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2021-03-27

I am a penguin

Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>

2021-03-09

烟火里的尘埃

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2021-03-02

$High Tide Inc.(HITIF)$bullish

2021-03-25

Wow

Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</blockquote>

2021-03-17

Comment and like thanks

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2021-03-14

Wow

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2021-03-08

Like and comment thanks 😊

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2021-04-03

Nice 🙂

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2021-03-28

Wow

Meituan's Annual revenue jumps 17.7%, above forecast<blockquote>美团年收入增长17.7%，超出预期</blockquote>

2021-03-23

Help a penguin out

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去老虎APP查看更多动态

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Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618793935,"share":"https://www.laohunote.com/m/news/1129471770?lang=zh_CN&edition=full","pubTime":"2021-04-19 08:58","market":"us","language":"en","title":"IPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO 预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings 强调繁忙的一周发行</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129471770","media":"Benzinga Earnings","summary":"This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO o","content":"<p>This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO of<b>Coinbase Global</b>COIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.</p><p><blockquote>本周的IPO没有上周备受期待的IPO那么引人注目。<b>比特币基地全球</b>硬币5.96%。尽管如此，投资者本周仍有几个令人兴奋的帖子值得考虑，包括 UiPath 和 Latham Holdings。</blockquote></p><p>Here is a look at the expected IPO pricings for the week of April 19.</p><p><blockquote>以下是 4 月 19 日当周的预期 IPO 定价。</blockquote></p><p><b>DoubleVerify Holdings:</b>&nbsp;Digital media measurement and analytics company<b>DoubleVerify Holdings</b>&nbsp;NYSE:&nbsp;DV&nbsp;plansto sell 13.3 million shares at a price point of $24 to $27.</p><p><blockquote><b>双重验证控股：</b>数字媒体测量和分析公司<b>双重验证控股</b>纽约证券交易所：DV plansto 以 24 至 27 美元的价格出售 1,330 万股股票。</blockquote></p><p>The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.</p><p><blockquote>该公司为数字广告生产安全软件，并声称拥有超过1000家广告商和出版商作为合作伙伴，以及超过45家客户，每个客户为DoubleVerify带来了100万美元的年收入。</blockquote></p><p>The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.</p><p><blockquote>该公司2020财年营收为2.44亿美元，同比增长34%。</blockquote></p><p><b>NeuroPace:</b>&nbsp;Commercial-stage medical device company<b>NeuroPace</b>&nbsp;NASDAQ:&nbsp;NPCE&nbsp;says it&nbsp;hasthe first and only commercially-available, brain-responsive system to help fight seizures.</p><p><blockquote><b>神经起搏：</b>商业阶段医疗器械公司<b>NeuroPace</b>纳斯达克：NPCE表示，它拥有第一个也是唯一一个商业化的大脑反应系统来帮助对抗癫痫发作。</blockquote></p><p>The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were&nbsp;served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.</p><p><blockquote>该公司的目标市场是患有耐药性癫痫的客户。截至 2020 年，该公司已为超过 3,000 名患者提供服务。Neuropace 2020财年的收入为1000万美元，预计2021财年的收入在1110万美元至1130万美元之间。</blockquote></p><p>Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.</p><p><blockquote>在美国，每年在癫痫护理上花费超过280亿美元。该公司计划以15至17美元的价格出售530万股股票。</blockquote></p><p><b>UiPath:</b>Thebiggest IPOof the week is set to be automation company<b>UiPath Inc</b>NYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.</p><p><blockquote><b>UiPath：</b>本周最大的 IPO 将是自动化公司<b>UiPath公司</b>NYSEPATH，计划以43至50美元的价格发行2130万股股票。</blockquote></p><p>The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%.&nbsp;UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.</p><p><blockquote>该公司 “制造软件机器人，这样人们就不必成为机器人了”。在截至2021年1月31日的财年，该公司的年经常性收入为5.8亿美元，增长率为65%。UiPath表示，它有7900多名客户，其中1000多名客户每年向公司支付10万美元或以上。</blockquote></p><p>The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.</p><p><blockquote>该公司的目标是650亿美元的市场机会，并相信其开放架构和端到端平台使其从竞争对手中脱颖而出。</blockquote></p><p><b>SkyWater Technology:</b>Pure-play technology foundry<b>SkyWater Technology</b>&nbsp;NASDAQ:&nbsp;SKYT&nbsp;offerssemiconductor development and manufacturing services, targeting&nbsp;customers in markets like advanced computing, aerospace, defense, automotive and IoT.</p><p><blockquote><b>天水科技：</b>纯玩技术铸造厂<b>天水科技</b>纳斯达克：SKYT 提供半导体开发和制造服务，面向先进计算、航空航天、国防、汽车和物联网等市场的客户。</blockquote></p><p>The company has 35 customers in its advanced technology services including L3Harris and<b>Microsoft Corporation</b>MSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.</p><p><blockquote>该公司拥有 35 家先进技术服务客户，包括 L3Harris 和<b>微软公司</b>MSFT 0.48%。天水于2017年从赛普拉斯半导体剥离。该公司2020年收入为1.404亿美元。</blockquote></p><p>SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.</p><p><blockquote>SkyWater计划以12至14美元的价格出售580万股股票。</blockquote></p><p><b>KnowBe4:</b>Security platform<b>KnowBe4 Inc</b>&nbsp;NASDAQ:&nbsp;KNBE&nbsp;isseekingto sell 11.8 million shares at a price point of $16 to $18.</p><p><blockquote><b>已知4：</b>安全平台<b>KnowBe4公司</b>纳斯达克：KNBE 寻求以 16 至 18 美元的价格出售 1180 万股股票。</blockquote></p><p>The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.</p><p><blockquote>该公司在价值 150 亿美元的市场中为全球超过 37,000 名客户提供服务。该公司去年的收入增长了 45%，年度经常性收入为 1.98 亿美元。该公司计划快速增长其国际业务，该业务占 2020 财年收入的 11.9%。</blockquote></p><p><b>Zymergen: \"</b>Biofacturing\" company<b>Zymergen</b>&nbsp;NASDAQ:&nbsp;ZY&nbsp;plansto sell 13.6 million shares at a price of $28 to $31.</p><p><blockquote><b>齐默根：“</b>生物制造”公司<b>齐默根</b>纳斯达克：ZY plansto 以 28 至 31 美元的价格出售 1360 万股股票。</blockquote></p><p>The company is working on bio-based products including films that could be used in rollable mobile tablet devices.</p><p><blockquote>该公司正在开发生物基产品，包括可用于可卷曲移动平板设备的薄膜。</blockquote></p><p>The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.</p><p><blockquote>该公司的首款产品 Hyaline 于 2020 年 12 月推出，另有 10 款产品正在开发中。生物制造市场价值1.2万亿美元。据该公司称。</blockquote></p><p><b>Agiliti:</b>Healthcare service provider&nbsp;<b>Agiliti Inc</b>NYSEAGTIsays it&nbsp;hasa customer base of over 7,0000 networks and that&nbsp;90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.</p><p><blockquote><b>敏捷性：</b>医疗保健服务提供商<b>敏捷公司</b>纽约证券交易所表示，它拥有超过7000个网络的客户群，90%的美国急性和替代护理机构都在敏捷服务中心100英里半径范围内。该公司寻求以 18 至 20 美元的价格出售 2630 万股股票。</blockquote></p><p><b>Latham Group:</b>A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.</p><p><blockquote><b>莱瑟姆集团：</b>北美、澳大利亚和新西兰地下住宅游泳池的设计师、制造商和营销商计划于本周上市。</blockquote></p><p><b>Latham Group</b>&nbsp;NASDAQ:&nbsp;SWIM&nbsp;plans to sell 20 million shares at a price point of $19 to $21.</p><p><blockquote><b>莱瑟姆集团</b>纳斯达克：SWIM 计划以 19 至 21 美元的价格出售 2000 万股股票。</blockquote></p><p>The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.</p><p><blockquote>据该公司称，该公司销售更耐用、使用更少化学物质的玻璃纤维产品。Latham 在 2020 年售出了 8,700 个玻璃纤维泳池，并报告连续第 11 年净销售额增长。</blockquote></p><p>The company had revenue of $408 million in fiscal 2020, and&nbsp;59% of it came from in-ground pool sales.</p><p><blockquote>该公司2020财年的收入为4.08亿美元，其中59%来自地下泳池销售。</blockquote></p><p>In 2018, the company shifted from a business-to-business model to business-to-consumer, making it&nbsp;the only pool company with a direct relationship to the homeowner, according to the company.</p><p><blockquote>据该公司称，2018年，该公司从企业对企业模式转向企业对消费者模式，使其成为唯一一家与房主有直接关系的泳池公司。</blockquote></p><p></p><p>Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.</p><p><blockquote>莱瑟姆说，与国际市场相比，玻璃纤维泳池在北美仍然是一个小市场。该公司声称在其争夺北美市场的所有类别中都拥有第一的市场份额。</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>IPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO 预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings 强调繁忙的一周发行</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\">\nIPO Preview: UiPath Inc, KnowBe4, Zymergen, Latham Holdings Highlight Busy Week Of Offerings<blockquote>IPO 预览：UiPath Inc、KnowBe4、Zymergen、Latham Holdings 强调繁忙的一周发行</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-04-19 08:58</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO of<b>Coinbase Global</b>COIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.</p><p><blockquote>本周的IPO没有上周备受期待的IPO那么引人注目。<b>比特币基地全球</b>硬币5.96%。尽管如此，投资者本周仍有几个令人兴奋的帖子值得考虑，包括 UiPath 和 Latham Holdings。</blockquote></p><p>Here is a look at the expected IPO pricings for the week of April 19.</p><p><blockquote>以下是 4 月 19 日当周的预期 IPO 定价。</blockquote></p><p><b>DoubleVerify Holdings:</b>&nbsp;Digital media measurement and analytics company<b>DoubleVerify Holdings</b>&nbsp;NYSE:&nbsp;DV&nbsp;plansto sell 13.3 million shares at a price point of $24 to $27.</p><p><blockquote><b>双重验证控股：</b>数字媒体测量和分析公司<b>双重验证控股</b>纽约证券交易所：DV plansto 以 24 至 27 美元的价格出售 1,330 万股股票。</blockquote></p><p>The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.</p><p><blockquote>该公司为数字广告生产安全软件，并声称拥有超过1000家广告商和出版商作为合作伙伴，以及超过45家客户，每个客户为DoubleVerify带来了100万美元的年收入。</blockquote></p><p>The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.</p><p><blockquote>该公司2020财年营收为2.44亿美元，同比增长34%。</blockquote></p><p><b>NeuroPace:</b>&nbsp;Commercial-stage medical device company<b>NeuroPace</b>&nbsp;NASDAQ:&nbsp;NPCE&nbsp;says it&nbsp;hasthe first and only commercially-available, brain-responsive system to help fight seizures.