、定期存款以及短期投资为人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>公司目前预计2021年第二季度净收入在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与持续的COVID-19大流行相关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户指在我们平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147949263","content_text":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.First Quarter 2021 Highlights:Total net revenuesreached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.Average monthly active users (MAUs)reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.Average daily active users (DAUs)reached 60.1 million, an 18% increase from the same period in 2020.Average monthly paying users (MPUs1)reached 20.5 million, a 53% increase from the same period in 2020.“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”First Quarter 2021 Financial ResultsTotal net revenues.Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.Mobile games.Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.Value-added services (VAS).Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.Advertising.Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.E-commerce and others.Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.Cost of revenues.Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.Gross profit.Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.Total operating expenses.Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.Sales and marketing expenses.Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.General and administrative expenses.General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.Research and development expenses.Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.Loss from operations.Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.Income tax expense.Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.Net loss.Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.Adjusted net loss2.Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.Basic and diluted EPS and adjustedbasic and diluted EPS2. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.Cash and cash equivalents, time deposits and short-term investments.As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.Secondary Listing in Hong KongOn March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.OutlookFor the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.1The paying users refer to users who make payments for various products and services on our platform, including purchases in games and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.2Adjusted net loss and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.Bilibili rose 1.49% in premarket trading.","news_type":1,"symbols_score_info":{"09626":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":3577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199751989,"gmtCreate":1620736249641,"gmtModify":1634196737680,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>So um should I pull out?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>So um should I pull out?","text":"$GameStop(GME)$So um should I pull out?","images":[{"img":"https://static.tigerbbs.com/f3e4ad1cd40fa5f97b7021145d4df2a6","width":"1242","height":"1767"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/199751989","isVote":1,"tweetType":1,"viewCount":6046,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575764178135145","authorId":"3575764178135145","name":"MaRo","avatar":"https://static.tigerbbs.com/8c7022bbcac13197c84f0d963050133e","crmLevel":4,"crmLevelSwitch":0,"idStr":"3575764178135145","authorIdStr":"3575764178135145"},"content":"HODL住，会上月球的","text":"HODL住，会上月球的","html":"HODL住，会上月球的"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190672480,"gmtCreate":1620620173940,"gmtModify":1634197629002,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>When will this change?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>When will this change?","text":"$GameStop(GME)$When will this change?","images":[{"img":"https://static.tigerbbs.com/d878c69e46a2f043ce53119d0bb6747e","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190672480","isVote":1,"tweetType":1,"viewCount":2382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190676129,"gmtCreate":1620620130461,"gmtModify":1634197630429,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"Eh?","listText":"Eh?","text":"Eh?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190676129","repostId":"1165396592","repostType":4,"isVote":1,"tweetType":1,"viewCount":3054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106523935,"gmtCreate":1620135412127,"gmtModify":1634207567545,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"Tfw i only found about the divorce because stonks","listText":"Tfw i only found about the divorce because stonks","text":"Tfw i only found about the divorce because stonks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106523935","repostId":"1141446343","repostType":4,"repost":{"id":"1141446343","kind":"news","pubTimestamp":1620108260,"share":"https://www.laohu8.com/m/news/1141446343?lang=zh_CN&edition=full","pubTime":"2021-05-04 14:04","market":"us","language":"en","title":"Bill and Melinda Gates are getting divorced. Here are some stocks they owned<blockquote>比尔和梅林达·盖茨要离婚了。以下是他们拥有的一些股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141446343","media":"seeking alpha","summary":"Though the pairin a statement assuredthe public that they will continue to work together at their foundation despiteending their marriage, the news about the Microsoftfounder and his partner of 27 years may send shockwaves across their projects.In the latest13F filingfrom the Bill and Melinda Gates Foundation Trust for the period ended 12/31/20, top holdings by value in descending order included Berkshire Hathaway, Waste Management, Caterpillar, Canadian National, Walmart, EcoLab, Crown Castle, ","content":"<p><ul><li>Though the pairin a statement assuredthe public that they will continue to work together at their foundation despiteending their marriage, the news about the Microsoft(NASDAQ:MSFT)founder and his partner of 27 years may send shockwaves across their projects.</li><li>In the latest13F filingfrom the Bill and Melinda Gates Foundation Trust for the period ended 12/31/20, top holdings by value in descending order included Berkshire Hathaway(NYSE:BRK.B), Waste Management(NYSE:WM), Caterpillar(NYSE:CAT), Canadian National(NYSE:CNI), Walmart(NYSE:WMT), EcoLab(NYSE:ECL), Crown Castle(NYSE:CCI), Fedex(NYSE:FDX)and UPS(NYSE:UPS).</li><li><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> stocks in which the foundation has a large stake (more than 10% of shares outstanding) included Schrodinger(NASDAQ:SDGR)and Coca-Cola Femsa(NYSE:KOF).</li><li>Most of the other holdings were below $1 billion in market value and their ownership consisted of less than 3% of shares outstanding in the associated stock.</li><li>The Bill and Melinda Gates Foundation, in their latestquarterly filing, disclosed ownership stakes in Amyris(NASDAQ:AMRS), Vir Biotech(NASDAQ:VIR), BionTech(NASDAQ:BNTX), Curevac(NASDAQ:CVAC)and <a href=\"https://laohu8.com/S/BCEL\">Atreca</a>(NASDAQ:BCEL).</li><li>Our readers may recall when the world's richest person, Jeff Bezos, and his partner Mackenzie Scottcalled it quits two years ago.&nbsp;This is how their wealth ended upsplit between them.</li></ul></p><p><blockquote><ul><li>尽管这对夫妇在一份声明中向公众保证，尽管结束了婚姻，他们仍将继续在基金会合作，但有关微软（纳斯达克：MSFT）创始人和他27年的合作伙伴的消息可能会给他们的项目带来冲击波。</li><li>在比尔和梅琳达·盖茨基金会信托基金截至2020年12月31日的最新13F文件中，按价值降序排列的最大持股包括伯克希尔·哈撒韦公司(NYSE：BRK.B)、废物管理公司(NYSE：WM)、卡特彼勒(NYSE：CAT)、加拿大国家航空公司(NYSE：CNI)、沃尔玛(NYSE：WMT)、艺康(NYSE：ECL)、皇冠城堡(NYSE：CCI)、联邦快递(NYSE：FDX)和UPS(NYSE：UPS)。</li><li><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>该基金会持有大量股份（超过已发行股票的10%）的股票包括薛定谔（纳斯达克股票代码：SDGR）和可口可乐Femsa（纽约证券交易所股票代码：KOF）。</li><li>大多数其他持股的市值低于10亿美元，其所有权仅占相关股票已发行股份的不到3%。