Original link: https://www.latepost.com/news/dj_detail?id=1274
Ideal sales may continue to decline in the third quarter
Zhang Wuji in Jin Yong’s works has the Jiuyang divine art to protect his body. When he encounters an external force, he will naturally counterattack. In the middle and late stages of the original work, no one could hurt him, but he was finally beaten by Zhou Zhiruo, who had the same skill, and vomited blood. Jin Yong wrote in the original book:
…that was his own palm strength and Zhou Zhiruo’s palm strength, and under the combined attack of the two great masters of the same world, although his Jiuyang Divine Art of protecting his body was strong, he couldn’t resist it. What’s more, Zhou Zhiruo’s palm strength is taking advantage of the gap to advance, just when his old strength has been exhausted, and his new strength has not yet been born. This kung fu is a direct line of the Emei faction, and Shitai Mie Mie used this method to blow him to the ground.
Li Auto’s guidance for the third quarter also gives people this feeling to some extent: the delivery of the new car L9 is imminent, the old model Li Li ONE is at the end of the cycle, and the production schedule and demand of the old model will be further affected.
The ideal that the card is in the production and sales center of gravity shift node is expected to deliver only 27,000 to 29,000 vehicles in the third quarter – when deliveries are likely to decline for three consecutive quarters. During the pre-market trading session of the US stock market, Li Auto’s stock price fell 5.02%, and its circulating market value has fallen below $30 billion.
- Weilai has a market capitalization of US$32 billion.
- Xpeng Motors has a market capitalization of US$13.9 billion.
The management later explained in the earnings conference call that recently they saw a slowdown in new orders for ONE, and some consumers who came to the store for a test drive of ONE changed the test or changed to L9. If the ideal L8, which is about equal to the replacement of ONE, is really as Li Xiang said, “the release is earlier than everyone expected, and the release to delivery is faster than the L9.” drag” ideal income statement.
- In the second quarter, Ideal’s pre-tax loss was 645 million yuan, which was significantly worse than the previous year.
- The profit in the first quarter of this year was 19 million yuan.
- Operating loss in the second quarter of last year was RMB 235 million.
- In the second quarter, Li Auto’s total revenue was 8.733 billion yuan, a year-on-year increase of 73%;
- Automobile sales revenue was 8.48 billion yuan, a year-on-year increase of 73%.
- Year-on-year growth in total revenue and auto sales both slowed by nearly half.
In addition, Li Auto’s production base is in Changzhou, so production and sales in the current quarter were also affected by the rebound of the regional epidemic. In the second quarter, Ideal delivered 28,687 vehicles and achieved 8.48 billion yuan in auto sales, down 9.5% and 8.9% from the previous quarter, respectively.
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The industry-leading cost and expense control tradition is preserved. Under the unfavorable macro environment in the second quarter, although the gross profit margin of Li Auto’s vehicle dropped slightly by 1.24 percentage points month-on-month, it was at least still above the 20% integer line (21.2%), and the growth rate of sales, administration and general expenses dropped significantly during the same period. to 58.6%.
- Li Auto was reported to have terminated the school enrollment in May. On May 11, the company responded that “due to business adjustments, some positions have been closed, involving enrollment in some schools that have not yet joined this year.”
- However, Li Auto did not disclose the specific number of people involved at the time.
The ideal in the expansion and new product cycle is the R&D expense. Subjectively, there may be a willingness to accelerate investment. R&D investment in the current quarter accounted for 15.7% of auto sales revenue, which is the highest level in the past four quarters. A pure electric vehicle that can be charged for 10 minutes to increase the range of 400 kilometers is being tested. (Gong Fangyi)
Closed 300 stores, Haidilao is expected to turn losses
On the evening of August 14, Haidilao issued a profit warning, saying that in the first half of the year, revenue would decrease by at most 17% year-on-year, with a net loss of about 225 million to 297 million yuan. Haidilao lost about 96.5 million yuan in the first half of last year.
- Haidilao said in the announcement that the pre-loss was mainly due to the closure of some stores under the “Woodpecker Plan” started last year and the decrease in passenger traffic caused by the epidemic in the first half of the year. Some restaurants have closed or suspended dine-in for a period of time but still have fixed expenses and staff costs, which also affect profits.