</p><p><blockquote><b>神经起搏：</b>商业阶段医疗器械公司<b>NeuroPace</b>纳斯达克：NPCE表示，它拥有第一个也是唯一一个商业化的大脑反应系统来帮助对抗癫痫发作。</blockquote></p><p>The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were&nbsp;served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.</p><p><blockquote>该公司的目标市场是患有耐药性癫痫的客户。截至 2020 年，该公司已为超过 3,000 名患者提供服务。Neuropace 2020财年的收入为1000万美元，预计2021财年的收入在1110万美元至1130万美元之间。</blockquote></p><p>Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.</p><p><blockquote>在美国，每年在癫痫护理上花费超过280亿美元。该公司计划以15至17美元的价格出售530万股股票。</blockquote></p><p><b>UiPath:</b>Thebiggest IPOof the week is set to be automation company<b>UiPath Inc</b>NYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.</p><p><blockquote><b>UiPath：</b>本周最大的 IPO 将是自动化公司<b>UiPath公司</b>NYSEPATH，计划以43至50美元的价格发行2130万股股票。</blockquote></p><p>The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%.&nbsp;UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.</p><p><blockquote>该公司 “制造软件机器人，这样人们就不必成为机器人了”。在截至2021年1月31日的财年，该公司的年经常性收入为5.8亿美元，增长率为65%。UiPath表示，它有7900多名客户，其中1000多名客户每年向公司支付10万美元或以上。</blockquote></p><p>The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.</p><p><blockquote>该公司的目标是650亿美元的市场机会，并相信其开放架构和端到端平台使其从竞争对手中脱颖而出。</blockquote></p><p><b>SkyWater Technology:</b>Pure-play technology foundry<b>SkyWater Technology</b>&nbsp;NASDAQ:&nbsp;SKYT&nbsp;offerssemiconductor development and manufacturing services, targeting&nbsp;customers in markets like advanced computing, aerospace, defense, automotive and IoT.</p><p><blockquote><b>天水科技：</b>纯玩技术铸造厂<b>天水科技</b>纳斯达克：SKYT 提供半导体开发和制造服务，面向先进计算、航空航天、国防、汽车和物联网等市场的客户。</blockquote></p><p>The company has 35 customers in its advanced technology services including L3Harris and<b>Microsoft Corporation</b>MSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.</p><p><blockquote>该公司拥有 35 家先进技术服务客户，包括 L3Harris 和<b>微软公司</b>MSFT 0.48%。天水于2017年从赛普拉斯半导体剥离。该公司2020年收入为1.404亿美元。</blockquote></p><p>SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.</p><p><blockquote>SkyWater计划以12至14美元的价格出售580万股股票。</blockquote></p><p><b>KnowBe4:</b>Security platform<b>KnowBe4 Inc</b>&nbsp;NASDAQ:&nbsp;KNBE&nbsp;isseekingto sell 11.8 million shares at a price point of $16 to $18.</p><p><blockquote><b>已知4：</b>安全平台<b>KnowBe4公司</b>纳斯达克：KNBE 寻求以 16 至 18 美元的价格出售 1180 万股股票。</blockquote></p><p>The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.</p><p><blockquote>该公司在价值 150 亿美元的市场中为全球超过 37,000 名客户提供服务。该公司去年的收入增长了 45%，年度经常性收入为 1.98 亿美元。该公司计划快速增长其国际业务，该业务占 2020 财年收入的 11.9%。</blockquote></p><p><b>Zymergen: \"</b>Biofacturing\" company<b>Zymergen</b>&nbsp;NASDAQ:&nbsp;ZY&nbsp;plansto sell 13.6 million shares at a price of $28 to $31.</p><p><blockquote><b>齐默根：“</b>生物制造”公司<b>齐默根</b>纳斯达克：ZY plansto 以 28 至 31 美元的价格出售 1360 万股股票。</blockquote></p><p>The company is working on bio-based products including films that could be used in rollable mobile tablet devices.</p><p><blockquote>该公司正在开发生物基产品，包括可用于可卷曲移动平板设备的薄膜。</blockquote></p><p>The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.</p><p><blockquote>该公司的首款产品 Hyaline 于 2020 年 12 月推出，另有 10 款产品正在开发中。生物制造市场价值1.2万亿美元。据该公司称。</blockquote></p><p><b>Agiliti:</b>Healthcare service provider&nbsp;<b>Agiliti Inc</b>NYSEAGTIsays it&nbsp;hasa customer base of over 7,0000 networks and that&nbsp;90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.</p><p><blockquote><b>敏捷性：</b>医疗保健服务提供商<b>敏捷公司</b>纽约证券交易所表示，它拥有超过7000个网络的客户群，90%的美国急性和替代护理机构都在敏捷服务中心100英里半径范围内。该公司寻求以 18 至 20 美元的价格出售 2630 万股股票。</blockquote></p><p><b>Latham Group:</b>A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.</p><p><blockquote><b>莱瑟姆集团：</b>北美、澳大利亚和新西兰地下住宅游泳池的设计师、制造商和营销商计划于本周上市。</blockquote></p><p><b>Latham Group</b>&nbsp;NASDAQ:&nbsp;SWIM&nbsp;plans to sell 20 million shares at a price point of $19 to $21.</p><p><blockquote><b>莱瑟姆集团</b>纳斯达克：SWIM 计划以 19 至 21 美元的价格出售 2000 万股股票。</blockquote></p><p>The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.</p><p><blockquote>据该公司称，该公司销售更耐用、使用更少化学物质的玻璃纤维产品。Latham 在 2020 年售出了 8,700 个玻璃纤维泳池，并报告连续第 11 年净销售额增长。</blockquote></p><p>The company had revenue of $408 million in fiscal 2020, and&nbsp;59% of it came from in-ground pool sales.</p><p><blockquote>该公司2020财年的收入为4.08亿美元，其中59%来自地下泳池销售。</blockquote></p><p>In 2018, the company shifted from a business-to-business model to business-to-consumer, making it&nbsp;the only pool company with a direct relationship to the homeowner, according to the company.</p><p><blockquote>据该公司称，2018年，该公司从企业对企业模式转向企业对消费者模式，使其成为唯一一家与房主有直接关系的泳池公司。</blockquote></p><p></p><p>Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.</p><p><blockquote>莱瑟姆说，与国际市场相比，玻璃纤维泳池在北美仍然是一个小市场。该公司声称在其争夺北美市场的所有类别中都拥有第一的市场份额。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DV":"DoubleVerify Holdings, Inc.","SKYT":"SkyWater Technology, Inc.","PATH":"UiPath","SWIM":"Latham Group, Inc.","NPCE":"NeuroPace Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129471770","content_text":"This week’s offerings don’t have quite the same high profile as last week's highly anticipated IPO ofCoinbase GlobalCOIN 5.96%. Nevertheless, there are several excitingIPOsthat investors should consider this week, including UiPath and Latham Holdings.Here is a look at the expected IPO pricings for the week of April 19.DoubleVerify Holdings: Digital media measurement and analytics companyDoubleVerify Holdings NYSE: DV plansto sell 13.3 million shares at a price point of $24 to $27.The company makes security software for digital advertising and claims to have over 1,000 advertisers and publishers as partners, and more than 45 customers that each account for $1 million in annual revenue for DoubleVerify.The company had revenue of $244 million in fiscal 2020, a year-over-year increase of 34%.NeuroPace: Commercial-stage medical device companyNeuroPace NASDAQ: NPCE says it hasthe first and only commercially-available, brain-responsive system to help fight seizures.The company’s target market is customers who have drug-resistant epilepsy. Over 3,000 patients were served by the company through 2020. Neuropace had revenue of $10 million in fiscal 2020 and is guiding for fiscal 2021 revenue of between $11.1 million and $11.3 million.Over $28 billion is spent annually on epilepsy care in the United States. The company plans to sell 5.3 million shares at a price point of $15 to $17.UiPath:Thebiggest IPOof the week is set to be automation companyUiPath IncNYSEPATH, with aplannedoffering of 21.3 million shares at a price point of $43 to $50.The company “makes software robots so people don’t have to be robots.” The company had annual recurring revenue of $580 million in the fiscal year ended January 31, 2021, for a growth rate of 65%. UiPath says it has over 7,900 customers, with over 1,000 of them paying $100,000 or more annually to the company.The company is targeting a market opportunity of $65 billion and believes its open architecture and end-to-end platform set it apart from competitors.SkyWater Technology:Pure-play technology foundrySkyWater Technology NASDAQ: SKYT offerssemiconductor development and manufacturing services, targeting customers in markets like advanced computing, aerospace, defense, automotive and IoT.The company has 35 customers in its advanced technology services including L3Harris andMicrosoft CorporationMSFT 0.48%. SkyWater was divested from Cypress Semiconductor in 2017. The company had revenue of $140.4 million in 2020.SkyWater plans to sell 5.8 million shares at a price point of $12 to $14.KnowBe4:Security platformKnowBe4 Inc NASDAQ: KNBE isseekingto sell 11.8 million shares at a price point of $16 to $18.The company serves over 37,000 customers globally in markets worth $15 billion. The company had 45% revenue growth and $198 million in annual recurring revenue last year. It plans to rapidly grow its international operations, which made up 11.9% of revenue in fiscal 2020.Zymergen: \"Biofacturing\" companyZymergen NASDAQ: ZY plansto sell 13.6 million shares at a price of $28 to $31.The company is working on bio-based products including films that could be used in rollable mobile tablet devices.The company’s first product, Hyaline, was launched in December 2020, and an additional 10 products are in development. The biofacturing market is worth $1.2 trillion. according to the company.Agiliti:Healthcare service provider Agiliti IncNYSEAGTIsays it hasa customer base of over 7,0000 networks and that 90% of U.S. acute and alternate care facilities are within a 100-mile radius of an Agiliti service center. The company is seeking to sell 26.3 million shares at a price point of $18 to $20.Latham Group:A designer, manufacturer and marketer of in-ground residential pools in North America, Australia and New Zealandplansto go public this week.Latham Group NASDAQ: SWIM plans to sell 20 million shares at a price point of $19 to $21.The company sells fiberglass products that are more durable and use less chemicals, according to the company. Latham sold 8,700 fiberglass pools in 2020 and reported its 11th consecutive year of net sales growth.The company had revenue of $408 million in fiscal 2020, and 59% of it came from in-ground pool sales.In 2018, the company shifted from a business-to-business model to business-to-consumer, making it the only pool company with a direct relationship to the homeowner, according to the company.Fiberglass pools are still a small market in North America compared to international markets, Latham says. The company claims to have a No. 1 market-share position in all the categories it competes in for the North American market.","news_type":1,"symbols_score_info":{"PATH":0.9,"DV":0.9,"SWIM":0.9,"ZY":0.9,"AGTI":0.9,"SKYT":0.9,"KNBE":0.9,"NPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373646078,"gmtCreate":1618844762094,"gmtModify":1631889007469,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Lmao","listText":"Lmao","text":"Lmao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373646078","repostId":"1114523776","repostType":4,"isVote":1,"tweetType":1,"viewCount":3178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348385299,"gmtCreate":1617889263611,"gmtModify":1634295947041,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TUYA\">$Tuya Inc.