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Lestersaul

Lestersaul

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2021-03-21

Good?

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2021-09-23

indians... [喷血]

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2021-09-15

[流泪]

Some hot chinese concept stocks slipped in premarket trading<blockquote>一些热门中国概念股在盘前交易中下滑</blockquote>

2021-09-04

$HUT 20211015 7.5 PUT(HUT)$good price

2021-06-17

like

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2021-06-17

like

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2021-10-21

[财迷]

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2021-09-04

$DIDI 20210924 7.5 PUT(DIDI)$nice..

2021-08-31

[财迷]

Li Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</blockquote>

2021-06-17

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Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>

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#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\">\nSome hot chinese concept stocks slipped in premarket trading<blockquote>一些热门中国概念股在盘前交易中下滑</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\">2021-09-15 16:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili,Didi Global&nbsp;and&nbsp;KE Holdings&nbsp;fell between 1% and 2%.</p><p><blockquote>一些热门中国概念股在盘前交易中下滑。阿里巴巴、拼多多、京东、百度、哔哩哔哩、滴滴全球和科控股下跌1%至2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfea1b49ec8c6be31a92e7926eb863b6\" tg-width=\"424\" tg-height=\"426\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103263635","content_text":"Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili,Didi Global and KE Holdings fell between 1% and 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PUT(DIDI)$nice..","images":[{"img":"https://static.tigerbbs.com/392b9e4f413a50a0182c6fb67f098bb4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814901367","isVote":1,"tweetType":1,"viewCount":2240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":814903768,"gmtCreate":1630735597354,"gmtModify":1631889148038,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HUT\">$HUT 20211015 7.5 PUT(HUT)$</a>good price","listText":"<a href=\"https://laohu8.com/S/HUT\">$HUT 20211015 7.5 PUT(HUT)$</a>good price","text":"$HUT 20211015 7.5 PUT(HUT)$good 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17:08","market":"us","language":"en","title":"Li Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188489761","media":"GlobeNewswire","summary":"BEIJING, China, Aug. 30, 2021  -- Li Auto Inc.  , an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2021.Operating Highlights for the Second Quarter of 2021. Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.Financial Highlights for the Second Quarter of 2021. Vehicle sales were RMB4.90 billion  in the second quarter of 2021, representing an increa","content":"<p>BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June&nbsp;30, 2021.</p><p><blockquote>中国北京，2021 年 8 月 30 日 (GLOBE NEWSWIRE) -- 中国新能源汽车市场的创新者理想汽车公司（“理想汽车”或 “公司”）（纳斯达克代码：LI；港交所代码：2015）今天公布了截至 2021 年 6 月 30 日的季度未经审计财务业绩。</blockquote></p><p> <b><u>Operating Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><b><u>二零二一年第二季度经营亮点</u></b></blockquote></p><p> <ul>  <li>Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.</li> </ul> <table></table> <ul>  <li>As of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.</li> </ul> <b><u>Financial Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><ul><li>2021年第二季度，理想汽车交付量为17,575辆，同比增长166.1%。</li></ul><table></table><ul><li>截至2021年6月30日，该公司在64个城市拥有97家零售店，在127个城市拥有167个服务中心和理想汽车授权的车身和油漆店。</li></ul><b><u>2021年第二季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Vehicle sales</b>&nbsp;were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.</li>  <li><b>Vehicle margin2</b>was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.</li>  <li><b>Total revenues</b>&nbsp;were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.</li>  <li><b>Gross profit</b>&nbsp;was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.</li>  <li><b>Gross margin</b>&nbsp;was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.</li> </ul> <ul>  <li><b>Loss from operations</b>&nbsp;was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.<b>Non-GAAP loss from operations3</b>was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.</li>  <li><b>Net loss</b>&nbsp;was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.<b>Non-GAAP net loss3</b>was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.</li>  <li><b>Operating cash flow</b>&nbsp;was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.</li>  <li><b>Free cash flow4</b>&nbsp;was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.