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2022-07-04

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2021-03-16

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2021-03-15

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2021-03-15

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2021-03-07

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2021-03-06

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Apple is a luck stock, not a value stock.

2021-03-05

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2021-03-04

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2021-03-04

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Autohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.

2021-03-03

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10:15","market":"us","language":"zh","title":"Apple is a luck stock, not a value stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=2117688834","media":"接招","summary":"前几天巴菲特发布了一年一度的致股东信，苹果毫无悬念地再次成为伯克希尔旗下的第一重仓股，持仓市值达到1200亿美元，而2016年的买入成本是300亿美元。5年时间获得了三倍的账面收益（减持之后）。\n在净","content":"<p>A few days ago, Buffett released his annual letter to shareholders.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Without a doubt, it became again<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Its largest holding has a market value of $120 billion, compared to a purchase cost of $30 billion in 2016. They achieved three times the book return in five years (after reducing their holdings).</p><p>In 2020, when net profits suffered a severe blow, thankfully, there were fruit companies that helped Berkshire Hathaway maintain its image.</p><p>Over the past decade, for many Chinese value investors, if there were three companies that were their ideal targets, it would definitely be Moutai...<a href=\"https://laohu8.com/S/00700\">Tencent</a>And apples.</p><p>According to Buffett's philosophy, a so-called value stock is a company with a competitive advantage that is undervalued by the market. A moat is not hard to understand; it is a monopoly effect in a certain market, such as Moutai's influence in the high-end liquor market, Tencent's obvious advantages in the social and gaming sectors, and Apple's appeal in the high-end mobile phone market.</p><p>One advantage of a competitive advantage is that even if prices are raised, market share will not be lost. Moutai liquor and iPhones are obvious examples, and their prices have been rising in recent years.</p><p>The key is how to understand being undervalued, or how to value undervalued stocks.</p><p>A common valuation method for value investing is discounted cash flow, which involves dividing shareholder earnings by an appropriate discount rate to determine the company's intrinsic value. Conversely, if you spend a large sum of money to buy long-term Treasury Bond, the annual interest income is equivalent to the company's shareholder surplus (generally close to net profit). Dividing the interest income by the interest rate is the true amount of this huge sum, which is the company's intrinsic value.</p><p>Therefore, this valuation method contains one variable and one constant: shareholder earnings are the variable, and the discount rate (long-term Treasury Bond rate) is the constant.</p><p>When Buffett was looking for undervalued stocks in his early years, he focused more on whether they were undervalued at the time than on whether they still had growth potential, which is commonly known as \"picking up cigarette butts\". These companies are generally small-cap stocks that receive little attention and eventually reach a reasonable valuation range through price regression rather than value growth. This stage can be called value investing 1.0.</p><p>Later, under Munger's influence, they began to look for stocks that were not only undervalued but also had huge growth potential in the future. This shift marks a significant watershed moment in value investing: from simply seeking bargains to placing greater emphasis on future profitability. This stage can be called value investing 2.0.</p><p>The difference between value investing 1.0 and value investing 2.0 is that the former considers stocks that are currently undervalued, while the latter considers stocks that will be undervalued in the future. The core issue is whether the company's profitability (shareholder surplus) continues to grow.</p><p>Therefore, the growth of shareholder earnings becomes a prediction of the company's future cash flow generation ability. For example, based on the growth of the company's net profit, it is predicted how much money it can earn in the next ten years. Dividing by 10 and then dividing by a discount rate is the company's true intrinsic value.</p><p>It can be seen that the most difficult part of value investing is predicting and estimating a company's profitability, because generally speaking, the discount rate is fixed, while the annual net profit is flexible. The denominator is static, and the numerator is dynamic.</p><p>But over the past five years, the determining factor of Apple's market capitalization has not been the numerator, but the denominator!</p><p>In fiscal year 2016, Apple's revenue was $210 billion and its net profit was $45 billion; In fiscal year 2020, revenue was $270 billion and net profit was $57 billion. The two indicators that best represent profitability saw increases of 28% and 26%, respectively.</p><p>Let's take a look at Moutai, another king of consumer stocks: its revenue in fiscal year 2016 was 40 billion RMB. Although its 2020 financial report has not yet been released, its revenue of 90 billion RMB should not be a problem. Net profit in 2016 was 18 billion RMB, while last year's net profit should have been around 50 billion RMB. The two indicators increased by 125% and 170%, respectively.</p><p>Moutai's market capitalization increased ninefold from 2016 to 2020; Apple's market capitalization more than quadrupled during the same period. However, Moutai's profitability has doubled in the past five years, while Apple's profit growth rate is only less than 30% (note: it is not 30% growth every year, but a total of 30% growth over five years). What supports Apple's high market capitalization?</p><p>The answer is the denominator has changed. And it's a huge change. In his shareholder letter, Buffett mentioned that the yield on the 10-year U.S. Treasury Bond has been less than 1% over the past decade, with a low of only 0.5% last year, compared to 15% 40 years ago. Even five years ago, the yield on the 10-year U.S. Treasury Bond was close to 2.5%.</p><p>Anyone who has completed third grade knows that when the numerator does not change significantly, the smaller the denominator, the larger the quotient.</p><p>If we had to say that the stock market guru's purchase of Apple was value investing, then it would be value investing 1.0, which means buying at the bottom at the right time using the same approach as picking up cigarette butts. However, in any case, this transaction does not belong to value investing 2.0. After all, in terms of revenue and profit growth, Apple is considered slow among tech companies.</p><p>It is the Federal Reserve, and it is Trump, that we should truly thank.</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 is a luck stock, not a value stock.</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 is a luck stock, not a value stock.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1049897162\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/27bae14b56414ca59b681e5e9b6a9596);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">接招 </p>\n<p class=\"h-time smaller\">2021-03-05 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A few days ago, Buffett released his annual letter to shareholders.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Without a doubt, it became again<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Its largest holding has a market value of $120 billion, compared to a purchase cost of $30 billion in 2016. They achieved three times the book return in five years (after reducing their holdings).