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juanjuanjuan
juanjuanjuan
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2021-06-09
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Competition and Dilemma Faced by Vipshop: Pipeline of Special Sales
多年以后，当沈亚回忆往事的时候，犯下的最大错误，不是重金砸向了物流，而是没有在拼多多崛起之前，把唯品会打造成一个用户数过亿的电商。 发布2021年一季报前，外界都觉得唯品会的业绩不会有问题。我认识一
Competition and Dilemma Faced by Vipshop: Pipeline of Special Sales
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juanjuanjuan
juanjuanjuan
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2021-06-07
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juanjuanjuan
juanjuanjuan
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2021-06-05
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Apple employees oppose returning to work in the office in internal letters
近日，苹果公司的员工正在反对一项新政策，该政策要求他们从9月初开始，每周三天返回办公室。据媒体获得的一封内部信件显示，苹果员工们表示，他们希望采用一种更加灵活的方式，满足那些希望可以远程办公的员工们的
Apple employees oppose returning to work in the office in internal letters
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juanjuanjuan
juanjuanjuan
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2021-06-04
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Nvidia's stock price broke through $700, hitting a new all-time high.
周五盘中，英伟达涨幅扩大至3%，股价上破700美元，续刷历史新高。同时，半导体股普涨，美光科技、高通涨2%，赛灵思涨1.6%。在去年股价大幅上涨之后，英伟达的市盈率达到高昂的89倍。但根据近期的增长，
Nvidia's stock price broke through $700, hitting a new all-time high.
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juanjuanjuan
juanjuanjuan
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2021-06-03
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Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.
Reddit散户无视AMC Entertainment Holdings Inc．财务困境和被严重做空的状况大举买入，推动其股价今年以来上涨了3000%左右。这家连锁院线公司也在趁机迎合这种“网红股”
Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.
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juanjuanjuan
juanjuanjuan
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2021-06-01
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juanjuanjuan
juanjuanjuan
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2021-05-30
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juanjuanjuan
juanjuanjuan
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2021-05-27
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juanjuanjuan
juanjuanjuan
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2021-05-26
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2021-05-23
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I know a US dollar fund that holds shares in Vipshop. Before the financial report, it even estimated that the annual purchase amount of a single SVIP was about 16,000 yuan, which was less than 500 yuan different from Vipshop's announcement. Ahead of the earnings report, many dollar funds were generally optimistic about Vipshop's Q1 earnings report.</p><p>However, it was only after the financial report was released that people realized how sluggish Vipshop's growth was. In particular, the company's second-quarter outlook was 3% lower than expected. Another issue is new user retention; Vipshop's quarterly new customer retention rate is less than 30%. Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The data is all above 80%. If we delve deeper into Vipshop's journey over the past few years in review, we will find that the problems exposed today are completely reasonable and natural.</p><p><b>Behind the slow growth: the problems faced by Vipshop</b></p><p>If we look at the stock price increase of Vipshop review over the past three years, it can be considered a very impressive performance in the e-commerce industry. In 2018, Vipshop's sales once plummeted to only $3 billion. Vipshop's sales once reached $26 billion during this year's Spring Festival. It has increased nearly tenfold in three years.</p><p>But when we look at Vipshop's stock price increase, what are the main driving factors? Valuation repair + profit growth. In early 2018, Vipshop's self-built express delivery brand Pinjun had not yet been sold to SF Express, resulting in particularly high overall fulfillment costs, exceeding 9% in 2017, which ultimately translated into a net profit margin of only about 3%. Therefore, although Vipshop's revenue was rising, its profits did not increase significantly before 2018, mainly due to its own Pinjun brand.</p><p><img src=\"https://static.tigerbbs.com/f198fda8406ff0423662a2bb409ce4e6\" tg-width=\"550\" tg-height=\"282\" referrerpolicy=\"no-referrer\">(Vipshop's fulfillment expense ratio has decreased from a peak of 9.5% to the current 6.2%)</p><p>Until Vipshop packaged and sold Pinjun Express to SF Express in 2019, all Vipshop products were shipped by SF Express, and the fulfillment fee ratio dropped from 9% to about 6%. These 3 percentage points saved became an increased net profit margin. Therefore, we see that Vipshop's profits increased from $300 million in 2018 to $1 billion in 2020.</p><p>If we only look at profits, Vipshop is an excellent company. In the A-share market, even among the more than 3,000 listed companies with annual profits exceeding 6 billion RMB, it is very rare. However, if we examine Vipshop from the perspective of an internet company, we will find that it is completely substandard:</p><p><img src=\"https://static.tigerbbs.com/3981cbbe2fa18f97229938936ea9187f\" tg-width=\"550\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>First, there's the Bug in user growth. Vipshop's quarterly active users have only slightly doubled from 20 million in 2015 to 45.8 million in the latest quarter. It's a bit biased to compare Duoduo's growth. If we compare JD.com, Vipshop's user growth will appear extremely slow. I believe there are several main reasons for Vipshop's new customer growth:</p><p><img src=\"https://static.tigerbbs.com/35cb51ab6cc2b0230b57433002ee8c16\" tg-width=\"550\" tg-height=\"337\" referrerpolicy=\"no-referrer\">(Number of active buyers on JD.com)</p><p>The positioning is relatively narrow. From its inception, Vipshop has clearly defined itself as \"a flash sale company\". After its IPO in 2012, Vipshop also launched many brand advertisements, all of which focused on \"flash sales\" for marketing. However, this positioning is still relatively \"vertical\" among a wide audience. Discounts are a \"universal need\" for the general public, but Vipshop's advertising has not reached the general public. In other words, Vipshop's past advertising strategies have not yielded good returns on user growth.</p><p>The product strategy is seriously insufficient to attract new users.</p><p><img src=\"https://static.tigerbbs.com/cb93475c24644f346f50ddd234e7ef33\" tg-width=\"550\" tg-height=\"602\" referrerpolicy=\"no-referrer\">(Vipshop's user repurchase rate: official website)</p><p>If we measure Vipshop by repurchase rate, it is undoubtedly a very successful retail company. Of the 45.8 million active users in the first quarter of 2021, 40.5 million were repeat users, accounting for as much as 88.5%. This indicator has been on an upward trend since 2015. However, relying solely on existing users and repeat purchases can easily lead to growth bottlenecks. I think the reason why new users retain lines is also closely related to the product:</p><p>First, let's quote a comment from a Xueqiu friend: \"For buyers, clothing needs to be wide-ranging, trendy, new products launched quickly, and easy to browse; for sellers, the platform needs to be sensitive to buyer needs, providing guidance on design and inventory management. Vipshop, on the other hand, cannot meet the most mainstream needs of women's clothing users, and the seller side can only meet the needs of inventory management.\" The result is that user stickiness is high, but the volume is not large.