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0勋章

2021-09-09

Do like, thank u

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2021-08-26

Naked looks good

Some meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</blockquote>

2021-08-24

Nice

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2021-08-15

Great

How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>

2021-08-14

$Soc Telemed Inc(TLMD)$will this go up?

2021-08-09

Ok

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2021-08-09

Go go go

Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布2021年第二季度未经审计财务业绩</blockquote>

2021-07-27

Great earning

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2021-07-23

Why.

GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>

2021-07-22

Great

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2021-07-16

Like and comment. Thanks.

抱歉，原内容已删除

2021-07-15

Thanks

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good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810521785","repostId":"1128611362","repostType":4,"repost":{"id":"1128611362","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":1629987334,"share":"https://www.laohu8.com/m/news/1128611362?lang=zh_CN&edition=full","pubTime":"2021-08-26 22:15","market":"us","language":"en","title":"Some meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128611362","media":"Tiger Newspress","summary":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry","content":"<p>Some meme stocks surged in morning 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}\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\">\nSome meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</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\">2021-08-26 22:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些meme股票在早盘交易中飙升。GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨2%至22%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NEGG":"Newegg Comm Inc.","EXPR":"Express, Inc.","WKHS":"Workhorse Group, Inc.","GME":"游戏驿站","KOSS":"高斯电子","HOOD":"Robinhood","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128611362","content_text":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry climbed between 2% and 22%.","news_type":1,"symbols_score_info":{"NAKD":0.9,"GME":0.9,"SGOC":0.9,"HOOD":0.9,"NKLA":0.9,"WKHS":0.9,"NEGG":0.9,"ZOM":0.9,"AMC":0.9,"EXPR":0.9,"MRIN":0.9,"KOSS":0.9}},"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834598126,"gmtCreate":1629812198765,"gmtModify":1631889131340,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834598126","repostId":"1191515373","repostType":4,"isVote":1,"tweetType":1,"viewCount":3416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830834100,"gmtCreate":1629042319100,"gmtModify":1631889131350,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830834100","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://www.laohu8.com/m/news/2159214569?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>","source":"lsy1603348471595","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>How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</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\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarkeWatch</strong><span class=\"h-time small\">2021-08-15 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">MarkeWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","F":"福特汽车","GM":"通用汽车","NIO":"蔚来","STLA":"Stellantis NV","HMC":"本田汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"TSLA":0.9,"STLA":0.9,"NIO":0.9,"GM":0.9,"HMC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":2585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897846633,"gmtCreate":1628908091222,"gmtModify":1631889131360,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","listText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","text":"$Soc Telemed Inc(TLMD)$will this go up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897846633","isVote":1,"tweetType":1,"viewCount":2814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898636990,"gmtCreate":1628491223210,"gmtModify":1631889131370,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898636990","repostId":"2158414718","repostType":4,"isVote":1,"tweetType":1,"viewCount":3253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898638505,"gmtCreate":1628491174307,"gmtModify":1631889131385,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898638505","repostId":"1164323845","repostType":4,"repost":{"id":"1164323845","kind":"news","pubTimestamp":1628487986,"share":"https://www.laohu8.com/m/news/1164323845?lang=zh_CN&edition=full","pubTime":"2021-08-09 13:46","market":"us","language":"en","title":"Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164323845","media":"搜狐","summary":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video","content":"<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年9月9日/美通社/--中国领先的在线媒体、视频、游戏和搜索业务集团搜狐有限公司（纳斯达克：搜狐）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于腾讯控股控股有限公司（“腾讯控股”）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（“搜狐搜索”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非GAAP[4]归属于Tosohu.com Limited的持续经营净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，惟须待交易的所有条件达成或豁免后方可作实。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"</p><p><blockquote><tr><td>[4]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非GAAP财务指标的解释以及与GAAP财务指标的相关调节表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP和非GAAP毛利率均为76%，而2020年第二季度和2021年第一季度分别为67%和79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的GAAP毛利率为89%，而2020年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营业费用</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总额为1.3亿美元，同比增长23%，环比增长5%。非GAAP运营费用为1.27亿美元，同比增长25%，环比增长4%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>营业利润</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税费用</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6](APA)为90万，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的TLBB Mobile和TLBB Honor。环比下降主要是由于TLBB荣誉。季度预约定价总额为50万份，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计的财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>总收入</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>GAAP和非GAAP毛利润</b>均为1.36亿美元，同比增长61%，环比下降15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP运营费用</b>我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非公认会计准则运营费用</b>我们为6100万美元，同比增长28%，环比增长4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP营业利润</b>为7300万美元，而2020年第二季度营业利润为3300万美元，2021年第一季度营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非公认会计准则营业利润</b>为7500万美元，而2020年第二季度非GAAP营业利润为3700万美元，2021年第一季度为1.01亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球COVID-19大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>","source":"sh","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>Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布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\">搜狐</strong><span class=\"h-time small\">2021-08-09 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年9月9日/美通社/--中国领先的在线媒体、视频、游戏和搜索业务集团搜狐有限公司（纳斯达克：搜狐）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于腾讯控股控股有限公司（“腾讯控股”）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（“搜狐搜索”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非GAAP[4]归属于Tosohu.com Limited的持续经营净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，惟须待交易的所有条件达成或豁免后方可作实。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"</p><p><blockquote><tr><td>[4]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非GAAP财务指标的解释以及与GAAP财务指标的相关调节表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP和非GAAP毛利率均为76%，而2020年第二季度和2021年第一季度分别为67%和79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的GAAP毛利率为89%，而2020年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营业费用</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总额为1.3亿美元，同比增长23%，环比增长5%。非GAAP运营费用为1.27亿美元，同比增长25%，环比增长4%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>营业利润</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税费用</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6](APA)为90万，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的TLBB Mobile和TLBB Honor。环比下降主要是由于TLBB荣誉。季度预约定价总额为50万份，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计的财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>总收入</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>GAAP和非GAAP毛利润</b>均为1.36亿美元，同比增长61%，环比下降15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP运营费用</b>我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非公认会计准则运营费用</b>我们为6100万美元，同比增长28%，环比增长4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP营业利润</b>为7300万美元，而2020年第二季度营业利润为3300万美元，2021年第一季度营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非公认会计准则营业利润</b>为7500万美元，而2020年第二季度非GAAP营业利润为3700万美元，2021年第一季度为1.01亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球COVID-19大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results\">搜狐</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":{"SOHU":"搜狐"},"source_url":"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164323845","content_text":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.