</p><p>In 2020, when net profits suffered a severe blow, thankfully, there were fruit companies that helped Berkshire Hathaway maintain its image.</p><p>Over the past decade, for many Chinese value investors, if there were three companies that were their ideal targets, it would definitely be Moutai...<a href=\"https://laohu8.com/S/00700\">Tencent</a>And apples.</p><p>According to Buffett's philosophy, a so-called value stock is a company with a competitive advantage that is undervalued by the market. A moat is not hard to understand; it is a monopoly effect in a certain market, such as Moutai's influence in the high-end liquor market, Tencent's obvious advantages in the social and gaming sectors, and Apple's appeal in the high-end mobile phone market.</p><p>One advantage of a competitive advantage is that even if prices are raised, market share will not be lost. Moutai liquor and iPhones are obvious examples, and their prices have been rising in recent years.</p><p>The key is how to understand being undervalued, or how to value undervalued stocks.</p><p>A common valuation method for value investing is discounted cash flow, which involves dividing shareholder earnings by an appropriate discount rate to determine the company's intrinsic value. Conversely, if you spend a large sum of money to buy long-term Treasury Bond, the annual interest income is equivalent to the company's shareholder surplus (generally close to net profit). Dividing the interest income by the interest rate is the true amount of this huge sum, which is the company's intrinsic value.</p><p>Therefore, this valuation method contains one variable and one constant: shareholder earnings are the variable, and the discount rate (long-term Treasury Bond rate) is the constant.</p><p>When Buffett was looking for undervalued stocks in his early years, he focused more on whether they were undervalued at the time than on whether they still had growth potential, which is commonly known as \"picking up cigarette butts\". These companies are generally small-cap stocks that receive little attention and eventually reach a reasonable valuation range through price regression rather than value growth. This stage can be called value investing 1.0.</p><p>Later, under Munger's influence, they began to look for stocks that were not only undervalued but also had huge growth potential in the future. This shift marks a significant watershed moment in value investing: from simply seeking bargains to placing greater emphasis on future profitability. This stage can be called value investing 2.0.</p><p>The difference between value investing 1.0 and value investing 2.0 is that the former considers stocks that are currently undervalued, while the latter considers stocks that will be undervalued in the future. The core issue is whether the company's profitability (shareholder surplus) continues to grow.</p><p>Therefore, the growth of shareholder earnings becomes a prediction of the company's future cash flow generation ability. For example, based on the growth of the company's net profit, it is predicted how much money it can earn in the next ten years. Dividing by 10 and then dividing by a discount rate is the company's true intrinsic value.</p><p>It can be seen that the most difficult part of value investing is predicting and estimating a company's profitability, because generally speaking, the discount rate is fixed, while the annual net profit is flexible. The denominator is static, and the numerator is dynamic.</p><p>But over the past five years, the determining factor of Apple's market capitalization has not been the numerator, but the denominator!</p><p>In fiscal year 2016, Apple's revenue was $210 billion and its net profit was $45 billion; In fiscal year 2020, revenue was $270 billion and net profit was $57 billion. The two indicators that best represent profitability saw increases of 28% and 26%, respectively.</p><p>Let's take a look at Moutai, another king of consumer stocks: its revenue in fiscal year 2016 was 40 billion RMB. Although its 2020 financial report has not yet been released, its revenue of 90 billion RMB should not be a problem. Net profit in 2016 was 18 billion RMB, while last year's net profit should have been around 50 billion RMB. The two indicators increased by 125% and 170%, respectively.</p><p>Moutai's market capitalization increased ninefold from 2016 to 2020; Apple's market capitalization more than quadrupled during the same period. However, Moutai's profitability has doubled in the past five years, while Apple's profit growth rate is only less than 30% (note: it is not 30% growth every year, but a total of 30% growth over five years). What supports Apple's high market capitalization?</p><p>The answer is the denominator has changed. And it's a huge change. In his shareholder letter, Buffett mentioned that the yield on the 10-year U.S. Treasury Bond has been less than 1% over the past decade, with a low of only 0.5% last year, compared to 15% 40 years ago. Even five years ago, the yield on the 10-year U.S. Treasury Bond was close to 2.5%.</p><p>Anyone who has completed third grade knows that when the numerator does not change significantly, the smaller the denominator, the larger the quotient.</p><p>If we had to say that the stock market guru's purchase of Apple was value investing, then it would be value investing 1.0, which means buying at the bottom at the right time using the same approach as picking up cigarette butts. However, in any case, this transaction does not belong to value investing 2.0. After all, in terms of revenue and profit growth, Apple is considered slow among tech companies.</p><p>It is the Federal Reserve, and it is Trump, that we should truly thank.</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":"2117688834","content_text":"前几天巴菲特发布了一年一度的致股东信，苹果毫无悬念地再次成为伯克希尔旗下的第一重仓股，持仓市值达到1200亿美元，而2016年的买入成本是300亿美元。5年时间获得了三倍的账面收益（减持之后）。\n在净利润遭受重创的2020年，幸亏还有水果公司给伯克希尔撑撑门面。\n过去十年，对于很多中国价值投资者来说，如果有三家公司是他们心目中理想的标的，一定是茅台、腾讯和苹果。\n按照巴菲特的理念，所谓价值股就是一家具有护城河属性的公司被市场低估了。护城河不难理解，就是在某个市场具有垄断效应，比如茅台在高端白酒市场的影响力、腾讯在社交和游戏赛道的明显优势、苹果在高端手机市场的号召力。\n护城河的一个优势就是即使提价也不至于失去市场份额。茅台酒和苹果手机都是很明显的例子，这几年的售价一直在走高。\n关键是如何理解被低估，或者是如何给被低估的股票估值。\n价值投资的常用估值方法是现金流折现，用股东盈余除以一个合适的贴现率，就是公司的内在价值。反过来理解就是，你用一笔巨款买了长期国债，每年的利息收益就相当于是公司的股东盈余（一般接近净利润），而用利息收益除以利率，就是这笔巨款的真实数目，也就是公司的内在价值。\n所以，这套估值方法包含一个变量和一个常量：股东盈余是变量，贴现率（长期国债利率）是常量。\n巴菲特早年寻找被低估的股票时，更多的是考虑当时是否被低估，而不去关心是否还有成长性，俗称“捡烟头”。这类公司一般都是不太为人关注的小盘股，最终通过价格回归而不是价值增长达到合理估值区间。这个阶段可以称之为价值投资1.0。\n后来在芒格的影响下，开始寻找那些不仅被低估，而且未来还有巨大成长性的股票。这个转向标志着价值投资的重要分水岭：即从只是为了捡便宜转变为更加看重未来的赚钱能力。这个阶段可以称之为价值投资2.0。\n价值投资1.0与价值投资2.0不同之处在于，前者考虑的是当前被低估的股票，后者考虑的是未来被低估的股票。核心在于公司的赚钱能力（股东盈余）是不是持续增长。\n所以，股东盈余的增长就变成了对公司未来创造现金流能力的预测，比如根据公司净利润的增长情况，预测出未来十年一共能赚多少钱，除以10之后再除以一个贴现率就是公司真实的内在价值。\n可以看出，价值投资最难的是对公司赚钱能力的预测和估算，因为一般来说贴现率是死的，每年的净利润是活的。分母是静态的，分子是动态的。\n但过去五年，苹果市值的决定因素不是分子，而是分母！\n2016财年，苹果的营收是2100亿美元，净利润是450亿美元；2020财年，营收是2700亿美元，净利润是570亿美元。两个最能代表盈利能力的指标，增幅分别为28%和26%。\n再来看看同为消费股王者的茅台：2016财年营收是400亿人民币，2020年财报虽然还没出来，但900亿的营收应该问题不大；2016年净利润180亿人民币，去年的净利应该在500亿人民币左右。两个指标的增幅分别为125%和170%。\n茅台从2016年到2020年，市值增长了9倍；同一时期苹果市值增长了4倍多。但是，过去五年茅台的盈利能力翻倍了，而苹果的盈利增速只有30%以内（注意：不是每年增长30%，而是五年一共增长了30%）。苹果靠什么撑起了如此高的市值？\n答案是分母变了。而且是巨大的变化。巴菲特在这次的股东信中提到，最近十年美国十年期国债的收益率不到1%，去年最低时只有0.5%，而在40年前，这个数字是15%。即使五年前，美国十年期国债的收益率也是接近2.5%。\n读过小学三年级的人都知道，在分子无明显变化的情况下，分母越小商就越大。\n如果非要说股神对苹果的买进属于价值投资，那也是价值投资1.0，即按照捡烟头的思路适时抄底。但无论如何，这笔交易也不属于价值投资2.0。毕竟，就营收和利润增长速度来看，苹果在科技股公司中都算慢的了。\n真正要感谢的，是美联储，是特朗普。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364788990,"gmtCreate":1614874278110,"gmtModify":1704776478661,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576476136293909","authorIdStr":"3576476136293909"},"themes":[],"title":"","htmlText":"。。。。。。。","listText":"。。。。。。。","text":"。。。。。