</li><li>比尔和梅琳达·盖茨基金会在最新的季度文件中披露了Amyris（纳斯达克：AMRS）、Vir Biotech（纳斯达克：VIR）、BionTech（纳斯达克：BNTX）、Curevac（纳斯达克：CVAC）和<a href=\"https://laohu8.com/S/BCEL\">阿特雷卡</a>（纳斯达克：BCEL）。</li><li>我们的读者可能还记得两年前世界首富杰夫·贝索斯和他的合伙人麦肯兹·斯科特宣布分手的时候。他们的财富就是这样在他们之间分配的。</li></ul></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>Bill and Melinda Gates are getting divorced. Here are some stocks they owned<blockquote>比尔和梅林达·盖茨要离婚了。以下是他们拥有的一些股票</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\">\nBill and Melinda Gates are getting divorced. Here are some stocks they owned<blockquote>比尔和梅林达·盖茨要离婚了。以下是他们拥有的一些股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seeking alpha</strong><span class=\"h-time small\">2021-05-04 14:04</span>\n</p>\n</h4>\n</header>\n<article>\n<p><ul><li>Though the pairin a statement assuredthe public that they will continue to work together at their foundation despiteending their marriage, the news about the Microsoft(NASDAQ:MSFT)founder and his partner of 27 years may send shockwaves across their projects.</li><li>In the latest13F filingfrom the Bill and Melinda Gates Foundation Trust for the period ended 12/31/20, top holdings by value in descending order included Berkshire Hathaway(NYSE:BRK.B), Waste Management(NYSE:WM), Caterpillar(NYSE:CAT), Canadian National(NYSE:CNI), Walmart(NYSE:WMT), EcoLab(NYSE:ECL), Crown Castle(NYSE:CCI), Fedex(NYSE:FDX)and UPS(NYSE:UPS).</li><li><a href=\"https://laohu8.com/S/TWOA.U\">Two</a> stocks in which the foundation has a large stake (more than 10% of shares outstanding) included Schrodinger(NASDAQ:SDGR)and Coca-Cola Femsa(NYSE:KOF).</li><li>Most of the other holdings were below $1 billion in market value and their ownership consisted of less than 3% of shares outstanding in the associated stock.</li><li>The Bill and Melinda Gates Foundation, in their latestquarterly filing, disclosed ownership stakes in Amyris(NASDAQ:AMRS), Vir Biotech(NASDAQ:VIR), BionTech(NASDAQ:BNTX), Curevac(NASDAQ:CVAC)and <a href=\"https://laohu8.com/S/BCEL\">Atreca</a>(NASDAQ:BCEL).</li><li>Our readers may recall when the world's richest person, Jeff Bezos, and his partner Mackenzie Scottcalled it quits two years ago.&nbsp;This is how their wealth ended upsplit between them.</li></ul></p><p><blockquote><ul><li>尽管这对夫妇在一份声明中向公众保证，尽管结束了婚姻，他们仍将继续在基金会合作，但有关微软（纳斯达克：MSFT）创始人和他27年的合作伙伴的消息可能会给他们的项目带来冲击波。</li><li>在比尔和梅琳达·盖茨基金会信托基金截至2020年12月31日的最新13F文件中，按价值降序排列的最大持股包括伯克希尔·哈撒韦公司(NYSE：BRK.B)、废物管理公司(NYSE：WM)、卡特彼勒(NYSE：CAT)、加拿大国家航空公司(NYSE：CNI)、沃尔玛(NYSE：WMT)、艺康(NYSE：ECL)、皇冠城堡(NYSE：CCI)、联邦快递(NYSE：FDX)和UPS(NYSE：UPS)。</li><li><a href=\"https://laohu8.com/S/TWOA.U\">两个</a>该基金会持有大量股份（超过已发行股票的10%）的股票包括薛定谔（纳斯达克股票代码：SDGR）和可口可乐Femsa（纽约证券交易所股票代码：KOF）。</li><li>大多数其他持股的市值低于10亿美元，其所有权仅占相关股票已发行股份的不到3%。</li><li>比尔和梅琳达·盖茨基金会在最新的季度文件中披露了Amyris（纳斯达克：AMRS）、Vir Biotech（纳斯达克：VIR）、BionTech（纳斯达克：BNTX）、Curevac（纳斯达克：CVAC）和<a href=\"https://laohu8.com/S/BCEL\">阿特雷卡</a>（纳斯达克：BCEL）。</li><li>我们的读者可能还记得两年前世界首富杰夫·贝索斯和他的合伙人麦肯兹·斯科特宣布分手的时候。他们的财富就是这样在他们之间分配的。</li></ul></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/news/3689813-bill-and-melinda-gates-are-getting-divorced-here-are-some-stocks-they-owned\">seeking alpha</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":{"FDX":"联邦快递","VIR":"Vir Biotechnology, Inc.","CAT":"卡特彼勒","WM":"美国废物管理","WCLD":"WisdomTree Cloud Computing Fund","CNI":"加拿大国家铁路","KOF":"可口可乐凡萨瓶装","BRK.B":"伯克希尔B","MSFT":"微软","WMT":"沃尔玛","CVAC":"CureVac B.V.","BNTX":"BioNTech SE","CCI":"冠城","SDGR":"Schrodinger Inc.","UPS":"联合包裹","AMRS":"阿米瑞斯"},"source_url":"https://seekingalpha.com/news/3689813-bill-and-melinda-gates-are-getting-divorced-here-are-some-stocks-they-owned","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141446343","content_text":"Though the pairin a statement assuredthe public that they will continue to work together at their foundation despiteending their marriage, the news about the Microsoft(NASDAQ:MSFT)founder and his partner of 27 years may send shockwaves across their projects.In the latest13F filingfrom the Bill and Melinda Gates Foundation Trust for the period ended 12/31/20, top holdings by value in descending order included Berkshire Hathaway(NYSE:BRK.B), Waste Management(NYSE:WM), Caterpillar(NYSE:CAT), Canadian National(NYSE:CNI), Walmart(NYSE:WMT), EcoLab(NYSE:ECL), Crown Castle(NYSE:CCI), Fedex(NYSE:FDX)and UPS(NYSE:UPS).Two stocks in which the foundation has a large stake (more than 10% of shares outstanding) included Schrodinger(NASDAQ:SDGR)and Coca-Cola Femsa(NYSE:KOF).Most of the other holdings were below $1 billion in market value and their ownership consisted of less than 3% of shares outstanding in the associated stock.The Bill and Melinda Gates Foundation, in their latestquarterly filing, disclosed ownership stakes in Amyris(NASDAQ:AMRS), Vir Biotech(NASDAQ:VIR), BionTech(NASDAQ:BNTX), Curevac(NASDAQ:CVAC)and Atreca(NASDAQ:BCEL).Our readers may recall when the world's richest person, Jeff Bezos, and his partner Mackenzie Scottcalled it quits two years ago. This is how their wealth ended upsplit between them.","news_type":1,"symbols_score_info":{"CVAC":0.9,"FDX":0.9,"BNTX":0.9,"VIR":0.9,"AMRS":0.9,"UPS":0.9,"CCI":0.9,"SDGR":0.9,"CAT":0.9,"BCEL":0.9,"WCLD":0.9,"WM":0.9,"CNI":0.9,"KOF":0.9,"BRK.B":0.9,"MSFT":0.9,"WMT":0.9}},"isVote":1,"tweetType":1,"viewCount":3485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":106520541,"gmtCreate":1620135376883,"gmtModify":1634207568590,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Ok fr should i sell?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>Ok fr should i sell?","text":"$GameStop(GME)$Ok fr should i sell?","images":[{"img":"https://static.tigerbbs.com/111455074c207d692040a55ba606c25f","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/106520541","isVote":1,"tweetType":1,"viewCount":3355,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108642620,"gmtCreate":1620023224660,"gmtModify":1634208435931,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>At least it is holding...","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>At least it is holding...","text":"$GameStop(GME)$At least it is holding...","images":[{"img":"https://static.tigerbbs.com/d2f2f997397472e2e2665c01ed10d111","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108642620","isVote":1,"tweetType":1,"viewCount":2170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108642359,"gmtCreate":1620023198571,"gmtModify":1634208436052,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"Give it time. It will hopefully increase evantually.&nbsp;","listText":"Give it time. It will hopefully increase evantually.&nbsp;","text":"Give it time. It will hopefully increase evantually.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108642359","repostId":"2132569212","repostType":2,"isVote":1,"tweetType":1,"viewCount":2269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100551617,"gmtCreate":1619623380039,"gmtModify":1634211235772,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"Fb’s a scam imo.&nbsp;","listText":"Fb’s a scam imo.&nbsp;","text":"Fb’s a scam imo.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/100551617","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371391428,"gmtCreate":1618908356764,"gmtModify":1634289986472,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"What are they doing with the shares?","listText":"What are they doing with the shares?","text":"What are they doing with the shares?