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记事本2020

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2022-01-04

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2021-10-12

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2021-08-30

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2021-08-30

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业务双轮驱动完善战略布局，京能清洁能源(0579.HK)中期业绩稳步提升

2021-08-30

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海底捞为何要对张勇妻子及创始人“下手”

2021-08-26

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大摩：予药明生物“增持”评级目标价升3.6%至170港元

2021-08-25

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中泰证券：维持药明生物(02269)“买入”评级期待新技术平台逐步贡献新增量

2021-08-23

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【异动股】药明生物(02269.HK)涨3.13%

2021-06-14

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2021-06-13

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2021-06-12

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2021-06-08

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2021-05-30

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08:59","market":"us","language":"zh","title":"业务双轮驱动完善战略布局，京能清洁能源(0579.HK)中期业绩稳步提升","url":"https://stock-news.laohu8.com/highlight/detail?id=2163702540","media":"格隆汇","summary":"总结来说，整个2021年上半年，京能清洁能源凭借其自身的软硬实力，充分发挥多元化的竞争优势，使得各个业务板块实现稳健增长。","content":"<html><body><p><span>8月26日，港股<a href=\"https://laohu8.com/S/00579\">京能清洁能源</a>(0579.HK)公布2021中期业绩报告：实现营业收入人民币93.40亿元，同比增长12.81%；除税前溢利为人民币18.84亿元，同比增长13.90%；公司普通股股东应占溢利为人民币14.88亿元，同比增长14.90%；每股基本及摊薄盈利人民币18.05分。</span></p><p>这是一份优异的成绩单，在竞争激烈的市场环境下，今年上半年，京能清洁能源的营收、净利润同比增速双双取得两位数增长，可以说“稳”中有进，前进动力十足。</p><p><b><font color=\"#ff0000\">1、业务稳健增长，行业地位进一步巩固</font></b></p><p>通过京能清洁能源发布的半年度业绩报告，可以发现在经营业绩稳健增长的同时，在多个业务维度均有不俗表现，并且得到持续优化。</p><p><b>装机容量稳步提高，</b>截至2021年6月30日，公司控股总装机容量为1,121.5万千瓦，同比增长14%，其中，风力发电业务板块新增装机容量34.9万千瓦，全部来自于自建项目。</p><p><b>发电量呈现较大幅度的增长。</b>截至2021年6月30日，公司控股总发电量为161.79亿千瓦时，同比增长17.73%。</p><p>其中燃气发电及供热业务板块发电量同比增长8.08%；<b>风力发电业务板块发电量同比增长44.43%；光伏发电业务板块发电量同比增长37.87%，明显高于全国行业同期水平。</b></p><p><b>总结来说，</b>整个2021年上半年，京能清洁能源凭借其自身的软硬实力，充分发挥多元化的竞争优势，使得各个业务板块实现稳健增长。</p><p>尤其是光伏板块更是超过全国同期的水平，充分迎合“30,60”、“碳达峰、碳中和”的发展理念，进一步巩固了公司作为地方新能源国企的行业领先地位。</p><p><b><font color=\"#ff0000\">2、自主开发与项目并购双轮驱动，业务协同效应凸显</font></b></p><p>评判一家企业的增长，往往有两个看点值得关注，其一，内生动力的增长，即依靠企业自身积累，厚积薄发；其二，外延式并购，通过收并购，实现市场、资源、技术的整合，在高效的企业内控能力之下，实现高速发展。 </p><p><b>在内生动力增长方面，不断加快自主项目开发、建设的步伐。</b>根据中报数据显示，截至2021年上半年，公司自主开发取得建设指标的风电、光伏项目18个，装机容量175.4万千瓦。 </p><p>其中，公司承建的“京张奥运风电项目”，利用张家口地区丰富的风电资源，以北京市和河北省联合申办冬奥委会为契机，将张家口地区风电输送至北京电网以冬季供热方式进行消纳，同时为2022年北京冬奥委会在奥运史上首次实现全部场馆绿色电力覆盖的创举贡献首都国企的一份力量。</p><p>不仅如此，该项目的建设让当地丰富的风能资源得到了开发与利用，对发展地区经济起到巨大的推动作用。同时极大地优化了北京能源结构，更有利于中央“京津冀一体化”协同发展的战略部署落地、产生实效。</p><p>据了解，该项目总装机容量120万千瓦。其中京能清洁能源自建容量77.5万千瓦，截至目前，已经完成了东旭尚义20万千瓦风电项目、国新郝家营10万千瓦风电项目股转。京能清洁能源管理装机容量达107.5万千瓦，项目总投资约90亿元。</p><p><b>在外延式扩张上，通过项目并购的方式大力拓展业务。截至2021年上半年，</b>正在开展并购工作的风电、光伏项目共计13个，装机容量148.6万千瓦。今年7月份，公司与宁夏嘉泽订立了恺阳及博阳股权转让协议，收购了宁夏红寺堡297.5MW风电、光伏项目及宁夏同心99MW风电项目，为京能清洁能源下半年的装机容量增长贡献了一份力量。</p><p>值得一提的是，<b>此次收购有利于京能清洁能源西北分公司的集约化管理，将与公司既有资产形成较好的协同效应。不仅可以达到优势互补，取长补短，降本增效，业务相互协同的目的，还可以让公司形成全国化、全方位的战略布局。</b></p><p><b>事实上，收购并购是新能源行业集中度增强的必经之路，也是行业内部洗牌的一种表现。</b>随着整体行业自建项目成本的增加，寻求通过并购形式收购股权获得项目，甚至收购其他行业填补业态布局短板、扩大规模已成为新能源企业新的经营模式之一。</p><p>对新能源企业而言，由之前的纯竞争转为合作，不仅可以相互借力，一定程度上规避投资风险，实现利益最大化。同时，还可以发挥各家所长，把企业做到最好。</p><p>因此，长期来看，随着市场环境的变化，新能源企业未来的发展模式，除了苦练内功，增强自身的硬核实力之外，以并购、重组等形式来获取更多资源，多领域的尝试，“双轮驱动”以至“四轮驱动”将是新能源的企业未来成长之路，京能清洁能源已正式踏上了这条“做强、做大”的高速之路。</p></body></html>","source":"stock_gelonghui","collect":0,"html":"<!DOCTYPE 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class=\"meta\">\n\n\n2021-08-30 08:59 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/news/detail.html?id=608034><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>8月26日，港股京能清洁能源(0579.HK)公布2021中期业绩报告：实现营业收入人民币93.40亿元，同比增长12.81%；除税前溢利为人民币18.84亿元，同比增长13.90%；公司普通股股东应占溢利为人民币14.88亿元，同比增长14.90%；每股基本及摊薄盈利人民币18.05分。这是一份优异的成绩单，在竞争激烈的市场环境下，今年上半年，京能清洁能源的营收、净利润同比增速双双取得两位数增长...</p>\n\n<a href=\"https://www.gelonghui.com/news/detail.html?id=608034\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f01e4b782ba393cb7794f7764a5d7d90","relate_stocks":{"00579":"京能清洁能源"},"source_url":"https://www.gelonghui.com/news/detail.html?id=608034","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2163702540","content_text":"8月26日，港股京能清洁能源(0579.HK)公布2021中期业绩报告：实现营业收入人民币93.40亿元，同比增长12.81%；除税前溢利为人民币18.84亿元，同比增长13.90%；公司普通股股东应占溢利为人民币14.88亿元，同比增长14.90%；每股基本及摊薄盈利人民币18.05分。这是一份优异的成绩单，在竞争激烈的市场环境下，今年上半年，京能清洁能源的营收、净利润同比增速双双取得两位数增长，可以说“稳”中有进，前进动力十足。1、业务稳健增长，行业地位进一步巩固通过京能清洁能源发布的半年度业绩报告，可以发现在经营业绩稳健增长的同时，在多个业务维度均有不俗表现，并且得到持续优化。装机容量稳步提高，截至2021年6月30日，公司控股总装机容量为1,121.5万千瓦，同比增长14%，其中，风力发电业务板块新增装机容量34.9万千瓦，全部来自于自建项目。