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364788990","repostId":"2116384520","repostType":4,"isVote":1,"tweetType":1,"viewCount":3447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364819919,"gmtCreate":1614832401531,"gmtModify":1704775787823,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576476136293909","authorIdStr":"3576476136293909"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364819919","repostId":"2116256529","repostType":4,"isVote":1,"tweetType":1,"viewCount":3700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364810555,"gmtCreate":1614832340077,"gmtModify":1704775787338,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576476136293909","authorIdStr":"3576476136293909"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364810555","repostId":"1176697342","repostType":4,"repost":{"id":"1176697342","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":1614813665,"share":"https://ttm.financial/m/news/1176697342?lang=en_US&edition=fundamental","pubTime":"2021-03-04 07:21","market":"hk","language":"zh","title":"Autohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176697342","media":"老虎资讯综合","summary":"3月4日，汽车之家-S发布公告，公司拟全球发售3029.12万股股份，其中香港发售股份302.92万股，国际发售股份2726.2万股；2021年3月4日至3月9日招股，预期定价日为3月9日；公开发售价","content":"<p>March 4th,<a href=\"https://laohu8.com/S/02518\">Autohome-S</a>The company announced that it plans to offer 30.2912 million shares globally, including 3.0292 million shares offered in Hong Kong and 27.262 million shares offered internationally. The IPO will run from March 4 to March 9, 2021, with the expected pricing date being March 9. The public offering price will not exceed HK$251.8 per Hong Kong Offer Share, with trading units of 100 shares per lot, and an entry fee of approximately HK$25,433.74.<a href=\"https://laohu8.com/S/03908\">CICC</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and Credit Suisse as the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 March 2021.</p><p><img src=\"https://static.tigerbbs.com/40ca109d42f18cb866af41b1fc43402d\" tg-width=\"908\" tg-height=\"713\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 100 shares, with an entry fee of HK$25,433.74.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$5,086,747.77.</p><p><img src=\"https://static.tigerbbs.com/c126dc7cc1867d3adf4bf2050f5b9f68\" tg-width=\"1082\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p>The company is a leading online service platform for automotive consumers in China. According to data from Guishi Mobile, it ranks first among automotive service platforms in terms of daily active users on mobile devices as of December 31, 2020. The company provides comprehensive, independent, and interactive content and tools for automotive consumers and offers a full range of services to automakers and dealers across the automotive value chain. According to iResearch, the company is the largest online automotive advertising and lead service provider. In terms of media service and lead revenue, the company held a 29.9% market share in China's online automotive vertical media advertising and lead market in 2019.</p><p>Founded in 2008, the company began as a content-driven vertical media company focused on media services (“1.0 Media”). In 2016, the company launched the \"4+1\" strategic transformation plan (\"2.0 platform\"), creating a platform that encompasses \"car content\", \"car transactions\", \"car finance\" and \"car life\", transforming and upgrading from a content-oriented vertical company to a data and technology-driven automotive platform. Since 2018, the company has focused on using manual labor.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>(“AI”), big data and cloud technologies (collectively referred to as “ABC”) develop a full suite of intelligent products and solutions, building an integrated ecosystem that connects all players in the automotive industry (“3.0 Intelligence”) by providing end-to-end data-driven products and solutions across the value chain. Looking ahead, the company plans to continue to leverage its Software as a Service (“SaaS”) capabilities along with its core AI, big data, and cloud technologies (“4.0ABC+SaaS”) for both horizontal and vertical expansion.</p><p>The company's operating results were strong during the track record period. The company's net revenue increased by 16.4% from RMB7,233.2 million in 2018 to RMB8,420.8 million in 2019, and further increased by 2.8% to RMB8,658.6 million in 2020. Net profit attributable to Autohome Inc. increased by 11.5% from RMB2.871 billion in 2018 to RMB3.2 billion in 2019, and further increased by 6.4% to RMB3.4052 billion in 2020.</p><p><img src=\"https://static.tigerbbs.com/0010efe1dface7998699469348570fac\" tg-width=\"934\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Based on the maximum public offering price of HK$251.8 per Offer Share under the Hong Kong Public Offering and the International Offering, the Company estimates that the net proceeds from the Company's Global Offering will be approximately HK$4,943.8 million, assuming the Over-allotment Option is not exercised, and HK$6,068.9 million if the Over-allotment Option is exercised in full. Based on the maximum public offering price of HK$251.8 per Offer Share under the International Offering, the Selling Shareholders expect to receive proceeds of approximately HK$2,542.4 million.</p><p><b>Technology and product development of the investment company:</b>The company will continue to develop its technological leadership in AI, big data and cloud, as well as AR and VR related technologies, in order to enhance user engagement, profitability and operational efficiency. Through the company's accumulated<a href=\"https://laohu8.com/S/603138\">massive data</a>The company will also continue to strengthen its data capabilities and provide first-class data SaaS solutions to bring more value to the automotive industry. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>New business incubation:</b>The company will further incubate new businesses, such as automotive internet and online automotive after-sales service, to explore more growth potential for the company's future development. The company believes that by deeply developing products and services across the industry value chain, it will be able to better meet the needs of users and customers and provide solid value to a wide range of industry participants. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>To enhance the company's domestic and international standing and develop the automotive ecosystem:</b>Expanding its business scope to overseas markets is part of the company's long-term strategy. The company has established two subsidiaries in the UK and Germany, launched an overseas version of the platform \"YesAuto\", and plans to further expand its business into emerging markets such as Southeast Asia. Domestically, although the company has not yet entered into any acquisition or investment commitments or agreements, similar to its investment in Tiantianpai (Tiantianpaiche), the company will continue to selectively seek acquisition or investment opportunities in business, technology or strategic alliances to form a strong global automotive ecosystem. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>General Business Use:</b>The company will use the remaining proceeds for general corporate purposes, working capital, capital expenditures and other general and administrative matters. 10% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</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>Autohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.</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\">\nAutohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.\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\">2021-03-04 07:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>March 4th,<a href=\"https://laohu8.com/S/02518\">Autohome-S</a>The company announced that it plans to offer 30.2912 million shares globally, including 3.0292 million shares offered in Hong Kong and 27.262 million shares offered internationally. The IPO will run from March 4 to March 9, 2021, with the expected pricing date being March 9. The public offering price will not exceed HK$251.8 per Hong Kong Offer Share, with trading units of 100 shares per lot, and an entry fee of approximately HK$25,433.74.<a href=\"https://laohu8.com/S/03908\">CICC</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and Credit Suisse as the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 March 2021.