</li> </ul> Li&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>车辆销售</b>2021年第二季度为人民币49.0亿元（7.594亿美元），较2021年第一季度的人民币34.6亿元增长41.6%。</li><li><b>车辆保证金2</b>2021年第二季度为18.7%，而2021年第一季度为16.9%。</li><li><b>收入总额</b>2021年第二季度为人民币50.4亿元（7.804亿美元），较2021年第一季度的人民币35.8亿元增长40.9%。</li><li><b>毛利</b>2021年第二季度为人民币9.528亿元（1.476亿美元），较2021年第一季度的人民币6.167亿元增长54.5%。</li><li><b>毛利率</b>2021年第二季度为18.9%，而2021年第一季度为17.3%。</li></ul><ul><li><b>经营亏损</b>2021年第二季度为人民币535.9百万元（83.0百万美元），较2021年第一季度的人民币407.7百万元增长31.4%。<b>非 GAAP 运营亏损3</b>2021年第二季度为人民币3.655亿元（5660万美元），较2021年第一季度的人民币2.248亿元增长62.6%。</li><li><b>净亏损</b>2021 年第二季度净亏损为人民币 235.5 百万元（36.5 百万美元），较 2021 年第一季度净亏损人民币 360.0 百万元减少 34.6%。<b>非公认会计准则净亏损3</b>2021 年第二季度净亏损为人民币 65.1 百万元（1010 万美元），而 2021 年第一季度净亏损为人民币 177.0 百万元。</li><li><b>经营现金流量</b>2021年第二季度为人民币1,407.6百万元（218.0百万美元），较2021年第一季度的人民币926.3百万元增长52.0%。</li><li><b>自由现金流量4</b>2021年第二季度为人民币9.821亿元（1.521亿美元），较2021年第一季度的人民币5.702亿元增长72.2%。</li></ul>李股份在盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ddb03a526571e03322239f50429dc71f\" tg-width=\"888\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1573717531661","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>Li Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</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\">\nLi Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">GlobeNewswire</strong><span class=\"h-time small\">2021-08-30 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June&nbsp;30, 2021.</p><p><blockquote>中国北京，2021 年 8 月 30 日 (GLOBE NEWSWIRE) -- 中国新能源汽车市场的创新者理想汽车公司（“理想汽车”或 “公司”）（纳斯达克代码：LI；港交所代码：2015）今天公布了截至 2021 年 6 月 30 日的季度未经审计财务业绩。</blockquote></p><p> <b><u>Operating Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><b><u>二零二一年第二季度经营亮点</u></b></blockquote></p><p> <ul>  <li>Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.</li> </ul> <table></table> <ul>  <li>As of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.</li> </ul> <b><u>Financial Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><ul><li>2021年第二季度，理想汽车交付量为17,575辆，同比增长166.1%。</li></ul><table></table><ul><li>截至2021年6月30日，该公司在64个城市拥有97家零售店，在127个城市拥有167个服务中心和理想汽车授权的车身和油漆店。</li></ul><b><u>2021年第二季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Vehicle sales</b>&nbsp;were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.</li>  <li><b>Vehicle margin2</b>was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.</li>  <li><b>Total revenues</b>&nbsp;were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.</li>  <li><b>Gross profit</b>&nbsp;was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.</li>  <li><b>Gross margin</b>&nbsp;was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.</li> </ul> <ul>  <li><b>Loss from operations</b>&nbsp;was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.<b>Non-GAAP loss from operations3</b>was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.</li>  <li><b>Net loss</b>&nbsp;was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.<b>Non-GAAP net loss3</b>was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.</li>  <li><b>Operating cash flow</b>&nbsp;was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.</li>  <li><b>Free cash flow4</b>&nbsp;was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.</li> </ul> Li&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>车辆销售</b>2021年第二季度为人民币49.0亿元（7.594亿美元），较2021年第一季度的人民币34.6亿元增长41.6%。</li><li><b>车辆保证金2</b>2021年第二季度为18.7%，而2021年第一季度为16.9%。</li><li><b>收入总额</b>2021年第二季度为人民币50.4亿元（7.804亿美元），较2021年第一季度的人民币35.8亿元增长40.9%。</li><li><b>毛利</b>2021年第二季度为人民币9.528亿元（1.476亿美元），较2021年第一季度的人民币6.167亿元增长54.5%。</li><li><b>毛利率</b>2021年第二季度为18.9%，而2021年第一季度为17.3%。</li></ul><ul><li><b>经营亏损</b>2021年第二季度为人民币535.9百万元（83.0百万美元），较2021年第一季度的人民币407.7百万元增长31.4%。<b>非 GAAP 运营亏损3</b>2021年第二季度为人民币3.655亿元（5660万美元），较2021年第一季度的人民币2.248亿元增长62.6%。</li><li><b>净亏损</b>2021 年第二季度净亏损为人民币 235.5 百万元（36.5 百万美元），较 2021 年第一季度净亏损人民币 360.0 百万元减少 34.6%。<b>非公认会计准则净亏损3</b>2021 年第二季度净亏损为人民币 65.1 百万元（1010 万美元），而 2021 年第一季度净亏损为人民币 177.0 百万元。</li><li><b>经营现金流量</b>2021年第二季度为人民币1,407.6百万元（218.0百万美元），较2021年第一季度的人民币926.3百万元增长52.0%。</li><li><b>自由现金流量4</b>2021年第二季度为人民币9.821亿元（1.521亿美元），较2021年第一季度的人民币5.702亿元增长72.2%。</li></ul>李股份在盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ddb03a526571e03322239f50429dc71f\" tg-width=\"888\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.globenewswire.com/news-release/2021/08/30/2288094/0/en/Li-Auto-Inc-Announces-Unaudited-Second-Quarter-2021-Financial-Results.html\">GlobeNewswire</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":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"https://www.globenewswire.com/news-release/2021/08/30/2288094/0/en/Li-Auto-Inc-Announces-Unaudited-Second-Quarter-2021-Financial-Results.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188489761","content_text":"BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2021.