发电量呈现较大幅度的增长。截至2021年6月30日，公司控股总发电量为161.79亿千瓦时，同比增长17.73%。其中燃气发电及供热业务板块发电量同比增长8.08%；风力发电业务板块发电量同比增长44.43%；光伏发电业务板块发电量同比增长37.87%，明显高于全国行业同期水平。总结来说，整个2021年上半年，京能清洁能源凭借其自身的软硬实力，充分发挥多元化的竞争优势，使得各个业务板块实现稳健增长。尤其是光伏板块更是超过全国同期的水平，充分迎合“30,60”、“碳达峰、碳中和”的发展理念，进一步巩固了公司作为地方新能源国企的行业领先地位。2、自主开发与项目并购双轮驱动，业务协同效应凸显评判一家企业的增长，往往有两个看点值得关注，其一，内生动力的增长，即依靠企业自身积累，厚积薄发；其二，外延式并购，通过收并购，实现市场、资源、技术的整合，在高效的企业内控能力之下，实现高速发展。 在内生动力增长方面，不断加快自主项目开发、建设的步伐。根据中报数据显示，截至2021年上半年，公司自主开发取得建设指标的风电、光伏项目18个，装机容量175.4万千瓦。 其中，公司承建的“京张奥运风电项目”，利用张家口地区丰富的风电资源，以北京市和河北省联合申办冬奥委会为契机，将张家口地区风电输送至北京电网以冬季供热方式进行消纳，同时为2022年北京冬奥委会在奥运史上首次实现全部场馆绿色电力覆盖的创举贡献首都国企的一份力量。不仅如此，该项目的建设让当地丰富的风能资源得到了开发与利用，对发展地区经济起到巨大的推动作用。同时极大地优化了北京能源结构，更有利于中央“京津冀一体化”协同发展的战略部署落地、产生实效。据了解，该项目总装机容量120万千瓦。其中京能清洁能源自建容量77.5万千瓦，截至目前，已经完成了东旭尚义20万千瓦风电项目、国新郝家营10万千瓦风电项目股转。京能清洁能源管理装机容量达107.5万千瓦，项目总投资约90亿元。在外延式扩张上，通过项目并购的方式大力拓展业务。截至2021年上半年，正在开展并购工作的风电、光伏项目共计13个，装机容量148.6万千瓦。今年7月份，公司与宁夏嘉泽订立了恺阳及博阳股权转让协议，收购了宁夏红寺堡297.5MW风电、光伏项目及宁夏同心99MW风电项目，为京能清洁能源下半年的装机容量增长贡献了一份力量。值得一提的是，此次收购有利于京能清洁能源西北分公司的集约化管理，将与公司既有资产形成较好的协同效应。不仅可以达到优势互补，取长补短，降本增效，业务相互协同的目的，还可以让公司形成全国化、全方位的战略布局。事实上，收购并购是新能源行业集中度增强的必经之路，也是行业内部洗牌的一种表现。随着整体行业自建项目成本的增加，寻求通过并购形式收购股权获得项目，甚至收购其他行业填补业态布局短板、扩大规模已成为新能源企业新的经营模式之一。对新能源企业而言，由之前的纯竞争转为合作，不仅可以相互借力，一定程度上规避投资风险，实现利益最大化。同时，还可以发挥各家所长，把企业做到最好。因此，长期来看，随着市场环境的变化，新能源企业未来的发展模式，除了苦练内功，增强自身的硬核实力之外，以并购、重组等形式来获取更多资源，多领域的尝试，“双轮驱动”以至“四轮驱动”将是新能源的企业未来成长之路，京能清洁能源已正式踏上了这条“做强、做大”的高速之路。","news_type":1},"isVote":1,"tweetType":1,"viewCount":990,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":811109949,"gmtCreate":1630293486281,"gmtModify":1704957957142,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811109949","repostId":"1167910924","repostType":2,"repost":{"id":"1167910924","kind":"news","pubTimestamp":1630284735,"share":"https://www.laohu8.com/m/news/1167910924?lang=&edition=full","pubTime":"2021-08-30 08:52","market":"hk","language":"zh","title":"海底捞为何要对张勇妻子及创始人“下手”","url":"https://stock-news.laohu8.com/highlight/detail?id=1167910924","media":"联商网资讯","summary":"这些年，作为火锅界的大哥，海底捞的日子过得并不太顺利。\n6月15日，在股东大会上，有人问，海底捞能否持续增长？董事长张勇耿直地回答：“大家神话海底捞了，我本人非常反感。我作为海底捞最大的股东，我是不抱","content":"<p>这些年，作为火锅界的大哥，<a href=\"https://laohu8.com/S/06862\">海底捞</a>的日子过得并不太顺利。</p>\n<p>6月15日，在股东大会上，有人问，海底捞能否持续增长？董事长张勇耿直地回答：“大家神话海底捞了，我本人非常反感。我作为海底捞最大的股东，我是不抱有希望的。”</p>\n<p>张勇说，“我常常讲，要想知道什么是名不符实，看看海底捞就知道了，所有餐饮企业面临的困难，我们同样面临；所有餐饮企业不能解决的问题，我们依然没有解决。”</p>\n<p>张勇所说的是真实靠谱的大实话，当然，也不排除为海底捞的业绩下滑做铺垫，打预防针，对投资人来说，要有个心理准备。</p>\n<p><b>01</b></p>\n<p><b>人事变动</b></p>\n<p><b>团队引入新鲜血液</b></p>\n<p>8月24日，海底捞宣布，自即日起，舒萍辞任公司非执行董事及审计委员会成员，施永宏辞任公司执行董事。这两人都是海底捞的创始人，舒萍是董事长张勇的妻子。</p>\n<p>海底捞表示，舒萍辞任的原因是公司内部组织架构调整，而施永宏则是为了将更多的时间和精力投入到其他业务中。舒萍于2015年成为公司董事，并于2018年调任非执行董事，主要负责监督集团的管理与战略发展。</p>\n<p>施永宏是海底捞的“二把手”，也是创始人之一。其于2015年成为公司董事，并于2018年调任执行董事，主要负责参与并监督集团的管理以及战略发展。除了在集团任职外，施永宏还是海底捞旗下火锅料供应商<a href=\"https://laohu8.com/S/01579\">颐海国际</a>的执行董事及董事长，并在海底捞旗下多个成员公司担任董事职位。</p>\n<p>公告同时表示，杨利娟被任为公司副首席执行官，蔡新民被任为公司审计委员会成员。并新增杨利娟、李朋、杨华、刘林毅、李瑜、宋青、杨立七位执行董事，新增马蔚华、吴宵光两位独立非执行董事。</p>\n<p>杨利娟在此次任命前是海底捞的首席营运官，主要负责监督集团的运营工作。此次任命后，杨利娟将负责协助首席执行官管理集团整体运营工作。</p>\n<p>今年上半年，海底捞变更组织构架，将区域统筹教练模式，改为大、小区管理模式。将现有门店按地域划分为5个大区，由大区经理统筹区域内的门店拓展、工程、选品、定价等工作。每个大区分设若干小区，由小区经理对区域内门店进行现场巡视、考核和辅导。</p>\n<p>海底捞表示，希望通过组织构架的变革，精准识别每家门店存在的问题，并进行持续性的监督和辅导。</p>\n<p>据报道，新的执行董事，年龄都在40岁上下，大多是海底捞从基层培养出来的，有丰富的一线工作经验。杨利娟从1997年起，就跟随张勇一起创业，是张勇挖来的首个服务员。海底捞上市后，杨利娟成为了“最牛服务员”，持有公司1.79亿股，身价超过50亿元。</p>\n<p>1994年，施永宏和妻子李海燕与张勇夫妇共同创立了海底捞。十年后，张勇让妻子和施永宏退出海底捞董事会。并以原始出资价格收购施永宏夫妇所持海底捞18%股权。</p>\n<p>笔者以为，<b>作为海底捞的掌门人，张勇让妻子和元老级创始人一起退出管理一线，对海底捞来说，是组织革新的必要手段。一方面，进一步淡化家族管理的色彩；另一方面，让新鲜血液进入最高管理层，意味着变革的开始。</b></p>\n<p><b>02</b></p>\n<p><b>疯狂扩张</b></p>\n<p><b>海底捞需要注意什么？</b></p>\n<p>8月24日晚间，海底捞发布2021年半年报。上半年，公司实现营收200.94亿元，同比增长105.9％；实现净利润9452.9万元，较上年同期的亏损9.65亿元，实现扭亏为盈。</p>\n<p>从今年2月以后，海底捞的股价就一路向下，相比最高时，跌去了6成多。截至8月25日收盘，公司股价报27.4港元/股，总市值为1496亿港元。今年2月，海底捞股价创出历史新高，达85.8港元/股，市值超过4500亿港元。<b>仅仅半年，就蒸发3000多亿港元。</b></p>\n<p>股价为什么下跌？笔者以为，疫情这个最大“黑天鹅”对餐饮行业造成巨大的影响。在疫情不断反反复复的状态之下，资本市场对餐饮、娱乐、院线等行业普遍不看好，股价下跌成为必然。</p>\n<p>从2020年至今，疫情虽然造成不利影响，但海底捞却抓住机会，逆势扩张。</p>\n<p><img src=\"https://static.tigerbbs.com/f59b1a42861728038e42b70f76b76f58\" tg-width=\"660\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>到2019年海底捞共有768家店，但2020年一年，海底捞就新开了530家店。海底捞的扩张提速始于2020年下半年，在新开门店当中，2020年下半年新增363家，今年上半年新增299家。据媒体报道，疫情之后物业给了很多优惠，签约有更高的便利度，这让海底捞无法不心动。尤其在三四线城市，当地商场会提供类似免租的优惠政策，开店成本更低。</p>\n<p>为了提升业绩加之疫情导致的成本提升的影响，2020年4月海底捞悄悄涨价。有消费者发现一份现炸酥肉由28元涨至44元，在舆论的“口诛笔伐”下，海底捞很快致歉并表示恢复原价。今年3月，海底捞将小料中的牛肉粒以植物蛋白“味伴侣”替代，“海底捞牛肉粒变素”让它再次陷入舆论漩涡。</p>\n<p>笔者认为，在疫情期间逆势扩张，是一个正确的战略选择，就跟股市抄底的道理一样。但问题是，开店并不仅仅是在硬件的扩张，服务、管理、营运这一系列的配套跟得上才是最重要的。很多连锁型零售企业，往往最终兵败“快速扩张”。在扩张的过程中，至少需要关注最为核心的三点要素：</p>\n<p><b>第一、人才队伍。</b>新开一个门店，对于终端门店来说需要相应的人才团队，而当在一个片区门店密度加大之后，从集团到区域化管理的人才队伍都需要能够跟得上。