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黑猫白猫逮住老鼠的就是好
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黑猫白猫逮住老鼠的就是好
2019-05-17
$老虎证券(TIGR)$ 真心不想用你了,太伤心了
黑猫白猫逮住老鼠的就是好
2019-05-16
$老虎证券(TIGR)$ 不明白为啥老虎跌的这么惨?我们用的不也挺好吗?这都让我担心用老虎的安全性了。求虎妞们出来解释一下
黑猫白猫逮住老鼠的就是好
2019-05-01
$慧俪轻体(WW)$ 这个股涨势已到,可惜没钱介入
黑猫白猫逮住老鼠的就是好
2019-04-30
$Cronos Group Inc.(CRON)$ 立帖为证,坚持拿到21
黑猫白猫逮住老鼠的就是好
2019-05-18
$Beyond Meat Inc.(BYND)$ 这么多人看空的时候就应该是买的时候。而且还有机构做空消息,明显的钓鱼。让你做空,实际是把你们埋了的打算
黑猫白猫逮住老鼠的就是好
2019-04-03
$诺亚财富(NOAH)$ 按照走势来看,突破BOLL中线,但是有30日线阻力位,所以如果成功突破阻力位,会迎来一波上涨,如果突破失败,还是持币观望
黑猫白猫逮住老鼠的就是好
2018-12-23
$耐克(NKE)$周一看空耐克
黑猫白猫逮住老鼠的就是好
2019-06-18
$老虎证券(TIGR)$ 空起老虎🐯,空起老虎🐯
黑猫白猫逮住老鼠的就是好
2019-05-29
$联邦快递(FDX)$ 真是没天理
黑猫白猫逮住老鼠的就是好
2019-05-06
$慧俪轻体(WW)$ 哭死在厕所,在最底点卖出了[捂脸][捂脸][捂脸]
黑猫白猫逮住老鼠的就是好
2018-12-23
$黑石(BX)$未来一周看多黑石
黑猫白猫逮住老鼠的就是好
2019-05-17
$老虎证券(TIGR)$ 感谢自己昨晚临收盘割肉了,不然今天连自己姓啥的都不知道了
黑猫白猫逮住老鼠的就是好
2019-05-17
$老虎证券(TIGR)$ 感谢自己昨晚临收盘割肉了,不然今天连自己姓啥的都不知道了
黑猫白猫逮住老鼠的就是好
2019-05-17
$英伟达(NVDA)$ 为啥盘后这么活跃啊?
黑猫白猫逮住老鼠的就是好
2019-05-07
$Adient PLC(ADNT)$ 为啥盘前大跌啊?
黑猫白猫逮住老鼠的就是好
2019-05-01
$思科(CSCO)$ 个人感觉每日85%的股票前一个小时到一个半小时之间,一天的行情走势基本就走完了。
黑猫白猫逮住老鼠的就是好
2019-05-01
$Central Puerto S.A.(CEPU)$ 反弹在即,但需进一步观察
黑猫白猫逮住老鼠的就是好
2019-01-22
$黑石(BX)$本周看空黑石
黑猫白猫逮住老鼠的就是好
2019-06-19
$老虎证券(TIGR)$ 老虎🐯加油哦,看好你。懂你的都知道你要起飞了哦
黑猫白猫逮住老鼠的就是好
2019-05-29
$联邦快递(FDX)$ 信誉这么差的垃圾公司,股票才跌这点?要在大A股绝对连着几个跌停
去老虎APP查看更多动态
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00:47","market":"us","language":"zh","title":"瑞幸咖啡“自爆”22亿造假 商业模式再遭质疑","url":"https://stock-news.laohu8.com/highlight/detail?id=2024499206","media":"中国经营网","summary":"本报记者 许礼清 李向磊北京报道 4月2日,瑞幸咖啡五次熔断,股价下跌73.74%,此前公司自认数据造假。瑞幸咖啡以这样的方式停下了狂奔的脚步。 瑞幸咖啡“自爆”称,公司调查显示,COO及其部分下","content":"<html><body><p> 本报记者 许礼清 李向磊北京报道</p><p> 4月2日,<a href=\"https://laohu8.com/S/LK\">瑞幸咖啡</a>五次熔断,股价下跌73.74%,此前公司自认数据造假。