j****i
发帖数: 742 | 1 I bought WUBA back today and bought it a lot because it is so cheap...
-----------------------------------------
——$58同城(WUBA)$ 总营收为6460万美元，同比增长83.9%，高于6100万至6300万美元
的公司指导性预测。
——毛利率为94.7%，高于去年同期的93.9%。
——Q2销售及市场费用4030万美元，同比增106.6%，其中广告花费高达1650万美元[心
碎了]；
——non-GAAP(非美国通用会计准则)净利润为1240万美元，去年同期为550万美元。
——截至6月30日，公司现金、现金等价物、短投共计4.143亿美元；Q2运营现金流为
2220万美元；
——公司预计第三季度总营收6600-6800万美元，增速在59-63%。
Second Quarter 2014 Financial Highlights
Total revenues were US$64.6 million, an 83.9% increase from the same period
last year; exceeding guidance of US$61 million to US$63 million.
Gross margin was 94.7%, compared with 93.9% during the same quarter of 2013.
Net income was US$11.2 million, a 125.6% increase from the same period last
year.
Basic and diluted earnings per ADS attributable to ordinary shareholders
were US$0.14 and US$0.13, respectively, compared to basic and diluted
earnings per ADS attributable to ordinary shareholders of US$0.03 in the
same quarter of 2013. One ADS represents two Class A ordinary shares.
Non-GAAP net income[1] was US$12.4 million, compared with non-GAAP net
income of US$5.5 million in the same quarter of 2013.
Non-GAAP basic and diluted earnings per ADS[2] attributable to ordinary
shareholders were US$0.15 compared to non-GAAP basic and diluted earnings
per ADS attributable to ordinary shareholders of US$0.06 in the same quarter
of 2013.
[1] Non-GAAP net income is defined as net income excluding share-based
compensation expenses. For more information on these non-GAAP financial
measures, please see the section captioned "Non-GAAP Financial Measures" and
the tables captioned "Reconciliation of GAAP and Non-GAAP Results" set
forth at the end of this release.
[2] Non-GAAP basic and diluted earnings per ADS is defined as non-GAAP net
income divided by weighted average number of basic and diluted ADS.
First Half 2014 Financial Highlights
Total revenues were US$112.8 million, a 91.7% increase from the same period
last year.
Gross margin was 94.8%, compared with 93.0% in the same period of 2013.
Net income increased significantly to US$13.5 million from US$0.3 million in
the same period of 2013.
Basic and diluted earnings per ADS attributable to ordinary shareholders
were US$0.17 and US$0.16, respectively, compared to basic and diluted loss
per ADS attributable to ordinary shareholders of US$0.23 in the same period
of 2013.
Non-GAAP net income was US$15.8 million, compared with non-GAAP net income
of US$1.4 million in the same period of 2013.
Non-GAAP basic and diluted earnings per ADS attributable to ordinary
shareholders were US$0.20 and US$0.19, respectively, compared to non-GAAP
basic and diluted loss per ADS attributable to ordinary shareholders of US$0
.18 in the same period of 2013.
Shares Outstanding Post Tencent Investment and Share Repurchase
On June 30, 2014, Tencent Holdings Limited, a leading provider of
comprehensive Internet services in China purchased 36,805,000 ordinary
shares from the Company at a purchase price of US$40 per ADS, or a total
cash consideration ofUS$736.1 million. The Company used part of the proceeds
from this transaction to repurchase an aggregate of 27,603,750 ordinary
shares from existing pre-IPO shareholders. After this transaction, the
Company had a total of 175,207,179 ordinary shares issued and outstanding as
of June 30, 2014. The Company used weighted average ADSs or ordinary shares
to calculate earnings per ADS and earnings per share.
Management Comments
"I am pleased to report another record setting quarter as our business
continues to gain strong momentum," commented Mr.Michael Yao, Chairman and
Chief Executive Officer of 58.com. "Our overall traffic increased to record
high levels. Mobile traffic continued to grow at a much faster pace than PC
traffic, with 54% of traffic coming from our mobile platforms demonstrating
the traction we are gaining. While we continue to be the leading player in
China's multi-category local services market, we need to invest aggressively
now to strengthen our competitive advantages in order to extend our lead
and ensure future sustainable growth."