</p>\n<p><b>第二、成本控制。</b>开店意味着大量的固定成本投入，这是一方面；另一方面，新店运营之后如果获客能力跟不上，日常的运营成本(菜品的损耗)会让新店迅速成为整个集团的“累赘”。</p>\n<p><b>第三、选址。</b>快速的开店扩张，一定程度上意味着新店泥沙俱下，良莠不齐。对任何连锁零售业态来说，选址至关重要。最为忌讳的是，从总部的角度出发，往往会为了实现开店数量目标，而怀揣侥幸心理(以为能火爆、应该能火爆)地开出不少选址并不明智的门店。</p>\n<p><b>03</b></p>\n<p><b>除了“服务”</b></p>\n<p><b>海底捞还有什么？</b></p>\n<p>张勇在今年6月份曾指出：“海底捞从创业到目前为止，还没有真正建立过完全科学的制度。比如流程化操作方面，组织大了会有各种层级，每个层级在操作中都可能会违反一些制度。为什么之前网上炒作海底捞制度很牛逼？因为被业绩给掩盖了。而且我每次说有问题，大家都说我是谦虚。”</p>\n<p>众所周知，海底捞是以服务打造自己的核心竞争优势，从而区别于其他的餐饮品牌。</p>\n<p>二十七年来，海底捞这种“服务取胜”的USP(独特的销售主张Unique Selling Proposition)过时了吗？大众对海底捞是否已经审美疲劳？</p>\n<p>笔者的体验是，海底捞的服务确实比其他任何一家餐饮都好，比如说善意的提醒，递热毛巾，配好每人一份的小碗牛肉汤等等。也许在过去海底捞饱受“过度服务”的批判，目前来看，海底捞对整个服务项目和标准已经有所优化，更加自然和人性化。</p>\n<p><img src=\"https://static.tigerbbs.com/a54591efb4c80b81122ed14842f8f5e8\" tg-width=\"660\" tg-height=\"440\" referrerpolicy=\"no-referrer\"></p>\n<p>从客观的角度来评价，海底捞的服务没有过度，确实能够为全程的消费体验加分。但是，如果取消掉这些服务，用户也能接受。</p>\n<p>作为火锅赛道的第一品牌，在川派火锅当中，<b>从菜品、性价比和口味三个角度来看，海底捞似乎都不是最佳的。</b>或者可以这么解读，海底捞以“服务”建立了自己与其他川派火锅之间的区隔，而这样的区隔又让海底捞有意识地拉高了自己的定价，所以，以“优质服务+高价位”确立了海底捞“火锅一哥”的身份。</p>\n<p>在这样的定位策略之下，海底捞避免了在产品上陷入与同行的竞争。比如说底锅，海底捞底锅中的配菜远不如谭鸭血，而菜品——包括主打的肉类、毛肚、豆制品等，在同等价位之下远不如其他川派火锅。笔者今年在成都期间，当地人普遍反映，四川很少有人吃海底捞。</p>\n<p>综合分析来看，海底捞的产品本身并没有竞争优势，在同品质的基础上，海底捞的价格远远偏高。而海底捞依然尚能维持不错的热度，只是徒然带着火锅第一品牌的高帽子，对于资深吃货而言，海底捞丝毫没有吸引力。</p>\n<p>对于火锅这样的品类，好吃自然第一要素，海底捞的消费动机，笔者以为可能会有两类：</p>\n<p><b>第一类，尝鲜</b>，去体验一下海底捞的服务到底是什么样的。</p>\n<p><b>第二类，面子心理</b>。老板带公司员工聚会，或者朋友聚会，生日庆祝等，海底捞消费，相较于五星级饭店来说价位能接受，也有面子。</p>\n<p><b>04</b></p>\n<p><b>餐饮企业的零售化倾向</b></p>\n<p>海底捞发布的2021半年报还显示了两项关键指标：</p>\n<p>海底捞一直引以为傲的翻台率跌到了3次/天，比2020年疫情期间还低。2020年上半年，海底捞的翻台率为3.3次/天，2020年的平均翻台率为3.5次/天。再往前追溯，2016年-2019年，海底捞的翻台率分别为4.5次/天、5.0次/天、5.0次/天以及4.8次/天。</p>\n<p>海底捞的顾客人均消费也在下滑。2021年上半年，海底捞的顾客人均消费为107.3元，而上年同期为112.8元。</p>\n<p>从数据上看，营业额跟人均消费客单价跟翻台率紧密相关，数据自然是越高越好。但也有业内人士认为，餐饮在标准化的道路上，必须要实现“降低堂食”，鼓励外卖带走，让餐饮企业变成商超百货一样的零售企业。</p>\n<p>2017年的一篇文章《为什么说海底捞把餐饮行业给带到沟里去了？》举了<a href=\"https://laohu8.com/S/MCD\">麦当劳</a>的例子，文章说：为什么中国餐饮这么难做，但是美国的麦当劳1000亿美金市值这么多年？我就思考，中国都讲翻台率，那麦当劳会不会除了翻台率还有其他的？</p>\n<p>我想到一些电影里老外吃汉堡的场景，要么是拎着汉堡在街上吃，要么是加班时候随手拿个吃，我就托人打听麦当劳的外带数据，我发现麦当劳外带的数据超过堂食数据，这代表它是零售业。</p>\n<p>笔者以为，麦当劳这样的快餐企业SKU非常有限，标准化非常方便，但是火锅这样相对比较复杂(当然炒菜类餐饮产品更复杂)的餐饮来说，标准化并不容易，而且外卖的可能性很低。</p>\n<p>所以，中餐企业想要类似麦当劳那样从餐饮企业变成“零售企业”，几乎很难(虽然海底捞也推出了自嗨锅这样的外卖产品，但整体规模毕竟太小了)。</p>\n<p><img src=\"https://static.tigerbbs.com/b3fa4873ced5aa075375268cb0520cd9\" tg-width=\"660\" tg-height=\"452\" referrerpolicy=\"no-referrer\"></p>\n<p>那么客单价和翻台率双双降低，对海底捞意味着什么呢？笔者的理解是这样的：</p>\n<p><b>第一，客单价的降低对海底捞来说并不一定就是坏事。</b>当海底捞的“服务”不再具有绝对吸引力的时候，高价位会让众多竞争对手有机可乘。让价格回归理性，具有比较优势，在品牌势能的加持之下，海底捞反而可以吸引更多的消费者。</p>\n<p><b>第二，不同的餐饮品类翻台率各有不同</b>(沙县小吃的翻台率跟海底捞完全不同)，而且翻台率的高低并不能反映经营能力的强弱(翻台率高不代表每一单的营业收入更高)，在某种程度上，消费时间长也可能意味着消费得更多，所以翻台率这个指标具有双面性，而且翻台率也完全不是商家所能控制的。</p>\n<p>最后，笔者以为，已经走过了27年的海底捞，市场对其新鲜体验感已经大大降低，<b>产品创新，模式创新已经到了一个不得不改变的转折点。</b></p>","source":"lsy1614676822040","collect":0,"html":"<!DOCTYPE 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}\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: 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海底捞为何要对张勇妻子及创始人“下手”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 08:52 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/l7-nK7ZKXP7kndgoByHglQ><strong>联商网资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>这些年，作为火锅界的大哥，海底捞的日子过得并不太顺利。\n6月15日，在股东大会上，有人问，海底捞能否持续增长？董事长张勇耿直地回答：“大家神话海底捞了，我本人非常反感。我作为海底捞最大的股东，我是不抱有希望的。”\n张勇说，“我常常讲，要想知道什么是名不符实，看看海底捞就知道了，所有餐饮企业面临的困难，我们同样面临；所有餐饮企业不能解决的问题，我们依然没有解决。”\n张勇所说的是真实靠谱的大实话，当然...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/l7-nK7ZKXP7kndgoByHglQ\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/23f2c25e060d113f3768c45cafc16292","relate_stocks":{"06862":"海底捞","09988":"阿里巴巴-W"},"source_url":"https://mp.weixin.qq.com/s/l7-nK7ZKXP7kndgoByHglQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167910924","content_text":"这些年，作为火锅界的大哥，海底捞的日子过得并不太顺利。\n6月15日，在股东大会上，有人问，海底捞能否持续增长？董事长张勇耿直地回答：“大家神话海底捞了，我本人非常反感。我作为海底捞最大的股东，我是不抱有希望的。”\n张勇说，“我常常讲，要想知道什么是名不符实，看看海底捞就知道了，所有餐饮企业面临的困难，我们同样面临；所有餐饮企业不能解决的问题，我们依然没有解决。”\n张勇所说的是真实靠谱的大实话，当然，也不排除为海底捞的业绩下滑做铺垫，打预防针，对投资人来说，要有个心理准备。\n01\n人事变动\n团队引入新鲜血液\n8月24日，海底捞宣布，自即日起，舒萍辞任公司非执行董事及审计委员会成员，施永宏辞任公司执行董事。这两人都是海底捞的创始人，舒萍是董事长张勇的妻子。\n海底捞表示，舒萍辞任的原因是公司内部组织架构调整，而施永宏则是为了将更多的时间和精力投入到其他业务中。舒萍于2015年成为公司董事，并于2018年调任非执行董事，主要负责监督集团的管理与战略发展。\n施永宏是海底捞的“二把手”，也是创始人之一。其于2015年成为公司董事，并于2018年调任执行董事，主要负责参与并监督集团的管理以及战略发展。除了在集团任职外，施永宏还是海底捞旗下火锅料供应商颐海国际的执行董事及董事长，并在海底捞旗下多个成员公司担任董事职位。\n公告同时表示，杨利娟被任为公司副首席执行官，蔡新民被任为公司审计委员会成员。并新增杨利娟、李朋、杨华、刘林毅、李瑜、宋青、杨立七位执行董事，新增马蔚华、吴宵光两位独立非执行董事。\n杨利娟在此次任命前是海底捞的首席营运官，主要负责监督集团的运营工作。此次任命后，杨利娟将负责协助首席执行官管理集团整体运营工作。\n今年上半年，海底捞变更组织构架，将区域统筹教练模式，改为大、小区管理模式。将现有门店按地域划分为5个大区，由大区经理统筹区域内的门店拓展、工程、选品、定价等工作。