- The Woodpecker Project was proposed by Haidilao in November 2021 to:
- Continue to focus on underperforming stores and take decisive action.
- Rebuild and strengthen some functional parts and restore the regional management system.
- Under the circumstance that the business expansion plan is contracted and the turnover rate is less than 4 times per day, in principle, new stores will not be opened on a large scale.
- By the end of 2021, the number of stores will be 1,329, and since the implementation of the “Woodpecker Plan”, a total of 300 stores have been closed. This means that the total number of its stores is likely to be less than 1,000.
- Excluding the aforementioned one-time impact, Haidilao can even achieve meager profits.
- If the one-time loss caused by asset disposal is added back, the adjusted net profit for the first half of 2022 will range from a net loss of 42 million yuan to a net profit of 102 million yuan.
- According to estimates by CITIC Securities, except for March and April this year, the average turnover rate of a single store in all Haidilao stores exceeded that of the same period last year.
At the same time, another hot pot brand, Xiabuxiabu, also issued a profit warning, saying that about 80% of the Yingcheng cities were affected by the epidemic and were unable to fully operate. (Intern Zeng Xing Gong Fangyi)
Tesla’s third million milestone in just three and a half years
On August 15, Tesla CEO Elon Musk posted on social media to celebrate the 1 millionth car produced by Tesla’s Shanghai Gigafactory off the assembly line. At the same time, Tesla’s global cumulative production has exceeded 3 million.
It took about three years for Tesla’s Shanghai plant to achieve a production breakthrough of 1 million vehicles from the construction of the plant.
- The factory broke ground on January 7, 2019;
- In September of the same year, the main body of the factory was completed; the production of Tesla Model 3 began the following month.
- The Shanghai plant currently only produces Model 3 and Model Y models, with more models expected to be produced next year.
- After several expansions, the annual production capacity of Tesla’s Shanghai plant has been increased from 250,000 to 750,000, making it Tesla’s super factory with the highest production capacity in the world.
- It took 12 years for Musk and Tesla to reach the first million milestone.
- The Tesla Roadster, the first mass-produced model officially delivered in 2008, rolled off the assembly line, and on March 10, 2020, Musk announced that Tesla’s one-millionth electric car had officially rolled off the assembly line.
According to data from the China Association of Automobile Manufacturers, in the first half of this year, China exported 202,000 new energy vehicles, accounting for 16.6% of total vehicle exports. Among them, Tesla’s Shanghai Gigafactory exported 97,182 vehicles, accounting for 48% of China’s total exports of new energy vehicles, more than double its exports in the same period last year.
- Capacity constraints have always been the most critical factor affecting Tesla’s sales.
- The Troy Teslike survey found that in the second quarter of 2022, the average wait time for Model Y owners in the United States to pick up the car was 175 days, while the average wait time for Model 3 owners was 89 days. It seems that the relationship between supply and demand is still not improving.
- Tesla had an order backlog of 504,000 vehicles at the end of July.
For many established automakers, 1 million new vehicles can be as fast as a year or two, or as short as a few months. Take, for example, the pace of development of Toyota gasoline vehicles in the middle of the last century. It took almost 12 years from the establishment of Toyota Motor Le Sales Company in April 1950 to 1962 when the cumulative sales volume of Toyota in Japan and Europe exceeded 1 million.
- BYD, from the start of mass production of electric vehicles in 2008, to May 19, 2021 announced the 1 millionth new energy vehicle off the assembly line, and it took 13 years to achieve the “million milestone”.
- In the first half of this year, BYD’s new car sales surpassed Tesla’s.
Tesla’s latest million milestone is coming faster. The strong product competitiveness is one aspect, and the multi-national governments spare no effort to support the development of electric vehicles is another aspect. For example, China is exempt from the purchase tax of electric vehicles (10% of the value-added car price is not included), and there are also discounts for the annual vehicle and vessel use tax. Some restricted areas do not restrict electric vehicles, and restricted areas also give preferential treatment to electric vehicles. (Intern Zeng Xing)
In order to protect people’s livelihood, all industrial power users in Sichuan will suspend production for 6 days
The Sichuan Provincial Department of Economy and Information Technology and the State Grid Sichuan Electric Power Company jointly issued a document stating that due to the current tension in the power supply, in order to ensure the safety of the Sichuan power grid and people’s livelihood, avoid power cuts. From August 15th, production will be suspended for 6 days for all industrial power users (including whitelisted key guaranteed enterprises).