</p><p>Corresponding to Vipshop's product side, the supply side can only achieve limited styles, limited new product launches, and limited demand. If it corresponds to the demand side: users with particularly high requirements for style and trend, it may not be well met. Correspondingly, in terms of age, the younger the girl, the more she follows trends. Therefore, for Vipshop's customer base, new customers are mainly those born in the 1990s and 1995s. The reason why the retention rate of this group is less than 30% is largely due to the fact that Vipshop cannot provide them with a massive selection of styles. So, after these people finished their first purchase, they went to Taobao and Tmall.</p><p>The dilemma of user acquisition and retention in vertical e-commerce platforms. Although Vipshop's revenue exceeded 100 billion yuan last year, in terms of positioning, the company cannot yet be called a platform-based e-commerce platform. It's still considered a small but beautiful vertical e-commerce platform: Vipshop's clothing, footwear, and hats account for about 45% of its total revenue. As a vertical e-commerce platform, user needs are inevitably concentrated in a very narrow range. For example, in terms of product category mindset, when users come to Vipshop, their first thoughts will definitely be clothes and shoes, rather than appliances, mobile phones, or food. This results in a user having to shift many other shopping needs to another e-commerce platform.</p><p>In short: having an overly vertical mindset is both an advantage and a huge disadvantage. Users will only buy this type of product on this platform; all other long-tail products have been swallowed up by Taobao and Pinduoduo.</p><p>The predicament faced by unlisted vertical e-commerce platforms is similar to that of Vipshop: I know of a maternal and infant vertical e-commerce platform whose GMV exceeded 10 billion yuan at its peak in 2016, but was less than 4 billion yuan last year. It shrank by 60%. In terms of company valuation, it has shrunk by 50% compared to five years ago.</p><p>E-commerce platforms selling maternal and infant products are at a greater disadvantage in terms of LTV. A mother, when her child grows up, will never come back. Compared to maternity and baby e-commerce platforms, clothing, footwear, and hats are a lifelong need for users on Vipshop. Therefore, existing users have particularly high stickiness.</p><p><b>Competition and Dilemma Faced: Pipeline of Flash Sale</b></p><p>The competitors Vipshop faces are not another Vipshop, but other e-commerce platforms. For example, Pinduoduo's code-breaking clearance channel.</p><p><img src=\"https://static.tigerbbs.com/2645bdfac50010ce610f48332896390c\" tg-width=\"550\" tg-height=\"1054\" referrerpolicy=\"no-referrer\"></p><p>When Pinduoduo's code-breaking channel first came out, I was very worried for a while because Pinduoduo's positioning was naturally suitable for clearing out inventory and overstock. However, after comparing Vipshop's so-called \"buyer advantage\" at the time, it was found that Pinduoduo had little impact on Vipshop in the women's clothing category. Because women's clothing is extremely demanding in terms of style selection. However, these comparisons need to be reconsidered today. Why?</p><p><img src=\"https://static.tigerbbs.com/5962971ad162b4e3290fd2e6685c0887\" tg-width=\"550\" tg-height=\"1161\" referrerpolicy=\"no-referrer\"></p><p>The user base has already reached a complete level. Pinduoduo has 800 million annual active users and 700 million monthly active users. Although we cannot obtain specific data on the Breakout Clearance Channel, in terms of penetration rate, even with 5% of users, this channel still has 35 million monthly purchasing users. Vipshop, on the other hand, only has 45 million monthly active users per quarter. Roughly speaking, Pinduoduo is already on par with Vipshop in the clearance market.</p><p>What's the difference between Pinduoduo's clearance stock and Vipshop's? We discussed the number of users above. In terms of product supply, we must first acknowledge that Pinduoduo's supply side is not as good as Vipshop's. However, if we return to the overstock itself, the demands on buyers are far overestimated. And why?</p><p>Vipshop itself primarily sells on consignment. Unlike the buyout system of TJX in the United States, Vipshop's flash sale model is still mostly based on consignment sales. What does that mean? It means what kind of inventory the brand owner has and what kind of goods Vipshop sells. Vipshop itself does not consume inventory from brands. Brands' leftover inventory is first stored in Vipshop's warehouse, and then Vipshop takes photos, packs, and ships it. Any unsold items are then returned to the brands by Vipshop.</p><p>For Vipshop, its role is more of a \"sewer pipe\". The buyer's role is to participate in judging some styles, but they do not play a dominant role. The reason is simple: if buyers can determine which styles are best-selling, why doesn't Vipshop learn from TJX's \"buyout system\"? After all, the cost of a buyout is lower.</p><p>Since we're not buying out the inventory, and we're still clearing it out through volume sales, the core competition is still about who can clear out the most and the fastest. It would be more appropriate to compare Vipshop to a \"sewer pipe\". Before the emergence of e-commerce platforms like Pinduoduo and Douyin, the management system in the country was the most extensive and the fastest-flowing. But today is different. Today, Pinduoduo's clearance sale, although its pipeline is not as thick as Vipshop's, is growing exceptionally rapidly. In addition, there are new channels such as live-streaming e-commerce.</p><p>These new pipelines may not necessarily disrupt Vipshop, but they have largely diverted water from Vipshop's pipeline. Therefore, if we look at Vipshop's operating revenue over the past three years, it was 84.5 billion yuan, 92.9 billion yuan, and 101.8 billion yuan, respectively, with a compound annual growth rate of only 10%. The overall growth rate of e-commerce is around 20%.</p><p>Today, Vipshop's clearance channel has encountered challenges from Pinduoduo.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Kuaishou faces enormous challenges, and the growth rate of the e-commerce market is also lower than it was three years ago. For Vipshop itself, its biggest advantage at present is still repeat purchases by existing users, but this does not give it a valuation in the future. Vipshop's stock price fell from $30 to $20. In addition to the mediocre first-quarter report, the market is more concerned that its competitive advantage is being challenged.</p><p>The pipelining of overstock is a true reflection of the challenges Vipshop faces today. Whether this channel can differentiate itself is currently a major test of management's capabilities. For example, could we customize special or exclusive editions for SVIPs? Compared to other channels, will Vipshop be able to exclusively buy out some products in the future? These are all current challenges.</p><p>The biggest challenge is that, amidst homogeneous competition, Vipshop's new user growth and retention rates are far lower than those of general e-commerce platforms. The current valuation, even based on an annual profit of $1 billion, still has a PE ratio of 15. And<a href=\"https://laohu8.com/S/MOMO\">Momo</a>These stagnant internet companies only have a PE ratio of 8-9. As a former shareholder of Vipshop, I hope Vipshop will not degenerate into a company with a PE ratio of less than 10.</p><p>For some time to come, Vipshop will remain a profitable company, but it may not be a valuable company in the secondary market. Because growth is slowing down, challenges are increasing, and only a small amount of profit remains.