每个大区分设若干小区，由小区经理对区域内门店进行现场巡视、考核和辅导。\n海底捞表示，希望通过组织构架的变革，精准识别每家门店存在的问题，并进行持续性的监督和辅导。\n据报道，新的执行董事，年龄都在40岁上下，大多是海底捞从基层培养出来的，有丰富的一线工作经验。杨利娟从1997年起，就跟随张勇一起创业，是张勇挖来的首个服务员。海底捞上市后，杨利娟成为了“最牛服务员”，持有公司1.79亿股，身价超过50亿元。\n1994年，施永宏和妻子李海燕与张勇夫妇共同创立了海底捞。十年后，张勇让妻子和施永宏退出海底捞董事会。并以原始出资价格收购施永宏夫妇所持海底捞18%股权。\n笔者以为，作为海底捞的掌门人，张勇让妻子和元老级创始人一起退出管理一线，对海底捞来说，是组织革新的必要手段。一方面，进一步淡化家族管理的色彩；另一方面，让新鲜血液进入最高管理层，意味着变革的开始。\n02\n疯狂扩张\n海底捞需要注意什么？\n8月24日晚间，海底捞发布2021年半年报。上半年，公司实现营收200.94亿元，同比增长105.9％；实现净利润9452.9万元，较上年同期的亏损9.65亿元，实现扭亏为盈。\n从今年2月以后，海底捞的股价就一路向下，相比最高时，跌去了6成多。截至8月25日收盘，公司股价报27.4港元/股，总市值为1496亿港元。今年2月，海底捞股价创出历史新高，达85.8港元/股，市值超过4500亿港元。仅仅半年，就蒸发3000多亿港元。\n股价为什么下跌？笔者以为，疫情这个最大“黑天鹅”对餐饮行业造成巨大的影响。在疫情不断反反复复的状态之下，资本市场对餐饮、娱乐、院线等行业普遍不看好，股价下跌成为必然。\n从2020年至今，疫情虽然造成不利影响，但海底捞却抓住机会，逆势扩张。\n\n到2019年海底捞共有768家店，但2020年一年，海底捞就新开了530家店。海底捞的扩张提速始于2020年下半年，在新开门店当中，2020年下半年新增363家，今年上半年新增299家。据媒体报道，疫情之后物业给了很多优惠，签约有更高的便利度，这让海底捞无法不心动。尤其在三四线城市，当地商场会提供类似免租的优惠政策，开店成本更低。\n为了提升业绩加之疫情导致的成本提升的影响，2020年4月海底捞悄悄涨价。有消费者发现一份现炸酥肉由28元涨至44元，在舆论的“口诛笔伐”下，海底捞很快致歉并表示恢复原价。今年3月，海底捞将小料中的牛肉粒以植物蛋白“味伴侣”替代，“海底捞牛肉粒变素”让它再次陷入舆论漩涡。\n笔者认为，在疫情期间逆势扩张，是一个正确的战略选择，就跟股市抄底的道理一样。但问题是，开店并不仅仅是在硬件的扩张，服务、管理、营运这一系列的配套跟得上才是最重要的。很多连锁型零售企业，往往最终兵败“快速扩张”。在扩张的过程中，至少需要关注最为核心的三点要素：\n第一、人才队伍。新开一个门店，对于终端门店来说需要相应的人才团队，而当在一个片区门店密度加大之后，从集团到区域化管理的人才队伍都需要能够跟得上。\n第二、成本控制。开店意味着大量的固定成本投入，这是一方面；另一方面，新店运营之后如果获客能力跟不上，日常的运营成本(菜品的损耗)会让新店迅速成为整个集团的“累赘”。\n第三、选址。快速的开店扩张，一定程度上意味着新店泥沙俱下，良莠不齐。对任何连锁零售业态来说，选址至关重要。最为忌讳的是，从总部的角度出发，往往会为了实现开店数量目标，而怀揣侥幸心理(以为能火爆、应该能火爆)地开出不少选址并不明智的门店。\n03\n除了“服务”\n海底捞还有什么？\n张勇在今年6月份曾指出：“海底捞从创业到目前为止，还没有真正建立过完全科学的制度。比如流程化操作方面，组织大了会有各种层级，每个层级在操作中都可能会违反一些制度。为什么之前网上炒作海底捞制度很牛逼？因为被业绩给掩盖了。而且我每次说有问题，大家都说我是谦虚。”\n众所周知，海底捞是以服务打造自己的核心竞争优势，从而区别于其他的餐饮品牌。\n二十七年来，海底捞这种“服务取胜”的USP(独特的销售主张Unique Selling Proposition)过时了吗？大众对海底捞是否已经审美疲劳？\n笔者的体验是，海底捞的服务确实比其他任何一家餐饮都好，比如说善意的提醒，递热毛巾，配好每人一份的小碗牛肉汤等等。也许在过去海底捞饱受“过度服务”的批判，目前来看，海底捞对整个服务项目和标准已经有所优化，更加自然和人性化。\n\n从客观的角度来评价，海底捞的服务没有过度，确实能够为全程的消费体验加分。但是，如果取消掉这些服务，用户也能接受。\n作为火锅赛道的第一品牌，在川派火锅当中，从菜品、性价比和口味三个角度来看，海底捞似乎都不是最佳的。或者可以这么解读，海底捞以“服务”建立了自己与其他川派火锅之间的区隔，而这样的区隔又让海底捞有意识地拉高了自己的定价，所以，以“优质服务+高价位”确立了海底捞“火锅一哥”的身份。\n在这样的定位策略之下，海底捞避免了在产品上陷入与同行的竞争。比如说底锅，海底捞底锅中的配菜远不如谭鸭血，而菜品——包括主打的肉类、毛肚、豆制品等，在同等价位之下远不如其他川派火锅。笔者今年在成都期间，当地人普遍反映，四川很少有人吃海底捞。\n综合分析来看，海底捞的产品本身并没有竞争优势，在同品质的基础上，海底捞的价格远远偏高。而海底捞依然尚能维持不错的热度，只是徒然带着火锅第一品牌的高帽子，对于资深吃货而言，海底捞丝毫没有吸引力。\n对于火锅这样的品类，好吃自然第一要素，海底捞的消费动机，笔者以为可能会有两类：\n第一类，尝鲜，去体验一下海底捞的服务到底是什么样的。\n第二类，面子心理。老板带公司员工聚会，或者朋友聚会，生日庆祝等，海底捞消费，相较于五星级饭店来说价位能接受，也有面子。\n04\n餐饮企业的零售化倾向\n海底捞发布的2021半年报还显示了两项关键指标：\n海底捞一直引以为傲的翻台率跌到了3次/天，比2020年疫情期间还低。2020年上半年，海底捞的翻台率为3.3次/天，2020年的平均翻台率为3.5次/天。再往前追溯，2016年-2019年，海底捞的翻台率分别为4.5次/天、5.0次/天、5.0次/天以及4.8次/天。\n海底捞的顾客人均消费也在下滑。2021年上半年，海底捞的顾客人均消费为107.3元，而上年同期为112.8元。\n从数据上看，营业额跟人均消费客单价跟翻台率紧密相关，数据自然是越高越好。但也有业内人士认为，餐饮在标准化的道路上，必须要实现“降低堂食”，鼓励外卖带走，让餐饮企业变成商超百货一样的零售企业。\n2017年的一篇文章《为什么说海底捞把餐饮行业给带到沟里去了？》举了麦当劳的例子，文章说：为什么中国餐饮这么难做，但是美国的麦当劳1000亿美金市值这么多年？我就思考，中国都讲翻台率，那麦当劳会不会除了翻台率还有其他的？\n我想到一些电影里老外吃汉堡的场景，要么是拎着汉堡在街上吃，要么是加班时候随手拿个吃，我就托人打听麦当劳的外带数据，我发现麦当劳外带的数据超过堂食数据，这代表它是零售业。\n笔者以为，麦当劳这样的快餐企业SKU非常有限，标准化非常方便，但是火锅这样相对比较复杂(当然炒菜类餐饮产品更复杂)的餐饮来说，标准化并不容易，而且外卖的可能性很低。\n所以，中餐企业想要类似麦当劳那样从餐饮企业变成“零售企业”，几乎很难(虽然海底捞也推出了自嗨锅这样的外卖产品，但整体规模毕竟太小了)。\n\n那么客单价和翻台率双双降低，对海底捞意味着什么呢？笔者的理解是这样的：\n第一，客单价的降低对海底捞来说并不一定就是坏事。当海底捞的“服务”不再具有绝对吸引力的时候，高价位会让众多竞争对手有机可乘。让价格回归理性，具有比较优势，在品牌势能的加持之下，海底捞反而可以吸引更多的消费者。\n第二，不同的餐饮品类翻台率各有不同(沙县小吃的翻台率跟海底捞完全不同)，而且翻台率的高低并不能反映经营能力的强弱(翻台率高不代表每一单的营业收入更高)，在某种程度上，消费时间长也可能意味着消费得更多，所以翻台率这个指标具有双面性，而且翻台率也完全不是商家所能控制的。\n最后，笔者以为，已经走过了27年的海底捞，市场对其新鲜体验感已经大大降低，产品创新，模式创新已经到了一个不得不改变的转折点。","news_type":1},"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810814571,"gmtCreate":1629962150993,"gmtModify":1629962150993,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810814571","repostId":"2162106440","repostType":2,"repost":{"id":"2162106440","kind":"news","pubTimestamp":1629959831,"share":"https://www.laohu8.com/m/news/2162106440?lang=&edition=full","pubTime":"2021-08-26 14:37","market":"sh","language":"zh","title":"大摩：予药明生物“增持”评级 目标价升3.6%至170港元","url":"https://stock-news.laohu8.com/highlight/detail?id=2162106440","media":"智通财经","summary":"大摩发布研究报告称，予药明生物(02269)“增持”评级，目标价自164港元上调至170港元，上调2021-24年间盈测1%至9%，以反映强劲上半年业绩表现，收入及毛利润预测也同步上调。 ...","content":"<html><body><div>\n<p>　　大摩发布研究报告称，予<a href=\"https://laohu8.com/S/02269\">药明生物</a>(02269)“增持”评级，目标价自164港元上调至170港元，上调2021-24年间盈测1%至9%，以反映强劲上半年业绩表现，收入及毛利润预测也同步上调。</p>\n<p><strong>关注<a href=\"https://laohu8.com/S/300033\">同花顺</a>财经（ths518），获取更多机会</strong></p>\n<span></span>\n<div><span>责任编辑：cjh</span></div>\n</div></body></html>","source":"tonghuashun","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>大摩：予药明生物“增持”评级 目标价升3.6%至170港元</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: 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大摩：予药明生物“增持”评级 目标价升3.6%至170港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 14:37 北京时间&nbsp;&nbsp;&nbsp;<a href=http://stock.10jqka.com.cn/hks/20210826/c632175865.shtml><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>大摩发布研究报告称，予药明生物(02269)“增持”评级，目标价自164港元上调至170港元，上调2021-24年间盈测1%至9%，以反映强劲上半年业绩表现，收入及毛利润预测也同步上调。