Mr. Hao Zhou, Chief Financial Officer of 58.com added, "Our revenues
exceeded the high end of our guidance for the third consecutive quarter
since our IPO. The number of subscription-based paying merchant members
during the second quarter of 2014 exceeded 500,000 for the first time.
However, it is still less than 10% of the merchants that use our platform
and is an even smaller fraction of the SME merchants population in China.
Our profitability and cash position give us more power to re-invest in
growing our business, including M&A activities to further expand market
share."
Second Quarter 2014 Financial Results
Revenues
Total revenues were US$64.6 million, representing an increase of 83.9% from
US$35.1 million in the same quarter of 2013.
Membership revenues were US$35.1 million, an increase of 70.6% from US$20.6
million in the same quarter of 2013. The increase was primarily driven by
the increase in the number of paying merchant members. The number of paying
merchant members during the second quarter of 2014 was approximately 510,000
, an increase of 71.1% from 298,000 in the same quarter of 2013. Paying
merchant members are defined as the quarterly average number of paying
merchant members over a given period.
Online marketing services revenues were US$29.3 million, an increase of 107.
7% from US$14.1 million in the same quarter of 2013. The increase in online
marketing services revenues was primarily attributable to an increase in
user traffic and the effectiveness of the Company's online marketing
services, particularly growth in the Company's bidding services.
Cost of Revenues
Cost of revenues was US$3.4 million, an increase of 58.4% from US$2.1
million during the same quarter of 2013. The year-over-year increase in cost
of revenues was primarily driven by the increase in short message service (
SMS) costs and bandwidth fees.
Gross Profit and Gross Margin
Gross profit was US$61.2 million, an increase of 85.5% from US$33.0 million
during the same quarter of 2013.
Gross margin was 94.7%, compared with 93.9% during the same quarter of 2013.
Operating Expenses
Operating expenses were US$53.9 million, representing an increase of 89.2%
from US$28.5 million in the same quarter of 2013.
Sales and marketing expenses in the second quarter of 2014 were US$40.3
million, an increase of 106.6% from US$19.5 million during the same quarter
in 2013. Within sales and marketing expenses, advertising expenses accounted
for US$16.5 million and US$4.5 million during the second quarter of 2014
and 2013, respectively. The increase in advertising expenses was primarily
due to expenses associated with the marketing of the Company's mobile
platforms. Brand and online marketing expenses also increased, but to a
lesser degree. The increase in other sales and marketing expenses was
primarily driven by increased commissions, salaries and benefits for the
Company's sales and customer service teams.
Research and development expenses during the second quarter of 2014 were US$
9.5 million, an increase of 56.9% year-over-year from US$6.1 million in the
same quarter of 2013. The increase was primarily due to increased personnel
costs as a result of hiring additional research and development personnel
for the development of new features and services as well as share-based
compensation and increased rental expenses.
General and administrative expenses in the second quarter of 2014 were US$4.
1 million, an increase of 39.5% from US$2.9 million in the same quarter of
2013. The increase was primarily driven by increased share-based
compensation expenses, professional fees and other administrative related
expenses. The increase in professional fees was mainly due to costs
associated with being a public company.
Income from Operations
Income from operations was US$7.3 million in the second quarter of 2014
compared with an income from operations ofUS$4.5 million in the same quarter
of 2013. Operating margin was 11.3% in the second quarter of 2014, compared
with 12.8% in the same quarter of 2013.
Non-GAAP income from operations[3] was US$8.5 million in the second quarter
of 2014 compared with non-GAAP income from operations of US$5.1 million in
the same quarter of 2013. Non-GAAP operating margin was 13.2% in the second
quarter of 2014 compared with non-GAAP operating margin of 14.4% in the same
quarter of 2013.
[3] Non-GAAP income from operations is defined as income from operations
excluding share-based compensation expenses.