(TUYA)$</a>PepeHands","listText":"<a href=\"https://laohu8.com/S/TUYA\">$Tuya Inc.(TUYA)$</a>PepeHands","text":"$Tuya Inc.(TUYA)$PepeHands","images":[{"img":"https://static.tigerbbs.com/403db64538d0f6b54dee48c5bc7ad041","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348385299","isVote":1,"tweetType":1,"viewCount":2952,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":340410698,"gmtCreate":1617448879614,"gmtModify":1634520909085,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Nice 🙂","listText":"Nice 🙂","text":"Nice 🙂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/340410698","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":2080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352112862,"gmtCreate":1616906003256,"gmtModify":1634523578023,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/352112862","repostId":"1183857473","repostType":4,"repost":{"id":"1183857473","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":1616748407,"share":"https://www.laohunote.com/m/news/1183857473?lang=zh_CN&edition=full","pubTime":"2021-03-26 16:46","market":"hk","language":"en","title":"Meituan's Annual revenue jumps 17.7%, above forecast<blockquote>美团年收入增长17.7%，超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183857473","media":"Tiger Newspress","summary":"Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forec","content":"<p>Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.</p><p><blockquote>受按需服务激增的推动，中国食品配送巨头美团-W周五公布的第四季度收入超出市场预期。</blockquote></p><p>Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.</p><p><blockquote>美团-W：2020年全年营收1147.9亿元，市场预期1142.55亿元，上年同期975.29亿元；全年净利润47.1亿元，市场预期56.1亿元，去年同期为22.39亿元。</blockquote></p><p>Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.</p><p><blockquote>第四季度收入攀升至创纪录的 379.2 亿元人民币（58 亿美元），而分析师平均预测为 368 亿元人民币。由于社区团购等新举措的支出，该公司转为净亏损22亿元。</blockquote></p><p>Meituan&nbsp;warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.</p><p><blockquote>美团-W警告称，在公布一年来最快的销售增长速度后，该公司可能会在几个季度继续出现运营亏损，这凸显了向在线杂货等新领域扩张的成本。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f84902d3198f50d7cf5360aa49c22b48\" tg-width=\"1159\" tg-height=\"806\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/530cec505e6c5c1ad196b555fb900ba1\" tg-width=\"776\" tg-height=\"853\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/590111891ed9b07a37d9680b832ad5f7\" tg-width=\"922\" tg-height=\"731\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><img src=\"https://static.tigerbbs.com/a2b877f138a283ed48215164b8d53c2c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Financial Highlights </b></p><p><blockquote><b>公司财务摘要</b></blockquote></p><p>As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel &amp; travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and &nbsp;RMB49.4 billion, respectively, as of December 31, 2019.</p><p><blockquote>由于COVID-19疫情得到有效控制，中国经济复苏加速，我们的业务于二零二零年稳步复苏。总收入由二零一九年的人民币975亿元同比增长17.7%至人民币1148亿元。尽管新举措及其他分部的经营亏损因我们进一步加快业务扩张以满足消费者日益增长的需求而扩大，但我们的外卖及店内、酒店及旅游分部于二零二零年实现按分部划分的经营溢利总额为人民币110亿元，较二零一九年的人民币98亿元有所增加。经调整EBITDA及经调整净利润同比均出现负增长，2020年分别降至人民币47亿元及人民币31亿元。我们的经营现金流量由2019年的人民币56亿元增至2020年的人民币85亿元。截至2020年12月31日，我们的现金及现金等价物为人民币171亿元，短期资金投资为人民币440亿元，而截至2019年12月31日的结馀分别为人民币134亿元及人民币494亿元。</blockquote></p><p><b>Company Business Highlights </b></p><p><blockquote><b>公司业务亮点</b></blockquote></p><p><b>Food delivery </b></p><p><blockquote><b>送餐</b></blockquote></p><p>Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.</p><p><blockquote>2020年，送餐成为整个新冠肺炎疫情日益重要的服务。与此同时，我们在消费者基础、商户基础及配送网络方面的实力依然强劲，于二零二零年继续产生强大的网络效应，使我们实现稳健增长。2020年，外卖业务的GTV同比增长24.5%至人民币4,889亿元。外卖交易笔数同比增速持续飙升，日均外卖交易笔数同比增长16.0%至2,770万笔。外卖业务的平均每单价值同比增长7.0%至人民币48.2元。外卖业务的货币化率由2019年的14.0%下降至13.6%。因此，收入同比增长20.8%至人民币663亿元。外卖业务的经营溢利由2019年的人民币14亿元增加至2020年的人民币28亿元，而经营利润率则由2.6%增加至4.3%。我们于二零二零年稳健的业务表现证明了我们富有弹性的业务模式及强大的执行能力。</blockquote></p><p>For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.</p><p><blockquote>于二零二零年第四季度，外卖业务的GTV同比增长39.4%至人民币1,563亿元。外卖日均交易笔数同比增长33.0%至3620万笔。外卖业务的平均每单价值同比增长4.8%至人民币46.9元。外卖业务的货币化率由2019年同期的14.0%下降至13.8%。因此，收入同比增长37.0%至人民币215亿元。外卖业务的经营溢利由2019年第四季度的人民币482.8百万元增加至2020年第四季度的人民币882.4百万元，而经营利润率则由3.1%增加至4.1%。</blockquote></p><p><b>In-store, hotel &amp; travel </b></p><p><blockquote><b>店内、酒店及旅游</b></blockquote></p><p></p><p>Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel &amp; travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel &amp; travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel &amp; travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.</p><p><blockquote>受益于新冠肺炎疫情的有效控制，中国本地消费稳步复苏，2020年受影响最大的到店、酒店及旅游业务逐步恢复，但尚未完全恢复至正常水平。于二零二零年，我们的店内、酒店及旅游业务收入同比减少4.6%至人民币213亿元。店内、酒店及旅游业务的经营溢利由2019年的人民币84亿元减少至2020年的人民币82亿元，而经营利润率则由37.7%增加至38.5%。</blockquote></p><p>For the fourth quarter of 2020, revenues from our in-store, hotel &amp; travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel &amp; travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.</p><p><blockquote>于二零二零年第四季度，尽管多个城市再次出现COVID-19疫情，但我们的店内、酒店及旅游业务收入同比增长12.2%至人民币71亿元。店内、酒店及旅游业务的经营溢利由2019年第四季度的人民币23亿元增加至人民币28亿元，而经营利润率则由36.7%增加至39.5%。</blockquote></p><p><b>New initiatives and others</b></p><p><blockquote><b>新举措及其他</b></blockquote></p><p>During 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.</p><p><blockquote>于二零二零年，我们继续加大对新举措的投资，尤其是在我们认为具有良好长期增长潜力且符合我们「食品+平台」战略的领域。2020年，新举措及其他分部收入同比增长33.6%至人民币273亿元。新举措及其他分部经营亏损由2019年的人民币67亿元扩大至2020年的人民币109亿元，经营利润率同比下降6.7个百分点。2020年第四季度，来自新举措及其他分部的收入同比增长51.9%至人民币92亿元。于二零二零年第四季度，该分部的经营亏损同比及环比均增加至负人民币60亿元，而经营利润率则下降至负64.9%。</blockquote></p><p><b>Company Outlook for 2021</b></p><p><blockquote><b>二零二一年公司展望</b></blockquote></p><p>Overall, our food delivery and in-store, hotel &amp; travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel &amp; travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”</p><p><blockquote>总体而言，我们的食品配送、店内、酒店及旅游业务继续取得稳健业绩，展现了其独特的价值，并在充满挑战的 2020 年日益成为人们日常生活的新基础设施。我们重申我们的信念，即我们的食品配送以及店内、酒店和旅游业务在未来的长期增长和运营优化方面拥有重要的跑道。虽然我们在新举措上的大量投资阻碍了我们在2020年的整体盈利能力，但这些新举措也为消费者、商家、我们的业务合作伙伴和更广泛的社会创造了越来越多的价值。我们仍然致力于投资于能够实现长期增长并为消费者和所有参与者提供更多价值的重大机会。我们相信社区电商是其中一个巨大的机遇，我们将在2021年分配足够的资源加速其发展，同时不断提高其运营效率。增加对新举措的投资可能会继续对我们的整体财务业绩造成重大负面影响，随着我们扩大社区电子商务业务，公司可能会在未来几个季度继续录得经营亏损。然而，我们始终关注长期增长而非短期利润，坚持长期导向的投资理念。更重要的是，我们对中国经济发展前景保持乐观。我们相信，我们长期加速边境行业数字化和线上运营的决心将使我们能够从数字化趋势和行业增长中受益。因此，我们将继续通过创新和更好的服务，帮助商家提高跨行业的运营效率，为消费者提供更多的便利以及价格实惠的优质产品和服务，并借助科技为社会创造更多价值，实现“我们帮助人们吃得更好，生活得更好”的使命。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>Meituan financial report</b></a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>美团-W财务报告</b></a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeituan's Annual revenue jumps 17.7%, above forecast<blockquote>美团年收入增长17.7%，超出预期</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\">2021-03-26 16:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.</p><p><blockquote>受按需服务激增的推动，中国食品配送巨头美团-W周五公布的第四季度收入超出市场预期。</blockquote></p><p>Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.</p><p><blockquote>美团-W：2020年全年营收1147.9亿元，市场预期1142.55亿元，上年同期975.29亿元；全年净利润47.1亿元，市场预期56.1亿元，去年同期为22.39亿元。</blockquote></p><p>Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.</p><p><blockquote>第四季度收入攀升至创纪录的 379.2 亿元人民币（58 亿美元），而分析师平均预测为 368 亿元人民币。由于社区团购等新举措的支出，该公司转为净亏损22亿元。</blockquote></p><p>Meituan&nbsp;warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.</p><p><blockquote>美团-W警告称，在公布一年来最快的销售增长速度后，该公司可能会在几个季度继续出现运营亏损，这凸显了向在线杂货等新领域扩张的成本。