\n关注同花顺财经（ths518），获取更多机会\n\n责任编辑：cjh</p>\n\n<a href=\"http://stock.10jqka.com.cn/hks/20210826/c632175865.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24fa8350588843d92f819ac12ab5ce16","relate_stocks":{"02269":"药明生物"},"source_url":"http://stock.10jqka.com.cn/hks/20210826/c632175865.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","article_id":"2162106440","content_text":"大摩发布研究报告称，予药明生物(02269)“增持”评级，目标价自164港元上调至170港元，上调2021-24年间盈测1%至9%，以反映强劲上半年业绩表现，收入及毛利润预测也同步上调。\n关注同花顺财经（ths518），获取更多机会\n\n责任编辑：cjh","news_type":1},"isVote":1,"tweetType":1,"viewCount":791,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837654134,"gmtCreate":1629886521628,"gmtModify":1629886521628,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/837654134","repostId":"2162031026","repostType":2,"repost":{"id":"2162031026","kind":"news","pubTimestamp":1629875170,"share":"https://www.laohu8.com/m/news/2162031026?lang=&edition=full","pubTime":"2021-08-25 15:06","market":"hk","language":"zh","title":"中泰证券：维持药明生物(02269)“买入”评级 期待新技术平台逐步贡献新增量","url":"https://stock-news.laohu8.com/highlight/detail?id=2162031026","media":"智通财经","summary":"智通财经APP获悉，中泰证券发布研究报告称，维持药明生物“买入”评级，认为公司是全球生物药外包服务行业稀缺标的，所处行业高景气、公司优势凸显，后续随着现有项目进入商业化，以及XDC、疫苗、双抗等平台加速兑现，长期空间广阔，未来可期。中泰证券主要观点如下：业绩超预期，归母净利润高于业绩预告。前次业绩预告2021H1归母净利润同比增长135%，实际增长150.3%，高于预期。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/600918\">中泰证券</a>发布研究报告称，维持<a href=\"https://laohu8.com/S/02269\">药明生物</a>(02269)“买入”评级，认为公司是全球生物药外包服务行业稀缺标的，所处行业高景气、公司优势凸显，后续随着现有项目进入商业化，以及XDC、疫苗、双抗等平台加速兑现，长期空间广阔，未来可期。</p><p><strong>事件：</strong>公司发布2021年上半年业绩，期内实现营业收入44.1亿元，同比增长126.7%;归母净利润18.4亿元，同比增长150.3%;经调整归母净利润17.7亿元，同比增长163%。</p><p><strong>中泰证券主要观点如下：</strong></p><p><strong>业绩超预期，归母净利润高于业绩预告。</strong></p><p>前次业绩预告2021H1归母净利润同比增长135%，实际增长150.3%，高于预期。该行认为主要源于：</p><p>1)临床后期及商业化项目快速放量，其中临床阶段收入19.4亿元(同比+109.2%)，商业化阶段收入8.89亿(+2923.5%);</p><p>2)海外疫情常态化后需求的快速恢复，2021H1北美收入21.9亿元(同比+149.3%)，欧洲收入9.9亿元(同比+706.8%);</p><p>3)管理能力持续优化，运营效率持续提升，2021H1毛利率约为52.1%(+11.6pp)，净利率约为41.8%(+3.9pp)，期间费用率约12.4%(-8.2pp);</p><p>4)去年基数低：去年上半年因疫情扰动导致整体基数较低，2020H1归母7.4亿(+63.6%)，但对比2019H1归母净利润，公司2019H1-2021H1CAGR约102.3%，增长迅猛。</p><p><strong>CMO放量逻辑持续兑现，跟随并赢得分子策略进展顺利，有望带动整体业绩加速增长。</strong></p><p>公司秉承跟随及赢得分子策略，截止6月30日，上半年延伸27个项目(14个临床前至临床、2个III期至商业化)，外部引进20个临床项目(+400%，其中临床II期9个、临床III期4个)，新增79个项目，整体项目数达408个(较2020H1同比+42.7%)，其中临床前212个(+50.4%)、早期(I期、II期)项目数达160个(+28%)，III期项目达32个(+68.4%)，商业化项目4个(新增三个)。</p><p>此外，源于项目数不断快速增长，公司在手订单持续高增，预计未来三年能够完成订单总额达22.5亿美元(+143.1%)，未完成订单总额约124.6亿美元(+31.7%)，其中未完成服务订单72.3亿美元(+25.2%)。该行预计2021年将有7个商业化项目落地，有望推动CDMO板块新一轮放量，带动整体业绩提速增长。</p><p><strong>先进的XDC、疫苗、双抗平台带来增长新动能。</strong></p><p><strong>XDC：</strong>公司XDC药物研发平台凭借WuXiDAR4技术优势承接48个ADC项目(+60%)，已有15个CDMO项目正在进行，商业化放量可期;</p><p><strong>WuxiVaccine：</strong>9个疫苗订单正在执行(同比增长8个)，在手订单提升至33亿美元，药明海德预计2022年投入运营，有望持续带来业绩增量。</p><p><strong>双抗：</strong>WuxiBody™承接31个项目(+19.2%)，预计2021年新增1~2个IND申请，有望延伸CDMO逐步贡献新增量。</p><p><strong>盈利预测与投资建议：</strong>该行预计2021-2023年公司收入93.6、138.4和194亿元，同比增长66.7%、47.9%、40.2%，归母净利润28.2、41.7和58.8亿元，同比增长67.1%、47.6%、41.2%，对应EPS为0.67、0.98、1.39元。</p><p><strong>风险提示事件：</strong>研究报告使用的公开资料可能存在信息滞后或更新不及时的风险、拟收购<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>中国生物药生产基地项目进展不及预期风险、生物药研发投入不及预期、核心技术人员流失的风险。</p></body></html>","source":"stock_zhitongcaijing","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>中泰证券：维持药明生物(02269)“买入”评级 期待新技术平台逐步贡献新增量</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{ 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}\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: 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中泰证券：维持药明生物(02269)“买入”评级 期待新技术平台逐步贡献新增量\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-25 15:06 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/543594.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中泰证券发布研究报告称，维持药明生物(02269)“买入”评级，认为公司是全球生物药外包服务行业稀缺标的，所处行业高景气、公司优势凸显，后续随着现有项目进入商业化，以及XDC、疫苗、双抗等平台加速兑现，长期空间广阔，未来可期。事件：公司发布2021年上半年业绩，期内实现营业收入44.1亿元，同比增长126.7%;归母净利润18.4亿元，同比增长150.3%;经调整归母净利润...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/543594.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/df4ec61541b268a5353585001973d7cb","relate_stocks":{"600918":"中泰证券","02269":"药明生物"},"source_url":"http://www.zhitongcaijing.com/content/detail/543594.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162031026","content_text":"智通财经APP获悉，中泰证券发布研究报告称，维持药明生物(02269)“买入”评级，认为公司是全球生物药外包服务行业稀缺标的，所处行业高景气、公司优势凸显，后续随着现有项目进入商业化，以及XDC、疫苗、双抗等平台加速兑现，长期空间广阔，未来可期。