瑞幸咖啡以这样的方式停下了狂奔的脚步。</p><p> 瑞幸咖啡“自爆”称,公司调查显示,COO及其部分下属员工从2019年第二季度起从事某些不正当行为,与伪造交易相关的销售额约为22亿元。而在两个月前,瑞幸咖啡曾否认关于其数据造假的做空报告。</p><p> 回顾瑞幸咖啡的发展历程,短短一年时间开出2000家店,2019年完成了4500家店的目标,达到4507家自营门店。烧钱速度也肉眼可见,2019年第三季度,瑞幸咖啡净亏损5.3亿元。2019年5月登陆美股之后,一度成为资本神话、公众眼中的明星企业。但此次黑天鹅事件,给其前景带来了很大的不确定性。</p><p> 《中国经营报》记者就相关问题联系瑞幸咖啡创始人钱治亚及营销中心公关总监,但电话一直未接通。</p><p> 香颂资本执行董事沈萌告诉记者:“造假在美国资本市场是很严重的,未来集体诉讼是跑不掉的,甚至不排除引入刑事调查,以及强制退市或判决破产,之前的安然就是前车之鉴。”</p><p> <strong>黑天鹅事件</strong></p><p> 4月2日晚间,瑞幸咖啡向美国证券交易委员会提交的一份公告称,公司在对截至2019年12月31日财年的合并财务报表进行审计时发现问题,由董事会成立特别委员会,进行内部调查。</p><p> 根据调查的初步结果显示,从2019年的第二季度开始,公司首席运营官(COO)兼董事刘剑以及向他报告的几名员工出现不当行为,包括捏造某些交易。特别委员会建议采取一些临时补救措施,包括暂停刘剑和其他相关员工的职务,以及中止与已确定的虚假交易涉及方的合同和交易。</p><p> 鸿门资本创始人庄帅认为,瑞幸咖啡之所以出现造假,因为它不能做好市场,对市场的判断是错误的,从而根本达不到预期的业绩,其本质是想获取持续的资金。</p><p> 清华大学快营销研究员孙巍认为:“商业逐利,无可厚非,但不能破了商业诚信的底线,这是生意和交易的基础。显然,瑞幸咖啡的诚信机制有了问题。”</p><p> 同时,据外媒消息,美国已有多家律所对瑞幸咖啡提起集体诉讼,控告瑞幸咖啡作出虚假和误导性陈述,违反美国证券法。目前,该项集体诉讼已于2月13日在纽约南区地方法院立案。</p><p> 由于该事件,瑞幸咖啡盘前跌幅一度超过84%,每股由26.2美元降至每股4.16美元。截至记者发稿,五次熔断,市值17.37亿美元。</p><p> 据<a href=\"https://laohu8.com/S/SINA\">新浪</a>财经消息,瑞幸就涉嫌造假一事在内部发文称,公司对此次事件发生表示震惊,目前相关当事人已停职且其负责工作已安排其他管理者接任,并将尽力减少此次事件的负面影响。</p><p> <strong>曾否认造假</strong></p><p> 实际上,在两个月之前,瑞幸咖啡方面还曾否认过浑水对其盈利数据造假的做空报告。</p><p> 浑水的报告中,直指瑞幸咖啡自2019年第三季度以来存在造假行为。做空报告认为,瑞幸咖啡夸大了门店商品的销售数量,将第三季度和第四季度,每店每日的商品销量至少分别夸大了69%和88%。报告中强调,瑞幸咖啡的订单量、销量、价格方面存在造假行为,而这意味着报告的核心论点是瑞幸咖啡的单店利润存在造假行为。根据瑞幸咖啡公布的数据,16元的单杯价格和单店日平均448杯的销量可以使得单店利润率接近30%。但如果按照报告所指出的数据模型来看,单店的经营将亏损达28%。</p><p> 按照报告中的逻辑,瑞幸咖啡的门店处于亏损状态,但为了在财务上制造出盈利的假象,因而夸大市场营销的费用以遮掩。在2019年第三季度,瑞幸咖啡计划在<a href=\"https://laohu8.com/S/002027\">分众传媒</a>(主营电梯、室外电子屏幕等广告业务)的投放为3.8亿元。根据报告中第三方的统计数据显示,在2019年5月之前,瑞幸咖啡一直是分众传媒最大的客户。但从6月起,根据瑞幸咖啡在分众传媒的投放迅速缩减,已不在前10名客户的位置中,实际支出仅为0.46亿元。</p><p> 做空报告认为,正是在广告投放中虚报的3.3亿元,弥补了单店亏损所造成的整体亏损,造成了单店盈利的假象。</p><p> 而瑞幸咖啡方面曾全盘否认这些。