\nIn view of the previously-announced Share Purchase Agreement between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"), the results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].\nSecond Quarter Highlights\n\nTotal revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\n\nDr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"\n\n\n\n[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.\n\n\n[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.\n\n\n[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.\n\n\n[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"\n\n\n\nSecond Quarter Financial Results\nRevenues\nTotal revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.\nGross Margin\nBoth GAAP and non-GAAP gross margin was 76%, compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.\nGAAP gross margin for the brand advertising business was 27%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021. Non-GAAP gross margin for the brand advertising business was 28%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.\nGAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.\nOperating Expenses\nFor the second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.\nOperating Profit\nGAAP operating profit wasUS$25 million, compared with an operating profit of US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.\nNon-GAAP operating profit was US$28 million, compared with an operating profit of US$5 million in the second quarter of 2020 and an operating profit ofUS$53million in the first quarter of 2021.\nIncome Tax Expense\nGAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.\nNet Income\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55 per fully-diluted ADS, compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedwas US$25 million, or net income ofUS$0.63 per fully-diluted ADS, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\nLiquidity\nAs ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.\nSupplementary Information for Changyou Results\nSecond Quarter 2021 Operating Results\n\nFor PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.\nFor mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.\n\n\n\n\n[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.\n\n\n[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.\n\n\n\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.\nGAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.\nGAAP operating expenses wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.\nNon-GAAP operating expenses wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.\nGAAP operating profit wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.\nNon-GAAP operating profit wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.\nBusiness Outlook\nFor the third quarter of 2021, Sohu estimates:\n\nBrand advertising revenues to be between US$35 million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential decrease of 5% to a sequential increase 6%.\nOnline game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential increase 2%.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.\n\nFor the third quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third quarter of 2020, andRMB6.46=US$1.00 for the second quarter of 2021.\nThis forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.","news_type":1,"symbols_score_info":{"SOHU":0.9}},"isVote":1,"tweetType":1,"viewCount":1543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809622605,"gmtCreate":1627367467707,"gmtModify":1631889131394,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great earning","listText":"Great earning","text":"Great earning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809622605","repostId":"1109472394","repostType":4,"isVote":1,"tweetType":1,"viewCount":2573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175363714,"gmtCreate":1627007586238,"gmtModify":1631889131407,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Why.&nbsp;","listText":"Why.&nbsp;","text":"Why.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175363714","repostId":"1129225522","repostType":4,"repost":{"id":"1129225522","kind":"news","pubTimestamp":1627005370,"share":"https://www.laohu8.com/m/news/1129225522?lang=zh_CN&edition=full","pubTime":"2021-07-23 09:56","market":"us","language":"en","title":"GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129225522","media":"CNN Business","summary":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a we","content":"<p>New York (CNN Business)-<a href=\"https://laohu8.com/S/GM\">General Motors</a> will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.</p><p><blockquote>纽约（CNN商业）——<a href=\"https://laohu8.com/S/GM\">通用汽车</a>将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业继续与长达一年的全球计算机芯片短缺作斗争的另一个迹象。</blockquote></p><p> Large pickups and SUVs&nbsp;are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.</p><p><blockquote>大型皮卡和SUV是汽车制造商最畅销和最赚钱的车辆。通用汽车和其他汽车制造商已尝试继续生产这些芯片，将可用芯片的供应从不太受欢迎的汽车上转移。</blockquote></p><p> But as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.</p><p><blockquote>但随着德尔塔变异毒株在全球范围内蔓延，停工和限制又回来了，使供应链陷入更加混乱。</blockquote></p><p> \"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"</p><p><blockquote>通用汽车表示：“最近的这些调度调整是由经历Covid-19相关限制的国际市场半导体供应限制导致的临时零部件短缺造成的。”“我们预计这将是一个近期问题。”</blockquote></p><p> <a href=\"https://laohu8.com/S/GM\">General Motors</a> said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.</p><p><blockquote><a href=\"https://laohu8.com/S/GM\">通用汽车</a>该公司表示，其位于印第安纳州韦恩堡的装配厂将从7月26日开始停产一周，该工厂生产雪佛兰索罗德1500和GMC Sierra 1500车型。</blockquote></p><p> It will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.</p><p><blockquote>它还将把密歇根州弗林特的装配厂减少到一班，而不是同一周正常的三班。该公司还将停止墨西哥锡劳装配厂的生产。Flint生产Silverado和Sierra皮卡的重型版本，而Silao则为墨西哥市场生产Silverado 1500 Cheyenne以及Sierra 1500。</blockquote></p><p> The Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that&nbsp;<a href=\"https://laohu8.com/S/TM\">Toyota</a> had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.</p><p><blockquote>新冠肺炎供应链问题不仅限于通用汽车或计算机芯片。路透社报道称，<a href=\"https://laohu8.com/S/TM\">丰田</a>由于疫情造成的供应链问题，不得不关闭泰国的三家工厂和日本的一家工厂。据路透社报道，本田还将关闭其在日本主要工厂的生产。</blockquote></p><p> Automakers' chip shortages started a year ago.&nbsp;Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But&nbsp;sales rebounded&nbsp;faster than expected, leaving car companies without the chips they needed.</p><p><blockquote>汽车制造商的芯片短缺始于一年前。疫情期间汽车销量大幅下降，汽车制造商削减了芯片和其他零部件的订单。他们没想到需求会很快恢复。但销量反弹速度快于预期，导致车企没有所需的芯片。</blockquote></p><p> Automakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.</p><p><blockquote>根据咨询公司AlixPartners的芯片短缺分析，2021年，汽车制造商将被迫在全球范围内减产390万辆汽车，今年将损失1100亿美元的收入。</blockquote></p><p> The tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.</p><p><blockquote>过去几个月，新车供应紧张将新车和二手车的价格推高至创纪录水平。但对于独立拥有的汽车经销商来说，这比汽车制造商本身更大。</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>GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</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\">\nGM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-07-23 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)-<a href=\"https://laohu8.com/S/GM\">General Motors</a> will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.</p><p><blockquote>纽约（CNN商业）——<a href=\"https://laohu8.com/S/GM\">通用汽车</a>将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业继续与长达一年的全球计算机芯片短缺作斗争的另一个迹象。</blockquote></p><p> Large pickups and SUVs&nbsp;are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.</p><p><blockquote>大型皮卡和SUV是汽车制造商最畅销和最赚钱的车辆。通用汽车和其他汽车制造商已尝试继续生产这些芯片，将可用芯片的供应从不太受欢迎的汽车上转移。</blockquote></p><p> But as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.</p><p><blockquote>但随着德尔塔变异毒株在全球范围内蔓延，停工和限制又回来了，使供应链陷入更加混乱。</blockquote></p><p> \"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"</p><p><blockquote>通用汽车表示：“最近的这些调度调整是由经历Covid-19相关限制的国际市场半导体供应限制导致的临时零部件短缺造成的。”“我们预计这将是一个近期问题。”</blockquote></p><p> <a href=\"https://laohu8.com/S/GM\">General Motors</a> said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.</p><p><blockquote><a href=\"https://laohu8.com/S/GM\">通用汽车</a>该公司表示，其位于印第安纳州韦恩堡的装配厂将从7月26日开始停产一周，该工厂生产雪佛兰索罗德1500和GMC Sierra 1500车型。</blockquote></p><p> It will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.</p><p><blockquote>它还将把密歇根州弗林特的装配厂减少到一班，而不是同一周正常的三班。该公司还将停止墨西哥锡劳装配厂的生产。Flint生产Silverado和Sierra皮卡的重型版本，而Silao则为墨西哥市场生产Silverado 1500 Cheyenne以及Sierra 1500。</blockquote></p><p> The Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that&nbsp;<a href=\"https://laohu8.com/S/TM\">Toyota</a> had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.</p><p><blockquote>新冠肺炎供应链问题不仅限于通用汽车或计算机芯片。路透社报道称，<a href=\"https://laohu8.com/S/TM\">丰田</a>由于疫情造成的供应链问题，不得不关闭泰国的三家工厂和日本的一家工厂。据路透社报道，本田还将关闭其在日本主要工厂的生产。</blockquote></p><p> Automakers' chip shortages started a year ago.&nbsp;Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But&nbsp;sales rebounded&nbsp;faster than expected, leaving car companies without the chips they needed.</p><p><blockquote>汽车制造商的芯片短缺始于一年前。疫情期间汽车销量大幅下降，汽车制造商削减了芯片和其他零部件的订单。