</p>","source":"lsy1622099900134","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>Competition and Dilemma Faced by Vipshop: Pipeline of Special Sales</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\">\nCompetition and Dilemma Faced by Vipshop: Pipeline of Special Sales\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">美港商业评论</strong><span class=\"h-time small\">2021-06-09 22:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Years later, when Shen Ya recalled the past, his biggest mistake wasn't investing heavily in logistics, but rather failing to...<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Before its rise to prominence, Vipshop was built into an e-commerce platform with over 100 million users.</p><p><img src=\"https://static.tigerbbs.com/40487789de570b4fa66d6b9c878da7ec\" tg-width=\"550\" tg-height=\"345\" referrerpolicy=\"no-referrer\"></p><p>Before the release of its Q1 2021 financial report, everyone thought that Vipshop's performance would not be a problem. I know a US dollar fund that holds shares in Vipshop. Before the financial report, it even estimated that the annual purchase amount of a single SVIP was about 16,000 yuan, which was less than 500 yuan different from Vipshop's announcement. Ahead of the earnings report, many dollar funds were generally optimistic about Vipshop's Q1 earnings report.</p><p>However, it was only after the financial report was released that people realized how sluggish Vipshop's growth was. In particular, the company's second-quarter outlook was 3% lower than expected. Another issue is new user retention; Vipshop's quarterly new customer retention rate is less than 30%. Meituan,<a href=\"https://laohu8.com/S/JD\">JD.com</a>The data is all above 80%. If we delve deeper into Vipshop's journey over the past few years in review, we will find that the problems exposed today are completely reasonable and natural.</p><p><b>Behind the slow growth: the problems faced by Vipshop</b></p><p>If we look at the stock price increase of Vipshop review over the past three years, it can be considered a very impressive performance in the e-commerce industry. In 2018, Vipshop's sales once plummeted to only $3 billion. Vipshop's sales once reached $26 billion during this year's Spring Festival. It has increased nearly tenfold in three years.</p><p>But when we look at Vipshop's stock price increase, what are the main driving factors? Valuation repair + profit growth. In early 2018, Vipshop's self-built express delivery brand Pinjun had not yet been sold to SF Express, resulting in particularly high overall fulfillment costs, exceeding 9% in 2017, which ultimately translated into a net profit margin of only about 3%. Therefore, although Vipshop's revenue was rising, its profits did not increase significantly before 2018, mainly due to its own Pinjun brand.</p><p><img src=\"https://static.tigerbbs.com/f198fda8406ff0423662a2bb409ce4e6\" tg-width=\"550\" tg-height=\"282\" referrerpolicy=\"no-referrer\">(Vipshop's fulfillment expense ratio has decreased from a peak of 9.5% to the current 6.2%)</p><p>Until Vipshop packaged and sold Pinjun Express to SF Express in 2019, all Vipshop products were shipped by SF Express, and the fulfillment fee ratio dropped from 9% to about 6%. These 3 percentage points saved became an increased net profit margin. Therefore, we see that Vipshop's profits increased from $300 million in 2018 to $1 billion in 2020.</p><p>If we only look at profits, Vipshop is an excellent company. In the A-share market, even among the more than 3,000 listed companies with annual profits exceeding 6 billion RMB, it is very rare. However, if we examine Vipshop from the perspective of an internet company, we will find that it is completely substandard:</p><p><img src=\"https://static.tigerbbs.com/3981cbbe2fa18f97229938936ea9187f\" tg-width=\"550\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p><p>First, there's the Bug in user growth. Vipshop's quarterly active users have only slightly doubled from 20 million in 2015 to 45.8 million in the latest quarter. It's a bit biased to compare Duoduo's growth. If we compare JD.com, Vipshop's user growth will appear extremely slow. I believe there are several main reasons for Vipshop's new customer growth:</p><p><img src=\"https://static.tigerbbs.com/35cb51ab6cc2b0230b57433002ee8c16\" tg-width=\"550\" tg-height=\"337\" referrerpolicy=\"no-referrer\">(Number of active buyers on JD.com)</p><p>The positioning is relatively narrow. From its inception, Vipshop has clearly defined itself as \"a flash sale company\". After its IPO in 2012, Vipshop also launched many brand advertisements, all of which focused on \"flash sales\" for marketing. However, this positioning is still relatively \"vertical\" among a wide audience. Discounts are a \"universal need\" for the general public, but Vipshop's advertising has not reached the general public. In other words, Vipshop's past advertising strategies have not yielded good returns on user growth.</p><p>The product strategy is seriously insufficient to attract new users.</p><p><img src=\"https://static.tigerbbs.com/cb93475c24644f346f50ddd234e7ef33\" tg-width=\"550\" tg-height=\"602\" referrerpolicy=\"no-referrer\">(Vipshop's user repurchase rate: official website)</p><p>If we measure Vipshop by repurchase rate, it is undoubtedly a very successful retail company. Of the 45.8 million active users in the first quarter of 2021, 40.5 million were repeat users, accounting for as much as 88.5%. This indicator has been on an upward trend since 2015. However, relying solely on existing users and repeat purchases can easily lead to growth bottlenecks. I think the reason why new users retain lines is also closely related to the product:</p><p>First, let's quote a comment from a Xueqiu friend: \"For buyers, clothing needs to be wide-ranging, trendy, new products launched quickly, and easy to browse; for sellers, the platform needs to be sensitive to buyer needs, providing guidance on design and inventory management. Vipshop, on the other hand, cannot meet the most mainstream needs of women's clothing users, and the seller side can only meet the needs of inventory management.\" The result is that user stickiness is high, but the volume is not large.</p><p>Corresponding to Vipshop's product side, the supply side can only achieve limited styles, limited new product launches, and limited demand. If it corresponds to the demand side: users with particularly high requirements for style and trend, it may not be well met. Correspondingly, in terms of age, the younger the girl, the more she follows trends. Therefore, for Vipshop's customer base, new customers are mainly those born in the 1990s and 1995s. The reason why the retention rate of this group is less than 30% is largely due to the fact that Vipshop cannot provide them with a massive selection of styles. So, after these people finished their first purchase, they went to Taobao and Tmall.</p><p>The dilemma of user acquisition and retention in vertical e-commerce platforms. Although Vipshop's revenue exceeded 100 billion yuan last year, in terms of positioning, the company cannot yet be called a platform-based e-commerce platform. It's still considered a small but beautiful vertical e-commerce platform: Vipshop's clothing, footwear, and hats account for about 45% of its total revenue. As a vertical e-commerce platform, user needs are inevitably concentrated in a very narrow range. For example, in terms of product category mindset, when users come to Vipshop, their first thoughts will definitely be clothes and shoes, rather than appliances, mobile phones, or food. This results in a user having to shift many other shopping needs to another e-commerce platform.</p><p>In short: having an overly vertical mindset is both an advantage and a huge disadvantage. Users will only buy this type of product on this platform; all other long-tail products have been swallowed up by Taobao and Pinduoduo.