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/371391428","repostId":"1125387983","repostType":2,"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371391601,"gmtCreate":1618908317703,"gmtModify":1634289986711,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"So um","listText":"So um","text":"So um","images":[{"img":"https://static.tigerbbs.com/8dc9db81b08e4115cb9f3a402eddc994","width":"1125","height":"2730"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/371391601","isVote":1,"tweetType":1,"viewCount":600,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":347270015,"gmtCreate":1618498854337,"gmtModify":1634292492078,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"Lmao","listText":"Lmao","text":"Lmao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347270015","repostId":"1153108819","repostType":4,"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352785075,"gmtCreate":1617005463497,"gmtModify":1634523190195,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"When you say hedge funds it kind of takes off some credibility...","listText":"When you say hedge funds it kind of takes off some credibility...","text":"When you say hedge funds it kind of takes off some credibility...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/352785075","repostId":"1141317956","repostType":4,"repost":{"id":"1141317956","kind":"news","pubTimestamp":1617003767,"share":"https://www.laohu8.com/m/news/1141317956?lang=zh_CN&edition=full","pubTime":"2021-03-29 15:42","market":"us","language":"en","title":"Hedge Fund CIO: \"Sinners Have Become The System And Will Be Eternally Supported By Policy\"<blockquote>对冲基金CIO：“罪人已经成为系统，将永远受到政策的支持”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141317956","media":"zerohedge","summary":"Sinners\n“At some point on the current path, policy makers will attempt to normalize,”said the CIO. W","content":"<p><u><b>Sinners</b></u></p><p><blockquote><u><b>罪人</b></u></blockquote></p><p> <b>“At some point on the current path, policy makers will attempt to normalize,”</b>said the CIO. We were discussing sequencing, recognizing its centrality to macro trading, investing. “They will start by attempting to taper Fed purchases,” he said, the US central bank currently creating $120bln per month and using it to purchase debt. “Perhaps they signal that they intend to lower the deficit.”<b>But of course, that would only be after they first lift the deficit to fund America’s coming $3trln Recovery Plan. “And at that point, the clock starts ticking,” he said.</b></p><p><blockquote><b>“在当前道路上的某个时刻，政策制定者将尝试正常化，”</b>CIO说。我们在讨论排序，认识到它对宏观交易和投资的中心地位。他表示：“他们将首先尝试缩减美联储的购买规模。”美联储目前每月创造1200亿美元并用于购买债务。“也许他们发出了打算降低赤字的信号。”<b>当然，这只是在他们首次取消赤字为美国即将到来的3万亿美元复苏计划提供资金之后。“到那时，时间就开始流逝了，”他说。</b></blockquote></p><p> “Even if one thinks the current policy path inevitably leads to a substantial inflation, there are enough orthodox policy makers that we can be confident they’ll try to avert that outcome,” continued the same CIO.<b>“So what we need to figure out is how far they’ll let stocks and inflation run before they’re compelled to taper,”</b>he said. “And then we’ll need to judge how long it will take for the economy and/or market to take a deep dive.” Not long. “When they then quickly pivot and aggressively ease, their predicament will be clear for all to see.”</p><p><blockquote>“即使有人认为当前的政策路径不可避免地导致大幅通胀，但有足够多的正统政策制定者，我们可以相信他们会尽力避免这种结果，”同一位首席信息官继续说道。<b>“因此，我们需要弄清楚的是，在被迫缩减规模之前，他们会让股市和通胀走多远。”</b>他说。“然后我们需要判断经济和/或市场需要多长时间才能深度下跌。”不会太久。“当他们迅速转向并积极放松时，他们的困境就会有目共睹。”</blockquote></p><p> “Given the size of the stimulus and deficits at this stage, if policy makers are seen to be unable to normalize in any material way, that will be the stage in the sequencing when the great reset begins,” explained the same CIO. “Markets at that point will move very fast.” Maintaining calm given current policy settings requires inflation expectations to remain anchored and investors to believe policy can be normalized. “I am often a bit early on the very big trades, but this whole sequence appears sure to play out over the coming three years.”</p><p><blockquote>“考虑到现阶段刺激和赤字的规模，如果政策制定者无法以任何实质性方式实现正常化，那么这将是大重置开始的顺序阶段，”同一位首席信息官解释道。“届时市场将会快速波动。”鉴于当前的政策环境，保持冷静需要通胀预期保持稳定，并让投资者相信政策可以正常化。“我经常在非常大的交易上有点早，但这整个序列似乎肯定会在未来三年内完成。”</blockquote></p><p> “The biggest macro change in the past 50yrs was the taming of inflation,” said Marco Polo, my favorite macro modeler. “Paul Volcker was a byproduct of the political choice to anchor inflation in a post-gold-standard world. It required great resolve, and management of a domestic financial crisis induced by the high interest rates needed to get the job done. Don Kohn observed that the Volcker master lesson ‘was to protect the system but not the sinner - and that required facts, analysis, and flexibility.’<b>Volcker was the first Fed Chair who required a personal bodyguard.</b>The Hunt brothers (silver), Penn Square and Continental Illinois (oil) and the entire Farm Credit System were all strained by his decisions and Volcker was the first Fed Chair who required a personal bodyguard. The resolve to tackling inflation cannot be overstated.”</p><p><blockquote>“过去50年来最大的宏观变化是抑制通货膨胀，”我最喜欢的宏观建模师马可波罗说。“保罗·沃尔克是在后金本位制世界中锚定通胀的政治选择的副产品。这需要巨大的决心，以及完成这项工作所需的高利率引发的国内金融危机的管理。唐·科恩观察到，沃尔克的大师课“是保护金融体系，而不是罪人——这需要事实、分析和灵活性。”<b>沃尔克是第一位需要私人保镖的美联储主席。</b>亨特兄弟（白银）、佩恩广场和伊利诺伊大陆（石油）以及整个农业信贷系统都因他的决定而紧张，沃尔克是第一位需要私人保镖的美联储主席。应对通胀的决心怎么强调都不为过。”</blockquote></p><p> “The virtuous cycle of declining government bond yields in the past three decades that followed Volcker’s attack on inflation has been an overwhelmingly positive impulse to financial portfolios,” explained Marco Polo. “Government bonds played a large role, directly or indirectly through other assets that benefited from lower bond yields. To illustrate the point, I built a simple dynamic portfolio of stocks, bonds, the US dollar, and commodities. Allocations to those asset classes are selected depending on the state of the macro economy.”</p><p><blockquote>马可波罗解释说：“在沃尔克攻击通胀之后的过去三十年里，政府债券收益率下降的良性循环对金融投资组合产生了压倒性的积极推动。”“政府债券发挥了很大的作用，直接或间接地通过受益于债券收益率下降的其他资产。为了说明这一点，我建立了一个简单的股票、债券、美元和大宗商品的动态投资组合。这些资产类别的配置是根据宏观经济的状况来选择的。”</blockquote></p><p> <b>“When things are good and getting better, asset allocation is split between stocks and commodities; bonds are the asset allocation when things are good but weakening; long US dollar exposure is deployed in downturns; stocks and foreign currency allocations are the benchmark in early upturns,”</b>continued Marco. “The states of the macro economy are probability weighted and rebalanced over time to arrive at a balanced portfolio. The annualized monthly return of such an approach since Sep 1981 is +7.5% with volatility of less than 6%. Not bad for a passive, blunt approach.”</p><p><blockquote><b>“当情况良好且变好时，资产配置在股票和大宗商品之间进行分割；当情况良好但变弱时，债券是资产配置；在低迷时，多头美元敞口被部署；股票和外币配置是早期上涨时的基准，”</b>马可继续说道。“宏观经济的状态会随着时间的推移进行概率加权和再平衡，以达到平衡的投资组合。自1981年9月以来，这种方法的年化月回报率为+7.5%，波动性低于6%。对于被动、生硬的方法来说还不错。”</blockquote></p><p> “Let’s include a long-bond overlay to the asset allocation in all macro states so that the average gross portfolio exposure is 2x,” said Marco. “Think of this leverage as a move out the risk spectrum. The historical performance jumps to +11.5% and the Sharpe rises to more than 1.5x. Of course, asset managers did not initially have the foresight to implement such a portfolio nor did financial intermediaries have the risk appetite to provide short-term funding.<b>But with time and reinforcement from policy actions that tell us sinners have now become the system and will thus be eternally supported by policy, portfolios have pushed far out the risk spectrum taking long duration exposure directly or indirectly. It is all the same trade.”</b></p><p><blockquote>马可表示：“让我们在所有宏观状态的资产配置中纳入长期债券叠加，以便平均总投资组合敞口为2倍。”“将这种杠杆视为脱离风险范围。历史表现跃升至+11.5%，夏普指数升至1.5倍以上。当然，资产管理公司最初并没有实施这样的投资组合的远见，也没有金融中介机构有提供短期资金的风险偏好。<b>但随着时间的推移和政策行动的强化，告诉我们罪人现在已经成为系统，因此将永远得到政策的支持，投资组合已经远远超出了直接或间接长期敞口的风险范围。这都是同一个行业。”</b></blockquote></p><p></p><p> “Recent correlations reinforce the point.<b>The US TIPs and Tesla daily correlation is nearly 30% this year.