他们没想到需求会很快恢复。但销量反弹速度快于预期，导致车企没有所需的芯片。</blockquote></p><p> Automakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.</p><p><blockquote>根据咨询公司AlixPartners的芯片短缺分析，2021年，汽车制造商将被迫在全球范围内减产390万辆汽车，今年将损失1100亿美元的收入。</blockquote></p><p> The tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.</p><p><blockquote>过去几个月，新车供应紧张将新车和二手车的价格推高至创纪录水平。但对于独立拥有的汽车经销商来说，这比汽车制造商本身更大。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">CNN Business</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":{"GM":"通用汽车"},"source_url":"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129225522","content_text":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.\nLarge pickups and SUVs are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.\nBut as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.\n\"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"\nGeneral Motors said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.\nIt will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.\nThe Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that Toyota had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.\nAutomakers' chip shortages started a year ago. Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But sales rebounded faster than expected, leaving car companies without the chips they needed.\nAutomakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.\nThe tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172329278,"gmtCreate":1626938348894,"gmtModify":1631889131420,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172329278","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":1744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170835994,"gmtCreate":1626418482218,"gmtModify":1631892516830,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Like and comment. Thanks.&nbsp;","listText":"Like and comment. Thanks.&nbsp;","text":"Like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170835994","repostId":"1189921948","repostType":4,"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147049226,"gmtCreate":1626322883365,"gmtModify":1631892516841,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147049226","repostId":"2151751740","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":810521785,"gmtCreate":1629987461147,"gmtModify":1704954241047,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Naked looks good","listText":"Naked looks good","text":"Naked looks good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810521785","repostId":"1128611362","repostType":4,"repost":{"id":"1128611362","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":1629987334,"share":"https://www.laohu8.com/m/news/1128611362?lang=zh_CN&edition=full","pubTime":"2021-08-26 22:15","market":"us","language":"en","title":"Some meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128611362","media":"Tiger Newspress","summary":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry","content":"<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些meme股票在早盘交易中飙升。GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨2%至22%。</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>Some meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSome meme stocks surged in morning trading<blockquote>一些模因股票早盘飙升</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\">2021-08-26 22:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS&nbsp;and&nbsp;BlackBerry&nbsp;climbed&nbsp;between 2% and 22%.<img src=\"https://static.tigerbbs.com/651826e35e370f92a538cfbb14825d7b\" tg-width=\"364\" tg-height=\"717\" referrerpolicy=\"no-referrer\"></p><p><blockquote>一些meme股票在早盘交易中飙升。GameStop、Zomedica、Naked Brand、Express、KOSS和黑莓上涨2%至22%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NEGG":"Newegg Comm Inc.","EXPR":"Express, Inc.","WKHS":"Workhorse Group, Inc.","GME":"游戏驿站","KOSS":"高斯电子","HOOD":"Robinhood","AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128611362","content_text":"Some meme stocks surged in morning trading.GameStop,Zomedica,Naked Brand,Express,KOSS and BlackBerry climbed between 2% and 22%.","news_type":1,"symbols_score_info":{"NAKD":0.9,"GME":0.9,"SGOC":0.9,"HOOD":0.9,"NKLA":0.9,"WKHS":0.9,"NEGG":0.9,"ZOM":0.9,"AMC":0.9,"EXPR":0.9,"MRIN":0.9,"KOSS":0.9}},"isVote":1,"tweetType":1,"viewCount":1477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":830834100,"gmtCreate":1629042319100,"gmtModify":1631889131350,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/830834100","repostId":"2159214569","repostType":4,"repost":{"id":"2159214569","kind":"highlight","pubTimestamp":1628989290,"share":"https://www.laohu8.com/m/news/2159214569?lang=zh_CN&edition=full","pubTime":"2021-08-15 09:01","market":"us","language":"en","title":"How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159214569","media":"MarkeWatch","summary":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.So where does Nio $$","content":"<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>","source":"lsy1603348471595","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>How to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</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\">\nHow to value Nio's stock compared to Tesla, VW, Ford and other rivals<blockquote>与特斯拉、大众、福特和其他竞争对手相比，如何评估蔚来股票的价值</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarkeWatch</strong><span class=\"h-time small\">2021-08-15 09:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.</p><p><blockquote>蔚来可能是一家相对较小的公司。但投资者看好这家中国电动汽车制造商的前景。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/459f713c5dfcf08752165d643a5f1463\" tg-width=\"700\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>A Nio store in downtown Shanghai. (Getty Images)</span></p><p><blockquote><p class=\"t-img-caption\"><span>上海市中心的一家蔚来店。（盖蒂图片社）</span></p></blockquote></p><p> Chinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.</p><p><blockquote>中国电动汽车制造商蔚来在美国不销售汽车，其市值为602亿美元。以此衡量，它比1903年成立的福特汽车公司还要大。</blockquote></p><p> That might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.</p><p><blockquote>作为投资者，这对您来说可能是有意义的——毕竟，蔚来是一家只销售电动汽车的创新公司。福特是一家传统汽车制造商，正在努力迎头赶上并最终全面过渡到电动汽车。蔚来的股价在过去一年上涨了两倍多，而福特的股价在过去十年暴跌后几乎翻了一番。</blockquote></p><p> So where does Nio <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a>, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.</p><p><blockquote>那么蔚来在哪里<a href=\"https://laohu8.com/S/NIO\">$（蔚来）$</a>该公司在周三股市收盘后公布了第二季度业绩，符合投资理论吗？下面的屏幕显示了其股票估值与汽车产量的比较，以及该估值与2025年预计收益的关系。</blockquote></p><p> <b>Doubling car production</b></p><p><blockquote><b>汽车产量翻倍</b></blockquote></p><p> For the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.</p><p><blockquote>第二季度，蔚来交付了21,896辆汽车，同比增长112%。增长令人印象深刻，但销售的车辆总数仍然相对较少。</blockquote></p><p> Here's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:</p><p><blockquote>以下是按市值计算的10家最大汽车制造商，以及它们第二季度的销售额或交付量（如果两者都报告，以较高者为准）以及表下方的附加颜色：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d9e9aed76c94544dbe44cde9f7c8bebc\" tg-width=\"931\" tg-height=\"761\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> You can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc.&nbsp;and Nio, on this list -- may (or may not) become as large as legacy players.</p><p><blockquote><table><tbody><tr></tr></tbody></table>你可以看到，这些估值是关于未来的，届时电动汽车领域的创新者——名单上的特斯拉公司和蔚来——可能（也可能不会）变得与传统企业一样大。</blockquote></p><p> For now, Ford churns out mostly internal combustion engine&nbsp;vehicles at nearly 35 times the rate that Nio makes EVs.</p><p><blockquote>目前，福特主要生产内燃机汽车，其速度几乎是蔚来电动汽车生产速度的35倍。</blockquote></p><p> One thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.</p><p><blockquote>需要注意的一件事是，传统汽车制造商并不都以相同的方式报告其销量。大多数人都没有公布电动汽车销量。</blockquote></p><p> Among those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:</p><p><blockquote>在那些这样做的国家中，定义各不相同。例如，丰田汽车公司（7203.TO）报告称，第二季度“电动汽车”销量占汽车总销量的26.6%。但该类别包括：</blockquote></p><p> For Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.</p><p><blockquote>对于丰田来说，纯电动汽车仅占第二季度销量的0.2%，而蔚来和特斯拉则占100%。丰田的PHEV销量占总销量的1.4%。</blockquote></p><p> Volkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.</p><p><blockquote>大众汽车公司报告称，电动汽车销量包括PHEV（占第二季度销量的6.7%）和BEV（占总销量的4.4%）。这些数字令人印象深刻：总计11.1%。</blockquote></p><p> For Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.</p><p><blockquote>对于Bayerische Motoren Werke Aktiengesellschaft（更广为人知的名称是BWM Group）来说，第二季度电动汽车交付量的细分数据尚未公布，但2021年上半年，交付了153,243辆全电动或插电式混合动力汽车，或占总交付量的11.4%。</blockquote></p><p> <b>Valuation to earnings estimates</b></p><p><blockquote><b>估值与盈利预测之比</b></blockquote></p><p> For companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. <a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.</p><p><blockquote>对于处于早期阶段的公司来说，市盈率的比较可能意义不大。这类公司关注的是增长而不是利润。这方面的一个例子是亚马逊公司。<a href=\"https://laohu8.com/S/AMZN\">$(AMZN)$</a>几十年来，该公司的市盈率一直很高，因为它一直在努力扩展到新的业务领域，但牺牲了利润。</blockquote></p><p> A high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.</p><p><blockquote>高市盈率可以反映投资者对创新的热情，就电动汽车而言，也可以反映行业转型的政治共识。因此，蔚来和特斯拉的市盈率远高于传统汽车制造商。</blockquote></p><p> Then again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.