</p><p>The predicament faced by unlisted vertical e-commerce platforms is similar to that of Vipshop: I know of a maternal and infant vertical e-commerce platform whose GMV exceeded 10 billion yuan at its peak in 2016, but was less than 4 billion yuan last year. It shrank by 60%. In terms of company valuation, it has shrunk by 50% compared to five years ago.</p><p>E-commerce platforms selling maternal and infant products are at a greater disadvantage in terms of LTV. A mother, when her child grows up, will never come back. Compared to maternity and baby e-commerce platforms, clothing, footwear, and hats are a lifelong need for users on Vipshop. Therefore, existing users have particularly high stickiness.</p><p><b>Competition and Dilemma Faced: Pipeline of Flash Sale</b></p><p>The competitors Vipshop faces are not another Vipshop, but other e-commerce platforms. For example, Pinduoduo's code-breaking clearance channel.</p><p><img src=\"https://static.tigerbbs.com/2645bdfac50010ce610f48332896390c\" tg-width=\"550\" tg-height=\"1054\" referrerpolicy=\"no-referrer\"></p><p>When Pinduoduo's code-breaking channel first came out, I was very worried for a while because Pinduoduo's positioning was naturally suitable for clearing out inventory and overstock. However, after comparing Vipshop's so-called \"buyer advantage\" at the time, it was found that Pinduoduo had little impact on Vipshop in the women's clothing category. Because women's clothing is extremely demanding in terms of style selection. However, these comparisons need to be reconsidered today. Why?</p><p><img src=\"https://static.tigerbbs.com/5962971ad162b4e3290fd2e6685c0887\" tg-width=\"550\" tg-height=\"1161\" referrerpolicy=\"no-referrer\"></p><p>The user base has already reached a complete level. Pinduoduo has 800 million annual active users and 700 million monthly active users. Although we cannot obtain specific data on the Breakout Clearance Channel, in terms of penetration rate, even with 5% of users, this channel still has 35 million monthly purchasing users. Vipshop, on the other hand, only has 45 million monthly active users per quarter. Roughly speaking, Pinduoduo is already on par with Vipshop in the clearance market.</p><p>What's the difference between Pinduoduo's clearance stock and Vipshop's? We discussed the number of users above. In terms of product supply, we must first acknowledge that Pinduoduo's supply side is not as good as Vipshop's. However, if we return to the overstock itself, the demands on buyers are far overestimated. And why?</p><p>Vipshop itself primarily sells on consignment. Unlike the buyout system of TJX in the United States, Vipshop's flash sale model is still mostly based on consignment sales. What does that mean? It means what kind of inventory the brand owner has and what kind of goods Vipshop sells. Vipshop itself does not consume inventory from brands. Brands' leftover inventory is first stored in Vipshop's warehouse, and then Vipshop takes photos, packs, and ships it. Any unsold items are then returned to the brands by Vipshop.</p><p>For Vipshop, its role is more of a \"sewer pipe\". The buyer's role is to participate in judging some styles, but they do not play a dominant role. The reason is simple: if buyers can determine which styles are best-selling, why doesn't Vipshop learn from TJX's \"buyout system\"? After all, the cost of a buyout is lower.</p><p>Since we're not buying out the inventory, and we're still clearing it out through volume sales, the core competition is still about who can clear out the most and the fastest. It would be more appropriate to compare Vipshop to a \"sewer pipe\". Before the emergence of e-commerce platforms like Pinduoduo and Douyin, the management system in the country was the most extensive and the fastest-flowing. But today is different. Today, Pinduoduo's clearance sale, although its pipeline is not as thick as Vipshop's, is growing exceptionally rapidly. In addition, there are new channels such as live-streaming e-commerce.</p><p>These new pipelines may not necessarily disrupt Vipshop, but they have largely diverted water from Vipshop's pipeline. Therefore, if we look at Vipshop's operating revenue over the past three years, it was 84.5 billion yuan, 92.9 billion yuan, and 101.8 billion yuan, respectively, with a compound annual growth rate of only 10%. The overall growth rate of e-commerce is around 20%.</p><p>Today, Vipshop's clearance channel has encountered challenges from Pinduoduo.<a href=\"https://laohu8.com/S/DYIN\">TikTok</a>Kuaishou faces enormous challenges, and the growth rate of the e-commerce market is also lower than it was three years ago. For Vipshop itself, its biggest advantage at present is still repeat purchases by existing users, but this does not give it a valuation in the future. Vipshop's stock price fell from $30 to $20. In addition to the mediocre first-quarter report, the market is more concerned that its competitive advantage is being challenged.</p><p>The pipelining of overstock is a true reflection of the challenges Vipshop faces today. Whether this channel can differentiate itself is currently a major test of management's capabilities. For example, could we customize special or exclusive editions for SVIPs? Compared to other channels, will Vipshop be able to exclusively buy out some products in the future? These are all current challenges.</p><p>The biggest challenge is that, amidst homogeneous competition, Vipshop's new user growth and retention rates are far lower than those of general e-commerce platforms. The current valuation, even based on an annual profit of $1 billion, still has a PE ratio of 15. And<a href=\"https://laohu8.com/S/MOMO\">Momo</a>These stagnant internet companies only have a PE ratio of 8-9. As a former shareholder of Vipshop, I hope Vipshop will not degenerate into a company with a PE ratio of less than 10.</p><p>For some time to come, Vipshop will remain a profitable company, but it may not be a valuable company in the secondary market. Because growth is slowing down, challenges are increasing, and only a small amount of profit remains.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-06-09/doc-ikqciyzi8699752.shtml\">美港商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c4cd7712c75cd06d9344cb8d687270e","relate_stocks":{"VIPS":"唯品会"},"source_url":"https://cj.sina.cn/article/normal_detail?url=http://finance.sina.com.cn/tech/csj/2021-06-09/doc-ikqciyzi8699752.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2142216539","content_text":"多年以后，当沈亚回忆往事的时候，犯下的最大错误，不是重金砸向了物流，而是没有在拼多多崛起之前，把唯品会打造成一个用户数过亿的电商。\n\n发布2021年一季报前，外界都觉得唯品会的业绩不会有问题。我认识一个持有唯品会的美元基金，财报前，甚至推测出单个SVIP的年度购买金额，和唯品会公布的16000元左右，误差不到500元。财报前，很多美元基金，基本都一致看好唯品会的Q1财报。\n但是财报发布后，大家才发现唯品会增长如此疲软。尤其公司给的二季度展望，比预期低3%。还有一个是新用户的留存问题，唯品会的季度新客留存尚不到30%。而美团、京东的数据，都在80%以上。如果深度复盘唯品会过去几年的路程，我们会发现今天的问题，暴露的完全合理和自然。\n低速增长的背后：唯品会面临的问题\n如果我们复盘唯品会过去三年的股价涨幅，算是电商行业表现非常耀眼的。2018年，唯品会一度只跌到30亿美金。今年春节时候唯品会一度涨到了260亿美元。三年涨幅接近十倍。\n但是我们看唯品会的股价涨幅，驱动因素主要来自于哪里？估值修复+利润增长。2018年初，彼时唯品会的自建快递品牌品骏，还没有卖给顺丰，导致整体履约费用特别高，2017年超过9%，最终体现到净利润率上，只有3%左右。所以，尽管唯品会的收入在涨，但是2018年之前，唯品会的利润并没有大幅度上涨，主要被自家的品骏所拖累。\n（唯品会的履约费用率，从最高9.5%下降到现在的6.2%）\n直到唯品会2019年把品骏快递打包卖给顺丰后，唯品会的商品，全部用顺丰发货，履约费用率，从9%下降到6%左右，这省下来的3个点，就成了提高的净利润率。所以，我们看唯品会的利润，从2018年的3亿美金增长到2020年的10亿美金。\n如果只看利润，唯品会是一家非常优秀的公司。放在A股，3000多家上市公司，年利润超过60亿人民币的，也非常稀少。但如果我们从互联网公司的视角，来审视唯品会，会发现其完全不合格：\n\n首先是用户增长的Bug。唯品会的季度活跃用户，从2015年的2000万，到最新一季度的4580万，只增长了一倍多点。如果对比拼多多的增长，有点偏颇。我们拿京东作为对比，唯品会的用户增长，会显得极其缓慢。而唯品会的新客增长问题，我认为主要有几方面的原因：\n（京东的活跃买家数量）\n定位较窄。唯品会从成立时，就清晰地定义自己是“一家做特卖的公司”。2012年上市后，唯品会也投放了许多品牌广告，都是围绕“特卖”来营销。但是这个定位，在广大的受众里，仍然比较“垂直”。打折是大众的“通用需求”，但是唯品会的广告，并没有传导到大众人群。或者说：唯品会过往的广告策略，并没有获到很好的用户增长回报。\n商品策略，对新用户吸引力严重不足。\n（唯品会的用户复购率：官网）\n如果我们以复购率这个标准，来衡量唯品会，无疑是一家非常成功的零售公司。2021年一季度的4580万活跃用户中，有4050万是重复购买的老用户，占比高达88.5%。从2015年至今，这一指标，持续呈现上涨趋势。但是，如果只靠老用户以及复购，很容易面临增长的瓶颈。而新用户留存行的原因，我觉得和商品也有很大关系：\n先引用一个雪球朋友的评论：“对买家而言，服饰要选择多，款式潮，上新快，耐逛；对卖家而言，平台要能保证其对买家需求敏感，对设计的指导，对库存管理的指导。