</p><p><img src=\"https://static.tigerbbs.com/40ca109d42f18cb866af41b1fc43402d\" tg-width=\"908\" tg-height=\"713\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 100 shares, with an entry fee of HK$25,433.74.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$5,086,747.77.</p><p><img src=\"https://static.tigerbbs.com/c126dc7cc1867d3adf4bf2050f5b9f68\" tg-width=\"1082\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p>The company is a leading online service platform for automotive consumers in China. According to data from Guishi Mobile, it ranks first among automotive service platforms in terms of daily active users on mobile devices as of December 31, 2020. The company provides comprehensive, independent, and interactive content and tools for automotive consumers and offers a full range of services to automakers and dealers across the automotive value chain. According to iResearch, the company is the largest online automotive advertising and lead service provider. In terms of media service and lead revenue, the company held a 29.9% market share in China's online automotive vertical media advertising and lead market in 2019.</p><p>Founded in 2008, the company began as a content-driven vertical media company focused on media services (“1.0 Media”). In 2016, the company launched the \"4+1\" strategic transformation plan (\"2.0 platform\"), creating a platform that encompasses \"car content\", \"car transactions\", \"car finance\" and \"car life\", transforming and upgrading from a content-oriented vertical company to a data and technology-driven automotive platform. Since 2018, the company has focused on using manual labor.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>(“AI”), big data and cloud technologies (collectively referred to as “ABC”) develop a full suite of intelligent products and solutions, building an integrated ecosystem that connects all players in the automotive industry (“3.0 Intelligence”) by providing end-to-end data-driven products and solutions across the value chain. Looking ahead, the company plans to continue to leverage its Software as a Service (“SaaS”) capabilities along with its core AI, big data, and cloud technologies (“4.0ABC+SaaS”) for both horizontal and vertical expansion.</p><p>The company's operating results were strong during the track record period. The company's net revenue increased by 16.4% from RMB7,233.2 million in 2018 to RMB8,420.8 million in 2019, and further increased by 2.8% to RMB8,658.6 million in 2020. Net profit attributable to Autohome Inc. increased by 11.5% from RMB2.871 billion in 2018 to RMB3.2 billion in 2019, and further increased by 6.4% to RMB3.4052 billion in 2020.</p><p><img src=\"https://static.tigerbbs.com/0010efe1dface7998699469348570fac\" tg-width=\"934\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Based on the maximum public offering price of HK$251.8 per Offer Share under the Hong Kong Public Offering and the International Offering, the Company estimates that the net proceeds from the Company's Global Offering will be approximately HK$4,943.8 million, assuming the Over-allotment Option is not exercised, and HK$6,068.9 million if the Over-allotment Option is exercised in full. Based on the maximum public offering price of HK$251.8 per Offer Share under the International Offering, the Selling Shareholders expect to receive proceeds of approximately HK$2,542.4 million.</p><p><b>Technology and product development of the investment company:</b>The company will continue to develop its technological leadership in AI, big data and cloud, as well as AR and VR related technologies, in order to enhance user engagement, profitability and operational efficiency. Through the company's accumulated<a href=\"https://laohu8.com/S/603138\">massive data</a>The company will also continue to strengthen its data capabilities and provide first-class data SaaS solutions to bring more value to the automotive industry. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>New business incubation:</b>The company will further incubate new businesses, such as automotive internet and online automotive after-sales service, to explore more growth potential for the company's future development. The company believes that by deeply developing products and services across the industry value chain, it will be able to better meet the needs of users and customers and provide solid value to a wide range of industry participants. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>To enhance the company's domestic and international standing and develop the automotive ecosystem:</b>Expanding its business scope to overseas markets is part of the company's long-term strategy. The company has established two subsidiaries in the UK and Germany, launched an overseas version of the platform \"YesAuto\", and plans to further expand its business into emerging markets such as Southeast Asia. Domestically, although the company has not yet entered into any acquisition or investment commitments or agreements, similar to its investment in Tiantianpai (Tiantianpaiche), the company will continue to selectively seek acquisition or investment opportunities in business, technology or strategic alliances to form a strong global automotive ecosystem. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>General Business Use:</b>The company will use the remaining proceeds for general corporate purposes, working capital, capital expenditures and other general and administrative matters. 10% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eda9e44b6f0a36bb06bbf3d7875e7368","relate_stocks":{"02518":"汽车之家—S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176697342","content_text":"3月4日，汽车之家-S发布公告，公司拟全球发售3029.12万股股份，其中香港发售股份302.92万股，国际发售股份2726.2万股；2021年3月4日至3月9日招股，预期定价日为3月9日；公开发售价将不超过每股香港发售股份251.8港元，每手买卖单位100股，入场费约25433.74港元；中金公司、高盛及瑞信为联席保荐人，预期股份将于2021年3月15日于联交所主板挂牌上市。申购阶梯：每手100股，入场费25433.74港元。乙组门槛为20000股，申购所需资金约5086747.77港元。公司是中国领先的汽车消费者在线服务平台，根据贵士移动的资料，按截至2020年12月31日的移动端日活跃用户计，在汽车服务平台中排名第一。公司为汽车消费者提供全面、独立及交互式的内容和工具并为汽车价值链的汽车制造商和经销商提供全套服务。根据艾瑞的资料，公司是最大的在线汽车广告及线索服务供应商，就媒体服务及线索收入而言，于2019年中国在线汽车垂直媒体广告及线索市场中公司占据的市场份额为29.9%。公司于2008年成立，最开始是一家内容型垂直媒体公司，专注于媒体服务(“1.0媒体”)。2016年，公司推出“4+1”战略转型方案(“2.0平台”)，打造了一个囊括“车内容”、“车交易”、“车金融”及“车生活”的平台，从内容型垂直公司转型和升级为数据和技术驱动的汽车平台。自2018年起，公司专注于用人工智能(“AI”)、大数据及云技术(统称“ABC”)开发全套智能产品和解决方案，透过提供跨价值链的端到端数据驱动产品和解决方案，构建一个连接汽车行业所有参与者的集成生态系统(“3.0智能”)。展望未来，公司计划继续利用公司的“软件即服务”(“SaaS”)能力连同公司的核心AI、大数据及云技术(“4.0ABC+SaaS”)同时进行横向和纵向扩张。于业绩纪录期，公司的经营业绩强劲。公司的净收入由2018年的人民币72.332亿元增长16.4%至2019年的人民币84.208亿元，并进一步增长2.8%至2020年的人民币86.586亿元。归属于AutohomeInc.的净利润由2018年的人民币28.71亿元增长11.5%至2019年的人民币32亿元，并进一步增长6.4%至2020年的人民币34.052亿元。根据香港公开发售及国际发售每股发售股份251.8港元的最高公开发售价，假设超额配股权未获行使，公司估计公司的全球发售所得款项净额将约为49.438亿港元，倘超额配股权获悉数行使，则为60.689亿港元。根据国际发售的最高公开发售价每股发售股份251.8港元，销售股东预期收取所得款项约25.424亿港元。投资公司的技术及产品开发：公司将不断发展公司于AI、大数据及云以及AR及VR相关技术的技术领先地位，以增强用户参与度、盈利能力以及经营效率。通过公司已累积的海量数据，公司亦将继续巩固公司的数据能力并提供一流的数据SaaS解决方案，以为汽车行业带来更多价值。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。孵化新业务：公司将进一步孵化新业务，如汽车互联网及线上汽车售后服务，以发掘公司未来发展的更多增长潜力。公司认为，通过深入开发行业价值链的产品及服务，公司将能够更好地满足用户及客户需求并为广泛的行业参与者提供坚实的价值。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。提高公司国内外的地位，发展定汽车生态系统：将业务范围扩张至海外市场是公司长期策略的一部分。公司已于英国及德国成立两间附属公司，推出了海外版平台“YesAuto”，并计划进一步将公司的业务扩张至东南亚等新兴市场，如东南亚。国内方面，尽管现时公司并无订立任何收购或投资的承诺或协议，但如公司向天天拍(天天拍车)作出的投资一般，公司将继续选择性地物色商业、技术或战略联盟的收购或投资机会，以形成一个强大的全球汽车生态系统。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。一般企业用途：公司将余下所得款项用于一般企业用途、营运资金、资本开支及其他一般及行政事宜。所得款项净额的10%(假设超额配股权未获行使)拟用于上述用途。","news_type":1,"symbols_score_info":{"02518":0.9}},"isVote":1,"tweetType":1,"viewCount":3160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365266380,"gmtCreate":1614747358640,"gmtModify":1704774730180,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576476136293909","authorIdStr":"3576476136293909"},"themes":[],"title":"","htmlText":"。。。。。。。。","listText":"。。。。。。。。","text":"。。。。。。