- Due to the extreme high temperature weather in Sichuan Province, the electricity load continued to rise, reaching a maximum of 59.1 million kilowatts. A new round of hot weather is coming, and the maximum electricity load is expected to exceed 60 million kilowatts.
- From July 1 to August 2 this year, the precipitation in the Yangtze River Basin was 116.5 mm, 34% lower than the average of the same period in 30 years;
- In July, the inflow of hydropower was 40% dry, and since August it has been dry by 50%. The daily power generation of hydropower has dropped sharply, and the power supply support capacity has dropped sharply.
A number of Sichuan companies responded to power cuts and related impacts.
- Runer Technology, a subsidiary of Guoguang Co., Ltd. in Chengdu, Sichuan, temporarily suspends production, saying it will not have a material adverse impact on the company’s operating results.
- Guangyuan Linfeng and Guangyuan Zhongfu, two subsidiaries of Zhongfu Industrial, will suspend production for one week from August 14th.
- Phosphate fertilizer company Sichuan Meifeng issued an announcement saying that it will temporarily suspend production from 12:50 on the 15th, and is expected to stop production until 24:00 on the 20th. It is estimated that the production stoppage will affect the output of urea of about 15,000 tons and the compound fertilizer output of about 6,000 tons.
- Photovoltaic silicon material leader Tongwei Co., Ltd. said that the power outage plan is still being communicated, and it is actively cooperating with the relevant departments to request an orderly adjustment of the load. As the subsequent power situation is effectively alleviated, the company’s electricity consumption will return to normal levels.
- Lithium mining company Yahua Group said it had received a notice, but production and operations have not been significantly affected for the time being.
Not only Sichuan, but Wuhan, Hubei has also recently begun to promote enterprises to “give power to the people”. Anhui, Zhejiang, Jiangsu and other places have issued power-saving initiatives, advocating industrial enterprises to avoid peak power by means of planned maintenance and other methods, and actively support the mitigation of peak power consumption. time period power supply pressure. (Intern Zeng Xing)
China Literature Group’s net profit margin rose to 17% in the first half of the year
The net profit of China Literature Group in the first half of the year was 230 million yuan, a year-on-year decrease of nearly 80%. The net profit calculated according to non-IFRS was 690 million yuan, an increase of 8.2%.
- China Literature Group’s net profit calculated in accordance with non-IFRS does not accrue share remuneration, investment losses, amortization of intangible assets and other expenses.
China Literature’s first half revenue fell 5.9% YoY to 4.09 billion yuan. Online business revenue, which accounts for more than half of total revenue, including paid reading revenue and advertising revenue, fell 9.2% year-on-year.
- Some advertisers are not investing any more.
- Others are still investing, but more cautiously.
China Literature’s net profit margin improved, with non-IFRS net profit margin rising to 17.0% in the first half of the year from 14.8% in the same period last year. China Literature Group mentioned in its financial report that in order to adapt to changes in the macro environment, it took the initiative to take a series of cost control measures to reduce some market expenses and marketing expenses.
- Operating costs decreased by 5.5%, mainly due to lower distribution costs and related content costs for the online business.
- Selling expenses decreased by 17.6% to RMB 1.11 billion, and the selling expense ratio decreased by 3.8 percentage points.
Judging from the operating data of China Literature’s own platform and self-operated channels, the number of monthly active users increased in the first half of the year, but the user payment rate decreased.
- The number of monthly active users increased by 13.8% to 260 million, more than half of the total number of online literature users in China (502 million by the end of 2021).
- Average monthly paying users fell 12.9% to 8.1 million. In the first half of 2020, China Literature’s average monthly paying users was 10.6 million, a figure that has declined for two consecutive years.
- The current period of copyright operation and other income decreased by 1.2% year-on-year. (intern Xue Yujie)
Know later丨The third SPAC in Hong Kong, Huide, went public on Monday
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This week (August 15-August 19), 3 IPO listing dates have been confirmed for A shares:
- JMicron Intelligence: Raised 951 million yuan, focusing on providing customers with hardware solutions in intelligent scenarios, the main business is the research and development of educational office, consumer, network equipment, network security, retail and other electronic equipment products , production, sales and service.