Other Income
Other income in the second quarter of 2014 was US$5.6 million, a significant
increase from US$0.5 million in the same quarter of 2013. The increase was
primarily due to an increase of US$1.9 million in interest income, US$1.2
million in investment income and US$1.8 million in government grants
compared with the second quarter of 2013.
Income Tax Expenses
Income tax expenses were US$1.7 million in the second quarter of 2014, which
were calculated using the annual effective tax rate of 13% for 2014
estimated by the Company. The difference between the statutory tax rate of
25% in China and the Company's annual effective tax rate is mainly
attributable to the preferential tax rate of 15% enjoyed by subsidiaries
qualified as "high and new technology enterprises," research and development
tax credits and net losses carried forward from prior years.
Net Income
Net income was US$11.2 million in the second quarter of 2014, compared with
a net income of US$5.0 million in the same quarter of 2013. Net margin was
17.3% in the second quarter of 2014, compared with 14.1% in the same quarter
of 2013.
Non-GAAP net income was US$12.4 million in the second quarter of 2014,
compared with non-GAAP net income of US$5.5 million in the same quarter of
2013. Non-GAAP net margin was 19.2% in the second quarter of 2014, compared
with non-GAAP net margin of 15.7% in the same quarter of 2013.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders in
the second quarter of 2014 were US$0.14 andUS$0.13, respectively, compared
with basic and diluted earnings per ADS attributable to ordinary
shareholders of US$0.03during the same quarter of 2013.
Non-GAAP basic and diluted earnings per ADS attributable to ordinary
shareholders in the second quarter of 2014 wereUS$0.15, compared with basic
and diluted earnings per ADS attributable to ordinary shareholders of US$0.
06 during the same quarter of 2013.
Cash, Cash Equivalents, Term Deposits and Short-term Investments
As of June 30, 2014, the Company had cash, cash equivalents, term deposits
and short-term investments of US$414.3 million.
Cash Flow
Net cash provided by operating activities was US$22.2 million in the second
quarter of 2014, compared with US$13.5 million in the same quarter of 2013.
First Half 2014 Financial Results
Revenues
Total revenues were US$112.8 million in the first half of 2014, representing
an increase of 91.7% from US$58.8 million in the same period of 2013.
Membership revenues were US$62.6 million in the first half of 2014, an
increase of 76.6% from US$35.5 million in the same period of 2013. The
increase was primarily driven by the increase in the number of paying
merchant members. The number of average quarterly paying merchant members
during the first half of 2014 was approximately 476,000, an increase of 74.4
% from 273,000 in the same period of 2013.
Online marketing services revenues were US$49.8 million in the first half of
2014, an increase of 122.2% from US$22.4 millionin the same period of 2013.
Cost of Revenues
Cost of revenues was US$5.8 million in the first half of 2014, an increase
of 42.5% from US$4.1 million during the same period of 2013.
Gross Profit and Gross Margin
Gross profit was US$107.0 million in the first half of 2014, an increase of
95.4% from US$54.7 million during the same period of 2013.
Gross margin was 94.8% in the first half of 2014, compared with 93.0% during
the same period of 2013.
Operating Expenses
Operating expenses were US$98.0 million in the first half of 2014,
representing an increase of 76.9% from US$55.4 million in the same period of
2013.
Sales and marketing expenses in the first half of 2014 were US$72.4 million,
an increase of 90.1% from US$38.1 millionduring the same period in 2013.
Within sales and marketing expenses, advertising expenses accounted for US$
29.1 millionand US$10.3 million during the first half of 2014 and 2013,
respectively.
Research and development expenses during the first half of 2014 were US$17.3
million, an increase of 45.6% year-over-year from US$11.9 million in the
first half of 2013.
General and administrative expenses in the first half of 2014 were US$8.3
million, an increase of 52.8% from US$5.5 million in the first half of 2013.
Income from Operations
Income from operations was US$9.0 million in the first half of 2014,
compared with a loss from operations of US$0.7 million in the same period of
2013. Operating margin was 7.9% in the first half of 2014, compared with
negative 1.1% in the same period of 2013.