而唯品会满足不了女装用户最主流的需求，卖家端也只能满足库存的管理。反映结果就是用户粘性高，但量不大。”\n对应到唯品会的商品端，供给端只能做到有限款式、有限上新、有限需求。如果对应到需求端：对款式、潮流要求特别高的用户，可能无法得到很好的满足。而对应到年龄上，越年轻的女孩子，越追逐潮流。所以，对应到唯品会的客群，新客主要是90、95后，这部分留存率不到30%的原因，很大程度，是在唯品会上，款式无法给她们海量的呈现。所以，最终这些人第一次买完后，又跑去了淘宝、天猫。\n垂直电商的拉新留存窘境。虽然唯品会去年的收入超过了1000亿元，但是从定位上，公司还不能称为一家平台型电商。仍然算一个小而美的垂直电商：唯品会的服装鞋帽占总收入为45%左右。作为垂直电商，用户需求，必然只集中在很窄的范围。比如品类心智上，用户来唯品会，首先想到的肯定是衣服、鞋子，而不是电器、手机、食品。这就导致了一个用户，很多其他的购物需求，只能转移到另一个电商上。\n一句话：心智过于垂直，是优势，也是巨大的劣势。用户只会在这个平台上买这一类商品，其他长尾的商品，则全部被淘宝和拼多多吃掉了。\n没上市的垂直电商，所面临的困境，和唯品会是相似的：我知道的一家母婴垂直电商，2016年顶峰时期，GMV就超过了100亿元，去年还不到40亿。萎缩了60%。对应到公司估值上，对比五年前，缩水了50%。\n母婴类的电商，在LTV上，更加吃亏。一个妈妈，孩子长大后，就永远不会再回来了。唯品会和母婴类电商比，服装鞋帽是用户的终身需求。所以老用户的粘性特别高。\n面临的竞争和困境：特卖的管道化\n唯品会面临的对手，并不是另一个唯品会，而是其他的电商。比如拼多多的断码清仓频道。\n\n拼多多的断码频道刚出来时，我有一阵非常担心，因为拼多多的定位，天然适合清库存和尾货。但是当时又对比了唯品会所谓的“买手优势”，发现拼多多在女装类目，对唯品会冲击不大。因为女装对款式的挑选，极为苛刻。但是这些对比，到今天，需要重新思考了，为什么？\n\n用户规模已经完全一个量级。拼多多的年度活跃用户8亿，月活7亿，虽然我们无法得出断码清仓频道的具体数据，但是从渗透率算，即使5%的用户量，这个频道的月购买用户也有3500万。而唯品会季度的月活用户也就4500万。拼多多在尾货特别领域，毛估估算，已经完全和唯品会一个量级了。\n拼多多的尾货，和唯品会有什么区别？上面我们谈到的是用户量，在商品供给上，首先得承认拼多多的供给端，不如唯品会。但是如果回到尾货本身，对买手的要求远远被高估了。为什么？\n唯品会本身以寄卖为主。和美国TJX的买断制不同，唯品会的特卖模式，绝大部分仍然是寄卖模式为主。什么意思呢？就是品牌商有什么库存，唯品会卖什么货。唯品会自己并不吃品牌方的库存。品牌商的尾货先入到唯品会的仓，然后由唯品会来统一拍照、打包、发货，卖不完的，唯品会再退回给品牌方。\n对于唯品会来说，自己更多的角色是一个“下水管道”。买手在其中的作用，会参与判断一些款式，但并不占主导位置。理由也很简单：如果买手能判断出哪些款式畅销，唯品会为什么不学TJX“买断制”呢？毕竟，买断的成本更低。\n既然不买断，仍然以走量销售的清库存，那核心比拼的，还是谁清的多、清的快。把唯品会比喻为一个“下水管道”更合适。在拼多多、抖快电商没诞生之前，全国这个管理是最粗的、水流也是最快的。但是今天不一样了。今天拼多多的尾货特卖，虽然管道没有唯品会粗，但是这个管道增长特别快。另外，还有直播电商这样的新管道。\n这些新的管道，不一定颠覆唯品会，但是很大程度分流了唯品会管道里的水。所以，我们看唯品会过去三年的营业收入，分别为：845亿元、929亿元、1018亿元，年复合增长率仅为10%。而电商的大盘增速在20%左右。\n今天，唯品会这个尾货管道，遭遇了拼多多、抖音快手的巨大挑战，而电商大盘的增速，也要低于三年前。对于唯品会自己，目前看，最大的优势仍是老用户复购，但是这部分并不能给其未来的估值。唯品会的股价，从30美元跌到20美元，除了一季报的平庸，市场更多担心是竞争优势遭受到挑战。\n尾货管道化，是今天唯品会面临的真实写照。这个管道能否做出差异化，目前极为考验管理层的能力。比如能否为SVIP定制特别款、独家款。和其他渠道比，唯品会未来在商品端，能否独家买断一些货品。这些都是当前的挑战。\n而最大的挑战，就是在同质化的竞争下，唯品会的新用户增长和留存率，远低于通用电商。而当前的估值，即使按照年利润10亿美金算，仍然还有15倍PE。而陌陌这种不增长的互联网公司，只有8-9倍PE。作为曾经唯品会的股东，希望唯品会不要堕落成10倍PE以下的公司。\n未来的一段时间，唯品会还是一家赚钱的公司，但是在二级市场上，唯品会可能不是一家值钱的公司。因为增长越来越慢、挑战越来越大、只剩那点利润。","news_type":1,"symbols_score_info":{"VIPS":0.9}},"isVote":1,"tweetType":1,"viewCount":8149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114184049,"gmtCreate":1623057682481,"gmtModify":1704195178883,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/114184049","repostId":"1139208396","repostType":4,"isVote":1,"tweetType":1,"viewCount":7947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112427498,"gmtCreate":1622905963314,"gmtModify":1704193180579,"author":{"id":"358323419907104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11:08","market":"us","language":"zh","title":"Apple employees oppose returning to work in the office in internal letters","url":"https://stock-news.laohu8.com/highlight/detail?id=1177749357","media":"老虎资讯综合","summary":"近日，苹果公司的员工正在反对一项新政策，该政策要求他们从9月初开始，每周三天返回办公室。据媒体获得的一封内部信件显示，苹果员工们表示，他们希望采用一种更加灵活的方式，满足那些希望可以远程办公的员工们的","content":"<p>Recently, Apple employees are opposing a new policy that requires them to return to the office three days a week starting in early September. According to an internal letter obtained by the media, Apple employees said they wanted a more flexible approach to meet the needs of employees who wanted to work remotely. \"If we lose some of the inclusive principles that accompany flexible working policies, many of us will feel that we must choose between family, happiness, and full-time work before considering whether to become a member of Apple.\"</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>Apple employees oppose returning to work in the office in internal letters</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\">\nApple employees oppose returning to work in the office in internal letters\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-05 11:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Recently, Apple employees are opposing a new policy that requires them to return to the office three days a week starting in early September. According to an internal letter obtained by the media, Apple employees said they wanted a more flexible approach to meet the needs of employees who wanted to work remotely. \"If we lose some of the inclusive principles that accompany flexible working policies, many of us will feel that we must choose between family, happiness, and full-time work before considering whether to become a member of Apple.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/052d0d3a6389985cf72883e9c3047ae4","relate_stocks":{"AAPL":"苹果"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177749357","content_text":"近日，苹果公司的员工正在反对一项新政策，该政策要求他们从9月初开始，每周三天返回办公室。据媒体获得的一封内部信件显示，苹果员工们表示，他们希望采用一种更加灵活的方式，满足那些希望可以远程办公的员工们的需求。“如果再失去了与弹性工作政策相伴的一些包容性原则，那么我们中的许多人都会觉得，我们必须在家庭、幸福和全力以赴地工作之间做出选择，去思考是否要成为苹果的一员。”","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":7051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116794633,"gmtCreate":1622818188022,"gmtModify":1704191874336,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/116794633","repostId":"1180481881","repostType":4,"repost":{"id":"1180481881","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622815751,"share":"https://ttm.financial/m/news/1180481881?lang=en_US&edition=fundamental","pubTime":"2021-06-04 22:09","market":"us","language":"zh","title":"Nvidia's stock price broke through $700, hitting a new all-time high.","url":"https://stock-news.laohu8.com/highlight/detail?id=1180481881","media":"老虎资讯综合","summary":"周五盘中，英伟达涨幅扩大至3%，股价上破700美元，续刷历史新高。同时，半导体股普涨，美光科技、高通涨2%，赛灵思涨1.6%。在去年股价大幅上涨之后，英伟达的市盈率达到高昂的89倍。但根据近期的增长，","content":"<p>During trading on Friday,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The gains widened to 3%, and the stock price broke through $700, hitting a new all-time high. Meanwhile, semiconductor stocks generally rose.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Up 2%,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>It rose 1.6%.</p><p><img src=\"https://static.tigerbbs.com/3c2520afd5022d330435af4a028b461f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>After a sharp rise in its stock price last year, Nvidia's P/E reached a staggering 89 times. However, based on recent growth and Nvidia's announcement on Investor Day on April 12, it is difficult to call it expensive. As the stock begins to provide software solutions to enterprises, another growth engine may emerge in the next five years and beyond.</p><p><b>Nvidia is leading the AI revolution</b></p><p>Nvidia's revenue and earnings per share have grown significantly over the past five years, driving its stock price up 1,600% during that period. Since 2017, Nvidia's operating cash has grown at an average annual rate of 37%.</p><p>Nvidia has long dominated the gaming graphics card market, and recently, investors praised Nvidia for launching the Grace CPU, the company's first central processing unit designed specifically for data centers.</p><p>However, some investors may not understand Nvidia's business, which is not just about high-power chips driving its growth. In addition to chips, Nvidia also provides software and applications, which partly explains the company's increased profits.</p><p>Nvidia is building a platform that combines software and hardware, essentially making it easier for businesses to use AI. This is somewhat like<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the 1980s, the transition from MS-DOS to Windows ushered in a new wave of consumers who wanted to use personal computers. In a sense, Nvidia is positioning itself as a pioneer in the artificial intelligence revolution.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>。</p><p><b>Here are some examples provided by Nvidia:</b></p><p>NVIDIA recently launched NVIDIA AI Enterprise, a platform that makes it easier and faster for businesses to run AI in their applications. NVIDIA has partnered with VMware to develop AI Enterprise. VMware is a leading provider of cloud infrastructure services, used by 70% of companies worldwide.