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f84902d3198f50d7cf5360aa49c22b48\" tg-width=\"1159\" tg-height=\"806\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/530cec505e6c5c1ad196b555fb900ba1\" tg-width=\"776\" tg-height=\"853\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/590111891ed9b07a37d9680b832ad5f7\" tg-width=\"922\" tg-height=\"731\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><img src=\"https://static.tigerbbs.com/a2b877f138a283ed48215164b8d53c2c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Financial Highlights </b></p><p><blockquote><b>公司财务摘要</b></blockquote></p><p>As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel &amp; travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and &nbsp;RMB49.4 billion, respectively, as of December 31, 2019.</p><p><blockquote>由于COVID-19疫情得到有效控制，中国经济复苏加速，我们的业务于二零二零年稳步复苏。总收入由二零一九年的人民币975亿元同比增长17.7%至人民币1148亿元。尽管新举措及其他分部的经营亏损因我们进一步加快业务扩张以满足消费者日益增长的需求而扩大，但我们的外卖及店内、酒店及旅游分部于二零二零年实现按分部划分的经营溢利总额为人民币110亿元，较二零一九年的人民币98亿元有所增加。经调整EBITDA及经调整净利润同比均出现负增长，2020年分别降至人民币47亿元及人民币31亿元。我们的经营现金流量由2019年的人民币56亿元增至2020年的人民币85亿元。截至2020年12月31日，我们的现金及现金等价物为人民币171亿元，短期资金投资为人民币440亿元，而截至2019年12月31日的结馀分别为人民币134亿元及人民币494亿元。</blockquote></p><p><b>Company Business Highlights </b></p><p><blockquote><b>公司业务亮点</b></blockquote></p><p><b>Food delivery </b></p><p><blockquote><b>送餐</b></blockquote></p><p>Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.</p><p><blockquote>2020年，送餐成为整个新冠肺炎疫情日益重要的服务。与此同时，我们在消费者基础、商户基础及配送网络方面的实力依然强劲，于二零二零年继续产生强大的网络效应，使我们实现稳健增长。2020年，外卖业务的GTV同比增长24.5%至人民币4,889亿元。外卖交易笔数同比增速持续飙升，日均外卖交易笔数同比增长16.0%至2,770万笔。外卖业务的平均每单价值同比增长7.0%至人民币48.2元。外卖业务的货币化率由2019年的14.0%下降至13.6%。因此，收入同比增长20.8%至人民币663亿元。外卖业务的经营溢利由2019年的人民币14亿元增加至2020年的人民币28亿元，而经营利润率则由2.6%增加至4.3%。我们于二零二零年稳健的业务表现证明了我们富有弹性的业务模式及强大的执行能力。</blockquote></p><p>For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.</p><p><blockquote>于二零二零年第四季度，外卖业务的GTV同比增长39.4%至人民币1,563亿元。外卖日均交易笔数同比增长33.0%至3620万笔。外卖业务的平均每单价值同比增长4.8%至人民币46.9元。外卖业务的货币化率由2019年同期的14.0%下降至13.8%。因此，收入同比增长37.0%至人民币215亿元。外卖业务的经营溢利由2019年第四季度的人民币482.8百万元增加至2020年第四季度的人民币882.4百万元，而经营利润率则由3.1%增加至4.1%。</blockquote></p><p><b>In-store, hotel &amp; travel </b></p><p><blockquote><b>店内、酒店及旅游</b></blockquote></p><p></p><p>Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel &amp; travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel &amp; travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel &amp; travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.</p><p><blockquote>受益于新冠肺炎疫情的有效控制，中国本地消费稳步复苏，2020年受影响最大的到店、酒店及旅游业务逐步恢复，但尚未完全恢复至正常水平。于二零二零年，我们的店内、酒店及旅游业务收入同比减少4.6%至人民币213亿元。店内、酒店及旅游业务的经营溢利由2019年的人民币84亿元减少至2020年的人民币82亿元，而经营利润率则由37.7%增加至38.5%。</blockquote></p><p>For the fourth quarter of 2020, revenues from our in-store, hotel &amp; travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel &amp; travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.</p><p><blockquote>于二零二零年第四季度，尽管多个城市再次出现COVID-19疫情，但我们的店内、酒店及旅游业务收入同比增长12.2%至人民币71亿元。店内、酒店及旅游业务的经营溢利由2019年第四季度的人民币23亿元增加至人民币28亿元，而经营利润率则由36.7%增加至39.5%。</blockquote></p><p><b>New initiatives and others</b></p><p><blockquote><b>新举措及其他</b></blockquote></p><p>During 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.</p><p><blockquote>于二零二零年，我们继续加大对新举措的投资，尤其是在我们认为具有良好长期增长潜力且符合我们「食品+平台」战略的领域。2020年，新举措及其他分部收入同比增长33.6%至人民币273亿元。新举措及其他分部经营亏损由2019年的人民币67亿元扩大至2020年的人民币109亿元，经营利润率同比下降6.7个百分点。2020年第四季度，来自新举措及其他分部的收入同比增长51.9%至人民币92亿元。于二零二零年第四季度，该分部的经营亏损同比及环比均增加至负人民币60亿元，而经营利润率则下降至负64.9%。</blockquote></p><p><b>Company Outlook for 2021</b></p><p><blockquote><b>二零二一年公司展望</b></blockquote></p><p>Overall, our food delivery and in-store, hotel &amp; travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel &amp; travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”</p><p><blockquote>总体而言，我们的食品配送、店内、酒店及旅游业务继续取得稳健业绩，展现了其独特的价值，并在充满挑战的 2020 年日益成为人们日常生活的新基础设施。我们重申我们的信念，即我们的食品配送以及店内、酒店和旅游业务在未来的长期增长和运营优化方面拥有重要的跑道。虽然我们在新举措上的大量投资阻碍了我们在2020年的整体盈利能力，但这些新举措也为消费者、商家、我们的业务合作伙伴和更广泛的社会创造了越来越多的价值。我们仍然致力于投资于能够实现长期增长并为消费者和所有参与者提供更多价值的重大机会。我们相信社区电商是其中一个巨大的机遇，我们将在2021年分配足够的资源加速其发展，同时不断提高其运营效率。增加对新举措的投资可能会继续对我们的整体财务业绩造成重大负面影响，随着我们扩大社区电子商务业务，公司可能会在未来几个季度继续录得经营亏损。然而，我们始终关注长期增长而非短期利润，坚持长期导向的投资理念。更重要的是，我们对中国经济发展前景保持乐观。我们相信，我们长期加速边境行业数字化和线上运营的决心将使我们能够从数字化趋势和行业增长中受益。因此，我们将继续通过创新和更好的服务，帮助商家提高跨行业的运营效率，为消费者提供更多的便利以及价格实惠的优质产品和服务，并借助科技为社会创造更多价值，实现“我们帮助人们吃得更好，生活得更好”的使命。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>Meituan financial report</b></a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>美团-W财务报告</b></a></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03690":"美团-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183857473","content_text":"Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.Meituan warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.Company Financial Highlights As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel & travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and  RMB49.4 billion, respectively, as of December 31, 2019.Company Business Highlights Food delivery Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.In-store, hotel & travel Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel & travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel & travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel & travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.For the fourth quarter of 2020, revenues from our in-store, hotel & travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel & travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.New initiatives and othersDuring 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.Company Outlook for 2021Overall, our food delivery and in-store, hotel & travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel & travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”Meituan financial report","news_type":1,"symbols_score_info":{"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352002746,"gmtCreate":1616823566185,"gmtModify":1634523805503,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"I am a penguin","listText":"I am a penguin","text":"I am a penguin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/352002746","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohunote.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":1731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358937461,"gmtCreate":1616648980453,"gmtModify":1634524729474,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/358937461","repostId":"1123323320","repostType":4,"repost":{"id":"1123323320","kind":"news","pubTimestamp":1616644810,"share":"https://www.laohunote.com/m/news/1123323320?lang=zh_CN&edition=full","pubTime":"2021-03-25 12:00","market":"us","language":"en","title":"Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123323320","media":"yahoo","summary":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albei","content":"<p>U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.</p><p><blockquote>预计上周美国各州首次申请失业救济人数将有所下降，尽管与大流行前的情况相比，这一水平仍反映出劳动力市场疲软。</blockquote></p><p> The Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部定于美国东部时间周四上午 8:30 发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至 3 月 20 日当周首次申请失业救济人数：</b>预计为 730,000，而前一周为 770,000</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至 3 月 13 日当周的持续索赔：</b>预计 400 万人，而前一周为 412.4 万人</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在 80 万人以下，并在上周新申请失业救济人数意外激增后下降。同比改善将更加明显：2020 年同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请人数飙升至 300 多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请人数已从这些高点大幅下降，但仍大幅高于 2019 年的水平，当时平均每周新申请人数略高于 20 万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未跌破 11 月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人总数，数量惊人的美国人仍然失业。截至2月底，仍有超过1800万人申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供扩展福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忘记劳动力市场进展的缓慢前进。在本周早些时候的国会证词中，财政部长珍妮特·耶伦告诉美国众议院金融服务委员会，“我们应该清楚地认识到我们正在挖的洞”，尽管数据显示一些复苏迹象，但鉴于该国与大流行前的峰值相比，该国仍减少了近 1000 万个就业岗位。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家仍乐观地认为，反弹将在未来几周和几个月内获得动力，特别是随着全国疫苗接种计划的加速推进。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>“Bankrate 高级经济分析师马克-哈姆里克（Mark Hamrick）在一份报告中写道：”随着 COVID-19 疫苗接种步伐的加快、联邦刺激支出的加快以及全国大部分地区冬季的缓解，对美国经济抱有乐观预期是完全合理的。“这应该会反映在未来几个月的更多经济数据中。”</blockquote></p><p></p>","source":"lsy1584348713084","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>Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</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; 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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\">\nJobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-03-25 12:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.</p><p><blockquote>预计上周美国各州首次申请失业救济人数将有所下降，尽管与大流行前的情况相比，这一水平仍反映出劳动力市场疲软。</blockquote></p><p> The Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部定于美国东部时间周四上午 8:30 发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至 3 月 20 日当周首次申请失业救济人数：</b>预计为 730,000，而前一周为 770,000</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至 3 月 13 日当周的持续索赔：</b>预计 400 万人，而前一周为 412.4 万人</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在 80 万人以下，并在上周新申请失业救济人数意外激增后下降。