</b>TIPs act like a low-beta play on highly valued growth companies. Both are bets on duration. The difference today from the past is today’s low starting point of bond yields. At steeply negative real yields and very low nominals, the role of bonds in a portfolio becomes heavily challenged. German bund performance in the Mar 2020 period is also a good reminder. Bund prices rose sharply over 7wks during the pandemic and reversed that move in 10-days.”</p><p><blockquote>“最近的相关性强化了这一点。<b>今年，美国TIPs和特斯拉的每日相关性接近30%。</b>TIPs就像是对高估值成长型公司的低贝塔游戏。两者都是对持续时间的押注。今天与过去的不同之处在于今天债券收益率的低起点。在实际收益率急剧为负且名义收益率非常低的情况下，债券在投资组合中的作用受到严重挑战。德国国债在2020年3月期间的表现也是一个很好的提醒。疫情期间，外滩价格在7周内大幅上涨，并在10天内扭转了这一走势。”</blockquote></p><p> “Bunds provided no protection to slower-moving asset allocators. Ten-year German real yields now trade -1.75%. They have no value as an investment, nor as a risk-mitigator,” said Marco. “Asset managers have no choice but to explore alternatives to bonds and find risk mitigators to long duration exposure. And official institutions have little choice but to lean against any undesired rise in ‘risk free’ yields.<b>Everyone is a sinner now, the system is held hostage. After all, 44% of outstanding Treasury securities are held between the Fed and foreign official institutions. And at any wobble they buy more.”</b></p><p><blockquote>“德国国债没有为行动缓慢的资产配置者提供保护。十年期德国实际收益率目前为-1.75%。它们没有投资价值，也没有风险缓解工具的价值，”Marco说。“资产管理公司别无选择，只能探索债券的替代品，并寻找长期风险敞口的风险缓解措施。官方机构别无选择，只能依靠‘无风险’收益率的任何不良上升。<b>现在每个人都是罪人，系统被扣为人质。毕竟，44%的未偿还国债是由美联储和外国官方机构持有的。每当出现波动时，他们就会购买更多。”</b></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>Hedge Fund CIO: \"Sinners Have Become The System And Will Be Eternally Supported By Policy\"<blockquote>对冲基金CIO：“罪人已经成为系统，将永远受到政策的支持”</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\">\nHedge Fund CIO: \"Sinners Have Become The System And Will Be Eternally Supported By Policy\"<blockquote>对冲基金CIO：“罪人已经成为系统，将永远受到政策的支持”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-03-29 15:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p><u><b>Sinners</b></u></p><p><blockquote><u><b>罪人</b></u></blockquote></p><p> <b>“At some point on the current path, policy makers will attempt to normalize,”</b>said the CIO. We were discussing sequencing, recognizing its centrality to macro trading, investing. “They will start by attempting to taper Fed purchases,” he said, the US central bank currently creating $120bln per month and using it to purchase debt. “Perhaps they signal that they intend to lower the deficit.”<b>But of course, that would only be after they first lift the deficit to fund America’s coming $3trln Recovery Plan. “And at that point, the clock starts ticking,” he said.</b></p><p><blockquote><b>“在当前道路上的某个时刻，政策制定者将尝试正常化，”</b>CIO说。我们在讨论排序，认识到它对宏观交易和投资的中心地位。他表示：“他们将首先尝试缩减美联储的购买规模。”美联储目前每月创造1200亿美元并用于购买债务。“也许他们发出了打算降低赤字的信号。”<b>当然，这只是在他们首次取消赤字为美国即将到来的3万亿美元复苏计划提供资金之后。“到那时，时间就开始流逝了，”他说。</b></blockquote></p><p> “Even if one thinks the current policy path inevitably leads to a substantial inflation, there are enough orthodox policy makers that we can be confident they’ll try to avert that outcome,” continued the same CIO.<b>“So what we need to figure out is how far they’ll let stocks and inflation run before they’re compelled to taper,”</b>he said. “And then we’ll need to judge how long it will take for the economy and/or market to take a deep dive.” Not long. “When they then quickly pivot and aggressively ease, their predicament will be clear for all to see.”</p><p><blockquote>“即使有人认为当前的政策路径不可避免地导致大幅通胀，但有足够多的正统政策制定者，我们可以相信他们会尽力避免这种结果，”同一位首席信息官继续说道。<b>“因此，我们需要弄清楚的是，在被迫缩减规模之前，他们会让股市和通胀走多远。”</b>他说。“然后我们需要判断经济和/或市场需要多长时间才能深度下跌。”不会太久。“当他们迅速转向并积极放松时，他们的困境就会有目共睹。”</blockquote></p><p> “Given the size of the stimulus and deficits at this stage, if policy makers are seen to be unable to normalize in any material way, that will be the stage in the sequencing when the great reset begins,” explained the same CIO. “Markets at that point will move very fast.” Maintaining calm given current policy settings requires inflation expectations to remain anchored and investors to believe policy can be normalized. “I am often a bit early on the very big trades, but this whole sequence appears sure to play out over the coming three years.”</p><p><blockquote>“考虑到现阶段刺激和赤字的规模，如果政策制定者无法以任何实质性方式实现正常化，那么这将是大重置开始的顺序阶段，”同一位首席信息官解释道。“届时市场将会快速波动。”鉴于当前的政策环境，保持冷静需要通胀预期保持稳定，并让投资者相信政策可以正常化。“我经常在非常大的交易上有点早，但这整个序列似乎肯定会在未来三年内完成。”</blockquote></p><p> “The biggest macro change in the past 50yrs was the taming of inflation,” said Marco Polo, my favorite macro modeler. “Paul Volcker was a byproduct of the political choice to anchor inflation in a post-gold-standard world. It required great resolve, and management of a domestic financial crisis induced by the high interest rates needed to get the job done. Don Kohn observed that the Volcker master lesson ‘was to protect the system but not the sinner - and that required facts, analysis, and flexibility.’<b>Volcker was the first Fed Chair who required a personal bodyguard.</b>The Hunt brothers (silver), Penn Square and Continental Illinois (oil) and the entire Farm Credit System were all strained by his decisions and Volcker was the first Fed Chair who required a personal bodyguard. The resolve to tackling inflation cannot be overstated.”</p><p><blockquote>“过去50年来最大的宏观变化是抑制通货膨胀，”我最喜欢的宏观建模师马可波罗说。“保罗·沃尔克是在后金本位制世界中锚定通胀的政治选择的副产品。这需要巨大的决心，以及完成这项工作所需的高利率引发的国内金融危机的管理。唐·科恩观察到，沃尔克的大师课“是保护金融体系，而不是罪人——这需要事实、分析和灵活性。”<b>沃尔克是第一位需要私人保镖的美联储主席。</b>亨特兄弟（白银）、佩恩广场和伊利诺伊大陆（石油）以及整个农业信贷系统都因他的决定而紧张，沃尔克是第一位需要私人保镖的美联储主席。应对通胀的决心怎么强调都不为过。”</blockquote></p><p> “The virtuous cycle of declining government bond yields in the past three decades that followed Volcker’s attack on inflation has been an overwhelmingly positive impulse to financial portfolios,” explained Marco Polo. “Government bonds played a large role, directly or indirectly through other assets that benefited from lower bond yields. To illustrate the point, I built a simple dynamic portfolio of stocks, bonds, the US dollar, and commodities. Allocations to those asset classes are selected depending on the state of the macro economy.”</p><p><blockquote>马可波罗解释说：“在沃尔克攻击通胀之后的过去三十年里，政府债券收益率下降的良性循环对金融投资组合产生了压倒性的积极推动。”“政府债券发挥了很大的作用，直接或间接地通过受益于债券收益率下降的其他资产。为了说明这一点，我建立了一个简单的股票、债券、美元和大宗商品的动态投资组合。这些资产类别的配置是根据宏观经济的状况来选择的。”</blockquote></p><p> <b>“When things are good and getting better, asset allocation is split between stocks and commodities; bonds are the asset allocation when things are good but weakening; long US dollar exposure is deployed in downturns; stocks and foreign currency allocations are the benchmark in early upturns,”</b>continued Marco. “The states of the macro economy are probability weighted and rebalanced over time to arrive at a balanced portfolio. The annualized monthly return of such an approach since Sep 1981 is +7.5% with volatility of less than 6%. Not bad for a passive, blunt approach.”</p><p><blockquote><b>“当情况良好且变好时，资产配置在股票和大宗商品之间进行分割；当情况良好但变弱时，债券是资产配置；在低迷时，多头美元敞口被部署；股票和外币配置是早期上涨时的基准，”</b>马可继续说道。“宏观经济的状态会随着时间的推移进行概率加权和再平衡，以达到平衡的投资组合。自1981年9月以来，这种方法的年化月回报率为+7.5%，波动性低于6%。对于被动、生硬的方法来说还不错。”</blockquote></p><p> “Let’s include a long-bond overlay to the asset allocation in all macro states so that the average gross portfolio exposure is 2x,” said Marco. “Think of this leverage as a move out the risk spectrum. The historical performance jumps to +11.5% and the Sharpe rises to more than 1.5x. Of course, asset managers did not initially have the foresight to implement such a portfolio nor did financial intermediaries have the risk appetite to provide short-term funding.<b>But with time and reinforcement from policy actions that tell us sinners have now become the system and will thus be eternally supported by policy, portfolios have pushed far out the risk spectrum taking long duration exposure directly or indirectly. It is all the same trade.”</b></p><p><blockquote>马可表示：“让我们在所有宏观状态的资产配置中纳入长期债券叠加，以便平均总投资组合敞口为2倍。”“将这种杠杆视为脱离风险范围。历史表现跃升至+11.5%，夏普指数升至1.5倍以上。当然，资产管理公司最初并没有实施这样的投资组合的远见，也没有金融中介机构有提供短期资金的风险偏好。