并且,其强调了自身的商业逻辑:“凭借我们颠覆性的新零售模式、多元化的产品组合和强大的财务状况,瑞幸咖啡将继续拓展夯实业务,为客户提供卓越的价值主张,并长期为股东提供可持续的价值。”</p><p> <strong>回溯瑞幸模式</strong></p><p> 2018年初,瑞幸咖啡在神州专车总部成立。从创始人钱治亚抛出10亿元教育市场,到对标<a href=\"https://laohu8.com/S/SBUX\">星巴克</a>,再到后来的疯狂扩张、纳斯达克上市,瑞幸咖啡一度书写出了资本神话。但如今回溯瑞幸咖啡的成长历程,其始终没有解决最初的问题。</p><p> 孙巍告诉记者:“资本压力驱动最终干扰了瑞幸咖啡正常的经营逻辑,无论开店增长、产品扩张,都是为了匹配资本逻辑,而非消费逻辑。”</p><p> 瑞幸咖啡的目标真的是星巴克吗?业内似乎一直没有统一的看法。</p><p> 从模式上看,瑞幸咖啡提出“无限场景”理念,开出的都是小店,主打以用户自提和外卖为主的消费场景;而星巴克核心经营理念是“第三空间”,就是区别于工作空间和生活空间之外的休闲消费、社交的空间,星巴克的消费以“堂食”为主。</p><p> 对此庄帅表示:“在线上,瑞幸咖啡请的代言人、广告的设计、公众号的页面、公关的文章几乎全部是‘星巴克式’的格调和风格。但线下更多是‘麦咖啡’和‘快餐咖啡’的形象,仅有少部分‘高大上’的旗舰店和优享店。”</p><p> 沈萌也认为:“数据咖啡重点是数据,而不是咖啡,咖啡是收集数据的渠道,所以瑞幸咖啡的对手应该是<a href=\"https://laohu8.com/S/BIDU\">百度</a>、阿里、<a href=\"https://laohu8.com/S/00700\">腾讯</a>,但它还是选择了星巴克,而星巴克卖咖啡是卖咖啡文化,而不仅仅是咖啡本身。”</p><p> 2019年底,瑞幸咖啡实现4500家门店的目标,也实现了“超越星巴克”的目标,成为国内市场规模最大的咖啡品牌。</p><p> 而瑞幸咖啡的疯狂开店,显然已经形成了重资产模式。每开一家店,就意味着要投入房租、设备、人员成本。</p><p> “瑞幸咖啡开设的门店,分为旗舰店、优享点、快取店、外卖厨房店,没有做到标准化和一致性。这样看来,瑞幸咖啡单纯比较开店数量确实只能算是公关传播手段。毕竟快取店、悠享店和外卖厨房店选址和装修更容易、谈判难度低、租金也更便宜。一方面利于快速开店,然后在线上以量对标行业巨头星巴克进行造势;另一方面则提升外卖配送的效率。”庄帅认为。</p><p> 同时庄帅告诉记者:“根据我实地考察多家实体店,以及近一年来的观察研究发现:瑞幸咖啡的快速发展很快会因为违背了零售电商行业的‘一致性原理’出现系统性经营风险,从而付出相应的代价。系统性崩盘的风险则会在三五年的时间逐渐显现,使得企业慢慢走向衰退。但从现在的情况来看,有可能美国的监管机构直接将它破产,没有未来可言。”</p><p> 而靠广告轰炸、线上拼团、精准营销、外卖切入等手段确实快速带来了流量,然后通过运营把流量转化到线下自提,但是这些高昂的获客成本从其亏损中就可窥得一二。</p><p> 沈萌认为:“瑞幸的补贴是缺少长期维持的基础,任何商业性行为都必须具备可持续性,最终实现自我造血,前期门店的扩张如果是进行数据积累,那么就有价值,如果只是门店,那么价值就会大打折扣,让其背负沉重的负担。它的核心就是烧钱圈用户,但是这些用户都属于价格敏感性,一旦价格优势不复存在,就会离开,而瑞幸咖啡并没有形成价格以外的黏性。”</p><p> (编辑:刘旺 校对:颜京宁)</p></body></html>","source":"sina_symbol","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n瑞幸咖啡“自爆”22亿造假 商业模式再遭质疑\n</h2>\n<h4 class=\"meta\">\n\n\n2020-04-03 00:47 北京时间 <a href=\"http://cj.sina.cn/article/normal_detail?url=https://tech.sina.com.cn/i/2020-04-03/doc-iimxyqwa4804974.shtml\"><strong>中国经营网</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>本报记者 许礼清 李向磊北京报道 4月2日,瑞幸咖啡五次熔断,股价下跌73.74%,此前公司自认数据造假。