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365266380","repostId":"1136108852","repostType":4,"isVote":1,"tweetType":1,"viewCount":3180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":325917674,"gmtCreate":1615857183398,"gmtModify":1704787508158,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"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/325917674","repostId":"2119694611","repostType":4,"isVote":1,"tweetType":1,"viewCount":3017,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047395922,"gmtCreate":1656864138566,"gmtModify":1676535905933,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"💪💪💪💪👍👍👍👍","listText":"💪💪💪💪👍👍👍👍","text":"💪💪💪💪👍👍👍👍","images":[{"img":"https://community-static.tradeup.com/news/70be192caaee98cfa49e23f9067241cc","width":"1080","height":"1695"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047395922","isVote":1,"tweetType":1,"viewCount":3930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":322152424,"gmtCreate":1615786698668,"gmtModify":1704786470885,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"????????","listText":"????????","text":"????????","images":[],"top":1,"hi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10:15","market":"us","language":"zh","title":"Apple is a luck stock, not a value stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=2117688834","media":"接招","summary":"前几天巴菲特发布了一年一度的致股东信，苹果毫无悬念地再次成为伯克希尔旗下的第一重仓股，持仓市值达到1200亿美元，而2016年的买入成本是300亿美元。5年时间获得了三倍的账面收益（减持之后）。\n在净","content":"<p>A few days ago, Buffett released his annual letter to shareholders.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Without a doubt, it became again<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Its largest holding has a market value of $120 billion, compared to a purchase cost of $30 billion in 2016. They achieved three times the book return in five years (after reducing their holdings).</p><p>In 2020, when net profits suffered a severe blow, thankfully, there were fruit companies that helped Berkshire Hathaway maintain its image.</p><p>Over the past decade, for many Chinese value investors, if there were three companies that were their ideal targets, it would definitely be Moutai...<a href=\"https://laohu8.com/S/00700\">Tencent</a>And apples.</p><p>According to Buffett's philosophy, a so-called value stock is a company with a competitive advantage that is undervalued by the market. A moat is not hard to understand; it is a monopoly effect in a certain market, such as Moutai's influence in the high-end liquor market, Tencent's obvious advantages in the social and gaming sectors, and Apple's appeal in the high-end mobile phone market.</p><p>One advantage of a competitive advantage is that even if prices are raised, market share will not be lost. Moutai liquor and iPhones are obvious examples, and their prices have been rising in recent years.</p><p>The key is how to understand being undervalued, or how to value undervalued stocks.</p><p>A common valuation method for value investing is discounted cash flow, which involves dividing shareholder earnings by an appropriate discount rate to determine the company's intrinsic value. Conversely, if you spend a large sum of money to buy long-term Treasury Bond, the annual interest income is equivalent to the company's shareholder surplus (generally close to net profit). Dividing the interest income by the interest rate is the true amount of this huge sum, which is the company's intrinsic value.</p><p>Therefore, this valuation method contains one variable and one constant: shareholder earnings are the variable, and the discount rate (long-term Treasury Bond rate) is the constant.</p><p>When Buffett was looking for undervalued stocks in his early years, he focused more on whether they were undervalued at the time than on whether they still had growth potential, which is commonly known as \"picking up cigarette butts\". These companies are generally small-cap stocks that receive little attention and eventually reach a reasonable valuation range through price regression rather than value growth. This stage can be called value investing 1.0.</p><p>Later, under Munger's influence, they began to look for stocks that were not only undervalued but also had huge growth potential in the future. This shift marks a significant watershed moment in value investing: from simply seeking bargains to placing greater emphasis on future profitability. This stage can be called value investing 2.0.</p><p>The difference between value investing 1.0 and value investing 2.0 is that the former considers stocks that are currently undervalued, while the latter considers stocks that will be undervalued in the future. The core issue is whether the company's profitability (shareholder surplus) continues to grow.</p><p>Therefore, the growth of shareholder earnings becomes a prediction of the company's future cash flow generation ability. For example, based on the growth of the company's net profit, it is predicted how much money it can earn in the next ten years. Dividing by 10 and then dividing by a discount rate is the company's true intrinsic value.</p><p>It can be seen that the most difficult part of value investing is predicting and estimating a company's profitability, because generally speaking, the discount rate is fixed, while the annual net profit is flexible. The denominator is static, and the numerator is dynamic.</p><p>But over the past five years, the determining factor of Apple's market capitalization has not been the numerator, but the denominator!</p><p>In fiscal year 2016, Apple's revenue was $210 billion and its net profit was $45 billion; In fiscal year 2020, revenue was $270 billion and net profit was $57 billion. The two indicators that best represent profitability saw increases of 28% and 26%, respectively.</p><p>Let's take a look at Moutai, another king of consumer stocks: its revenue in fiscal year 2016 was 40 billion RMB. Although its 2020 financial report has not yet been released, its revenue of 90 billion RMB should not be a problem. Net profit in 2016 was 18 billion RMB, while last year's net profit should have been around 50 billion RMB. The two indicators increased by 125% and 170%, respectively.</p><p>Moutai's market capitalization increased ninefold from 2016 to 2020; Apple's market capitalization more than quadrupled during the same period. However, Moutai's profitability has doubled in the past five years, while Apple's profit growth rate is only less than 30% (note: it is not 30% growth every year, but a total of 30% growth over five years). What supports Apple's high market capitalization?</p><p>The answer is the denominator has changed. And it's a huge change. In his shareholder letter, Buffett mentioned that the yield on the 10-year U.S. Treasury Bond has been less than 1% over the past decade, with a low of only 0.5% last year, compared to 15% 40 years ago. Even five years ago, the yield on the 10-year U.S. Treasury Bond was close to 2.5%.</p><p>Anyone who has completed third grade knows that when the numerator does not change significantly, the smaller the denominator, the larger the quotient.</p><p>If we had to say that the stock market guru's purchase of Apple was value investing, then it would be value investing 1.0, which means buying at the bottom at the right time using the same approach as picking up cigarette butts. However, in any case, this transaction does not belong to value investing 2.0. After all, in terms of revenue and profit growth, Apple is considered slow among tech companies.</p><p>It is the Federal Reserve, and it is Trump, that we should truly thank.</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 is a luck stock, not a value stock.</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 is a luck stock, not a value stock.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1049897162\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/27bae14b56414ca59b681e5e9b6a9596);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">接招 </p>\n<p class=\"h-time smaller\">2021-03-05 10:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>A few days ago, Buffett released his annual letter to shareholders.<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Without a doubt, it became again<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>Its largest holding has a market value of $120 billion, compared to a purchase cost of $30 billion in 2016. They achieved three times the book return in five years (after reducing their holdings).