<b>但随着时间的推移和政策行动的强化，告诉我们罪人现在已经成为系统，因此将永远得到政策的支持，投资组合已经远远超出了直接或间接长期敞口的风险范围。这都是同一个行业。”</b></blockquote></p><p></p><p> “Recent correlations reinforce the point.<b>The US TIPs and Tesla daily correlation is nearly 30% this year.</b>TIPs act like a low-beta play on highly valued growth companies. Both are bets on duration. The difference today from the past is today’s low starting point of bond yields. At steeply negative real yields and very low nominals, the role of bonds in a portfolio becomes heavily challenged. German bund performance in the Mar 2020 period is also a good reminder. Bund prices rose sharply over 7wks during the pandemic and reversed that move in 10-days.”</p><p><blockquote>“最近的相关性强化了这一点。<b>今年，美国TIPs和特斯拉的每日相关性接近30%。</b>TIPs就像是对高估值成长型公司的低贝塔游戏。两者都是对持续时间的押注。今天与过去的不同之处在于今天债券收益率的低起点。在实际收益率急剧为负且名义收益率非常低的情况下，债券在投资组合中的作用受到严重挑战。德国国债在2020年3月期间的表现也是一个很好的提醒。疫情期间，外滩价格在7周内大幅上涨，并在10天内扭转了这一走势。”</blockquote></p><p> “Bunds provided no protection to slower-moving asset allocators. Ten-year German real yields now trade -1.75%. They have no value as an investment, nor as a risk-mitigator,” said Marco. “Asset managers have no choice but to explore alternatives to bonds and find risk mitigators to long duration exposure. And official institutions have little choice but to lean against any undesired rise in ‘risk free’ yields.<b>Everyone is a sinner now, the system is held hostage. After all, 44% of outstanding Treasury securities are held between the Fed and foreign official institutions. And at any wobble they buy more.”</b></p><p><blockquote>“德国国债没有为行动缓慢的资产配置者提供保护。十年期德国实际收益率目前为-1.75%。它们没有投资价值，也没有风险缓解工具的价值，”Marco说。“资产管理公司别无选择，只能探索债券的替代品，并寻找长期风险敞口的风险缓解措施。官方机构别无选择，只能依靠‘无风险’收益率的任何不良上升。<b>现在每个人都是罪人，系统被扣为人质。毕竟，44%的未偿还国债是由美联储和外国官方机构持有的。每当出现波动时，他们就会购买更多。”</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/hedge-fund-cio-sinners-have-become-system-and-will-be-eternally-supported-policy\">zerohedge</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":"https://static.tigerbbs.com/a8ad35190f75132817724b1baf836f80","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/hedge-fund-cio-sinners-have-become-system-and-will-be-eternally-supported-policy","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141317956","content_text":"Sinners\n“At some point on the current path, policy makers will attempt to normalize,”said the CIO. We were discussing sequencing, recognizing its centrality to macro trading, investing. “They will start by attempting to taper Fed purchases,” he said, the US central bank currently creating $120bln per month and using it to purchase debt. “Perhaps they signal that they intend to lower the deficit.”But of course, that would only be after they first lift the deficit to fund America’s coming $3trln Recovery Plan. “And at that point, the clock starts ticking,” he said.\n“Even if one thinks the current policy path inevitably leads to a substantial inflation, there are enough orthodox policy makers that we can be confident they’ll try to avert that outcome,” continued the same CIO.“So what we need to figure out is how far they’ll let stocks and inflation run before they’re compelled to taper,”he said. “And then we’ll need to judge how long it will take for the economy and/or market to take a deep dive.” Not long. “When they then quickly pivot and aggressively ease, their predicament will be clear for all to see.”\n“Given the size of the stimulus and deficits at this stage, if policy makers are seen to be unable to normalize in any material way, that will be the stage in the sequencing when the great reset begins,” explained the same CIO. “Markets at that point will move very fast.” Maintaining calm given current policy settings requires inflation expectations to remain anchored and investors to believe policy can be normalized. “I am often a bit early on the very big trades, but this whole sequence appears sure to play out over the coming three years.”\n“The biggest macro change in the past 50yrs was the taming of inflation,” said Marco Polo, my favorite macro modeler. “Paul Volcker was a byproduct of the political choice to anchor inflation in a post-gold-standard world. It required great resolve, and management of a domestic financial crisis induced by the high interest rates needed to get the job done. Don Kohn observed that the Volcker master lesson ‘was to protect the system but not the sinner - and that required facts, analysis, and flexibility.’Volcker was the first Fed Chair who required a personal bodyguard.The Hunt brothers (silver), Penn Square and Continental Illinois (oil) and the entire Farm Credit System were all strained by his decisions and Volcker was the first Fed Chair who required a personal bodyguard. The resolve to tackling inflation cannot be overstated.”\n“The virtuous cycle of declining government bond yields in the past three decades that followed Volcker’s attack on inflation has been an overwhelmingly positive impulse to financial portfolios,” explained Marco Polo. “Government bonds played a large role, directly or indirectly through other assets that benefited from lower bond yields. To illustrate the point, I built a simple dynamic portfolio of stocks, bonds, the US dollar, and commodities. Allocations to those asset classes are selected depending on the state of the macro economy.”\n“When things are good and getting better, asset allocation is split between stocks and commodities; bonds are the asset allocation when things are good but weakening; long US dollar exposure is deployed in downturns; stocks and foreign currency allocations are the benchmark in early upturns,”continued Marco. “The states of the macro economy are probability weighted and rebalanced over time to arrive at a balanced portfolio. The annualized monthly return of such an approach since Sep 1981 is +7.5% with volatility of less than 6%. Not bad for a passive, blunt approach.”\n“Let’s include a long-bond overlay to the asset allocation in all macro states so that the average gross portfolio exposure is 2x,” said Marco. “Think of this leverage as a move out the risk spectrum. The historical performance jumps to +11.5% and the Sharpe rises to more than 1.5x. Of course, asset managers did not initially have the foresight to implement such a portfolio nor did financial intermediaries have the risk appetite to provide short-term funding.But with time and reinforcement from policy actions that tell us sinners have now become the system and will thus be eternally supported by policy, portfolios have pushed far out the risk spectrum taking long duration exposure directly or indirectly. It is all the same trade.”\n“Recent correlations reinforce the point.The US TIPs and Tesla daily correlation is nearly 30% this year.TIPs act like a low-beta play on highly valued growth companies. Both are bets on duration. The difference today from the past is today’s low starting point of bond yields. At steeply negative real yields and very low nominals, the role of bonds in a portfolio becomes heavily challenged. German bund performance in the Mar 2020 period is also a good reminder. Bund prices rose sharply over 7wks during the pandemic and reversed that move in 10-days.”\n“Bunds provided no protection to slower-moving asset allocators. Ten-year German real yields now trade -1.75%. They have no value as an investment, nor as a risk-mitigator,” said Marco. “Asset managers have no choice but to explore alternatives to bonds and find risk mitigators to long duration exposure. And official institutions have little choice but to lean against any undesired rise in ‘risk free’ yields.Everyone is a sinner now, the system is held hostage. After all, 44% of outstanding Treasury securities are held between the Fed and foreign official institutions. And at any wobble they buy more.”","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":390,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358758205,"gmtCreate":1616733856107,"gmtModify":1634524294187,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"And?","listText":"And?","text":"And?