同比改善将更加明显：2020 年同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请人数飙升至 300 多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请人数已从这些高点大幅下降，但仍大幅高于 2019 年的水平，当时平均每周新申请人数略高于 20 万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未跌破 11 月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人总数，数量惊人的美国人仍然失业。截至2月底，仍有超过1800万人申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供扩展福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忘记劳动力市场进展的缓慢前进。在本周早些时候的国会证词中，财政部长珍妮特·耶伦告诉美国众议院金融服务委员会，“我们应该清楚地认识到我们正在挖的洞”，尽管数据显示一些复苏迹象，但鉴于该国与大流行前的峰值相比，该国仍减少了近 1000 万个就业岗位。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家仍乐观地认为，反弹将在未来几周和几个月内获得动力，特别是随着全国疫苗接种计划的加速推进。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>“Bankrate 高级经济分析师马克-哈姆里克（Mark Hamrick）在一份报告中写道：”随着 COVID-19 疫苗接种步伐的加快、联邦刺激支出的加快以及全国大部分地区冬季的缓解，对美国经济抱有乐观预期是完全合理的。“这应该会反映在未来几个月的更多经济数据中。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html\">yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123323320","content_text":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.\nThe Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:\n\nInitial jobless claims, week ended March 20:730,000 expected vs. 770,000 during the prior week\nContinuing claims, week ended March 13:4 million expected vs. 4.124 million during the prior week\n\nInitial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.\nBut while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.\nAnd based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.\nThe slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.\nStill, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.\n\"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months 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🌝🌝🌝","images":[{"img":"https://static.tigerbbs.com/ea3236bb973426cbef049d9ec7c887bb","width":"1080","height":"1653"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322646000","isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322641850,"gmtCreate":1615805925870,"gmtModify":1703493238290,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322641850","repostId":"1136444569","repostType":4,"repost":{"id":"1136444569","kind":"news","pubTimestamp":1615804432,"share":"https://www.laohunote.com/m/news/1136444569?lang=zh_CN&edition=full","pubTime":"2021-03-15 18:33","market":"us","language":"en","title":"Tesla Prepares For Shanghai Gigafactory Expansion<blockquote>特斯拉准备扩建上海超级工厂</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136444569","media":"Benzinga","summary":"Tesla Inc. is preparing to expand its Gigafactory in China with a boost in production capacity for c","content":"<p><div> Tesla Inc. is preparing to expand its Gigafactory in China with a boost in production capacity for components such as powertrain and motors, cnEVpostreportedSaturday. What Happened: Citing an ...</p><p><blockquote><div>据 CNEVPost 周六报道，特斯拉正准备扩建其在华超级工厂，提高动力总成和电机等零部件的产能。发生了什么：引用一个……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Prepares For Shanghai Gigafactory Expansion<blockquote>特斯拉准备扩建上海超级工厂</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Prepares For Shanghai Gigafactory Expansion<blockquote>特斯拉准备扩建上海超级工厂</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-03-15 18:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Tesla Inc. is preparing to expand its Gigafactory in China with a boost in production capacity for components such as powertrain and motors, cnEVpostreportedSaturday. What Happened: Citing an ...</p><p><blockquote><div>据 CNEVPost 周六报道，特斯拉正准备扩建其在华超级工厂，提高动力总成和电机等零部件的产能。发生了什么：引用一个……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/news/21/03/20159453/tesla-prepares-for-shanghai-gigafactory-expansion","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136444569","content_text":"Tesla Inc. is preparing to expand its Gigafactory in China with a boost in production capacity for components such as powertrain and motors, cnEVpostreportedSaturday.\nWhat Happened: Citing an environmental assessment report, cnEVpost reported that Tesla’s Shanghai factory has made adjustments to a project in order to boost production capacity for components. cnEVpost is a China-focused EV website.\nThe manufacturing process adjustments will enable Tesla to increase its annual production capacity of pure electric vehicle power battery packs, drive motor systems and motor controllers, as per the report. The electric car maker currently manufactures the Model 3 sedan and Model Y compact sport utility vehicle at the Shanghai factory.\nWhile reporting its fourth-quarter results in January, Teslasaidthat the Shanghai factory can sustain Model 3 production at or above a run rate of 250,000 per year. Model Y production at the factory started in late 2020 and is in the process of ramping to full capacity.\nWhy It Matters: The electric car maker has previously said it planned to fulfill its localization commitment to the Chinese government and shorten the issue of long lead times for parts imported from the U.S.\nThe adjustments to the manufacturing processes are also part of Tesla’s efforts to boost sales in China, the company’s second-largest market. In February, Teslasaidits China sales doubled on a year-on-year basis to $6.6 billion.\nIn January, Tesla opened pre-orders for the Model Y in China, only to sell out three months’ worth of vehiclesin a matter of days.\nPrice Action: Tesla shares closed 0.8% lower on Friday at $693.73.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":764,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":322643822,"gmtCreate":1615805853466,"gmtModify":1703493236904,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322643822","repostId":"1189176956","repostType":4,"isVote":1,"tweetType":1,"viewCount":890,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326264799,"gmtCreate":1615669491911,"gmtModify":1703491937018,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/326264799","repostId":"1136927748","repostType":4,"isVote":1,"tweetType":1,"viewCount":690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326374936,"gmtCreate":1615598719625,"gmtModify":1703491431031,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>pump my dump","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a>pump my dump","text":"$NIO Inc.(NIO)$pump my dump","images":[{"img":"https://static.tigerbbs.com/0361d11bba566ec4b45d9622bcf923a0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/326374936","isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":352002746,"gmtCreate":1616823566185,"gmtModify":1634523805503,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"I am a penguin","listText":"I am a penguin","text":"I am a penguin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/352002746","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","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":1616780260,"share":"https://www.laohunote.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</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\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":1731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":329667389,"gmtCreate":1615244603041,"gmtModify":1703486108985,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"烟火里的尘埃","listText":"烟火里的尘埃","text":"烟火里的尘埃","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/329667389","repostId":"1199173220","repostType":4,"isVote":1,"tweetType":1,"viewCount":1459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":365308102,"gmtCreate":1614695206906,"gmtModify":1703479979126,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HITIF\">$High Tide Inc.(HITIF)$</a>bullish","listText":"<a href=\"https://laohu8.com/S/HITIF\">$High Tide Inc.(HITIF)$</a>bullish","text":"$High Tide Inc.(HITIF)$bullish","images":[{"img":"https://static.tigerbbs.com/c513ee9cee09ce37f45dc6bc629d5bf3","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/365308102","isVote":1,"tweetType":1,"viewCount":1010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":358937461,"gmtCreate":1616648980453,"gmtModify":1634524729474,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/358937461","repostId":"1123323320","repostType":4,"repost":{"id":"1123323320","kind":"news","pubTimestamp":1616644810,"share":"https://www.laohunote.com/m/news/1123323320?lang=zh_CN&edition=full","pubTime":"2021-03-25 12:00","market":"us","language":"en","title":"Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1123323320","media":"yahoo","summary":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albei","content":"<p>U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.</p><p><blockquote>预计上周美国各州首次申请失业救济人数将有所下降，尽管与大流行前的情况相比，这一水平仍反映出劳动力市场疲软。</blockquote></p><p> The Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部定于美国东部时间周四上午 8:30 发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至 3 月 20 日当周首次申请失业救济人数：</b>预计为 730,000，而前一周为 770,000</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至 3 月 13 日当周的持续索赔：</b>预计 400 万人，而前一周为 412.4 万人</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在 80 万人以下，并在上周新申请失业救济人数意外激增后下降。