- Kage Precision Machinery: Raised 880 million yuan, mainly engaged in the research and development, production, sales and technical support services of automated precision equipment.
- Hisun Biomaterials: raised 845 million yuan, an enterprise engaged in the research and development, production and sales of polylactic acid.
Hong Kong stocks have at least 2 IPOs this week:
- Huide Acquisition: A financial services or technology company with competitive advantages in sustainability and corporate governance that has operations or is expected to operate in Greater China; it is the third SPAC successfully listed in Hong Kong.
- Shuang Cai Zhuang: Founded in 1982, it is engaged in the distribution and sales business in Peninsular Malaysia. The main business direction is the consignment of international and domestic third-party brands, the distribution of own-brand food and beverages, and the supply of a large number of retail chain stores in Peninsular Malaysia. Serve.
U.S. stocks have at least 4 IPOs this week:
- Innovative Eyewear, an American digital smart glasses research and development company
- Graphex Group, a new material company for alkene electric vehicles
- GigaCloud Technology, a B2B trading platform for bulk commodities in Hong Kong
- Clinical-stage biopharmaceutical company Paxmedica (intern Zeng Xing)
OTHER NEWS
Domestic retail sales rose 2.7% in July.
According to data from the National Bureau of Statistics, the total retail sales of consumer goods in July was 3.587 trillion yuan, a year-on-year increase of 2.7% and an expected increase of 5.3%. The growth rate of consumption excluding automobiles was 1.9%, roughly the same as the previous value (1.8%). Catering revenue decreased by 1.5% year-on-year.
Employment conditions improved in July.
In July, the national urban surveyed unemployment rate was 5.4%, down 0.1 percentage point from the previous month; the surveyed urban unemployment rate in 31 large cities was 5.6%, down 0.2 percentage point from the previous month. The unemployment rate of urban youth aged 16-24 was 19.9%, up 0.6 percentage points from the previous month.
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Didi called the planning of the Xidan free event “terrible”.
On August 13, Didi launched a free ride on weekends to a fixed location. Orders within 100 yuan of Xidan can be free, resulting in traffic congestion in Beijing’s Xidan area in the evening. The Beijing traffic police issued an announcement recommending vehicles to detour. Didi announced the cancellation of the free order activity on August 14 and apologized to consumers. According to Caixin, Didi is already reflecting on the event internally. Called “bad planning”.
Perfect World’s net profit in the first half of the year tripled to 1.1 billion yuan.
In the first half of the year, Perfect World’s operating income was 3.92 billion yuan, down 6.7% year-on-year, mainly due to the 80% decline in film and television revenue, which accounted for about 3% of total revenue from 17% in the same period last year to this year. During the reporting period, the net profit increased by 3 times, and the net profit of the game business increased by more than 4 times. The profit growth was because the performance of the new products launched in the same period last year was not included in the revenue. In the first half of this year, products such as “Fantasy New Zhuxian” and “Magic Tower” drove the game Business revenue growth.
The United States controls the export of four technologies, including EDA tools, but only covers 3nm and more advanced processes.
On August 14, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) announced that four technologies including EDA software below 3 nanometers that designed the GAAFET architecture were included in the commercial control list for export control. EDA tools run through all aspects of integrated circuit production and are known as the “mother of chips”. Synopsys, Cadence and Siemens account for nearly 70% of the global EDA market share. This ban has a limited impact on the country. Currently, only Samsung and TSMC can mass-produce the 3nm process.
Beijing reports 4 local cases of COVID-19.
- On August 14, there were 692 new confirmed cases in the mainland, 582 in Hainan, 69 in Tibet, and 12 in Guangdong; 1,620 new asymptomatic infections were reported in the mainland, including 580 in Hainan, 523 in Tibet, and 343 in Xinjiang.
- Hainan added “582+580”. From the 1st to the 14th, a total of 8,883 cases of positive infection were reported in this round of epidemic in Hainan Province.
- Hainan has gradually restored the capacity of airports and ports. On the 14th, Haikou and Sanya operated a total of 69 flights to ensure the return of 11,565 stranded passengers.