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358758205","repostId":"2122426553","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358758973,"gmtCreate":1616733802392,"gmtModify":1634524294796,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"The question is what height will it reach?","listText":"The question is what height will it reach?","text":"The question is what height will it reach?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358758973","repostId":"2122258854","repostType":2,"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358697306,"gmtCreate":1616683403305,"gmtModify":1634524560595,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"And...?","listText":"And...?","text":"And...?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358697306","repostId":"2122052417","repostType":4,"isVote":1,"tweetType":1,"viewCount":470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358694474,"gmtCreate":1616683384998,"gmtModify":1634524561284,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"What?","listText":"What?","text":"What?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358694474","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",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"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 spread.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358694044,"gmtCreate":1616683325888,"gmtModify":1634524561623,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571454418159222","authorIdStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Pain","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Pain","text":"$AMC Entertainment(AMC)$Pain","images":[{"img":"https://static.tigerbbs.com/47ad2c6c472deef3a1242d7c10051f40","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/358694044","isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":199751989,"gmtCreate":1620736249641,"gmtModify":1634196737680,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>So um should I pull out?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>So um should I pull out?","text":"$GameStop(GME)$So um should I pull out?","images":[{"img":"https://static.tigerbbs.com/f3e4ad1cd40fa5f97b7021145d4df2a6","width":"1242","height":"1767"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":13,"repostSize":0,"link":"https://laohu8.com/post/199751989","isVote":1,"tweetType":1,"viewCount":6046,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3575764178135145","authorId":"3575764178135145","name":"MaRo","avatar":"https://static.tigerbbs.com/8c7022bbcac13197c84f0d963050133e","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3575764178135145","idStr":"3575764178135145"},"content":"HODL住，会上月球的","text":"HODL住，会上月球的","html":"HODL住，会上月球的"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":191489672,"gmtCreate":1620898415596,"gmtModify":1631883990294,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Tesla has always been one of the more consistent ones so I’ll wait.&nbsp;","listText":"Tesla has always been one of the more consistent ones so I’ll wait.&nbsp;","text":"Tesla has always been one of the more consistent ones so I’ll wait.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/191489672","repostId":"1139120087","repostType":2,"isVote":1,"tweetType":1,"viewCount":2475,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347270015,"gmtCreate":1618498854337,"gmtModify":1634292492078,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Lmao","listText":"Lmao","text":"Lmao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347270015","repostId":"1153108819","repostType":4,"isVote":1,"tweetType":1,"viewCount":875,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":108642359,"gmtCreate":1620023198571,"gmtModify":1634208436052,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Give it time. It will hopefully increase evantually.&nbsp;","listText":"Give it time. It will hopefully increase evantually.&nbsp;","text":"Give it time. It will hopefully increase evantually.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/108642359","repostId":"2132569212","repostType":2,"isVote":1,"tweetType":1,"viewCount":2269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191480498,"gmtCreate":1620898390514,"gmtModify":1634195466043,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/191480498","repostId":"1147949263","repostType":4,"repost":{"id":"1147949263","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":1620897039,"share":"https://www.laohu8.com/m/news/1147949263?lang=zh_CN&edition=full","pubTime":"2021-05-13 17:10","market":"us","language":"en","title":"Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1147949263","media":"Tiger Newspress","summary":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a lea","content":"<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，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>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户(DAU)</b>达到6010万，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费82分钟。2021年3月29日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者基础，并扩大了我们在离家更近的金融市场的影响力。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z+一代人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较2020年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加所致。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币1250万元（190万美元），而2020年同期为人民币940万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税，2020年同期为人民币4.746亿元。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本和稀释每股收益以及调整后基本和稀释每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，公司的现金及现金等价物、定期存款以及短期投资为人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>公司目前预计2021年第二季度净收入在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与持续的COVID-19大流行相关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户指在我们平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></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>Bilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</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\">\nBilibili Q1 revenues reached $595.4M(+68%Y/Y), DAUs reached 60.1M(+18%Y/Y)<blockquote>哔哩哔哩第一季度收入达到5.954亿美元（同比增长68%），DAU达到6010万（同比增长18%）</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\">2021-05-13 17:10</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.</p><p><blockquote>哔哩哔哩（“哔哩哔哩”或“公司”）（纳斯达克：BILI，港交所：9626）是中国年轻一代的标志性品牌和领先的视频社区，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>First Quarter 2021 Highlights:</b></p><p><blockquote><b>2021年第一季度亮点：</b></blockquote></p><p><ul><li><b>Total net revenues</b>reached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.</li><li><b>Average monthly active users (MAUs)</b>reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.</li><li><b>Average daily active users (DAUs)</b>reached 60.1 million, an 18% increase from the same period in 2020.</li><li><b>Average monthly paying users (MPUs1)</b>reached 20.5 million, a 53% increase from the same period in 2020.</li></ul>“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”</p><p><blockquote><ul><li><b>净收入总额</b>达到人民币39.011亿元（5.954亿美元），较2020年同期增长68%。</li><li><b>平均每月活跃用户(MAU)</b>达到2.233亿，移动月活跃用户数达到2.085亿，较2020年同期分别增长30%和33%。</li><li><b>平均每日活跃用户(DAU)</b>达到6010万，较2020年同期增长18%。</li><li><b>平均每月付费用户(MPUs1)</b>达到2050万，较2020年同期增长53%。</li></ul>哔哩哔哩董事长兼首席执行官陈锐先生表示：“2021年伊始，我们的用户增长强劲，营收扩张强劲，使我们坚定地走上实现增长目标的轨道。”“凭借蓬勃发展的内容生态系统和热情的社区债券，我们的月活跃用户数在第一季度达到2.23亿，较去年的高基数增长了30%。我们的用户保持活跃和参与度，平均每天在我们的平台上花费82分钟。2021年3月29日，我们成功完成了在香港联交所的双重上市，迎来了更广泛的投资者基础，并扩大了我们在离家更近的金融市场的影响力。乘着视频化的巨大浪潮，我们的目标是进一步扩大我们在Z+一代人群中作为视频内容优质目的地的认知份额，并抓住视频行业的巨大增长机会。”</blockquote></p><p>Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”</p><p><blockquote>哔哩哔哩首席财务官Sam Fan先生表示：“我们在第一季度实现了强劲的财务表现，收入达到创纪录的人民币39.01亿元，同比增长68%。