\nOperating Highlights for the Second Quarter of 2021\n\nDeliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.\n\n\n\nAs of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.\n\nFinancial Highlights for the Second Quarter of 2021\n\nVehicle sales were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.\nVehicle margin2was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.\nTotal revenues were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.\nGross profit was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.\nGross margin was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.\n\n\nLoss from operations was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.Non-GAAP loss from operations3was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.\nNet loss was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.Non-GAAP net loss3was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.\nOperating cash flow was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.\nFree cash flow4 was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.\n\nLi shares rose more than 3% in premarket trading.","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":161850846,"gmtCreate":1623919089885,"gmtModify":1631890845496,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161850846","repostId":"1170150919","repostType":4,"repost":{"id":"1170150919","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":1623866564,"share":"https://www.laohunote.com/m/news/1170150919?lang=zh_CN&edition=full","pubTime":"2021-06-17 02:02","market":"hk","language":"en","title":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170150919","media":"Tiger Newspress","summary":"U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.The Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.Nine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and finan","content":"<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</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>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</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\">\nFed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170150919","content_text":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.\nU.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.\nThe Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.\nNine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and financials.\nEconomic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.\nThe policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.\nThe Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"\nChairman Jerome Powell will hold a press conference at 2:30 p.m. ET.\nThe meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nTreasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.\n\"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161850319,"gmtCreate":1623919074931,"gmtModify":1631890845499,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161850319","repostId":"1183583910","repostType":4,"repost":{"id":"1183583910","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":1623919017,"share":"https://www.laohunote.com/m/news/1183583910?lang=zh_CN&edition=full","pubTime":"2021-06-17 16:36","market":"sh","language":"en","title":"SenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183583910","media":"Tiger Newspress","summary":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to ","content":"<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p><blockquote>据悉，商汤科技确定赴港上市，最快将于8月向港交所递交申请。</blockquote></p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p><blockquote>此前有传言称，这家中国生物识别独角兽正在考虑在上海科创板进行首次公开募股，预计以100亿美元的估值筹集15亿美元。</blockquote></p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p><blockquote>该出版物称，商汤科技高管在内部和与第三方讨论了潜在的香港上市。一位消息人士表示，该公司对在香港和上海上市持开放态度，但不一定同时上市。</blockquote></p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p><p><blockquote>今年早些时候，中国媒体报道称，商汤科技在最新一轮融资中的估值为 120 亿美元。</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>SenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</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\">\nSenseTime confirmed to list in Hong Kong<blockquote>商汤科技确认在香港上市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 16:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/d21446f1b70ff8c8a905dcdd49797b62\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\">It&nbsp;is&nbsp;reported&nbsp;that&nbsp;SenseTime confirmed to be listed in Hong Kong,application&nbsp;will be submitted to the Hong Kong Stock Exchange as soon as August.</p><p><blockquote>据悉，商汤科技确定赴港上市，最快将于8月向港交所递交申请。</blockquote></p><p>The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the&nbsp;Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.