</p><p><blockquote>话又说回来，非常低的市盈率可能表明投资者对老牌制造商过于蔑视，因为他们利用持续大量销售传统汽车的现金流来资助电动汽车的开发。机会可能会凸显。</blockquote></p><p> Normally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.</p><p><blockquote>通常，远期市盈率的计算方法是将股价除以12个月每股收益的滚动共识估计。这并不适用于此处列出的所有公司，因此我们使用对2022年净利润的共识估计。</blockquote></p><p> First, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:</p><p><blockquote>首先，以下是基于当前市值和FactSet调查的分析师对2022年普遍预期的市盈率。该表包括截至2025年的年度预测，以及基于当前市值和2025年预测的市盈率：</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/459439c822252d09b3dfb73cc5d51211\" tg-width=\"1058\" tg-height=\"743\" width=\"100%\" height=\"auto\"> Nio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&amp;P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.</p><p><blockquote>蔚来预计将于2023年实现盈利。展望2024年，其远期市盈率低于特斯拉。为了正确看待未来市盈率估值，标普500指数的加权交易价格是2022年每股收益普遍预期的20.5倍。</blockquote></p><p> <b>Valuation to sales</b></p><p><blockquote><b>估值与销售额之比</b></blockquote></p><p> <table>  <tbody>   <tr></tr>   <tr></tr>  </tbody> </table> Forward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.</p><p><blockquote><table><tbody><tr></tr><tr></tr></tbody></table>对于利润较低或净亏损的早期公司来说，远期市销率估计可能更有用。话又说回来，同样的扭曲也适用：投资者现在喜欢纯电动汽车制造商，当你考虑到蔚来的股价在过去一年中上涨了两倍多，而特斯拉的股价却上涨了150%时，他们可能会为它们支付过高的价格。</blockquote></p><p> Here's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:</p><p><blockquote>以下是一组推动市销率的类似数据，再次使用当前市值（在本文顶部的第一个表格中）和以百万美元为单位的共识全年估计：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c8c0b7d002e07914e42fcdf0e624b25c\" tg-width=\"1051\" tg-height=\"668\" width=\"100%\" height=\"auto\"> For reference, the S&amp;P 500 trades for 2.7 times its consensus 2022 sales estimate.</p><p><blockquote>作为参考，标普500的交易价格是其2022年普遍销售预期的2.7倍。</blockquote></p><p> <table>  <tbody>   <tr></tr>  </tbody> </table> <b>Analysts' opinions</b></p><p><blockquote><table><tbody><tr></tr></tbody></table><b>分析师观点</b></blockquote></p><p> Here's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:</p><p><blockquote>以下是FactSet调查的分析师对10家汽车制造商的看法摘要。对于主要在美国以外上市的公司，使用当地股票代码。所有股价和目标均以当地货币计算：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32f38063eabf2e93f73561a0454a44ac\" tg-width=\"1059\" tg-height=\"639\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table></p><p><blockquote><table><tbody><tr></tr></tbody></table></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news\">MarkeWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","F":"福特汽车","GM":"通用汽车","NIO":"蔚来","STLA":"Stellantis NV","HMC":"本田汽车"},"source_url":"https://www.marketwatch.com/story/nio-releases-earnings-wednesday-heres-how-to-value-its-stock-compared-to-tesla-ford-and-other-rivals-11628716814?mod=mw_quote_news","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159214569","content_text":"Nio may be a relatively small company. But investors are bullish on the Chinese electric-vehicle maker's prospects.\nA Nio store in downtown Shanghai. (Getty Images)\nChinese electric-vehicle maker Nio Inc., which sells no cars in the U.S., has a market capitalization of $60.2 billion. By that measure, it is larger than Ford Motor Co., which was founded in 1903.\nThat might make sense to you as an investor -- after all, Nio is an innovative company that sells only electric vehicles. Ford is a legacy auto maker that is working to catch up and eventually make a full transition to electric vehicles. Shares of Nio have more than tripled in the past year, while Ford's have almost doubled after cratering in the previous decade.\nSo where does Nio $(NIO)$, which reported second-quarter results after the stock market closes Wednesday, fit in an investment thesis? Below are screens showing how its stock valuation compares to vehicle production, and how that valuation relates to projected earnings through 2025.\nDoubling car production\nFor the second quarter, Nio delivered 21,896 vehicles for a 112% increase from a year earlier. The growth is impressive, but the total number of vehicles sold is still relatively small.\nHere's a look at the 10 largest auto makers by market capitalization, along with their second-quarter sales or delivery numbers (whichever was higher, if both were reported) and additional color below the table:\n\n\n\n\n\n\nYou can see that those valuations are about the future, when innovators in the EV space -- Tesla Inc. and Nio, on this list -- may (or may not) become as large as legacy players.\nFor now, Ford churns out mostly internal combustion engine vehicles at nearly 35 times the rate that Nio makes EVs.\nOne thing to be aware of is that the legacy auto makers don't all report their unit sales the same way. Most don't break out electric vehicle sales.\nAmong those that do, definitions vary. For example, Toyota Motor Corp. (7203.TO) reported that \"electrified vehicle\" sales made up 26.6% of total auto sales during the second quarter. But that category includes:\nFor Toyota, BEV made up only 0.2% of second-quarter sales, while they accounted for 100% of sales for Nio and Tesla. Toyota's PHEV sales made up 1.4% of the total.\nVolkswagen AG reports electric-vehicle sales as including PHEV, which accounted for 6.7% of second-quarter sales, or BEV, which made up 4.4% of total sales. Those are impressive numbers: a combined 11.1%.\nFor Bayerische Motoren Werke Aktiengesellschaft , better known as BWM Group, a second-quarter breakdown of electric-vehicle deliveries isn't yet available, but for the first half of 2021, 153,243 all-electric or plug-in hybrid vehicles were delivered, or 11.4% of total deliveries.\nValuation to earnings estimates\nFor companies at early stages, comparisons of price-to-earnings ratios may not mean very much. Such companies are focusing on growth rather than profits. An example of this has been Amazon.com Inc. $(AMZN)$, which has traded at a high P/E for decades as it has worked to expand into new lines of business, at the expense of the bottom line.\nA high P/E ratio can reflect investors' enthusiasm for innovation and in the case of EVs, a political consensus for transforming the industry. So Nio and Tesla trade at much higher P/E ratios than the legacy auto makers.\nThen again, very low P/E may show too much contempt among investors for the older manufacturers, as they use their cash flow from continuing massive sales of traditional vehicles to fund their development of EVs. Opportunities may be highlighted.\nNormally a forward P/E ratio is calculated by dividing the share price by a rolling consensus estimate of earnings per share for 12 months. This isn't available for all the companies listed here, so we're using consensus estimates for net income for calendar 2022.\nFirst, here are P/E ratios based on current market caps and consensus 2022 estimates among analysts polled by FactSet. The table includes the annual estimates going out to 2025, and also a P/E based on current market caps and the 2025 estimates:\n\nNio is expected to become profitable in 2023. Looking out to 2024, its forward P/E is lower than that of Tesla. To put the forward P/E valuations in perspective, the S&P 500 Index trades for a weighted 20.5 times consensus 2022 EPS estimates.\nValuation to sales\n\n\n\n\n\n\nForward price-to-sales estimates might be more useful for early-stage companies that are showing low profits or net losses. Then again, the same distortions apply: Investors love the pure-play EV makers now, and may be paying too much for them when you consider that shares of Nio have more than tripled over the past year, while Tesla's stock has risen 150%.\nHere's a similar set of data driving price-to-sale ratios, again using current market caps (in the first table at the top of this article) and consensus full-calendar-year estimates in millions of U.S. dollars:\n\nFor reference, the S&P 500 trades for 2.7 times its consensus 2022 sales estimate.\n\n\n\n\n\nAnalysts' opinions\nHere's a summary of opinion of the 10 auto makers among analysts polled by FactSet. For companies with primary listings outside the U.S., the local tickers are used. All share prices and targets are in local currencies:","news_type":1,"symbols_score_info":{"TSLA":0.9,"STLA":0.9,"NIO":0.9,"GM":0.9,"HMC":0.9,"F":0.9}},"isVote":1,"tweetType":1,"viewCount":2585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172329278,"gmtCreate":1626938348894,"gmtModify":1631889131420,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172329278","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":1744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809622605,"gmtCreate":1627367467707,"gmtModify":1631889131394,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Great earning","listText":"Great earning","text":"Great earning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/809622605","repostId":"1109472394","repostType":4,"isVote":1,"tweetType":1,"viewCount":2573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898638505,"gmtCreate":1628491174307,"gmtModify":1631889131385,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Go go go&nbsp;","listText":"Go go go&nbsp;","text":"Go go go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/898638505","repostId":"1164323845","repostType":4,"repost":{"id":"1164323845","kind":"news","pubTimestamp":1628487986,"share":"https://www.laohu8.com/m/news/1164323845?lang=zh_CN&edition=full","pubTime":"2021-08-09 13:46","market":"us","language":"en","title":"Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布2021年第二季度未经审计财务业绩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164323845","media":"搜狐","summary":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video","content":"<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年9月9日/美通社/--中国领先的在线媒体、视频、游戏和搜索业务集团搜狐有限公司（纳斯达克：搜狐）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于腾讯控股控股有限公司（“腾讯控股”）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（“搜狐搜索”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非GAAP[4]归属于Tosohu.com Limited的持续经营净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，惟须待交易的所有条件达成或豁免后方可作实。