Non-GAAP income from operations was US$11.3 million in the first half of
2014 compared with non-GAAP income from operations of US$0.5 million in the
first half of 2013. Non-GAAP operating margin was 9.9% in the first half of
2014 compared with non-GAAP operating margin of 0.8% in the same period of
2013.
Other Income
Other income in the first half of 2014 was US$6.5 million, an increase of
597.7% from US$0.9 million in the first half of 2013. The increase was
primarily due to the increase in interest income, investment income and
government grants, partly offset by foreign currency exchange loss in the
first half of 2014.
Income Tax Expenses
Income tax expenses were US$2.0 million in the first half of 2014, which
were calculated using the annual effective tax rate of 13% for 2014
estimated by the Company.
Net Income
Net income was US$13.5 million in the first half of 2014, compared with a
net income of US$0.3 million in the same period of 2013. Net margin was 12.0
% in the first half of 2014, compared with 0.5% in the same period of 2013.
Non-GAAP net income was US$15.8 million in the first half of 2014, compared
with non-GAAP net income of US$1.4 million in the same period of 2013. Non-
GAAP net margin was 14.0% in the first half of 2014, compared with non-GAAP
net margin of 2.4% in the same period of 2013.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders in
the first half of 2014 were US$0.17 and US$0.16, respectively, compared with
basic and diluted loss per ADS attributable to ordinary shareholders of US$
0.23 during the same period of 2013.
Non-GAAP basic and diluted earnings per ADS attributable to ordinary
shareholders in the first half of 2014 were US$0.20and US$0.19, respectively
, compared with basic and diluted loss per ADS attributable to ordinary
shareholders of US$0.18during the same period of 2013.
Cash Flow
Net cash provided by operating activities was US$40.2 million in the first
half of 2014, compared with US$17.9 million in the same period of 2013.
Business Outlook
Based on the Company's current operations, total revenues for the third
quarter of 2014 are expected to be between US$66 million and US$68 million,
representing a year-over-year increase of 59% to 63%. These estimates
reflect the Company's current and preliminary view, which is subject to
change.
http://ir.58.com/2014-08-20-58-com-Reports-Second-Quarter-2014- | m*********h