</p><p><blockquote>此前有传言称，这家中国生物识别独角兽正在考虑在上海科创板进行首次公开募股，预计以100亿美元的估值筹集15亿美元。</blockquote></p><p>The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.</p><p><blockquote>该出版物称，商汤科技高管在内部和与第三方讨论了潜在的香港上市。一位消息人士表示，该公司对在香港和上海上市持开放态度，但不一定同时上市。</blockquote></p><p>Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.</p><p><blockquote>今年早些时候，中国媒体报道称，商汤科技在最新一轮融资中的估值为 120 亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183583910","content_text":"It is reported that SenseTime confirmed to be listed in Hong Kong,application will be submitted to the Hong Kong Stock Exchange as soon as August.The Chinese biometric unicorn was previously rumored to be considering an initial public offering on the Shanghai STAR market, expecting to raise $1.5 billion at a $10 billion valuation.The publication says SenseTime executives discussed a potential Hong Kong listing internally and with third parties. A source suggested the company is open to a listing in both Hong Kong and Shanghai, though not necessarily at the same time.Chinese media reports earlier this year included a $12 billion valuation for SenseTime in its latest financing round.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161827130,"gmtCreate":1623919053720,"gmtModify":1631890845503,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161827130","repostId":"1148768572","repostType":2,"repost":{"id":"1148768572","kind":"news","pubTimestamp":1623822306,"share":"https://www.laohunote.com/m/news/1148768572?lang=zh_CN&edition=full","pubTime":"2021-06-16 13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</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\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</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://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":3869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161824563,"gmtCreate":1623919010952,"gmtModify":1631890845505,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161824563","repostId":"2143797875","repostType":4,"isVote":1,"tweetType":1,"viewCount":3429,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161825235,"gmtCreate":1623918943527,"gmtModify":1631890845507,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161825235","repostId":"1148768572","repostType":2,"repost":{"id":"1148768572","kind":"news","pubTimestamp":1623822306,"share":"https://www.laohunote.com/m/news/1148768572?lang=zh_CN&edition=full","pubTime":"2021-06-16 13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</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; 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}\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\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</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://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":160824560,"gmtCreate":1623782570450,"gmtModify":1631890845510,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160824560","repostId":"1146386859","repostType":2,"isVote":1,"tweetType":1,"viewCount":709,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372136265,"gmtCreate":1619185108857,"gmtModify":1631890845512,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"good time to buy?&nbsp;","listText":"good time to buy?&nbsp;","text":"good time to buy?","images":[{"img":"https://static.tigerbbs.com/8cdc9805cf31b56ce2557cb08e93e5d9","width":"1080","height":"2241"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/372136265","isVote":1,"tweetType":1,"viewCount":905,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":359095963,"gmtCreate":1616297939752,"gmtModify":1631890845517,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579235215297023","idStr":"3579235215297023"},"themes":[],"title":"","htmlText":"Good?","listText":"Good?","text":"Good?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359095963","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":359095963,"gmtCreate":1616297939752,"gmtModify":1631890845517,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235215297023","authorIdStr":"3579235215297023"},"themes":[],"title":"","htmlText":"Good?","listText":"Good?","text":"Good?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/359095963","repostId":"1136440314","repostType":4,"isVote":1,"tweetType":1,"viewCount":944,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863285954,"gmtCreate":1632398490278,"gmtModify":1632800694903,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235215297023","authorIdStr":"3579235215297023"},"themes":[],"title":"","htmlText":"indians...&nbsp;[喷血]&nbsp;","listText":"indians...&nbsp;[喷血]&nbsp;","text":"indians... 