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"</p><p><blockquote><tr><td>[4]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非GAAP财务指标的解释以及与GAAP财务指标的相关调节表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP和非GAAP毛利率均为76%，而2020年第二季度和2021年第一季度分别为67%和79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的GAAP毛利率为89%，而2020年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营业费用</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总额为1.3亿美元，同比增长23%，环比增长5%。非GAAP运营费用为1.27亿美元，同比增长25%，环比增长4%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>营业利润</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税费用</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6](APA)为90万，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的TLBB Mobile和TLBB Honor。环比下降主要是由于TLBB荣誉。季度预约定价总额为50万份，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计的财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>总收入</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>GAAP和非GAAP毛利润</b>均为1.36亿美元，同比增长61%，环比下降15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP运营费用</b>我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非公认会计准则运营费用</b>我们为6100万美元，同比增长28%，环比增长4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP营业利润</b>为7300万美元，而2020年第二季度营业利润为3300万美元，2021年第一季度营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非公认会计准则营业利润</b>为7500万美元，而2020年第二季度非GAAP营业利润为3700万美元，2021年第一季度为1.01亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球COVID-19大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>","source":"sh","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>Sohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布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; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSohu.com Reports Second Quarter 2021 Unaudited Financial Results<blockquote>搜狐网公布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\">搜狐</strong><span class=\"h-time small\">2021-08-09 13:46</span>\n</p>\n</h4>\n</header>\n<article>\n<p>BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.</p><p><blockquote>北京，8月。2021年9月9日/美通社/--中国领先的在线媒体、视频、游戏和搜索业务集团搜狐有限公司（纳斯达克：搜狐）今天公布了截至2021年6月30日的第二季度未经审计的财务业绩。</blockquote></p><p> In view of the previously-announced Share Purchase Agreement&nbsp;between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's&nbsp;Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"),&nbsp;the&nbsp;results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].</p><p><blockquote>鉴于腾讯控股控股有限公司（“腾讯控股”）附属公司与本公司及其全资附属公司搜狐网（搜索）有限公司（“搜狐搜索”）就搜狐搜索的搜狗公司（“搜狗”）股份（“搜狗股份购买”）先前公布的股份购买协议，搜狗的经营业绩已从本公司简明综合经营报表中的持续经营业绩中剔除，并作为已终止经营业务在单独项目中呈列。已对历史报表作出追溯调整，以提供一致的比较基础。除非另有说明，本新闻稿中提供的结果仅与持续运营相关[1]。</blockquote></p><p> <b>Second Quarter Highlights</b></p><p><blockquote><b>第二季度亮点</b></blockquote></p><p> <ul>  <li>Total revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.</li>  <li>Brand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.</li>  <li>Online game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.</li>  <li>GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</li>  <li>Non-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.</li> </ul> Dr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"</p><p><blockquote><ul><li>总收入为2.04亿美元[2]，同比增长28%，环比下降8%。</li><li>品牌广告收入为3700万美元，同比下降3%，环比增长20%。</li><li>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。</li><li>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，而2020年第二季度净利润为1100万美元[3]，2021年第一季度净利润为3200万美元。</li><li>非GAAP[4]归属于Tosohu.com Limited的持续经营净利润为2500万美元，而2020年第二季度净利润为1200万美元，2021年第一季度净利润为3700万美元。</li></ul>搜狐网有限公司董事长兼首席执行官张博士评论道：“2021年第二季度，尽管受到新冠肺炎的负面影响，我们在严格控制预算的同时，不断探索新的货币化机会。得益于网络游戏业务的优异表现，我们的盈利能力超出了之前的指导。对于搜狐传媒，我们专注于创新产品和技术，有效促进优质内容的生成和分发。搜狐视频方面，我们继续执行开发优质长短内容的“双引擎”战略，同时完善我们先进的直播技术并将其推广到各种应用中。我们亦透过将直播技术整合至我们独特的活动中，使我们的收入来源多元化及更好地获取广告预算。对于畅游来说，网络游戏在本季度表现良好，其收入超过了我们之前指导的高端。”</blockquote></p><p> <table>  <tbody>   <tr>    <td>[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.</p><p><blockquote><table><tbody><tr><td>[1]双方目前预计交易将于2021年下半年完成，惟须待交易的所有条件达成或豁免后方可作实。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.</p><p><blockquote><tr><td>[2]按固定汇率（非GAAP）计算，如果2021年第二季度的汇率与2020年第二季度相同，或7.08=1.00美元，则2021年第二季度的美元总收入为1.86亿美元，比GAAP总收入减少1800万美元，同比增长17%。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.</p><p><blockquote><tr><td>[3]本新闻稿中提到的2020年第二季度归属于Tosohu.com Limited的GAAP和非GAAP持续经营净利润均不包括畅游在该季度确认的额外应计预扣所得税8800万美元的影响畅游私有化完成后，由于畅游改变了其中国子公司有关现金股息分配的政策。</td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"</p><p><blockquote><tr><td>[4]非公认会计准则业绩不包括股权激励费用；就公允价值易于确定的股权投资在公司合并经营报表中确认的公允价值变动；就与公司核心业务无关的投资确认的减值费用；以及与美国征收的一次性过渡税（“通行费”）相关的利息支出。减税和就业法案于2017年12月22日签署成为法律（“美国TCJA”）。公司非GAAP财务指标的解释以及与GAAP财务指标的相关调节表包含在随附的“非GAAP披露”和“非GAAP运营指标结果与最接近的可比GAAP指标的调节表”中。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Second Quarter Financial Results</b></p><p><blockquote><b>第二季度财务业绩</b></blockquote></p><p> <b><i>Revenues</i></b></p><p><blockquote><b><i>收入</i></b></blockquote></p><p> Total revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.</p><p><blockquote>总收入为2.04亿美元，同比增长28%，环比下降8%。</blockquote></p><p></p><p> Brand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.</p><p><blockquote>品牌广告收入总计3700万美元，同比下降3%，环比增长20%。环比增长主要归因于季节性增长以及我们持续努力提高门户网站和视频广告收入。</blockquote></p><p> Online game revenues wereUS$151 million, up 43% year-over-year and down 14%&nbsp;quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.</p><p><blockquote>网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献。环比下降主要是由于TLBB PC的自然下降。</blockquote></p><p> <b><i>Gross Margin</i></b></p><p><blockquote><b><i>毛利率</i></b></blockquote></p><p> Both GAAP and non-GAAP gross margin was 76%,&nbsp;compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.</p><p><blockquote>GAAP和非GAAP毛利率均为76%，而2020年第二季度和2021年第一季度分别为67%和79%。</blockquote></p><p> GAAP gross margin for the brand advertising business was&nbsp;27%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.&nbsp;Non-GAAP gross margin for the brand advertising business was&nbsp;28%, compared with 40% in the second quarter of 2020 and&nbsp;20% in the first&nbsp;quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.</p><p><blockquote>品牌广告业务GAAP毛利率为27%，2020年第二季度为40%，2021年第一季度为20%，非GAAP品牌广告业务毛利率为28%，2020年第二季度为40%，2021年第一季度为20%。同比下降主要是由于2021年第二季度举办的活动成本增加，随着COVID-19的缓解，这些活动在很大程度上已恢复。环比增长主要是由于门户网站和视频广告业务的收入增加。</blockquote></p><p> GAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.</p><p><blockquote>网络游戏的GAAP毛利率为89%，而2020年第二季度和2021年第一季度分别为77%和89%。网络游戏的非美国通用会计准则毛利率为89%，2020年第二季度为78%，2021年第一季度为90%。毛利率同比增长主要是由于PC游戏的收入贡献百分比较高，而PC游戏通常需要较低的收入分成付款。</blockquote></p><p> <b><i>Operating Expenses</i></b></p><p><blockquote><b><i>营业费用</i></b></blockquote></p><p> For the&nbsp;second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.</p><p><blockquote>2021年第二季度，GAAP运营费用总额为1.3亿美元，同比增长23%，环比增长5%。非GAAP运营费用为1.27亿美元，同比增长25%，环比增长4%。同比增长主要是由于营销费用以及工资和福利费用的增加。</blockquote></p><p> <b>O</b><b><i>perating Profit</i></b></p><p><blockquote><b>O</b><b><i>营业利润</i></b></blockquote></p><p> GAAP operating profit wasUS$25 million, compared with an operating profit of&nbsp;US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.</p><p><blockquote>GAAP营业利润为2500万美元，而2020年第二季度营业利润为100万美元，2021年第一季度营业利润为5100万美元。</blockquote></p><p> Non-GAAP operating profit was&nbsp;US$28 million, compared with an operating profit of&nbsp;US$5&nbsp;million&nbsp;in the&nbsp;second quarter of 2020 and an operating profit ofUS$53million&nbsp;in the first quarter of 2021.</p><p><blockquote>非美国通用会计准则营业利润为2800万美元，而2020年第二季度营业利润为500万美元，2021年第一季度营业利润为5300万美元。</blockquote></p><p> <b><i>Income Tax Expense</i></b></p><p><blockquote><b><i>所得税费用</i></b></blockquote></p><p> GAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.</p><p><blockquote>GAAP所得税费用为1100万美元，而2020年第二季度所得税费用为8600万美元，2021年第一季度所得税费用为2300万美元。非GAAP所得税费用为900万美元，而2020年第二季度所得税费用为8300万美元，2021年第一季度所得税费用为2300万美元。2021年第二季度的所得税费用包括畅游在最终结算2020年到期所得税后确认的一次性税收优惠900万美元。2020年第二季度，畅游确认了8,800万美元的额外应计预扣所得税，原因是畅游在完成畅游私有化后改变了其中国子公司的现金股息分配政策。</blockquote></p><p> <b><i>Net Income</i></b></p><p><blockquote><b><i>净收入</i></b></blockquote></p><p> GAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55&nbsp;per fully-diluted ADS,&nbsp;compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的GAAP持续经营净利润为2200万美元，即每股完全稀释ADS净利润为0.55美元，而2020年第二季度净利润为1100万美元，2021年第一季度净利润为3200万美元。