</p><p>In 2020, when net profits suffered a severe blow, thankfully, there were fruit companies that helped Berkshire Hathaway maintain its image.</p><p>Over the past decade, for many Chinese value investors, if there were three companies that were their ideal targets, it would definitely be Moutai...<a href=\"https://laohu8.com/S/00700\">Tencent</a>And apples.</p><p>According to Buffett's philosophy, a so-called value stock is a company with a competitive advantage that is undervalued by the market. A moat is not hard to understand; it is a monopoly effect in a certain market, such as Moutai's influence in the high-end liquor market, Tencent's obvious advantages in the social and gaming sectors, and Apple's appeal in the high-end mobile phone market.</p><p>One advantage of a competitive advantage is that even if prices are raised, market share will not be lost. Moutai liquor and iPhones are obvious examples, and their prices have been rising in recent years.</p><p>The key is how to understand being undervalued, or how to value undervalued stocks.</p><p>A common valuation method for value investing is discounted cash flow, which involves dividing shareholder earnings by an appropriate discount rate to determine the company's intrinsic value. Conversely, if you spend a large sum of money to buy long-term Treasury Bond, the annual interest income is equivalent to the company's shareholder surplus (generally close to net profit). Dividing the interest income by the interest rate is the true amount of this huge sum, which is the company's intrinsic value.</p><p>Therefore, this valuation method contains one variable and one constant: shareholder earnings are the variable, and the discount rate (long-term Treasury Bond rate) is the constant.</p><p>When Buffett was looking for undervalued stocks in his early years, he focused more on whether they were undervalued at the time than on whether they still had growth potential, which is commonly known as \"picking up cigarette butts\". These companies are generally small-cap stocks that receive little attention and eventually reach a reasonable valuation range through price regression rather than value growth. This stage can be called value investing 1.0.</p><p>Later, under Munger's influence, they began to look for stocks that were not only undervalued but also had huge growth potential in the future. This shift marks a significant watershed moment in value investing: from simply seeking bargains to placing greater emphasis on future profitability. This stage can be called value investing 2.0.</p><p>The difference between value investing 1.0 and value investing 2.0 is that the former considers stocks that are currently undervalued, while the latter considers stocks that will be undervalued in the future. The core issue is whether the company's profitability (shareholder surplus) continues to grow.</p><p>Therefore, the growth of shareholder earnings becomes a prediction of the company's future cash flow generation ability. For example, based on the growth of the company's net profit, it is predicted how much money it can earn in the next ten years. Dividing by 10 and then dividing by a discount rate is the company's true intrinsic value.</p><p>It can be seen that the most difficult part of value investing is predicting and estimating a company's profitability, because generally speaking, the discount rate is fixed, while the annual net profit is flexible. The denominator is static, and the numerator is dynamic.</p><p>But over the past five years, the determining factor of Apple's market capitalization has not been the numerator, but the denominator!</p><p>In fiscal year 2016, Apple's revenue was $210 billion and its net profit was $45 billion; In fiscal year 2020, revenue was $270 billion and net profit was $57 billion. The two indicators that best represent profitability saw increases of 28% and 26%, respectively.</p><p>Let's take a look at Moutai, another king of consumer stocks: its revenue in fiscal year 2016 was 40 billion RMB. Although its 2020 financial report has not yet been released, its revenue of 90 billion RMB should not be a problem. Net profit in 2016 was 18 billion RMB, while last year's net profit should have been around 50 billion RMB. The two indicators increased by 125% and 170%, respectively.</p><p>Moutai's market capitalization increased ninefold from 2016 to 2020; Apple's market capitalization more than quadrupled during the same period. However, Moutai's profitability has doubled in the past five years, while Apple's profit growth rate is only less than 30% (note: it is not 30% growth every year, but a total of 30% growth over five years). What supports Apple's high market capitalization?</p><p>The answer is the denominator has changed. And it's a huge change. In his shareholder letter, Buffett mentioned that the yield on the 10-year U.S. Treasury Bond has been less than 1% over the past decade, with a low of only 0.5% last year, compared to 15% 40 years ago. Even five years ago, the yield on the 10-year U.S. Treasury Bond was close to 2.5%.</p><p>Anyone who has completed third grade knows that when the numerator does not change significantly, the smaller the denominator, the larger the quotient.</p><p>If we had to say that the stock market guru's purchase of Apple was value investing, then it would be value investing 1.0, which means buying at the bottom at the right time using the same approach as picking up cigarette butts. However, in any case, this transaction does not belong to value investing 2.0. After all, in terms of revenue and profit growth, Apple is considered slow among tech companies.</p><p>It is the Federal Reserve, and it is Trump, that we should truly thank.</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":"2117688834","content_text":"前几天巴菲特发布了一年一度的致股东信，苹果毫无悬念地再次成为伯克希尔旗下的第一重仓股，持仓市值达到1200亿美元，而2016年的买入成本是300亿美元。5年时间获得了三倍的账面收益（减持之后）。\n在净利润遭受重创的2020年，幸亏还有水果公司给伯克希尔撑撑门面。\n过去十年，对于很多中国价值投资者来说，如果有三家公司是他们心目中理想的标的，一定是茅台、腾讯和苹果。\n按照巴菲特的理念，所谓价值股就是一家具有护城河属性的公司被市场低估了。护城河不难理解，就是在某个市场具有垄断效应，比如茅台在高端白酒市场的影响力、腾讯在社交和游戏赛道的明显优势、苹果在高端手机市场的号召力。\n护城河的一个优势就是即使提价也不至于失去市场份额。茅台酒和苹果手机都是很明显的例子，这几年的售价一直在走高。\n关键是如何理解被低估，或者是如何给被低估的股票估值。\n价值投资的常用估值方法是现金流折现，用股东盈余除以一个合适的贴现率，就是公司的内在价值。反过来理解就是，你用一笔巨款买了长期国债，每年的利息收益就相当于是公司的股东盈余（一般接近净利润），而用利息收益除以利率，就是这笔巨款的真实数目，也就是公司的内在价值。\n所以，这套估值方法包含一个变量和一个常量：股东盈余是变量，贴现率（长期国债利率）是常量。\n巴菲特早年寻找被低估的股票时，更多的是考虑当时是否被低估，而不去关心是否还有成长性，俗称“捡烟头”。这类公司一般都是不太为人关注的小盘股，最终通过价格回归而不是价值增长达到合理估值区间。这个阶段可以称之为价值投资1.0。\n后来在芒格的影响下，开始寻找那些不仅被低估，而且未来还有巨大成长性的股票。这个转向标志着价值投资的重要分水岭：即从只是为了捡便宜转变为更加看重未来的赚钱能力。这个阶段可以称之为价值投资2.0。\n价值投资1.0与价值投资2.0不同之处在于，前者考虑的是当前被低估的股票，后者考虑的是未来被低估的股票。核心在于公司的赚钱能力（股东盈余）是不是持续增长。\n所以，股东盈余的增长就变成了对公司未来创造现金流能力的预测，比如根据公司净利润的增长情况，预测出未来十年一共能赚多少钱，除以10之后再除以一个贴现率就是公司真实的内在价值。\n可以看出，价值投资最难的是对公司赚钱能力的预测和估算，因为一般来说贴现率是死的，每年的净利润是活的。分母是静态的，分子是动态的。\n但过去五年，苹果市值的决定因素不是分子，而是分母！\n2016财年，苹果的营收是2100亿美元，净利润是450亿美元；2020财年，营收是2700亿美元，净利润是570亿美元。两个最能代表盈利能力的指标，增幅分别为28%和26%。\n再来看看同为消费股王者的茅台：2016财年营收是400亿人民币，2020年财报虽然还没出来，但900亿的营收应该问题不大；2016年净利润180亿人民币，去年的净利应该在500亿人民币左右。两个指标的增幅分别为125%和170%。\n茅台从2016年到2020年，市值增长了9倍；同一时期苹果市值增长了4倍多。但是，过去五年茅台的盈利能力翻倍了，而苹果的盈利增速只有30%以内（注意：不是每年增长30%，而是五年一共增长了30%）。苹果靠什么撑起了如此高的市值？\n答案是分母变了。而且是巨大的变化。巴菲特在这次的股东信中提到，最近十年美国十年期国债的收益率不到1%，去年最低时只有0.5%，而在40年前，这个数字是15%。即使五年前，美国十年期国债的收益率也是接近2.5%。\n读过小学三年级的人都知道，在分子无明显变化的情况下，分母越小商就越大。\n如果非要说股神对苹果的买进属于价值投资，那也是价值投资1.0，即按照捡烟头的思路适时抄底。但无论如何，这笔交易也不属于价值投资2.0。毕竟，就营收和利润增长速度来看，苹果在科技股公司中都算慢的了。\n真正要感谢的，是美联储，是特朗普。","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":3061,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364788990,"gmtCreate":1614874278110,"gmtModify":1704776478661,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"。。。。。。。","listText":"。。。。。。。","text":"。。。。。