- As of the 14th, Hainan Province has prepared 13,461 square cabin beds for medical treatment and treatment, and there are 7,913 patients.
- “69+523” was newly added in Tibet. The infected strain in Tibet is the BA.2.76 variant of Omicron. The new crown cases caused by it are mainly recessive infection, with mild symptoms but strong transmission ability.
- According to the official report, three leading cadres, the secretary and director of the Lhasa Municipal Health and Health Commission, and the secretary of the Party branch of the Municipal Center for Disease Control and Prevention, were dismissed, and five leading cadres, including the party secretary and deputy director of the Shigatse Municipal Health and Health Commission, were dismissed.
- On the 15th, Beijing added 4 new cases of local new coronary pneumonia virus infections, all of which were people returning to Beijing from other places.
Douyu achieved profitability by saving money in the second quarter.
Douyu’s revenue in the second quarter was 1.83 billion yuan, a decrease of 20% from the same period last year. Due to operational adjustments and weak advertising demand under the live broadcast reward regulatory policy, revenue decreased. The loss narrowed. Under the non-GAAP, the net profit was 23.5 million, and the profit margin was increased to 16.9%. Cost control has achieved remarkable results, with revenue sharing and content costs down by nearly 30%, and marketing costs down by more than 40%.
Parkson China applied for primary listing status on the Hong Kong Stock Exchange.
On August 15, Parkson China announced that the company has received confirmation from the Hong Kong Stock Exchange that it will be listed on the New York Stock Exchange and the Hong Kong Stock Exchange. October 24th. Parkson China’s secondary listing in Hong Kong in 2020. Previously, Alibaba announced that its dual main listing application had been confirmed by the Hong Kong Stock Exchange, and Kingsoft Cloud also submitted a dual main listing application for Hong Kong stocks.
ZARA opened new stores in Shanghai and Wuhan.
The two new stores are located in Shanghai Ruihong Tiandi Sun Palace and Wuhan Han Street. In recent years, ZARA’s store opening rate in China has declined. In 2019, 12 new stores were opened, and only one store was opened in 2020. Previously, three of Zara’s sister brands, Bershka, Pull&Bear and Stradivarus, closed their Chinese online stores.
Apple will show more ads on its own products.
According to media reports, Apple is preparing to put more ads on its own devices and services, thereby increasing the revenue of its advertising business to tens of billions of dollars. At present, Apple’s news and stock apps have displayed ads, and there are Google-like search ads in the AppStore. Recently, Apple has also placed advertisements in TV+. Apple is expected to eventually expand search advertising to maps apps and digital content apps such as podcasts.
Changchun introduced a new housing subsidy of 200 yuan per square meter.
Recently, Changchun City announced that from August 1st to October 8th this year, rural residents and other long-term talents who enter the city will receive a subsidy of 200 yuan/square meter for purchasing new houses. It is limited to newly-built commercial housing located on state-owned land in the main urban area and development zone of Changchun City. It must be the first and only housing of an individual with a floor area of less than 90 square meters.
Saudi Aramco’s second-quarter profit rose 90 percent year-on-year.
Saudi Aramco’s second-quarter profit was $48.4 billion, up 90% year-on-year, the highest quarterly profit since listing in 2019, mainly due to higher crude oil prices and high refining margins. At the same time, Saudi Aramco’s net profit in the first half of the year increased by 86.2% year-on-year to US$87.9 billion, which was also the highest profit level in the same period since its listing. According to the Fortune Global 500 list released in early August, Saudi Aramco’s revenue ranks sixth in the world, and its profit surpasses that of Apple and ranks first in the world.
Samsung lowered its handset shipments this year to 260 million units.
According to media reports, Samsung lowered its target shipments of mobile phones this year from 300 million units to 260 million units, a decrease of 13% and a negative year-on-year growth. Samsung lowered its shipment target for this year, mainly because the uncertainty of the global economy has caused consumers to be more cautious in their consumption. At present, in addition to Apple’s iPhone, the shipments of other mobile phone manufacturers have been reduced to a certain extent.
Text | Gong Fangyi, intern Zeng Xing, and intern Xue Yujie
Editor | Gong Fangyi
The title picture comes from the movie “Kodachrome Film”
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