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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":1631693868,"share":"https://www.laohunote.com/m/news/1103263635?lang=zh_CN&edition=full","pubTime":"2021-09-15 16:17","market":"us","language":"en","title":"Some hot chinese concept stocks slipped in premarket trading<blockquote>一些热门中国概念股在盘前交易中下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103263635","media":"Tiger Newspress","summary":"Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili","content":"<p>Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili,Didi Global&nbsp;and&nbsp;KE Holdings&nbsp;fell between 1% and 2%.</p><p><blockquote>一些热门中国概念股在盘前交易中下滑。阿里巴巴、拼多多、京东、百度、哔哩哔哩、滴滴全球和科控股下跌1%至2%。</blockquote></p><p> <img 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16:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili,Didi Global&nbsp;and&nbsp;KE Holdings&nbsp;fell between 1% and 2%.</p><p><blockquote>一些热门中国概念股在盘前交易中下滑。阿里巴巴、拼多多、京东、百度、哔哩哔哩、滴滴全球和科控股下跌1%至2%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bfea1b49ec8c6be31a92e7926eb863b6\" tg-width=\"424\" tg-height=\"426\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103263635","content_text":"Some hot chinese concept stocks slipped in premarket trading.Alibaba,Pinduoduo,JD.COM,Baidu,Bilibili,Didi Global and KE Holdings fell between 1% and 2%.","news_type":1,"symbols_score_info":{"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":3381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814903768,"gmtCreate":1630735597354,"gmtModify":1631889148038,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235215297023","authorIdStr":"3579235215297023"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HUT\">$HUT 20211015 7.5 PUT(HUT)$</a>good price","listText":"<a href=\"https://laohu8.com/S/HUT\">$HUT 20211015 7.5 PUT(HUT)$</a>good price","text":"$HUT 20211015 7.5 PUT(HUT)$good 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PUT(DIDI)$nice..","images":[{"img":"https://static.tigerbbs.com/392b9e4f413a50a0182c6fb67f098bb4","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814901367","isVote":1,"tweetType":1,"viewCount":2240,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":818845949,"gmtCreate":1630398742881,"gmtModify":1631890845492,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235215297023","authorIdStr":"3579235215297023"},"themes":[],"title":"","htmlText":"[财迷]","listText":"[财迷]","text":"[财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/818845949","repostId":"1188489761","repostType":4,"repost":{"id":"1188489761","kind":"news","pubTimestamp":1630314512,"share":"https://www.laohunote.com/m/news/1188489761?lang=zh_CN&edition=full","pubTime":"2021-08-30 17:08","market":"us","language":"en","title":"Li Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188489761","media":"GlobeNewswire","summary":"BEIJING, China, Aug. 30, 2021  -- Li Auto Inc.  , an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2021.Operating Highlights for the Second Quarter of 2021. Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.Financial Highlights for the Second Quarter of 2021. Vehicle sales were RMB4.90 billion  in the second quarter of 2021, representing an increa","content":"<p>BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June&nbsp;30, 2021.</p><p><blockquote>中国北京，2021 年 8 月 30 日 (GLOBE NEWSWIRE) -- 中国新能源汽车市场的创新者理想汽车公司（“理想汽车”或 “公司”）（纳斯达克代码：LI；港交所代码：2015）今天公布了截至 2021 年 6 月 30 日的季度未经审计财务业绩。</blockquote></p><p> <b><u>Operating Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><b><u>二零二一年第二季度经营亮点</u></b></blockquote></p><p> <ul>  <li>Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.</li> </ul> <table></table> <ul>  <li>As of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.</li> </ul> <b><u>Financial Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><ul><li>2021年第二季度，理想汽车交付量为17,575辆，同比增长166.1%。</li></ul><table></table><ul><li>截至2021年6月30日，该公司在64个城市拥有97家零售店，在127个城市拥有167个服务中心和理想汽车授权的车身和油漆店。</li></ul><b><u>2021年第二季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Vehicle sales</b>&nbsp;were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.</li>  <li><b>Vehicle margin2</b>was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.</li>  <li><b>Total revenues</b>&nbsp;were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.</li>  <li><b>Gross profit</b>&nbsp;was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.</li>  <li><b>Gross margin</b>&nbsp;was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.</li> </ul> <ul>  <li><b>Loss from operations</b>&nbsp;was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.<b>Non-GAAP loss from operations3</b>was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.</li>  <li><b>Net loss</b>&nbsp;was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.<b>Non-GAAP net loss3</b>was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.