</blockquote></p><p> Non-GAAP net&nbsp;income from continuing operations&nbsp;attributable toSohu.com Limitedwas US$25&nbsp;million,&nbsp;or net income ofUS$0.63&nbsp;per fully-diluted ADS,&nbsp;compared with&nbsp;net income&nbsp;ofUS$12 millionin the&nbsp;second quarter of 2020 and net income&nbsp;ofUS$37 millionin the first quarter of 2021.</p><p><blockquote>归属于Tosohu.com Limited的非GAAP持续经营净利润为2500万美元，即每股完全稀释ADS净利润为0.63美元，而2020年第二季度净利润为1200万美元，第一季度净利润为3700万美元2021年。</blockquote></p><p> <b><i>Liquidity</i></b></p><p><blockquote><b><i>流动性</i></b></blockquote></p><p> As ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.</p><p><blockquote>截至2021年6月30日，现金及现金等价物以及短期投资为3.49亿美元。</blockquote></p><p> <b>Supplementary Information for Changyou Results</b></p><p><blockquote><b>畅游业绩补充资料</b></blockquote></p><p> <b><i>Second&nbsp;Quarter 2021 Operating Results</i></b></p><p><blockquote><b><i>2021年第二季度经营业绩</i></b></blockquote></p><p></p><p> <ul>  <li>For PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.</li>  <li>For mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.</li> </ul> <table>  <tbody>   <tr>    <td>[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.</p><p><blockquote><ul><li>PC游戏方面，平均月活跃用户账户[5](MAU)总数为210万，同比增长9%，环比下降8%。同比增长主要由2020年第四季度推出的TLBB Vintage贡献，部分被Warframe运营终止所抵消。环比下降主要是由于TLBB PC的自然下降。季度活跃支付账户总数[6](APA)为90万，同比下降3%，环比下降4%。</li><li>移动游戏方面，总平均MAU为190万，同比下降39%，环比下降7%。同比下降主要来自传统的TLBB Mobile和TLBB Honor。环比下降主要是由于TLBB荣誉。季度预约定价总额为50万份，同比下降21%，环比增长5%。同比和环比变化主要是由于TLBB荣誉。</li></ul><table><tbody><tr><td>[5]月活跃用户账户是指在一个月内至少登录一次这些游戏的注册账户数量。</td></tr></tbody></table></blockquote></p><p></td>   </tr>   <tr>    <td>[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.</p><p><blockquote><tr><td>[6]季度总活跃付费账户是指在季度内至少使用过一次游戏点数的账户数量。</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b><i>Second Quarter 2021 Unaudited Financial Results</i></b></p><p><blockquote><b><i>2021年第二季度未经审计的财务业绩</i></b></blockquote></p><p> <b>Total revenues</b>&nbsp;wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.</p><p><blockquote><b>总收入</b>为1.54亿美元，同比增长41%，环比下降14%。网络游戏收入为1.51亿美元，同比增长43%，环比下降14%。在线广告收入为300万美元，同比下降19%，环比下降11%。</blockquote></p><p> <b>GAAP and non-GAAP gross profit</b>were bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.</p><p><blockquote><b>GAAP和非GAAP毛利润</b>均为1.36亿美元，同比增长61%，环比下降15%。</blockquote></p><p> <b>GAAP operating expenses</b>&nbsp;wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.</p><p><blockquote><b>GAAP运营费用</b>我们为6300万美元，同比增长24%，环比增长4%。同比增长主要是由于与收入增长相关的奖金支出增加，以及在线游戏的营销和推广支出增加。</blockquote></p><p> <b>Non-GAAP operating expenses</b>&nbsp;wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.</p><p><blockquote><b>非公认会计准则运营费用</b>我们为6100万美元，同比增长28%，环比增长4%。</blockquote></p><p> <b>GAAP operating profit</b>&nbsp;wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.</p><p><blockquote><b>GAAP营业利润</b>为7300万美元，而2020年第二季度营业利润为3300万美元，2021年第一季度营业利润为9900万美元。</blockquote></p><p> <b>Non-GAAP operating profit</b>&nbsp;wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.</p><p><blockquote><b>非公认会计准则营业利润</b>为7500万美元，而2020年第二季度非GAAP营业利润为3700万美元，2021年第一季度为1.01亿美元。</blockquote></p><p> <b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p> For the third quarter of 2021, Sohu estimates:</p><p><blockquote>对于2021年第三季度，搜狐预计：</blockquote></p><p> <ul>  <li>Brand advertising revenues to be between US$35&nbsp;million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential&nbsp;decrease of 5% to a sequential&nbsp;increase 6%.</li>  <li>Online game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential&nbsp;increase 2%.</li>  <li>Non-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.</li> </ul> For the third&nbsp;quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third&nbsp;quarter of 2020, andRMB6.46=US$1.00&nbsp;for the second&nbsp;quarter of 2021.</p><p><blockquote><ul><li>品牌广告收入在3500万美元至3900万美元之间；这意味着每年下降5%至15%，环比下降5%至环比增长6%。</li><li>网络游戏收入将在1.45亿美元至1.55亿美元之间；这意味着同比增长43%至53%，环比下降4%至环比增长2%。</li><li>归属于Tosohu.com Limited的非公认会计准则持续经营净利润在零至1000万美元之间；归属于搜狐网有限公司的GAAP持续经营净利润/（亏损）介于净亏损400万美元和净利润600万美元之间。</li></ul>对于2021年第三季度的指引，公司采用了人民币6.47元=1.00美元的假定汇率，而2020年第三季度的实际汇率约为人民币6.92元=1.00美元，2021年第二季度的实际汇率约为人民币6.46元=1.00美元。</blockquote></p><p> This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.<img src=\"https://static.tigerbbs.com/4782b452132d214df35cd21432e44916\" tg-width=\"682\" tg-height=\"844\" referrerpolicy=\"no-referrer\"></p><p><blockquote>这一预测反映了搜狐管理层目前的初步观点，该观点存在很大的不确定性，特别是考虑到全球COVID-19大流行的潜在持续影响，这仍然难以预测。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results\">搜狐</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":{"SOHU":"搜狐"},"source_url":"https://investors.sohu.com/news-releases/news-release-details/sohucom-reports-second-quarter-2021-unaudited-financial-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164323845","content_text":"BEIJING,Aug. 9, 2021/PRNewswire/ --Sohu.com Limited(NASDAQ: SOHU),China'sleading online media, video, gaming and search business group, today reported unaudited financial results for the second quarter endedJune 30, 2021.\nIn view of the previously-announced Share Purchase Agreement between subsidiaries of Tencent Holdings Limited (\"Tencent\") and the Company and its wholly-owned subsidiarySohu.com (Search) Limited(\"Sohu Search\") with respect to Sohu Search's Sogou Inc.(\"Sogou\") shares (the \"Sogou Share Purchase\"), the results of operations for Sogou have been excluded from the Company's results from continuing operations in the Company's condensed consolidated statements of operations and are presented in separate line items as discontinued operations. Retrospective adjustments to the historical statements have been made in order to provide a consistent basis of comparison. Unless indicated otherwise, results presented in this release are related to continuing operations only[1].\nSecond Quarter Highlights\n\nTotal revenues wereUS$204 million[2], up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues wereUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter.\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, compared with net income ofUS$11 million[3]in the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP[4]net income from continuing operations attributable toSohu.com LimitedwasUS$25 million, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\n\nDr.Charles Zhang, Chairman and CEO ofSohu.com Limited, commented, \"For the second quarter of 2021, despite the negative impact of COVID-19, we kept exploring new monetization opportunities while strictly controlling the budget. Thanks to the outperformance of our online game business, our profitability exceeded the prior guidance. For Sohu Media, we focused on innovating our products and technology, and effectively promoting the generation and distribution of high-quality content. For Sohu Video, we continued to execute our \"Twin engine\" strategy of developing high quality long-form and short-form content, while at the same time refining our advanced live broadcasting technologies and rolling them out to various applications. We were also able to diversify our revenue sources and better capture advertising budgets by integrating our live broadcasting technologies into our unique events. For Changyou, online games performed well during the quarter, and its revenue exceeded the high end of our prior guidance.\"\n\n\n\n[1] The parties currently expect the completion of the transaction will be during the second half of 2021, subject to the satisfaction or waiver of all the conditions to the transaction.\n\n\n[2] On a constant currency (non-GAAP) basis, if the exchange rate in the second quarter of 2021 had been the same as it was in the second quarter of 2020, orRMB7.08=US$1.00, US$ total revenues in the second quarter of 2021 would have beenUS$186 million, orUS$18 millionless than GAAP total revenues, and up 17% year-over-year.\n\n\n[3] Both the GAAP and non-GAAP net income from continuing operations attributable toSohu.com Limitedfor the second quarter of 2020 mentioned in this release excluded the impact of an additional accrual of withholding income tax ofUS$88 millionrecognized by Changyou in that quarter following completion of the Changyou privatization, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends.\n\n\n[4] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values; an impairment charge recognized for an investment unrelated to the Company's core businesses; and interest expense recognized in connection with the one-time transition tax (the \"Toll Charge\") imposed by theU.S.Tax Cuts and Jobs Act signed into law onDecember 22, 2017(the \"U.S.TCJA\"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying \"Non-GAAP Disclosure\" and \"Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.\"\n\n\n\nSecond Quarter Financial Results\nRevenues\nTotal revenues wereUS$204 million, up 28% year-over-year and down 8% quarter-over-quarter.