MPU增加到2050万，推动我们的支付率达到创纪录的9.2%。我们的毛利率也从去年同期的23%提高到24%。随着香港公开发售的完成，扣除承销费和其他发行费用后，我们成功筹集了约229亿港元，这使我们处于健康的财务状况，支持我们的增长。随着我们继续打造充满活力的基于视频的哔哩哔哩品牌，我们的重点仍然是投资于日益强大的内容生态系统。”</blockquote></p><p><b>First Quarter 2021 Financial Results</b></p><p><blockquote><b>2021年第一季度财务业绩</b></blockquote></p><p><b>Total net revenues.</b>Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.</p><p><blockquote><b>净收入总额。</b>总净收入为人民币3,901.1百万元（595.4百万美元），较2020年同期增长68%。</blockquote></p><p><i>Mobile games.</i>Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.</p><p><blockquote><i>手机游戏。</i>手机游戏收入为人民币1,170.7百万元（178.7百万美元），较2020年同期增长2%。</blockquote></p><p><i>Value-added services (VAS).</i>Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.</p><p><blockquote><i>增值服务（VAS）。</i>增值服务收入为人民币1,496.5百万元（228.4百万美元），较2020年同期增长89%，主要是由于公司增值服务（包括高级会员计划、直播服务及其他增值服务）的付费用户数量增加带动公司加大变现力度。</blockquote></p><p><i>Advertising.</i>Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.</p><p><blockquote><i>做广告。</i>广告收入为人民币714.7百万元（109.1百万美元），较2020年同期增长234%。这一增长主要归因于哔哩哔哩品牌在中国在线广告市场的进一步认可，以及哔哩哔哩广告效率的提高。</blockquote></p><p><i>E-commerce and others.</i>Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.</p><p><blockquote><i>电子商务和其他。</i>电商及其他收入为人民币519.2百万元（79.2百万美元），较2020年同期增长230%，主要归因于通过公司电商平台销售的产品增加。</blockquote></p><p><b>Cost of revenues.</b>Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.</p><p><blockquote><b>收入成本。</b>收入成本为人民币29.632亿元（4.523亿美元），较2020年同期增长66%。收入分成成本是收入成本的主要组成部分，为人民币1,400.7百万元（213.8百万美元），较2020年同期增长58%。</blockquote></p><p><b>Gross profit.</b>Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.</p><p><blockquote><b>毛利。</b>毛利为人民币937.9百万元（143.1百万美元），较2020年同期增长77%，主要是由于净收入增加。</blockquote></p><p><b>Total operating expenses.</b>Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.</p><p><blockquote><b>总运营费用。</b>总营业费用为人民币1,968.8百万元（300.5百万美元），较2020年同期增长83%。</blockquote></p><p><i>Sales and marketing expenses.</i>Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.</p><p><blockquote><i>销售和营销费用。</i>销售及营销费用为人民币1,000,100,000元（152,600,000美元），同比增长65%。该增加主要归因于推广哔哩哔哩应用程序和品牌的渠道和营销费用增加，以及销售和营销人员人数增加。</blockquote></p><p></p><p><i>General and administrative expenses.</i>General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.</p><p><blockquote><i>一般和行政费用。</i>一般及管理费用为人民币3.885亿元（5930万美元），同比增长127%。该增加主要由于一般及行政人员人数增加、以股份为基础的薪酬开支增加、租金开支及其他一般及行政开支增加所致。</blockquote></p><p><i>Research and development expenses.</i>Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.</p><p><blockquote><i>研发费用。</i>研发费用为人民币5.803亿元（8860万美元），同比增长95%。该增加主要是由于研发人员人数增加以及以股份为基础的薪酬开支增加。</blockquote></p><p><b>Loss from operations.</b>Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.</p><p><blockquote><b>运营损失。</b>运营亏损为人民币1,031.0百万元（1.574亿美元），而2020年同期为人民币544.2百万元。</blockquote></p><p><b>Income tax expense.</b>Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.</p><p><blockquote><b>所得税费用。</b>所得税费用为人民币1250万元（190万美元），而2020年同期为人民币940万元。</blockquote></p><p><b>Net loss.</b>Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.</p><p><blockquote><b>净损失。</b>净亏损为人民币9.049亿元（1.381亿美元），而2020年同期为人民币5.386亿元。</blockquote></p><p><b>Adjusted net loss2.</b>Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.</p><p><blockquote><b>调整后净亏损2。</b>调整后净亏损为人民币6.658亿元（1.016亿美元），这是一项非公认会计准则衡量标准，不包括股权激励费用、与通过业务收购获得的无形资产相关的摊销费用以及与通过业务收购获得的无形资产相关的所得税，2020年同期为人民币4.746亿元。</blockquote></p><p><b>Basic and diluted EPS and adjustedbasic and diluted EPS2</b>. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.</p><p><blockquote><b>基本和稀释每股收益以及调整后基本和稀释每股收益2</b>每股基本及摊薄净亏损为人民币2.54元（0.39美元），而2020年同期为人民币1.62元。调整后每股基本和摊薄净亏损为人民币1.87元（0.29美元），而2020年同期为人民币1.43元。</blockquote></p><p><b>Cash and cash equivalents, time deposits and short-term investments.</b>As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.</p><p><blockquote><b>现金及现金等价物、定期存款及短期投资。</b>截至2021年3月31日，公司的现金及现金等价物、定期存款以及短期投资为人民币270亿元（41亿美元），而截至2020年12月31日为人民币128亿元。</blockquote></p><p><b>Secondary Listing in Hong Kong</b></p><p><blockquote><b>香港第二上市</b></blockquote></p><p>On March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.</p><p><blockquote>2021年3月29日，哔哩哔哩Z类普通股在香港联交所主板成功上市。公司于全球发售中发行合共28,750,000股Z类普通股，包括于2021年4月21日全数行使3,750,000股Z类普通股的超额配股权。扣除包销费用及其他发售开支后，全球发售所得款项净额（包括超额配股权）约为229亿港元。</blockquote></p><p><b>Outlook</b></p><p><blockquote><b>世界观</b></blockquote></p><p>For the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.</p><p><blockquote>公司目前预计2021年第二季度净收入在人民币42.5亿元至人民币43.5亿元之间。</blockquote></p><p>The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.</p><p><blockquote>上述展望基于当前的市场状况，反映了公司的初步估计，这些估计都受到各种不确定性的影响，包括与持续的COVID-19大流行相关的不确定性。</blockquote></p><p>1The paying users&nbsp;refer to users who make payments for various products and services on our platform, including purchases in games&nbsp;and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.</p><p><blockquote>1付费用户指在我们平台上为各种产品及服务付款的用户，包括游戏内购买及增值服务付款（不包括在我们的电子商务平台上购买）。使用同一注册账户对我们平台上提供的不同产品和服务进行支付的用户被视为一名付费用户，我们将猫儿的付费用户数量添加到我们的付费用户总数中，而不会消除重复。</blockquote></p><p>2Adjusted net loss and adjusted&nbsp;basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.</p><p><blockquote>2调整后净亏损以及调整后基本和摊薄每股收益是非公认会计准则财务指标。有关非GAAP财务指标的更多信息，请参阅本公告末尾的“非GAAP财务指标的使用”部分以及标题为“未经审计的GAAP和非GAAP结果调节表”的表格。</blockquote></p><p>Bilibili&nbsp;rose 1.49% in premarket trading.</p><p><blockquote>哔哩哔哩盘前涨1.49%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7fe5891901fba19e1fa9ad449596e068\" tg-width=\"766\" tg-height=\"494\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"09626":"哔哩哔哩-W","BILI":"哔哩哔哩"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147949263","content_text":"Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.First Quarter 2021 Highlights:Total net revenuesreached RMB3,901.1 million (US$595.4 million), a 68% increase from the same period in 2020.Average monthly active users (MAUs)reached 223.3 million, and mobile MAUs reached 208.5 million, representing increases of 30% and 33%, respectively, from the same period in 2020.Average daily active users (DAUs)reached 60.1 million, an 18% increase from the same period in 2020.Average monthly paying users (MPUs1)reached 20.5 million, a 53% increase from the same period in 2020.“We kicked off 2021 with strong user growth and topline expansion, placing us firmly on track to achieve our growth target,” said Mr. Rui Chen, Chairman of the Board and Chief Executive Officer of Bilibili. “With a booming content ecosystem and fervent community bonds, our MAUs reached 223 million in the first quarter, up 30% compared with last year’s high base. Our users remained active and engaged, spending a daily average of 82 minutes on our platform. On March 29, 2021, we successfully completed our dual listing on the Hong Kong Stock Exchange, welcoming a broader base of investors and extending our presence in a financial market closer to home. Riding the massive wave of videolization, we aim to further grow our mindshare among the Gen Z+ demographic as the premium destination for video-based content and seize the tremendous growth opportunities in the video-based industry.”Mr. Sam Fan, Chief Financial Officer of Bilibili, said, “We achieved strong financial performance in the first quarter, with record revenues of RMB3,901 million, up 68% year-over-year. MPUs increased to 20.5 million promoting our paying ratio to a record 9.2%. Our gross margin also improved to 24%, compared with 23% for the same period last year. With the completion of our Hong Kong public offering, we successfully raised approximately HKD22.9 billion after deducting underwriting fees and other offering expenses, which places us in healthy financial standings that support our growth. Our focus remains on investing in our increasingly robust content ecosystem as we continue to build our dynamic video-based Bilibili brand.”First Quarter 2021 Financial ResultsTotal net