</p><p>NVIDIA Jarvis is a software suite that provides enterprises with tools for conversational AI, speech recognition, and text-to-speech capabilities.</p><p>NVIDIA Omniverse is an interactive platform that allows graphic artists to collaborate virtually with other team members to create 3D objects.</p><p>Nvidia is expanding its competitive moat through these platforms, adding software tools on top of hardware and building closer relationships than simply selling chips to customers. After all, competitors are always likely to manufacture better chips, as Advanced Micro Devices can do from...<a href=\"https://laohu8.com/S/INTC\">Intel</a>(Intel), the market share gained.</p><p><b>The era of chips as services has arrived.</b></p><p>With NVIDIA AI and NVIDIA Omniverse, our chip and system market opportunities will be even greater. CEO Jensen Huang said at Nvidia's 2021 investor day. Looking at the fees Nvidia charges customers for AI companies, you'll understand why management sees its AI software platform as a multi-billion dollar opportunity.</p><p>In NVIDIA AI Enterprise, NVIDIA charges a licensing fee of $3,595 per CPU socket, and VMware has more than 300,000 Enterprise customers. This potential market has 8 million CPUs per year. In addition, Nvidia offers a subscription service for $899 per license per year.</p><p>Another major opportunity is NVIDIA DRIVE, which is at the heart of NVIDIA's DRIVE in the autonomous vehicle market. Daimler's Mercedes-Benz reached an agreement with Nvidia last year to use Nvidia DRIVE AGX Orin chips in Mercedes' fleet starting in 2024 to provide autonomous driving capabilities.</p><p>Like NVIDIA AI Enterprise, NVIDIA DRIVE can generate significant recurring revenue for NVIDIA. Mercedes will build the next generation of cars that run on system software like computers. Cars will download updates online, just like downloading updates on mobile phones.</p><p>A key part of this deal is that Nvidia signed a revenue-sharing agreement with Mercedes-Benz, under which Nvidia will receive revenue for every software sale. Car owners will be able to purchase new software features to enhance the driving experience while keeping their cars updated with the latest autonomous driving features. With millions of cars on the road, this opportunity could add up to something even bigger over time.</p><p><b>Chart: Changes in Nvidia's stock price, diluted net earnings per share, and revenue.</b></p><p><img src=\"https://static.tigerbbs.com/4601fddd3dab51ca0a26aaa4cd44ca45\" tg-width=\"940\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p>Source: YCHARTS</p><p><b>Huge opportunities for artificial intelligence software</b></p><p>The automotive services market is currently estimated at $5 billion, but it could grow many times over, depending on how many of the 100 million cars currently on the road end up running on NVIDIA DRIVE. From another perspective, Nvidia's total revenue in 2021 was $16.7 billion. Of course, this is just a transportation opportunity. According to Nvidia, data centers alone offer $100 billion in opportunities.</p><p>For these reasons, I would not underestimate Nvidia, even at its current expensive stock price. NVIDIA AI exists in every cloud and is positioned as a technological pillar for every sector of the global economy. All of this suggests that the stock price will rise further in the long run.</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>Nvidia's stock price broke through $700, hitting a new all-time high.</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\">\nNvidia's stock price broke through $700, hitting a new all-time high.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-04 22:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>During trading on Friday,<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>The gains widened to 3%, and the stock price broke through $700, hitting a new all-time high. Meanwhile, semiconductor stocks generally rose.<a href=\"https://laohu8.com/S/MU\">Micron Technology</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Up 2%,<a href=\"https://laohu8.com/S/XLNX\">Xilinx</a>It rose 1.6%.</p><p><img src=\"https://static.tigerbbs.com/3c2520afd5022d330435af4a028b461f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p>After a sharp rise in its stock price last year, Nvidia's P/E reached a staggering 89 times. However, based on recent growth and Nvidia's announcement on Investor Day on April 12, it is difficult to call it expensive. As the stock begins to provide software solutions to enterprises, another growth engine may emerge in the next five years and beyond.</p><p><b>Nvidia is leading the AI revolution</b></p><p>Nvidia's revenue and earnings per share have grown significantly over the past five years, driving its stock price up 1,600% during that period. Since 2017, Nvidia's operating cash has grown at an average annual rate of 37%.</p><p>Nvidia has long dominated the gaming graphics card market, and recently, investors praised Nvidia for launching the Grace CPU, the company's first central processing unit designed specifically for data centers.</p><p>However, some investors may not understand Nvidia's business, which is not just about high-power chips driving its growth. In addition to chips, Nvidia also provides software and applications, which partly explains the company's increased profits.</p><p>Nvidia is building a platform that combines software and hardware, essentially making it easier for businesses to use AI. This is somewhat like<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>In the 1980s, the transition from MS-DOS to Windows ushered in a new wave of consumers who wanted to use personal computers. In a sense, Nvidia is positioning itself as a pioneer in the artificial intelligence revolution.<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>。</p><p><b>Here are some examples provided by Nvidia:</b></p><p>NVIDIA recently launched NVIDIA AI Enterprise, a platform that makes it easier and faster for businesses to run AI in their applications. NVIDIA has partnered with VMware to develop AI Enterprise. VMware is a leading provider of cloud infrastructure services, used by 70% of companies worldwide.</p><p>NVIDIA Jarvis is a software suite that provides enterprises with tools for conversational AI, speech recognition, and text-to-speech capabilities.</p><p>NVIDIA Omniverse is an interactive platform that allows graphic artists to collaborate virtually with other team members to create 3D objects.</p><p>Nvidia is expanding its competitive moat through these platforms, adding software tools on top of hardware and building closer relationships than simply selling chips to customers. After all, competitors are always likely to manufacture better chips, as Advanced Micro Devices can do from...<a href=\"https://laohu8.com/S/INTC\">Intel</a>(Intel), the market share gained.</p><p><b>The era of chips as services has arrived.</b></p><p>With NVIDIA AI and NVIDIA Omniverse, our chip and system market opportunities will be even greater. CEO Jensen Huang said at Nvidia's 2021 investor day. Looking at the fees Nvidia charges customers for AI companies, you'll understand why management sees its AI software platform as a multi-billion dollar opportunity.</p><p>In NVIDIA AI Enterprise, NVIDIA charges a licensing fee of $3,595 per CPU socket, and VMware has more than 300,000 Enterprise customers. This potential market has 8 million CPUs per year. In addition, Nvidia offers a subscription service for $899 per license per year.</p><p>Another major opportunity is NVIDIA DRIVE, which is at the heart of NVIDIA's DRIVE in the autonomous vehicle market. Daimler's Mercedes-Benz reached an agreement with Nvidia last year to use Nvidia DRIVE AGX Orin chips in Mercedes' fleet starting in 2024 to provide autonomous driving capabilities.