</li>  <li><b>Operating cash flow</b>&nbsp;was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.</li>  <li><b>Free cash flow4</b>&nbsp;was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.</li> </ul> Li&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>车辆销售</b>2021年第二季度为人民币49.0亿元（7.594亿美元），较2021年第一季度的人民币34.6亿元增长41.6%。</li><li><b>车辆保证金2</b>2021年第二季度为18.7%，而2021年第一季度为16.9%。</li><li><b>收入总额</b>2021年第二季度为人民币50.4亿元（7.804亿美元），较2021年第一季度的人民币35.8亿元增长40.9%。</li><li><b>毛利</b>2021年第二季度为人民币9.528亿元（1.476亿美元），较2021年第一季度的人民币6.167亿元增长54.5%。</li><li><b>毛利率</b>2021年第二季度为18.9%，而2021年第一季度为17.3%。</li></ul><ul><li><b>经营亏损</b>2021年第二季度为人民币535.9百万元（83.0百万美元），较2021年第一季度的人民币407.7百万元增长31.4%。<b>非 GAAP 运营亏损3</b>2021年第二季度为人民币3.655亿元（5660万美元），较2021年第一季度的人民币2.248亿元增长62.6%。</li><li><b>净亏损</b>2021 年第二季度净亏损为人民币 235.5 百万元（36.5 百万美元），较 2021 年第一季度净亏损人民币 360.0 百万元减少 34.6%。<b>非公认会计准则净亏损3</b>2021 年第二季度净亏损为人民币 65.1 百万元（1010 万美元），而 2021 年第一季度净亏损为人民币 177.0 百万元。</li><li><b>经营现金流量</b>2021年第二季度为人民币1,407.6百万元（218.0百万美元），较2021年第一季度的人民币926.3百万元增长52.0%。</li><li><b>自由现金流量4</b>2021年第二季度为人民币9.821亿元（1.521亿美元），较2021年第一季度的人民币5.702亿元增长72.2%。</li></ul>李股份在盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ddb03a526571e03322239f50429dc71f\" tg-width=\"888\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","source":"lsy1573717531661","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>Li Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</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\">\nLi Auto Inc. Announces Unaudited Second Quarter 2021 Financial Results<blockquote>理想汽车公司公布 2021 年第二季度未经审计财务业绩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">GlobeNewswire</strong><span class=\"h-time small\">2021-08-30 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June&nbsp;30, 2021.</p><p><blockquote>中国北京，2021 年 8 月 30 日 (GLOBE NEWSWIRE) -- 中国新能源汽车市场的创新者理想汽车公司（“理想汽车”或 “公司”）（纳斯达克代码：LI；港交所代码：2015）今天公布了截至 2021 年 6 月 30 日的季度未经审计财务业绩。</blockquote></p><p> <b><u>Operating Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><b><u>二零二一年第二季度经营亮点</u></b></blockquote></p><p> <ul>  <li>Deliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.</li> </ul> <table></table> <ul>  <li>As of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.</li> </ul> <b><u>Financial Highlights for the Second Quarter of 2021</u></b></p><p><blockquote><ul><li>2021年第二季度，理想汽车交付量为17,575辆，同比增长166.1%。</li></ul><table></table><ul><li>截至2021年6月30日，该公司在64个城市拥有97家零售店，在127个城市拥有167个服务中心和理想汽车授权的车身和油漆店。</li></ul><b><u>2021年第二季度财务摘要</u></b></blockquote></p><p> <ul>  <li><b>Vehicle sales</b>&nbsp;were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.</li>  <li><b>Vehicle margin2</b>was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.</li>  <li><b>Total revenues</b>&nbsp;were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.</li>  <li><b>Gross profit</b>&nbsp;was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.</li>  <li><b>Gross margin</b>&nbsp;was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.</li> </ul> <ul>  <li><b>Loss from operations</b>&nbsp;was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.<b>Non-GAAP loss from operations3</b>was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.</li>  <li><b>Net loss</b>&nbsp;was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.<b>Non-GAAP net loss3</b>was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.</li>  <li><b>Operating cash flow</b>&nbsp;was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.</li>  <li><b>Free cash flow4</b>&nbsp;was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.</li> </ul> Li&nbsp;shares&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote><ul><li><b>车辆销售</b>2021年第二季度为人民币49.0亿元（7.594亿美元），较2021年第一季度的人民币34.6亿元增长41.6%。</li><li><b>车辆保证金2</b>2021年第二季度为18.7%，而2021年第一季度为16.9%。</li><li><b>收入总额</b>2021年第二季度为人民币50.4亿元（7.804亿美元），较2021年第一季度的人民币35.8亿元增长40.9%。</li><li><b>毛利</b>2021年第二季度为人民币9.528亿元（1.476亿美元），较2021年第一季度的人民币6.167亿元增长54.5%。</li><li><b>毛利率</b>2021年第二季度为18.9%，而2021年第一季度为17.3%。</li></ul><ul><li><b>经营亏损</b>2021年第二季度为人民币535.9百万元（83.0百万美元），较2021年第一季度的人民币407.7百万元增长31.4%。<b>非 GAAP 运营亏损3</b>2021年第二季度为人民币3.655亿元（5660万美元），较2021年第一季度的人民币2.248亿元增长62.6%。</li><li><b>净亏损</b>2021 年第二季度净亏损为人民币 235.5 百万元（36.5 百万美元），较 2021 年第一季度净亏损人民币 360.0 百万元减少 34.6%。<b>非公认会计准则净亏损3</b>2021 年第二季度净亏损为人民币 65.1 百万元（1010 万美元），而 2021 年第一季度净亏损为人民币 177.0 百万元。</li><li><b>经营现金流量</b>2021年第二季度为人民币1,407.6百万元（218.0百万美元），较2021年第一季度的人民币926.3百万元增长52.0%。</li><li><b>自由现金流量4</b>2021年第二季度为人民币9.821亿元（1.521亿美元），较2021年第一季度的人民币5.702亿元增长72.2%。