事件：公司发布2021年上半年业绩，期内实现营业收入44.1亿元，同比增长126.7%;归母净利润18.4亿元，同比增长150.3%;经调整归母净利润17.7亿元，同比增长163%。中泰证券主要观点如下：业绩超预期，归母净利润高于业绩预告。前次业绩预告2021H1归母净利润同比增长135%，实际增长150.3%，高于预期。该行认为主要源于：1)临床后期及商业化项目快速放量，其中临床阶段收入19.4亿元(同比+109.2%)，商业化阶段收入8.89亿(+2923.5%);2)海外疫情常态化后需求的快速恢复，2021H1北美收入21.9亿元(同比+149.3%)，欧洲收入9.9亿元(同比+706.8%);3)管理能力持续优化，运营效率持续提升，2021H1毛利率约为52.1%(+11.6pp)，净利率约为41.8%(+3.9pp)，期间费用率约12.4%(-8.2pp);4)去年基数低：去年上半年因疫情扰动导致整体基数较低，2020H1归母7.4亿(+63.6%)，但对比2019H1归母净利润，公司2019H1-2021H1CAGR约102.3%，增长迅猛。CMO放量逻辑持续兑现，跟随并赢得分子策略进展顺利，有望带动整体业绩加速增长。公司秉承跟随及赢得分子策略，截止6月30日，上半年延伸27个项目(14个临床前至临床、2个III期至商业化)，外部引进20个临床项目(+400%，其中临床II期9个、临床III期4个)，新增79个项目，整体项目数达408个(较2020H1同比+42.7%)，其中临床前212个(+50.4%)、早期(I期、II期)项目数达160个(+28%)，III期项目达32个(+68.4%)，商业化项目4个(新增三个)。此外，源于项目数不断快速增长，公司在手订单持续高增，预计未来三年能够完成订单总额达22.5亿美元(+143.1%)，未完成订单总额约124.6亿美元(+31.7%)，其中未完成服务订单72.3亿美元(+25.2%)。该行预计2021年将有7个商业化项目落地，有望推动CDMO板块新一轮放量，带动整体业绩提速增长。先进的XDC、疫苗、双抗平台带来增长新动能。XDC：公司XDC药物研发平台凭借WuXiDAR4技术优势承接48个ADC项目(+60%)，已有15个CDMO项目正在进行，商业化放量可期;WuxiVaccine：9个疫苗订单正在执行(同比增长8个)，在手订单提升至33亿美元，药明海德预计2022年投入运营，有望持续带来业绩增量。双抗：WuxiBody™承接31个项目(+19.2%)，预计2021年新增1~2个IND申请，有望延伸CDMO逐步贡献新增量。盈利预测与投资建议：该行预计2021-2023年公司收入93.6、138.4和194亿元，同比增长66.7%、47.9%、40.2%，归母净利润28.2、41.7和58.8亿元，同比增长67.1%、47.6%、41.2%，对应EPS为0.67、0.98、1.39元。风险提示事件：研究报告使用的公开资料可能存在信息滞后或更新不及时的风险、拟收购辉瑞中国生物药生产基地项目进展不及预期风险、生物药研发投入不及预期、核心技术人员流失的风险。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835151166,"gmtCreate":1629696705355,"gmtModify":1629696705355,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835151166","repostId":"2161725272","repostType":2,"repost":{"id":"2161725272","kind":"news","pubTimestamp":1629684392,"share":"https://www.laohu8.com/m/news/2161725272?lang=&edition=full","pubTime":"2021-08-23 10:06","market":"us","language":"zh","title":"【异动股】药明生物(02269.HK)涨3.13%","url":"https://stock-news.laohu8.com/highlight/detail?id=2161725272","media":"金融界网站","summary":"【财华社讯】药明生物(02269.HK)截至10:06上涨3.13%，现报108.6港元，涨3.3港元。成交375万股，涉资3.967亿元。（出处：FinetAI）","content":"<html><body><div><p>　　【财华社讯】<a href=\"https://laohu8.com/S/02269\">药明生物</a>(02269.HK)截至10:06上涨3.13%，现报108.6港元，涨3.3港元。成交375万股，涉资3.967亿元。（出处：FinetAI）</p>\n<div>\n</div>\n</div></body></html>","source":"jinrongjie_stock","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>【异动股】药明生物(02269.HK)涨3.13%</title>\n<style 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Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{"02269":"药明生物"},"source_url":"http://hk.jrj.com.cn/2021/08/23100633301119.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2161725272","content_text":"【财华社讯】药明生物(02269.HK)截至10:06上涨3.13%，现报108.6港元，涨3.3港元。成交375万股，涉资3.967亿元。（出处：FinetAI）","news_type":1},"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185074602,"gmtCreate":1623629022806,"gmtModify":1623629022806,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/185074602","isVote":1,"tweetType":1,"viewCount":2262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":186735151,"gmtCreate":1623541451273,"gmtModify":1623541451273,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186735151","isVote":1,"tweetType":1,"viewCount":2205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":188433025,"gmtCreate":1623458054267,"gmtModify":1623458054267,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188433025","isVote":1,"tweetType":1,"viewCount":2265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":114766254,"gmtCreate":1623106946678,"gmtModify":1623106946678,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114766254","isVote":1,"tweetType":1,"viewCount":2270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":115785248,"gmtCreate":1623031247384,"gmtModify":1623031247384,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/115785248","isVote":1,"tweetType":1,"viewCount":2586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":118422427,"gmtCreate":1622757115669,"gmtModify":1622757115669,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/118422427","isVote":1,"tweetType":1,"viewCount":2037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":111153218,"gmtCreate":1622668842434,"gmtModify":1622668842434,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f5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16:00","market":"us","language":"zh","title":"老虎证券收购香港持牌券商获香港证监会批准","url":"https://stock-news.laohu8.com/highlight/detail?id=1114369979","media":"老虎资讯综合","summary":"美东时间10月26日盘前，老虎证券（NASDAQ：TIGR）发布公告：公司收购一家香港券商（海悦证券，中央编号：BMU940）已获香港证监会（SFC）批准。该券商持有香港第1、2类牌照，此次收购正式完","content":"<p>美东时间10月26日盘前，老虎证券（NASDAQ：TIGR）发布公告：公司收购一家香港券商（海悦证券，中央编号：BMU940）已获香港证监会（SFC）批准。