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364788990","repostId":"2116384520","repostType":4,"isVote":1,"tweetType":1,"viewCount":3447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364819919,"gmtCreate":1614832401531,"gmtModify":1704775787823,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364819919","repostId":"2116256529","repostType":4,"isVote":1,"tweetType":1,"viewCount":3700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364810555,"gmtCreate":1614832340077,"gmtModify":1704775787338,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/364810555","repostId":"1176697342","repostType":4,"repost":{"id":"1176697342","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":1614813665,"share":"https://ttm.financial/m/news/1176697342?lang=en_US&edition=fundamental","pubTime":"2021-03-04 07:21","market":"hk","language":"zh","title":"Autohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176697342","media":"老虎资讯综合","summary":"3月4日，汽车之家-S发布公告，公司拟全球发售3029.12万股股份，其中香港发售股份302.92万股，国际发售股份2726.2万股；2021年3月4日至3月9日招股，预期定价日为3月9日；公开发售价","content":"<p>March 4th,<a href=\"https://laohu8.com/S/02518\">Autohome-S</a>The company announced that it plans to offer 30.2912 million shares globally, including 3.0292 million shares offered in Hong Kong and 27.262 million shares offered internationally. The IPO will run from March 4 to March 9, 2021, with the expected pricing date being March 9. The public offering price will not exceed HK$251.8 per Hong Kong Offer Share, with trading units of 100 shares per lot, and an entry fee of approximately HK$25,433.74.<a href=\"https://laohu8.com/S/03908\">CICC</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and Credit Suisse as the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 March 2021.</p><p><img src=\"https://static.tigerbbs.com/40ca109d42f18cb866af41b1fc43402d\" tg-width=\"908\" tg-height=\"713\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 100 shares, with an entry fee of HK$25,433.74.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$5,086,747.77.</p><p><img src=\"https://static.tigerbbs.com/c126dc7cc1867d3adf4bf2050f5b9f68\" tg-width=\"1082\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p>The company is a leading online service platform for automotive consumers in China. According to data from Guishi Mobile, it ranks first among automotive service platforms in terms of daily active users on mobile devices as of December 31, 2020. The company provides comprehensive, independent, and interactive content and tools for automotive consumers and offers a full range of services to automakers and dealers across the automotive value chain. According to iResearch, the company is the largest online automotive advertising and lead service provider. In terms of media service and lead revenue, the company held a 29.9% market share in China's online automotive vertical media advertising and lead market in 2019.</p><p>Founded in 2008, the company began as a content-driven vertical media company focused on media services (“1.0 Media”). In 2016, the company launched the \"4+1\" strategic transformation plan (\"2.0 platform\"), creating a platform that encompasses \"car content\", \"car transactions\", \"car finance\" and \"car life\", transforming and upgrading from a content-oriented vertical company to a data and technology-driven automotive platform. Since 2018, the company has focused on using manual labor.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>(“AI”), big data and cloud technologies (collectively referred to as “ABC”) develop a full suite of intelligent products and solutions, building an integrated ecosystem that connects all players in the automotive industry (“3.0 Intelligence”) by providing end-to-end data-driven products and solutions across the value chain. Looking ahead, the company plans to continue to leverage its Software as a Service (“SaaS”) capabilities along with its core AI, big data, and cloud technologies (“4.0ABC+SaaS”) for both horizontal and vertical expansion.</p><p>The company's operating results were strong during the track record period. The company's net revenue increased by 16.4% from RMB7,233.2 million in 2018 to RMB8,420.8 million in 2019, and further increased by 2.8% to RMB8,658.6 million in 2020. Net profit attributable to Autohome Inc. increased by 11.5% from RMB2.871 billion in 2018 to RMB3.2 billion in 2019, and further increased by 6.4% to RMB3.4052 billion in 2020.</p><p><img src=\"https://static.tigerbbs.com/0010efe1dface7998699469348570fac\" tg-width=\"934\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Based on the maximum public offering price of HK$251.8 per Offer Share under the Hong Kong Public Offering and the International Offering, the Company estimates that the net proceeds from the Company's Global Offering will be approximately HK$4,943.8 million, assuming the Over-allotment Option is not exercised, and HK$6,068.9 million if the Over-allotment Option is exercised in full. Based on the maximum public offering price of HK$251.8 per Offer Share under the International Offering, the Selling Shareholders expect to receive proceeds of approximately HK$2,542.4 million.</p><p><b>Technology and product development of the investment company:</b>The company will continue to develop its technological leadership in AI, big data and cloud, as well as AR and VR related technologies, in order to enhance user engagement, profitability and operational efficiency. Through the company's accumulated<a href=\"https://laohu8.com/S/603138\">massive data</a>The company will also continue to strengthen its data capabilities and provide first-class data SaaS solutions to bring more value to the automotive industry. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>New business incubation:</b>The company will further incubate new businesses, such as automotive internet and online automotive after-sales service, to explore more growth potential for the company's future development. The company believes that by deeply developing products and services across the industry value chain, it will be able to better meet the needs of users and customers and provide solid value to a wide range of industry participants. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>To enhance the company's domestic and international standing and develop the automotive ecosystem:</b>Expanding its business scope to overseas markets is part of the company's long-term strategy. The company has established two subsidiaries in the UK and Germany, launched an overseas version of the platform \"YesAuto\", and plans to further expand its business into emerging markets such as Southeast Asia. Domestically, although the company has not yet entered into any acquisition or investment commitments or agreements, similar to its investment in Tiantianpai (Tiantianpaiche), the company will continue to selectively seek acquisition or investment opportunities in business, technology or strategic alliances to form a strong global automotive ecosystem. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>General Business Use:</b>The company will use the remaining proceeds for general corporate purposes, working capital, capital expenditures and other general and administrative matters. 10% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</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>Autohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.</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\">\nAutohome-S begins its IPO today, with an entry fee of approximately HK$25,433.74.\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\">2021-03-04 07:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>March 4th,<a href=\"https://laohu8.com/S/02518\">Autohome-S</a>The company announced that it plans to offer 30.2912 million shares globally, including 3.0292 million shares offered in Hong Kong and 27.262 million shares offered internationally. The IPO will run from March 4 to March 9, 2021, with the expected pricing date being March 9. The public offering price will not exceed HK$251.8 per Hong Kong Offer Share, with trading units of 100 shares per lot, and an entry fee of approximately HK$25,433.74.<a href=\"https://laohu8.com/S/03908\">CICC</a>、<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>and Credit Suisse as the Joint Sponsors, the Shares are expected to be listed on the Main Board of the Stock Exchange on 15 March 2021.</p><p><img src=\"https://static.tigerbbs.com/40ca109d42f18cb866af41b1fc43402d\" tg-width=\"908\" tg-height=\"713\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 100 shares, with an entry fee of HK$25,433.74.