</li></ul>李股份在盘前交易中上涨超过3%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ddb03a526571e03322239f50429dc71f\" tg-width=\"888\" tg-height=\"623\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.globenewswire.com/news-release/2021/08/30/2288094/0/en/Li-Auto-Inc-Announces-Unaudited-Second-Quarter-2021-Financial-Results.html\">GlobeNewswire</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":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"https://www.globenewswire.com/news-release/2021/08/30/2288094/0/en/Li-Auto-Inc-Announces-Unaudited-Second-Quarter-2021-Financial-Results.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188489761","content_text":"BEIJING, China, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Li Auto Inc. (\"Li Auto\" or the \"Company\") (Nasdaq: LI; HKEX: 2015), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2021.\nOperating Highlights for the Second Quarter of 2021\n\nDeliveries of Li ONEs were 17,575 vehicles in the second quarter of 2021, representing a 166.1% year-over-year increase.\n\n\n\nAs of June 30, 2021, the Company had 97 retail stores covering 64 cities and 167 servicing centers and Li Auto-authorized body and paint shops operating in 127 cities.\n\nFinancial Highlights for the Second Quarter of 2021\n\nVehicle sales were RMB4.90 billion (US$759.4 million) in the second quarter of 2021, representing an increase of 41.6% from RMB3.46 billion in the first quarter of 2021.\nVehicle margin2was 18.7% in the second quarter of 2021, compared with 16.9% in the first quarter of 2021.\nTotal revenues were RMB5.04 billion (US$780.4 million) in the second quarter of 2021, representing an increase of 40.9% from RMB3.58 billion in the first quarter of 2021.\nGross profit was RMB952.8 million (US$147.6 million) in the second quarter of 2021, representing an increase of 54.5% from RMB616.7 million in the first quarter of 2021.\nGross margin was 18.9% in the second quarter of 2021, compared with 17.3% in the first quarter of 2021.\n\n\nLoss from operations was RMB535.9 million (US$83.0 million) in the second quarter of 2021, representing an increase of 31.4% from RMB407.7 million in the first quarter of 2021.Non-GAAP loss from operations3was RMB365.5 million (US$56.6 million) in the second quarter of 2021, representing an increase of 62.6% from RMB224.8 million in the first quarter of 2021.\nNet loss was RMB235.5 million (US$36.5 million) in the second quarter of 2021, representing a decrease of 34.6% from RMB360.0 million net loss in the first quarter of 2021.Non-GAAP net loss3was RMB65.1 million (US$10.1 million) in the second quarter of 2021, compared with RMB177.0 million net loss in the first quarter of 2021.\nOperating cash flow was RMB1,407.6 million (US$218.0 million) in the second quarter of 2021, representing an increase of 52.0% from RMB926.3 million in the first quarter of 2021.\nFree cash flow4 was RMB982.1 million (US$152.1 million) in the second quarter of 2021, representing an increase of 72.2% from RMB570.2 million in the first quarter of 2021.\n\nLi shares rose more than 3% in premarket trading.","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3145,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":161850846,"gmtCreate":1623919089885,"gmtModify":1631890845496,"author":{"id":"3579235215297023","authorId":"3579235215297023","name":"Lestersaul","avatar":"https://static.tigerbbs.com/4ca46126d44e7edc699647d74ab9e67a","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579235215297023","authorIdStr":"3579235215297023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/161850846","repostId":"1170150919","repostType":4,"repost":{"id":"1170150919","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":1623866564,"share":"https://www.laohunote.com/m/news/1170150919?lang=zh_CN&edition=full","pubTime":"2021-06-17 02:02","market":"hk","language":"en","title":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1170150919","media":"Tiger Newspress","summary":"U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.The Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.Nine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and finan","content":"<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</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>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</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\">\nFed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.<blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-17 02:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.</p><p><blockquote>美联储维持利率稳定，但大幅提高通胀预期，并且没有提及缩减通胀规模。</blockquote></p><p> U.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.</p><p><blockquote>美联储上调通胀预期并提前下一次加息时间后，美国股市周三跌至盘中低点。</blockquote></p><p> The Dow Jones Industrial Average fell 320 points. The S&amp;P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.</p><p><blockquote>道琼斯工业平均指数下跌320点。标普500在前一交易日创下历史新高后下跌 0.7%。以科技股为主的纳斯达克综合指数抹去了早些时候的涨幅，下跌 0.5%。