该券商持有香港第1、2类牌照，此次收购正式完成后，老虎证券可进入香港市场为当地客户提供证券经纪、期货经纪等服务。</p>\n<p>老虎证券创始人及CEO巫天华表示：“香港一直是全球最活跃的金融市场之一，我们非常期待能进入香港金融市场，结合我们过去七年积累的产品技术、服务经验，为香港当地投资者提供更便捷和优质的全球投资体验，为香港市场高速发展贡献一份力量。”</p>\n<p>此前，老虎证券已在美国、新加坡、澳大利亚、新西兰拥有33张金融类牌照和资质。基于牌照和优秀的产品服务体验，2020年，公司以新加坡为首站开启国际化战略。截至2021年二季度末，老虎证券全球开户客户数为164.9万，季度内超六成新增入金客户来自海外。此次收购香港证券牌照则代表老虎证券又一个重要里程碑，公司服务区域将得到进一步扩展，为长期发展奠定了更坚实的基础。</p>\n<p>老虎证券成立于2014年，是一家高速成长的全球科技券商，聚焦技术自研，公司旨在通过金融科技提高投资效率，使每个人轻松连接全球资本市场。目前，老虎证券以经纪业务为核心，向全球投资者提供一个账户交易全球主要市场金融产品的一站式投资服务。此外，公司还提供投行、ESOP（股权激励计划）等机构服务以及财富管理、投资者教育等多种增值服务。今年，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），国际关注度进一步提高。</p>","collect":0,"html":"<!DOCTYPE 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}\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: 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老虎证券收购香港持牌券商获香港证监会批准\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">2021-10-26 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>美东时间10月26日盘前，老虎证券（NASDAQ：TIGR）发布公告：公司收购一家香港券商（海悦证券，中央编号：BMU940）已获香港证监会（SFC）批准。该券商持有香港第1、2类牌照，此次收购正式完成后，老虎证券可进入香港市场为当地客户提供证券经纪、期货经纪等服务。</p>\n<p>老虎证券创始人及CEO巫天华表示：“香港一直是全球最活跃的金融市场之一，我们非常期待能进入香港金融市场，结合我们过去七年积累的产品技术、服务经验，为香港当地投资者提供更便捷和优质的全球投资体验，为香港市场高速发展贡献一份力量。”</p>\n<p>此前，老虎证券已在美国、新加坡、澳大利亚、新西兰拥有33张金融类牌照和资质。基于牌照和优秀的产品服务体验，2020年，公司以新加坡为首站开启国际化战略。截至2021年二季度末，老虎证券全球开户客户数为164.9万，季度内超六成新增入金客户来自海外。此次收购香港证券牌照则代表老虎证券又一个重要里程碑，公司服务区域将得到进一步扩展，为长期发展奠定了更坚实的基础。</p>\n<p>老虎证券成立于2014年，是一家高速成长的全球科技券商，聚焦技术自研，公司旨在通过金融科技提高投资效率，使每个人轻松连接全球资本市场。目前，老虎证券以经纪业务为核心，向全球投资者提供一个账户交易全球主要市场金融产品的一站式投资服务。此外，公司还提供投行、ESOP（股权激励计划）等机构服务以及财富管理、投资者教育等多种增值服务。今年，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），国际关注度进一步提高。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2b649bd69bfc05cb75eea3d2165257a2","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114369979","content_text":"美东时间10月26日盘前，老虎证券（NASDAQ：TIGR）发布公告：公司收购一家香港券商（海悦证券，中央编号：BMU940）已获香港证监会（SFC）批准。该券商持有香港第1、2类牌照，此次收购正式完成后，老虎证券可进入香港市场为当地客户提供证券经纪、期货经纪等服务。\n老虎证券创始人及CEO巫天华表示：“香港一直是全球最活跃的金融市场之一，我们非常期待能进入香港金融市场，结合我们过去七年积累的产品技术、服务经验，为香港当地投资者提供更便捷和优质的全球投资体验，为香港市场高速发展贡献一份力量。”\n此前，老虎证券已在美国、新加坡、澳大利亚、新西兰拥有33张金融类牌照和资质。基于牌照和优秀的产品服务体验，2020年，公司以新加坡为首站开启国际化战略。截至2021年二季度末，老虎证券全球开户客户数为164.9万，季度内超六成新增入金客户来自海外。此次收购香港证券牌照则代表老虎证券又一个重要里程碑，公司服务区域将得到进一步扩展，为长期发展奠定了更坚实的基础。\n老虎证券成立于2014年，是一家高速成长的全球科技券商，聚焦技术自研，公司旨在通过金融科技提高投资效率，使每个人轻松连接全球资本市场。目前，老虎证券以经纪业务为核心，向全球投资者提供一个账户交易全球主要市场金融产品的一站式投资服务。此外，公司还提供投行、ESOP（股权激励计划）等机构服务以及财富管理、投资者教育等多种增值服务。今年，老虎证券获纳入MSCI中国全股票指数（MSCI China All Shares Index），国际关注度进一步提高。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":185074602,"gmtCreate":1623629022806,"gmtModify":1623629022806,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/185074602","isVote":1,"tweetType":1,"viewCount":2262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":186735151,"gmtCreate":1623541451273,"gmtModify":1623541451273,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/186735151","isVote":1,"tweetType":1,"viewCount":2205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826118903,"gmtCreate":1633996744869,"gmtModify":1633996744869,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826118903","repostId":"2174186317","repostType":2,"isVote":1,"tweetType":1,"viewCount":1787,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":118422427,"gmtCreate":1622757115669,"gmtModify":1622757115669,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/118422427","isVote":1,"tweetType":1,"viewCount":2037,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":341982111,"gmtCreate":1617771011633,"gmtModify":1617771011633,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/341982111","isVote":1,"tweetType":1,"viewCount":256,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":188433025,"gmtCreate":1623458054267,"gmtModify":1623458054267,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188433025","isVote":1,"tweetType":1,"viewCount":2265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":340610015,"gmtCreate":1617402245637,"gmtModify":1617402245637,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/340610015","isVote":1,"tweetType":1,"viewCount":374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":320086108,"gmtCreate":1614990798804,"gmtModify":1703483966673,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320086108","repostId":"1183532320","repostType":2,"repost":{"id":"1183532320","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":1614957526,"share":"https://www.laohu8.com/m/news/1183532320?lang=&edition=full","pubTime":"2021-03-05 23:18","market":"us","language":"zh","title":"跟谁学低开高走扭转16%跌幅，盘中涨超10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1183532320","media":"老虎资讯综合","summary":"周五，跟谁学盘中转涨，一度涨超10%，截至发稿涨幅5.09%。盘初曾跌超16%。