</p><p>Like NVIDIA AI Enterprise, NVIDIA DRIVE can generate significant recurring revenue for NVIDIA. Mercedes will build the next generation of cars that run on system software like computers. Cars will download updates online, just like downloading updates on mobile phones.</p><p>A key part of this deal is that Nvidia signed a revenue-sharing agreement with Mercedes-Benz, under which Nvidia will receive revenue for every software sale. Car owners will be able to purchase new software features to enhance the driving experience while keeping their cars updated with the latest autonomous driving features. With millions of cars on the road, this opportunity could add up to something even bigger over time.</p><p><b>Chart: Changes in Nvidia's stock price, diluted net earnings per share, and revenue.</b></p><p><img src=\"https://static.tigerbbs.com/4601fddd3dab51ca0a26aaa4cd44ca45\" tg-width=\"940\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p>Source: YCHARTS</p><p><b>Huge opportunities for artificial intelligence software</b></p><p>The automotive services market is currently estimated at $5 billion, but it could grow many times over, depending on how many of the 100 million cars currently on the road end up running on NVIDIA DRIVE. From another perspective, Nvidia's total revenue in 2021 was $16.7 billion. Of course, this is just a transportation opportunity. According to Nvidia, data centers alone offer $100 billion in opportunities.</p><p>For these reasons, I would not underestimate Nvidia, even at its current expensive stock price. NVIDIA AI exists in every cloud and is positioned as a technological pillar for every sector of the global economy. All of this suggests that the stock price will rise further in the long run.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3f1c866c487eb9e101f73a62d4495ce9","relate_stocks":{"NVDA":"英伟达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180481881","content_text":"周五盘中，英伟达涨幅扩大至3%，股价上破700美元，续刷历史新高。同时，半导体股普涨，美光科技、高通涨2%，赛灵思涨1.6%。在去年股价大幅上涨之后，英伟达的市盈率达到高昂的89倍。但根据近期的增长，以及英伟达在4月12日投资者日当天的公告，很难指其属昂贵。随着该股开始向企业提供软件解决方案，未来五年及以后可能会有另一增长引擎。英伟达 正在领导人工智能革命英伟达 的收入和每股纯利在过去五年大幅增长，这推动了期间股价累升了1,600%。自2017年度以来，英伟达 运营现金以平均每年37%速度增长。英伟达长期以来一直主导着游戏显示卡市场，就在最近，投资者对英伟达大加赞赏，因其推出Grace CPU，是该公司首款专为数据中心设计的中央处理器。但有些投资者可能不了解英伟达的业务，不只是高功率晶片去推动其增长。除了晶片之外，英伟达 还提供软件和应用程式，在一定程度上解释了公司利润增加的原因。英伟达正在构建软件和硬体相结合的平台，基本上使企业更容易使用AI。这有点像微软在20世纪80年代，从MS-DOS过渡到Windows，迎来了一波想要使用个人电脑的新消费者。从某种意义上说，英伟达正在将其定位为人工智能革命的微软。以下是英伟达提供的一些示例：英伟达最近推出了英伟达 AI Enterprise，此平台使企业能够更轻松、更快地在其应用程式中运行AI。英伟达 与VMware合作开发了AI Enterprise。VMware是一家领先的云基础设施服务提供者，全球70%的公司都使用该提供商。英伟达 Jarvis 是一个软件套件，为企业提供对话AI、语音辨识和文字转语音功能的工具。英伟达 Omniverse是一个互动式平台，允许图像艺术家与其他团队成员虚拟地协作以创建3D对象。英伟达 正在通过这些平台扩大其竞争护城河，在硬件之上添加软件工具，比仅仅向客户销售晶片能建立更紧密的关系。毕竟，竞争对手总是有可能制造出更好的晶片，正如Advanced Micro Devices可在从英特尔（Intel），获取的市场份额。晶片作为服务时代来临随着英伟达AI和英伟达Omniverse，我们的晶片和系统市场机会将更加大。首席执行官黄仁勋在英伟达的2021投资者日说。看看英伟达为AI企业向客户收取的费用，便会明白为什么管理层认为其人工智能软件平台是一个数十亿美元的机会。在英伟达 AI Enterprise ，英伟达收取每个CPU插座3,595美元的许可费，VMware 拥有超过30万家企业客户。这个潜在的市场每年有800万CPU。此外，英伟达提供每份许可证每年899美元的订阅服务。另一个大机会是英伟达 DRIVE，这是英伟达在自动驾驶汽车市场推动的核心。戴姆勒（Daimler）的Mercedes-Benz于去年与英伟达达成协议，从2024年开始使用英伟达 DRIVE AGX Orin晶片在Mercedes的车队，以提供自动驾驶能力。与英伟达 AI Enterprise 一样，英伟达 DRIVE可为英伟达 带来大量经常性收入。Mercedes将制造下一代汽车，像电脑般在系统软件上运行。汽车将网上下载更新，就像下载手机更新一样。这笔交易的重要部分是，英伟达与Mercedes-Benz签订收入分享协定，每销售一次软件，英伟达都将获得收入。车主将能够购买新的软件功能，提高驾驶体验，同时保持汽车更新与最新的自动驾驶功能。随着数百万辆汽车在路上，这个机会可能会随着时间的推移而增加更大的东西。图：英伟达 股价、每股摊薄纯利变动、收入的变动来源: YCHARTS人工智能软件的机会巨大汽车服务市场目前估计为50亿美元，但可能增长很多倍，这取决于目前在路上的1亿辆汽车中，有多少最终在英伟达 DRIVE上运行。从另一角度看，英伟达 2021 年度收入总计167亿美元。当然，这只是交通方面的机会。根据英伟达的资料，仅数据中心就提供1,000亿美元的机会。正是由于这些原因，我不会低估英伟达，即使以目前股价昂贵。英伟达 AI在每一个云端中都存在，它定位为全球经济每个板块的技术支柱。所有这些都表明，从长期来看，股价将进一步走高。","news_type":1,"symbols_score_info":{"NVDA":0.9}},"isVote":1,"tweetType":1,"viewCount":7488,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118651227,"gmtCreate":1622731294569,"gmtModify":1704190049552,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/118651227","repostId":"1159708995","repostType":4,"repost":{"id":"1159708995","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622705912,"share":"https://ttm.financial/m/news/1159708995?lang=en_US&edition=fundamental","pubTime":"2021-06-03 15:38","market":"us","language":"zh","title":"Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.","url":"https://stock-news.laohu8.com/highlight/detail?id=1159708995","media":"老虎资讯综合","summary":"Reddit散户无视AMC Entertainment Holdings Inc．财务困境和被严重做空的状况大举买入，推动其股价今年以来上涨了3000%左右。这家连锁院线公司也在趁机迎合这种“网红股”","content":"<p>Reddit retail investors have ignored AMC Entertainment Holdings Inc.'s financial difficulties and heavy short selling by buying heavily, driving its stock price up by about 3,000% this year. This chain cinema company is also taking the opportunity to cater to this phenomenon of \"internet celebrity stocks\".</p><p>The company announced Wednesday that it will reward retail investors with special screenings and free popcorn. A day earlier, AMC took advantage of its soaring stock price to raise $230 million by selling new shares to Mudrick Capital Management, one of its major creditors, in order to consolidate its financial position.</p><p>However, Mudrick immediately sold all of his AMC shares, making a substantial profit, and claimed that the company's stock price was severely overvalued. However, retail Reddit users do not agree with this view. Encouraged by AMC's appeal to retail investors, the stock surged 127% to a record intraday high on Wednesday, raising its market capitalization to approximately $33 billion, surpassing GameStop's market capitalization of approximately $20 billion.</p><p>“Many of our investors have shown support and confidence in AMC… After all, these are the people who own AMC, and I work for them,” AMC CEO Adam Aron said in a statement released Wednesday.</p><p>According to the statement, as of March 11, more than 3.2 million retail investors held AMC shares, exceeding 80% of its investor base. Aron spoke directly with many new retail investors during his quarterly conference call early last month, praising their enthusiasm and determination.</p><p>He then called on skeptical stock analysts to listen to these investors—\"look at what these people are writing.\"</p><p><img src=\"https://static.tigerbbs.com/2c3a8868864500565a4229b7111fafa6\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Fundamentals unchanged</b></p><p>Almost no American corporate executive has ever welcomed retail investors like Aron. However, almost no company has benefited from this group as much as AMC.</p><p>AMC was on the verge of bankruptcy a few months ago. However, retail investors determined to disrupt traditional corporate value models flooded in, pushing up AMC's stock price and making it a representative of internet celebrity stocks like GameStop. This frenzy has baffled Wall Street professionals.</p><p>“It’s clear that the fundamentals don’t support this level of common stock at all (but it makes sense to retail Reddit investors),” Mark Levin of Asterisk Advisors wrote in a report.</p><p>The surge in stock price has not changed the company's profit prospects. As the impact of the COVID-19 pandemic has not yet subsided, analysts have steadily lowered their EBITDA forecasts for the company, and currently expect AMC to lose nearly $100 million before interest, taxes, depreciation and amortization over the next 12 months.</p><p>AMC declined to comment.</p><p><img src=\"https://static.tigerbbs.com/142cec36bd99e4ac4f992c126628229b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>AMC's rising debt has also exacerbated its fundamental difficulties. The company's long-term liabilities rose to $5.4 billion as of the first quarter of this year, nearly tripling from less than $2 billion in 2016.