</blockquote></p><p> Nine out of 11 S&amp;P 500 sectors traded in the red, led to the downside by communication services and financials.</p><p><blockquote>标普500 11 个板块中有 9 个出现亏损，其中通信服务和金融板块领跌。</blockquote></p><p> Economic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.</p><p><blockquote>经济重启为大盘提供了一些支撑。主要航空股美国航空、美联航和达美航空均走高。在 Wolfe Research 升级后，皇家加勒比和嘉年华的股价均上涨了 2%。</blockquote></p><p> The policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.</p><p><blockquote>制定政策的联邦公开市场委员会表示，最早可能在 2023 年加息，此前该委员会在 3 月份表示至少在 2024 年之前不会加息。</blockquote></p><p> The Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"</p><p><blockquote>美联储还将总体通胀预期上调至3.4%，比3月份的预测高出整整一个百分点，会后声明继续表示通胀压力是“暂时的”。</blockquote></p><p> Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.</p><p><blockquote>主席杰罗姆·鲍威尔将于美国东部时间下午 2:30 举行新闻发布会。</blockquote></p><p> The meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.</p><p><blockquote>周二的一份报告显示，此次会议召开之际，通胀正在升温，5 月份生产者价格以近 11 年来最快的年增长率上涨。这促使包括Paul Tudor Jones在内的一些人前往看涨期权，要求央行重新考虑其宽松的货币政策。</blockquote></p><p> The central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.</p><p><blockquote>随着经济继续从冠状病毒大流行中复苏，央行每月购买价值1200亿美元的债券。</blockquote></p><p> \"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"</p><p><blockquote>Commonwealth Financial Network 首席信息官布拉德·麦克米伦 (Brad McMillan) 表示：“本周的戏剧性事件将是美联储是否保持紧缩政策，还是承认通胀正在上升以及美联储需要紧缩政策。”“由于美联储有双重任务——失业和通胀——这表明它确实应该继续关注失业，而不是通胀。”</blockquote></p><p> Treasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.</p><p><blockquote>财政部长珍妮特·耶伦周三在参议院财政委员会作证时表示，从长远来看，价格上涨的压力不应持续太久。</blockquote></p><p> \"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"</p><p><blockquote>耶伦说：“我之前说过，我看到了重要的暂时影响，我预计这不会是永久性的。”“但我们继续非常仔细地监控通胀数据，重要的是，对于长期通胀前景，我们认为大多数衡量标准的通胀预期……都是稳固的。”</blockquote></p><p> On Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.</p><p><blockquote>周三，中国表示将从国家储备中释放铜、铝和锌等工业金属，以抑制大宗商品价格。铜价已从历史高点下跌超过10%，周二跌入回调区域。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170150919","content_text":"Fed holds rates steady, but raises inflation expectations sharply and makes no mention of taper.\nU.S. stocks dropped to their session lows on Wednesday after the Federal Reserve raised its inflation expectations and moved up the time frame on when it will hike interest rates next.\nThe Dow Jones Industrial Average fell 320 points. The S&P 500 traded 0.7% lower after hitting an all-time high in the previous session. The tech-heavy Nasdaq Composite erased earlier gains and traded 0.5% lower.\nNine out of 11 S&P 500 sectors traded in the red, led to the downside by communication services and financials.\nEconomic reopening plays provided the broader market with some support. Major airline stocks American Airlines, United and Delta all traded higher. Royal Caribbean and Carnival both climbed 2% afteran upgrade from Wolfe Research.\nThe policymaking Federal Open Market Committee indicated that rate hikes could come as soon as 2023, after indicating in March that it saw no increases until at least 2024.\nThe Fed also raised its headline inflation expectation to 3.4%, a full percentage point higher than the March projection, the post-meeting statement continued to say that inflation pressures are \"transitory.\"\nChairman Jerome Powell will hold a press conference at 2:30 p.m. ET.\nThe meeting came as inflation heats up, with producer prices rising at their fastest annual rate in nearly 11 years duringMay, a report on Tuesday showed. This has prompted some, including Paul Tudor Jones, to call for the central bank to re-think its easy monetary policy.\nThe central bank has been buying $120 billion worth of bonds each month as the economy continues to recover from the coronavirus pandemic.\n\"The drama this week will be whether the Fed sits tight or admits that inflation is rising and that the Fed needs to tighten,\" said Brad McMillan, CIO at Commonwealth Financial Network. \"Since the Fed has a dual mandate—unemployment and inflation—that suggests it should indeed keep its focus on unemployment, rather than inflation.\"\nTreasury Secretary Janet Yellen, who is testifying before the Senate Finance Committee Wednesday, said higher price pressures shouldn't last over the long run.\n\"I previously said that I see important transitory influences at work and I don't anticipate that it will be permanent,\" Yellen said. \"But we continue to monitor inflation data very carefully, and importantly for the long run inflation outlook we see inflation expectations by most measures … as being well-anchored.\"\nOn Wednesday,China said it will release industrial metalsincluding copper, aluminum and zinc from its national reserves to curb commodity prices. Copper price has fallen more than 10% from its record high, dipping into correction territory on Tuesday.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}