同比改善将更加明显：2020 年同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请人数飙升至 300 多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请人数已从这些高点大幅下降，但仍大幅高于 2019 年的水平，当时平均每周新申请人数略高于 20 万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未跌破 11 月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人总数，数量惊人的美国人仍然失业。截至2月底，仍有超过1800万人申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供扩展福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忘记劳动力市场进展的缓慢前进。在本周早些时候的国会证词中，财政部长珍妮特·耶伦告诉美国众议院金融服务委员会，“我们应该清楚地认识到我们正在挖的洞”，尽管数据显示一些复苏迹象，但鉴于该国与大流行前的峰值相比，该国仍减少了近 1000 万个就业岗位。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家仍乐观地认为，反弹将在未来几周和几个月内获得动力，特别是随着全国疫苗接种计划的加速推进。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>“Bankrate 高级经济分析师马克-哈姆里克（Mark Hamrick）在一份报告中写道：”随着 COVID-19 疫苗接种步伐的加快、联邦刺激支出的加快以及全国大部分地区冬季的缓解，对美国经济抱有乐观预期是完全合理的。“这应该会反映在未来几个月的更多经济数据中。”</blockquote></p><p></p>","source":"lsy1584348713084","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>Jobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</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\">\nJobless claims preview: Another 730,000 Americans likely filed new unemployment claims<blockquote>失业救济申请预览：另外 73 万美国人可能提交新的失业救济申请</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-03-25 12:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.</p><p><blockquote>预计上周美国各州首次申请失业救济人数将有所下降，尽管与大流行前的情况相比，这一水平仍反映出劳动力市场疲软。</blockquote></p><p> The Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:</p><p><blockquote>美国劳工部定于美国东部时间周四上午 8:30 发布每周新申请失业救济人数报告。与彭博社编制的共识数据相比，以下是该报告预期的主要指标：</blockquote></p><p> <ul>  <li><b>Initial jobless claims, week ended March 20:</b>730,000 expected vs. 770,000 during the prior week</p><p><blockquote><ul><li><b>截至 3 月 20 日当周首次申请失业救济人数：</b>预计为 730,000，而前一周为 770,000</li></ul></blockquote></p><p></li>  <li><b>Continuing claims, week ended March 13:</b>4 million expected vs. 4.124 million during the prior week</p><p><blockquote><li><b>截至 3 月 13 日当周的持续索赔：</b>预计 400 万人，而前一周为 412.4 万人</li></blockquote></p><p></li> </ul> Initial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.</p><p><blockquote>首次申请失业救济人数可能连续第五周保持在 80 万人以下，并在上周新申请失业救济人数意外激增后下降。同比改善将更加明显：2020 年同一周，随着疫情的初步影响在整个劳动力市场产生反响，新申请人数飙升至 300 多万。</blockquote></p><p> But while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.</p><p><blockquote>不过，尽管申请人数已从这些高点大幅下降，但仍大幅高于 2019 年的水平，当时平均每周新申请人数略高于 20 万人。此外，近几个月来改善停滞不前，申请失业救济人数尚未跌破 11 月份的水平。</blockquote></p><p> And based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.</p><p><blockquote>根据所有失业计划的申请人总数，数量惊人的美国人仍然失业。截至2月底，仍有超过1800万人申请某种形式的失业救济金，包括通过联邦疫情失业援助和疫情紧急失业补偿计划，该计划为那些用尽常规州保险的人提供扩展福利。</blockquote></p><p> The slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.</p><p><blockquote>政策制定者并没有忘记劳动力市场进展的缓慢前进。在本周早些时候的国会证词中，财政部长珍妮特·耶伦告诉美国众议院金融服务委员会，“我们应该清楚地认识到我们正在挖的洞”，尽管数据显示一些复苏迹象，但鉴于该国与大流行前的峰值相比，该国仍减少了近 1000 万个就业岗位。</blockquote></p><p> Still, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.</p><p><blockquote>尽管如此，许多经济学家仍乐观地认为，反弹将在未来几周和几个月内获得动力，特别是随着全国疫苗接种计划的加速推进。</blockquote></p><p> \"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months ahead.\"</p><p><blockquote>“Bankrate 高级经济分析师马克-哈姆里克（Mark Hamrick）在一份报告中写道：”随着 COVID-19 疫苗接种步伐的加快、联邦刺激支出的加快以及全国大部分地区冬季的缓解，对美国经济抱有乐观预期是完全合理的。“这应该会反映在未来几个月的更多经济数据中。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html\">yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/weekly-jobless-claims-week-ended-march-20-2021-pandemic-165400695-182038606.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123323320","content_text":"U.S. states are expected to have seen a drop in initial unemployment claims filings last week, albeit to a level that would still reflect a weak labor market compared to pre-pandemic conditions.\nThe Department of Labor is set to release its weekly report on new jobless claims on Thursday at 8:30 a.m. ET. Here are the main metrics expected from the report, compared to consensus data compiled by Bloomberg:\n\nInitial jobless claims, week ended March 20:730,000 expected vs. 770,000 during the prior week\nContinuing claims, week ended March 13:4 million expected vs. 4.124 million during the prior week\n\nInitial unemployment claims likely held below 800,000 for a fifth straight week and declined after last week's unexpected jump in new claims. The year-over-year improvements will be even more pronounced: During the same week in 2020, new claims rocketed to more than 3 million as the pandemic's initial impacts reverberated across the labor market.\nBut while claims have come down considerably from those highs, they remain sharply elevated from 2019 levels, when new claims averaged just over 200,000 per week. Plus, improvements have stagnated in recent months, and claims have yet to break below levels seen in November.\nAnd based on the total of claimants counted across all unemployment programs, a staggering number of Americans remain out of work. As of the end of February, more than 18 million individuals were still claiming unemployment benefits of some form, including via the federal Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation program, which offers extended benefits to those who have exhausted their regular state insurance.\nThe slow march forward for labor market progress has not been lost on policymakers. In congressional testimony on earlier this week,Treasury Secretary Janet Yellen told the U.S. House Committee on Financial Servicesthat \"we should be clear-eyed about the hole we're digging out of\" even as the data shows some signs of recovery, given that the country is still down by nearly 10 million jobs compared to its pre-pandemic peak.\nStill, many economists are optimistic the rebound will pick up momentum in the coming weeks and months, especially with the vaccination program accelerating across the country.\n\"With the increased pace of COVID-19 vaccinations, federal stimulus spending and winter’s grip easing across much of the country, it is quite reasonable to harbor upbeat expectations for the U.S. economy,\" Mark Hamrick, senior economist analyst at Bankrate, wrote in a note. \"This should be reflected in more of the economic data in the months 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and comment thanks 😊","listText":"Like and comment thanks 😊","text":"Like and comment thanks 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/329305331","repostId":"1103669638","repostType":4,"isVote":1,"tweetType":1,"viewCount":484,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340410698,"gmtCreate":1617448879614,"gmtModify":1634520909085,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Nice 🙂","listText":"Nice 🙂","text":"Nice 🙂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/340410698","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":2080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":352112862,"gmtCreate":1616906003256,"gmtModify":1634523578023,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/352112862","repostId":"1183857473","repostType":4,"repost":{"id":"1183857473","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":1616748407,"share":"https://www.laohunote.com/m/news/1183857473?lang=zh_CN&edition=full","pubTime":"2021-03-26 16:46","market":"hk","language":"en","title":"Meituan's Annual revenue jumps 17.7%, above forecast<blockquote>美团年收入增长17.7%，超出预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183857473","media":"Tiger Newspress","summary":"Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forec","content":"<p>Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.</p><p><blockquote>受按需服务激增的推动，中国食品配送巨头美团-W周五公布的第四季度收入超出市场预期。</blockquote></p><p>Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.</p><p><blockquote>美团-W：2020年全年营收1147.9亿元，市场预期1142.55亿元，上年同期975.29亿元；全年净利润47.1亿元，市场预期56.1亿元，去年同期为22.39亿元。</blockquote></p><p>Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.</p><p><blockquote>第四季度收入攀升至创纪录的 379.2 亿元人民币（58 亿美元），而分析师平均预测为 368 亿元人民币。由于社区团购等新举措的支出，该公司转为净亏损22亿元。</blockquote></p><p>Meituan&nbsp;warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.</p><p><blockquote>美团-W警告称，在公布一年来最快的销售增长速度后，该公司可能会在几个季度继续出现运营亏损，这凸显了向在线杂货等新领域扩张的成本。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f84902d3198f50d7cf5360aa49c22b48\" tg-width=\"1159\" tg-height=\"806\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/530cec505e6c5c1ad196b555fb900ba1\" tg-width=\"776\" tg-height=\"853\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/590111891ed9b07a37d9680b832ad5f7\" tg-width=\"922\" tg-height=\"731\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><img src=\"https://static.tigerbbs.com/a2b877f138a283ed48215164b8d53c2c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Financial Highlights </b></p><p><blockquote><b>公司财务摘要</b></blockquote></p><p>As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel &amp; travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and &nbsp;RMB49.4 billion, respectively, as of December 31, 2019.</p><p><blockquote>由于COVID-19疫情得到有效控制，中国经济复苏加速，我们的业务于二零二零年稳步复苏。