revenues.Total net revenues were RMB3,901.1 million (US$595.4 million), representing an increase of 68% from the same period of 2020.Mobile games.Revenues from mobile games were RMB1,170.7 million (US$178.7 million), representing an increase of 2% from the same period of 2020.Value-added services (VAS).Revenues from VAS were RMB1,496.5 million (US$228.4 million), representing an increase of 89% from the same period of 2020, mainly attributable to the Company’s enhanced monetization efforts, led by increases in the number of paying users for the Company’s value-added services including the premium membership program, live broadcasting services and other value-added services.Advertising.Revenues from advertising were RMB714.7 million (US$109.1 million), representing an increase of 234% from the same period of 2020. This increase was primarily attributable to further recognition of Bilibili’s brand name in China’s online advertising market, as well as Bilibili’s improved advertising efficiency.E-commerce and others.Revenues from e-commerce and others were RMB519.2 million (US$79.2 million), representing an increase of 230% from the same period of 2020, primarily attributable to the increase in sales of products through the Company’s e-commerce platform.Cost of revenues.Cost of revenues was RMB2,963.2 million (US$452.3 million), representing an increase of 66%, compared with the same period of 2020. Revenue-sharing cost, a key component of cost of revenues, was RMB1,400.7 million (US$213.8 million), representing an increase of 58% from the same period in 2020.Gross profit.Gross profit was RMB937.9 million (US$143.1 million), representing an increase of 77% from the same period in 2020, which was primarily due to increased net revenues.Total operating expenses.Total operating expenses were RMB1,968.8 million (US$300.5 million), representing an increase of 83% from the same period of 2020.Sales and marketing expenses.Sales and marketing expenses were RMB1,000.1 million (US$152.6 million), representing a 65% increase year-over-year. The increase was primarily attributable to increased channel and marketing expenses to promote Bilibili’s app and brand, as well as an increase in headcount in sales and marketing personnel.General and administrative expenses.General and administrative expenses were RMB388.5 million (US$59.3 million), representing a 127% increase year-over-year. The increase was primarily due to increased headcount in general and administrative personnel, increased share-based compensation expenses, higher rental expenses and other general and administrative expenses.Research and development expenses.Research and development expenses were RMB580.3 million (US$88.6 million), representing a 95% increase year-over-year. The increase was primarily due to increased headcount in research and development personnel and increased share-based compensation expenses.Loss from operations.Loss from operations was RMB1,031.0 million (US$157.4 million), compared with RMB544.2 million in the same period of 2020.Income tax expense.Income tax expense was RMB12.5 million (US$1.9 million), compared with RMB9.4 million in the same period of 2020.Net loss.Net loss was RMB904.9 million (US$138.1 million), compared with RMB538.6 million in the same period of 2020.Adjusted net loss2.Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions and income tax related to intangible assets acquired through business acquisition, was RMB665.8 million (US$101.6 million), compared to RMB474.6 million in the same period of 2020.Basic and diluted EPS and adjustedbasic and diluted EPS2. Basic and diluted net loss per share were RMB2.54 (US$0.39), compared with RMB1.62 in the same period of 2020. Adjusted basic and diluted net loss per share were RMB1.87 (US$0.29), compared with RMB1.43 in the same period of 2020.Cash and cash equivalents, time deposits and short-term investments.As of March 31, 2021, the Company had cash and cash equivalents, time deposits, as well as short-term investments of RMB27.0 billion (US$4.1 billion), compared with RMB12.8 billion as of December 31, 2020.Secondary Listing in Hong KongOn March 29, 2021, Bilibili successfully listed its Class Z ordinary shares on the main board of the Hong Kong Stock Exchange. The Company issued a total 28,750,000 Class Z ordinary shares in the global offering, including the fully exercised over-allotment option of 3,750,000 Class Z ordinary shares on April 21, 2021. Net proceeds from the global offering, including the over-allotment option, after deducting underwriting fees and other offering expenses, were approximately HKD22.9 billion.OutlookFor the second quarter of 2021, the Company currently expects net revenues to be between RMB4.25 billion and RMB4.35 billion.The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates, which are all subject to various uncertainties, including those related to the ongoing COVID-19 pandemic.1The paying users refer to users who make payments for various products and services on our platform, including purchases in games and payments for VAS (excluding purchases on our e-commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one paying user and we add the number of paying users of Maoer towards our total paying users without eliminating duplicates.2Adjusted net loss and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this announcement.Bilibili rose 1.49% in premarket trading.","news_type":1,"symbols_score_info":{"09626":0.9,"BILI":0.9}},"isVote":1,"tweetType":1,"viewCount":3577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":191483097,"gmtCreate":1620898441819,"gmtModify":1634195465344,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"I agree. Please sell. [Smile]&nbsp;","listText":"I agree. Please sell. [Smile]&nbsp;","text":"I agree. Please sell. [Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/191483097","repostId":"1186620588","repostType":4,"isVote":1,"tweetType":1,"viewCount":2218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100551617,"gmtCreate":1619623380039,"gmtModify":1634211235772,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Fb’s a scam imo.&nbsp;","listText":"Fb’s a scam imo.&nbsp;","text":"Fb’s a scam imo.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/100551617","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190672480,"gmtCreate":1620620173940,"gmtModify":1634197629002,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>When will this change?","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>When will this change?","text":"$GameStop(GME)$When will this change?","images":[{"img":"https://static.tigerbbs.com/d878c69e46a2f043ce53119d0bb6747e","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190672480","isVote":1,"tweetType":1,"viewCount":2382,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108642620,"gmtCreate":1620023224660,"gmtModify":1634208435931,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>At least it is holding...","listText":"<a href=\"https://laohu8.com/S/GME\">$GameStop(GME)$</a>At least it is holding...","text":"$GameStop(GME)$At least it is holding...","images":[{"img":"https://static.tigerbbs.com/d2f2f997397472e2e2665c01ed10d111","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/108642620","isVote":1,"tweetType":1,"viewCount":2170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190676129,"gmtCreate":1620620130461,"gmtModify":1634197630429,"author":{"id":"3571454418159222","authorId":"3571454418159222","name":"Meiw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3571454418159222","idStr":"3571454418159222"},"themes":[],"htmlText":"Eh?","listText":"Eh?","text":"Eh?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190676129","repostId":"1165396592","repostType":4,"isVote":1,"tweetType":1,"viewCount":3054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}