3月5日，跟谁学公布了2020财年第四季度及2020财年全年未经审计财务报告。根据报告，跟谁学2020年Q4收入达22.","content":"<p>周五，<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>盘中转涨，一度涨超10%，截至发稿涨幅5.09%。盘初曾跌超16%。</p><p><img src=\"https://static.tigerbbs.com/cb6b5d6338311733c563f52359dabb4f\" tg-width=\"840\" tg-height=\"470\"></p><p>3月5日，跟谁学公布了2020财年第四季度及2020财年全年未经审计财务报告。根据报告，跟谁学2020年Q4收入达22.11亿元，同比增长136.5%，正价课付费人次同比增长107.6%达227.5万。</p><p>2020财年Q4财报是跟谁学将K12业务全部合并至“高途课堂”后的首季成绩单，K12在线课程收入为19.75亿元，同比增长155.6%，占公司全部收入的89.33%，K12在线课程的现金收入为29.23亿元人民币，同比增长109.8%,，占公司全部现金收入的92.90%；K12在线课程正价课付费人次达到213.9万，同比增长112.8%，占公司全部正价课付费人次的94%。</p><p>同时，截止到2020年12月31日，跟谁学2020财年全年实现收入71.25亿元，同比增长236.9%，正价课付费人次达587.1万，同比增长168.4%。其中，K12&nbsp;在线课程收入为62.37亿元，同比增长265.5%，K12在线课程正价课付费人次达542.9万，同比增长177.3%。</p><p>跟谁学创始人、董事长兼CEO陈向东表示：“2020年第四季度收入创造新高，达到22.1亿元。2020年营业收入同比增长了236.9%，为71.2亿元。跟谁学取得这样的增速和规模是通过高效率的运营达成的，仅第四季度单季经营净现金流就高达6.36亿元，全年经营净现金流也持续为正”。</p><p>值得关注的是，今年3月2日，跟谁学发布公告称，针对2020年多份做空报告开展的独立调查已基本结束，根据公司独立审计委员会聘请的第三方专业顾问反馈的调查结果，没有发现对公司历史财务报表有重大不利影响的证据。</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 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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跟谁学低开高走扭转16%跌幅，盘中涨超10%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">2021-03-05 23:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>周五，<a href=\"https://laohu8.com/S/GSX\">跟谁学</a>盘中转涨，一度涨超10%，截至发稿涨幅5.09%。盘初曾跌超16%。</p><p><img src=\"https://static.tigerbbs.com/cb6b5d6338311733c563f52359dabb4f\" tg-width=\"840\" tg-height=\"470\"></p><p>3月5日，跟谁学公布了2020财年第四季度及2020财年全年未经审计财务报告。根据报告，跟谁学2020年Q4收入达22.11亿元，同比增长136.5%，正价课付费人次同比增长107.6%达227.5万。</p><p>2020财年Q4财报是跟谁学将K12业务全部合并至“高途课堂”后的首季成绩单，K12在线课程收入为19.75亿元，同比增长155.6%，占公司全部收入的89.33%，K12在线课程的现金收入为29.23亿元人民币，同比增长109.8%,，占公司全部现金收入的92.90%；K12在线课程正价课付费人次达到213.9万，同比增长112.8%，占公司全部正价课付费人次的94%。</p><p>同时，截止到2020年12月31日，跟谁学2020财年全年实现收入71.25亿元，同比增长236.9%，正价课付费人次达587.1万，同比增长168.4%。其中，K12&nbsp;在线课程收入为62.37亿元，同比增长265.5%，K12在线课程正价课付费人次达542.9万，同比增长177.3%。</p><p>跟谁学创始人、董事长兼CEO陈向东表示：“2020年第四季度收入创造新高，达到22.1亿元。2020年营业收入同比增长了236.9%，为71.2亿元。跟谁学取得这样的增速和规模是通过高效率的运营达成的，仅第四季度单季经营净现金流就高达6.36亿元，全年经营净现金流也持续为正”。</p><p>值得关注的是，今年3月2日，跟谁学发布公告称，针对2020年多份做空报告开展的独立调查已基本结束，根据公司独立审计委员会聘请的第三方专业顾问反馈的调查结果，没有发现对公司历史财务报表有重大不利影响的证据。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f49cfbbad938b58f9d764c4f5e672e9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183532320","content_text":"周五，跟谁学盘中转涨，一度涨超10%，截至发稿涨幅5.09%。盘初曾跌超16%。3月5日，跟谁学公布了2020财年第四季度及2020财年全年未经审计财务报告。根据报告，跟谁学2020年Q4收入达22.11亿元，同比增长136.5%，正价课付费人次同比增长107.6%达227.5万。2020财年Q4财报是跟谁学将K12业务全部合并至“高途课堂”后的首季成绩单，K12在线课程收入为19.75亿元，同比增长155.6%，占公司全部收入的89.33%，K12在线课程的现金收入为29.23亿元人民币，同比增长109.8%,，占公司全部现金收入的92.90%；K12在线课程正价课付费人次达到213.9万，同比增长112.8%，占公司全部正价课付费人次的94%。同时，截止到2020年12月31日，跟谁学2020财年全年实现收入71.25亿元，同比增长236.9%，正价课付费人次达587.1万，同比增长168.4%。其中，K12 在线课程收入为62.37亿元，同比增长265.5%，K12在线课程正价课付费人次达542.9万，同比增长177.3%。跟谁学创始人、董事长兼CEO陈向东表示：“2020年第四季度收入创造新高，达到22.1亿元。2020年营业收入同比增长了236.9%，为71.2亿元。跟谁学取得这样的增速和规模是通过高效率的运营达成的，仅第四季度单季经营净现金流就高达6.36亿元，全年经营净现金流也持续为正”。值得关注的是，今年3月2日，跟谁学发布公告称，针对2020年多份做空报告开展的独立调查已基本结束，根据公司独立审计委员会聘请的第三方专业顾问反馈的调查结果，没有发现对公司历史财务报表有重大不利影响的证据。","news_type":1},"isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320086094,"gmtCreate":1614990789718,"gmtModify":1703483966500,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320086094","repostId":"1183532320","repostType":2,"isVote":1,"tweetType":1,"viewCount":41,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":386421704,"gmtCreate":1613261189408,"gmtModify":1613261189408,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"私有化机会难得","listText":"私有化机会难得","text":"私有化机会难得","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/386421704","isVote":1,"tweetType":1,"viewCount":205,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":811218252,"gmtCreate":1630326149476,"gmtModify":1704958454588,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/811218252","repostId":"2163012390","repostType":2,"isVote":1,"tweetType":1,"viewCount":405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835151166,"gmtCreate":1629696705355,"gmtModify":1629696705355,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3550828792714737","authorIdStr":"3550828792714737"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835151166","repostId":"2161725272","repostType":2,"isVote":1,"tweetType":1,"viewCount":1020,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114766254,"gmtCreate":1623106946678,"gmtModify":1623106946678,"author":{"id":"3550828792714737","authorId":"3550828792714737","name":"记事本2020","avatar":"https://static.tigerbbs.com/f529f483c65820f1fbdbed82968cd4d7","crmLevel":2,"crmLe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