总收入由二零一九年的人民币975亿元同比增长17.7%至人民币1148亿元。尽管新举措及其他分部的经营亏损因我们进一步加快业务扩张以满足消费者日益增长的需求而扩大，但我们的外卖及店内、酒店及旅游分部于二零二零年实现按分部划分的经营溢利总额为人民币110亿元，较二零一九年的人民币98亿元有所增加。经调整EBITDA及经调整净利润同比均出现负增长，2020年分别降至人民币47亿元及人民币31亿元。我们的经营现金流量由2019年的人民币56亿元增至2020年的人民币85亿元。截至2020年12月31日，我们的现金及现金等价物为人民币171亿元，短期资金投资为人民币440亿元，而截至2019年12月31日的结馀分别为人民币134亿元及人民币494亿元。</blockquote></p><p><b>Company Business Highlights </b></p><p><blockquote><b>公司业务亮点</b></blockquote></p><p><b>Food delivery </b></p><p><blockquote><b>送餐</b></blockquote></p><p>Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.</p><p><blockquote>2020年，送餐成为整个新冠肺炎疫情日益重要的服务。与此同时，我们在消费者基础、商户基础及配送网络方面的实力依然强劲，于二零二零年继续产生强大的网络效应，使我们实现稳健增长。2020年，外卖业务的GTV同比增长24.5%至人民币4,889亿元。外卖交易笔数同比增速持续飙升，日均外卖交易笔数同比增长16.0%至2,770万笔。外卖业务的平均每单价值同比增长7.0%至人民币48.2元。外卖业务的货币化率由2019年的14.0%下降至13.6%。因此，收入同比增长20.8%至人民币663亿元。外卖业务的经营溢利由2019年的人民币14亿元增加至2020年的人民币28亿元，而经营利润率则由2.6%增加至4.3%。我们于二零二零年稳健的业务表现证明了我们富有弹性的业务模式及强大的执行能力。</blockquote></p><p>For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.</p><p><blockquote>于二零二零年第四季度，外卖业务的GTV同比增长39.4%至人民币1,563亿元。外卖日均交易笔数同比增长33.0%至3620万笔。外卖业务的平均每单价值同比增长4.8%至人民币46.9元。外卖业务的货币化率由2019年同期的14.0%下降至13.8%。因此，收入同比增长37.0%至人民币215亿元。外卖业务的经营溢利由2019年第四季度的人民币482.8百万元增加至2020年第四季度的人民币882.4百万元，而经营利润率则由3.1%增加至4.1%。</blockquote></p><p><b>In-store, hotel &amp; travel </b></p><p><blockquote><b>店内、酒店及旅游</b></blockquote></p><p></p><p>Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel &amp; travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel &amp; travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel &amp; travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.</p><p><blockquote>受益于新冠肺炎疫情的有效控制，中国本地消费稳步复苏，2020年受影响最大的到店、酒店及旅游业务逐步恢复，但尚未完全恢复至正常水平。于二零二零年，我们的店内、酒店及旅游业务收入同比减少4.6%至人民币213亿元。店内、酒店及旅游业务的经营溢利由2019年的人民币84亿元减少至2020年的人民币82亿元，而经营利润率则由37.7%增加至38.5%。</blockquote></p><p>For the fourth quarter of 2020, revenues from our in-store, hotel &amp; travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel &amp; travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.</p><p><blockquote>于二零二零年第四季度，尽管多个城市再次出现COVID-19疫情，但我们的店内、酒店及旅游业务收入同比增长12.2%至人民币71亿元。店内、酒店及旅游业务的经营溢利由2019年第四季度的人民币23亿元增加至人民币28亿元，而经营利润率则由36.7%增加至39.5%。</blockquote></p><p><b>New initiatives and others</b></p><p><blockquote><b>新举措及其他</b></blockquote></p><p>During 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.</p><p><blockquote>于二零二零年，我们继续加大对新举措的投资，尤其是在我们认为具有良好长期增长潜力且符合我们「食品+平台」战略的领域。2020年，新举措及其他分部收入同比增长33.6%至人民币273亿元。新举措及其他分部经营亏损由2019年的人民币67亿元扩大至2020年的人民币109亿元，经营利润率同比下降6.7个百分点。2020年第四季度，来自新举措及其他分部的收入同比增长51.9%至人民币92亿元。于二零二零年第四季度，该分部的经营亏损同比及环比均增加至负人民币60亿元，而经营利润率则下降至负64.9%。</blockquote></p><p><b>Company Outlook for 2021</b></p><p><blockquote><b>二零二一年公司展望</b></blockquote></p><p>Overall, our food delivery and in-store, hotel &amp; travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel &amp; travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”</p><p><blockquote>总体而言，我们的食品配送、店内、酒店及旅游业务继续取得稳健业绩，展现了其独特的价值，并在充满挑战的 2020 年日益成为人们日常生活的新基础设施。我们重申我们的信念，即我们的食品配送以及店内、酒店和旅游业务在未来的长期增长和运营优化方面拥有重要的跑道。虽然我们在新举措上的大量投资阻碍了我们在2020年的整体盈利能力，但这些新举措也为消费者、商家、我们的业务合作伙伴和更广泛的社会创造了越来越多的价值。我们仍然致力于投资于能够实现长期增长并为消费者和所有参与者提供更多价值的重大机会。我们相信社区电商是其中一个巨大的机遇，我们将在2021年分配足够的资源加速其发展，同时不断提高其运营效率。增加对新举措的投资可能会继续对我们的整体财务业绩造成重大负面影响，随着我们扩大社区电子商务业务，公司可能会在未来几个季度继续录得经营亏损。然而，我们始终关注长期增长而非短期利润，坚持长期导向的投资理念。更重要的是，我们对中国经济发展前景保持乐观。我们相信，我们长期加速边境行业数字化和线上运营的决心将使我们能够从数字化趋势和行业增长中受益。因此，我们将继续通过创新和更好的服务，帮助商家提高跨行业的运营效率，为消费者提供更多的便利以及价格实惠的优质产品和服务，并借助科技为社会创造更多价值，实现“我们帮助人们吃得更好，生活得更好”的使命。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>Meituan financial report</b></a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>美团-W财务报告</b></a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeituan's Annual revenue jumps 17.7%, above forecast<blockquote>美团年收入增长17.7%，超出预期</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\">2021-03-26 16:46</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.</p><p><blockquote>受按需服务激增的推动，中国食品配送巨头美团-W周五公布的第四季度收入超出市场预期。</blockquote></p><p>Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.</p><p><blockquote>美团-W：2020年全年营收1147.9亿元，市场预期1142.55亿元，上年同期975.29亿元；全年净利润47.1亿元，市场预期56.1亿元，去年同期为22.39亿元。</blockquote></p><p>Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.</p><p><blockquote>第四季度收入攀升至创纪录的 379.2 亿元人民币（58 亿美元），而分析师平均预测为 368 亿元人民币。由于社区团购等新举措的支出，该公司转为净亏损22亿元。</blockquote></p><p>Meituan&nbsp;warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.</p><p><blockquote>美团-W警告称，在公布一年来最快的销售增长速度后，该公司可能会在几个季度继续出现运营亏损，这凸显了向在线杂货等新领域扩张的成本。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f84902d3198f50d7cf5360aa49c22b48\" tg-width=\"1159\" tg-height=\"806\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/530cec505e6c5c1ad196b555fb900ba1\" tg-width=\"776\" tg-height=\"853\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/590111891ed9b07a37d9680b832ad5f7\" tg-width=\"922\" tg-height=\"731\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><img src=\"https://static.tigerbbs.com/a2b877f138a283ed48215164b8d53c2c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Financial Highlights </b></p><p><blockquote><b>公司财务摘要</b></blockquote></p><p>As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel &amp; travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and &nbsp;RMB49.4 billion, respectively, as of December 31, 2019.</p><p><blockquote>由于COVID-19疫情得到有效控制，中国经济复苏加速，我们的业务于二零二零年稳步复苏。总收入由二零一九年的人民币975亿元同比增长17.7%至人民币1148亿元。尽管新举措及其他分部的经营亏损因我们进一步加快业务扩张以满足消费者日益增长的需求而扩大，但我们的外卖及店内、酒店及旅游分部于二零二零年实现按分部划分的经营溢利总额为人民币110亿元，较二零一九年的人民币98亿元有所增加。经调整EBITDA及经调整净利润同比均出现负增长，2020年分别降至人民币47亿元及人民币31亿元。我们的经营现金流量由2019年的人民币56亿元增至2020年的人民币85亿元。截至2020年12月31日，我们的现金及现金等价物为人民币171亿元，短期资金投资为人民币440亿元，而截至2019年12月31日的结馀分别为人民币134亿元及人民币494亿元。</blockquote></p><p><b>Company Business Highlights </b></p><p><blockquote><b>公司业务亮点</b></blockquote></p><p><b>Food delivery </b></p><p><blockquote><b>送餐</b></blockquote></p><p>Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.</p><p><blockquote>2020年，送餐成为整个新冠肺炎疫情日益重要的服务。与此同时，我们在消费者基础、商户基础及配送网络方面的实力依然强劲，于二零二零年继续产生强大的网络效应，使我们实现稳健增长。2020年，外卖业务的GTV同比增长24.5%至人民币4,889亿元。外卖交易笔数同比增速持续飙升，日均外卖交易笔数同比增长16.0%至2,770万笔。外卖业务的平均每单价值同比增长7.0%至人民币48.2元。外卖业务的货币化率由2019年的14.0%下降至13.6%。因此，收入同比增长20.8%至人民币663亿元。外卖业务的经营溢利由2019年的人民币14亿元增加至2020年的人民币28亿元，而经营利润率则由2.6%增加至4.3%。我们于二零二零年稳健的业务表现证明了我们富有弹性的业务模式及强大的执行能力。</blockquote></p><p>For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.</p><p><blockquote>于二零二零年第四季度，外卖业务的GTV同比增长39.4%至人民币1,563亿元。外卖日均交易笔数同比增长33.0%至3620万笔。外卖业务的平均每单价值同比增长4.8%至人民币46.9元。外卖业务的货币化率由2019年同期的14.0%下降至13.8%。因此，收入同比增长37.0%至人民币215亿元。外卖业务的经营溢利由2019年第四季度的人民币482.8百万元增加至2020年第四季度的人民币882.4百万元，而经营利润率则由3.1%增加至4.1%。</blockquote></p><p><b>In-store, hotel &amp; travel </b></p><p><blockquote><b>店内、酒店及旅游</b></blockquote></p><p></p><p>Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel &amp; travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel &amp; travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel &amp; travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.</p><p><blockquote>受益于新冠肺炎疫情的有效控制，中国本地消费稳步复苏，2020年受影响最大的到店、酒店及旅游业务逐步恢复，但尚未完全恢复至正常水平。于二零二零年，我们的店内、酒店及旅游业务收入同比减少4.6%至人民币213亿元。店内、酒店及旅游业务的经营溢利由2019年的人民币84亿元减少至2020年的人民币82亿元，而经营利润率则由37.7%增加至38.5%。</blockquote></p><p>For the fourth quarter of 2020, revenues from our in-store, hotel &amp; travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel &amp; travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.</p><p><blockquote>于二零二零年第四季度，尽管多个城市再次出现COVID-19疫情，但我们的店内、酒店及旅游业务收入同比增长12.2%至人民币71亿元。店内、酒店及旅游业务的经营溢利由2019年第四季度的人民币23亿元增加至人民币28亿元，而经营利润率则由36.7%增加至39.5%。</blockquote></p><p><b>New initiatives and others</b></p><p><blockquote><b>新举措及其他</b></blockquote></p><p>During 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.</p><p><blockquote>于二零二零年，我们继续加大对新举措的投资，尤其是在我们认为具有良好长期增长潜力且符合我们「食品+平台」战略的领域。2020年，新举措及其他分部收入同比增长33.6%至人民币273亿元。新举措及其他分部经营亏损由2019年的人民币67亿元扩大至2020年的人民币109亿元，经营利润率同比下降6.7个百分点。2020年第四季度，来自新举措及其他分部的收入同比增长51.9%至人民币92亿元。于二零二零年第四季度，该分部的经营亏损同比及环比均增加至负人民币60亿元，而经营利润率则下降至负64.9%。</blockquote></p><p><b>Company Outlook for 2021</b></p><p><blockquote><b>二零二一年公司展望</b></blockquote></p><p>Overall, our food delivery and in-store, hotel &amp; travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel &amp; travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”</p><p><blockquote>总体而言，我们的食品配送、店内、酒店及旅游业务继续取得稳健业绩，展现了其独特的价值，并在充满挑战的 2020 年日益成为人们日常生活的新基础设施。我们重申我们的信念，即我们的食品配送以及店内、酒店和旅游业务在未来的长期增长和运营优化方面拥有重要的跑道。虽然我们在新举措上的大量投资阻碍了我们在2020年的整体盈利能力，但这些新举措也为消费者、商家、我们的业务合作伙伴和更广泛的社会创造了越来越多的价值。我们仍然致力于投资于能够实现长期增长并为消费者和所有参与者提供更多价值的重大机会。我们相信社区电商是其中一个巨大的机遇，我们将在2021年分配足够的资源加速其发展，同时不断提高其运营效率。增加对新举措的投资可能会继续对我们的整体财务业绩造成重大负面影响，随着我们扩大社区电子商务业务，公司可能会在未来几个季度继续录得经营亏损。然而，我们始终关注长期增长而非短期利润，坚持长期导向的投资理念。更重要的是，我们对中国经济发展前景保持乐观。我们相信，我们长期加速边境行业数字化和线上运营的决心将使我们能够从数字化趋势和行业增长中受益。因此，我们将继续通过创新和更好的服务，帮助商家提高跨行业的运营效率，为消费者提供更多的便利以及价格实惠的优质产品和服务，并借助科技为社会创造更多价值，实现“我们帮助人们吃得更好，生活得更好”的使命。