</p><p>The threshold for Group B is 20,000 shares, and the funds required for subscription are approximately HK$5,086,747.77.</p><p><img src=\"https://static.tigerbbs.com/c126dc7cc1867d3adf4bf2050f5b9f68\" tg-width=\"1082\" tg-height=\"603\" referrerpolicy=\"no-referrer\"></p><p>The company is a leading online service platform for automotive consumers in China. According to data from Guishi Mobile, it ranks first among automotive service platforms in terms of daily active users on mobile devices as of December 31, 2020. The company provides comprehensive, independent, and interactive content and tools for automotive consumers and offers a full range of services to automakers and dealers across the automotive value chain. According to iResearch, the company is the largest online automotive advertising and lead service provider. In terms of media service and lead revenue, the company held a 29.9% market share in China's online automotive vertical media advertising and lead market in 2019.</p><p>Founded in 2008, the company began as a content-driven vertical media company focused on media services (“1.0 Media”). In 2016, the company launched the \"4+1\" strategic transformation plan (\"2.0 platform\"), creating a platform that encompasses \"car content\", \"car transactions\", \"car finance\" and \"car life\", transforming and upgrading from a content-oriented vertical company to a data and technology-driven automotive platform. Since 2018, the company has focused on using manual labor.<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>(“AI”), big data and cloud technologies (collectively referred to as “ABC”) develop a full suite of intelligent products and solutions, building an integrated ecosystem that connects all players in the automotive industry (“3.0 Intelligence”) by providing end-to-end data-driven products and solutions across the value chain. Looking ahead, the company plans to continue to leverage its Software as a Service (“SaaS”) capabilities along with its core AI, big data, and cloud technologies (“4.0ABC+SaaS”) for both horizontal and vertical expansion.</p><p>The company's operating results were strong during the track record period. The company's net revenue increased by 16.4% from RMB7,233.2 million in 2018 to RMB8,420.8 million in 2019, and further increased by 2.8% to RMB8,658.6 million in 2020. Net profit attributable to Autohome Inc. increased by 11.5% from RMB2.871 billion in 2018 to RMB3.2 billion in 2019, and further increased by 6.4% to RMB3.4052 billion in 2020.</p><p><img src=\"https://static.tigerbbs.com/0010efe1dface7998699469348570fac\" tg-width=\"934\" tg-height=\"756\" referrerpolicy=\"no-referrer\"></p><p>Based on the maximum public offering price of HK$251.8 per Offer Share under the Hong Kong Public Offering and the International Offering, the Company estimates that the net proceeds from the Company's Global Offering will be approximately HK$4,943.8 million, assuming the Over-allotment Option is not exercised, and HK$6,068.9 million if the Over-allotment Option is exercised in full. Based on the maximum public offering price of HK$251.8 per Offer Share under the International Offering, the Selling Shareholders expect to receive proceeds of approximately HK$2,542.4 million.</p><p><b>Technology and product development of the investment company:</b>The company will continue to develop its technological leadership in AI, big data and cloud, as well as AR and VR related technologies, in order to enhance user engagement, profitability and operational efficiency. Through the company's accumulated<a href=\"https://laohu8.com/S/603138\">massive data</a>The company will also continue to strengthen its data capabilities and provide first-class data SaaS solutions to bring more value to the automotive industry. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>New business incubation:</b>The company will further incubate new businesses, such as automotive internet and online automotive after-sales service, to explore more growth potential for the company's future development. The company believes that by deeply developing products and services across the industry value chain, it will be able to better meet the needs of users and customers and provide solid value to a wide range of industry participants. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>To enhance the company's domestic and international standing and develop the automotive ecosystem:</b>Expanding its business scope to overseas markets is part of the company's long-term strategy. The company has established two subsidiaries in the UK and Germany, launched an overseas version of the platform \"YesAuto\", and plans to further expand its business into emerging markets such as Southeast Asia. Domestically, although the company has not yet entered into any acquisition or investment commitments or agreements, similar to its investment in Tiantianpai (Tiantianpaiche), the company will continue to selectively seek acquisition or investment opportunities in business, technology or strategic alliances to form a strong global automotive ecosystem. 30% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p><p><b>General Business Use:</b>The company will use the remaining proceeds for general corporate purposes, working capital, capital expenditures and other general and administrative matters. 10% of the net proceeds (assuming the Over-allotment Option is not exercised) is intended to be used for the above purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/eda9e44b6f0a36bb06bbf3d7875e7368","relate_stocks":{"02518":"汽车之家—S"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176697342","content_text":"3月4日，汽车之家-S发布公告，公司拟全球发售3029.12万股股份，其中香港发售股份302.92万股，国际发售股份2726.2万股；2021年3月4日至3月9日招股，预期定价日为3月9日；公开发售价将不超过每股香港发售股份251.8港元，每手买卖单位100股，入场费约25433.74港元；中金公司、高盛及瑞信为联席保荐人，预期股份将于2021年3月15日于联交所主板挂牌上市。申购阶梯：每手100股，入场费25433.74港元。乙组门槛为20000股，申购所需资金约5086747.77港元。公司是中国领先的汽车消费者在线服务平台，根据贵士移动的资料，按截至2020年12月31日的移动端日活跃用户计，在汽车服务平台中排名第一。公司为汽车消费者提供全面、独立及交互式的内容和工具并为汽车价值链的汽车制造商和经销商提供全套服务。根据艾瑞的资料，公司是最大的在线汽车广告及线索服务供应商，就媒体服务及线索收入而言，于2019年中国在线汽车垂直媒体广告及线索市场中公司占据的市场份额为29.9%。公司于2008年成立，最开始是一家内容型垂直媒体公司，专注于媒体服务(“1.0媒体”)。2016年，公司推出“4+1”战略转型方案(“2.0平台”)，打造了一个囊括“车内容”、“车交易”、“车金融”及“车生活”的平台，从内容型垂直公司转型和升级为数据和技术驱动的汽车平台。自2018年起，公司专注于用人工智能(“AI”)、大数据及云技术(统称“ABC”)开发全套智能产品和解决方案，透过提供跨价值链的端到端数据驱动产品和解决方案，构建一个连接汽车行业所有参与者的集成生态系统(“3.0智能”)。展望未来，公司计划继续利用公司的“软件即服务”(“SaaS”)能力连同公司的核心AI、大数据及云技术(“4.0ABC+SaaS”)同时进行横向和纵向扩张。于业绩纪录期，公司的经营业绩强劲。公司的净收入由2018年的人民币72.332亿元增长16.4%至2019年的人民币84.208亿元，并进一步增长2.8%至2020年的人民币86.586亿元。归属于AutohomeInc.的净利润由2018年的人民币28.71亿元增长11.5%至2019年的人民币32亿元，并进一步增长6.4%至2020年的人民币34.052亿元。根据香港公开发售及国际发售每股发售股份251.8港元的最高公开发售价，假设超额配股权未获行使，公司估计公司的全球发售所得款项净额将约为49.438亿港元，倘超额配股权获悉数行使，则为60.689亿港元。根据国际发售的最高公开发售价每股发售股份251.8港元，销售股东预期收取所得款项约25.424亿港元。投资公司的技术及产品开发：公司将不断发展公司于AI、大数据及云以及AR及VR相关技术的技术领先地位，以增强用户参与度、盈利能力以及经营效率。通过公司已累积的海量数据，公司亦将继续巩固公司的数据能力并提供一流的数据SaaS解决方案，以为汽车行业带来更多价值。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。孵化新业务：公司将进一步孵化新业务，如汽车互联网及线上汽车售后服务，以发掘公司未来发展的更多增长潜力。公司认为，通过深入开发行业价值链的产品及服务，公司将能够更好地满足用户及客户需求并为广泛的行业参与者提供坚实的价值。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。提高公司国内外的地位，发展定汽车生态系统：将业务范围扩张至海外市场是公司长期策略的一部分。公司已于英国及德国成立两间附属公司，推出了海外版平台“YesAuto”，并计划进一步将公司的业务扩张至东南亚等新兴市场，如东南亚。国内方面，尽管现时公司并无订立任何收购或投资的承诺或协议，但如公司向天天拍(天天拍车)作出的投资一般，公司将继续选择性地物色商业、技术或战略联盟的收购或投资机会，以形成一个强大的全球汽车生态系统。所得款项净额的30%(假设超额配股权未获行使)拟用于上述用途。一般企业用途：公司将余下所得款项用于一般企业用途、营运资金、资本开支及其他一般及行政事宜。所得款项净额的10%(假设超额配股权未获行使)拟用于上述用途。","news_type":1,"symbols_score_info":{"02518":0.9}},"isVote":1,"tweetType":1,"viewCount":3160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365266380,"gmtCreate":1614747358640,"gmtModify":1704774730180,"author":{"id":"3576476136293909","authorId":"3576476136293909","name":"小老二","avatar":"https://static.tigerbbs.com/5c4122726bb17be855a0fd1a62d04a04","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576476136293909","idStr":"3576476136293909"},"themes":[],"title":"","htmlText":"。。。。。。。。","listText":"。。。。。。。。","text":"。。。。。。。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/365266380","repostId":"1136108852","repostType":4,"isVote":1,"tweetType":1,"viewCount":3180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}