\nBrand advertising revenues totaledUS$37 million, down 3% year-over-year and up 20% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to a seasonality increase and our continuing efforts to boost our revenues in portal and video advertising.\nOnline game revenues wereUS$151 million, up 43% year-over-year and down 14% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC.\nGross Margin\nBoth GAAP and non-GAAP gross margin was 76%, compared with 67% in the second quarter of 2020 and 79% in the first quarter of 2021.\nGAAP gross margin for the brand advertising business was 27%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021. Non-GAAP gross margin for the brand advertising business was 28%, compared with 40% in the second quarter of 2020 and 20% in the first quarter of 2021.The year-over-year decrease was mainly due to increases in costs of events hosted in the second quarter of 2021, which have been resumed to a large extent with the easing of COVID-19. The quarter-over-quarter increase was mainly due to increased revenues in the portal and video advertising businesses.\nGAAP gross margin for online games was 89%, compared with 77% in the second quarter of 2020 and 89% in the first quarter of 2021. Non-GAAP gross margin for online games was 89%, compared with 78% in the second quarter of 2020 and 90% in the first quarter of 2021. The year-over-year increase in gross margin was mainly due to a higher percentage revenue contribution from PC games, which typically require lower revenue-sharing payments.\nOperating Expenses\nFor the second quarter of 2021, GAAP operating expenses totaledUS$130 million, up 23% year-over-year and 5% quarter-over-quarter. Non-GAAP operating expenses wereUS$127 million, up 25% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to increases in marketing expenses and salary and benefits expenses.\nOperating Profit\nGAAP operating profit wasUS$25 million, compared with an operating profit of US$1 million in the second quarter of 2020 and an operating profit ofUS$51 millionin the first quarter of 2021.\nNon-GAAP operating profit was US$28 million, compared with an operating profit of US$5 million in the second quarter of 2020 and an operating profit ofUS$53million in the first quarter of 2021.\nIncome Tax Expense\nGAAP income tax expense wasUS$11 million, compared with income tax expense ofUS$86 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. Non-GAAP income tax expense wasUS$9 million, compared with income tax expense ofUS$83 millionin the second quarter of 2020 and income tax expense ofUS$23 millionin the first quarter of 2021. The income tax expense in the second quarter of 2021 included a one-time tax benefit ofUS$9 millionrecognized by Changyou after final settlement of its income tax due for 2020. For the second quarter of 2020, Changyou recognized an additional accrual of withholding income tax ofUS$88 million, as Changyou changed its policy for its PRC subsidiaries with respect to distribution of cash dividends after the completion of the privatization of Changyou.\nNet Income\nGAAP net income from continuing operations attributable toSohu.com LimitedwasUS$22 million, or net income ofUS$0.55 per fully-diluted ADS, compared with net income ofUS$11 millionin the second quarter of 2020 and net income ofUS$32 millionin the first quarter of 2021.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedwas US$25 million, or net income ofUS$0.63 per fully-diluted ADS, compared with net income ofUS$12 millionin the second quarter of 2020 and net income ofUS$37 millionin the first quarter of 2021.\nLiquidity\nAs ofJune 30, 2021, cash and cash equivalents and short-term investments wereUS$349 million.\nSupplementary Information for Changyou Results\nSecond Quarter 2021 Operating Results\n\nFor PC games, total average monthly active user accounts[5](MAU) were 2.1 million, an increase of 9% year-over-year and a decrease of 8% quarter-over-quarter. The year-over-year increase was mainly contributed by TLBB Vintage, which was launched in the fourth quarter of 2020, partially offset by termination of the operation of Warframe. The quarter-over-quarter decrease was mainly due to the natural decline of TLBB PC. Total quarterly aggregate active paying accounts[6](APA) were 0.9 million, a decrease of 3% year-over-year and 4% quarter-over-quarter.\nFor mobile games, total average MAU were 1.9 million, a decrease of 39% year-over-year and 7% quarter-over-quarter. The year-over-year decrease was mainly from Legacy TLBB Mobile and TLBB Honor. The quarter-over-quarter decrease was mainly due to TLBB Honor. Total quarterly APA were 0.5 million, a decrease of 21% year-over-year and an increase of 5% quarter-over-quarter. The year-over-year and quarter-over-quarter changes were mainly due to TLBB Honor.\n\n\n\n\n[5] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.\n\n\n[6] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.\n\n\n\nSecond Quarter 2021 Unaudited Financial Results\nTotal revenues wereUS$154 million, an increase of 41% year-over-year and a decrease of 14% quarter-over-quarter. Online game revenues wereUS$151 million, an increase of 43% year-over-year and a decrease of 14% quarter-over-quarter. Online advertising revenues wereUS$3 million, a decrease of 19% year-over-year and 11% quarter-over-quarter.\nGAAP and non-GAAP gross profitwere bothUS$136 million, an increase of 61% year-over-year and a decrease of 15% quarter-over-quarter.\nGAAP operating expenses wereUS$63 million, an increase of 24% year-over-year and 4% quarter-over-quarter. The year-over-year increase was mainly due to an increase in bonus expenses related to revenue growth, as well as an increase in marketing and promotional spending for online games.\nNon-GAAP operating expenses wereUS$61 million, an increase of 28% year-over-year and 4% quarter-over-quarter.\nGAAP operating profit wasUS$73 million, compared with an operating profit ofUS$33 millionfor the second quarter of 2020 andUS$99 millionfor the first quarter of 2021.\nNon-GAAP operating profit wasUS$75 million, compared with a non-GAAP operating profit ofUS$37 millionfor the second quarter of 2020 andUS$101 millionfor the first quarter of 2021.\nBusiness Outlook\nFor the third quarter of 2021, Sohu estimates:\n\nBrand advertising revenues to be between US$35 million andUS$39 million; this implies an annual decrease of 5% to 15% and a sequential decrease of 5% to a sequential increase 6%.\nOnline game revenues to be betweenUS$145 millionandUS$155 million; this implies an annual increase of 43% to 53% and a sequential decrease of 4% to a sequential increase 2%.\nNon-GAAP net income from continuing operations attributable toSohu.com Limitedto be between nil andUS$10 million; and GAAP net income/(loss) from continuing operations attributable toSohu.com Limitedto be between a net loss ofUS$4 millionand a net income ofUS$6 million.\n\nFor the third quarter 2021 guidance, the Company has adopted a presumed exchange rate ofRMB6.47=US$1.00, as compared with the actual exchange rate of approximatelyRMB6.92=US$1.00for the third quarter of 2020, andRMB6.46=US$1.00 for the second quarter of 2021.\nThis forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty, particularly in view of the potential ongoing impact of the worldwide COVID-19 pandemic, which remains difficult to predict.","news_type":1,"symbols_score_info":{"SOHU":0.9}},"isVote":1,"tweetType":1,"viewCount":1543,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883057685,"gmtCreate":1631192659347,"gmtModify":1631889131314,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Do like, thank u","listText":"Do like, thank u","text":"Do like, thank u","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883057685","repostId":"1146701240","repostType":4,"isVote":1,"tweetType":1,"viewCount":2892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":834598126,"gmtCreate":1629812198765,"gmtModify":1631889131340,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/834598126","repostId":"1191515373","repostType":4,"isVote":1,"tweetType":1,"viewCount":3416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898636990,"gmtCreate":1628491223210,"gmtModify":1631889131370,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898636990","repostId":"2158414718","repostType":4,"isVote":1,"tweetType":1,"viewCount":3253,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170835994,"gmtCreate":1626418482218,"gmtModify":1631892516830,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Like and comment. Thanks.&nbsp;","listText":"Like and comment. Thanks.&nbsp;","text":"Like and comment. Thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/170835994","repostId":"1189921948","repostType":4,"isVote":1,"tweetType":1,"viewCount":384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175363714,"gmtCreate":1627007586238,"gmtModify":1631889131407,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Why.&nbsp;","listText":"Why.&nbsp;","text":"Why.