瑞幸咖啡以这样的方式停下了狂奔的脚步。 瑞幸咖啡“自爆”称,公司调查显示,COO及其部分下属员工从2019年第二季度起从事某些不正当行为,与伪造交易相关的销售额约为22亿元。而在两个月前,瑞幸咖啡曾否认关于其数据造假的做空报告。 回顾瑞幸咖啡的发展历程,短短一年时间开出2000家店,...</p>\n<a href=\"http://cj.sina.cn/article/normal_detail?url=https://tech.sina.com.cn/i/2020-04-03/doc-iimxyqwa4804974.shtml\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7123c00c718afd2209048e9d94f04a1","relate_stocks":{"SBUX":"星巴克"},"source_url":"http://cj.sina.cn/article/normal_detail?url=https://tech.sina.com.cn/i/2020-04-03/doc-iimxyqwa4804974.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2024499206","content_text":"本报记者 许礼清 李向磊北京报道 4月2日,瑞幸咖啡五次熔断,股价下跌73.74%,此前公司自认数据造假。瑞幸咖啡以这样的方式停下了狂奔的脚步。 瑞幸咖啡“自爆”称,公司调查显示,COO及其部分下属员工从2019年第二季度起从事某些不正当行为,与伪造交易相关的销售额约为22亿元。而在两个月前,瑞幸咖啡曾否认关于其数据造假的做空报告。 回顾瑞幸咖啡的发展历程,短短一年时间开出2000家店,2019年完成了4500家店的目标,达到4507家自营门店。烧钱速度也肉眼可见,2019年第三季度,瑞幸咖啡净亏损5.3亿元。2019年5月登陆美股之后,一度成为资本神话、公众眼中的明星企业。但此次黑天鹅事件,给其前景带来了很大的不确定性。 《中国经营报》记者就相关问题联系瑞幸咖啡创始人钱治亚及营销中心公关总监,但电话一直未接通。 香颂资本执行董事沈萌告诉记者:“造假在美国资本市场是很严重的,未来集体诉讼是跑不掉的,甚至不排除引入刑事调查,以及强制退市或判决破产,之前的安然就是前车之鉴。” 黑天鹅事件 4月2日晚间,瑞幸咖啡向美国证券交易委员会提交的一份公告称,公司在对截至2019年12月31日财年的合并财务报表进行审计时发现问题,由董事会成立特别委员会,进行内部调查。 根据调查的初步结果显示,从2019年的第二季度开始,公司首席运营官(COO)兼董事刘剑以及向他报告的几名员工出现不当行为,包括捏造某些交易。特别委员会建议采取一些临时补救措施,包括暂停刘剑和其他相关员工的职务,以及中止与已确定的虚假交易涉及方的合同和交易。 鸿门资本创始人庄帅认为,瑞幸咖啡之所以出现造假,因为它不能做好市场,对市场的判断是错误的,从而根本达不到预期的业绩,其本质是想获取持续的资金。 清华大学快营销研究员孙巍认为:“商业逐利,无可厚非,但不能破了商业诚信的底线,这是生意和交易的基础。显然,瑞幸咖啡的诚信机制有了问题。” 同时,据外媒消息,美国已有多家律所对瑞幸咖啡提起集体诉讼,控告瑞幸咖啡作出虚假和误导性陈述,违反美国证券法。目前,该项集体诉讼已于2月13日在纽约南区地方法院立案。 由于该事件,瑞幸咖啡盘前跌幅一度超过84%,每股由26.2美元降至每股4.16美元。截至记者发稿,五次熔断,市值17.37亿美元。 据新浪财经消息,瑞幸就涉嫌造假一事在内部发文称,公司对此次事件发生表示震惊,目前相关当事人已停职且其负责工作已安排其他管理者接任,并将尽力减少此次事件的负面影响。 曾否认造假 实际上,在两个月之前,瑞幸咖啡方面还曾否认过浑水对其盈利数据造假的做空报告。 浑水的报告中,直指瑞幸咖啡自2019年第三季度以来存在造假行为。