发帖数: 5449 | 2 楼主好，很高兴有人对自己的投资非常认真。
个人觉得中概公司和美国公司看报表的时候有点不同。不同之处在于，要假设中概公司
利用会计手段伪造营收和利润。
根据Google Finance，WUBA今天的市值是4.69B。涨10%市值增加4.6亿美金。
营收可以自己做，想做多少做多少，无非左口袋倒右口袋。
利润必须真金白银，假设利润都是insider自己垫的，也才1200多万。如果这点钱能把
市值推上去1个百分点，insider可以做到不亏。
请原谅我们做这个假设：只要做业绩不亏钱，中概公司很可能去做这件事。
当然我个人对58充满好感，但投资中概，除非他的业绩增长太多以至于不可能是
insider自己做的，否则还是保持一点警惕的好。之前中概出过很多作假的案例。 | Y***C
发帖数: 249 | 3 58 Q3 Forecast Miss quite big. | w**k
发帖数: 6722 | 4 中概的悲哀。不知道算不算中国人的悲哀。
【在 m*********h 的大作中提到】
: 楼主好，很高兴有人对自己的投资非常认真。
: 个人觉得中概公司和美国公司看报表的时候有点不同。不同之处在于，要假设中概公司
: 利用会计手段伪造营收和利润。
: 根据Google Finance，WUBA今天的市值是4.69B。涨10%市值增加4.6亿美金。
: 营收可以自己做，想做多少做多少，无非左口袋倒右口袋。
: 利润必须真金白银，假设利润都是insider自己垫的，也才1200多万。如果这点钱能把
: 市值推上去1个百分点，insider可以做到不亏。
: 请原谅我们做这个假设：只要做业绩不亏钱，中概公司很可能去做这件事。
: 当然我个人对58充满好感，但投资中概，除非他的业绩增长太多以至于不可能是
: insider自己做的，否则还是保持一点警惕的好。之前中概出过很多作假的案例。
| f**a
发帖数: 101 | | Y***C
发帖数: 249 | 6 买中概要了解以下情况:
1，除了经过历史考验的公司，比如百度之类的，很多中概随时可能有财务炸弹冒出来；
2，即使是已经证明的好公司，由于信息泄露严重（这个是中国市场的普遍现象，大家
在中国混过就知道中国商场没秘密可言，任何业绩、财务、并购和重要人事变动，市场
一定提前知道，大家想想，四大银行行长随时都对调，谁对谁保密呀。），再加上国内
资金坐庄，中概很难产生亚马逊、tsla这样的长牛，都是波段，庄家借坏消息入场，到
好消息时先挣一笔钱到手再说。vips是个特例，而且vips以前业绩增长太猛，实在没有
任何理由回调。
3，中国的文化里，成功的标志是控制的资源多和社会地位高，所以在很多中概大佬的
心目中，企业规模大、资金多、名气大是最重要的，不止股东回报不是第一位的，他自
己的实际财富数量也不是第一位的。疯狂扩张，随意发债等等对中概管理层来讲是天经
地义的选择，虽然在资本市场看来是损害股东回报的事情。
总而言之一句话，中概95%的情况下没有长牛，肯定是波段。never ever buy the top
unless your are active short trader. | w**k
发帖数: 6722 | 7 有见地且有理有据，赞
进一步坚定了不碰中概的既定方针，除非绝好做空机会
来；
【在 Y***C 的大作中提到】
: 买中概要了解以下情况:
: 1，除了经过历史考验的公司，比如百度之类的，很多中概随时可能有财务炸弹冒出来；
: 2，即使是已经证明的好公司，由于信息泄露严重（这个是中国市场的普遍现象，大家
: 在中国混过就知道中国商场没秘密可言，任何业绩、财务、并购和重要人事变动，市场
: 一定提前知道，大家想想，四大银行行长随时都对调，谁对谁保密呀。），再加上国内
: 资金坐庄，中概很难产生亚马逊、tsla这样的长牛，都是波段，庄家借坏消息入场，到
: 好消息时先挣一笔钱到手再说。vips是个特例，而且vips以前业绩增长太猛，实在没有
: 任何理由回调。
: 3，中国的文化里，成功的标志是控制的资源多和社会地位高，所以在很多中概大佬的
: 心目中，企业规模大、资金多、名气大是最重要的，不止股东回报不是第一位的，他自
| j****i
发帖数: 742 | 8 多谢分享。
WUBA大概是我少数跌了也不用担心的股票了。
我之前有用过WUBA
我个人因为投资的关系也曾经了解过姚劲波
觉得WUBA和赶集的潜力都很大
这是为什么腾讯会投资WUBA
专访姚劲波：58同城为什么接受腾讯投资？
http://tech.qq.com/a/20140629/014170.htm
看明天吧，大跌也是可能的。
来；
【在 Y***C 的大作中提到】
: 买中概要了解以下情况:
: 1，除了经过历史考验的公司，比如百度之类的，很多中概随时可能有财务炸弹冒出来；
: 2，即使是已经证明的好公司，由于信息泄露严重（这个是中国市场的普遍现象，大家
: 在中国混过就知道中国商场没秘密可言，任何业绩、财务、并购和重要人事变动，市场
: 一定提前知道，大家想想，四大银行行长随时都对调，谁对谁保密呀。），再加上国内
: 资金坐庄，中概很难产生亚马逊、tsla这样的长牛，都是波段，庄家借坏消息入场，到
: 好消息时先挣一笔钱到手再说。vips是个特例，而且vips以前业绩增长太猛，实在没有
: 任何理由回调。
: 3，中国的文化里，成功的标志是控制的资源多和社会地位高，所以在很多中概大佬的
: 心目中，企业规模大、资金多、名气大是最重要的，不止股东回报不是第一位的，他自
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