</p><p><img src=\"https://static.tigerbbs.com/9cabcacae95b3553223887737cbd0a6b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Rare stock trading</b></p><p>Savvy investors like Mudrick see the surge in AMC's stock price as a unique opportunity to make quick money.</p><p>In the U.S. market, it is relatively rare to raise funds by selling shares to a single holder. It is almost unheard of for holders to sell shares immediately after purchasing them. In this context, Mudrick's role in AMC's stock offering is somewhat similar to that of an underwriter in a public offering.</p><p>Representative Mudrick declined to comment, and AMC did not respond to a request for comment.</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>Behind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.</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\">\nBehind AMC's 3000% year-to-date surge: A rare CEO and a rare deal.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-03 15:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Reddit retail investors have ignored AMC Entertainment Holdings Inc.'s financial difficulties and heavy short selling by buying heavily, driving its stock price up by about 3,000% this year. This chain cinema company is also taking the opportunity to cater to this phenomenon of \"internet celebrity stocks\".</p><p>The company announced Wednesday that it will reward retail investors with special screenings and free popcorn. A day earlier, AMC took advantage of its soaring stock price to raise $230 million by selling new shares to Mudrick Capital Management, one of its major creditors, in order to consolidate its financial position.</p><p>However, Mudrick immediately sold all of his AMC shares, making a substantial profit, and claimed that the company's stock price was severely overvalued. However, retail Reddit users do not agree with this view. Encouraged by AMC's appeal to retail investors, the stock surged 127% to a record intraday high on Wednesday, raising its market capitalization to approximately $33 billion, surpassing GameStop's market capitalization of approximately $20 billion.</p><p>“Many of our investors have shown support and confidence in AMC… After all, these are the people who own AMC, and I work for them,” AMC CEO Adam Aron said in a statement released Wednesday.</p><p>According to the statement, as of March 11, more than 3.2 million retail investors held AMC shares, exceeding 80% of its investor base. Aron spoke directly with many new retail investors during his quarterly conference call early last month, praising their enthusiasm and determination.</p><p>He then called on skeptical stock analysts to listen to these investors—\"look at what these people are writing.\"</p><p><img src=\"https://static.tigerbbs.com/2c3a8868864500565a4229b7111fafa6\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Fundamentals unchanged</b></p><p>Almost no American corporate executive has ever welcomed retail investors like Aron. However, almost no company has benefited from this group as much as AMC.</p><p>AMC was on the verge of bankruptcy a few months ago. However, retail investors determined to disrupt traditional corporate value models flooded in, pushing up AMC's stock price and making it a representative of internet celebrity stocks like GameStop. This frenzy has baffled Wall Street professionals.</p><p>“It’s clear that the fundamentals don’t support this level of common stock at all (but it makes sense to retail Reddit investors),” Mark Levin of Asterisk Advisors wrote in a report.</p><p>The surge in stock price has not changed the company's profit prospects. As the impact of the COVID-19 pandemic has not yet subsided, analysts have steadily lowered their EBITDA forecasts for the company, and currently expect AMC to lose nearly $100 million before interest, taxes, depreciation and amortization over the next 12 months.</p><p>AMC declined to comment.</p><p><img src=\"https://static.tigerbbs.com/142cec36bd99e4ac4f992c126628229b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p>AMC's rising debt has also exacerbated its fundamental difficulties. The company's long-term liabilities rose to $5.4 billion as of the first quarter of this year, nearly tripling from less than $2 billion in 2016.</p><p><img src=\"https://static.tigerbbs.com/9cabcacae95b3553223887737cbd0a6b\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\"></p><p><b>Rare stock trading</b></p><p>Savvy investors like Mudrick see the surge in AMC's stock price as a unique opportunity to make quick money.</p><p>In the U.S. market, it is relatively rare to raise funds by selling shares to a single holder. It is almost unheard of for holders to sell shares immediately after purchasing them. In this context, Mudrick's role in AMC's stock offering is somewhat similar to that of an underwriter in a public offering.</p><p>Representative Mudrick declined to comment, and AMC did not respond to a request for comment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/765eea7b8efcd21c54c30bb5f35bff0d","relate_stocks":{"AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159708995","content_text":"Reddit散户无视AMC Entertainment Holdings Inc．财务困境和被严重做空的状况大举买入，推动其股价今年以来上涨了3000%左右。这家连锁院线公司也在趁机迎合这种“网红股”现象。\n该公司周三宣布将以特别放映和免费爆米花等手段奖励散户投资者。一天前，AMC借股价飙升之机向主要债权人之一Mudrick Capital Management出售新股筹资2.3亿美元，以巩固财务状况。\n不过Mudrick旋即就卖掉了所有AMC股票，获利颇丰，并称该公司股价被严重高估。但是Reddit散户并不认同这种观点。受到AMC迎合散户的鼓舞，该股周三一度飙升127%至盘中最高纪录，市值升至约330亿美元，超过GameStop约200亿美元的市值。\n“我们很多投资者都表现出对AMC的支持和信心……毕竟，这些人是AMC的所有者，而我为他们打工，”AMC首席执行官Adam Aron在周三发表的声明中表示。\n根据声明，截至3月11日，超过320万散户投资者持有AMC股票，超过其投资者基础的80%。Aron在上月初举行的季度电话会议上直接跟许多新散户投资者对话，赞扬他们的热情和决心。\n接着，他呼吁持怀疑态度的股票分析师听听这些投资者的心声--“看看这些人写的东西”。\n\n基本面未改\n几乎从未有哪个美国公司高管像Aron这样欢迎散户势力。不过也几乎没有哪个公司像AMC这样得益于这个群体。\nAMC几个月前还濒临破产。然而誓要颠覆传统公司价值模型的散户涌了进来，推升了AMC股价，使之成为像GameStop一样的网红股代表。这种狂热让华尔街专业人士困惑不已。\n“显然基本面是完全不支持这个普通股水平的（对Reddit散户来说却讲得通），”Asterisk Advisors的Mark Levin在报告中写道。\n股价大涨并没有改变该公司盈利前景。由于新冠疫情影响尚未消除，分析师稳步下调该公司息税折旧摊销前利润预期，目前预计AMC未来12个月息税折旧摊销前亏损近1亿美元。\nAMC不予置评。\n\nAMC负债上升也加剧了基本面困境。该公司截至今年一季度长期负债升至54亿美元，从2016年的不到20亿美元增长了近两倍。\n\n罕见的股票买卖\n像Mudrick这样精明的投资者把AMC股价飙升视为赚快钱的独特机会。\n在美国市场，通过向单一持有人出售股票筹资的情况相对少见。而持有人购买股票后立即抛售的情况更是几乎闻所未闻。在这种情况下，Mudrick在AMC发行股票中扮演的角色跟公开发行中承销商的角色有些相似。\nMudrick代表不予置评，AMC没有回应置评请求。","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":7742,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119452102,"gmtCreate":1622560502306,"gmtModify":1704186402873,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/119452102","repostId":"1158415504","repostType":4,"isVote":1,"tweetType":1,"viewCount":7674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137794307,"gmtCreate":1622388183309,"gmtModify":1704183728328,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/137794307","repostId":"1120178589","repostType":4,"isVote":1,"tweetType":1,"viewCount":7686,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":135966739,"gmtCreate":1622126596521,"gmtModify":1704180002829,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/135966739","repostId":"1100556299","repostType":4,"isVote":1,"tweetType":1,"viewCount":5006,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136774041,"gmtCreate":1622042335283,"gmtModify":1704178441126,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/136774041","repostId":"1147761031","repostType":4,"isVote":1,"tweetType":1,"viewCount":6147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133421608,"gmtCreate":1621785516904,"gmtModify":1704362399894,"author":{"id":"3583234199071042","authorId":"3583234199071042","name":"juanjuanjuan","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583234199071042","idStr":"3583234199071042"},"themes":[],"title":"","htmlText":"??????","listText":"??????","text":"??????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/133421608","repostId":"1169073200","repostType":4,"isVote":1,"tweetType":1,"viewCount":5748,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}