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175363714","repostId":"1129225522","repostType":4,"repost":{"id":"1129225522","kind":"news","pubTimestamp":1627005370,"share":"https://www.laohu8.com/m/news/1129225522?lang=zh_CN&edition=full","pubTime":"2021-07-23 09:56","market":"us","language":"en","title":"GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129225522","media":"CNN Business","summary":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a we","content":"<p>New York (CNN Business)-<a href=\"https://laohu8.com/S/GM\">General Motors</a> will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.</p><p><blockquote>纽约（CNN商业）——<a href=\"https://laohu8.com/S/GM\">通用汽车</a>将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业继续与长达一年的全球计算机芯片短缺作斗争的另一个迹象。</blockquote></p><p> Large pickups and SUVs&nbsp;are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.</p><p><blockquote>大型皮卡和SUV是汽车制造商最畅销和最赚钱的车辆。通用汽车和其他汽车制造商已尝试继续生产这些芯片，将可用芯片的供应从不太受欢迎的汽车上转移。</blockquote></p><p> But as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.</p><p><blockquote>但随着德尔塔变异毒株在全球范围内蔓延，停工和限制又回来了，使供应链陷入更加混乱。</blockquote></p><p> \"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"</p><p><blockquote>通用汽车表示：“最近的这些调度调整是由经历Covid-19相关限制的国际市场半导体供应限制导致的临时零部件短缺造成的。”“我们预计这将是一个近期问题。”</blockquote></p><p> <a href=\"https://laohu8.com/S/GM\">General Motors</a> said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.</p><p><blockquote><a href=\"https://laohu8.com/S/GM\">通用汽车</a>该公司表示，其位于印第安纳州韦恩堡的装配厂将从7月26日开始停产一周，该工厂生产雪佛兰索罗德1500和GMC Sierra 1500车型。</blockquote></p><p> It will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.</p><p><blockquote>它还将把密歇根州弗林特的装配厂减少到一班，而不是同一周正常的三班。该公司还将停止墨西哥锡劳装配厂的生产。Flint生产Silverado和Sierra皮卡的重型版本，而Silao则为墨西哥市场生产Silverado 1500 Cheyenne以及Sierra 1500。</blockquote></p><p> The Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that&nbsp;<a href=\"https://laohu8.com/S/TM\">Toyota</a> had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.</p><p><blockquote>新冠肺炎供应链问题不仅限于通用汽车或计算机芯片。路透社报道称，<a href=\"https://laohu8.com/S/TM\">丰田</a>由于疫情造成的供应链问题，不得不关闭泰国的三家工厂和日本的一家工厂。据路透社报道，本田还将关闭其在日本主要工厂的生产。</blockquote></p><p> Automakers' chip shortages started a year ago.&nbsp;Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But&nbsp;sales rebounded&nbsp;faster than expected, leaving car companies without the chips they needed.</p><p><blockquote>汽车制造商的芯片短缺始于一年前。疫情期间汽车销量大幅下降，汽车制造商削减了芯片和其他零部件的订单。他们没想到需求会很快恢复。但销量反弹速度快于预期，导致车企没有所需的芯片。</blockquote></p><p> Automakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.</p><p><blockquote>根据咨询公司AlixPartners的芯片短缺分析，2021年，汽车制造商将被迫在全球范围内减产390万辆汽车，今年将损失1100亿美元的收入。</blockquote></p><p> The tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.</p><p><blockquote>过去几个月，新车供应紧张将新车和二手车的价格推高至创纪录水平。但对于独立拥有的汽车经销商来说，这比汽车制造商本身更大。</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>GM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</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\">\nGM is shutting down most of its pickup production for a week<blockquote>通用汽车将关闭大部分皮卡生产一周</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">CNN Business</strong><span class=\"h-time small\">2021-07-23 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)-<a href=\"https://laohu8.com/S/GM\">General Motors</a> will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.</p><p><blockquote>纽约（CNN商业）——<a href=\"https://laohu8.com/S/GM\">通用汽车</a>将从周一开始停止生产大部分全尺寸皮卡车一周。这是汽车行业继续与长达一年的全球计算机芯片短缺作斗争的另一个迹象。</blockquote></p><p> Large pickups and SUVs&nbsp;are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.</p><p><blockquote>大型皮卡和SUV是汽车制造商最畅销和最赚钱的车辆。通用汽车和其他汽车制造商已尝试继续生产这些芯片，将可用芯片的供应从不太受欢迎的汽车上转移。</blockquote></p><p> But as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.</p><p><blockquote>但随着德尔塔变异毒株在全球范围内蔓延，停工和限制又回来了，使供应链陷入更加混乱。</blockquote></p><p> \"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"</p><p><blockquote>通用汽车表示：“最近的这些调度调整是由经历Covid-19相关限制的国际市场半导体供应限制导致的临时零部件短缺造成的。”“我们预计这将是一个近期问题。”</blockquote></p><p> <a href=\"https://laohu8.com/S/GM\">General Motors</a> said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.</p><p><blockquote><a href=\"https://laohu8.com/S/GM\">通用汽车</a>该公司表示，其位于印第安纳州韦恩堡的装配厂将从7月26日开始停产一周，该工厂生产雪佛兰索罗德1500和GMC Sierra 1500车型。</blockquote></p><p> It will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.</p><p><blockquote>它还将把密歇根州弗林特的装配厂减少到一班，而不是同一周正常的三班。该公司还将停止墨西哥锡劳装配厂的生产。Flint生产Silverado和Sierra皮卡的重型版本，而Silao则为墨西哥市场生产Silverado 1500 Cheyenne以及Sierra 1500。</blockquote></p><p> The Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that&nbsp;<a href=\"https://laohu8.com/S/TM\">Toyota</a> had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.</p><p><blockquote>新冠肺炎供应链问题不仅限于通用汽车或计算机芯片。路透社报道称，<a href=\"https://laohu8.com/S/TM\">丰田</a>由于疫情造成的供应链问题，不得不关闭泰国的三家工厂和日本的一家工厂。据路透社报道，本田还将关闭其在日本主要工厂的生产。</blockquote></p><p> Automakers' chip shortages started a year ago.&nbsp;Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But&nbsp;sales rebounded&nbsp;faster than expected, leaving car companies without the chips they needed.</p><p><blockquote>汽车制造商的芯片短缺始于一年前。疫情期间汽车销量大幅下降，汽车制造商削减了芯片和其他零部件的订单。他们没想到需求会很快恢复。但销量反弹速度快于预期，导致车企没有所需的芯片。</blockquote></p><p> Automakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.</p><p><blockquote>根据咨询公司AlixPartners的芯片短缺分析，2021年，汽车制造商将被迫在全球范围内减产390万辆汽车，今年将损失1100亿美元的收入。</blockquote></p><p> The tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.</p><p><blockquote>过去几个月，新车供应紧张将新车和二手车的价格推高至创纪录水平。但对于独立拥有的汽车经销商来说，这比汽车制造商本身更大。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html\">CNN Business</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":{"GM":"通用汽车"},"source_url":"https://edition.cnn.com/2021/07/22/business/gm-pickup-truck-halt-chip-shortage/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129225522","content_text":"New York (CNN Business)-General Motors will stop making most of its full-size pickup trucks for a week starting Monday. It's another sign that the auto industry continues to struggle with the year-long global computer chip shortage.\nLarge pickups and SUVs are automakers' best-selling and most profitable vehicles. GM and other automakers have tried tokeep making them,shifting their supply of available chips away from less popular vehicles.\nBut as the Delta variant takes hold across the globe, shutdowns and restrictions are coming back, throwing thesupply chain into more chaos.\n\"These most recent scheduling adjustments are being driven by temporary parts shortages caused by semiconductor supply constraints from international markets experiencing Covid-19-related restrictions,\" said GM. \"We expect it to be a near-term issue.\"\nGeneral Motors said it will halt production for a week starting on July 26 at its Fort Wayne, Indiana, assembly plant that builds the Chevrolet Silverado 1500 and GMC Sierra 1500 models.\nIt will also reduce the Flint, Michigan, assembly plant to one shift rather than its normal three shifts during that same week. It will also halt production at its Silao Assembly plant in Mexico. Flint builds the heavy-duty versions of the Silverado and Sierra pickups, while Silao builds the Silverado 1500 Cheyenne for the Mexican market as well as the Sierra 1500.\nThe Covid-19 suppy chain issues are not limited to GM or to computer chips. Reuters reported that Toyota had to shut three plants in Thailand as well as a plant in Japan because of supply chain issues caused by the pandemic. Honda also will shut production at its main plant in Japan, Reuters reported.\nAutomakers' chip shortages started a year ago. Car sales fell sharplyduring the pandemic and automakers cut back their orders for chips and other parts. They didn't expect demand to return quickly. But sales rebounded faster than expected, leaving car companies without the chips they needed.\nAutomakers will be forced to cut production by 3.9 million vehicles worldwide in 2021, costing them $110 billion in lost revenue this year, according to a chip shortage analysis by consultant AlixPartners.\nThe tight supplies of new vehicles helped to drive up theprice of both new and used carsto record levels in the past few months. But that has been a bigger boon forauto dealers, who are independently owned, than the automakers themselves.","news_type":1,"symbols_score_info":{"GM":0.9}},"isVote":1,"tweetType":1,"viewCount":3036,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897846633,"gmtCreate":1628908091222,"gmtModify":1631889131360,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","listText":"<a href=\"https://laohu8.com/S/TLMD\">$Soc Telemed Inc(TLMD)$</a>will this go up?&nbsp;","text":"$Soc Telemed Inc(TLMD)$will this go up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/897846633","isVote":1,"tweetType":1,"viewCount":2814,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147049226,"gmtCreate":1626322883365,"gmtModify":1631892516841,"author":{"id":"4088588911249380","authorId":"4088588911249380","name":"7c0bfa37","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4088588911249380","idStr":"4088588911249380"},"themes":[],"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/147049226","repostId":"2151751740","repostType":4,"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}