做空报告认为,瑞幸咖啡夸大了门店商品的销售数量,将第三季度和第四季度,每店每日的商品销量至少分别夸大了69%和88%。报告中强调,瑞幸咖啡的订单量、销量、价格方面存在造假行为,而这意味着报告的核心论点是瑞幸咖啡的单店利润存在造假行为。根据瑞幸咖啡公布的数据,16元的单杯价格和单店日平均448杯的销量可以使得单店利润率接近30%。但如果按照报告所指出的数据模型来看,单店的经营将亏损达28%。 按照报告中的逻辑,瑞幸咖啡的门店处于亏损状态,但为了在财务上制造出盈利的假象,因而夸大市场营销的费用以遮掩。在2019年第三季度,瑞幸咖啡计划在分众传媒(主营电梯、室外电子屏幕等广告业务)的投放为3.8亿元。根据报告中第三方的统计数据显示,在2019年5月之前,瑞幸咖啡一直是分众传媒最大的客户。但从6月起,根据瑞幸咖啡在分众传媒的投放迅速缩减,已不在前10名客户的位置中,实际支出仅为0.46亿元。 做空报告认为,正是在广告投放中虚报的3.3亿元,弥补了单店亏损所造成的整体亏损,造成了单店盈利的假象。 而瑞幸咖啡方面曾全盘否认这些。并且,其强调了自身的商业逻辑:“凭借我们颠覆性的新零售模式、多元化的产品组合和强大的财务状况,瑞幸咖啡将继续拓展夯实业务,为客户提供卓越的价值主张,并长期为股东提供可持续的价值。” 回溯瑞幸模式 2018年初,瑞幸咖啡在神州专车总部成立。从创始人钱治亚抛出10亿元教育市场,到对标星巴克,再到后来的疯狂扩张、纳斯达克上市,瑞幸咖啡一度书写出了资本神话。但如今回溯瑞幸咖啡的成长历程,其始终没有解决最初的问题。 孙巍告诉记者:“资本压力驱动最终干扰了瑞幸咖啡正常的经营逻辑,无论开店增长、产品扩张,都是为了匹配资本逻辑,而非消费逻辑。” 瑞幸咖啡的目标真的是星巴克吗?业内似乎一直没有统一的看法。 从模式上看,瑞幸咖啡提出“无限场景”理念,开出的都是小店,主打以用户自提和外卖为主的消费场景;而星巴克核心经营理念是“第三空间”,就是区别于工作空间和生活空间之外的休闲消费、社交的空间,星巴克的消费以“堂食”为主。 对此庄帅表示:“在线上,瑞幸咖啡请的代言人、广告的设计、公众号的页面、公关的文章几乎全部是‘星巴克式’的格调和风格。但线下更多是‘麦咖啡’和‘快餐咖啡’的形象,仅有少部分‘高大上’的旗舰店和优享店。” 沈萌也认为:“数据咖啡重点是数据,而不是咖啡,咖啡是收集数据的渠道,所以瑞幸咖啡的对手应该是百度、阿里、腾讯,但它还是选择了星巴克,而星巴克卖咖啡是卖咖啡文化,而不仅仅是咖啡本身。” 2019年底,瑞幸咖啡实现4500家门店的目标,也实现了“超越星巴克”的目标,成为国内市场规模最大的咖啡品牌。 而瑞幸咖啡的疯狂开店,显然已经形成了重资产模式。每开一家店,就意味着要投入房租、设备、人员成本。 “瑞幸咖啡开设的门店,分为旗舰店、优享点、快取店、外卖厨房店,没有做到标准化和一致性。这样看来,瑞幸咖啡单纯比较开店数量确实只能算是公关传播手段。毕竟快取店、悠享店和外卖厨房店选址和装修更容易、谈判难度低、租金也更便宜。一方面利于快速开店,然后在线上以量对标行业巨头星巴克进行造势;另一方面则提升外卖配送的效率。”庄帅认为。 同时庄帅告诉记者:“根据我实地考察多家实体店,以及近一年来的观察研究发现:瑞幸咖啡的快速发展很快会因为违背了零售电商行业的‘一致性原理’出现系统性经营风险,从而付出相应的代价。系统性崩盘的风险则会在三五年的时间逐渐显现,使得企业慢慢走向衰退。但从现在的情况来看,有可能美国的监管机构直接将它破产,没有未来可言。” 而靠广告轰炸、线上拼团、精准营销、外卖切入等手段确实快速带来了流量,然后通过运营把流量转化到线下自提,但是这些高昂的获客成本从其亏损中就可窥得一二。 沈萌认为:“瑞幸的补贴是缺少长期维持的基础,任何商业性行为都必须具备可持续性,最终实现自我造血,前期门店的扩张如果是进行数据积累,那么就有价值,如果只是门店,那么价值就会大打折扣,让其背负沉重的负担。它的核心就是烧钱圈用户,但是这些用户都属于价格敏感性,一旦价格优势不复存在,就会离开,而瑞幸咖啡并没有形成价格以外的黏性。” (编辑:刘旺 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