</blockquote></p><p><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>Meituan financial report</b></a></p><p><blockquote><a href=\"https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0326/2021032600589.pdf\" target=\"_blank\"><b>美团-W财务报告</b></a></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03690":"美团-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183857473","content_text":"Chinese food delivery giant Meituan on Friday reported fourth-quarter revenue that beat market forecasts, driven by a surge in on-demand services.Meituan: in 2020, the annual revenue is 114.79 billion yuan, the market expectation is 114.255 billion yuan, the same period last year is 97.529 billion yuan; the annual net profit is 4.71 billion yuan, the market expectation is 5.61 billion yuan, the same period last year is 2.239 billion yuan.Revenue climbed to a record 37.92 billion yuan ($5.8 billion) in the fourth quarter, compared with the 36.8 billion yuan average forecast of analysts. The company swung to a net loss of 2.2 billion yuan, due to spending on new initiatives like community group buying.Meituan warned it may continue to post operating losses for several quarters after reporting its fastest pace of sales growth in a year, underscoring the cost of expanding into newer arenas like online groceries.Company Financial Highlights As China’s economic recovery accelerated as a result of the effective containment of the COVID-19 pandemic, our businesses recovered steadily during 2020. Total revenues increased by 17.7% year over year to RMB114.8 billion from RMB97.5 billion in 2019. Although the operating loss for new initiatives and others segment expanded as we further accelerated our business expansion efforts to satisfy consumers’ growing needs, our food delivery and in-store, hotel & travel segments achieved an aggregate operating profit by segment of RMB11.0 billion in 2020, an increase from RMB9.8 billion in 2019. Both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth and decreased to RMB4.7 billion and RMB3.1 billion in 2020, respectively. Our operating cash flow increased to RMB8.5 billion in 2020 from RMB5.6 billion in 2019. We had cash and cash equivalents of RMB17.1 billion and short-term treasury investments of RMB44.0 billion as of December 31, 2020, compared to the balances of RMB13.4 billion and  RMB49.4 billion, respectively, as of December 31, 2019.Company Business Highlights Food delivery Food delivery became an increasingly essential service throughout the COVID-19 pandemic in 2020. Meanwhile, our strength in consumer base, merchant base and delivery network remained strong and continued to generate powerful network effects during 2020, enabling us to achieve solid growth. In 2020, GTV of our food delivery business increased by 24.5% year over year to RMB488.9 billion. The growth rate for the number of food delivery transactions continued to surge year over year, with the daily average number of food delivery transactions increasing by 16.0% year over year to 27.7 million. The average value per order of our food delivery business increased by 7.0% year over year to RMB48.2. Monetization Rate of our food delivery business decreased to 13.6% from 14.0% in 2019. As a result, revenue increased by 20.8% year over year to RMB66.3 billion. Operating profit from food delivery business increased to RMB2.8 billion in 2020 from RMB1.4 billion in 2019, while operating margin increased to 4.3% from 2.6%. Our solid business performance in 2020 was a testament to our resilient business model and strong execution capabilities.For the fourth quarter of 2020, GTV of our food delivery business increased by 39.4% year over year to RMB156.3 billion. The daily average number of food delivery transactions increased by 33.0% year over year to 36.2 million. The average value per order of our food delivery business increased by 4.8% year over year to RMB46.9. Monetization Rate of our food delivery business decreased to 13.8% from 14.0% in the same period of 2019. As a result, revenue increased by 37.0% year over year to RMB21.5 billion. Operating profit from our food delivery business increased to RMB882.4 million for the fourth quarter of 2020 from RMB482.8 million for the fourth quarter of 2019, while operating margin increased to 4.1% from 3.1%.In-store, hotel & travel Benefitting from the effective containment of the COVID-19 pandemic, local consumption in China experienced a steady recovery, and our in-store, hotel & travel businesses, which were the most impacted businesses in 2020, gradually ramp back up, but has yet to fully recover to normal levels. Revenues from our in-store, hotel & travel businesses decreased by 4.6% year over year to RMB21.3 billion in 2020. Operating profit from our in-store, hotel & travel businesses decreased to RMB8.2 billion in 2020 from RMB8.4 billion in 2019, while operating margin increased to 38.5% from 37.7%.For the fourth quarter of 2020, revenues from our in-store, hotel & travel businesses increased by 12.2% year over year to RMB7.1 billion, despite the reoccurrence of the COVID-19 pandemic in several cities. Operating profit from our in-store, hotel & travel businesses increased to RMB2.8 billion from RMB2.3 billion for the fourth quarter of 2019, while operating margin increased to 39.5% from 36.7%.New initiatives and othersDuring 2020, we continued to ramp up our investments in new initiatives, especially in areas that we believed to have promising long-term growth potential and fit well into our “Food + Platform” strategy. Revenues from the new initiatives and others segment increased by 33.6% year over year to RMB27.3 billion in 2020. Operating loss from new initiatives and others segment expanded to RMB10.9 billion 2020 from RMB6.7 billion in 2019, while operating margin decreased 6.7 percentage points year over year. For the fourth quarter of 2020, revenues from the new initiatives and others segment increased by 51.9% year over year to RMB9.2 billion. Operating loss for the segment increased both year over year and quarter over quarter to negative RMB6 billion in the fourth quarter of 2020, while the operating margin decreased to negative 64.9%.Company Outlook for 2021Overall, our food delivery and in-store, hotel & travel businesses continued to deliver solid results, demonstrated their unique values and have increasingly become a new infrastructure for peoples’ daily life in this challenging year of 2020. We reaffirm our belief that our food delivery and in-store, hotel & travel businesses have a significant runway for future growth and operation optimization over the long term. While our significant investments in new initiatives hampered our overall profitability in 2020, these new initiatives are also creating increasing value for consumers, merchants, our business partners, and the broader society. We remain committed to making investments in big opportunities that are capable of delivering long-term growth and providing consumers and all participants with more value. We believe community e-commerce is one of such big opportunities, and we will allocate sufficient resources to accelerate its development in 2021 while continuously improving its operating efficiency. Increasing investments in new initiatives may continue to cause significant negative impacts on our overall financial results, and the Company may continue to record operating losses in the next few quarters as we ramp up our community e-commerce business. However, we have always focused on long-term growth rather than short-term profits, adhering to a long-term oriented investment philosophy. More importantly, we remain optimistic about the prospects of China’s economic development. We believe that our determination to accelerate the digitization and online operation of the boarder industry over the long term will allow us to benefit from the digitization trend and industry growth. As such, we will continue to help merchants enhance operational efficiency across industries through innovations and better services, provide more convenience, as well as quality products and services at affordable cost for consumers, and create more value for the society with the help of technology, fulfilling our mission that “We help people eat better, live better.”Meituan financial report","news_type":1,"symbols_score_info":{"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":1916,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353328125,"gmtCreate":1616462898067,"gmtModify":1634525696344,"author":{"id":"3576934939629189","authorId":"3576934939629189","name":"xeige","avatar":"https://static.tigerbbs.com/5466077477f631153c8acc8c4089b8b3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576934939629189","authorIdStr":"3576934939629189"},"themes":[],"title":"","htmlText":"Help a penguin out","listText":"Help a penguin out","text":"Help a penguin out","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/353328125","repostId":"2121010361","repostType":4,"isVote":1,"tweetType":1,"viewCount":725,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}